The Pakistan Credit Rating Agency Limited
20-Jan-26
Analyst
Tasveeb Idrees
Tasveeb.Idrees@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 Masood Spinning Mills Limited | PPSTS | PKR 2.0bln | May-25
| Issuer | Masood Spinning Mills Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 2000 mln |
| Issuance Date | 22-May-25 |
| Tenor | 0.5 Years |
| Redemption Date | 24-Nov-25 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (20-Jan-26 ) |
Previous (24-Jul-25 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A- |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Masood Spinning Mills Limited (“MSML” or “the Company”) issued a Rated, Secured, Privately Placed, Short-Term Sukuk amounting to PKR 2,000mln in May 2025. The tenor of the instrument was 6 months and carried a profit rate of 6MK+0.95%. The instrument has been repaid and hence redeemed in November 2025. The Company has paid in full all markup profits along with the outstanding principal amount.
Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of Masood Spinning Mills Limited | PPSTS | PKR 2.0bln | May-25.
About
the Entity
MSML is a public limited Company. The Group sponsors cumulatively own 100% shareholding directly and through associated companies. Overall control of the board is vested with six BODs.
About
the Instrument
MSML issued a Rated, Secured, Privately Placed, Short-Term Sukuk on May 22, 2025, carrying a markup rate of 6MK+0.95% with a tenor of 06 months. The Sukuk includes a call option feature, allowing the issuer to partially or fully redeem it with a five-day prior notice. This call option may only be exercised by the Issuer after 3 months from the issuance date and once issued, the call option will be irrevocable. The purpose of the instrument is to finance the working capital requirements of the Company.