The Pakistan Credit Rating Agency Limited
27-Nov-23
Analyst
Muhammad Atif Chaudhry
Atif.Chaudhry@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
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PACRA withdraws the Entity Ratings of Popular Aseptic Packaging (Pvt.) Limited
| Rating Type | Entity | |
|
Current (27-Nov-23 ) |
Previous (23-Nov-22 ) |
|
| Action | Withdraw | Initial |
| Long Term | - | BBB |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
PACRA assigned an initial rating to Popular Aseptic Packaging (Pvt.) Limited in Nov'2022. However, the management has decided to discontinue the rating. Subsequent to the management decision, PACRA is withdrawing the entity rating of Popular Aseptic Packaging (Pvt.) Limited with immediate effect.
About
the Entity
Popular Aseptic Packaging (Pvt) Limited ‘The Company’) was incorporated as a private limited company in 2012, and began its operations with the commercial production of seven-layer aseptic packaging for dairy and beverages industry. The primary purpose of the project was the backward integration of the business of Popular Foods and Beverages. The Company’s manufacturing plant is located in Noori Abad, Jamshoro, Sindh. The Company is partly owned by family members by directly holding ~57% shares in the Company. Remaining ~43% shares are held by Popular Foods (Pvt.) Limited which is wholly owned by Popular group. Mr. Imamuddin Shouqeen, Chairman of the Board and CEO of the Company, has over 41 years of experience in business. He is also an elected member of Senate.