Analyst
Ayesha Qasim
ayesha.qasim@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA Withdraws Entity Ratings of Azhar Corporation (Pvt.) Limited
Rating Type | Entity | |
Current (31-May-19 ) |
Previous (12-Dec-18 ) |
|
Action | Withdraw | Maintain |
Long Term | - | BBB+ |
Short Term | - | A2 |
Outlook | - | Stable |
Rating Watch | - | - |
Subsequent to management decision to discontinue ratings of Azhar Corporation (Pvt.) Limited, PACRA withdraws the entity's long-term rating of BBB+ and short-term rating of A2 with immediate effect.
About
the Entity
Azhar Corporation (Pvt.) Limited was incorporated in 1979. The Company principally manufactures Personal and Homecare products at an installed capacity of 350 MT/day and 150 MT/day. These include laundry soap, toilet soap, detergent bar and detergent powder. Azhar Corporation (Pvt.) Limited also manufactures Vegetable Ghee and Cooking Oil at an installed capacity of 200MT/day. By operating at a capacity of 85%, the Company exports around 5,000 Tons of soap per year to Afghanistan.
Azhar Corporation (Pvt.) Limited's ownership vests with Mr. Sh. Mohd. Munawwar's family (51%) and his brother, Mr. Azhar Iqbal (49%). Mr. Sh. Mohd. Munawwar has 16% stake in the Company. While his sons, Mr. Mazahar Munawwar and Mr. Hassan Munawwar holds 18% and 17% shares of Azhar Corporation, respectively. Hence, the sponsoring family holds 100% stake in the Company.