Press Release
VIS Reaffirms Entity Ratings of Aspin Pharma (Private) Limited
Karachi, November 10, 2026: 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 05, 2025.
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 manufacturing, import, marketing, export, and distribution of a wide range of pharmaceutical products. The Company operates across diverse therapeutic areas, including Gastroenterology, Antifungals, Hormones, and Neurology. Its key revenue-generating products include Motilium, Vermox, Daktarin, Imodium, and Stugeron, among others.
APL’s ratings reflect its market presence, supported by a diversified therapeutic portfolio of established pharmaceutical brands and association with the OBS Group, which provides strategic oversight and shared support functions. The Company benefits from the Group’s established presence in the pharmaceutical sector and distribution network.
The business risk profile is supported by the relatively stable demand dynamics of the pharmaceutical sector, although exposure to imported raw materials, regulatory pricing constraints and competitive pressures remains. Profitability was lower during the period under review, primarily due to lower sales and higher finance costs. While the Company maintains a relatively conservative capital structure, debt coverage indicators reflect fresh borrowings. Liquidity indicators have improved, supported by subsequent reduction in short-term borrowings and an adequate current ratio. The recently completed hormonal manufacturing facility is expected to support in-house manufacturing and subsequently, product diversification, while planned investments in solar power and energy-efficient machinery may improve operating efficiency and margins over the medium term.
The ratings will remain sensitive to the Company’s ability to sustain its market position, improve profitability and strengthen debt-servicing capacity. Successful commercialization of the hormonal manufacturing facility, coupled with operational efficiency initiatives and product portfolio diversification, will remain key areas of focus. Maintaining adequate liquidity and a prudent financial risk profile will also be important.
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/Methodologies-2026/Corporate-Rating-2026.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf