Press Release

JCR-VIS assigns preliminary rating of A to proposed PPTFC issue of Aisha Steel Mills Limited

Karachi, October 16, 2012: JCR-VIS Credit Rating Company Limited has assigned preliminary rating of ‘A’ (Single A) to the proposed privately placed Term Finance Certificate (PPTFC) issue of Aisha Steel Mills Limited (ASML). Outlook on the assigned rating is ‘Stable’.

ASML plans to issue a 6-month PPTFC amounting to Rs. 500m with a Green shoe option of Rs. 250m. The instrument is secured by way of joint first pari passu floating charge on all stocks, raw materials, packaging materials, finished goods, stock in trade and book debts. For 25% margin over the PPTFC amount, ranking charge over fixed assets including land and building shall be created. In addition to this, a Letter of Comfort from the company’s primary sponsor, Arif Habib Corporation Limited also provides comfort to the assigned rating. The proceeds from the proposed issue will be used to finance the working capital requirements of the company.

For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA (Ext: 604) or Mr. Javed Callea (Ext: 501) at 92-21-35311861-70 or fax to 92-21-35311873.

Abdur Rahim

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 2012 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