The Pakistan Credit Rating Agency Limited
22-Sep-26
Analyst
Muhammad Azmat Shaheen
azmat.shaheen@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
- Methodology | Corporate Rating | Jul-26
Related Research
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 the Entity Ratings of Reliance Cotton Spinning Mills Limited
| Rating Type | Entity | |
|
Current (22-Sep-26 ) |
Previous (26-Mar-26 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A- |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | - |
Reliance Cotton Spinning Mills Limited has been merged with and into its parent company, Sapphire Fibres Limited, pursuant to the Scheme of Amalgamation/Merger approved by the Honorable High Court of Sindh at Karachi. Following completion of the merger and related procedural requirements, Reliance Cotton Spinning Mills Limited no longer exists as a separate legal entity. Accordingly, upon the desire of the management, PACRA withdraws the entity ratings of Reliance Cotton Spinning Mills Limited.
About
the Entity
Reliance Cotton Spinning Mills Limited (“Reliance Cotton” or “the Company”) was incorporated as a listed company in 1991 under the umbrella of Sapphire Fibres Limited & Mills. The Company commenced operations in Jul-92 and was exclusively engaged in the spinning business, manufacturing and exporting a wide range of yarn products. A major stake of ~66% was held by the Sponsors, the Sapphire Group, through associated companies, while Directors, Financial Institutions and Joint Stock Companies held ~8% and ~5%, respectively. The remaining ~21% was held by the General Public.