The Pakistan Credit Rating Agency Limited
19-Aug-25
Analyst
Anam Waqas Ghayour
anam.waqas@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-25
- Methodology | Rating Modifiers | Apr-25
- Methodology | Corporate Rating | Jul-25
Related Research
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PACRA Withdraws the Entity Ratings of Etimaad Engineering (Pvt.) Limited
| Rating Type | Entity | |
|
Current (19-Aug-25 ) |
Previous (19-Aug-24 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A- |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Due to the management’s decision to discontinue the rating process, PACRA has withdrawn the ratings of Etimaad Engineering (Pvt.) Limited (‘the Company’) with immediate effect.
.
About
the Entity
Founded in May 2007, Etimaad is an integrated engineering and contracting firm offering turnkey, retrofit, and debottlenecking solutions for the power and oil & gas sectors, along with project management, industrial construction, and shutdown services. The two-member board is chaired by Mr. Mohammad Sohail Shafique, an Engineer with over 30 years of experience, holding a 25.6% stake. The Ansari family owns 37.4%, and Mr. Farooq Hussain Mughal, President & CEO, holds 26.9%. Grant Thornton Anjum Rehman serves as the Company’s external auditor.