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JCR-VIS reaffirms Corporate Governance Rating of Security Papers Limited

Karachi, October 29, 2014 (PPI-OT): JCR-VIS Credit Rating Company Limited has reaffirmed the Corporate Governance Rating of Security Papers Limited (SPL) at ‘CGR-9’. The previous rating action was announced on July 22, 2013.

Corporate governance ratings are based on evaluation of key governance areas of the rated organization, which include Regulatory Compliance; Board Oversight; Management Profile; Self-regulation; Financial Transparency and Relationship with Stakeholders.

The assigned rating reflects the longstanding financially strong shareholders, effective board oversight, stable and professional management team which is supported by clear reporting lines and satisfactory succession planning process, high level of transparency and general compliance with statutory and regulatory requirements.

Moreover, the company has maintained a stable payout history consistent with the level of profitability. In line with best practices, there is scope for improving the composition of board and board committees, board evaluation process, and Information Technology Infrastructure.

The term of the previous CEO has recently expired following which the MD of Pakistan Security Printing Corporation (Pvt.) Limited (PSPC) has been appointed as the MD of SPL as well. Historically, these two institutions have had common leadership. Other vacant management positions may also need to be filled on priority.

SPL is the sole manufacturer of bank note paper in Pakistan; it is also involved in manufacturing other products such as Prize Bonds, Saving Certificates, Non-judicial Stamp Paper, Cheque Paper, Certificate Paper for educational boards and Degree Paper for universities.

PSPC is the largest shareholder of SPL with a stake of 40%. Other joint venture partners include Industrial Development and Renovation Organization of Iran and Sumer Holding A.S Turkey, each holding 10% shares of the company. SPL is listed on the Karachi Stock Exchange.

For more information, contact:
Ms. Sobia Maqbool
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

The post JCR-VIS reaffirms Corporate Governance Rating of Security Papers Limited appeared first on Business News Pakistan.

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