Press Release

VIS Reaffirms Entity Ratings of Kompass Pakistan (Pvt) Limited

Karachi, November 02, 2026: VIS Credit Rating Company Limited (VIS) reaffirms entity ratings of Kompass Pakistan (Pvt) Limited at ‘BBB+/A2’ (Triple B plus /A two). 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. Short term rating of 'A2' indicates Good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned rating is Stable. Previous rating action was announced on October 01, 2025.

Incorporated in 2007, Kompass Pakistan (Pvt) Limited (‘KPL’ or ‘the Company’) is a private limited company engaged in the manufacturing of flexible packaging materials including wrappers, bags, pouches and other laminated plastic packaging products which are utilized mainly by the Fast-Moving Consumer Goods (FMCG) industry. KPL operates a fully integrated packaging facility located at Port Qasim, Karachi. During FY26, the Company has also completed the acquisition of Merit Packaging Limited’s packaging division.

The assigned ratings reflect KPL’s established position in the flexible packaging segment, supported by long-standing relationships with leading FMCG players. Ratings also draw support from improved capacity utilization and profitability, alongside adequate liquidity and debt coverage. The acquisition of Merit Packaging Limited’s flexible packaging division has expanded the customer base, while planned investments in printing technology are expected to support future growth. However, modest net profitability, customer concentration and elevated leverage, coupled with further debt-funded capital expenditure, remain key constraints. Sustained margins, adequate debt coverage, and prudent capitalization will remain important for the ratings.

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











Applicable Rating Criteria:

Industrial Corporates
https://docs.vis.com.pk/Methodologies-2026/Corporate-Rating-2026.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 November 02, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.