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Press Release

VIS Reaffirms Broker Fiduciary Rating of Multiline Securities Limited

Karachi, July 31, 2025: VIS Credit Rating Company Ltd. (VIS) has reaffirmed Broker Fiduciary Rating of Multiline Securities Limited (MSL) at ‘BFR3+’. Rating of ‘BFR3+’ reflects good fiduciary standards. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on July 09, 2024.

The rating signifies adequate ownership and governance and management framework as well as satisfactory client services, business and financial sustainability, adequate internal control framework & regulatory compliance.

Multiline Securities Limited is a public unlisted company incorporated in 2001, providing equity brokerage, investment and portfolio management services to both retail and institutional clients. The Company is also a member of Pakistan Mercantile Exchange Limited (PMEX). The Company operates through its registered offices in Karachi. Also, the Company holds Trading Rights Entitlement Certificate (TREC) granted by Pakistan Stock Exchange (PSX) and is registered with SECP. External auditors of the Company belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).

Assigned rating takes into account Company’s ownership and governance levels, with four members representing the board of directors including two independent representations. Additionally, the Company has two board committees. Expanding the board size through inclusion of certified and additional independent directors may enhance the overall governance framework. The Company has sound disclosure levels and employs online trading platforms to facilitate clients in executing transactions. Ensuring minimum required information on website as prescribed by the SECP will be important to ensure compliance with applicable regulations. While contingency measures are in place, these may be further enhanced by increasing the frequency of conducting disaster recovery and business continuity exercises. Rating also takes note of the non-compliances highlighted by PSX and the penalty imposed thereon. Going forward, ensuring compliance with all applicable regulations will be important from the rating’s perspective.

Assessment of the Company’s financial profile reflects strong growth in the Company’s brokerage revenue, driven by favorable market dynamics and improved macroeconomic environment. Resultantly, the Company’s operational efficiency witnessed improvement, albeit it remains on the higher side. Liquidity profile of the Company is considered sound and the market risk is on the lower side. Capitalization profile of the Company draws support from debt free balance sheet along with a sizeable equity base. Going forward, diversifying revenue streams, continued enhancement in profitability profile along with maintenance of liquidity and capitalization profile will remain important for the ratings.

For further information on this rating, please contact at 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

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 July 31, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.