The Pakistan Credit Rating Agency Limited
12-Jan-24
Analyst
Shujat Ehsanullah Wasim
Shujat.Ehsan@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-23
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-23
- Methodology | Rating Modifiers | Apr-23
Related Research
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA
PACRA Suspends the Entity Ratings of EGas Pvt. Limited
| Rating Type | Entity | |
|
Current (12-Jan-24 ) |
Previous (10-Feb-23 ) |
|
| Action | Suspended | Maintain |
| Long Term | - | BBB |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
The ratings of the Company have been suspended due to the outstanding fee. Once the matter pertaining to the outstanding fee is resolved, PACRA will update the ratings after following the due process.
-
About
the Entity
E-Gas was incorporated in 2006 as a private limited company. The company started off by partnering with Fornovo Gas, an Italian equipment manufacturer, providing CNG equipment and services in Pakistan. Since 2011, E-Gas has shifted its focus to operating Virtual Gas Pipeline, supplying CNG to different industries in Pakistan through their huge fleet of High-Pressure Specialized Modules. E-Gas is owned and run by the sponsoring family. The sponsors also own Honda car dealership in Rawalpindi and four fuel stations across the provinces. Mr. Yasir Raza is the CEO with his two brothers, Mr. Taimoor Raza and Mr. Hassan Raza as executive directors.