PACRA's ProIile

PACRA wus esLubIIsIed In 1qqq us u joInL venLure umong IBCA Limited {the
internutionul credit ruting ugency), Internutionul Iinunce Corporution
{IIC) und the Luhore Stock Ixchunge TIe IIrsL credIL ruLIng ugency In PukIsLun,
PACRA Is wIdeIy ucknowIedged Ior ILs proIessIonuIIsm und InLegrILy To duLe, PACRA
Ius compIeLed weII over u Iundred ruLIngs, IncIudIng mujor IndusLrIuI corporuLes,
IInuncIuI InsLILuLIons und debL InsLrumenLs n uddILIon Lo IocuI ruLIngs, PACRA Ius
uIso successIuIIy compIeLed Lwo InLernuLIonuI ruLIng ussIgnmenLs In coIIuboruLIon wILI
ILcI

PACRA Is geured Lo provIde u IuII runge oI credIL ruLIng servIces TIIs IncIudes LIe
ruLIng oI corporuLe enLILIes und IIxed Income InsLrumenLs TIe ownersIIp und
munugemenL sLrucLure oI PACRA ensures compIeLe Independence Irom uny dIrecL or
IndIrecL conLroI oI LIe GovernmenL, uny prIvuLe secLor busIness group or IInuncIuI
InsLILuLIon A ruLIng ussIgned by LIe ruLIng commILLee, wIIcI IncIudes senIor
munugemenL oI PACRA, reIIecLs PACRA's objecLIveIy Iormed opInIon oI credIL rIsk
OLIer ruLIng revIews currIed ouL by PACRA IncIude InuncIuI SLrengLI ruLIngs oI
modurubus, MuLuuI und ruLIngs und nsurer InuncIuI SLrengLI (S) ruLIngs Ior
Insurunce compunIes
PACRA's composILIon oI bourd oI dIrecLors Is:


Mlsslon SLaLemenL
1o be accepLed as Lhe leadlng credlL raLlng agency ln Lhe counLry Lhrough hlghesL sLandards of
professlonallsm and eLhlcs

TIe prImury IuncLIon oI PACRA Is Lo evuIuuLe LIe cupucILy und wIIIIngness oI u corporuLe enLILy
Lo Ionor ILs debL obIIguLIons PACRA ruLIngs reIIecL un IndependenL, proIessIonuI und ImpurLIuI
ussessmenL oI LIe credIL rIsk ussocIuLed wILI u purLIcuIur debL InsLrumenL or u corporuLe enLILy
By provIdIng u meusuremenL oI rIsk, PACRA's ruLIngs IucIIILuLe InvesLors In mukIng prudenL
InvesLmenL decIsIons uILer deLermInIng LIe uccepLubIe ruLe oI reLurn uL LIe gIven rIsk IeveI
However, regurdIess oI LIe Lype oI ruLIng, IL Is noL u recommenduLIon Lo purcIuse, seII or IoId u
securILy, In us mucI us IL does noL commenL on LIe securILy's murkeL prIce or suILubIIILy Ior u
purLIcuIur InvesLor


is ki info dekho
kb found hui etc
in ka basic function
Iocated kdr
cmpns kiu pacra se apne ap ko rate karatin
pacra bahir ki kisi crdt agncy se reIated ya koi in ka
aps main cnectn hai
cmpns ko apne ap ko kiu rate krana hota
pacra ki ratings kia kia hain
in ka criteria kia hai
rate krne ka






ACkA Lnter|ng 1he Second Decade of Cperat|ons

AL AC8A we vo/uote kisk Cur raLlngs reflecL an lndependenL professlonal oplnlon of Lhe credlL rlsk
assoclaLed wlLh a parLlcular debL lnsLrumenL or enLlLy AC8A's professlonals generaLe lndepLh and
lndependenL raLlng reporLs based on lnteroction wlLh cllenLs and Lhelr own pool of exLenslve
know/edqe 8elng Lhe counLry's flrsL raLlng agency we carry Lhe onus of Leodership We are proud of
our conLrlbuLlon ln lnLroduclng Lhe concepL of credlL raLlng and lncreaslng publlc awareness of lLs uses
and beneflLs AL AC8A one aLLrlbuLe underlles everyLhlng we do lnteqrity Lhe core elemenL of our
credlblllLy And credlblllLy ls Lhe sole producL LhaL we sell We remaln commlLLed Lo Lhe mlsslon LhaL we
embarked upon ln 1994 to be occepteJ os tbe leoJloq cteJlt totloq oqeocy lo tbe coootty tbtooqb
blqbest stooJotJs of ptofesslooollsm ooJ etblcs

knCWLLuCL ls mosL meanlngful when comblned wlLh Lhe experLlse of Lhose who know where and how
Lo apply lL AL AC8A our Leam of professlonals ls boLh knowledgeable and experlenced ln all areas
wlLhln our raLlng specLrum Many of our analysLs have career backgrounds ln Lhe secLors Lhey cover
banklng leaslng lnsurance eLc 1helr pracLlcal experlences have helped deepen Lhe knowledge base of
Lhe enLlre organlzaLlon 8elng Lhe flrsL credlL raLlng agency ln Lhe counLry glves us an edge ln Lhe form of
accumulaLed experlence slnce 1994 More lmporLanLly exposure Lo a large segmenL of Lhe corporaLe
and flnanclal secLor ln Lhe counLry has enabled AC8A Lo develop lLs own compuLerlsed daLabase 1he
daLabase conLalns updaLed lnformaLlon on Lhe economy secLors and regulaLlons of S8 SLC ln
addlLlon Lo company speclflc lnformaLlon 1he daLabase ls avallable onllne Lo all analysLs and Lherefore
faclllLaLes Lhe raLlng evaluaLlon process Comprehenslve analysls and lndependenL research LhaL ls
ahead of Lhe curve dlsLlngulsh AC8A as Lhe raLlng agency LhaL ls proacLlve creaLlve and mosL
lmporLanLly vlslonary AC8A has been a member of AC8AA slnce !une 2002 8y vlrLue of Lhls
membershlp AC8A ls commlLLed Lo promoLe 'besL pracLlces' of credlL raLlng as ldenLlfled by Lhe
AssoclaLlon AC8A's webslLe hlghllghLs deLalls of Lhese besL pracLlces followed by Lhe company

LADLkSnI AC8A's esLabllshmenL represenLed an lmporLanL mllesLone ln Lhe developmenL of Lhe
flnanclal lnfrasLrucLure ln aklsLan and slgnlfled Lhe fulflllmenL of all Lhe necessary and sufflclenL
condlLlons for Lhe esLabllshmenL of a local bond (1lC) markeL ln Lhe counLry AC8As buslness prospecLs
have grown from sLrengLh Lo sLrengLh Cur [ourney of Lhe lasL nlne years has been exclLlng rewardlng
and mosL of all exLremely saLlsfylng 1hls saLlsfacLlon flows noL only from our expandlng buslness buL
also from Lhe rellance our cllenLs place on our professlonal [udgmenL and lnLegrlLy ln order Lo malnLaln
our markeL leadershlp and Lo ensure LhaL we sLay ahead a consclous efforL ls made Lo conLlnue wlLh Lhe
learnlng process and Lo remaln on our Loes whlle monlLorlng raLlngs We are proud of our
accompllshmenLs and consclous of Lhe LrusL placed on our raLlng oplnlon by all markeL parLlclpanLs We
conLlnue Lo sLrlve for ensurlng LhaL we remaln worLhy of Lhe LrusL

IN1LGkI1 ls Lhe slngle mosL lmporLanL facLor LhaL deLermlnes Lhe credlblllLy of a credlL raLlng company
1he global experlence suggesLs LhaL Lhe Lwo elemenLs Lhacould poLenLlally undermlne lnLegrlLy are Lhe
posslblllLy of confllcL of lnLeresL and Lhe urge Lo achleve buslness growLh Slnce lLs lncepLlon AC8A has
ensured LhaL Lhe sLrucLure of Lhe organlzaLlon remalns lnsulaLed from poLenLlal confllcLs of lnLeresL
1hus of Lhe Lhree lnsLlLuLlonal shareholders LhaL seL up AC8A Lwo llC and Lahore SLock Lxchange
were noL represenLed on AC8A's raLlng commlLLee Lo avold a confllcL of lnLeresL slLuaLlon ln order Lo
guard agalnsL a confllcL of lnLeresL wlLhln Lhe operaLlonal managemenL a pollcy ls ln place Lo prohlblL
AC8A employees from lnvesLlng ln shares of such companles ln whlch AC8A mlghL have access Lo
prlvlleged lnformaLlon durlng Lhe course of Lhe raLlng process 1here ls an addlLlonal requlremenL LhaL
employees aL Lhe Llme of [olnlng and durlng Lhe currency of Lhelr employmenL wlLh AC8A are obllged
Lo dlsclose deLalls of lnvesLmenL ln securlLles All employees also submlL an underLaklng LhaL confldenLlal
lnformaLlon passed on Lo AC8A by raLed enLlLles shall noL be dlvulged ln any form Lo any Lhlrd parLy
WhaL are Lhe safeguards wlLhln AC8A agalnsL Lhe posslblllLy of compromlslng raLlng sLandards for
achlevlng buslness growLh? AC8A had Lo make Lhls hard cholce aL Lhe very lncepLlon and has slnce
remalned commlLLed Lo malnLalnlng lLs sLandards even aL Lhe expense of loslng exlsLlng or poLenLlal
raLlng cllenLs 1hls ls a cosL LhaL we have chosen Lo bear and are llkely Lo bear ln fuLure We do feel
however LhaL Lhls ls a very small cosL for preservlng markeL percepLlon abouL Lhe lnLegrlLy of ourraLlng
oplnlons Whlle we do noL clalm lnfalllblllLy of our raLlng oplnlons each oplnlon remalns an ouLcome of
professlonal due dlllgence and unblased [udgmenL We feel graLlfled LhaL ln our nlne years of operaLlons
markeL parLlclpanLs have come Lo accepL Lhe credlblllLy of our raLlngs and AC8As raLlng oplnlons are
held ln hlgh regard by all
IN1LkAC1ICN 1he emphasls AC8A places on lnLeracLlon has enabled us Lo communlcaLe wlLh our
cllenLs effecLlvely and consequenLly Lo conLlnuously lmprove upon Lhe quallLy of our work Cood
communlcaLlon ls Lhe key Lo enrlchlng our professlonal relaLlonshlps and our processes research and
servlces We encourage feedback We wanL our cllenLs Lo remaln ln Louch wlLh us and we savor Lhe
challenge of creaLlng fresh analyLlcal approaches based on Lhe recommendaLlons of Lhose who maLLer
Lhe mosL Lo us our cllenLs lnLeracLlon ls emphaslzed lnLernally as well We belleve LhaL worklng
LogeLher lncreases Lhe ouLpuL of Lhe enLlre organlzaLlon because everyone can draw on each oLher's
sLrengLhs and help lessen each oLher's weaknesses