Press Release

JCR-VIS Maintains Management Quality Rating of KASB Funds Limited

Karachi, December 19, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has maintained the Management Quality Rating of KASB Funds Limited (KFL) at ‘AM3’ (AM-Three). Outlook on the assigned rating has been revised from ‘Positive’ to ‘Stable’.

In recent months, there has been some turnover at senior management level, with the exit of Chief Executive Officer and Compliance Head. The company is looking to hire suitable replacements for the said positions. Stability in management is considered important for continuity of business strategy. The risk and research infrastructure is in the process of being developed. JCR-VIS will continue to track progress with regards to the above.

Assets under management stood at Rs. 2.8b at end-Nov’13, relative to Rs. 2.7b at end-Dec’12. Equity of the company is currently short of the minimum capital requirement; sponsors have provided commitment to bridge the gap by close of year.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at 35311861-3 or fax to 35311872.



Jamal Abbas Zaidi
Deputy 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 December 19, 2013 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.