Company Profile


VIS Credit Rating Company Limited(Formerly JCR-VIS Credit Rating Company) (VIS), approved by Securities & Exchange Commission of Pakistan and State Bank of Pakistan, is operating as a ‘Full Service’ rating agency providing independent rating services in Pakistan. VIS is a joint venture between Vital Information Services (Pvt.) Limited (VIS) – Pakistan’s only independent financial research organization, Pakistan Stock Exchange Limited and ISE Towers RIET Management Company Limited.


Previously in 2001, Japan Credit Rating Agency, Japan (JCRA) and VIS had entered into a Joint Venture Agreement whereby JCRA acquired 15% shareholding in the then company (DCR-VIS Credit Rating Co. Ltd.) which has subsequently been bought back by VIS in December 2018. DCR-VIS Credit Rating Co. Ltd. was incorporated in 1997 as a joint venture between VIS, Karachi Stock Exchange Guarantee Limited (KSE), Islamabad Stock Exchange Limited (ISE) and Duff & Phelps Credit Rating Co., USA (DCR). Subsequent to DCR’s merger with Fitch IBCA, DCR sold its interests in DCR-VIS to VIS in 2001.

Shareholders/Promoters

Vital Information Services (Pvt.) Ltd. - (VIS)


Vital Information Services (Pvt.) Limited (VIS) was incorporated in 1994 with the equity participation of leading financial institutions, the largest publication house of Pakistan (The Jang Group), Mr. Faheem Ahmad and other professionals. The company provides independent capital market research based services to companies, small and large investors, etc.


VIS’ major strength is its exhaustive database on corporate Pakistan and ability to perform statistical and financial analyses on this database. VIS has a major interest in a credit bureau - NEWS-VIS Credit Information Services (Pvt.) Ltd.



Pakistan Stock Exchange Limited (PSX)


Formerly Karachi Stock Exchange Limited (KSE), PSX is the premier stock exchange of the country. KSE came into existence in 1947. In 1949, KSE was converted into a company limited by guarantee. PSX was established on 11 January 2016 after the merger of individual stock exchanges of Karachi, Lahore and Islamabad. One of the most rapidly growing emerging market exchanges, PSX is now also part of the MSCI Emerging Markets Index and was among the world's best performing stock market's, between 2009 and 2015.



ISE Towers REIT Management Company Ltd (ISE)


ISE Towers REIT Management Company Limited (Formerly Islamabad Stock Exchange Limited (ISE)) was incorporated on October 25, 1989 to function as a Stock Exchange. ISE entered into a Memorandum of Understanding (MoU) on August 25, 2015 with Karachi Stock Exchange Limited (KSE) and Lahore Stock Exchange Limited (LSE) with the objective to form an integrated stock exchange for development of capital market of Pakistan under the name of Pakistan Stock Exchange Limited (PSX).

Subsequent to the integration of Stock Exchanges, ISE was transformed into ISE Tower REIT Management Company Limited. Licensed as a Non-Banking Finance Company (NBFC), ISE is now approved to form and launch Real Estate Investment Trust (REIT) under Real Estate Investment Trust Regulations, 2015.

International Joint Ventures

Islamic International Rating Agency (IIRA) - Bahrain


IIRA is the sole rating agency established to provide capital markets and the banking sector in predominantly Islamic countries with a rating spectrum that encompasses the full array of capital instruments and specialty Islamic financial products, and to enhance the level of analytical expertise in those markets.


IIRA is sponsored by multilateral development institutions, leading banks, other financial institutions and rating agencies. Its shareholders operate from eleven countries which constitute the agency’s primary marketing focus.


In order to further augment its technical capacity, in May 2011, IIRA entered into a formal technical affiliation agreement with its two rating agency shareholders. This initiative provides a platform for IIRA to collaborate with Malaysian Rating Corporation Berhad and VIS Credit Rating Co. Ltd. (formerly JCR-VIS Credit Rating Co. Ltd.) on the development of new rating product offerings for the Islamic financial services sector, enhance its quality of service and promote best practices in order to meet the requirements of Islamic financial industry.


VIS also provides management services to IIRA in addition to assistance under the technical partnership agreement.



Credit Rating Information & Services Limited (CRISL) - Bangladesh

CRISL is the first ever joint venture rating agency operating in Bangladesh since 1995. It is a joint venture of RAM Rating Services Berhad of Malaysia, VIS Credit Rating Co. Ltd. (formerly JCR-VIS Credit Rating Co. Ltd.) of Pakistan, few financial institutions and a host of celebrated professionals of Bangladesh. With a license from the Securities Exchange Commission under Credit Rating Companies Rules 1996, CRISL now appears as the flagship organization of Bangladesh.


CRISL is a public limited company dedicated for credit rating and related services and is being recognized by Bangladesh Bank as the External Credit Assessment Institution (ECAI) to offer its services to the banking community for banking client rating.


Borhan Credit Rating Company (Borhan) - Iran


Borhan, incorporated in 2018, is the first credit rating agency established by the local investors in the Islamic Republic of Iran with joint venture affiliation of VIS Credit Rating Co. Ltd. (formerly JCR-VIS Credit Rating Co. Ltd.). VIS has provided all the required rating technologies to Borhan which has now acquired a ‘Full Service Rating Agency’ license from the Securities & Exchange Organization of Iran. VIS will play a prominent role in the development of credit rating industry in Iran which is one of the leading economies amongst the OIC members.

International Collaborations

Japan Credit Rating Agency Limited – Japan


In 2001, Japan Credit Rating Agency, Limited (JCRA) and VIS had entered into a Joint Venture Agreement whereby JCRA acquired 15% shareholding in the then company (DCR-VIS Credit Rating Co. Ltd.) which has subsequently been bought back by VISPL in December 2018. JCRA is continuing its collaboration with VIS providing technical support in terms of methodologies and research. JCRA is the leading credit rating agency in Japan and is the only Japanese rating agency that is also officially registered in the US and certified in the EU.


China Chengxin International Credit Rating Company Limited (CCXI) - China


VIS Credit Rating Co. Ltd. (formerly JCR-VIS Credit Rating Co. Ltd.) has entered into an ‘Agreement of Cooperation’ with CCXI which is the largest credit rating agency of Mainland China with over 20,000 ratings outstanding currently. VIS has developed, alongside CCXI, a pioneering product ‘Investment Strength, Governance, Environment & Social’ (ISG-ES) Grading. The product is meant to grade organizations based on long term investibility criterion with emphasis on overall investment financial strength, corporate governance standards established within the organization as well as a flavor of social responsibility and environmental accountability in processes and systems. This grading is especially envisioned to be useful for those organizations seeking long term local/foreign equity investment or those seeking to establish partnerships with companies for business opportunities under CPEC and/or the B&R initiative. Amongst other initiatives, the two companies have also agreed to conduct research and issue joint reports on business sectors in Pakistan and China.

Board of Directors

BOD HR COMMITTEE

BOD IT COMMITTEE

»  Hussain Tejany (Chairman BOD)

»  Nadeem Naqvi

»  Haroon Askari

»  Faheem Ahmad

»  Faryal Ahmad Faheem

»  Sabeen Saleem

»  Faisal Bin Faheem

»  Haroon Askari (Chairman)

»  Faheem Ahmad

»  Faisal Bin Faheem

 

 

 

»  Haroon Askari (Chairman)

»  Faheem Ahmad

»  Faisal Bin Faheem

 

 

RATING COMMITTEE

External Rating Committee Members

M. Habib-ur-Rahman
Member
Basheer Chaudhry
Member
Shahid Ghaffar
Member

Sobia Maqbool
Member
Abdur Rahim
Member
Nabiha Shahnawaz
Member

Internal Rating Committee Members

Javed A. Callea
Member

Sara Ahmed
Member
Maimoon Rasheed
Member
Syed Asif Ali
Member

Team

President & CEO


Faheem Ahmad
President & CEO

Senior Management

Faisal Bin Faheem
Executive Director
Javed A. Callea
Advisor
Muhammad Bilal Aftab
Director

Sara Ahmed
Director
Maimoon Rasheed
Director
Syed Asif Ali
Executive Director - Rating


Group Heads & Senior Analyst

Muhammad Abu Bakar
Group Head Research & Business Development

Manzar Masud
Compliance Officer
Rameez Dildar
Group Manager - Finance

Managers


Muhammad Saad Aslam
Software Development

Muhammad Amin
Rating

Saeb Muhammad Jafri
Rating

Dr.Jahanzaib Alvi
Analytics

Senior Assistant Managers


Amjad Majeed
Finance

Musaddeq Ahmed
Rating

Shanzay Asif
HR

Assistant Managers


Shaheryar Khan
Rating

Basel Ali Assad
Rating

Hannan Athar
Rating

Abdul Kadir Butt
Rating


Muhammad Subhan
Rating

Arooba Ashfaq
Rating

Adam Ali
Finance