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

Sara Ahmed

VIS Entity Rating Criteria: Corporates (May 2023)
Rating the Issue (Nov 2021)
VIS Rating Scale

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