Press Release

JCR-VIS Assigns Final Rating of A to TFCs of JDW Sugar Mills Limited

Karachi, October 24, 2008: JCR-VIS Credit Rating Company Limited (JCR-VIS) has finalized the medium to long-term rating of ‘A’ (Single ‘A’) assigned to the TFCs issue of Rs. 1.7b of JDW Sugar Mills Limited (JDW). Outlook on the assigned rating is ‘Stable’.

The bond is secured by first pari passu hypothecation charge over all present and future fixed assets of JDW and United Sugar Mills Limited (USM) along with 25% margin. The security package also includes personal guarantees of sponsor directors of the company.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 501) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311872-3.

Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (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, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2008 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited