Press Release

VIS Assigns Initial Broker Fiduciary Rating to Integrated Equities Limited

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

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

Assigned rating takes into account IEL’s strong management and client services, whereby web based trading and mobile trading application are available for the customers, in addition to research and complaint reporting resources. Rating takes into account Company’s ownership and governance structure being associated with Aequitas group which has operations in brokerage, financial, rating services, software services and renewable energy. The Board is represented by 5 members with one third independent representation. Adequate number of Board committees exist. Disclosure levels are sound, while internal control framework and regulatory compliance are also considered sound, however, scope of internal policies maybe enhanced through additional guidelines and details.

Assessment of financial profile indicates improvement in topline and profitability on account of higher brokerage revenues. Liquidity profile is also adequate with liquid assets providing adequate coverage to total liabilities as at end-FY21. Market risk remains minimal as the company does not actively participate in proprietary trading. Capitalization indicators are adequate with low equity base and gearing and leverage within manageable levels. Going forward, increasing revenue base along with market share, improvement in operational efficiency and higher equity base will be important for rating.

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 headquartered in Lahore and has been recently issued with Securities Adviser and Futures Adviser license while it is also a registered Research Entity with SECP. External auditors of the company are Ilyas Saeed & Co 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. Sara Ahmed (Ext: 207) or the undersigned (Ext: 306) at (021) 35311861-66 or email at

Faryal Ahmad Faheem
Deputy CEO

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