Press Release

JCR-VIS reaffirms entity ratings of Ittehad Chemicals Limited at A-/A-2

Karachi, April 9, 2009: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term entity rating of Ittehad Chemicals Limited (ICL) at ‘A-’ (Single A Minus) and short-term rating at ‘A-2’ (A-Two). Rating Outlook is ‘Stable’.

The rating has been reaffirmed in view of improved risk profile preceded by overall debt restructuring. After undergoing aggressive expansion during FY2005-06, the company had accumulated significant debt that was reduced subsequently. While cash generation from operations had been stressed on account of demand constraints, some improvement was witnessed in half year of FY09. Consolidation of operations will be a key determinant of future business viability. JCR-VIS believes that the company can revisit its cost structure and generate further efficiencies through business reengineering.

For further information on this rating announcement, please contact Mr. Safdar Kazi ( or Ms. Sabeen Saleem ( at 5311861-70 or fax to 5311873.

Syed Ziauddin Ahmed

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited 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.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.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2009 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited