Press Release

JCR-VIS Maintains Ratings of First Paramount Modaraba at BBB-/A-3

Karachi, June 18, 2009: JCR-VIS Credit Rating Company Limited (JCR-VIS) has maintained entity ratings of First Paramount Modaraba (FPM) at ‘BBB-/A-3’ (Triple B Minus/A-Three).

Outlook on the medium to long-term ratings has been revised from ‘Stable’ to ‘Positive’ on account of efforts to strengthen controls in terms of corporate governance and Shariah Compliance. The modaraba has remained consistently profitable over the years. While CNG operations and morabaha financing are core lines of business, FPM has recently entered into a musharika agreement for renting and trading commercial generators.

The modaraba has been in operation for the past 14 years and a conservative stance has been adopted by the management throughout. The capital base is relatively small compared to other modarabas in the peer group and utilization of leverage is low leading to conservative growth over the years. There has been some stress on portfolio quality indicators recently due to the current economic scenario; however, over the years FPM has been able to maintain infection at manageable levels.

For further information on this rating announcement, please contact Mr. Ziauddin Ahmed (Ext: 508) or Ms. Sabeen Saleem (Ext: 510) at 5311861-70 or fax to 5311872-3.



Safdar Kazi
Director

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 2009 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .