The Pakistan Credit Rating Agency Limited
27-Jun-23
Analyst
Kanwal Ejaz
kanwal.ejaz@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jun-22
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jun-22
- Methodology | Rating Modifiers | Jun-22
Related Research
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PACRA Withdraws Entity Ratings of Cordoba Logistics & Ventures Limited
| Rating Type | Entity | |
|
Current (27-Jun-23 ) |
Previous (30-Jun-22 ) |
|
| Action | Withdraw | Initial |
| Long Term | - | BBB- |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Subsequent to management's decision to discontinue the entity ratings of Cordoba Logistics & Ventures Limited, PACRA withdraws the entity ratings of Cordoba Logistics & Ventures Limited.
About
the Entity
Cordoba Logistics and Ventures Limited (“CLVL”) formerly known as Mian Textile Industries Limited was incorporated in Pakistan in 1986 as a Public Limited Company under the Companies Ordinance, 1984. In April 2021, Mr. Danish Elahi from Elahi Group acquired the majority shareholding of the company ~70%. After the acquisition company changed its principal line of business to logistics and other ventures business. The overall control of the company vests in eight members board of directors. Mr. Zeshan Afzal is the Chairman of the board and Mr. Misbah Khalil Khan is the CEO of the Company.