Press Release
VIS Assigns Initial Entity Ratings to VisualSoft Global LLP
Karachi, November 12, 2026: VIS Credit Rating Company Limited (VIS) has assigned initial entity ratings of ‘B+/B3’ (Single B Plus/B Three) to VisualSoft Global LLP. The medium to long-term rating of ‘B+’ indicates obligations deemed less likely to be met. Protection factors are capable of fluctuating widely if changes occur in the economy. Overall quality may move up or down frequently within this category or into higher or lower rating grade. The short-term rating of ‘B3’ reflects speculation exists in likelihood of timely repayment of short-term debt obligations with insufficient liquidity factors. Outlook on the assigned medium to long-term rating is ‘Stable’.
VisualSoft Global LLP (“VS” or “the Firm”) was founded in 1995 and reorganized in 2019 as a Limited Liability Partnership (LLP). VS is an ICT services provider with over 25 years of industry experience in software development, machine learning, artificial intelligence (AI), surveillance and parking solutions. The firm specializes in software development, embedded systems design, AI-driven automation, and intelligent transportation systems, with its headquarters in Rawalpindi, Pakistan, specializing in software development, AI & automation, and intelligent transportation systems. As of June 2026, the LLP's 15-person team is co-led by Muhammad Rafiq Durrani (CEO), Amer Bashir (COO), and Shahid Yasin (CTO). The firm maintains a secure core engineering base in Pakistan with strategic partnerships and delivery footprints in the UK, Malaysia, Japan, Saudi Arabia, and Australia. VS serves diverse sectors including fintech, transportation, surveillance, manufacturing, supply chain, and e-commerce, with dedicated offshore development facilities.
The assigned ratings reflect the Company's modest balance sheet size, characterized by a small equity base and constrained cash flow generation, limiting its financial resilience. High customer concentration has contributed to revenue volatility, resulting in topline contraction, net losses, and successive equity erosion during FY25 and FY26. Ratings also factor in the inherent governance and capital flexibility constraints associated with the LLP structure, including limited access to external financing, potential partner capital withdrawals, and relatively lower transparency. Furthermore, the external financial reporting framework has room for strengthening.
Management expects the prospective contract pipeline over the next two to three years to support revenue recovery and improve the financial risk profile. Realization of projected growth, restoration of profitability, revenue diversification, and maintenance of a conservative capital structure will remain key considerations for ratings going forward.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Corporates:
https://docs.vis.com.pk/Methodologies-2026/Corporate-Rating-2026.pdf
VIS Issue/Issuer Rating Scale
https://vis.com.pk/docs/VISRatingScales.pdf