Press Release

JCR-VIS Assigns Broker Management Rating to Adam Securities Limited

Karachi, November 21, 2017: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned initial Broker Management Rating of ‘BMR3++’ to Adam Securities Limited (ASL). Outlook on the assigned rating is ‘Stable’.

The rating signifies sound external control framework and risk management along with adequate regulatory compliance levels, internal controls, client relationship, HR & IT services and financial management.

Assigned rating reflects ASL’s adequate capitalization levels which comply with regulatory levels. Increase in the size of BoD would enhance the board level governance whereas policy framework can be further strengthened through broadening the scope of areas covered. Furthermore, autonomous existence of compliance and internal audit departments would improve the internal control framework and regulatory compliance. Financial performance of ASL has witnessed improvement on account of increase in commission rates charged to clients. The same has resulted in improvement of efficiency of the company.

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

Jamal Abbas Zaidi

Applicable Rating Criteria: Broker Management Ratings 2017

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 2017 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