Press Release
VIS Assigns Initial Entity Rating to Elite Screener
Karachi, April 03, 2026: VIS Credit Rating Company Limited (VIS) has assigned initial entity ratings to Elite Screener (‘ES’ or ‘The Firm’) of ‘BBB-/A3’ (Triple B minus/ A-three). Medium to long term rating of 'BBB-' indicates Adequate credit quality; Protection factors are adequate. Risk factors are considered variable if changes occur in the economy. Short term rating of 'A3' indicates Fair likelihood of timely repayment of short-term obligations with satisfactory liquidity factors. Outlook on the assigned ratings is Stable.
Incorporated in 1987, Elite Screener is a sole proprietorship company principally engaged in the import, manufacturing, and assembly of Printed Circuit Boards (PCBs) and Printed Circuit Board Assemblies (PCBAs), serving diverse electronic applications. The operational scope spans design facilitation, fabrication, component assembly and testing, enabling the firm to deliver customized solutions in line with client requirements and prescribed technical standards.
The assigned rating reflects ES’s established and growing presence in Pakistan’s formal Printed Circuit Board Manufacturing Industry. The ratings incorporate the industry risks of fluctuating international commodity prices, exchange rate risk and sensitivity to economic cycles, along with the Firm’s operational benchmarks including management & governance, profitability, capital structure and liquidity.
The Firm maintains a stable profitability profile, with gross margins consistently between 13%–17% and net margins held at 2.5%–5% over the last three years. Capitalization indicators reflect a moderate rise in gearing and leverage to 1.18x and 1.78x, respectively, following an uptick in short-term borrowings, though these remain manageable at current levels. While liquidity has moderated to a current ratio of 0.93x (FY24: 1.6x) due to the utilization of short-term financing for fixed asset expansion, coverage metrics remain adequate with a DSCR of 1.48x. Going forward, diversifying the customer base and improving liquidity indicators while maintaining prudent capitalization will be key 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