The Pakistan Credit Rating Agency Limited
26-Apr-24
Analyst
Kanwal Ejaz
kanwal.ejaz@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 Rustam Towel Pvt. Limited
| Rating Type | Entity | |
|
Current (26-Apr-24 ) |
Previous (28-Apr-23 ) |
|
| Action | Suspended | Maintain |
| Long Term | - | BBB |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Due to the non-availability of requisite information, the entity ratings of Rustam Towel Pvt. Limited has been suspended. Moreover, PACRA dues have not been cleared by the Company. As the required information is furnished to us and other matters are resolved, PACRA will update the ratings after following the due process.
.
About
the Entity
Rustam Towel (Rustam Towel) was incorporated in 1998. It is engaged in manufacturing and marketing of different varieties of towels. Rustam Towel is a private company owned by Dogar Family. Mr. Sanaullah, along with his son and three brothers, owns the Company. Rustam Towel's board comprises five members representing Dogar Family. Mr. Sanaullah Dogar, the Chairman, and CEO carry with him over three decades of experience in the textile sector. He is supported by his brothers. Mr. Waseem Dogar – youngest brother being the director - largely manages overall day-to-day affairs of the Company.