Press Release

VIS Upgrades Entity Ratings of Maple Leaf Capital Limited

Karachi, February 04, 2025: VIS Credit Rating Company Limited (VIS) has upgraded entity ratings of Maple Leaf Capital (‘MLCL’ or ‘the Company’) from ‘A-/A1’ (Single A Minus/A One) to ‘A/A1’ (Single A/ A One). The 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 ‘A1’ denotes Strong likelihood of timely repayments of short-term obligations with excellent liquidity factors. Outlook on the assigned ratings remain ‘Stable’. Previous rating action was announced on December 21, 2023.

MLCL, established in 2014, operates as a subsidiary of Kohinoor Textile Mills Limited (KTML), which holds 82.92% stake in the Company. As part of the Kohinoor Maple Leaf Group, one of the top industrial conglomerates with a presence in various sectors such as cement, textiles, power, and capital markets, the Company's primary focus is to manage the Group’s capital by investing and trading in financial instruments and commodities.

The ratings upgrade reflects MLCL's strong sponsor profile and robust financial performance during the review period. Company’s investment portfolio is composed of both long-term and short-term investments, with short-term portfolio representing over 90% of the total asset base. The long-term portfolio is primarily focused on investment in various start-ups, particularly in the e-commerce and technology sectors. While the short-term portfolio is invested in a diversified mix of listed equities across several sectors and scrips. Overall, MLCL’s investment portfolio has demonstrated outstanding performance during FY24, with returns surpassing those of its peers. This performance has led to improvements in the Company’s equity base, gearing ratio, and liquidity profile. While the Company does leverage its operations through short-term borrowings with reducing proportion, the management's strategic investment approach has helped mitigate the associated risks. However, going forward, the ratings will remain sensitive to utilization of short-term borrowings and stock market performance.

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

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 2025 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .