The Pakistan Credit Rating Agency Limited
24-Nov-23
Analyst
Muhammad Atif Chaudhry
Atif.Chaudhry@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-23
- Methodology | Non-Banking Finance Companies Rating | Jun-23
- Methodology | Rating Modifiers | Apr-23
- Methodology | Debt Instrument Rating | Aug-23
Related Research
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PACRA withdraws the Rating of Abhi (Pvt.) Limited | PPSTS | PKR 2bln | Redeem
| Issuer | Abhi (Pvt.) Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 2000 mln |
| Issuance Date | 10-May-23 |
| Tenor | 0.5 Years |
| Redemption Date | 10-Nov-23 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (24-Nov-23 ) |
Previous (09-May-23 ) |
|
| Action | Redeem | Preliminary |
| Long Term | - | AA |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
Abhi (Pvt.) Limited issued a rated, secured, privately placed, short-term Sukuk (“Sukuk”) of PKR 2bln on 10th May 2023 to finance the Company’s working capital requirements. The tenor of the instrument was 6 months and carried a profit rate of 6MK+260bps. 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 10th Nov 2023. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Abhi (Pvt.) Limited | PPSTS | PKR 2bln | Redeem.
About
the Entity
Abhi (Pvt.) Limited is a fintech startup with an NBFC license incorporated under the Companies Act, 2017 on April 20, 2021.The Company is 99.99% owned by Abhi Fintech Limited, which in turn is 100% owned by Abhi Limited. Abhi Limited is primarily owned by the co-founders - Mr. Omair Ansari (20.21%) and Mr. Ali Ladhubhai (19.33%) while the remaining shares are owned by renowned VCs.