Press Release

VIS Reaffirms Entity Ratings of Transfopower Industries (Pvt) Limited

Karachi, September 04, 2025: VIS Credit Rating Company Limited (VIS) reaffirms entity ratings of Transfopower Industries (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 March 13, 2024.

Incorporated in 1993 as a private limited company, Transfopower Industries (Private) Limited (‘TIPL’ or ‘the Company’) is involved in manufacturing and sale of Transformers and Energy Meters. It operates within the electrical equipment manufacturing industry and is an ISO certified entity with a history of 3 decades. The Company's registered office and plant is located at 2-KM Katar Bund Road, Thokar Niaz Baig, Lahore, Pakistan.

The assigned ratings incorporate low to medium business risk profile of the engineering and transformers industry, characterized by its oligopolistic nature, steady demand, and limited competition. The industry experiences moderate cyclicality mitigated by stable demand from government owned utilities, premium private sector electricity distributors, renowned housing authorities, and large-scale manufacturers in Pakistan. Moreover, the Company holds 25% market share, making it a significant player in the industry.

The sector’s future outlook indicates moderate growth, underpinned by the anticipated privatization of DISCOs, continued urban expansion, and the increasing integration of renewable energy sources. However, uncertainty on the demand front cannot be ruled out. To mitigate domestic demand pressures, the Company has strategically entered into export markets during FY24.

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 September 04, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.