The Pakistan Credit Rating Agency Limited
29-Jul-26
Analyst
Sohail Ahmed Qureshi
sohail.ahmed@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-25
- Methodology | Debt Instrument Rating | Sep-25
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
Related Research
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Panther Tyres Limited - PPSTS - PKR 2.0bln | Jan-26
| Issuer | Panther Tyres Limited |
| Instrument | PPSTS-1 |
| Amount | PKR 2000 mln |
| Issuance Date | 02-Jan-26 |
| Tenor | 0.5 Years |
| Redemption Date | 30-Jun-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (29-Jul-26 ) |
Previous (12-Feb-26 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Panther Tyres Limited (“PTL” or the “Company”) had issued its first Privately Placed Short-Term Sukuk (PPSTS) amounting to PKR 2.0bln on 2nd January, 2026, which was secured through a ranking charge over the Company’s current assets. A Debt Payment Account (DPA) was maintained under the lien of the Investment Agent, wherein an amount equivalent to PKR 500 million was to be deposited 21 days before maturity, followed by subsequent deposits 15 days, 7 days, and 1 day prior to maturity, such that an amount equivalent to the full issue size remains available in the DPA at least two days before the maturity date. The PPSTS carried a profit rate of 6MK+0.50% and had tenor of six (6) months, and redeemed in bullet at the expiry of Tenor. The profit was paid at maturity. The redemption process has been verified through the notice of revocation of CDC 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In light of the successful redemption, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Panther Tyres Limited - PPSTS -PKR 2.0bln | Jan-26, which was redeemed on June 30, 2026.
About
the Entity
Panther Tyres Limited is a public listed company primarily engaged in the production of tyres and tubes for vehicles and the trading of lubricants and spare parts. The Company is majority owned by Mian Iftikhar Ahmed (Chairman) and his family. Mr. Mian Faisal Iftikhar serves as Chief Executive Officer and is supported by an experienced management team.