Press Release

JCR-VIS assigns an entity rating of BB+/A-3 to Rozgar Microfinance Bank Limited

Karachi, June 28, 2007: JCR-VIS Credit Rating Company Limited (JCR-VIS) assigns ‘BB+/A-3’ (Double B Plus / A-Three) credit ratings to Rozgar Microfinance Bank Limited (RMBL). Outlook on the ratings is ‘Stable’.

RMBL is a district level bank established under the Microfinance Ordinance to serve the Karachi region. Given the short operational history of the bank since inception, revenues generated from the bank’s core business portfolio are still insufficient to absorb overheads, resulting in losses. Core profitability is likely to gradually improve as the microfinance portfolio grows. A critical element in achieving sustainability is arresting the decline in loan quality indicators. The management has taken several steps towards this end recently, the impact of which is just beginning to emerge.

Further depth is required in managerial resource available to the bank. Strengthening of the bank’s information and control systems as well as an upgrade of field personnel is also required for achieving long-term operational sustainability and self- sufficiency.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 604) or Ms. Sabeen Saleem (Ext: 608) at 5311861-72 or fax to 5311873.



Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (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. 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. 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 June 28, 2007 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.