VIS Credit Rating Company Limited www.vis.com.pk RATING REPORT ICI Pakistan Limited (ICI) REPORT DATE: April 09, 2021 Latest Rating Rating Category Long- Short- RATING ANALYST: term term Asfia Aziz Entity AA A-1+
[email protected] Rating Outlook Stable Rating Date April 09, 2021 Rating Action Initial COMPANY INFORMATION External auditors: EY Ford Rhodes Incorporated in 1952 Chartered Accountants Public Limited Company Chairman: Mr. Muhammad Sohail Tabba Key Shareholders (with stake 5% or more): CEO: Mr. Asif Jooma Lucky Cement Limited- 55% Yunus Textile Mills Limited- 11.95% Lucky Textile Mills Limited- 6.23% Gadoon Textile Mills Limited-7.21% APPLICABLE METHODOLOGY(IES) VIS Entity Rating Criteria (April 2019) https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/Corporate-Methodology-201904.pdf Page 1 of 11 VIS Credit Rating Company Limited www.vis.com.pk ICI Pakistan Limited OVERVIEW OF THE INSTITUTIO RATING RATIONALE N ICI Pakistan Strong and diversified sponsor group is a key rating driver Limited (ICI) was incorporated in ICI Pakistan Limited (ICI) is a part of the Yunus Brother Group (YBG) which is a leading conglomerate 1952 as a public with strong financial profile and diverse presence across multiple sectors including power generation, limited company. building materials, real estate, textile, chemicals, pharmaceuticals, food and automotive sectors. The ICI is listed on Pakistan Stock group has an annual turnover of nearly Rs. 221.9b and an asset base of Rs. 319.2b at end-2019. Since Exchange Limited, their acquisition of ICI in 2012, sponsors have continued to invest in the expansion of the businesses, with the head demonstrating their long term commitment to the company.