The Pakistan Credit Rating Agency Limited
07-Feb-24
Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-23
- Methodology | Microfinance Institution Rating | Oct-23
- Methodology | Debt Instrument Rating | Dec-23
Related Research
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PACRA Withdraws Rating of Kashf Foundation | PPTFC | Redeemed
| Issuer | Kashf Foundation |
| Instrument | PPTFC |
| Amount | PKR 2000 mln |
| Issuance Date | 30-Sep-19 |
| Tenor | 4 Years |
| Redemption Date | 30-Sep-23 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (07-Feb-24 ) |
Previous (23-Sep-23 ) |
|
| Action | Redeem | Maintain |
| Long Term | - | A |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
Kashf Foundation has issued a secured, privately placed, Term Finance Certificate (TFC) of PKR 2bln to mobilize funds for micro-funding. The instrument was secured by the way of Pari Passu charge on current assets excluding the investment Portfolio. The instrument has a tenor of 4 years from the date of issue. The quarterly profit payments are made in arrears at a rate of 3MK + 225bps p.a. The principal repayment commenced in Dec 2020. The Company has so far repaid the entire principal and interest amount due thereon.
Subsequent to the redemption of the Term Finance Certificate, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Kashf Foundation | PPTFC
About
the Entity
Kashf Foundation ("Kashf") was incorporated with the Securities and Exchange Commission of Pakistan (SECP) in 2007 as a Public Company Limited by Guarantee under Section 42 of the Companies Ordinance, 1984 (now Companies Act, 2017). It is also licensed by the SECP under Non-Banking Finance Companies Rules, 2003. The overall control of the foundation vests in ten members Board of Directors. Dr. Hafiz Ahmed Pasha is the Chairman of the board. Ms. Roshaneh Zafar is the founder and CEO of the foundation.