Press Release
VIS Reaffirms Entity Ratings of DWP Technologies (Pvt) Limited
Karachi, July 18, 2025: VIS Credit Rating Company Limited (VIS) reaffirms entity ratings of DWP Technologies (Pvt) Limited at ‘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 remain ‘Stable’. Previous rating action was announced on June 07, 2024.
DWP Technologies (Private) Limited (‘DWPTL’ or ’the Company’) was incorporated on February 19, 2003. The principal activity of the Company is to execute Industrial I.T and Digitalization contracts for public and private sector with major demand emanating from government entities, Banks, and Telecom sectors. The head office of the Company is located in Lahore, while a registered office is situated at Mandviwala Chamber, Talpur Road, Karachi.
The assigned ratings take into account the moderate business risk profile of the Company, characterized by limited competition, long-established relations with industrial clients, and partnerships with renowned brands. On the other hand, exposure to currency depreciation and import restrictions during the review period remained major challenges for the sector. However, the long-term demand outlook remains positive, driven by the growing need for automation, cybersecurity, and data integration across various industries.
Meanwhile, the financial risk profile reflects the Company’s manageable capitalization and sound liquidity profile, supported by a recovery in topline following demand slowdown in FY23 due to import restrictions. Working capital requirements are mainly funded through LC-backed imports and internal cash while receivables are largely tied to milestone-based contract payments. Cashflow and Debt coverages remained healthy during the review period.
Looking ahead, the Company’s healthy order book coupled with absence of any major capex requirements, is expected to sustain its financial profile.
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