Press Release
VIS Reaffirms Entity Rating of Maple Leaf Capital Limited
Karachi, March 04, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Maple Leaf Capital Limited (‘MLCL’ or the ‘Company’) at ‘A/A1’ (Single A/ A-one). 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 'A1' indicates Strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Outlook on the assigned ratings remains Stable. Previous Rating action was announced on February 04, 2025.
MLCL, established in 2014, operates as a subsidiary of Kohinoor Textile Mills Limited (KTML), which holds 82.92% stake in the Company. As part of the Kohinoor Maple Leaf Group, one of the prominent industrial conglomerates with a presence in various sectors such as cement, textiles, power, and capital markets, the Company's primary focus is to manage the Group’s capital by investing and trading in financial instruments and commodities. The Company’s registered office is located at 42 Lawrence Road, Lahore.
The assigned ratings reflect MLCL’s strong sponsor profile as subsidiary of KTML which has a well-established operating track record and a diversified business presence. The Company has demonstrated strong financial performance over the period, significantly outperforming its benchmark 1-year average KIBOR rate amid favorable equity market conditions, thereby also supporting growth in its equity base. MLCL’s portfolio is predominantly composed of short-term investments in diversified listed blue-chip equities across multiple sectors, ensuring liquidity and diversification, while the limited long-term portfolio is focused on strategic investments in start-ups, particularly in e-commerce and technology. The Company follows a conservative investment strategy, with no day trading and maintains an investment horizon of one to three years, which supports earnings stability and mitigates excessive volatility. Although MLCL utilizes short-term borrowings to leverage its operations, the management’s approach to hedge finance cost against dividends has helped limit associated risks.
Going forward, the ratings will remain sensitive to the level and utilization of short-term borrowings, as well as to equity market performance, which may impact portfolio valuations and overall profitability.
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