Press Release

JCR-VIS reaffirms rating of Sukuk issue of Amtex Limited

Karachi, December 27, 2010: JCR-VIS Credit Rating Co. Ltd. (JCR-VIS) has reaffirmed the medium to long-term rating of A (Single A) assigned to the five year privately placed sukuk of Rs. 650m, issued by Amtex Limited (Amtex). The sukuk is fully secured via a bank guarantee. The issue is further secured against second charge on all present and future fixed assets excluding freehold land and building on freehold land of the company. The TFC is redeemable in quarterly installments and is to be fully redeemed by October 2012.

In general, the value added textile sector in Pakistan has so far been able to transfer the increased cost of escalating cotton prices and other costs to international buyers. However, margins may come under pressure in future as the cost of rising interest rates and high energy costs, locally may not be absorbed in the international market where competition remains intense. The flood situation has also increased the demand / supply gap for cotton, which may increase import requirement. With continuous pressure on the rupee, this option remains an expensive one.

For further information on this rating announcement, please contact please contact Mr. Javed Callea (Ext: 501) at 021-35311861-70 or fax to 021-35311873 or Mr. Maimoon Rasheed at 042-36610181.


Faheem Ahmad
President & CEO

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 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 2010 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .