The Pakistan Credit Rating Agency Limited
15-Sep-23
Analyst
Muhammad Zain Ayaz
zain.ayaz@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 Popular Sugar Mills Limited.
| Rating Type | Entity | |
|
Current (15-Sep-23 ) |
Previous (05-Apr-23 ) |
|
| Action | Suspended | Maintain |
| Long Term | - | BBB+ |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Popular Sugar Mills Limited is in the process of restructuring its business post disinvestment of its assets to Unicol Limited, hence the Company is not in a position to provide a new business plan and other related information about the entity. Therefore, the ratings of the Company are being suspended now and will be updated once the requisite information is received.
.
About
the Entity
Popular Sugar Mills Limited is a public limited company. The Company operates a unit located at Jan Muhammad Wala, near Sargodha, having a crushing capacity of 8,000 TCD. The Company is engaged in the manufacturing and sale of refined sugar and its by-products; molasses and bagasse. All the assets and operations of Popular sugar mills are acquired by Unicol Limited.