The Pakistan Credit Rating Agency Limited
09-May-19
Analyst
Ayesha Qasim
ayesha.qasim@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Ratings | Jun-18
- Methodology | Sukuk | Jun-18
- Methodology | Debt Instrument | Jun-18
- Methodology | Criteria | Rating Modifier | Jun-18
Related Research
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Pak Elektron Limited redeems Sukuk-II| Mar-08; PACRA Withdraws Instrument Rating
| Issuer | Pak Elektron Limited |
| Instrument | Sukuk-II |
| Amount | PKR 1100 mln |
| Issuance Date | 31-Mar-08 |
| Tenor | 11 Years |
| Redemption Date | 02-Apr-19 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (09-May-19 ) |
Previous (09-Mar-19 ) |
|
| Action | Redeem | Maintain |
| Long Term | - | A+ |
| Short Term | - | - |
| Outlook | - | Stable |
| Rating Watch | - | - |
Pak Elektron Limited issued Sukuk II in Mar-08 for PKR 1,100mln. The instrument was repaid in 16 equal quarterly installments starting Jun-15. Final installment of PKR 68.7mln (Mar-19) has been paid and the instrument has been fully redeemed.
Thus, PACRA withdraws the debt instrument rating of 'A+' assigned to Sukuk-II with immediate effect.
About
the Entity
PEL is a Listed Public Limited Company and was incorporated in 1956. The Company is principally engaged in manufacturing and sale of electrical capital goods and domestic appliances. PEL is majorly owned by Saigol Group (~50.3%). Other interests of the group include power, textile and real estate. Mr. Naseem Saigol is the Chairman of the ten member Board. Saigol family has prominent presence on Board. Mr. Murad Saigol, MD/CEO, monitors all of the strategic and operational affairs of the Company. He is supported by an experienced and stable management team.