Press Release

JCR-VIS Assigns Final Rating of A- to the Proposed TFCs of Shahmurad Sugar Mills Ltd.

Karachi, June 18, 2007: JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned final medium to long-term rating of A- (Single A Minus) to the proposed TFCs of Rs. 400m with a green shoe option of Rs. 100m to be issued by Shahmurad Sugar Mills Ltd. after examination of the signed legal documents. The outlook on the TFCs rating is ‘Stable’.

For further information on this rating announcement, please contact Mr. Safdar Kazi ( or the undersigned ( at 5311861/5311862/5311863 or fax to 5311873.

Saad Ahmed Madani
Group Head

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 2007 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