The Pakistan Credit Rating Agency Limited
01-Dec-23
Analyst
Muhammad Mubashir Nazir
mubashir.nazir@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 Kingcrete Builders
| Rating Type | Entity | |
|
Current (01-Dec-23 ) |
Previous (02-Dec-22 ) |
|
| Action | Suspended | Maintain |
| Long Term | - | BBB |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Due to non-availability of requisite information, the ratings of Kingcrete Builders Limited ('the Company') has been suspended. Additionally, PACRA dues are outstanding and have not been settled. Once the required information is available, and other matters will be settled, PACRA would update the ratings after following the due process.
.
About
the Entity
Kingcrete was established in 1976 and since its inception has undertaken projects in all major fields of civil engineering and allied electrical works. Kingcrete Builders is registered as a partnership concern with five partners. The founder-Mr. Nawaz A Minhas and his brother, Mr. Ijaz A Minhas are senior partners, with his two sons, Mr. M Nadir Minhas and Mr. M Sikander Minhas, and his relative Mr. Saeed A Malik, as partners of the firm. The registered office is situated at 2-C South Park Avenue, Phase-2, Defense Housing Authority, Karachi.