The Pakistan Credit Rating Agency Limited
28-Mar-25
Analyst
Muhammad Atif Chaudhry
Atif.Chaudhry@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-24
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-24
- Methodology | Corporate Rating | Jul-24
- Methodology | Debt Instrument Rating | Oct-24
Related Research
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PACRA Withdraws the Ratings of Ismail Industries Limited | PPSTS | PKR 5bln | Aug 24 | Redemption
| Issuer | Ismail Industries Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 5000 mln |
| Issuance Date | 20-Aug-24 |
| Tenor | 0.5 Years |
| Redemption Date | 20-Feb-25 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (28-Mar-25 ) |
Previous (17-Oct-24 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A+ |
| 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 5bln on Aug 20, 2024 to finance the working capital requirement of the Company. The tenor of the instrument was 6 months and carried a profit rate of 1MK+15bps. The instrument has been redeemed on Feb 20, 2025. 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Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of Ismail Industries Limited | PPSTS | PKR 5bln | Aug 24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.