Press Release

Ratings of Shakarganj Food Products Limited

Karachi, August 18, 2023: VIS Credit Rating Company Limited (VIS) has been informed that Shakarganj Food Products Limited, is in the process of restructuring /re-profiling the outstanding Sukuk. Since VIS does not have complete information on the new terms and conditions, the subject instrument rating has been suspended, with immediate effect. VIS will review the rating on receipt of complete information, which is expected by end of September 2023.
Given weakening in financial profile of the Company, entity ratings have been downgraded from BBB+/A-2 to BBB-/A-3 with Negative Outlook. Previous rating action was announced on March 02, 2023.
For further information on this rating announcement, please contact the undersigned at 021-35311861-66 (Ext. 207) or email at info@vis.com.pk



Sara Ahmed
Director

VIS Entity Rating Criteria: Corporates (May 2023)
https://docs.vis.com.pk/docs/CorporateMethodology.pdf
Rating the Issue (Nov 2021)
https://docs.vis.com.pk/docs/Notchingtheissue202007nov.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/ratingscale.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 18, 2023 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.