Press Release

JCR-VIS Reaffirms Broker Management Rating of Intermarket Securities Limited

Karachi, December 14, 2018: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Broker Management Rating of Intermarket Securities Limited (IMSL) at ‘BMR2’. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on October 11, 2017.

The rating signifies strong internal and external controls; sound risk and client relationship management along with adequate regulatory compliance levels, HR & IT services and financial management.

The rating derives its strength from strong internal and external control environment supported by well-defined and prudent policy framework. However, there remains room for improvement in Board size. The inclusion of an independent director on the board would add to governance level. Moreover, earning profile of the company has witnessed downward trend on account of decrease in core brokerage income due to depressed market volumes during 2018. Going forward, financial performance would remain sensitive to volatilities of local stock market and is subject to risks associated with it. Leverage indicators have remained manageable and below 1x mark.

For further information on this rating announcement, please contact the undersigned (Ext: 201) at (021)35311861-71 or fax to (021)35311872-3.

Javed Callea

Applicable Rating Criteria: Broker Management Ratings 2017

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 2018 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