Press Release

VIS Assigns Initial Broker Fiduciary Rating to BMA Capital Management Limited

Karachi, May 13, 2022: VIS Credit Rating Company Ltd. (VIS) has assigned initial Broker Fiduciary Rating of ‘BFR3+’ to BMA Capital Management Limited (BMA), outlook on the assigned rating is stable. The assigned rating denotes good fiduciary standards.

The rating signifies adequate ownership and governance and business and financial sustainability while management and client services and internal controls are considered sound.

Assigned rating takes note of sound client management services where research and other client management tools are readily available for the customers. Client management framework may be further enhanced through disclosure of commission rates on the website with greater visibility. The Company’s internal controls and regulatory framework is also considered sound, internal audit, risk and compliance departments are functioning independently.

Rating also takes note of the Company’s governance framework which comprises of two directors. Increasing board size through inclusion of certified directors and independent representation may be considered in order to facilitate the formation of independently represented board level committees. Overall disclosure levels of the company are considered sound.

Assessment of the financial profile indicates improvement in the Company’s profitability profile on account of increase in core brokerage income due to increased market activity during FY21. The Company’s cost to income ratio remains on the higher side despite improvement in recurring revenues. Liquidity profile is sound and exposure to market risk low, capitalization indicators however remain on the higher side on account of borrowing being utilized to fund receivables and investments/advances. Overall, business and financial sustainability indicators are considered adequate. Going forward, enhancement in profitability while maintaining low market exposure and improving capitalization will be important for the rating.

Further, the Company holds a Trading Right Entitlement certificate (TREC) for Trading & Self Clearing Services issued by the Pakistan Stock Exchange Limited (PSX) since 1992. External auditors of the Company are RSM Avais Hyder Liaquat Nauman Chartered Accountants. Auditors are on the approved list of auditors published by the State Bank of Pakistan (SBP).

For further information on this rating announcement, please contact Ms. Sara Ahmed (Ext: 207) at (021) 35311861-66 or email at

Sara Ahmed

Applicable Rating Criteria: Broker Fiduciary Ratings 2021:

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 2022 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .