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The Pakistan Credit Rating Agency Limited
Press Release

Date
21-Apr-21

Analyst
Sehar Fatima
sehar.fatima@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Withdraws Entity Ratings of Fazal Weaving Mill Limited

Rating Type Entity
Current
(21-Apr-21 )
Previous
(06-Nov-20 )
Action Withdraw Maintain
Long Term - A-
Short Term - A2
Outlook Developing
Rating Watch - Yes

The management of Fazal Weaving Mills Limited had been in the process of amalgamating the entity into its parent company Fazal Cloth Mills Limited. The process came to culmination. Fazal Weaving Mills Limited being a wholly owned subsidiary of Fazal Cloth 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 Weaving Mills Limited with immediate effect.

About the Entity
Fazal Weaving was incorporated in April, 2014 as a public unlisted company. The Company’s installed capacity was 39,600 spindles. Fazal Weaving was wholly owned by Fazal Cloth. Fazal Cloth is owned by Fazal Group and Fatima Group (~45% each). Fazal Cloth is the Flagship Company of Fazal Group. The Group is involved in manufacturing of yarn and greige fabric. Herein "Group means members of family without reference to any law of Pakistan".

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.