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The Pakistan Credit Rating Agency Limited
Press Release

Date
24-Dec-21

Analyst
Uswa Sikandar
uswa.sikandar@pacra.com
+92-42-35869504
www.pacra.com

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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 Suspends Entity Ratings of Usmani International Associates (Pvt.) Limited

Rating Type Entity
Current
(24-Dec-21 )
Previous
(24-Dec-20 )
Action Suspended Maintain
Long Term - BB+
Short Term - A3
Outlook Stable
Rating Watch - -

Subsequent to the management's decision to suspend the entity ratings of Usmani International Associates (Pvt.) Limited, PACRA suspends its entity ratings with immediate effect.
As the management decides to reinitiate the ratings, PACRA would update the ratings, after following the due process.

About the Entity
Usmani International Associates was established in 1988 by Engr. Ahmed Ghazal Usmani with an ambitious plan after having worked in his family’s construction business, INDUS ENGINEERS, which was established in the 1960s. Significant projects to its credit are the Green Line BRTS from KESC Power House Chowrangi, Surjani to Municipal Park, Saddar Karachi, Construction of North Access Road (Package-II) from Baradam to Ashriat – 7.330 Km of Lowari Tunnel Project, Construction of G+14 Central Park Apartments at Bahria Town, Construction of BRTS Green Line, BRT Common Corridor, an Underground facility at M.A. Jinnah Road, Karachi, to name a few. The company has a two-member board. The management control is held by the MD/ Chief Executive, Ms. Amna Usmani, after the demise of her father Mr. Ahmed Ghazal Usmani. The family governs the company on the basis of their rich experience in the construction industry.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.