Rating Details	Rating Type	BFR
	Dissemination Date	Current (25-Sep-23 )	Previous (28-Oct-22)
	Action	Upgrade	Maintain
	Rating	BFR 2	BFR 3++
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership	OCM's ultimate ownership vests with Mr. Jawad Amjad (20%) and Mr. Asif Ali Qureshi (80%). The rating draws comfort from the strong business acumen of the sponsors.
	Governance	The Company has a small board comprising two executive directors. The planned induction of an independent director during the upcoming directors elections will enhance the oversight framework moving f
	Management and Client Services	An addition of an online sales department and the separation of management roles has improved the organizational structure. By leveraging its group synergies, OCM provides sound client services.
	Internal Controls and Regulatory Compliance	A dedicated Compliance Officer has recently been hired, boosting the compliance framework of the Company. Key board approved policies are updated on a timely basis to account for any regulatory change
	Business Sustainability	Despite low market volumes during FY22 and FY23, OCM has maintained its topline, and subsequently its profitability, through providing advisory services along with facilitating large block deals consi
	Financial Sustainability	Market risk is limited due to the Company not partaking in proprietary trading. Moreover, a zero-leveraged capital structure provides comfort to the rating.

Key Rating Drivers

Optimus Capital Management (Pvt.) Limited ('OCM' or the 'Company') has shown resilience during recent years, outperforming its competitors through revenue diversification. Going forward, it is imperative from a ratings perspective to maintain topline growth, revenue diversification, and profitability. Maintenance and improvement in market share remains important. Moreover, retention of key management personnel and further separation of management roles remain critical.

About the Entity
	Legal Structure	Private Limited
	Year of Establishment	18-Mar-04
	Type of License	Trading and Self-clearing
	Majority Ownership	Optimus Holdings (Pvt.) Limited

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Hassaan Ahmad Hassaan.Ahmad@pacra.com +92-42-35869504 www.pacra.com	Methodology | Broker Fiduciary Rating | Jan-23	Sector Study | Brokerage & Securities | Jan-23

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