Press Release

JCR-VIS maintains ratings of Taurus Securities Limited at A-/A-2

Karachi, November 14, 2007: JCR-VIS Credit Rating Company Ltd. has maintained the entity ratings of Taurus Securities Limited (TSL) at ‘A-/A-2’ (Single A minus/A-Two).

The assigned ratings take into account the implied support of the major sponsoring institution and quality of the management team. Implementation of a real time order management system has also strengthened TSL’s margin monitoring capabilities for its retail clientele. Business volumes continue to be derived primarily from institutional clients and equity brokerage remains the primary area of operations.

The company however remains susceptible to the cyclicality inherent in the brokerage sector, in view of which the outlook on the medium to long term rating has been revised from ‘Stable’ to ‘Negative’. In order to broaden its client base in the retail segment, the management is endeavoring to expand branch network. Developments on this front will be monitored by JCR-VIS.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 408) or Ms. Sobia Maqbool (Ext: 506) at 5311861-71 or fax to 5311872-3.

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 2007 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