Press Release
VIS Reaffirms Broker Management Rating of Topline Securities Limited
Karachi, June 24, 2021: VIS Credit Rating Company Ltd. (VIS) has reaffirmed Broker Management Rating of Topline Securities Limited (TSL) at BMR2+. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on May 14, 2020.
The rating signifies strong HR & IT services; sound external control, risk management, regulatory compliance levels and sound financial management while internal control framework and client relationship are considered adequate.
Reaffirmation of rating takes into account TSL’s long term presence in the brokerage business with strong clientele. Assigned rating factors in TSL’s sound internal and external control environment and regulatory requirement & supervision framework; board size is strong; however, segregation of Chairman and CEO roles may further enhance governance.
Assessment of financial profile indicates improvement in profitability during the ongoing year. In view of the same, efficiency levels have improved while overall capital structure remains sound with manageable levels of gearing and leverage indicators.
For further information on this rating announcement, please contact Mr. Muhammad Tabish (Ext: 204) or the undersigned (Ext: 201) at (021) 35311861-66 or email at info@vis.com.pk
Javed Callea
Advisor
Applicable Rating Criteria: Broker Management Ratings 2020:
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/BMR202007.pdf