Ratings that Matter

Faheem Ahmad

Founder VIS Group

President & CEO

JCR-VIS Credit Rating Company Limited

Ambassador For International Relations

Chairman (2013-2017)

Association of Credit Rating Agencies in Asia

President - Strategic

Planning and Global Relationships

Islamic International Rating Agency

Serving the Islamic Ummah

Islamic International Rating Agency, Bahrain

Founder Shareholder

Technical Partner & Management Services Provider

Credit Rating Information and Services Limited, Bangladesh

Founder Shareholder

Turkey and Jordan grant ECAI status to Islamic International Rating Agency

VIS Group signs Agreement of Cooperation with China’s Largest Credit Rating Agency, CCXI.

JCR-VIS Assigns Entity Ratings to Master Motor Corporation (Private) Limited JCR-VIS Assigns Initial Entity Ratings to Naveena Exports Limited JCR-VIS Assigns Initial Ratings to Olympia Oils (Pvt.) Limited JCR-VIS Assigns Initial Ratings to Procon Engineering (Private) Limited JCR-VIS Assigns Preliminary Rating to Sukuk Issue of Saif Textile Mills Limited JCR-VIS maintains Ratings of PGP Consortium Limited JCR-VIS Reaffirms Entity ratings of Deokjae Connecting Roads (Private) Limited JCR-VIS Reaffirms Entity Ratings of International Industries Limited JCR-VIS Reaffirms Entity Ratings of Kashf Foundation

TRUST
TRANSPARENCY
INDEPENDENCE

Name	Date	Rating Type	Long Term	Short Term	Outlook	Action
Deokjae Connecting Roads (Pvt.) Limited	4/20/2018	Entity	A+	A-1	Stable	Reaffirmed
Press Release \| History
Naveena Exports Limited	4/19/2018	Entity	A-	A-2	Stable	Initial
Press Release \| History
Saif Textile Mills Limited	4/17/2018	Sukuk 1	A		Stable	Preliminary
Press Release \| History
PGP Consortium Limited	4/16/2018	Pref Share	BBB		Positive	Maintained
Press Release \| History
PGP Consortium Limited	4/16/2018	Entity	A-	A-2	Positive	Maintained
Press Release \| History
Olympia Oils (Pvt.) Limited	4/12/2018	Entity	BBB+	A-2	Stable	Initial
Press Release \| History
KASHF Foundation	4/12/2018	Entity	BBB+	A-3	Stable	Reaffirmed
Press Release \| History
International Industries Limited	4/10/2018	Entity	AA-	A-1	Stable	Reaffirmed
Press Release \| History
Master Motor Corporation (Pvt) Limited	4/6/2018	Entity	A-	A-2	Stable	Initial
Press Release \| History
Procon Engineering (Pvt) Limited	4/6/2018	Entity	A	A-2	Stable	Initial
Press Release \| History

Name	Date	Rating Type	Long Term	Short Term	Outlook	Action
Deokjae Connecting Roads (Pvt.) Limited	4/20/2018	Entity	A+	A-1	Stable	Reaffirmed
Press Release \| History
Naveena Exports Limited	4/19/2018	Entity	A-	A-2	Stable	Initial
Press Release \| History
PGP Consortium Limited	4/16/2018	Entity	A-	A-2	Positive	Maintained
Press Release \| History
Olympia Oils (Pvt.) Limited	4/12/2018	Entity	BBB+	A-2	Stable	Initial
Press Release \| History
KASHF Foundation	4/12/2018	Entity	BBB+	A-3	Stable	Reaffirmed
Press Release \| History
International Industries Limited	4/10/2018	Entity	AA-	A-1	Stable	Reaffirmed
Press Release \| History
Master Motor Corporation (Pvt) Limited	4/6/2018	Entity	A-	A-2	Stable	Initial
Press Release \| History
Procon Engineering (Pvt) Limited	4/6/2018	Entity	A	A-2	Stable	Initial
Press Release \| History
International Steels Limited	4/4/2018	Entity	A+	A-1	Stable	Reaffirmed
Press Release \| History
Javedan Corporation Ltd.	4/4/2018	Entity	A+	A-1	Stable	Initial
Press Release \| History

Name	Date	Rating Type	Long Term	Outlook	Action
Faysal Asset Management Limited	3/19/2018	Management Quality	AM3	Rating Watch - Developing	Downgrade
Press Release \| History
JS Investments Limited	1/4/2018	Management Quality	AM2	Stable	Reaffirmed
Press Release \| History
ABL Asset Management Limited	12/29/2017	Management Quality	AM2++	Stable	Upgrade
Press Release \| History
HBL- Asset Management Limited	12/29/2017	Management Quality	AM2+	Stable	Upgrade
Press Release \| History
Al-Meezan Investment Management Limited	12/29/2017	Management Quality	AM1	Stable	Reaffirmed
Press Release \| History
UBL Fund Managers Limited	12/29/2017	Management Quality	AM1	Stable	Upgrade
Press Release \| History
Magnus Investment Advisors Limited	10/24/2017	Management Quality	AM2 (IA)	Positive	Maintained
Press Release \| History
Magnus Investment Advisors Limited	10/24/2017	Management Quality	AM2 (IA)	Positive	Maintained
Press Release \| History
Faysal Asset Management Limited	10/12/2017	Management Quality	AM3+	Stable	Downgrade
Press Release \| History
Arif Habib Dolmen REIT Management Limited	8/18/2017	Management Quality	AM2 (RMC)	Stable	Reaffirmed
Press Release \| History

Name	Date	Rating Type	Long Term	Outlook	Action
Saif Textile Mills Limited	4/17/2018	Sukuk 1	A	Stable	Preliminary
Press Release \| History
PGP Consortium Limited	4/16/2018	Pref Share	BBB	Positive	Maintained
Press Release \| History
Javedan Corporation Ltd.	4/4/2018	Sukuk 1	AA-	Stable	Preliminary
Press Release \| History
Shakarganj Food Products Limited	3/20/2018	Sukuk 1	A	Stable	Preliminary
Press Release \| History
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited)	3/8/2018	Sukuk 4	AA+		Rating Watch-Developing
Press Release \| History
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited)	3/8/2018	Sukuk 3	AA		Rating Watch-Developing
Press Release \| History
K-Electric Limited (Formerly: Karachi Electric Supply Company Limited)	3/8/2018	Sukuk 2	AA		Rating Watch-Developing
Press Release \| History
Treet Corporation Limited	2/8/2018	Sukuk 1	AA-	Stable	Reaffirmed
Press Release \| History
Bank Alfalah Ltd.	1/17/2018	TFC-1	AA-	Stable	Final
Press Release \| History
Faysal Bank Limited	1/17/2018	TFC-2			Matured
Press Release \| History

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Rating Process

In order to provide independent evaluations of their credit-worthiness or the credit risk of their debt issue, an entity may choose to have a credit rating assigned to themselves. A step-by-step process is followed to fully assess the issuer’s credit quality and arrive at a rating.Read More

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Understanding Ratings

A credit rating is an assessment of the ability and willingness of an entity to fulfill its financial commitments. It is a measure of the credit worthiness of an issuer and can be used by investors to help make investment decisions when comparing different issuers and debt issues.