Press Release

VIS Assigns Initial Entity Ratings to DWP Technologies (Pvt.) Limited

Karachi, February 27, 2019: VIS Credit Rating Company Limited has assigned initial entity ratings of ‘A-/A-2’ (Single A-Minus/A-Two) to DWP Technologies (Pvt.) Limited (DWPTL). The medium to long-term rating of ‘A-’ denotes good credit quality coupled with adequate protection factors. Moreover, risk factors may vary with possible changes in the economy. The short-term rating of ‘A-2’ denotes good certainty of timely payments. Liquidity factors and company fundamentals are considered sound. Outlook on the assigned ratings is ‘Stable’.

DWPTL is a provider of end-to-end technology solutions and business process outsourcing (BPO) services with nationwide footprint. The company is a part of DWP Group and is majority owned by the sponsoring family. The assigned ratings take into account deep knowledge and expertise of the management team, positive dynamics of the IT solutions and services sector, and longstanding business relations with the vendors comprising top-tier multinational information technology companies and customers comprising largest telecom companies and banking institutions of Pakistan. Barriers to entry are considered moderate due to demanding technical, financial and operational expertise for pre-qualification bidding. The ratings also factor in manageable leverage indicators and adequate debt service coverages. However, the ratings are constrained by the inherent volatility in the contracts business, vulnerability to performance risk and weak corporate governance framework. The ratings will remain dependent on the maintenance of technical expertise and financial capacity to successfully deliver projects and leverage indicators around current levels.

For further information on this rating announcement, please contact undersigned (Ext: 201) or Mr. Maimoon Rasheed (Ext: 8008) at 35311861-70/ 042-35723411 or fax to 35311872-3.

Javed Callea

VIS Entity Rating Criteria Industrial Corporate (May 2016)

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 not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2019 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited