Press Release

JCR-VIS Assigns Entity Ratings to R.F.J. Equity (Private) Limited

Karachi, December 1, 2015: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned initial entity rating to R.F.J Equity (Private) Limited (REL) of ‘BB/A-3’ (Double B/A-Three). Outlook on the assigned ratings is ‘Stable’.

Incorporated in 2006, REL has a mandate to conduct equity brokerage and underwriting services. Since inception, REL has maintained limited business activity and is principally engaged in provision of small-scale underwriting activities; no brokerage business is conducted by the company. Resultantly, revenue of REL has largely emanated from underwriting during the year with further support provided by return on investments. Ratings are constrained by low revenue stream along with limited underwriting capacity on account of small capital base. Given capital injection and sizeable unrealized gain on investments, the company’s equity base amounted to Rs. 85.7m. Investment portfolio depicts significant concentration with exposure in limited number of scrips at year end.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Mr. Jamal Abbas Zaidi (Ext: 516) 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, 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 2015 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