JCR-VIS assigns entity ratings of ‘A-/A-2’ to Topline Securities (Private) Limited
Karachi, March 22, 2016 (PPI-OT): JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned initial entity ratings to Topline Securities (Private) Limited (TSPL) of ‘A-/A-2’ (Single A-Minus/A-Two). Outlook on the assigned ratings is ‘Stable’. TSPL, incorporated in 2001, is engaged in provision of equity brokerage services along with corporate finance and advisory. Shareholding structure of the company is split between individuals including the CEO/Chairman himself. Organizational infrastructure is expected to improve as the company seeks to list itself on the local bourse.
The company serves high net worth individuals, domestic and foreign institutions with client base largely being institutional in nature. Revenue has showcased growth over past half-decade on the back of greater proportion of income from higher margin foreign institutions. Sustainability of foreign business will be tested over time. Going forward, management foresees greater revenues to emanate from corporate finance and advisory activities.
Accumulation of retained earnings has enabled the company to build its equity base. Risk profile of the institution quantified by factors such as gearing, extent of margin financing through margin trading system and level of proprietary book being managed is considered favourable vis-a-vis peers.
For more information, contact:
Ms. Sobia Maqbool
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi