Press Release

JCR-VIS reaffirms entity ratings of First Paramount Modaraba at BBB-/A-3 with Stable Outlook.

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Karachi, July 25, 2006: JCR-VIS Credit Rating Company Ltd. has reaffirmed the entity rating of First Paramount Modaraba (FPM) at ‘BBB-/A-3’ (Triple B Minus/A-Three) with a ‘Stable’ outlook.

FPM is a multipurpose manufacturing modaraba engaged in ‘CNG musharika’ and morabaha business. The rating agency has noted improvement in FPM’s CNG operations owing to higher capacity and business volumes which now contributes substantially to overall profitability of the modaraba. However its small size and limited market access has implications on the risk taking ability. Resultantly diversification of revenue sources, meaningful business growth and development of sources for fund mobilization would be essential for the modaraba in the future.

For further information on this rating announcement, please contact the undersigned or Ms. Sabeen Saleem at 5671822/5671833/5680996 or fax to 5681105/5671600.

Syed Ziauddin Ahmed

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 2006 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