Press Release
VIS Reaffirms Entity Ratings of Growth Securities (Private) Limited
Karachi, December 9, 2025: VIS Credit Rating Company Ltd. has reaffirmed the entity ratings of Growth Securities (Private) Limited (‘GSPL’ or ‘the Company’) at ‘A-/A2’ (Single A Minus/A Two). Outlook on the assigned ratings is ‘Stable’. The long-term rating of ‘A-’ signifies good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy. Short-term rating of A2 signifies good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Previous rating action was announced on October 07, 2024.
GSPL was incorporated in 2005, under the Companies Act 2017. The Company is engaged in ready-future arbitrage trading and provision of equity brokerage services to domestic clients. GSPL is registered with Securities & Exchange Commission of Pakistan and holds Trading Rights Entitlement Certificate (TREC) issued by Pakistan Stock Exchange Limited (PSX) for Trading and Self-Clearing Services. External auditors of the company are Baker Tilly Mehmood Idrees Qamar, Chartered Accountants, which belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
Assigned ratings incorporate the financial profile of the Company, with strong growth recorded in brokerage revenue, followed by income from ready future, with brokerage segment dominating the revenue mix. Consequently, the Company’s operational efficiency improved significantly. Market risk is considered low, given the Company’s limited exposure to listed equities relative to its equity base and its primary engagement is in ready future transactions. Liquidity profile of the Company depicted improvement, while Capitalization profile is supported by subordinated loan from sponsors along with consistent profitability.
Nonetheless, the ratings remain constrained by the elevated business risk inherent to the brokerage sector, characterized by its cyclical nature, fragmented structure, and high sensitivity to macroeconomic conditions. Diversification of brokerage revenue, along with maintenance of market risk, liquidity and capitalization profile at current levels will remain important for the ratings.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Broker Entity Rating:
https://docs.vis.com.pk/Methodologies-2025/BrokerEntityRating.pdf
VIS Issue/Issuer Rating Scale:
https://docs.vis.com.pk/docs/VISRatingScales.pdf