Press Release
VIS Assigns Initial Broker Fiduciary Rating to Fortune Securities Limited
Karachi, September 17, 2025: VIS Credit Rating Company Ltd. (VIS) has assigned initial Broker Fiduciary Rating of ‘BFR3’ to Fortune Securities Limited (‘FSL’ or ‘the Company’). Rating of ‘BFR3’ denotes good fiduciary standards. Outlook on the assigned rating is ‘Stable’.
The rating signifies adequate business & financial sustainability as well as ownership & governance framework. Management & client services, and internal controls & regulatory framework are considered sound.
FSL is a public unlisted company incorporated in 1994. The company is principally engaged in brokerage of shares, securities, securities, commodities, research and other financial instruments. Major shareholding of the company is vested with Mr. Anis Ur Rahman, who serves as the Chief Executive Officer of the company. FSL runs its operations through its registered office located in Karachi. FSL has a TREC (Trading Right Entitlement Certificate) for Trading and Self-Clearing Services granted by Pakistan Stock Exchange Limited (PSX). External auditors of the company are M/s Naveed Zafar Ashfaq Jaffery & Co. Chartered Accountants. Auditors belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
Assigned rating incorporates the Company’s ownership and governance framework, which is constrained by a limited board size. Expanding the board and including independent and certified directors may strengthen governance and support greater diversity across board committees. Management and client services are considered sound, with online trading platforms facilitating client transactions. However, grievance procedures may be made more prominent for greater visibility on the website. Similarly, expanding geographical presence may further support the Company’s business growth. Contingency measures of the Company may be further strengthened by outsourcing offsite backups at third party warehouse. While internal policies are in place, broadening their scope may further strengthen the Company’s internal control framework. Additionally, disseminating the conflict-of-interest policy to both staff and customers would reinforce these controls.
Assessment of the Company’s financial profile reflects growth in brokerage income, in line with the overall positive industry trend. Operational efficiency has also improved. However, the Company’s liquidity profile is considered weak, while market risk remains minimal. Although the equity base is small, limited debt provides support to the Company’s capitalization profile. Going forward, enhancement in revenue and profitability, along with improvement in liquidity and capitalization profile will be important for the 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%202024/Broker-Fiduciary-Rating.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf