Company Profile:

JCR-VIS Credit Rating Co. Ltd. (JCR-VIS), approved by Securities & Exchange Commission of Pakistan and State Bank of Pakistan, is operating as a ‘Full Service’ rating agency providing independent rating services in Pakistan. JCR-VIS is a joint venture between Japan Credit Rating Agency, Ltd. (JCR) - Japan's premier rating agency, Vital Information Services (Pvt.) Limited (VIS) – Pakistan’s only independent financial research organization, Karachi Stock Exchange and Islamabad Stock Exchange.

JCR-VIS is not an NRSRO (Nationally Recognized Statistical Rating Organizations) and its ratings are not NRSRO credit ratings. As per the technical agreement with JCR, JCR-VIS may seek JCR’s assistance on any conceptual and methodology related matter. However, JCR is not represented on the rating committee and JCR-VIS does not seek JCR’s opinion on individual ratings. In January 2001 JCR and VIS entered into a Joint Venture Agreement whereby JCR acquired 15% share in DCR-VIS Credit Rating Co. Ltd. of Pakistan. As a result of this agreement, the name of the company changed from DCR-VIS Credit Rating Co. Ltd. to JCR-VIS Credit Rating Co. Ltd. (JCR-VIS). The DCR-VIS Credit Rating Co. Ltd. was incorporated in 1997 as a joint venture between VIS, Karachi Stock Exchange, Islamabad Stock Exchange and Duff & Phelps Credit Rating Co. (DCR). Subsequent to DCR’s merger with Fitch IBCA, DCR sold its interests in DCR-VIS to VIS.

Shareholders:

     Japan Credit Rating Agency, Ltd. - 15.0%

     Vital Information Services (Pvt.) Ltd. - 67.5%

     Karachi Stock Exchange Limited - 12.5%

     Islamabad Stock Exchange Limited - 5.0%

Joint Ventures and Affiliations:

     Islamic International Rating Agency - (IIRA)

     Credit Rating Information & Services Limited - (CRISL)

     Association of Credit Rating Agencies in Asia - (ACRAA)

Board of Directors:

BBoard of Directors of JCR-VIS consists of the following:

Mr.Faheem Ahmad – President & CEO (Nominee of VIS)Ms.Faryal Ahmed Faheem (Nominee of VIS) Ms.Farzeen Ali Allawala (Nominee of VIS)Mr.Saeed Khan (Nominee of VIS)Mr.Muhammad Sohail (Nominee of KSE)Mr.Ahmed Ali Mitha (Nominee of KSE)Mr.Mian Ayyaz Afzal (Nominee of ISE)

JCR-VIS Rating Process:Issuer/Client 1. Signs agreement for an initial rating

2. Submits preliminary information materials

JCR-VIS 3. Conducts a preliminary study

4. Submits a detailed questionnaire to the issuer/client

Issuer/Client5. Provides detailed information in response to detailed questionnaire

JCR-VIS 6. Conducts pre due diligence meeting analysis

7. Conducts due diligence meetings

4 - 5 weeks

JCR-VIS 8. Conducts post due diligence analysis

9. Brief for internal rating committee meetings is prepared

10. Sub Committee recommends preliminary/initial rating

11. Rating Committee decides the preliminary/initial rating

12. Discusses the rating rationales and rating issues with client

13. Notifies issuer of the preliminary/initial rating, deliberates on appeals by client, if any

Issuer/Client14. Consents to release of preliminary/initial rating to the public in case of non-mandatory ratings

JCR-VIS 15. Releases the preliminary/initial rating to the press

2 - 3 weeks