The Pakistan Credit Rating Agency Limited
04-Oct-24
Analyst
Muhammad Atif Chaudhry
Atif.Chaudhry@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Debt Instrument Rating | Dec-23
- Methodology | Rating Modifiers | Apr-24
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-24
Related Research
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PACRA Withdraws the Rating of Ismail Industries Limited | PPSTS | PKR 4bln | Feb 24 | Redeemed
| Issuer | Ismail Industries Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 4000 mln |
| Issuance Date | 13-Feb-24 |
| Tenor | 0.5 Years |
| Redemption Date | 13-Aug-24 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (04-Oct-24 ) |
Previous (30-Apr-24 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Ismail Industries Limited issued a rated, unsecured Privately Placed Short Term Sukuk of PKR 4,000mln on 13-Feb-24 to finance the Company’s working capital requirements. The tenor of the instrument was 6 months and carried a profit rate of 6MK+50bps. The instrument has been redeemed on 13-Aug-24. The Company has paid in full, all markup and outstanding principal amount.
Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of Ismail Industries Limited | PPSTS | PKR 4bln | Feb 24.
About
the Entity
Ismail Industries Limited, incorporated in 1988, is a public listed Company. The Company’s major business lines are confectionery, snacks, biscuits, nutritional food and plastic films. Major shareholding of the Company lies with 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%). Mr. Muhammad Ismail is the Chairman of the Board. The overall control of the Company vests with seven Board members. The CEO, Mr. Munsarim Saifullah, is supported by an experienced management team.