Press Release

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

Karachi, January 21, 2026: VIS Credit Rating Company Limited (‘VIS’) has assigned an initial entity ratings of ‘A-/A2’ (Single A Minus/A Two) to Global Packaging Films (Private) Limited (‘GPAK’ 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’.

GPAK was incorporated in Pakistan as a private limited company and is domiciled in the province of Sindh. The Company is a wholly owned subsidiary of International Packaging Films Limited (IPAK). The Company is principally engaged in the manufacturing and sale of flexible packaging materials mainly comprising of BOPP (Biaxially-oriented Polypropylene) films and allied products of BOPP films packaging. The Company started its commercial operations in April 2024.

Assigned ratings reflect the Company’s status as a newly operational subsidiary benefiting from strong parentage, operational synergies, and established market access in the BOPP films segment. The Company has demonstrated a rapid ramp-up in operations, with improving capacity utilization, robust revenue growth, and strengthening profitability during FY25 and 3MFY26, supported by higher volumetric offtake and improved cost absorption. Business risk is supported by favorable demand fundamentals for flexible packaging, though constrained by industry overcapacity, intense competition, and exposure to raw material and exchange-rate volatility. The financial risk profile is assessed as manageable, underpinned by a sizeable equity base and sound debt service coverage. Nonetheless, maintaining adequate liquidity will remain critical to manage early-stage operational challenges and meet elevated working-capital requirements as the business continues to stabilize.

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.