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The Pakistan Credit Rating Agency Limited
Press Release

Date
07-Jul-22

Analyst
Afnan Iqbal
afnan.iqbal@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Withdraw Broker Management Rating of Cedar Capital (Pvt.) Limited

Rating Type Broker Management
Current
(07-Jul-22 )
Previous
(12-Jul-21 )
Action Withdraw Initial
Long Term - BMR3
Short Term - -
Outlook Stable
Rating Watch - -

Subsequent to the management's decision to discontinue the Broker Management Rating of Cedar Capital (Pvt.) Limited, PACRA has withdrawn the Broker Management Rating of Cedar Capital (Pvt.) Limited with immediate effect.
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About the Entity
Cedar Capital (Pvt.) Limited, categorized as trading and self-clearing, is a TREC holder of PSX and was incorporated in 2008. The Company is primarily engaged in the provision of equity brokerage services to HNWIs and institutional clients. The CEO, Mr. Umair Amanullah owns ~74% of the shares while the remaining shareholding also vests within the family. The board of directors is comprised of the CEO and Mr. Abdul Sameer. Mr. Umair Amanullah is also holding the chairman position and he is associated with the capital markets for the last 19 years. The external auditors are M/s Suriya Nauman Rehan & Company Chartered Accountants which falls in the category ‘B’ of the SBPs panel of auditors.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.