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The Pakistan Credit Rating Agency Limited
Press Release

Date
31-Dec-18

Analyst
Muhammad Obaid
muhammad.obaid@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Withdraws Entity Ratings of M.A. Aleem Khan and Sons (Pvt.) Limited

Rating Type Entity
Current
(31-Dec-18 )
Previous
(30-Jun-18 )
Action Withdraw Maintain
Long Term - BBB+
Short Term - A2
Outlook Stable
Rating Watch - -

The management of M. A. Aleem Khan & Sons (Pvt) Limited (MAAKSONS) is not interested in continuation of the ratings process. Hence, PACRA withdraws Entity Ratings [Long Term BBB+, Short Term A2] of MAAKSONS with immediate effect.

About the Entity
MAAKSONS officially registered as a Company in 1984 but has been in business since 1951. MAAKSONS scope of work comprises construction of roads and highways, bridges and structures, residential and commercial buildings, canals and tunnels, etc. Significant projects to its credit are Signal Free Corridor Islamabad Highway, Metro Lahore, 29 storey Telecom Tower Islamabad, Gulberg Green, 3x210 Thermal Power Station Muzaffargarh, Chashma Canal, etc. to name a few. It is currently focused on a few major projects in Lahore including, a multipurpose complex - Panta Square, a housing society - Prism 9, and a Signal Free Corridor in DHA. BOD comprises nine members, all of whom belong to the sponsoring family. They collectively have complete ownership of 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.