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 info@vis.com.pk
Faryal Ahmed Faheem
Deputy CEO
Applicable Rating Criteria: Broker Management Ratings 2020
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/BMR202007.pdf