Press Release
VIS Upgrades Entity Rating of Digital World Pakistan (Pvt) Limited
Karachi, June 24 2026: VIS Credit Rating Company Limited (VIS) has upgraded the entity ratings of Digital World Pakistan (Pvt) Limited (‘DWPL’ or the ‘Company’) to ‘A/A2’ (Single A / A two) from ‘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 assigned ratings is ‘Stable’. Previous Rating action was announced on July 18, 2025.
Digital World Pakistan (Pvt) Limited was incorporated on April 06, 2000. The principal activity of the Company is manufacturing and sale of varied interrelated consumer home electronic products, for the brand ‘Gree’ under a licensing agreement with Chinese principals and DWPL’s own brand ‘Ecostar’. The head office of the Company is situated at 5 Zafar Ali Road, Gulberg-CV, Lahore, Pakistan. Manufacturing facility is located at 35-KM Multan Road, Lahore & W-4-6 Port Qasim, Karachi.
The rating upgrade reflects the Company’s strengthened financial profile, supported by the established market presence of its brands across key segments of the household appliance market. Revenues and profitability have demonstrated a consistent upward trajectory underpinned by expanding sales volumes, improved market penetration and operational efficiencies. The financial risk profile remains satisfactory characterized by manageable capitalization levels, adequate liquidity and comfortable debt coverage indicators, while liquidity and coverage metrics are considered adequate.
The assigned ratings continue to incorporate the medium to high business risk profile of the household appliances sector, which remains exposed to economic cyclicality, seasonal demand patterns, and exposure to exchange rate fluctuations. Demand fundamentals, however, are supported by favorable long-term trends, including urbanization, population growth and rising household formation.
Going forward, the successful operationalization of the newly established subsidiary coupled with the Company's ability to maintain a prudent capitalization profile, sustained profitability and adequate liquidity will remain important 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