Press Release

JCR-VIS Reaffirms Ratings of Taurus Securities Limited

Karachi, January 05, 2008: JCR-VIS Credit Rating Company Ltd. has reaffirmed the entity ratings of Taurus Securities Limited (TSL) at ‘A-/A-2’ (Single A Minus/A-Two).

The rating incorporates the implicit support of National Bank of Pakistan (NBP), which is the largest shareholder of TSL. In addition to this, funding lines are also made available to the company from NBP. The company has been successful in reducing its trade payables, moreover outstanding borrowings were nil at the end of November 2008.

Outlook on the medium to long term rating has been maintained as ‘Negative’ as operations remain a function of stock market activity. Given that the volumes in the stock exchange were negligible during most of the latter half of 2008 the revenues of the company declined in the same period, while operating expenses remained at prior levels after incorporating the effect of two additional branches. JCR-VIS will continue to monitor the company’s performance under the present circumstances.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 501) or Ms. Sobia Maqbool (Ext: 506) at 5311861-71 or fax to 5311872-3.

Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-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. JCR-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. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-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 2009 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited