Hi I'm not an expert here, I just simply want to share my experience with Martial Masters ROMs and Mame emulator. I'm not saying Mame is not working, but it certainly don't with Martial Masters which is a pain in the ass for those retro gamers...
so, here is how I finally figure out how to fix it...
When I first searching for MARTIAL MASTERS, I downloaded the ROM from ROMNATION.NET and also its BIOS which is PGM(POLYGAME MASTER), then I downloaded the MAME32V103 emulator and it wont WORK, the message kept appearing, mmasters_arm.bin needs redump, rom incorrect and bla bla bla...I search for solution everywhere and even downloaded another ROM of MARTMAST.
Things I get after googled my problem:
PPL keep telling the ROM was corrupted, cannot do anything and ask to wait for the working rom come out in internet...
Or, some suggest I downloaded missing file, but I didnt miss anything!
Others said should change the name of asic file to bin file, but the one I got is ady a BIN file.
Finally I see one suggestion about ppl using Nebula emulator...
just googled: Nebula v2.25b Released! It is from a forum called Emulator-Zone
and so I extract the emulator from zip, then I simply put the zipped file of Martmast together with zipped file of pgm into its ROM folder and when I open Nebula emulator and audit games, it says there is no game available to play, and so I uncheck all the boxes(you will see it in the emulator later) and then I check only the box that says polygame master and so Martial Masters(USA) will appear on the list, just double click it and ta-da you are right there!