Press Release
VIS Assigns Initial Broker Fiduciary Rating to Zahid Latif Khan Securities (Private) Limited
Karachi, January 29, 2026: VIS Credit Rating Company Ltd. (VIS) has assigned initial Broker Fiduciary Rating of ‘BFR3’ to Zahid Latif Khan Securities (Private) Limited (‘ZLKSL’ or ‘the Company’). Rating of ‘BFR3’ denotes good fiduciary standards. Outlook on the assigned rating is ‘Stable’.
The rating signifies adequate business & financial sustainability, ownership & governance, management & client services, and internal controls & regulatory framework.
ZLKSL, incorporated in May 1999, commenced its commercial activities from July 1999. The Company is engaged in the business of broker in stocks, shares, securities under license or with the foreign permission or approval of any recognized association, authority, stock exchange, or other market in Pakistan or abroad. Head office of the Company is situated in Islamabad. The Company holds Trading Rights Entitlement Certificate (TREC) for Trading & Self Clearing Services granted by Pakistan Stock Exchange Limited (PSX) and is also a license holder of Pakistan Mercantile Exchange Limited (PMEX). External auditors of the company are Nasir Javaid Maqsood Imran Chartered Accountants. Auditors are rated ‘B’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
The assigned rating incorporates the Company’s ownership and governance framework, which may be strengthened by expanding the board size and including independent directors. This, in turn, would also facilitate the formation of additional committees with diversified composition. Additionally, appointment of ‘A’ rated auditors may also support the Company governance framework. Management and client services of the Company are considered adequate. However, these may be improved by enhancing customer grievances procedures for greater visibility on website, as well as by enabling customers to lodge complaints through SMS, with timely acknowledgement received by customers. Additionally, enhanced marketing and promotion efforts would contribute towards expansion of customer base. Contingency measures of the Company may be further improved by outsourcing offsite backups at a third-party warehouse. The Company has established internal control policies. However, further enhancement may be achieved by expanding their scope and formalizing additional frameworks, including conflict-of-interest and counterparty creditworthiness policies. Furthermore, periodic internal audits of order recording systems and increased frequency of trade review procedures, may support a more robust oversight and regulatory compliance.
Assessment of the financial profile of the Company reflects a notable rebound in the Company’s earning profile, driven by healthy growth in brokerage commission, in line with favorable industry trends. This positive momentum was sustained into 3MFY26, indicating improving earnings stability. The Company has sound operational efficiency, with cost-to-income ratio at fair level. Liquidity profile of the Company is considered sound, while market risk is elevated. The capitalization profile of the Company reflects moderate leverage. Going forward, Company’s ability to enhance and diversify its revenue streams, effectively manage market risk, improve gearing and leverage indicators, and sustain a sound liquidity profile alongside continued operational efficiency will remain important.
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