PACRA Withdraws Entity Ratings of Shujabad Weaving Mills Limited
Subsequent to the decision of the management of Shujabad Weaving Mills Limited to discontinue the ratings, PACRA withdraws the Entity Ratings of Shujabad Weaving Mills Limited with immediate effect.
Shujabad Weaving Mills Limited was incorporated in 2005 as a public unlisted company. The Company has a nominal share in local weaving industry with 250 looms. The total energy requirement of the Company stands at 8.9MW, which is met through a mix of captive plant and backup MEPCO connection. The Company is owned by three families. Major stake rests with Wahid family (39.7%), followed by Shabbir family (35.4%) and Akram family (25%).
Board of Directors consists of four members. All of them are serving as executive directors, with Mr. Abdul Wahid as Chairman of the board. Two directors represent Shabbir family, including the CEO, Mr. Qaisar Shabbir. The remaining two families have one representative each. Both the Chairman and the CEO have extensive experience in the textile sector, ensuring efficient decision making.