JCR-VIS Credit Rating Company Limited has revised the entity ratings of Javed Omer Vohra & Company Limited (JOVCL) from 'A/A-1' (Single A /A-One) to 'BBB/A-3' (Triple B/A-Three). Ratings of JOVCL continue to be placed on 'Rating Watch'
The downward revision in ratings incorporates the erosion in capital resulting from weak profitability position of the company. JOVCL's proprietary portfolio includes substantial investment in associated concerns, downward price adjustments on which have adversely affected the company's financial health Management control has weakened over the period under review.-PR