Press Release
VIS Reaffirms Broker Fiduciary Rating of Akik Capital (Pvt) Ltd
Karachi, August 22, 2025: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Fiduciary Rating of Akik Capital (Pvt) Ltd at ‘BFR3’. Outlook on the assigned rating is ‘Stable’. Rating of BFR3 denotes good fiduciary standards. Last rating action was announced on August 16, 2024.
The rating signifies sound internal controls and regulatory compliance, while ownership and governance, management and client services as well as business and financial sustainability are considered adequate.
Akik Capital (Pvt) Ltd is principally engaged in the brokerage of shares. The company caters mainly to domestic institutional and retail clients. At present, AKIK operates through its head office based in Karachi, where it provides both assisted and online trading services. The company holds Trading Rights Entitlement Certificate (TREC) granted by Pakistan Stock Exchange Limited (PSX), and is registered with SECP to provide Trading & Self Clearing Services. External auditors of the company are Kreston Hyder Bhimji & Co Chartered Accountants. External auditors belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
Assigned rating takes into account the ownership and governance framework, which is constrained by the limited board size. Governance may be strengthened by expanding the board, including independent directors, and establishing additional board committees. The Company may consider enhancing their customer services. Internal policies exist, however, expanding their scope may further reinforce the internal control framework.
Assessment of the financial profile reflects growth in operating revenue, primarily driven by higher brokerage income, in line with positive industry trends. While the Company’s cost-to-income ratio has improved, it remains on the higher side. Liquidity profile is considered sound, whereas market risk is elevated. The Company’s capitalization profile continues to be supported by its debt-free balance sheet, although the leverage indicator has increased and the equity base remains limited. Going forward, enhancing and diversifying the revenue base, reducing market risk, maintaining the liquidity profile and gearing levels, and strengthening the equity base will be important for the rating.
For further information on this rating, please contact at 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