The Pakistan Credit Rating Agency Limited
24-Dec-19
Analyst
Muhammad Fahad Iqbal
fahad.iqbal@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Ratings | Jun-19
- Methodology | Correlation Between Long-Term And Short-Term Rating Scale | Jun-19
- Criteria | Rating Modifier | Jun-19
Related Research
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PACRA Withdraws Entity Ratings of Kohinoor Textile Mills Limited
| Rating Type | Entity | |
|
Current (24-Dec-19 ) |
Previous (28-Jun-19 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | - | Stable |
| Rating Watch | - | - |
Subsequent to the decision of the management of Kohinoor Textile Mills Limited to discontinue the ratings, PACRA withdraws the Entity Ratings of Kohinoor Textile Mills with immediate effect.
About
the Entity
Kohinoor Textile Mills Limited - a Kohinoor Maple Leaf Group (KMLG) company - listed on Pakistan Stock Exchange, commenced operations in 1958. The Company, operating from three geographical locations, is engaged in the manufacturing of yarn, fabric, and home textile products. Management control lies with Saigol family, which, along with associates, holds majority stake (~72%) in KTML. KTML owns 55% stake in Maple Leaf Cement Factory and 83% is Maple Leaf Capital, a private limited company. KMLG is one of the oldest business groups having interests mainly in textile, cement, and trading.
The overall control of KTML vests with eight members BoD including the CEO. Five board members belong to Saigol family, out of which three are in executive roles including the CEO, two are group affiliates, and one member is independent director. The CEO, Mr. Taufique Sayeed Saigol, oversees the company affairs through a management team with relevant experience in the textile industry