PACRA withdraws Entity Ratings of BBJ Pipe Industries Limited
Subsequent to the management's decision to discontinue the entity ratings of BBJ Pipe, PACRA withdraws the ratings of BBJ Pipe Industries Limited with immediate effect.
BBJ Pipe Industries Limited was incorporated in January 1991. The Company was converted into a public limited entity in 2013 under the company ordinance. It is primarily engaged in manufacturing of steel, iron and polyethylene pipe in several diameters range which are used in different government and private projects. The company is wholly owned by the sponsors - Zubair family. In FY18, The Company established a subsidiary 'BBJ Steel Limited', for one of it's product lines (HRC to CRC). The company has 99.88% ownership in the subsidiary.
The overall control of Company vests with three members' board of directors, wherein all members are from sponsoring family including the Chief Executive Officer. Mr. Zubair Qayyum, a mechanical engineer by profession, is the founding member of BBJ Pipe Industries limited. He is an Ex-Army official. Two board members, Mr. Zubair (CEO) and his son, Mr. Ahmed (COO), are equipped with necessary technical skills to manage and oversee the business.