The Pakistan Credit Rating Agency Limited
30-Jun-22
Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Debt Instrument Rating | Jun-21
- Methodology | Broker Entity Rating | Jun-21
- Criteria | Rating Modifiers | Jun-21
Related Research
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA
PACRA withdraws the Rating of JS Global Capital Limited| CP| Nov-21
| Issuer | JS Global Capital Limited |
| Instrument | CP |
| Amount | PKR 1000 mln |
| Issuance Date | 29-Nov-21 |
| Tenor | 0.6 Years |
| Redemption Date | 30-May-22 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (30-Jun-22 ) |
Previous (04-Jan-22 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
JS Global Limited has issued Unsecured, Privately Placed Commercial Paper (CP-Nov’21) of PKR 1,000mln to fund the ongoing RBFS (Ready Buy Future Sell). The tenor of CP-Nov’21 was up to 6 months or 182 days and carried a profit rate of 6 months KIBOR+175bps. The instrument has been paid in full (Profit + Principal) on 30th May 2022, hence redeemed.
Subsequent to the redemption of the CP-Nov'21, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of JS Global Capital |CP-Nov'21.
About
the Entity
JS Global, with commercial operations starting in May 2003, carries the legacy of stock brokerage business initiated in the early seventies by Mr. Jahangir Siddiqui. With its head office based in Karachi, the company operates with eight branches across the country. Its main activities include brokerage, corporate finance, financial advisory, forex, and money market activities. The company is listed on the Pakistan Stock Exchange (PSX). JS Bank Limited (JSBL) is the major shareholder of the company holding ~93% stake in JS Global Capital Limited. Along with brokerage services, JS Global provides financial advisory services as well. The board of directors (BoD) of JS Global comprises eight experienced professionals, including the CEO.