VIS Assigns IER To ARFL

VIS Credit Rating Company Limited has assigned initial entity ratings to Al-Razzaq Fibres (Private) Limited at single A minus/A-two

KARACHI, (UrduPoint / Pakistan Point News - 21st Jun, 2022 ) :VIS Credit Rating Company Limited has assigned initial entity ratings to Al-Razzaq Fibres (Private) Limited at single A minus/A-two.

Long-term rating of 'A-' denotes good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. Short-term rating of 'A-2' signifies good certainty of timely payment. Liquidity factors and company fundamentals are sound. Access to capital markets is good. Risk factors are small. Outlook on the assigned ratings is stable, says release on Tuesday.

Incorporated in 2013 as a private limited concern, Al-Razzaq Fibres (Private) Limited is involved in the manufacturing of griege fabric for both the local and export market.

The Company has also launched its own retail brand in 2017 under the name "Saya". Registered office of the Company is situated in P.E.C.H.S. Karachi, while plant and warehouses are located in Nooriabad, and Korangi Industrial Area, Karachi.

Assigned ratings underpin Company's focus on increasing backward integration with the establishment of a spinning unit, currently underway, as well as capacity addition initiatives undertaken to cater to increasing demand while generating operational efficiencies in due course.