Karachi, December 15, 2015: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned initial entity ratings to Dawood Equities Limited (DEL) of ‘BB+/A-3’ (Double B Plus/A-Three). Outlook on the assigned ratings is ‘Stable’.
Ratings assigned to DEL take into account limited scale of operations of the company by way of equity brokerage services to domestic clients only. The ratings also reflect limited underwriting capacity, low revenue stream and small equity base in relation to other industry players.
Revenue base of the company largely comprises earnings from equity brokerage through retail investors along with support from capital gains on investments. Going forward, management envisages diversifying business operations in order to improve stability of earnings.
For further information on this rating announcement, please contact the undersigned (Ext: 516) or Mr. Javed Callea (Ext: 501) at (021)35311861-71 or fax to (021)35311872-3.
Jamal Abbas Zaidi
Applicable Rating Criteria: Methodology - Securities Firms Rating (May 2015)
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