Press Release
VIS Reaffirms Entity Ratings of Agriauto Stamping Company (Pvt) Limited
Karachi, August 31, 2026: VIS Credit Rating Company Limited (VIS) reaffirms entity ratings of Agriauto Stamping Company (Pvt) Limited 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 the assigned ratings remain ‘Stable’. Previous rating action was announced on June 23, 2025.
Incorporated in 2012, Agriauto Stamping Company (Pvt) Limited (‘ASC’ or ‘the Company’) is a wholly owned subsidiary of Agriauto Industries Limited (AGIL) and is engaged in the manufacture and sale of automotive sheet metal and stamping parts, sub-assembly operations, dies/ checking fixtures/ jigs and catalytic converters used by automobile assemblers in Pakistan. The Company’s manufacturing facility is situated at Port Qasim, Karachi, while registered office is located at Shahrah-e-Faisal, Karachi.
The reaffirmation of ratings reflects ASC's strong sponsor profile, being a subsidiary of Agriauto Industries Limited (AGIL), part of the House of Habib (HoH) Group, which has an established presence in Pakistan's automotive industry. Ratings also benefit from the Company’s long-standing technical partnership with M/s. Ogihara (Thailand) Company Limited (OTC) for technical support in high-quality automotive sheet metal and die manufacturing.
The business risk profile is considered medium to high, reflecting sector’s cyclical nature, volatile consumer demand, auto financing availability, exchange rate movements, and regulatory developments. While the sector has witnessed a notable recovery since FY25, production volumes remain below historical peak levels. In line with the sector's recovery, the Company has reported significant improvement in revenue and profitability during the period under review.
The ratings are further supported by ASC's conservative capital structure, healthy liquidity profile, and comfortable debt servicing capacity. However, the revenue base remains characterized by significant customer concentration, although the associated counterparty risk is mitigated by long-term contractual arrangements.
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/docs/CorporateMethodology.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf