The Pakistan Credit Rating Agency Limited
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Raniya Tanawar

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PACRA Withdraws Debt Instrument Rating of TPL Trakker Limited | PP Sukuk

Rating Type Debt Instrument
Action Withdraw Maintain
Long Term - A
Short Term - -
Outlook - Stable
Rating Watch - -

The company proposed to raise Sukuk with an amount of PKR1bln inclusive of PKR150mln greenshoe option (@3month KIBOR + 1.75% 6 years maturity). The Sukuk has not been issued since first rated (10th-July-18), thereby PACRA withdraws PP Sukuk Rating, assigned 'A' with immediate effect.

About the Entity
TPL Trakker Limited (TPL) – a wholly owned subsidiary of TPL Corp Limited – is a vehicle tracking and fleet management solutions, provider. TPL Corp is a ~57% subsidiary of TPL Holdings.
The Board consists of four directors; all four of them including the CEO, are representatives of TPL Corp. Mr. Sarwar Ali Khan is the CEO of the company. Mr. Khan, having more than two decades of experience, has been associated with the company for the last two years. He is directly reportable to the Group CEO, Mr. Ali Jameel.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.