Jazaa Global (Pvt.) Limited (referred to herein as 'Jazaa' or 'the Company') is incorporated as a private limited company under the provisions of the Companies Act 2017 of Pakistan. The Company was registered in 2015 and has its principal manufacturing facility located in Karachi, Sindh, Pakistan.

Jazaa Global (Pvt.) Limited was established in 2015 with a founding vision centred on making quality ethnic food products accessible to consumers both domestically and in international markets. Commercial operations commenced in March 2016. The founding concept was inspired by the late Mr. Junaid Jamshed, and the Company was established through a partnership of three family groups: the Tawawalla family, the Bantva Memon family, and the family of the late Mr. Junaid Jamshed. Since its inception, the Company has pursued an organic growth strategy, progressively expanding its portfolio of stock-keeping units, broadening its geographic presence, and increasing its annual production capacity. Growth has been funded through a combination of retained earnings and short-term bank borrowings. The Company has grown its revenue base consistently since the commencement of operations, with the business transitioning from a narrow rice-focused offering to a broader multi-category ethnic food platform. Capacity additions at the Karachi manufacturing facility have supported this trajectory.

Jazaa Global operates across multiple ethnic food product categories. The total product portfolio spans over 200 stock-keeping units across these categories. Rice continued to dominate the Company's revenue mix, contributing ~55% of total sales, while Kitchen Essentials, Pink Salt, and Spices each accounted for ~10-12%, followed by Bakery Items and Desserts at ~10% each. The Company's portfolio spans over 200 stock-keeping units, catering to consumers across more than 55 countries internationally and over 100 cities within Pakistan. The revenue base is geographically split, with ~52% derived from export sales and ~48% from domestic sales, providing meaningful diversification against country-specific demand fluctuations. The Company's manufacturing plant is located in Karachi with an installed annual production capacity of 40,400 metric tons for rice and 4,000 metric tons for salt. Jazaa maintains a comprehensive portfolio of quality and food safety certifications including PSQCA, HACCP, Halal, FDA, BRCGS, ISO 9001, ISO 22000, GMP, and Kosher certification, which underpins its ability to access regulated international markets. Distribution is supported across both traditional retail and modern trade channels within Pakistan, while export fulfilment is managed through established international trade relationships. The Company's supply chain is anchored on the procurement of primary agricultural raw materials, most significantly paddy rice, as well as spices, salt, and other commodity inputs.

The ownership of Jazaa Global (Pvt.) Limited is held by four individual shareholders. Mr. Shahid Tawawalla holds the largest stake at ~37.5% and serves as Chairman of the Board, representing the effective strategic decision-maker of the organisation. Mr. Taimur Junaid Jamshed holds ~25%, Mr. Abbas Jabbar holds ~19%, and Mr. Ali Jabbar holds ~18.5%.

The Company's ownership is shared among three interconnected family groups, namely the Tawawalla family, the Bantva Memon family, and the family of the late Mr. Junaid Jamshed. The shareholding structure has remained stable since the Company's incorporation, providing continuity in ownership and strategic direction.

The sponsors collectively bring significant sectoral expertise relevant to the Company's core operations. Mr. Shahid Tawawalla carries over three decades of direct experience in the rice milling and commodity trading space in Pakistan, having also served as CEO of Meskay and Femtee Trading (Pvt.) Ltd., a recognised participant in the rice sector. Mr. Ali Jabbar, who serves as CEO of Jazaa Global, has been actively engaged in the rice trading business since 2000, providing the Company with commercially oriented leadership grounded in industry-specific knowledge. The sponsors' understanding of commodity procurement dynamics, international trade channels, and export market requirements has directly supported the Company's expansion into over 55 countries.

The sponsors' financial standing is reflected through their equity commitment to the Company. As at the year ended June 30, 2025 (audited), the total asset base stood at PKR 1,669mln against shareholders' equity of PKR 302mln. As at the half year ended December 31, 2025 (unaudited), the asset base expanded to PKR 2,082mln with equity at PKR 328mln. The growth in equity has been driven by profit retention rather than fresh capital injection, indicating a moderate capacity to absorb equity-based shocks.

The Board of Directors of Jazaa Global (Pvt.) Limited comprises four members: three Executive Directors and one Non-Executive Director. The Company has constituted three board-level committees, namely an Executive Committee, an Audit Committee, and a Human Resources Committee. These committees are intended to provide structured oversight across strategic, financial, and human capital dimensions of the business. Board meetings are conducted annually, with proceedings formally documented through meeting minutes.

Mr. Shahid Tawawalla serves as Chairman and Director. He holds academic qualifications from Ipswich Civic College and City and Guilds, London, with a specialisation in Grain Milling Technology, and is a graduate of Lock Haven University, USA. His professional background spans over thirty years in rice milling and commodity trading in Pakistan, and he also holds the position of CEO at Meskay and Femtee Trading (Pvt.) Ltd. He is additionally a founding member and Chairman of the agricultural initiative 'Hamara Kissan.' Mr. Ali Jabbar serves as Chief Executive Officer and Executive Director. A graduate of Government Commerce College, Karachi, he has been engaged in the rice trading sector since 2000. Mr. Taimur Junaid Jamshed serves as an Executive Director. He is a Commerce Graduate from Greenwich University and is committed to continuing the commercial legacy of the late Mr. Junaid Jamshed within the Company. Mr. Abbas Jabbar serves as Director. He is described as an entrepreneur with a demonstrated ability to build and lead teams, and his role at the Company is focused on operational cohesion and team leadership. The board as constituted reflects a concentration of family-linked executive representation. The presence of a single Non-Executive Director, with no designated Independent Director, limits the degree of external challenge and independent oversight available to the Board.

The Board has established a structured governance framework through the three operating committees. The Audit Committee provides oversight of financial reporting and internal controls, while the Human Resources Committee addresses talent and remuneration matters. The roles of Chairman and CEO are held by different individuals, namely Mr. Shahid Tawawalla and Mr. Ali Jabbar respectively, which represents an appropriate separation of oversight and executive functions. All board proceedings are formally minuted. However, the frequency of board meetings at an annual cadence is relatively limited for an entity of Jazaa's expanding operational scale, and the absence of Independent Directors constrains the Board's capacity for objective challenge and robust governance over related-party and strategic matters.

The Company's financial statements for the year ended June 30, 2025 were audited by Clarkson Hyde Saud Ansari Chartered Accountants, a QCR-rated firm, which issued an unqualified audit opinion.

The Company operates a horizontal organisational structure wherein each functional department head reports directly to the Chief Executive Officer. The principal functional divisions are Export Sales, Finance and Accounts, Marketing, Operations, and HR and Administration. Decision-making follows a centralised model, with the CEO as the primary authority for strategic and operational direction. Delegation of authority is exercised through department heads who manage day-to-day activity within their respective domains under CEO oversight.

Mr. Ali Jabbar serves as the Chief Executive Officer and has been associated with the rice trading and food industry since 2000. He has led the Company since its inception in 2016. While his dual role as shareholder and Chief Executive Officer provides strategic continuity, it also results in a degree of key-person dependence. The senior management team is supported by experienced professionals with relevant functional expertise. The Finance function is headed by Mr. Zainul Abdeen (FCCA), who has been associated with the Company for five years. Export operations are led by Ms. Shizra Jasani, who brings ten years of industry experience, including eight years with the Company. Procurement is overseen by Mr. Nomi Qasim, who has six years of experience, all with the Company, while Mr. Farhan Nisar heads Marketing and Online Sales, bringing fifteen years of overall experience, including two years with Jazaa Global. Collectively, the senior management team demonstrates reasonable tenure and functional specialization, with notable strength across export, procurement, finance, and marketing, supporting the Company's operational execution and strategic objectives.

Management has demonstrated a consistent ability to execute on the Company's core revenue growth strategy. Since inception, the Company has grown its topline at a compounded rate and expanded its market footprint both domestically and internationally. New product lines have been launched progressively, and the Company has maintained its quality certification portfolio, including BRCGS and ISO 22000, which are prerequisites for sustained access to regulated export markets. Management conducts monthly operational reviews in lieu of formal management committees, which provides a functional substitute for structured oversight, though formalisation of these processes would enhance governance.

Jazaa Global has successfully implemented Odoo ERP, integrating Finance, Procurement, Manufacturing, Inventory Management, Sales, Human Resources, Warehousing, Supply Chain Management, and Reporting into a single, unified platform. The implementation has enhanced operational efficiency, strengthened internal controls, and improved management decision-making through streamlined processes and integrated reporting. The ERP system receives regular vendor-supported updates and is designed to support the Company's evolving operational and business requirements.

The Company maintains an internal audit function comprising six members, which reports directly to the CEO. The function is responsible for improving risk management processes, strengthening internal controls, and developing standard operating procedures. While the reporting line to the CEO rather than to the Audit Committee somewhat limits functional independence, the size and focus of the internal audit team relative to the Company's scale is considered adequate at the current stage of operational maturity. The Company holds an extensive suite of certifications including PSQCA, HACCP, Halal, FDA, BRCGS, ISO 9001, ISO 22000, GMP, and Kosher, which together impose structured quality and process compliance obligations.

Pakistan's food products sector operates at the intersection of a large and growing domestic consumption base and a significant export-oriented agricultural economy, making it one of the more structurally resilient sectors within the broader manufacturing landscape. The convenience food segment within Pakistan is expanding, driven by urbanisation, a youthful demographic profile, rising disposable incomes, and evolving consumer tastes that increasingly favour packaged, branded, and ready-to-cook formats. The Pakistan Food and Beverages market continues to attract both local and multinational participants, creating a competitive but investment-friendly environment characterised by retail modernisation and the growing influence of organised trade channels. The packaged food sub-sector, which includes spices, recipe mixes, salt, and condiments, benefits from a structural shift in consumer behaviour away from unbranded loose commodities toward branded products with verified quality and safety credentials. Rice, as a foundational staple, occupies a central role in both the domestic consumption basket and the country's export earnings. Pakistan ranks among the top five largest rice exporters globally, and rice export volumes reached ~5.54 million metric tons valued at ~USD 3.2 billion in the first eleven months of FY2024-25. However, the competitive landscape for rice exports intensified following India's reinstatement of non-basmati white rice exports in September 2024, which re-introduced a large and price-competitive supplier into the global market. Pakistan's rice export estimate for the 2024-25 marketing year has accordingly been revised downward to ~5.2 million metric tons from prior forecasts, and for 2025-26, further downward revision to ~4.6 million metric tons is anticipated due to supply disruption from monsoon flooding that impacted the Punjab rice belt. Phytosanitary compliance represents a persistent and material credit risk for the sector, with the European Union intercepting twelve Pakistani rice consignments in early 2025 due to maximum residue level and aflatoxin exceedances. The Pakistan government has been taking corrective action including revamping the Department of Plant Protection and banning the use of methyl bromide in rice export fumigation. Within the broader food sector, the savory snacks and convenience food segments present strong growth prospects, with the Pakistan savory snacks market valued at ~USD 0.79 billion in 2025 and projected to reach ~USD 1.35 billion by 2031 at a CAGR of ~9.31%. The key credit risk factors endemic to the sector include raw material price volatility driven by commodity cycles and climate-related agricultural output variability, foreign currency risk from the mismatch between PKR-denominated cost structures and export receivables, working capital intensity from inventory build requirements at harvest, intense price competition from global exporters, and food safety and regulatory compliance risk in international markets. ESG and sustainability considerations are gaining material relevance for export-oriented food manufacturers, particularly those targeting European and North American retail channels, where buyer-imposed sustainability standards and traceability requirements are progressively raising the compliance bar.

Jazaa Global occupies a nascent but growing position within Pakistan's branded ethnic food products market. The Company's differentiation strategy is anchored on a broad SKU portfolio spanning over 200 products, a certified manufacturing platform in Karachi, and active distribution across more than 55 countries and over 100 Pakistani cities. The Company has not yet established dominant brand equity in either the domestic or international markets, and competes against considerably larger and more established players with deeper distribution networks and greater marketing investment capacity. Since the previous review cycle, the Company has continued to expand its topline, demonstrated by 16.5% year-on-year revenue growth in FY25, compared to 58.1% in FY24, indicating a moderation in growth pace as the base effect normalises. The Company's market penetration strategy and expanding international presence represent positive directional trends, though the durability of competitive positioning will depend on continued investment in brand building, quality infrastructure, and distribution depth.

For the year ended June 30, 2025 (audited), the Company reported total revenues of PKR 3,138mln, representing year-on-year growth of 16.5% from PKR 2,693mln for the year ended June 30, 2024 (audited). This growth reflects continued volume-driven expansion across both domestic and export channels, though the pace of growth moderated from the exceptional 58.1% recorded in FY24, which had benefited from base effects, currency depreciation tailwinds, and India's temporary absence from the global rice export market. Rice remained the Company's largest revenue contributor, accounting for ~55% of total sales, followed by Kitchen Essentials, Pink Salt, and Spices at ~10-12% each, while Bakery Items and Desserts contributed ~10% each. The revenue base is well diversified geographically, with exports contributing ~52% of total sales and domestic operations accounting for the remaining ~48%, mitigating reliance on any single market. In the six months ended December 31, 2025 (unaudited), which constitutes the first half of fiscal year 2026 for comparison purposes, revenues stood at PKR 1,804mln, reflecting a period-on-period growth of 15.0% against the corresponding half of the prior year. Revenue quality is supported by a broad customer base spanning over 55 countries, which limits single-customer or single-geography concentration risk. Pricing power in commodity-linked categories such as rice and salt remains constrained by global price benchmarks and competition from other exporting nations, while branded value-added segments such as recipe mixes and spices provide relatively better margin protection and pricing leverage.

For the year ended June 30, 2025 (audited), the Company's gross profit stood at PKR 793mln, producing a gross profit margin of 25.3%, compared to PKR 637mln and 23.7% for the year ended June 30, 2024 (audited). This improvement reflects a more favourable realisation environment relative to input cost levels in FY25 versus FY24, when elevated inflationary pressures had compressed margins. Operating profit for FY25 was PKR 152mln, translating to an operating profit margin of ~4.8%, compared to PKR 134mln and ~5.0% in FY24, indicating a marginal compression at the operating level despite improved gross margins, attributable to higher operating expenses including marketing and selling costs. Net profit after tax for FY25 was PKR 28mln, representing a net profit margin of 0.9%, unchanged from 0.9% in FY24. Total finance costs for FY25 amounted to PKR 104mln, up from PKR 96mln in FY24, reflecting the expanded borrowing base. The average borrowing rate declined materially to 16.7% in FY25 from 25.3% in FY24, consistent with the monetary easing cycle in Pakistan, though this benefit was partially offset by the higher absolute borrowing quantum. For the six months ended December 31, 2025 (unaudited), the gross profit margin improved further to 24.4%, with net profit standing at PKR 27mln against finance costs of PKR 54mln, with the entity average borrowing rate declining to 12.6%, indicating that the interest rate reduction environment is providing incremental relief to the bottom line. Raw materials, principally paddy rice and commodity inputs, constitute the dominant cost component and expose the Company to commodity price cycles and agricultural output variability.

The Company has maintained a consistent growth trajectory since inception and management has articulated plans to deepen its presence in international markets while improving margins through capacity expansion and backward integration initiatives. The capital expenditure programme has been active, with net cash used in investing activities of PKR 182mln in FY25 versus PKR 42mln in FY24, reflecting increased investment in the production infrastructure. The Company's export orientation makes it subject to evolving buyer sustainability requirements, particularly in European and North American markets, and the maintenance of its comprehensive certification portfolio, including BRCGS and ISO standards, is essential for sustained access to these channels.

For the year ended June 30, 2025 (audited), the Company's gross working capital cycle stood at 107 days, a modest increase from 100 days for the year ended June 30, 2024 (audited), driven primarily by an increase in average inventory days as raw material procurement scaled up alongside revenue growth. Trade receivables days moved to a level consistent with the expanded export revenue base, with trade receivables at PKR 504mln in FY25 versus PKR 260mln in FY24, reflecting both revenue growth and an elongation of the collection cycle associated with international trade terms. Trade payables at FY25 year-end stood at PKR 379mln versus PKR 457mln in FY24, reflecting a partial reduction in the payable buffer. Net working capital days improved marginally to 58 days in FY25 from 61 days in FY24, indicating broadly stable net working capital efficiency despite the scale increase. The current ratio stood at 2.2x in FY25, improving from 1.6x in FY24, reflecting a more comfortable short-term liquidity position. For the six months ended December 31, 2025 (unaudited), gross working capital extended to 105 days and net working capital to 62 days, broadly consistent with FY25 levels. Current assets at December 31, 2025 stood at PKR 1,717mln against current liabilities of PKR 541mln, producing a current ratio of 3.2x. Total borrowings at December 31, 2025 increased materially to PKR 1,212mln from PKR 746mln at June 30, 2025, reflecting seasonal working capital drawdowns and the financing of the expanded asset base. The Company's predominant reliance on short-term borrowings to finance working capital assets creates a structural asset-liability mismatch, as a portion of the current asset base, particularly inventories and receivables, is of a recurring and structural nature that is continuously refinanced through short-term credit facilities.

For the year ended June 30, 2025 (audited), the Company's EBITDA to finance cost ratio stood at 2.1x, unchanged from the year ended June 30, 2024 (audited), indicating stable accrual-based debt service coverage. Free cash flow from operations (FCFO) to finance cost and current maturities coverage stood at 1.7x in FY25 versus 1.6x in FY24, representing a marginal improvement in cash-based debt servicing capacity. Net cash provided by operating activities was negative at PKR 237mln in FY25, deteriorating from a positive PKR 37mln in FY24, driven by a significant working capital outflow of PKR 296mln, reflecting the scaling of the inventory and receivables base alongside revenue growth. Net cash from operating activities before working capital changes was PKR 59mln in FY25 versus PKR 52mln in FY24, confirming that core cash generation from operations improved modestly in absolute terms. Total financing activities provided PKR 443mln in FY25 versus PKR 5mln in FY24, confirming the entity's increased reliance on external borrowings to fund both the working capital cycle and capital expenditure. For the six months ended December 31, 2025 (unaudited), the EBITDA to finance cost ratio was 1.8x and the FCFO to finance cost and current maturities ratio was 1.5x, suggesting a modest tightening of coverage metrics relative to the FY25 full-year position, consistent with the seasonal borrowing increase observed at the half-year balance sheet date. The debt payback ratio, expressed as total borrowings over FCFO net of finance costs, stood at 4.2x at December 31, 2025, reflecting the impact of the elevated short-term borrowing position on the payback horizon. Operating cash flow quality is constrained by the high working capital intensity of the business model, and free cash flow remains negative on a post-working capital basis, underscoring the entity's dependence on sustained access to short-term credit markets to fund its growth trajectory.

The Company's capital structure is characterised by significant financial leverage. For the year ended June 30, 2025 (audited), total borrowings stood at PKR 746mln against shareholders' equity of PKR 302mln, producing a debt-to-total-capitalisation ratio of 71.2%, up from 61.5% at June 30, 2024. This leverage increase was driven by the material expansion of short-term borrowings to support working capital and capital investment requirements. At December 31, 2025 (unaudited), total borrowings further increased to PKR 1,212mln, with shareholders' equity of PKR 328mln, resulting in a debt-to-total-capitalisation ratio of 78.7%, marking a continuing upward leverage trend. The debt maturity profile is heavily weighted toward short-term obligations, with the Company carrying no non-current liabilities across all reporting periods presented. The exclusive reliance on short-term debt creates continuous refinancing exposure and limits the Company's ability to lock in long-term funding at favourable rates during monetary easing cycles. Equity quality is supported by retained earnings accumulation, as net income has been positive across all periods reviewed, with no dividend distributions reducing the equity base. The interest payable days metric, while elevated at 186.7 days as at December 31, 2025 versus 203.3 days at June 30, 2025, points to a structural build-up in accrued finance costs that merits monitoring. The entity average borrowing rate has declined materially from 25.3% in FY24 to 16.7% in FY25 and further to 12.6% for the six months ended December 31, 2025, reflecting the benefit of Pakistan's monetary policy easing cycle, which provides meaningful relief to interest cost obligations going forward. Return on equity stood at 10.8% for FY25 versus 12.0% for FY24, reflecting the dilutive effect of a larger equity and asset base on a relatively stable absolute net income.