Press Release
VIS Reaffirms Entity Ratings of Amazon Mall (Private) Limited
Karachi, August 04 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of ‘A-/A2’ (Single A Minus/A Two) to Amazon Mall (Private) Limited (‘AMAZON’ or the ‘Company’). 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-19, 2025.
Amazon Mall (Private) Limited, part of IMARAT Group, is a private limited company incorporated in Pakistan on November 3, 2016, as Amazon Mall (SMC-Private) Limited and subsequently converted into a private limited company on September 10, 2021. The principal business of the Company is to layout, construct, build, erect, demolish, alter, remodel, or to do any other work related to infrastructure projects including apartments, homes, plazas, markets, convention centers, and other alike buildings, etc. The Company’s portfolio comprises three projects including fully operational, Amazon Outlet Mall and two under construction, Mall of IMARAT and Courtyard by Marriott Hotel.
The assigned ratings reflect Company’s track record of executing Amazon Outlet Mall project and substantial progress on the Mall of IMARAT. The Company's ability to generate strong investor demand, evidenced by high occupancy levels in its operational assets and robust advance sales in its ongoing developments, underpins earnings visibility and provides funding support for project execution. The diversification of its business model into hospitality through the development of the Courtyard by Marriott further broadens its long-term revenue profile.
The ratings also incorporate the Company's conservative on-balance-sheet leverage profile and adequate debt servicing capacity, supported by recurring rental income from operational assets and cash inflows from project sales. However, the business model relies significantly on advance customer collections coupled with contractual buy-back commitments, resulting in sizeable off-balance-sheet contingent obligations. While the Company has historically demonstrated its ability to manage these obligations without material stress, the increasing scale of these commitments warrants continued monitoring. In addition, liquidity remains moderated by significant funding deployed in related-party receivables, which could constrain financial flexibility if recoveries are delayed. The ratings therefore remain sensitive to the Company's ability to maintain strong sales momentum, execute ongoing projects within revised timelines and budgets, effectively manage its contingent buy-back obligations, improve liquidity through timely recovery of related-party balances, and sustain adequate debt protection metrics as the hospitality project progresses.
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/docs/CorporateMethodology.pdf
Construction Industry
https://docs.vis.com.pk/Methodologies%202024/CONSTRUCTION-INDUSTRY-RATING-CRITERIA.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf