Press Release

VIS Upgrades Broker Fiduciary Rating to Zahid Latif Khan Securities (Private) Limited

Karachi, April 20, 2026: VIS Credit Rating Company Ltd. (VIS) has upgraded the Broker Fiduciary Rating of Zahid Latif Khan Securities (Private) Limited (‘ZLKSL’ or ‘the Company’) to ‘BFR3+’ from ‘BFR3’. Rating of ‘BFR3+’ denotes good fiduciary standards. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on January 29, 2026.

The rating signifies sound Management & Client Services, while business & financial sustainability, ownership & governance, management & client services, and internal controls & regulatory framework are considered adequate.

Incorporated in May 1999, ZLKSL commenced its commercial activities from July 1999. The Company is engaged in provision of equity brokerage services. 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 rated ‘B’ on the approved list of auditors published by the State Bank of Pakistan (SBP).

The rating upgrade reflects improvements in the Company’s contingency measures and client services management platform, with offsite backups maintained at a third-party warehouse and a complaint management system enabling SMS-based lodging of complaints with acknowledgement issued. Assigned rating remains supported by the Company’s ownership and governance framework, sound management and satisfactory client services, established internal control policies and rebound in the Company’s earning profile.

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%202024/Broker-Fiduciary-Rating.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright April 20, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.