Karachi, July 16, 2010: JCR-VIS Credit Rating Co. Ltd. has reaffirmed the corporate governance rating of Security Papers Limited at CGR-8 denoting ‘high level of corporate governance’. This rating is based on a scale ranging from CGR-1 (lowest) to CGR-10 (highest).

Corporate governance ratings are based on evaluation of key governance elements of the rated enterprise, which includes regulatory compliance, ownership structure, composition and operations of the board of directors and executive management, self-regulation, financial transparency and relationship with stakeholders. In order to reduce the level of subjectivity inherent to any such exercise, we have further sub-divided these elements into several other elements, each of which is considered independently by the rating committee.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 604) or Mr. Zia Usmani (Ext: 507) at (+92-21) 35311861-70 or fax to (+92-21) 35311872-73.



Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-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. JCR-VIS Credit Rating Company Limited is paid a fee for most rating assignments. This rating is an opinion on credit quality only and is not a recommendation to buy or sell any securities. Copyright 2010 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS Credit Rating Company Limited.