Press Release

JCR-VIS reaffirms ratings of Taurus Securities Limited

Karachi, October 17, 2005: JCR-VIS Credit Rating Company Ltd. has reaffirmed the medium to long-term entity rating of Taurus Securities Limited (TSL) at ‘A-’ (Single A minus) with a ‘Stable’ outlook. Short-term rating has also been reaffirmed at ‘A-2’.

Ratings take into consideration the implied support of National Bank of Pakistan (NBP) with 58.32% shareholding. While changes at the helm of the institution were witnessed over the last year, continuity in company policies has been maintained. The company has mostly remained cautious in terms of proprietary exposure to the equities’ market, margin requirements against client trades and client screening. Client base of the company has remained stable and quality of trade debts has also remained sound. Recently, the management has also taken measures to improve transparency in operations.

While the company benefited during the earlier part of the year from the positive trends in the stock market, going forward, diversification of business is essential to circumvent the volatility arising from equity broking business.

For further information on this rating announcement, please contact Mr. Muhammad Ameen (Ext: 233) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.



Faheem Ahmad
President & 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 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 October 17, 2005 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.