The Pakistan Credit Rating Agency Limited
10-Feb-25
Analyst
Tasveeb Idrees
Tasveeb.Idrees@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-24
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-24
- Methodology | Corporate Rating | Jul-24
Related Research
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PACRA Withdraws the Entity Ratings of Eastern Garments (Pvt). Limited
| Rating Type | Entity | |
|
Current (10-Feb-25 ) |
Previous (16-Feb-24 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A- |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Subsequent to the management's decision to discontinue the entity ratings of Eastern Garments (Pvt.) Limited, PACRA withdraws the entity ratings of Eastern Garments (Pvt). Limited with immediate effect.
.
About
the Entity
Eastern Garments (Pvt.) Limited, incorporated in 1980, is engaged in the production and sale of knitwear and woven garments. Its operations comprise knitting, dyeing, finishing, printing, embroidery, and stitching. The Company’s production facilities are divided into eight units, all located in Sindh Industrial Trading Estate, Karachi. The Company’s shareholding rests equally with Mr. Noor Mohammed and his son, Mr. Nizar Noor.
Overall control of the Company vests in a two-member Board of Directors, comprising the sponsors. Mr. Noor Mohammed, the Chairman and CEO of Eastern Garments has a background in banking and brings with him over four decades of experience in the textile industry. Mr. Nizar Noor has been serving as the Managing Director of the Company since 1997. The Company's management team comprises experienced and professional individuals for the execution of operational matters.