The Pakistan Credit Rating Agency Limited
27-Aug-21
Analyst
Bazah Tul Qamar
bazahtul.qamar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jun-21
- Criteria | Correlation Between Long-term & Short-term Rating Scales | Jun-21
- Criteria | Rating Modifiers | Jun-21
Related Research
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PACRA Withdraws the Entity Ratings of Master Tiles and Ceramic Industries Limited
| Rating Type | Entity | |
|
Current (27-Aug-21 ) |
Previous (28-Aug-20 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A- |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Subsequent to the management's decision to discontinue the entity ratings of Master Tiles and Ceramic Industries Limited, PACRA withdraws the entity ratings of Master Tiles and Ceramic Industries Limited with immediate effect.
About
the Entity
Master Tiles & Ceramic Industries Limited was incorporated in 1992 as an unlisted public company under the Repealed Companies Ordinance, 1984. The company is a family-oriented business involved in the manufacture and sale of a wide range of ceramic, porcelain and granite tiles. The Head Office of the company is located at Hafeeza Tufail Building, Gujranwala.
The Board of Governance includes the CEO - Mr. Mehmood Iqbal and his family members. The Board includes the CEO - Mr. Mehmood Iqbal, his wife, three sons, one daughter, and three newly appointed independent directors on board. Mr. Mehmood Iqbal's shareholding constitutes ~84% of the total paid-up capital while his wife holds ~3%, his three sons ~4% each, and his daughter ~1%. The CEO is a renowned well-versed tiles industry veteran and the pioneer of the business who laid the foundation of the company.