Press Release
JCR-VIS Reaffirms Broker Management Rating of Intermarket Securities Limited
Karachi, December 14, 2018: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Broker Management Rating of Intermarket Securities Limited (IMSL) at ‘BMR2’. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on October 11, 2017.
The rating signifies strong internal and external controls; sound risk and client relationship management along with adequate regulatory compliance levels, HR & IT services and financial management.
The rating derives its strength from strong internal and external control environment supported by well-defined and prudent policy framework. However, there remains room for improvement in Board size. The inclusion of an independent director on the board would add to governance level. Moreover, earning profile of the company has witnessed downward trend on account of decrease in core brokerage income due to depressed market volumes during 2018. Going forward, financial performance would remain sensitive to volatilities of local stock market and is subject to risks associated with it. Leverage indicators have remained manageable and below 1x mark.
For further information on this rating announcement, please contact the undersigned (Ext: 201) at (021)35311861-71 or fax to (021)35311872-3.
Javed Callea
Advisor
Applicable Rating Criteria: Broker Management Ratings 2017
http://jcrvis.com.pk/docs/BMR201701.pdf