PACRA maintains Entity Ratings of GH2 Industries (Pvt.) Limited

GH2 Industries (Pvt.) Limited (“GH2” or “the Company”) is a developing venture backed by a consortium of experienced sponsors, led by Mr. Rana Nasim Ahmed, along with Descon Holdings (Pvt.) Ltd. and Aurelius (Pvt.). The Company continues to advance steadily toward its Commercial Operations Date (CoD), with overall project completion reaching approximately 86.9% as of December 2025, compared to the planned progress of 90%. The Company is establishing an agri-based manufacturing facility near Gharo, District Thatta, Sindh, focused on producing value-added broken rice derivatives such as Sorbitol, Dextrose, and Rice Protein, which are key inputs for the food and pharmaceutical industries. The ratings reflect a supportive operating environment driven by the ample availability of non-basmati rice, the Company’s key feedstock, along with its ability to leverage a first-mover advantage in value-added products such as Dextrose Anhydrous, where local supply is limited, while maintaining an adequate governance framework. The project integrates a 360 MT/day rice milling unit and a 3.3 MW biomass-based captive cogeneration plant to ensure cost-efficient power and steam supply. As of December 2025, major components, including the rice mill (operational with punch list finalization underway), grain silos and weigh bridge (fully operational), and dryer (fully operational) have been completed, while the co-generation plant is also working as of March 10, 2026. Upcoming milestones include the commissioning of the glucose plant and the installation of sorbitol and dextrose units. Management remains confident that the targeted CoD of June 2026 is achievable, supported by a regulatory deadline of June 2027. The project benefits from a strategic location with proximity to paddy-producing regions in Sindh, access to the Karachi demand center, and connectivity to Port Qasim for export purposes. As of FY25, equity injection stands at PKR 3.5 billion (as advance against issuance of shares), broadly in line with the planned ~40% equity contribution under a total CAPEX of approximately USD 55 million, with the remaining financed through a mix of foreign currency funding from FMO and local currency facilities from The Bank of Punjab and a consortium including Bank Alfalah, Askari Bank, and Saudi Pak Investment Company. As of February 2026, PKR 5.23bln of the local facility and USD 5.1mln of the foreign facility have been utilized. Additionally, short-term facilities of PKR 2.82bln have been arranged to support initial working capital requirements.
Going forward, the ratings are dependent on the Company’s ability to achieve timely completion of the project and commence operations as planned, while maintaining a stable financial risk profile. Sustained sponsor support, effective working capital management, and the establishment of a consistent revenue stream will be critical in preserving the assigned ratings. Conversely, any material deviation from planned timelines, cost escalations, or weakening liquidity indicators may negatively impact the ratings trajectory.

About the Entity
GH2 Industries (Pvt.) Limited ('GH2' or 'the Company') was incorporated as a private limited company on 28-Sep-20, under the Companies Act, 2017. GH2 is primarily owned by Mr. Rana Nasim Ahmed (~50%), with the remaining ownership split equally between Descon Holdings (Pvt.) Ltd. and Aurelius (Pvt.) Ltd. (~25% each). The Company’s Board comprises four members, including Mr. Rana Nasim Ahmed, Mr. Rana Uzair Nasim, Mr. Faisal Dawood (appointed by M/s Descon Holdings (Pvt.) Ltd.), and Mrs. Riffat Zamani (appointed by Aurelius (Pvt.) Ltd.). Mr. Rana Uzair Nasim serves as the CEO of the Company, appointed by Mr. Rana Nasim as per the Shareholding Agreement.