Rating Details	Rating Type	Social Impact and Performance Rating
	Dissemination Date	Current (12-Dec-25 )	Previous (13-Dec-24)
	Action	Maintain	Maintain
	Rating	SIP3++	SIP3++
	Outlook	Positive	Positive
	Rating Watch	-	-

Rating Rationale	Factor	Comment
	Ownership/Members	RCDP is a public unlisted company led by three experienced members who provide the required guarantees, their strong professional background and market standing enable them to support the Company through fundraising when needed.
	Governance	RCDP seven member Board benefits from the inclusion of independent directors and well-established board committees, which strengthen its governance framework. Transparency is reinforced through an A category SBP auditor, supporting strong oversight and sustainability.
	Management	RCDP has a well-structured organization led by an experienced management team with strong risk and compliance practices, supported by real-time reporting software for effective monitoring.
	Social Impact	RCDP delivers multiple initiatives aimed at driving measurable social outcomes. Regular client satisfaction surveys are used to assess programme effectiveness and refine delivery mechanisms. With 98% women and 63% rural clients, the Company demonstrates a strong commitment to gender empowerment and deepened financial inclusion in underserved regions.
	Business Sustainability	In 1QFY26, RCDP OLP rose ~47% YoY to PKR 13,093mln, representing a market share of ~2%. Sustainability is supported by branch expansion and digital investments enhancing outreach and efficiency.
	Financial Sustainability	In 1QFY26, RCDP topline reached PKR 993mln, with equity of PKR 5,288mln and controlled operating expenses of PKR 650mln, supporting a healthy pre-tax margin of ~28.7% and strong capital adequacy of 38%.

Key Rating Drivers

RCDP maintains strong alignment with its developmental mandate by advancing financial inclusion and women’s economic participation through targeted microfinance interventions within its operational regions. Its social programming continues to support sustainable community uplift while remaining effectively integrated with operational objectives. The organization’s clear mission, efficient delivery model, and disciplined portfolio management contribute to franchise strength and overall risk stability. Going forward, formalizing a Board-level Social Performance Committee and regularly disseminating external impact reports or KPI dashboards would enhance transparency, deepen stakeholder trust, and further strengthen the governance framework from a rating perspective.

About the Entity
	Legal Structure	Not-for-profit organization (Section-42)
	Year of Establishment	03-Nov-15
	Type of License	Non-banking Microfinance Company (NBMFC)
	Majority Ownership	N/A

Regulatory Disclosures	Analyst	Applicable Criteria	Related Research
	Usama Ali usama.ali@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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