PACRA assigns initial entity ratings to TATA Textile Mills

MG News | December 05, 2018 at 01:32 PM GMT+05:00

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December 05, 2016 (MLN): Pakistan Credit Rating Agency (PACRA) has assigned initial entity ratings to TATA Textile Mills Limited at ‘A-‘ for long-term and ‘A2’ for short-term, with a stable outlook forecast.

According to the rating agency, the ratings of Tata Textile reflect the financial risk profile of the company which is characterized by well managed leveraging, strong coverage and adequate working capital management.

Due to higher demand in local market recently the group has shifted its focus from export sales which led to increasing its footprints in the local market.

Performance indicators are strong, including margins and absolute profits, says the report.

Going forward, management is planning to merge all three textile entities in order to benefit from the economies of scale.

The ratings are dependent on sustaining business margins while maintaining financial risk at low level.

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