The Pakistan Credit Rating Agency Limited
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PACRA Withdraws Entity Ratings of Azhar Corporation (Pvt.) Limited

Rating Type Entity
Action Withdraw Maintain
Long Term - BBB+
Short Term - A2
Outlook - Stable
Rating Watch - -

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.

About the Entity
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.

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.