The Pakistan Credit Rating Agency Limited
18-Mar-24
Analyst
Muhammad Harris Ghaffar
harris.ghaffar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-23
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-23
- Methodology | Rating Modifiers | Apr-23
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 Suspends the Entity Ratings of Maksons Textile (Pvt.) Limited
| Rating Type | Entity | |
|
Current (18-Mar-24 ) |
Previous (18-Mar-23 ) |
|
| Action | Suspended | Maintain |
| Long Term | - | BBB- |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
The ratings of the Company have been suspended attributable to the incomplete information. Once the matter pertaining to the respective information is resolved, PACRA will update the ratings after following the due process.
.
About
the Entity
Maksons has a state-of-the-art weaving unit with an installed capacity of 114 weaving Airjet looms. Shareholding is held equally by four individuals. The Company belongs to Al-Tariq Group, specializing in engineering, having companies involved in construction, trading, textile and power generation. Maksons Textile’s Board comprises four members, all of our sponsors. The position of Chairman is held by Mr. Abdul Quddoos whereas Mr. Khalid Majeed is the CEO of the Company. The day-to-day operations are run by the Director - Mr. Muhammad Khalid - whereas the Chairman assumes more of a monitoring role and also looks after the financial and banking issues.