Press Release

VIS Reaffirms Broker Management Rating of Taurus Securities Limited

Karachi, December 30, 2022: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Management Rating of Taurus Securities Limited at ‘BMR2+’. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on September 15, 2021.

The rating denotes strong compliance and risk management, and sound internal controls. Client relationship and HR and infrastructure are sound, while financial management and regulatory requirement and supervision are considered adequate.

Rating draws support from sound internal and external control framework, with policies and procedures well in place and disseminated to all stakeholders. However, a separate employee trading policy coupled with frequent reviewing of policies and manual may be considered to enhance the internal control framework. In addition, increased disclosure levels may bolster external control framework. Rating also incorporates sound customer relationship and client servicing. Rating also factors in sound HR & infrastructure wherein the Company has fully integrated enterprise resource platform and business continuity and disaster recovery procedures practiced greater than once in a year. Company has a strong compliance and risk management framework.

Rating also take into account adequate regulatory requirements and sound supervisory framework, however, increasing the number of certified directors on the board may further strengthen governance framework. Acquiring additional business related licenses may support revenue generation. Financial profile of the Company reflects adequate financial management. Brokerage revenue during HY22 declined compared to a high revenue growth year of FY21. The decrease is attributable to lower market trading volumes. Capitalization indicators depict deterioration in respect of the equity base. Enhancing the scope of operations, augmenting revenue streams and improving operational efficiency will be important for ratings.

For further information on this rating announcement, please contact Mr. Shaheryar Khan (Ext: 209) or the undersigned (Ext: 207) at (021) 35311861-66 or email at

Sara Ahmed

Applicable Rating Criteria: Broker Management Ratings 2020

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 2022 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .