Analyst
Kanwal Ejaz
kanwal.ejaz@pacra.com
+92-42-35869504
www.pacra.com
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Related Research
PACRA Withdraws Rating of Ghani Chemical Industries Limited- Islamic Commercial Paper ("ICP") of PKR 1,000mln
Rating Type | Debt Instrument | |
Current (14-Jun-22 ) |
Previous (24-Jun-21 ) |
|
Action | Withdraw | Preliminary |
Long Term | - | A |
Short Term | - | A1 |
Outlook | Stable | |
Rating Watch | - | - |
The management of Ghani Chemical Industries Limited has decided not to issue Islamic Commercial Paper ("ICP") of PKR 1,000mln. The Company is of the view that they are not in need of it now due to other sources of finances.
Consequently, Pakistan Credit Rating Agency Limited withdraws rating of Islamic Commercial Paper ("ICP") of PKR 1,000mln with immediate effect. Previously preliminary rating of 'A' was assigned to Islamic Commercial Paper ("ICP") of PKR 1,000mln on 24 June 2021.
About
the Entity
Ghani Chemical Industries Limited is an unlisted, public concern, incorporated as a private limited company in Nov-15 and subsequently converted to public status. In Jul-19, as part of the Scheme of Compromises, Arrangement, and Reconstruction was undertaken by the Ghani Global Group of Companies, the manufacturing undertaking of Ghani Global Holdings Limited (formerly “Ghani Gases Limited”), along with all assets and liabilities, was transferred to Ghani Chemicals Industries Limited. The Company is a subsidiary (~69.90%) of Ghani Global Holdings Limited which is owned majorly by the Ghani Family (~51.62%). The remaining shareholding lies in Ghani Products (Pvt.) Ltd. Ghani Chemicals is engaged in the manufacturing, sale, and trading of medical and industrial gases and chemicals. The Company's overall capacity stands at ~435 TPD while its product slate consists of Liquid Oxygen, Liquid Nitrogen, Liquid Argon, and Calcium Carbide. Members of sponsoring family majorly represent Ghani Chemicals’ four-member board. Mr. Masroor Ahmad Khan is the Chairman of the board while Mr. Hafiz Farooq Ahmad holds the office of CEO. They are assisted by a management team with extensive experience and a diversified skillset.