Press Release
VIS Upgrades Broker Fiduciary Rating of Integrated Equities Limited
Karachi, May 14, 2025: VIS Credit Rating Company Ltd. (VIS) has upgraded Broker Fiduciary Rating of Integrated Equities Limited (‘IEL’ or ‘the Company’) from BFR3++ to BFR2. Rating of ‘BFR2’ denotes strong fiduciary standards. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on March 19, 2024.
The rating signifies sound Ownership & Governance, Management & Client Services, Internal Control and Regulatory Compliance as well as Business & Financial Sustainability.
IEL, initially established as a private limited company in 2008 and later converted to an unlisted public limited company in 2016, operates within the financial services sector, affiliated with the Aequitas Group. The Company holds a Trading Right Entitlement Certificate (TREC) for Trading & Self- Clearing issued by the Pakistan Stock Exchange Limited (PSX). IEL is a licensed Consultant to the Issue, Securities Adviser, Futures Adviser, Underwriter, and Authorized Intermediary, while it is also a registered Research Entity with SECP. External auditors of the company are BDO Ebrahim & Co. Chartered Accountants which belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
Rating upgrade reflects improvement in management and client services supported through implementation of ERP platform. Additionally, the Company has employed various trade channels for ensuring seamless transactions. Rating also takes note of the Company’s internal control framework, supported by documented policies. Improvement in financial profile is noted, with profitability exhibiting an upward trend over time, with augmentation in advisory income. Operational efficiency has demonstrated consistent improvement. Liquidity profile of the Company is considered sound. Market risk of the Company is minimal, given limited proprietary investments. Capitalization profile of the Company is supported by its low debt profile, consisting of only sponsor loan. Going forward, increasing the revenue base, along with maintenance of market risk, liquidity and capitalization profile will remain important for rating.
For further information on this rating, please 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Broker Fiduciary Ratings:
https://docs.vis.com.pk/Methodologies%202024/Broker-Fiduciary-Rating.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf