Press Release
VIS Assigns Initial Entity Ratings to Digital Custodian Company Limited
Karachi, June 03, 2026: VIS Credit Rating Company Limited (VIS) has assigned initial entity ratings to Digital Custodian Company Limited (‘DCCL’ or the ‘Company’) at ‘A/A1’ (Single A/ A One). 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 'A1' indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Outlook on the assigned ratings is ‘Stable’.
DCCL was incorporated on February 12, 1992 under the repealed Companies Ordinance, 1984 as a private limited company. The principal objectives of the Company are to act as Trustee of investment trust schemes, voluntary pension schemes, and real estate investment trust schemes, to provide custodian services and to act as transfer agent/share registrar of securities of listed and unlisted companies and mutual fund etc.
The rating reflects the evolving business profile of DCCL as a specialized financial infrastructure and fiduciary services provider operating across custody, trustee, registrar, and digital asset management solutions. The Company benefits from a diversified regulatory framework supported by multiple licenses from the Securities and Exchange Commission of Pakistan (SECP). The rating incorporates the strength and financial flexibility of the sponsoring LSE Group companies. The assigned rating further draws comfort from DCCL’s technology-focused operating model. The Company has developed several proprietary digital platforms supporting registrar services, custody operations, asset digitization, and financial transaction management, which provide avenues for business expansion and operational efficiency. Core income generation remains primarily supported by trusteeship services, while ongoing expansion into technology and SaaS-based offerings is expected to support revenue diversification over time. Profitability indicators remain moderate due to continued investments in technology infrastructure and digital platform development, which have constrained operating margins, and are expected to improve as business scales up.
The Company maintains a low leveraged capital structure supported entirely through equity financing, which provides financial flexibility. Liquidity indicators are considered adequate, with manageable counterparty risk and support from group companies underpinning the overall funding profile. Going forward, sustained growth in core profitability, expansion in scale of operations, and strengthening of the equity base will remain important rating sensitivities.
For further information on this rating announcement, please contact at 021-35311861-64 or email at for @vis.com.pk
Applicable Rating Criteria: Non-Bank Financial Companies
https://docs.vis.com.pk/Methodologies-2025/NBFC-Nov-2025.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf