Press Release

VIS Upgrades Entity Ratings of Tariq Corporation Limited

Karachi, April 20, 2026: VIS Credit Rating Company Limited (VIS) has upgraded entity ratings of Tariq Corporation Limited (‘TCORP’ or ‘the Company’) from ‘BBB/A3’ (Triple BBB/A Three) to ‘BBB+/A2’ (Triple B Plus/A Two). The medium to long-term rating of ‘BBB+’ indicates adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy. The short-term rating of ‘A2’ indicates good likelihood of timely repayment of short-term debt obligations with sound short-term liquidity factors. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on April 23, 2025.

TCORP is a public listed company, primarily involved in the business of manufacturing and sale of sugar and its by-products. Its registered office is in Lahore, whereas the plant is located in Jaranwala. Daily crushing capacity stands at 8,000 metric ton (MT). The Company is led by an experienced management team and maintains a sound governance framework. Ratings take into account inherent business risk of Pakistan’s sugar sector, characterized by regulatory price interventions and seasonal cyclicality.

The upgrade in ratings underscores management’s efforts to improve margins and debt coverage while maintaining low gearing, and achieving working capital optimization. Revenue growth remained resilient through domestic demand combined with higher exports. A rebound in sucrose recovery for MY26, is expected to uplift gross margins, given product price remains stable. Ratings remain sensitive to expected improvements in profitability, cash flow coverage and liquidity profile.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk

Applicable Rating Criteria:

Industrial Corporates
https://docs.vis.com.pk/docs/CorporateMethodology.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 April 20, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.