Press Release
VIS Reaffirms Broker Fiduciary Rating of Summit Capital (Private) Limited
Karachi, June 29, 2026: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Fiduciary Rating of Summit Capital (Private) Limited (‘SCPL’ or ‘the Company’) at ‘BFR3+’. Rating of BFR3+ denotes good fiduciary standard. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on June 30, 2025.
The rating signifies sound management and client services, and internal control and regulatory compliance, while ownership and governance framework, along with business and financial sustainability, are considered adequate.
SCPL is engaged in providing equity and commodity brokerage services along with research to institutional as well as retail clients. Major shareholding of the Company is vested with Bank Makramah Limited, who serves as the parent company. The Company provides both online and assisted trading services to its clients, and has offices in Karachi and Lahore. 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 belong to category ‘A’ on the approved list of auditors published by the State Bank of Pakistan (SBP).
Assigned rating takes into account the Company’s ownership and governance framework, comprising a four-member Board with no independent representation and three board committees. Governance oversight may be further strengthened through expansion of the Board and inclusion of independent directors, which would facilitate more representation and a more diversified composition across board committees. Management and client services are considered sound, supported by platforms for back-office operations and online trading. While the Company provides equity research and daily market reports to clients, publishing these reports on its website may further enhance accessibility and client service offerings. Contingency arrangements are in place; however, maintaining offsite backups at a third-party warehouse may further strengthen the business continuity framework. Internal policies are in place, though formulation of a separate conflict of interest policy may further enhance the internal control framework.
Assessment of the Company’s financial profile reflects continued improvement in earnings during CY25, primarily driven by growth in brokerage revenue amid the overall positive industry trend. However, while revenue remained stable in 1QCY26, profitability was adversely impacted by unrealized losses, resulting in a net loss during the period. Consequently, the Company’s operational efficiency weakened. The liquidity profile remains adequate, while exposure to market risk has increased. Capitalization indicators are considered manageable, with ongoing sponsor support in the form of secured short-term running finance facility providing comfort to the capitalization profile. Going forward, augmentation in earning profile, along with managing market risk, as well as improvement in liquidity profile and capitalization profile, will remain 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-2025/BrokerFiduciaryRating-Nov25.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf