Analyst
Sehar Fatima
sehar.fatima@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
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".