Press Release
VIS assigns Preliminary Rating to Short Term Sukuk of Saakh Pharma Limited
Karachi, November 12, 2026: VIS Credit Rating Company Limited (VIS) has assigned a preliminary rating of ‘A1(plim) to the Short Term Sukuk (STS) Issue of PKR 1 billion of Saakh Pharma Limited (‘SPL’ or the ‘Company’). The short-term rating of ‘A1(plim)’ indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. The entity rating of SPL is ‘A-/A2’ (‘A Minus/A Two’) with a ‘Stable’ outlook. Rating to be finalized on review of executed documents.
Saakh Pharma Limited (‘SPL’ or the ‘Company’) was incorporated on June 9, 2014, in Pakistan under the Companies Ordinance 1984 (repealed by Companies Act, 2017). The Company’s registered office is situated in Karachi, and the manufacturing facility of the Company is in North West Industrial Zone, Port Qasim, Karachi. The Company is engaged in manufacturing and sale of Active Pharmaceutical Ingredients (APIs). The Company operates across three segments: Antibiotics APIs, General APIs, and Pelletization & Taste Masking. The Antibiotics segment comprises two subclasses — Penicillin and Cephalosporins.
The assigned rating of Saakh Pharma (Pvt.) Limited’s proposed Short-Term Sukuk reflects the strong sponsor commitment, and improving financial profile. The Company has demonstrated improved profitability through enhanced production efficiencies, higher capacity utilization, and increased volumes, while increase in equity strengthened capitalization structure, supporting working capital requirements in a volume-driven industry characterized by significant raw material price volatility and import dependence.
The rating also incorporates the proposed security structure, including a ranking charge over stocks and receivables, and a dedicated Sukuk Payment Account (SPA) to be funded through predefined installments, reaching PKR 500mn 30 days ahead of maturity. Additional repayment support is provided through an undrawn bank line of PKR 500mn (PKR 750mn inclusive of the green shoe option), to be arranged 30 days prior to maturity, alongside undertakings from two directors to meet any repayment shortfall. The timely buildup of the SPA, availability of the committed bank line, and continued sponsor support will remain key rating considerations.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
VIS Entity Rating Criteria Methodology – Corporates Ratings
https://docs.vis.com.pk/docs/ Corporate-Rating-2026.pdf
Instrument Ratings
https://docs.vis.com.pk/Methodologies-2026/IRM-2026.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf