Press Release
VIS Maintains Broker Fiduciary Rating of MRA Securities Limited
Karachi, August 12, 2026: VIS Credit Rating Company Ltd. (VIS) has maintained the Broker Fiduciary Rating of MRA Securities Limited at ‘BFR3++’. Outlook on the assigned rating has been changed to ‘Stable’ from Negative. Rating of BFR3++ denotes good fiduciary standards. Previous rating action was announced on July 23, 2025.
The rating reflects the Company's sound management practices, client service standards, and ownership and governance framework, while business and financial sustainability, and internal controls and regulatory compliance are considered adequate.
MRA Securities Limited is principally engaged in provision of equity brokerage Underwriting and Consultant to the issue services to domestic clients. Majority shareholding in MRA is vested with the Rafiq family. Currently, the brokerage operates through its head office based in Karachi and 7 branches in the same city, while one branch in Lahore. Operations at branch level are limited to brokerage services only.
The assigned rating takes note of the Company’s governance structure, with board of directors comprising four members. However, presence of two independent director bodes well for the governance structure of the Company. Expanding the size of the Board may further enhance the Company's governance framework and also enable greater diversity in the composition of Board committees. The Company's management and client service procedures are assessed as sound, with an ERP platform in place to support back-office operations, along with an online trading platform that enable clients to execute transactions seamlessly. SMS based complaint lodging mechanism is operational and the clients may also approach the Company via a WhatsApp link available on the webpage. Furthermore, the Company also consider expanding its geographical footprint to broaden its outreach. While the contingency measures are in place, the Company may consider maintaining an offsite backup at a third-party warehouse. Internal policies of the Company are in place. However, expansion of the scope and coverage of these policies may further strengthen the internal control framework. Rating takes note of penalty imposed by PSX on account of blank sales conducted in ready market. Going forward, adherence to all applicable regulatory requirements will remain an important consideration from the ratings perspective.
Assigned ratings also incorporate the Company’s financial profile, with the revenue base expanding, led by brokerage income, in line with the overall positive industry trend. The Company’s operational efficiency improved notably in 1HFY26, which contributed to higher profitability during the period. Liquidity profile is assessed as weak, while market risk is considered low. Capitalization profile of the Company is considered adequate. Going forward, diversification and sustenance of revenue, along with managing market risk, as well as improvement of liquidity and capitalization metrics, will remain important rating considerations.
For further information on this rating, please 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Broker Fiduciary Ratings:
https://docs.vis.com.pk/Methodologies-2025/BrokerFiduciaryRating-Nov25.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf