Press Release

JCR-VIS Revises Long Term Entity Rating of Grays Leasing Limited to BB

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Karachi, March 10, 2010: JCR-VIS Credit Rating Company Limited has revised the medium to long term entity rating of Grays Leasing Limited (GLL) from ‘BBB-’ (Triple B Minus) to ‘BB’ (Double B), and the short term rating from ‘A-3’ (A-Three) to ‘B’ (Single B). Outlook on the rating continues to be ‘Negative’.

During the quarter ending 31 December, 2009, the company experienced a loss of Rs. 42.3m which led to erosion of its equity base. The loss was unexpectedly high as income levels dropped drastically and considerable amounts were provided for. GLL’s current equity is less than Rs. 200m which is in non-compliance with the statutory minimum equity requirement for NBFCs to carry on leasing business. Moreover, continued increase in delinquencies has further hampered the liquidity profile. The rating action has been taken under these uncertain and difficult conditions. Additional capital is required in order to continue as a going concern while ensuring timely repayment ability.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Ms. Sabeen Saleem (Ext: 510) at 35311861-70 or fax to 35311873.

Safdar Kazi

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-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. JCR-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. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-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 2010 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited