Press Release

JCR-VIS Assigns Initial Entity Ratings to Elixir Securities Pakistan (Private) Limited

Karachi, April 10, 2017: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned initial entity ratings to Elixir Securities Pakistan (Private) Limited (ESPL) at ‘BBB/A-3’ (Triple B /A-Three). Outlook on the assigned ratings is ‘Stable’.

ESPL is engaged in provision of securities brokerage (equity & fixed income) and corporate advisory services. The company is a wholly owned subsidiary of Elixir Capital (Private) Limited, which acquired total shareholding of ESPL from Patek (Private) Limited (part of Dawood Group) in May 2015.

The ratings of ESPL incorporate the evolving governance structure of the company. Although management team comprises learned individuals with adequate experience in the financial services industry, there have been notable changes during the last year. Effectiveness of same will be tested over time. Policy framework of the company has improved with implementation of Board-approved underwriting policy to minimize business risk.

In the outgoing year, ESPL booked surplus on revaluation of shares held in Pakistan Stock Exchange. This, along with profit retention contributed to augmentation in equity base. Moreover, liquidity profile of the company depicted improvement. In line with growth objectives, borrowings are projected to increase over the coming years.

For further information on this rating announcement, please contact the undersigned (Ext: 201) or Mr. Jamal Abbas Zaidi (Ext: 207) at 021-35311861-71 or fax to 021-35311872-3.

Javed Callea

Applicable Rating Criteria: Methodology - Securities Firms Rating (May 2015)

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited 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.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.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2017 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited