PACRA Maintains Entity Ratings of Jasons Commodities

The ratings of Jasons Commodities (“the Business”) reflects its growing presence as a prominent rice exporter. Founded as a sole proprietorship, the Business specializes in the processing of semi-processed non-basmati rice. The Business has marked its presence in China and African regions through strategic relationships and is committed to increasing its foreign footing. Under the astute leadership of Mr. Danish Jessani, the sole proprietor, Jasons Commodities leverages a well-equipped operational infrastructure to navigate the global rice export market successfully. Rice is a strategically significant crop within Pakistan’s agricultural economy, serving as both a staple food and a major source of export earnings. In FY25, the agriculture sector accounted for approximately ~23.5% of national GDP, with crops contributing ~32.8% to agricultural value addition. Within this, rice represented around ~11.7% of important crops and contributed an estimated ~0.6% to overall GDP, underscoring its macroeconomic relevance despite being a single-crop segment. Rice exports totaled ~5.8 million MT in FY25, generating export revenues of approximately USD 3.35 billion. Although export value declined 14.7% YoY, rice still contributed ~10.5% of Pakistan’s total export proceeds, ranking among the top three exportable commodities. During FY25, the business reported a topline of PKR 20,841mln (FY24: PKR 18,166mln), reflecting a growth of ~14.7% on YoY basis. Despite the sales incline, the business witnessed a dip in gross margins, owing to the incline in the forwarding costs. Consequently, the operating margins remained aligned with prevailing inflationary pressures during the period. The business’s net income clocked at PKR 306mln (FY24: PKR 766mln), reflecting a moderation in profitability compared to the prior year. During the period, the business undertook capital expenditure to support its operational needs and future growth. The Company’s financial risk profile remains moderate, supported by the business’s highly leveraged capital structure with the working capital primarily financed through a combination of internally generated cashflows and short-term borrowings.
The ratings are dependent on the management's ability to maintain the envisioned strategies keeping costs in control and improving business margins. The management has undertaken to improve audit quality and financial transparency in the coming period is also an important factor for the rating. Any significant and/or prolonged deterioration in revenues and/or coverages will adversely impact the ratings.

About the Entity
Jasons Commodities (‘the Business’) was incorporated in Dec-2012 as a Sole Proprietorship. The Business has witnessed exponential growth since inception owing to the streamlined vison of the management. The production facility of the Business includes a rice mill with a capacity of processing 20MT of rice per hour. The Business’s ownership resides with the CEO, Mr. Danish Jessani.