The Pakistan Credit Rating Agency Limited
24-Jul-20
Analyst
Kanwal Ejaz
kanwal.ejaz@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Ratings | Jun-20
- Methodology | Correlation Between Long-Term And Short-Term Rating Scale | Jun-20
- Criteria | Rating Modifier | Jun-20
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 withdraws Entity Ratings of EXIDE Pakistan Limited
| Rating Type | Entity | |
|
Current (24-Jul-20 ) |
Previous (30-Aug-19 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | BBB |
| Short Term | - | A3 |
| Outlook | Negative | |
| Rating Watch | - | - |
Subsequent to the management's decision to discontinue the ratings, PACRA withdraws the Entity Ratings of EXIDE Pakistan Limited with immediate effect.
-
About
the Entity
EXIDE Pakistan Limited was incorporated in Pakistan in 1953 as a private limited company in association with Chloride Group PLC of United Kingdom. EXIDE got listed on the Karachi Stock Exchange in 1982.
EXIDE is majorly owned (75%) by the three brothers from Hashwani family. Mr. Altaf Hashwani is the Chariman of the Board. Mr. Arshad Shahzada is the Chief Executive Officer of the company.