Press Release

VIS Assigns Initial Entity Ratings of Cast Packaging Films (Private) Limited

Karachi, January 21, 2025: VIS Credit Rating Company Limited (‘VIS’) has assigned an initial entity ratings of ‘A-/A2’ (Single A Minus/A Two) to Cast Packaging Films (Private) Limited (‘CPAK’ 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' suggests good likelihood of timely repayment of short-term obligations with sound liquidity factors. Outlook on the assigned ratings is ‘Stable’.

CPAK was incorporated in Pakistan on April 01, 2020, as a private limited company under the Companies Act, 2017. It is a wholly owned subsidiary of International Packaging Films Limited (IPAK). The registered office of the Company is located at Plot No. 40-L-1, P.E.C.H.S, Block-6, Karachi. CPAK commenced commercial operations on April 01, 2021. The Company is principally engaged in the manufacturing and sale of flexible packaging materials, primarily Cast Polypropylene (CPP) films and allied products. The Company operates a state-of-the-art manufacturing facility located at Manga Chowk, Roohinala, Raiwind By-Pass Road, Lahore.

The ratings of the Company reflect its stable operating performance, strong capacity utilization, and sound financial risk profile. Ratings also incorporate its position as a wholly owned subsidiary of International Packaging Films Limited. Business risk is moderate, underpinned by steady demand for CPP films from FMCG, food, and pharmaceutical sectors, though exposed to imported raw material price volatility, energy costs, and competitive pressures. Financial risk is low, characterized by conservative leverage, minimal gearing, stable profitability and strong debt servicing coverage. Ratings remain underpinned on prudent financial management, operational stability, and continued parent support.

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

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 January 21, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.