Press Release

JCR-VIS Assigns Entity Ratings of ‘A-/A-2’ to Topline Securities (Private) Limited

Karachi, March 22, 2016: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has assigned initial entity ratings to Topline Securities (Private) Limited (TSPL) of ‘A-/A-2’ (Single A-Minus/A-Two). Outlook on the assigned ratings is ‘Stable’.

TSPL, incorporated in 2001, is engaged in provision of equity brokerage services along with corporate finance & advisory. Shareholding structure of the company is split between individuals including the CEO/Chairman himself. Organizational infrastructure is expected to improve as the company seeks to list itself on the local bourse.

The company serves high net worth individuals, domestic and foreign institutions with client base largely being institutional in nature. Revenue has showcased growth over past half-decade on the back of greater proportion of income from higher margin foreign institutions. Sustainability of foreign business will be tested over time. Going forward, management foresees greater revenues to emanate from corporate finance & advisory activities.

Accumulation of retained earnings has enabled the company to build its equity base. Risk profile of the institution quantified by factors such as gearing, extent of margin financing through margin trading system and level of proprietary book being managed is considered favorable vis-à-vis peers.

For further information on this rating announcement, please contact the undersigned (Ext: 508) or Mr. Jamal Abbas Zaidi (Ext: 516) at 021-35311861-71 or fax to 021-35311872-3.

Mohammed Khalid Ali

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 2016 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