The Pakistan Credit Rating Agency Limited
Press Release


Ayesha Qasim

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PACRA assigns Entity Rating to Hassan Ali Rice Export Company

Rating Type Entity
(12-Jan-18 )
Action Initial
Long Term BBB
Short Term A2
Outlook Stable
Rating Watch -

The rating incorporates the strength of the sponsors of Hassan Ali Rice as reflected in the
business structure of the group (Hashwani Group of Companies) and overall growing principles of the business. Hassan Ali is a big player, primarily focused on export market, with customers expanding over multiple countries. HAREC doesn't have any long term debt. The Working Capital borrowing are aligned to business cycle, though timely repayment from the client is crucial to settle the obligations. HAREC is a sole proprietorship hence, the room for improvement in governance structure is significant.
The ratings are dependant upon the maintained business volume and Profitability. Adherence to sound financial discipline while strengthening debt servicing capacity (cash overages) is vital for the rating.

About the Entity
Hassan Ali Rice Expor t Company (HAREC) is a sole proprietorship established on June
15, 1994. The company is engaged in processing and trading business of rice. HAREC is one o f
the largest exporters of rice in the domestic landscape. HAREC is one of the founding
members of Rice Export Association (REAP). Mr. Abdullah Akbar Ali Hashwani spear heads the company’s operations along with his 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.