Analyst
Muhammad Atif Chaudhry
Atif.Chaudhry@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA withdraws the Rating of Loads Limited | ICP-1 | Dec-22 | Redeemed
Issuer | Loads Limited |
Instrument | ICP - 1 |
Amount | PKR 500 mln |
Issuance Date | 06-Dec-22 |
Tenor | 0.5 Years |
Redemption Date | 06-Jun-23 |
Outstanding Amount | - |
Rating Type | Debt Instrument | |
Current (21-Jul-23 ) |
Previous (27-Jan-23 ) |
|
Action | Redeem | Initial |
Long Term | - | A |
Short Term | - | A1 |
Outlook | Stable | |
Rating Watch | - | - |
Loads Limited has issued a privately placed, unsecured Islamic Commercial Paper (ICP) of PKR 500mln on 06-Dec-22 to finance the company’s working capital requirements. The tenor of the instrument was 6 months and carried a profit rate of 6MK+200bps. The instrument has been repaid, hence redeemed. The Company has paid in full, all markup and outstanding principal amount.
The Sukuk has been redeemed on 06-Jun-23. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Loads Limited | ICP-1 | Dec-22.
About
the Entity
Loads Limited was established in 1979 as a private limited company. The company was converted to a public unlisted company in 1993 and was listed on Pakistan Stock Exchange in 2016. The company has a seven-member board of directors. The board includes three Non-Executive Directors including the Chairman, Mr. Syed Shahid Ali. The CEO - Mr. Munir K. Bana, a Chartered Accountant, has been associated with the company for 26 years who is assisted by team of experienced professionals.