VIS assigns initial ratings to Master Textile Mills Limited
MG News | April 19, 2019 at 12:04 PM GMT+05:00
April 19, 2019 (MLN): VIS Credit Rating Company Limited (VIS) has assigned initial entity ratings of ‘A/A-1’ to Master Textile Mills Limited (MTML). Outlook on the assigned rating is ‘Stable’.
The medium to long-term rating of ‘A’ denotes good credit quality with adequate protection factors. Moreover, risk factors may vary with possible changes in economy. The short-term rating of ‘A-1’ denotes high certainty of timely payments coupled with excellent liquidity and good fundamental protection factors.
The assigned ratings take into account MTML’s association with the Master Group, having interest in mattress business, textiles, automobile, engineering, chemical and energy sectors. The ratings draw comfort from positive momentum in sales, margins and profitability indicators on a timeline basis, and notable experience of senior management in the industry.
Moreover, the company is comfortably placed in terms of coverages and liquidity indicators. The ratings remain constrained by inherent volatility in the textile sector. The ratings remained dependent on maintenance of leverage indicators within acceptable limits.
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