Press Release
VIS Reaffirms Entity Ratings of Aspin Pharma (Private) Limited
Karachi, November 05, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Aspin Pharma (Private) Limited (‘APL’ or the ‘Company’) at ‘A/A1’ (Single A/A One). Medium to long term rating of ‘A’ indicates good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy. Short term rating of ‘A1’ indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Outlook on the assigned ratings is ‘Stable.’ Previous rating action was announced on November 04, 2024.
APL was incorporated in 2013 as a private limited company. Its registered office is located in the Korangi Industrial Area, Karachi. The Company is a wholly owned subsidiary of Aitkenstuart Pakistan (Private) Limited (‘Aitkenstuart’), with West End 16 Pte Limited, Singapore as the ultimate holding company. APL’s principal activities include the import, marketing, export, distribution, wholesale, and manufacturing of a wide range of pharmaceutical products. The Company operates across diverse therapeutic areas, including Gastroenterology, Antifungals, Paediatrics, Gynecology, and Neurology. Its key revenue-generating products include Motilium, Vermox, and Daktarin, among others.
The ratings reflect APL’s established position in Pakistan’s pharmaceutical sector and its association with the OBS Group—one of the country’s leading healthcare conglomerates with a strong local and regional presence. The pharmaceutical sector’s business risk profile is assessed as Medium to Low, supported by stable demand fundamentals and low cyclicality, though regulatory unpredictability and input cost volatility remain key challenges. APL’s product portfolio remains moderately concentrated, with its top five brands contributing over 80% of revenues; however, this risk is mitigated by their entrenched market positions. The Company’s profitability improved during CY24 on the back of higher unit prices, disciplined cost management, and lower finance charges, while gross margins rebounded in 1HCY25 amid easing input costs. The investment in a new hormonal plant is expected to enhance cost efficiencies and create export potential over the medium term.
Capitalization remains sound, supported by steady earnings and a growing equity base. While gearing temporarily increased in Jun’25 following the issuance of a PKR 2.25 bn short-term sukuk, management’s planned refinancing through a long-term facility is expected to strengthen the debt maturity profile. Liquidity remains adequate, with improved working capital efficiency, strong operating cash flow generation, and comfortable coverage indicators. Ratings remain underpinned to sustained profitability, manageable leverage, and maintenance of sound liquidity and coverage metrics post-reprofiling.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Corporates
https://docs.vis.com.pk/docs/CorporateMethodology.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf