The Pakistan Credit Rating Agency Limited
23-Feb-23
Analyst
Sehar Fatima
sehar.fatima@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jun-22
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jun-22
- Methodology | Rating Modifiers | Jun-22
Related Research
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PACRA Withdraws Entity Ratings of Fazal Rehman Fabrics Limited
| Rating Type | Entity | |
|
Current (23-Feb-23 ) |
Previous (23-Feb-22 ) |
|
| Action | Withdraw | Upgrade |
| Long Term | - | A |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
The Fazal Rehman Fabrics Limited had been in the process of amalgamating into its parent company Ahmed Fine Textile Mills Limited. The process came to a culmination. Fazal Rehman Fabrics Limited being a wholly owned subsidiary of Ahmed Fine Textile Mills Limited has been merged into its parent company, therefore ceases to operate as a separate legal entity and stands dissolved.
Consequently, PACRA withdraws the Entity Ratings of Fazal Rehman Fabrics Limited with immediate effect.
About
the Entity
Fazal Rehman Fabrics Limited (Fazal Rehman Ltd.), incorporated in 2004, started operations in 2007. It is engaged in the manufacturing and marketing of greige fabric. The Company operates with 492 air-jet looms. Fazal Rehman Ltd. is a wholly-owned subsidiary of Ahmed Fine Textile Mills Limited. Fazal Group has interests in the Textile, fertilizers, Energy, and Real Estate sectors. The board of directors contains seven members in total. Management control vests with Fazal Group with Mr. Rehman Naseem (representative of Fazal Group) having operational control.