Press Release

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

Karachi, August 17, 2022: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Management Rating of Mohammad Munir Muhammad Ahmed Khanani Securities Limited (MMMAKSL) at ‘BMR2’. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on April 7, 2021.

The rating signifies strong compliance and risk management framework. Regulatory requirements, internal & external controls, client relationship and HR & infrastructure are sound while financial management and supervision framework is considered adequate.

The rating action incorporates the company’s regulatory and supervisory frameworks. The board of directors consists of five members, including independent representation of two. Board level committee to supervise audit function is present. Increasing the number of board committees may further enhance the supervisory framework.

The rating also takes note of strong compliance and risk management of the company. Independent presence and functioning of internal audit and compliance departments is noted. Internal and external controls are sound; documented policies to ensure confidentiality of information are in place. External controls may be enhanced by including statement of compliance with code in the annual financial statements. Client relationship is sound; availability of market research material and online analytics is ensured exclusively for the company’s clients. Modern client facilitation tools including mobile and web-based trading terminals are available.

An uptick in the profitability of the Company was witnessed on the back of sizable capital gains, supported by higher brokerage income during FY21. However, the same has remained subdued in FY22 due to suppressed market activity and unrealized losses. Market risk remains significant, owing to a sizable proprietary book. Liquidity profile remains adequate while efficiency ratio is favorable. Going forward, maintenance of capitalization indicators and improvement in the profitability profile will be important for the rating.

For further information on this rating announcement, please contact Ms. Sara Ahmed (Ext: 207) at (021) 35311861-66 or email at

Sara Ahmed

Applicable Rating Criteria: Broker Management Ratings 2020

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