Press Release
VIS Reaffirms Long Term Instrument Rating of Ghani Chemworld Limited Sukuk
Karachi, November 13, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the long-term instrument rating of ‘A’ (Single A) assigned to the Sukuk issued by Ghani Chemworld Limited (‘GCWL’ or ‘the Company’). The medium-to-long-term rating of ‘A’ denotes good credit quality, Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy. The outlook on the assigned rating is ‘Stable’. Separately, the entity ratings of Ghani Chemical Industries Limited (GCIL) have been maintained at ‘A-/A2’ with a ‘Negative’ outlook. The previous rating action was announced on January 19, 2026.
Incorporated on July 31, 2024, Ghani Chemworld Limited is a subsidiary of Ghani Global Holdings Limited and is engaged in the manufacturing of industrial chemicals, primarily calcium carbide and precipitated calcium carbonate (PCC). Having recently transitioned from the project development phase to commercial operations, the Company temporarily suspended manufacturing activities in October 2026 amid heightened geopolitical tensions arising from the US-Iran conflict. Disruptions to regional maritime routes and constrained access to Middle Eastern markets, a key export destination, adversely affected its export-oriented operations. Consequently, the Company shifted its focus towards liquidating existing inventory in the domestic market.
Despite the weakening of the Company's business risk profile, the Sukuk rating has been reaffirmed, primarily supported by committed sponsor support for timely debt servicing. The disposal of related-party shares held for sale during 1QFY27 has generated liquidity, while further expected realizations are likely to provide additional cash flows for meeting debt obligations. Moreover, committed and approved advances of up to PKR 2.0 billion from Ghani Chemical Industries Limited (GCIL) provide an additional source of financial support, underpinning the assigned rating.
The Company has an outstanding privately placed, secured, six-year Sukuk, transferred from GCIL pursuant to a court-approved Scheme of Compromise, Arrangement and Reconstruction as part of the Group's restructuring. Executed on December 13, 2022, the facility was initially utilized to finance capital expenditure for the Hattar Industrial Estate project, including plant, machinery and associated equipment. The instrument is secured through a first pari passu charge over the Company's present and future fixed assets, inclusive of a 25% margin. Additionally, a Debt Payment Account (DPA) is maintained to facilitate the accumulation of funds towards upcoming quarterly repayments, with one-third of each instalment deposited monthly at least 30 days prior to its due date.
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/Methodologies-2026/Corporate-Rating-2026.pdf
Instrument Rating
https://docs.vis.com.pk/Methodologies-2026/IRM-2026.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf