Press Release
VIS Assigns Initial Broker Fiduciary Rating to MSManiar Financials (Pvt.) Limited
Karachi, June 03 2026: VIS Credit Rating Company Ltd. (VIS) has assigned initial Broker Fiduciary Rating of ‘BFR4+’ to MSManiar Financials (Pvt.) Limited (‘MSMFL’ or ‘the Company’). Rating of ‘BFR4+’ denotes adequate fiduciary standards. Outlook on the assigned rating is ‘Stable’.
MSMFL was incorporated on December 27, 2006. The principal activities of the Company are to act as security broker of the PSX and to engage in investing activities. Major shareholding of the Company is vested with Mr. Saad Maniar, who is the Chief Executive Officer of the Company, with more than 35 years of experience in this industry. The Company holds a Trading Right Entitlement Certificate (TREC) for Trading & Self- Clearing issued by the Pakistan Stock Exchange Limited (PSX). External auditors of the Company are Reanda Haroon Zakaria Salman Rizwan and Co which belongs to category ‘B’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
The assigned rating takes into account the Company’s ownership and governance framework, which currently has limited governance oversight. The board does not include independent or certified directors. Management and client services of the Company are considered adequate. Client service tools may be improved by providing prompt trade alerts to clients along with an SMS -based complaint lodging mechanism and complaint acknowledgement notifications. Similarly, investor grievance procedures may be enhanced for greater visibility on website. While contingency measures are in place, outsourcing offsite backups to a third-party warehouse may further reinforce them. Internal controls are in place, however, enhancement of internal control policies, periodic reviews of control systems and order recording, as well as strengthening trade review procedures may further improve the Company’s internal control framework. Moreover, ensuring compliance with all applicable regulations will remain important from the rating’s perspective.
Assessment of the Company’s financial profile reflects growth in brokerage revenue during FY25, though it moderated in 1HFY26 amid heightened competition. The Company’s cost-to-income ratio is considered on the higher side. Market risk exposure is considered low, while the liquidity profile is assessed as weak. The capitalization profile is characterized by a small equity base and elevated debt levels. Going forward, sustained growth in revenue and profitability, management of market risk, and improvement in capitalization, liquidity, and operational efficiency will remain important for the assigned rating.
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