Press Release
VIS Assigns Initial Rating to the Long Term Sukuk of Ghani Chemworld Limited
Karachi, January 19, 2026: VIS Credit Rating Company Limited (VIS) has assigned an initial long-term instrument rating of ‘A’ (Single A) to the Sukuk issued by Ghani Chemworld Limited (‘GCWL’ or ‘the Company’). Medium to long term rating of 'A' indicates good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. The outlook on the assigned ratings is “Stable”. The outstanding entity ratings of GCIL are ‘A-/A2’ with a ‘Stable’ outlook.
Ghani ChemWorld Limited (GCWL), incorporated in July 2024 as a wholly owned subsidiary of Ghani Chemical Industries Limited (GCIL), was created to house the Calcium Carbide Project transferred from GCIL under a Demerger/Merger Scheme sanctioned by the Honourable Lahore High Court on February 20, 2025. Through this arrangement, all assets, liabilities, concessions, licenses, incentives, and tax holidays associated with the project, including the subject Sukuk of Rs 800M, were vested in GCWL. Issued on December 13, 2022, the six-year facility was raised to fund capital expenditure for the Hattar Industrial Estate project, covering plant and machinery, spares, and auxiliary equipment. Principal repayments start 24 months after the final disbursement (January 16, 2024) and are structured into 16 consecutive quarterly instalments. The profit rate is floating at 3-month KIBOR plus 1.25%, with no floor or cap.
Security is provided through a first pari passu charge on present and future fixed assets with a 25% margin, supported by a Debt Payment Account (DPA) mechanism whereby one-third of each upcoming instalment is accumulated monthly, ensuring full funding 30 days before the due date. Assigned rating reflects Sukuk’s security structure and GCIL’s commitment to continue providing support, through related party advances, to ensure operational and financial stability during the initial phase.
For further information on this rating announcement, please contact at 021-35311861-64 or email at info@vis.com.pk
Applicable Rating Criteria:
Corporate Rating
https://docs.vis.com.pk/docs/CorporateMethodology.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf
Instrument Rating
https://docs.vis.com.pk/Methodologies-2025/IRM-Apr-25.pdf