The Pakistan Credit Rating Agency Limited
02-Sep-26
Analyst
Ahsan Zahid
ahsan.zahid@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- 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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PACRA Redeems Ratings of Ismail Industries Limited - PPSTS-6 - PKR 8.0bln - Feb-26
| Issuer | Ismail Industries Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 8000 mln |
| Issuance Date | 06-Feb-26 |
| Tenor | 0.5 Years |
| Redemption Date | 06-Aug-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (02-Sep-26 ) |
Previous (15-May-26 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA- |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Ismail Industries Limited (‘IIL’ or ‘the Company’) had issued a rated, privately placed, unsecured short-term Sukuk (PPSTS-6) amounting to PKR 8.0 billion, including a PKR 3.0 billion green shoe option, in February 2026 to finance its working capital requirements. The Sukuk carried a six-month tenor and a profit rate of 3MK minus 15bps, with the benchmark rate resetting after three months. Both the principal and accrued profit were payable at maturity. The instrument was fully redeemed on August 6, 2026, with the Company settling the entire outstanding principal amount and accrued profit in full.
The successful redemption of the instrument has been verified through 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. Accordingly, following the complete repayment and settlement of the instrument, PACRA has redeemed the ratings, in accordance with its standard rating practice.
About
the Entity
Ismail Industries Limited (‘IIL’ or ‘the Company’), incorporated in 1988, is a publicly listed company engaged in the manufacturing and trading of sugar confectionery, biscuits, nutritional products, flour, and cast polypropylene films. The Company operates across these product segments under established brands, including ‘CandyLand’, ‘Bisconni’, ‘SnackCity’, ‘Ismail Nutrition’, ‘Ghiza’, ‘Super Cereal’, and ‘Astro Films’, respectively.