Press Release
VIS Assigns Initial Entity Rating to Kold Karrier Limited
Karachi, March 03, 2026: VIS Credit Rating Company Limited (VIS) has assigned initial entity ratings to Kold Karrier Limited (‘KKL’ or the ‘Company’) of ‘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 is Stable.
Incorporated in 1990, Kold Karrier Limited is a public limited (unlisted) company principally engaged in the storage and transportation of chilled products. It specializes in the distribution of temperature sensitive (typically within the range of -25 to +24 centigrade) products like Dairy, Poultry, Fruits, Vegetables, Fish, Meat and Medicines. The main strength of the Company is providing ‘’one window’’ operations that include warehousing, transportation and distribution to its clients. The Company’s registered office is located at Gulberg IV, Lahore, with cold store warehouses in Karachi, Rawalpindi and Lahore.
The assigned rating reflects KKL’s established and growing presence in Pakistan’s formal cold chain logistics segment, supported by consistent revenue growth, an expanding asset base, and adequate liquidity and coverage metrics. The Company operates in the Storage, Transport & Distribution sector, which carries a medium-to-low business risk profile given stable demand fundamentals, albeit with exposure to energy cost volatility, infrastructure constraints, and competition from the informal segment.
KKL benefits from its integrated cold chain operations, comprising refrigerated transportation, warehousing, and distribution across key urban centers, serving reputable clients in the food and pharmaceutical supply chains. Profitability has shown gradual improvement, aided by solarization, though net margins remain modest due to finance costs linked to fleet expansion. Capitalization is moderate with a predominantly long-term debt profile aligned with growth, while liquidity and coverage indicators remain adequate. Going forward, maintaining prudent leverage amid ongoing expansion and client base diversification will be important rating considerations.
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