Press Release
VIS Reaffirms Entity Ratings of Darson Securities (Pvt.) Limited
Karachi, November 25, 2025: VIS Credit Rating Company Limited has reaffirmed entity ratings of Darson Securities (Pvt.) Limited at ‘BBB+/A2’ (Triple B Plus /A Two). The long-term rating of ‘BBB+’ signifies adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy. Short-term rating of A2 signifies good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned ratings is ‘Stable’. Previous rating action was announced on August 30, 2024.
Darson Securities (Pvt.) Limited (‘DSL’ or ‘the Company’) caters to equity broking services to both retail and foreign intuitional clients. DSL’s operations are run through its corporate office in Karachi while the company’s registered office is in Lahore. The company holds a Trading Right Entitlement Certificate (TREC) issued by the Pakistan Stock Exchange Limited (PSX) since 2000 for Trading & Self Clearing Services. External auditors of the company are on the approved list of auditors published by the State Bank of Pakistan.
Assigned ratings reflect the elevated business risk of the brokerage sector, given its cyclicality, fragmented structure, intense competition, and strong regulatory oversight, with performance remaining closely tied to the country’s macroeconomic conditions. Assigned ratings also reflect the Company’s financial risk profile, with a strong growth in brokerage income during FY24 and 9MFY25, in line with the overall positive industry trend. Improvement in operational efficiency has supported profitability, which rebounded after reporting consecutive losses in the preceding two years. Liquidity profile is considered adequate, while market risk remains low. The Company’s capitalization profile is supported by a nominal debt, although leverage has trended upwards. Going forward, diversification and enhancement in revenue base, along with sustained improvement in operational efficiency, as well as maintenance of market risk, gearing and leverage ratios will remain important for 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