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