The Pakistan Credit Rating Agency Limited
31-Oct-25
Analyst
Ahsan Zahid
ahsan.zahid@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-25
- Methodology | Rating Modifiers | Apr-25
- Methodology | Corporate Rating | Jul-25
- Methodology | Debt Instrument Rating | Sep-25
Related Research
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PACRA Withdraws the Ratings of Ismail Industries Limited - PPSTS-4 - PKR 8bln - Feb-25
| Issuer | Ismail Industries Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 8000 mln |
| Issuance Date | 17-Feb-25 |
| Tenor | 0.5 Years |
| Redemption Date | 18-Aug-25 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (31-Oct-25 ) |
Previous (02-Jun-25 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA- |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Ismail industries Limited has issued a rated, a rated, privately placed, unsecured short-term Sukuk or Islamic commercial paper of PKR 8bln on Feb 17, 2025 to finance the working capital requirement of the Company. The tenor of the instrument was 6 months and carried a profit rate of 3MK+10bps. The instrument has been redeemed on Aug 18, 2025. The Company has paid in full, all markup and outstanding principal amount. The redemption process has been verified through an Auditor’s Certificate along with supporting bank statements, confirming that an aggregate amount equivalent to the full issue size, along with profit, was transferred to the designated account and subsequently paid to the investors.
In light of the successful redemption, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Ismail Industries Limited | PPSTS | PKR 8bln | Feb-24.
About
the Entity
Ismail Industries Limited, incorporated in 1988, is a public listed Company. IIL’s major business lines are confectionery, snacks, biscuits, nutritional food, and plastic films. Major shareholding of the Company lies with the Ismail Family (~99%), through Mr. Muhammad Ismail (~16%), Ms. Almas Maqsood, wife of Mr. Maqsood Ismail, (~30%), Mr. Miftah Ismail (~31%), Mr. Ahmed Muhammad (~15%) and associates (~0.7%). The CEO, Mr. Munsarim Saifullah, is supported by an experienced management team.
About
the Instrument
The Company has issued a rated, privately placed, unsecured short-term Sukuk or Islamic commercial paper Ismail Industries Limited | PPSTS | PKR 8bln | Feb 25 of PKR 8bln (inclusive of Rs 3bln green shoe option) in Feb, 2025, to finance the working capital requirement of the Company. The tenor of the instrument will be 6 months. PPSTS-4 will carry a profit rate of 3MK+10bps. Profit and principal will be realized at the time of maturity.