Press Release

JCR-VIS reaffirms Entity Ratings of Taurus Securities Limited

Karachi, January 3, 2011: 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). Outlook on the assigned rating is ‘Stable’.

The ratings take into account ability of the company to remain profitable over the last two years despite difficult challenges posed by deterioration in overall economy coupled with stock market volatility and low volumes. Management’s focus on cost control through branch consolidation, in period of market turmoil, has contributed to positive bottom line. Income from brokerage operations has remained subdued; however, it still comprises major portion of total revenues with return on bank deposits also contributing significantly to the bottom line.

The rating also incorporates the implicit support of majority shareholder, National Bank of Pakistan (NBP), in terms of credit lines sanctioned to the company. Going forward, with major proportion of revenues, in the form of commissions stemming from stock market activity, the company is exposed to volatility of the stock market.

For further information on this rating announcement, please contact Mr. Jamal Abbas Zaidi (Ext: 408) or Mr. Zia Usmani (Ext: 507) at 35311861-71 or fax to 35311872-3.

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 2010 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