The Pakistan Credit Rating Agency Limited
07-Aug-24
Analyst
Muhammad Harris Ghaffar
harris.ghaffar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-23
- Methodology | Rating Modifiers | Apr-24
- Methodology | Corporate Rating | Jul-24
Related Research
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 Ahmed Hassan Spinning Limited
| Rating Type | Entity | |
|
Current (07-Aug-24 ) |
Previous (28-Jun-24 ) |
|
| Action | Withdraw | Downgrade |
| Long Term | - | BB |
| Short Term | - | A3 |
| Outlook | Stable | |
| Rating Watch | - | Yes |
Subsequent to the management's decision to discontinue the entity ratings of Ahmed Hassan Spinning Limited, PACRA withdraws the entity ratings of Ahmed Hassan Spinning Limited with immediate effect.
.
About
the Entity
The Company was incorporated on: 20th October, 2016 under the companies Ordinance 1984 as Ahmed Hassan Spinning Limited. Ahmed Hassan Spinning Limited (“The Company” or “AHSL”) specializes in the manufacturing and export of yarn with an average count of 21/1 CDD with the installed capacity of 28,152 spindles. The Company is family-oriented business therefore the ownership rests with Mian Muhammad Parvaiz (Late) family: Mr. Muhammad Aurangzeb (31%), Mr. Muhammad Jahanzaib (31%), Mrs. Waheeda Parvaiz (28%), Mr. Ahmed Hassan (6%) and Miss Faiza Parvaiz (3%).