Press Release

VIS Reaffirms Entity Ratings of Integrated Equities Limited

Karachi, September 17, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed entity ratings Integrated Equities Limited (‘IEL’ or the ‘Company’) at ‘A-/A2 (Single A Minus/A-Two). The long-term rating of ‘A-’ signifies good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy. Short-term rating of A-2 signifies good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned ratings is ‘Stable’. Previous rating action was announced on August 21, 2024.

Integrated Equities Limited (‘IEL’ or ‘the Company’) offers equity brokerage, research, investment banking, and project advisory services. Established in 2008 and later converted into an unlisted public limited company in 2016, IEL is affiliated with the Aequitas Group, which includes notable companies such as Pakistan Credit Rating Agency Limited (PACRA) and Tasdeeq, Pakistan's first private licensed credit bureau. IEL is also licensed by the Securities & Exchange Commission of Pakistan (SECP) for various financial advisory services, including as a Consultant to the Issue, Underwriter, Securities Adviser, and Futures Adviser.

Assigned ratings takes into account the business risk of the Company, marked by volatility and intense competition in the brokerage industry. Ratings also reflects the financial profile, with revenue and profitability exhibiting an upward trend over time, on account of improvement in both brokerage and advisory income. Operational efficiency has also demonstrated improvement. Liquidity profile of the Company is considered sound while the market risk is minimal, given limited proprietary investments. Consistent profitability coupled with conservative debt strategy provides support to the Company’s capitalization profile. Going forward, increasing the revenue base, along with maintenance of market risk, liquidity and capitalization profile will remain important for the rating.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.



Applicable Rating Criteria: Broker Entity Rating:
https://docs.vis.com.pk/Methodologies-2025/BrokerEntityRating.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

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 September 17, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.