Press Release

VIS Reaffirms Broker Fiduciary Rating of Integrated Equities Limited

Karachi, March 3, 2023: VIS Credit Rating Company Ltd. (VIS) has reaffirmed Broker Fiduciary Rating of ‘BFR3++’ assigned to Integrated Equities Limited (IEL). The assigned rating denotes good fiduciary standards. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on February 23, 2022.

The rating signifies strong client management services, sound business and financial sustainability, internal controls and ownership and governance.

Reaffirmation of rating takes note of the Company’s governance framework where board comprises of five members with one-third independent representation. External disclosure levels continue to remain sound. Rating also incorporates strong client and management services, with fully integrated ERP platform encompassing end-to-end operations.

Assessment of financial profile indicates slowdown in the Company’s earning profile owing to subdued market conditions during FY22. However, the Company has diversified its revenue base whereby contribution arising from advisory and consultancy income has witnessed increase on timeline basis. Market risk continues to remain low while capitalization and liquidity indicators are also stable. Going forward, improvement in the Company’s profitability profile, market share along strong equity base and sustained cost to income ratio will remain important.

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 and Futures Adviser and has been recently issued a license for Authorized Intermediary while it is also a registered Research Entity with SECP. External auditors of the company are RSM Avais Hyder Liaquat Nauman Chartered Accountants which belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).

For further information on this rating announcement, please contact Ms. Syeda Batool Zehra Zaidi (Ext: 210) or the undersigned (Ext: 207) at (021) 35311861-70 or email at

Sara Ahmed

Applicable Rating Criteria: Broker Fiduciary Ratings 2021:

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 2023 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

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