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The Pakistan Credit Rating Agency Limited
Press Release

Date
08-Mar-23

Analyst
Muhammad Harris Ghaffar
harris.ghaffar@pacra.com
+92-42-35869504
www.pacra.com

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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 Withdraws Entity Ratings of Diamond Tyres Limited

Rating Type Entity
Current
(08-Mar-23 )
Previous
(22-Apr-22 )
Action Withdraw Maintain
Long Term - A-
Short Term - A2
Outlook Stable
Rating Watch - -

Subsequent to management's decision to discontinue the entity ratings of Diamond Tyres Limited , PACRA withdraws the entity ratings of Diamond Tyres Limited.

About the Entity
Diamond Tyres Limited is a public unlisted company incorporated in 2004 under the Companies Ordinance, 1984 (now “Companies Act, 2017”). It is a family-owned business who are the owners of Diamond Group. The company has classified its business operation into one main division called "Tyre & Tubes Division". It deals in 2 & 3 wheelers tyre industry, with an installed capacity of 8mln units of tyres and 26mln units of tubes. It is owned and governed by the sponsoring family members, decedents of Mr S.M Shaffi, the founder of Diamond Rubber Mills. Mr Muzammil Shaffi, Mr Bilal Shaffi, Mr Shariq Shaffi and Mr Mudassir Shaffi , grand sons of Mr S.M Shaffi, comprises the Board of Diamond Tyres Limited. Mr Shariq Iftikhar is the CEO of the company. All members of the board are involved in the executive roles of the company.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.