Press Release
VIS Reaffirms Entity Ratings of Asian Food Industries Limited
Karachi, June 09, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Asian Food Industries Limited (‘AFI’ or the ‘Company’) at ‘A-/A2’ (Single A minus/ A two). Medium to long term rating of 'A-' indicates Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes 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 assigned ratings remains ‘Stable’. Previous Rating action was announced on April 07, 2025.
Asian Food Industries Limited operates under the brand name ‘Mayfair’ and specializes in production of confectionery, biscuits and allied products, maintaining a strong presence in Pakistan’s food manufacturing industry for several decades. The assigned ratings reflect AFI’s established market presence, supported by an extensive distribution network and a diversified product portfolio.
The financial risk profile is characterized by strong revenue growth over the years; however, recent growth in topline has moderated due to softness in export sales and subdued domestic demand amid weakening discretionary consumer spending. Nevertheless, overall profitability has remained broadly stable.
The Company benefits from an efficient working capital cycle, adequate liquidity profile along with satisfactory coverage metrics. The capitalization indicators remained elevated given fresh debt mobilization on balance sheet amid ongoing capex. Going forward, improvement in the same will remain important from ratings perspective.
For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
VIS 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