PACRA Withdraws Entity Ratings of Azhar Corporation (Pvt.) Limited
Subsequent to management decision to discontinue ratings of Azhar Corporation (Pvt.) Limited, PACRA withdraws the entity's long-term rating of BBB+ and short-term rating of A2 with immediate effect.
Azhar Corporation (Pvt.) Limited was incorporated in 1979. The Company principally manufactures Personal and Homecare products at an installed capacity of 350 MT/day and 150 MT/day. These include laundry soap, toilet soap, detergent bar and detergent powder. Azhar Corporation (Pvt.) Limited also manufactures Vegetable Ghee and Cooking Oil at an installed capacity of 200MT/day. By operating at a capacity of 85%, the Company exports around 5,000 Tons of soap per year to Afghanistan.
Azhar Corporation (Pvt.) Limited's ownership vests with Mr. Sh. Mohd. Munawwar's family (51%) and his brother, Mr. Azhar Iqbal (49%). Mr. Sh. Mohd. Munawwar has 16% stake in the Company. While his sons, Mr. Mazahar Munawwar and Mr. Hassan Munawwar holds 18% and 17% shares of Azhar Corporation, respectively. Hence, the sponsoring family holds 100% stake in the Company.