Press Release

VIS Reaffirms Broker Management Rating of Mohammad Munir Muhammad Ahmed Khanani Securities Limited

Karachi, April 7, 2021: VIS Credit Rating Company Ltd. (VIS) has reaffirmed Broker Management Rating of Mohammad Munir Muhammad Ahmed Khanani Securities Limited at ‘BMR2’. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on March 13, 2020.

The rating signifies strong risk management, sound internal & external control environment along with HR & IT services. Regulatory compliance levels, client relationship and financial management are considered adequate.

Reaffirmation of rating takes note of MAK’s decade long presence and established market position in the broking business. The company has sound board governance levels where 1/3rd of the board size is represented by independent directors. On the regulatory front, a risk management committee may be formed to align the regulatory framework with best corporate governance practices.

Rating also reflects strong risk and compliance levels and HR infrastructure. Control framework is sound however disclosure level may be enhanced by including director’s report and statement of compliance with code in the company’s annual financial statements.

Assessment of financial profile indicates weakening of leverage indicators and efficiency ratio on a timeline basis; recurring expenses are reported to be 85% of total recurring revenue during the year. Core brokerage income witnessed recovery owing to uptick in market trading volumes, thus positively impacting the operating profitability and the equity base. Going forward, sustainability of the same shall be observed overtime.

For further information on this rating announcement, please contact Mr. Muhammad Tabish (Ext: 204) or the undersigned (Ext: 306) at (021) 35311861-66 or email at

Faryal Ahmad
Deputy CEO

Applicable Rating Criteria: Broker Management Ratings 2020

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