The Pakistan Credit Rating Agency Limited
23-Jun-22
Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Debt Instrument Rating | Jun-21
- Methodology | Corporate Rating | Jun-21
- Criteria | Rating Modifiers | Jun-21
Related Research
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PACRA withdraws the Rating of TPL Trakker Limited | Sukuk-I | May-16
| Issuer | TPL Trakker Limited |
| Instrument | Sukuk-I |
| Amount | PKR 600 mln |
| Issuance Date | 11-May-16 |
| Tenor | 5 Years |
| Redemption Date | 13-Apr-22 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (23-Jun-22 ) |
Previous (02-Jul-21 ) |
|
| Action | Redeem | Maintain |
| Long Term | - | A+ |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
TPL Trakker Limited (the "Company") has issued Rated, Unlisted Shirkatul Milk ("Sukuk") of PKR 600mln on May 11, 2016. The purpose of the instrument was to finance the Company's working capital and business expansion requirements. The tenor of the instrument was 5 years and carried a profit rate of 1YK+300bps. The Company has paid in full, all markup and outstanding principal amount in timely manner. The Sukuk has been redeemed on April 13, 2022.
Subsequent to the redemption of the Sukuk, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of TPL Trakker Limited | Sukuk-I | May-16.
About
the Entity
TPL Trakker Limited (TPLT) –now a Public Listed Company – was previously a wholly owned subsidiary of TPL Corp Limited. TPL Trakker is a telematics solution provider and the core business mainly comprises vehicle tracking, fleet management, Internet of things (IoT) and Digital mapping services. TPL Corp is a ~62.41% subsidiary of TPL Holdings. Post IPO, TPL Corp Limited is the major shareholder of TPL Trakker Limited with ~64% holding. BoD of the Company comprises eight members, headed by the Chairman Mr Jameel Yusuf. Mr. Sarwar Ali Khan is the CEO of the Company, having more than a decade of experience and has been associated with the Company for the last five years.