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The Pakistan Credit Rating Agency Limited
Press Release

Date
17-Jul-20

Analyst
Sehar Fatima
sehar.fatima@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 Bilal Steel Mills

Rating Type Entity
Current
(17-Jul-20 )
Previous
(23-Jan-20 )
Action Withdraw Initial
Long Term - BBB-
Short Term - A3
Outlook Stable
Rating Watch - -

Subsequent to the management's decision to discontinue the ratings, PACRA withdraws the Entity Ratings of Bilal Steel Mills (Pvt.) Limited with immediate effect.
-

About the Entity
Bilal Steel Mills (Private) Limited (Bilal Steel), is a private limited company incorporated in 2013, it is primarily engaged in manufacturing and sale of billet steel and D formed steel bars. The company operates through its registered head office located in Lahore. The plant is located on Sheikhupura Road with installed capacity of 87,500 tonnes of re-rolling and 42,000 tonnes of furance. The entire shareholding of the company is owned by Malik Family. The overall control of the Company vests in two member board of directors of the sponsoring family. Mr. Farrukh Shahzad Malik, the founder of the company is the key man behind the business. He is the CEO and Chairman of the company, whereas his son, Mr. Bilal Malik is the Managing Director. The company employs an able team of professionals.

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.