Press Release
VIS Reaffirms Entity Ratings of Muhammad Munir Muhammad Ahmad Khanani Securities Limited
Karachi, August 04, 2026: VIS Credit Rating Company Ltd. (VIS) has reaffirmed entity ratings of Muhammad Munir Muhammad Ahmed Khanani Securities Limited (‘MMMAKSL’ or ‘the Company’) at ‘A-/A2’ (Single A Minus/A Two). Long term rating of ‘A-’ signifies good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy. Short term rating of ‘A2’ depicts good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned ratings is ‘Stable’. Previous rating action was announced on July 23, 2025.
MMMAKSL is a public unlisted company incorporated under the repealed Companies Ordinance, 1984 (now, Companies Act, 2017). The Company is a Trading Right Entitlement Certificate Holder of the Pakistan Stock Exchange Limited. The principal activity of the Company is to carry on the business of stock brokerage, underwriting and investment etc. and it operates a network of 24 branches across Pakistan.
The assigned ratings reflect the established market position of the Company in the brokerage segment, with the company ranking second and fourth in terms of volume and value respectively according to the PSX. The ratings also draw support from the Company’s extensive nationwide footprint, supported by a strong branch network and a sizable client base of more than 50,000.
The assigned rating also reflects the Company’s financial profile, with strong profitability driven by growth in brokerage revenue, in tandem with strong activity in the equity market amid improved macroeconomic conditions. Profitability was further supported by capital gains in FY25, while the Company remained profitable despite recording a capital loss during 9MFY26. Operational efficiency is considered sound. The liquidity profile is assessed as adequate, while the Company remains exposed to elevated market risk. The capitalization profile is also assessed as adequate. Going forward, diversification of the earnings profile, along with improvement in market risk, liquidity, and capitalization indicators, will remain important for the assigned rating.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Broker Entity Rating:
https://docs.vis.com.pk/Methodologies-2025/BrokerEntityRating.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf