Press Release

VIS Reaffirms Broker Management Rating of Integrated Equities Limited

Karachi, January 9, 2020: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Management Rating of Integrated Equities Limited (IEL) at ‘BMR3++’. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on December 7, 2018.

The rating signifies strong compliance and risk management, sound internal control framework, client relationship and HR & IT services while regulatory compliance levels, external controls and financial management are adequate.

Assigned rating to IEL factors in the improvement in compliance and risk management function. However, the same may be segregated from risk management for clarity and control purposes. On regulatory front, inclusion of independent director on board and constitution of board level risk management committee would strengthen board level governance. Rating takes note of adequate external controls and finance performance. Profitability in 2019 has remained at around prior year while overall financial assessment draws support from low leveraged capital structure. Going forward, enhanced focus on diversifying income streams may address the business volatility risk.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext: 201) at (021) 35311861-66 or email at

Javed Callea

Applicable Rating Criteria: Broker Management Ratings 2017

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 2020 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited