The Pakistan Credit Rating Agency Limited
10-Nov-20
Analyst
Sehar Fatima
sehar.fatima@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Ratings | Jun-20
- Methodology | Correlation Between Long-Term And Short-Term Rating Scale | Jun-20
- Criteria | Rating Modifier | Jun-20
Related Research
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PACRA withdraws Entity Ratings of C.A Textile Mills (Pvt.) Limited
| Rating Type | Entity | |
|
Current (10-Nov-20 ) |
Previous (21-May-20 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | BB+ |
| Short Term | - | A3 |
| Outlook | Stable | |
| Rating Watch | - | Yes |
Subsequent to the management's decision to discontinue the ratings, PACRA withdraws the Entity Ratings of C.A Textile Mills (Pvt.) Limited with immediate effect.
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About
the Entity
C.A. Textile Mills (Pvt.) Limited commenced operations in 2002 as a private limited company in Pakistan. The Company’s head office is in Lahore and its plant located in Sheikhupura. It has total installed capacity of 40,560 spindles. C.A. Textile’s majority shareholding rest with Ch. Salamat Ali (63%) and his family (5%). The remaining stake (32%) is held by Ch. Muhammad Atique Ur Rehman Cheema, former Board member of C.A. Textile Mills and a family friend.
The Board comprises three executive directors, all from the sponsoring family. Ch. Salamat Ali, the CEO of the Company is also the Chairman of the BoD. The management team comprises seasoned individuals with experience of local textile industry.