Press Release

VIS Reaffirms Entity Ratings of Muller & Phipps Pakistan (Private) Limited

Karachi, November 13, 2026: VIS Credit Rating Company Limited (‘VIS’) has reaffirmed the entity ratings of Muller & Phipps Pakistan (Private) Limited at ‘A+/A1’ (Single A Plus/A One) with ‘Stable’ outlook. The medium to long-term rating of ‘A+’ signifies good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. The short-term rating of ‘A1’ denotes strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. The previous rating action was announced on October 24, 2025.

Muller & Phipps Pakistan (Private) Limited (‘M&P’ or ‘the Company’), a leading player in Pakistan’s distribution sector, benefits from an established market presence spanning over several years, an extensive nationwide distribution network and longstanding relationships with reputed principals. The ratings also draw support from its diversified operations across pharmaceutical, healthcare, consumer goods and telecommunications segments, alongside exposure to relatively resilient product categories, underpin its business risk profile. Revenue growth remained satisfactory, with net sales increasing by 12.2% during CY25, driven primarily by volume expansion across key divisions. Growth momentum continued during HY26, supported by sustained demand and portfolio diversification. The financial risk profile reflects higher working capital investment to support business growth, with borrowings and capitalization indicators rising accordingly. Debt servicing capacity has improved from CY23 to CY26. Going forward, the ratings remain sensitive to sustained revenue growth, preserved profitability, effective working capital management and disciplined leverage control.

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

Applicable Rating Criteria: 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 13, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.