Press Release

VIS Assigns Initial Broker Management Rating to Investment Managers Securities Private Limited

Karachi, February 11, 2022: VIS Credit Rating Company Ltd. (VIS) has assigned initial Broker Management Rating of BMR3 to Investment Managers Securities Private Limited (IMSPL). Outlook on the assigned rating is ‘Stable’.

The rating signifies adequate regulatory compliance, control environment and financial management, governance and risk management framework, HR & IT services and customer services.

Assigned rating takes into account adequate governance framework of the Company. The Board consists of four members, all representing sponsors. Addition of independent representation on the board along with inclusion of certified members may facilitate formation of board committees without repetition of members and contribute towards aligning governance framework with best practices. Internal and external control framework are adequate however the scope of internal policies and procedures may be enhanced along with disclosure levels in financial statements to strengthen the control environment.

Client relationship and HR and infrastructure are adequate. Provision of online trading platform and other customer facilitation tools including research resources may contribute towards enhancing the customer base and strengthening customer relationships. Compliance and risk management framework may be enhanced through segregating internal audit and compliance functions. An independent risk management function may also assist in credit worthiness evaluation of customers.

Assessment of financial profile indicates uptick in brokerage revenues in FY21, however, higher cost to income ratio continues to be a drag on operating profitability. Net profitability is largely supported by profit on deposits. Liquidity profile and capitalization indicators of the company are adequate, albeit equity base remains small. Going forward, improvement in operating profitability through increasing revenue base along with curtailment of operating expenses will be important for rating.

For further information on this rating announcement, please contact Ms. Sara Ahmed (Ext: 207) or the undersigned (Ext: 201) at (021) 35311861-66 or email at

Javed Callea

Applicable Rating Criteria: Broker Management Ratings 2020:

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