PACRA Maintains the Entity Ratings of Hoora Pharma (Pvt.) Limited

Hoora Pharma (Private) Limited, referred to as ("Hoora Pharma" or "The Company"), was incorporated in 2010 and is considered one of Pakistan's leading distributors of advanced diagnostic and medical equipment. The Company supplies, installs, and services laboratory diagnostic systems, surgical products, and digital imaging equipment, including X-rays, CT, and MRI. It operates under the diversified Hoora Group, which also includes Pinnacle Biotech (Private) Limited, a pharmaceutical manufacturer with a state-of-the-art production facility designed by internationally recognized FDA- and WHO-compliant consultants. Hoora Pharma maintains long-standing authorized distribution partnerships with globally recognized healthcare companies, including Siemens Healthineers, Johnson & Johnson (Ethicon), Shimadzu Corporation, Nipro Renal Care, and Terumo. These strategic alliances, many spanning decades, reinforce the Company's technical expertise, service capabilities, and reputation across Pakistan's healthcare sector. As per the Management’s estimates, Hoora Pharma ranks among the country's leading medical device distributors, with an estimated market share of ~20% in diagnostics, nearly 40% in X-rays, and around 50% in surgical wound closure products. The Company is also in advanced discussions to add further multinational principals, strengthening its portfolio and expanding its market presence. The Company has demonstrated exceptional growth over the past two financial years, with revenue increasing to ~PKR 7.2 billion in FY25 from PKR 3.9 billion in FY24, while maintaining strong momentum during the six months ended December 2025. Its diversified business model includes equipment sales, long-term rental arrangements, after-sales services, and specialized healthcare solutions. Each business line operates independently under experienced professional management with dedicated marketing and sales teams and separate profit-and-loss accountability. All business segments remain independently profitable, reflecting disciplined financial management and strong operational controls. Despite higher leverage undertaken to support business expansion, profitability has remained healthy. Borrowings have primarily financed working capital and growth initiatives rather than operating losses, while the Company's financial profile continues to benefit from adequate cash flow generation, comfortable debt service coverage, and sustained growth in shareholders' equity through retained earnings. The Board is composed of experienced individuals who provide strategic oversight and contribute to the formulation of the Company's long-term strategy. Their guidance facilitates informed decision making, prudent risk oversight, and alignment of business objectives with sustainable growth. The Company is managed by an experienced professional team with relevant industry expertise. During the review period, the organizational structure was strengthened through enhancements in key control and oversight functions, reinforcing the Company's governance framework, internal controls, and operational effectiveness.
The ratings are dependent upon the Company's ability to sustain revenue growth while improving operational efficiencies, translating into stronger profitability and cash flow generation. Adherence to the debt and profitability benchmarks envisaged in the financial projections remains imperative. Meanwhile, further strengthening of the governance framework, particularly through the engagement of SBP-approved external auditors and the formalization and enhancement of the internal audit function, will remain important for the assigned ratings.

About the Entity
Hoora Pharma (Private) Limited was incorporated in Pakistan in 2010 and traces its operating history back to 1985. The Company is one of Pakistan's leading medical device and diagnostic equipment distributors, representing globally recognized healthcare manufacturers through long-standing strategic partnerships. The Board comprises three members led by Chief Executive Officer Mr. Abdul Rasheed Chohan (55% ownership), supported by his sons Mr. Zulqarnain Rasheed Chohan as a director (45% ownership) and Mr. Saad Rasheed Chohan (Director Sales & Marketing), both of whom play active roles in driving the Company’s strategic and operational direction.