Press Release

JCR-VIS Reaffirms Entity Ratings of Security Investment Bank Limited

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Karachi, June 28, 2013: JCR-VIS Credit Rating Company Limited has reaffirmed the entity ratings of Security Investment Bank Limited (SIBL) at ‘A/A-2’ (Single A/A-Two) with a ‘Negative’ Outlook.

Ratings incorporate the challenges being faced by the Non-Banking Finance Companies (NBFCs) sector at large. In order to revive the NBFCs sector, the Securities & Exchange Commission of Pakistan (SECP) had set up a reforms committee to provide its recommendations on various matters. Among other things, the committee proposed extension in timeline for meeting minimum capital requirement. Equity of SIBL is short of the minimum capital requirement, in effect as of now. Till such time further developments take place in lieu of the regulatory regime, SIBL is likely to continue operating at current levels.

Liquidity profile of SIBL is considered sound with funds largely deployed in government securities. Lending activities of SIBL remained fairly restricted. Operational performance depicted some improvement on a timeline basis; however, enhanced business activity while maintaining risk within prudent limits is required for sustained improvement in profitability of the bank. SIBL has recently received license to undertake brokerage activities; resources are planned to be inducted for this function, going forward.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at 35311861-70 (10 lines) or fax to 35311873.

Jamal Abbas Zaidi
Deputy CEO

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 2013 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