Press Release

VIS Assigns Initial Broker Management Rating to Multiline Securities Limited

Karachi, March 30, 2021: VIS Credit Rating Company Ltd. (VIS) has assigned initial Broker Management Rating of ‘BMR3+’ to Multiline Securities Limited (MSL). Outlook on the assigned rating is ‘Stable’.

The rating signifies adequate regulatory compliance levels and financial management, internal and external control environment is sufficient, compliance and risk management frameworks are satisfactory; HR, IT and customer service are adequately proactive.

Assigned rating reflects MSL’s improvement in profitability profile in the outgoing year FY20 while leverage indicators are sound. On governance front, increase in board size would avoid repetition of common members in board committees and facilitate the formation of risk management committee. CFO and CO positions should be segregated for clarity in reporting lines. The rating also takes note of adequate IT policies and infrastructure. Internal audit and compliance departments should be placed independently, as compliance and CFO positions being common the compliance function is compromised. Credit limits extended to retail customers may need to be tightened to enable better risk management.

Multiline Securities Limited (MSL) is a public unlisted company offering share brokerage, investment and portfolio management services to both retail and foreign intuitional clients. The company’s operations are run through its registered offices in Karachi.

For further information on this rating announcement, please contact Mr. Muhammad Tabish (Ext: 204) or the undersigned (Ext: 201) at (021) 35311861-66 or email at info@vis.com.pk.







Faryal Ahmad Faheem
Deputy CEO

Applicable Rating Criteria: Broker Management Ratings 2020
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/BMR202007.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 2021 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .