JCR-VIS assigns initial entity ratings to Feroze1888 Mills Limited

MG News | November 13, 2018 at 10:12 AM GMT+05:00

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November 13, 2018 (MLN): JCR-VIS Credit Rating Company Limited (JCR-VIS), a joint venture between Japan Credit Rating Agency, (JCR), Karachi Stock Exchange and Islamabad Stock Exchange, has assigned initial entity ratings of ‘AA-/A-1’ (Double A Minus/A-One) to Feroze1888 Mills Limited.

Outlook on the assigned ratings is ‘Stable’.

An official statement on the assignment, reveals that the assigned ratings take into account extensive experience of sponsors, long standing relationship with reputable clients, strong financial profile of the company highlighted by consistency in gross margins over the last four years, and limited risk as highlighted by low leverage indicators and sizeable cash flows to service debt.

Feroze1888 Mills Limited (FML) is a public listed company and one of the largest terry textile exporters of Pakistan. It is a vertically integrated company engaged in end to end process from spinning to product packaging.

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