Press Release

VIS Upgrades Broker Management Rating of Integrated Equities Limited

Karachi, January 11, 2021: VIS Credit Rating Company Ltd. (VIS) has upgraded the Broker Management Rating of Integrated Equities Limited (IEL) to ‘BMR2’ from ‘BMR3++’. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on January 9, 2020.

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

Assigned rating to IEL factors in the improvement in compliance and risk management function and appointment of auditors belonging to ‘A’ category on SBP’s approved list of auditors. On regulatory and best practices, increase in the size of board and inclusion of independent director on board with relevant experience and formation of risk management committee would strengthen board level governance. Rating takes note of sound internal and external control and HR infrastructure. Assessment of profitability profile indicates improvement in 2020. Going forward, focus on diversifying income streams may lower the operational risk of the business.

For further information on this rating announcement, please contact Mr. Muhammad Tabish (Ext: 204) or the undersigned (Ext: 306) at (021) 35311861-66 or email at

Faryal Ahmed Faheem
Deputy CEO

Applicable Rating Criteria: Broker Management Ratings 2020

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 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 2021 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited