Rating Details	Rating Type	Social Impact and Performance Rating
	Dissemination Date	Current (15-May-26 )	Previous (16-May-25)
	Action	Maintain	Initial
	Rating	SIP3	SIP3
	Outlook	Stable	Stable
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership/Members	CEIP is a public unlisted company incorporated under Section 42 of the Companies Ordinance 1984.
	Governance	The Board of Directors consists of five members, two independent directors, along with three board committees highlighting a sound governance framework.
	Management	The senior management is qualified and possess extensive experience to efficiently managing business operations.
	Social Impact	CEIP demonstrates alignment with its mission through pro-women outreach, embedded client protection practices, and field-level engagement.
	Business Sustainability	CEIP's profitability has shown modest improvement following recent interest rate reductions, as the decline in borrowing and funding costs has supported margins while income levels largely remained intact. Furthermore, access to untapped geographic regions indicates steady growth potential going forward.
	Financial Sustainability	The company has an adequate equity base of ~PKR 927mln as of March '26. The outstanding loan portfolio stood at ~PKR 2,085mln, representing a market share of approximately 0.33%.

Key Rating Drivers

The CSC Empowerment & Inclusion Programme maintains strong alignment with its developmental mandate by delivering microfinance services to underserved households in Pakistan, with a clear emphasis on financial inclusion, women’s empowerment, and youth engagement. The Company’s continued involvement in social initiatives generates meaningful and lasting impact within its communities while remaining aligned with its core operational objectives. Its focused mission and consistent outreach support its positioning within the microfinance landscape. Going forward, the rating will remain sensitive to CEIP’s ability to broaden its funding base and expand its market presence. Additionally, the Company’s capacity to deliver measurable outcomes that substantiate its developmental mandate will remain a key determinant of the assigned rating.

About the Entity
	Legal Structure	Not-for-profit organization (Section-42)
	Year of Establishment	19-Mar-15
	Type of License	Non-banking Microfinance Company (NBMFC)
	Majority Ownership	N/A

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Tasveeb Idrees Tasveeb.Idrees@pacra.com +92-42-35869504 www.pacra.com	Assessment Framework | Social Impact and Performance Rating | Sep-25	Sector Study | Microfinance | Oct-25

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