Publicly Notified Ratings by JCR-VIS Credit Rating Company LIMITED

Adamjee Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating AA-

ON RATING WATCH

Altowfeek Investment Bank Ltd.

Entity (medium to long term) B

Entity (short term) B

DOWNGRADE ON RATING WATCH

Al-Zamin Leasing Modaraba

Entity (medium to long term) BBB+

Entity (short term) A-3

TFC-1 (Rs. 250m, 5 years, On Profit & Loss Sharing Basis) A-

Outlook Stable

B.R.R. International Modaraba

Entity (medium to long term) A-

Entity (short term) A-2

Outlook Stable

The Bank of Khyber Ltd.

Entity (medium to long term) BBB

Entity (short term) A-2

Outlook Stable

Bolan Bank Ltd.

Entity (medium to long term) BB+

Entity (short term) A-3

Outlook Positive

Capital Assets Leasing Corporation Ltd.

Entity (medium to long term) BB+

Entity (short term) B

ON RATING WATCH

Capital Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating BB+

Outlook Stable

Century Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating A

Outlook Stable

Crescent Leasing Corp. Ltd.

Entity (medium to long term) A+

Entity (short term) A-1

Outlook Stable

TFC-2 (Rs. 250m) - Final Rating AA-

Outlook Stable

Crescent Steel & Allied Products Ltd.

Entity (medium to long term) A+

Entity (short term) A-1

Outlook Stable

Dewan Salman Fibre Ltd.

Entity (medium to long term) A

Entity (short term) A-2

TFC-1 (Rs. 700m, 5 years) A+

TFC-2 (Rs. 1.6bn, 4 years) A+

Outlook Stable

EFU General Insurance Ltd.

Insurer Financial Strength (IFS) Rating AA-

Outlook Stable

Engro Asahi Polymer & Chemicals Ltd.

TFC-1 (Rs. 500m, 5 years) A

Outlook Stable

Escorts Investment Bank Ltd.

Entity (medium to long term) A-

Entity (short term) A-2

Outlook Stable

Excel Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating BB-

Outlook Positive

Faysal Bank Ltd.

Entity (medium to long term) AA-

Entity (short term) A-1

Outlook Stable

First Habib Bank Modaraba

Entity (medium to long term) AA-

Entity (short term) A-1+

Outlook Positive

First Oil & Gas Securitization Company Ltd.

TFC-Securitized A

Outlook Stable

First Paramount Modaraba

Entity (medium to long term) BBB-

Entity (short term) A-3

Outlook Stable

Grays Leasing Ltd.

Entity (medium to long term) BBB+

Entity (short term) A-2

Outlook Stable

Equity PE-3+

Outlook Stable

Gulshan Spinning Mills Limited

TFC-1 A

Outlook Stable

Gulistan Spinning Mills Limited

TFC-1 A

Outlook Stable

Habib Bank AG Zurich - Pakistan Branches

Entity (medium to long term) AA+

Entity (short term) A-1+

Outlook Stable

Habib Bank Limited

Entity (medium to long term) AAA

Entity (short term) A-1+

Standalone Entity (medium to long term) A

Standalone Entity (short term) A-1

ON RATING WATCH

Hira Textile Mills Ltd.

Entity (medium to long term) BBB

Entity (short term) A-3

Outlook Stable

Indus Dyeing and Manufacturing Company Ltd..

Entity (medium to long term) A

Entity (short term) A-2

Outlook Stable

International Housing Finance Company Ltd.

Entity (medium to long term) BBB+

Entity (short term) A-3

Ittehad Chemicals Ltd.

Entity (medium to long term) A-

Entity (short term) A-1

TFC-1 (Rs. 250m, 5 years) A

Outlook Stable

Jupiter Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating B-

Outlook Stable

KASB Bank Limited

Entity (medium to long term) BB+

Entity (short term) A-3

ON RATING WATCH

Kunja Textile Mills Ltd.

Entity (medium to long term) BBB-

Entity (short term) A-3

Outlook Stable

Mashreq Bank psc. - Pakistan Branches

Entity (medium to long term) BBB+

Entity (short term) A-2

RATING WITHDRAWN

Meezan Bank Ltd.

Entity (medium to long term) A+

Entity (short term) A-1+

Outlook Stable

National Bank of Pakistan

Entity (medium to long term) AAA

Entity (short term) A-1+

Outlook Stable

Standalone Entity (medium to long term) AA-

Standalone Entity (short term) A-1+

Outlook Positive

National Discounting Services Ltd.

Entity (medium to long term) A-

Entity (short term) A-1

Outlook Stable

National Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating AA(p)

Unsolicited Rating

Network Leasing Corp. Ltd.

Entity (medium to long term) BBB

Entity (short term) A-3

Outlook Stable

TFC-2 (Rs. 300m, 5 years) - Preliminary A-

Outlook Stable

Oman International Bank S.A.O.G. - Pakistan Branches

Entity (medium to long term) BBB

Entity (short term) A-2

Outlook Stable

Orient Petroleum Inc. -Pakistan Branch

Entity (medium to long term) A-

Entity (short term) A-2

Outlook Stable

Pak-Gulf Leasing Company Ltd.

Entity (medium to long term) BBB+

Entity (short term) A-2

Outlook Stable

Pak Libya Holding Company (Pvt.) Ltd.

Entity (medium to long term) AA-

Entity (short term) A-1+

Outlook Stable

Pak Oman Investment Company (Pvt.) Ltd.

Entity (medium to long term) AA+

Entity (short term) A-1+

Outlook Stable

Pakistan Kuwait Investment Company (Pvt.) Ltd.

Entity (medium to long term) AAA

Entity (short term) A-1+

Outlook Stable

Corporate Governance Rating CGR-8

Pakistan Services Limited

TFC-1 (Rs. 700m, 5 years) A-

Outlook Stable

Paramount Leasing Ltd.

Entity (medium to long term) A-

Entity (short term) A-1

TFC-1 (Rs. 250m, 4 years) A+

TFC-2 (Rs. 300m, 3 years) A

COIs (Rs. 100m, 3 years) - Preliminary Rating A

Outlook Stable

Paramount Spinning Mills Limited

TFC-1 A+

Outlook Stable

Pharmagen ltd.

TFC (Rs. 300m, 5 years) BBB+

Outlook Stable

PICIC Commercial Bank Ltd.

Entity (medium to long term) A

Entity (short term) A-1

Outlook Stable

The Punjab Provincial Co-operative Bank Ltd.

Entity (medium to long term) BB+

Entity (short term) A-3

Outlook Negative

Quetta Textile Mills Limited

TFC-1 (Rs. 750m, 5 years) A-

Outlook Stable

Reliance Weaving Mills Limited

Entity (medium to long term) BBB+

Entity (short term) A-3

TFC-1 (Rs. 150m, 5 years) A-

Outlook Stable

Saif Textile Mills Ltd.

Entity (medium to long term) A-

Entity (short term) A-2

Outlook Stable

Saudi Pak Ind. and Agricultural Investment Company (Pvt.) Ltd.

Entity (medium to long term) AA+

Entity (short term) A-1+

Outlook Stable

Saudi Pak Leasing Co. Ltd.

Entity (medium to long term) A

Entity (short term) A-1

TFC-1 (matured) A+

Proposed TFC-2 (Rs. 400m, 5 years) - Preliminary A+

Outlook Negative

Security General Insurance Company Ltd.

Insurer Financial Strength (IFS) Rating A

Outlook Stable

Security Investment Bank Limited

Entity (medium to long term) A

Entity (short term) A-1

Outlook Stable

Security Leasing Corporation Ltd.

Entity (medium to long term) A-

Entity (short term) A-1

TFC-1 A+

TFC-2 A+

Outlook Stable

Shakarganj Mills Ltd.

Entity (medium to long term) A-

Entity (short term) A-2

TFC-1 (Rs. 250m, 4 years) A+

TFC-2 (Rs. 200m, 4 years) A

Outlook Stable

Sigma Leasing Corporation Ltd.

Entity (medium to long term) BBB+

Entity (short term) A-2

Outlook Positive

Sitara Chemical Industries Ltd.

TFC-1 (Rs. 360m, 5 years) AA-

Outlook Stable

Sitara Energy Ltd.

Entity (medium to long term) A+

Entity (short term) A-1

Outlook Stable

The First MicroFinanceBank Limited

Entity (medium to long term) A+

Entity (short term) A-1+

Outlook Positive

Union Bank Limited

Entity (medium to long term) A+

Entity (short term) A-1

Outlook Stable

United Bank Limited

Entity (medium to long term) A

Entity (short term) A-1

Outlook Positive

PEL Appliances 2 10 (76.6) 6.3 I28

Elahi Cotton 2 10 (72.5) 7.8 I01

Bawany 2 10 (69.2) 3.0 I12

Accord Textile 2 10 (59.3) 1.8 I01

Saitex Spinning 2 10 (56.9) 1.2 I01

Chenab Tex. 2 10 (56.8) 7.6 I01

Fateh Industries 2 10 (55.5) 9.0 I40

Al-Asif 2 10 (55.1) 1.5 I12

Mustehkam Cement 3 10 (53.7) 8.8 I13

Salim Denim Ind. 2 10 (53.3) 1.3 I02

Jubilee Spinning & Weaving 2 10 (53.2) 3.5 I03

Ghandhara Nissan Ltd. 2 10 (52.6) zzz I25

Khyber Tobacco 2 10 (50.8) 3.2 I15

Al-Azhar Tex. 2 10 (50.2) 4.7 I01

ITTI Textile 2 10 (50.2) 0.6 I02

Fecto 2 10 (48.0) 9.0 I12

Syed Match 2 10 (46.7) 15.0 I47

Shafiq Textile 2 10 (45.3) 149.5 I01

Metropolitan Steel 2 10 (45.3) 11.5 I23

Colony Sarhad Tex. 2 10 (42.8) 2.0 I03

D.M. Textile 2 10 (42.4) 3.9 I01

Dawood Fibre 2 10 (40.1) 2.0 I01

Prudential Inv. Bank 3 10 (40.1) 2.0 F07

Dandot Cement 3 10 (38.8) 3.9 I13

Pak German Pre-fabs 3 10 (36.2) 1.8 I38

Chaudhry Tex. 2 10 (36.2) 7.5 I01

Crescent Jute Prod. 2 10 (35.1) 2.4 I11

Sally Textile 2 10 (34.8) 2.5 I01

Siftaq International 2 10 (34.6) 1.7 I01

Uqab Breeding 2 10 (33.5) 1.0 I43

Noor Silk 2 10 (31.5) 16.0 I09

Mirza Sugar 2 10 (31.1) 2.5 I12

Kohinoor Industries 2 10 (29.4) 3.4 I03

Gharibwal Cement 2 10 (28.9) 4.5 I13

Nayab Spinning & Weaving 2 10 (27.4) 9.0 I01

Shaigan Electric 3 10 (27.4) 5.0 I26

Al-Qaim 2 10 (27.0) 1.6 I01

Punjab Oil 3 10 (26.4) 19.3 I37

Prime Insurance 2 10 (26.1) 3.1 F09

Climax Engineering 2 10 (25.3) 3.1 I28

Asim Tex. 2 10 (25.1) 2.0 I01

Sh. Fazal Rehman & Sons 3 10 (24.2) 12.7 I37

Hala Enterprises 2 10 (23.5) 3.0 I02

Hajra Tex. 2 10 (23.2) 4.4 I01

Khairpur 2 10 (22.7) 7.0 I12

Kashmir Polytex 2 10 (22.6) 1.9 I10

Redco Textile 2 10 (20.1) 2.0 I03

Kakakhel Pakistan 2 10 (19.8) 4.5 I37

Al -Jadeed Textile 2 10 (19.8) 2.2 I02

Mehr Dastgir Tex. 2 10 (19.2) 6.5 I01

Kausar Paints 3 10 (18.9) 2.5 I34

Zeal-pak Cement 2 10 (18.5) 4.8 I13

Regent Textile 2 10 (18.1) 7.1 I01

Karachi Electric 2 10 (16.7) 5.8 I18

Emco Industries 3 10 (16.6) 4.5 I46

Asset Inv. Bank 2 10 (16.5) 2.2 F07

Resham Textile 2 10 (16.2) 5.1 I01

Colony Thal Tex. 2 10 (15.8) 2.5 I03

Sunshine Cotton 2 10 (14.9) 1.0 I01

Shaheen Cotton 2 10 (13.8) 7.5 I01

Chakwal Spinning 2 10 (13.7) 3.3 I01

Indus Fruits Prod. 2 10 (13.5) 1.8 I41

Crescent Boards 2 10 (13.0) 3.3 I01

Indus Jute 3 10 (12.8) 19.5 I11

Elite Publishers 2 10 (11.9) 16.0 I47

Ali Asghar 2 5 (11.9) 2.5 I01

Caravan East Fabrics 3 10 (11.8) 6.0 I04

Latif Jute 2 10 (11.5) 4.8 I11

Ravi Textile 2 10 (11.3) 1.9 I01

Adil Textile 2 10 (11.1) 6.8 I01

Tritex Cotton 2 10 (10.9) 15.0 I01

Libaas Textile 3 10 (10.9) 3.3 I04

Qayyum Spinning 2 10 (10.5) 0.9 I01

Glamour Tex. 2 10 (9.9) 7.0 I01

Kohinoor Spinning 2 10 (9.7) 4.0 I01

Crescent Spinning 2 10 (8.6) 1.8 I01

Transmission Engineering 3 10 (8.4) 2.3 I26

S.S. Oil Mills Ltd. 2 10 (8.2) 5.1 I37

J.A. Textile 2 10 (8.1) 3.6 I01

Sargodha Spinning 2 10 (7.6) 3.9 I01

Saritow Spinning 2 10 (7.3) 1.6 I01

Khurshid Spinning 2 10 (7.0) 2.5 I01

Azam Tex. 2 10 (7.0) 2.0 I01

Pak Fibre 3 10 (6.9) 1.0 I08

Sahrish Textile 2 10 (6.7) 23.7 I01

Hashimi Can 3 10 (6.7) 5.9 I47

Ghazi Fabrics 2 10 (6.5) 5.0 I03

Shahzad Textile 2 10 (6.4) 6.5 I01

Noon Textile 2 10 (6.1) 10.5 I01

Ishtiaq Tex. 2 10 (5.7) 8.3 I01

Nazir Cotton 2 10 (5.7) 4.3 I01

Modern Textile 2 10 (4.9) 4.5 I03

Data Tex. 2 10 (4.7) 3.0 I01

Bilal Fibres 2 10 (4.3) 3.0 I01

Taga Pakistan 2 10 (4.1) 1.5 I26

Dadabhoy Cement 2 10 (3.6) 8.5 I13

Baig Spinning 2 10 (3.2) 13.5 I01

Wazir Ali Ind. 3 10 (3.2) 19.0 I37