Press Release

JCR-VIS Places Ratings in Sugar industry on ‘Rating Watch’

Karachi, December 23, 2005: JCR-VIS has taken note of the ongoing crisis faced by the sugar sector in the country due to the ongoing dispute between sugar manufacturers and cane growers over the sugarcane price. This has resulted in the suspension or slowdown of crushing activities in several sugar mills of the country, which may adversely affect their financial position.

Given the uncertainty resulting from this situation, JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has placed all its assigned ratings in the sugar sector on ‘Rating Watch’ status. These include:

• Entity ratings of A-/A-2 and TFC-2 rating of A assigned to Shakarganj Mills Limited;
• Ratings of A- assigned to two tranches of privately placed TFCs of Al-Noor Sugar Mills Ltd.; and
• Entity ratings of BB+/B assigned to Ranipur Sugar Mills (Pvt.) Limited.

JCR-VIS will closely monitor the developments in the sector during the coming days and resolve the ‘Rating Watch’ status as the financial impact of this situation becomes more certain.

For further information on this rating announcement, please contact Mr. Safdar Kazi ( / Ext: 221) or Mr. Saad Ahmed Madani ( / Ext: 219) at 5671822/5671833/5680996 or fax to 5681105/5671600.

Faheem Ahmad
CEO & President

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 2005 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