Press Release

JCR-VIS assigns a ‘Positive’ outlook to the ratings of Kashf Foundation

Karachi, October 27, 2005: JCR-VIS Credit Rating Company Limited has assigned a ‘Positive’ outlook to the credit ratings of Kashf Foundation. The ratings have been maintained at BBB / A-3 (Triple BBB / A-Three).

The outlook has been revised in view of the impending change in the legal status of the foundation from a society to a non-profit guarantee limited company under section 42 of the Companies Ordinance, 1984. JCR-VIS believes that a stronger legal framework will favorably affect the organization’s credit worthiness.

The organization has remained financially stable particularly given its good asset quality, strong capitalization and liquid investment reserves vis-à-vis borrowings, allowing Kashf a robust profitability position. Financial indicators of strength have remained largely unchanged from the previous rating notification. Going forward, the organization is likely to expand at a rapid rate and venture into new geographical areas within the province of Punjab, increasing customer diversity.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 221) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.

Faheem Ahmad
President & CEO

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 2005 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