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The Pakistan Credit Rating Agency Limited
Press Release

Date
24-Jul-18

Analyst
Faiqa Qamar
faiqa.qamar@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 Withdraws Entity Ratings of Tahir Omer Industries Limited

Rating Type Entity
Current
(24-Jul-18)
Previous
(29-Dec-17)
Action Withdraw Initial
Long Term - BBB
Short Term - A2
Outlook - Stable
Rating Watch - -

Subsequent to the decision of the management of Tahir Omer Industries Limited, PACRA withdraws the Entity Ratings with immediate effect.

About the Entity
Tahir Omer Industries Limited, Flagship Company of “KHALIS GROUP” incorporated in 1992 as a private limited company in Pakistan under the Companies Ordinance 1984. However, it was converted into a public company in 2012. The company is primarily engaged in manufacturing and sale of edible oil, ghee, meal and their by-products. Mr Rana Iqbal Hussain, the founder started his business in the name of his two sons. Majority of the shareholding of TOIL is owned by Mr. Rana Iqbal Hussain (~35%), followed by his two sons, Rana Tahir (~20%), Rana Omer (~20%) and M/s Khalis Welfare Foundation (~25%). The company under the brand of “Khalis”, flagship brand of Tahir Omer specializes in cooking oil (Canola & Sunflower) and Banaspati Ghee. With aggregate production capacity of 647,500 metric tons per annum, TOIL supplies edible and meal to large companies in bulk quantities.

TOIL’s board of directors, comprising three members including Chairman and Chief Executive Officer (CEO), comprised of the sponsoring family. The CEO, Mr. Rana Iqbal Hussain, also holds the office of the Chairman, since inception. Mr. Rana Iqbal Hussain (CEO & Chairman) - oversees daily operations. Mr. Iqbal is supported by an experienced management team.

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.