Press Release
PACRA Assigns Initial Broker Fiduciary Rating to JS Global Capital Limited
Date: 27-Apr-22
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Rating Details | Rating Type | BFR | |
Dissemination Date | Current (27-Apr-22 ) | ||
Action | Initial | ||
Rating | BFR 1 | ||
Outlook | Stable | ||
Rating Watch | - |
Rating Rationale | Factor | Comment |
Ownership | JS Bank Limited is the primary shareholder with ~93% of the ownership, remaining shares are owned by general public and institutions. | |
Governance | The Board is comprised of eight directors including the chairman and CEO. Presence of two independent and a female director is well noted. | |
Management and Client Services | JSGCL has a well-defined organizational structure headed by seasoned professionals. Well drafted policies are in place to ensure high quality of client services. | |
Internal Controls and Regulatory Compliance | The internal audit is performed at group level. A dedicated risk manager is also present along with the compliance department. | |
Business Sustainability | Major part of revenue emanates from equity brokerage; however, investment banking, money market, forex and commodity brokerage desk provides support. | |
Financial Sustainability | The Company does not engage in Proprietary-Book, thus minimizing market risk. Capitalization indicators are strong with a low leveraged capital structure. |
Key Rating Drivers |
About the Entity | |
Legal Structure | Listed |
Year of Establishment | 28-Jun-00 |
Type of License | Trading and Self-clearing |
Majority Ownership | JS Bank Limited |
Regulatory Disclosures | Analyst | Applicable Criteria | Related Research |
Afnan Iqbal afnan.iqbal@pacra.com +92-42-35869504 www.pacra.com |
Methodology | Broker Fiduciary Rating | Jan-21 |
Sector Study | Brokerage & Securities | Jan-22 |
Disclaimer | This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA. The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor. |