Press Release

VIS Finalizes Rating of Short Term Sukuk 2 (STS-2) of Aspin Pharma Private Limited

Karachi, August 06, 2025: VIS Credit Rating Company Limited (VIS) has finalized short term rating of ‘A1’ (A one) to the Short Term Sukuk 2 (STS-2) issue of Aspin Pharma Private Limited (‘APPL’ or the ‘Company’). The short-term rating of ‘A1’ indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. The entity rating of APPL stands at ‘A/A1’ (‘Single A/A One’) with a ‘Stable’ outlook. Previous rating action was announced on June 23, 2025.

The instrument is a privately placed, unlisted, and unsecured Short-Term Sukuk (STS) based on Musharakah (Shirkat-ul-Aqd), with a total issue size of PKR 2,250 million. The purpose of the Sukuk is to support the working capital needs of the Company. The instrument has a tenor of six (06) months, starting from the disbursement. Profit rate on the instrument is Six Month KIBOR+1.00%. Profit will be payable at the time of the maturity of the Sukuk along with the principal payment. The Issue Agent for this issue is The Bank of Punjab (‘BOP’).

The rating incorporates the Company’s exposure to the pharmaceutical sector, which carries a business risk profile categorized as Low to Medium, supported by stable demand fundamentals and tempered by regulatory and input cost pressures. The Company's financial profile is characterized by relatively stable profitability, supported by demand inelasticity and product pricing dynamics. Although recent liquidity pressures have emerged due to internally financed capital expenditure, management’s plan to secure long-term funding is expected to address the current asset-liability mismatch. Debt coverage metrics remain adequate, underpinning the assigned instrument rating. The Company may rollover/refinance STS-2 by way of new issue earlier than the maturity of STS-2, if needed.

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
Applicable Rating Criteria: Rating the Issue
https://docs.vis.com.pk/Methodologies-2025/IRM-Apr-25.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright August 06, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.