The Pakistan Credit Rating Agency Limited
12-Sep-23
Analyst
Iqra Toqeer
iqra.toqeer@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
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PACRA Suspends the Entity Ratings of Ravi Automobile (Pvt.) Limited
| Rating Type | Entity | |
|
Current (12-Sep-23 ) |
Previous (29-Sep-22 ) |
|
| Action | Suspended | Maintain |
| Long Term | - | BBB |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Ravi Automobile (Pvt.) Limited (hereafter mentioned as 'Ravi' or 'the Company') is in process of restructuring its business due to prevailing conditions in the auto and allied sector of Pakistan, and its demand for the foreseeable future because of which the Company is not in a position to provide the requisite information for the entity ratings. Therefore, the ratings of the Company are being suspended now and will be updated once the requisite information is received.
.
About
the Entity
Ravi Automobile (Private) Limited, incorporated on May 19th, 1998, as a private limited concern. It specializes in the manufacturing of components and auto parts for automotive segment & major OEM suppliers. The parts manufacturing division is equipped with pressure die-casting & CNC machining lines. Earlier, the Company also used to assemble & distribute its own brand of motorcycles under trademark of ‘Ravi’.
Ravi is part of a group of multiple legal entities serving automobile & allied sector, with various core competencies, all owned by Mr. Iqbal Khalid, his son Mr. Fahad Iqbal & family members. In 2021, the ownership structure of the Company was changed post equity injection from private firm “Ithaca Capital (Pvt.) Limited” which now holds ~51% stake in Ravi. The board is comprised of five directors: Mr. Iqbal Khalid (Chairman - Ravi), Mr. Fahad Iqbal (CEO - Ravi), Mr. Saad Saeed Faruqui (Chairman - Ithaca Capital (Pvt.) Limited), Mr. Haider Ali Hilaly (CEO - Ithaca Capital (Pvt.) Limited), and Muhammad Danish Hussain (CFO - Ithaca Capital (Pvt.) Limited).