Rating Details	Rating Type	BFR
	Dissemination Date	Current (31-Dec-25 )
	Action	Initial
	Rating	BFR 4
	Outlook	Stable
	Rating Watch	-

Rating Rationale	Factor	Comment
	Ownership	A.U.A Securities Private Limited ("A.U.A" or the "Company") has closely held ownership, with four individuals, Mr. Umair, Mr. Abbas, Ms. Shireen, and Ms. Zarmina, each holding 20%. The main sponsor, Mr. Arif, holds approximately 18%, while the remaining stake is held by the CEO. This represents a newly established venture with this ownership in place.
	Governance	The governance of the Company resides with the shareholders, which ultimately means there is no distinction between ownership and BoD. The board comprises four executive directors, providing direct sponsor oversight during the start up phase. The inclusion of independent representation would support improved oversight and governance depth.
	Management and Client Services	The management team below the executive directors is yet to be completed, although the organogram is in place. The respective HODs are intended to be hired along the line.
	Internal Controls and Regulatory Compilance	A.U.A intends to operate within an internal control framework aligned with SECP regulations, the PSX Rule Book, and AML/CFT requirements. Compliance and risk management functions are in the process of being established. The website and the IT framework will also be developed, with the overall control environment expected to evolve as operations commence.
	Business Sustainability	The Company is in the start up phase. For FY26, brokerage commission income of PKR 25.0 million and profitability of PKR 13.6 million are projected, subject to management assumptions, market conditions, and execution risk.
	Financial Sustainability	The Company has a limited equity base, especially when development related expenditures are accounted for. As of Oct 25, the Company equity stood at PKR 77 million. The Company financial profile is supported by sponsor commitments, including a letter of comfort.

Key Rating Drivers

The assigned BFR reflects the sponsors commitment to establish a brokerage business in compliance with regulatory requirements. The rating incorporates planned arrangements for governance, client asset protection, and risk management. The assessment remains prospective and is contingent upon timely execution and the effective implementation of stated frameworks once operations commence.

About the Entity
	Legal Structure	Private Limited
	Year of Establishment	28-Aug-25
	Type of License	Please Select
	Majority Ownership	20% each, namely Mr. Umair, Mr. Abbas, Ms. Shireen, Ms. Zarmina.

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Usama Ali usama.ali@pacra.com +92-42-35869504 www.pacra.com	Assessment Framework | Broker Fiduciary Rating | Jan-25 Methodology | Rating Modifiers | Apr-25	Sector Study | Brokerage Firms | Feb-25

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