KARACHI: JCR-VIS Credit Rating Company Limited assigned initial entity ratings of double A minus/A-one to Feroze1888 Mills Limited. The outlook on the assigned ratings is stable.

Feroze1888 Mills Limited is a public listed company and one of the largest terry textile exporters of Pakistan. It is a vertically integrated company engaged in complete cloth making process; from spinning to product packaging. FML operates through ten units at different locations including Hub, SITE and Landhi industrial areas.

Almost the entire sales of the company are geared towards the export market, said press release on Tuesday.

Assigned ratings take into account extensive experience of sponsors, long standing relationship with reputable clients, strong financial profile of the company highlighted by consistency in gross margins over the last four years, and limited risk as highlighted by low leverage indicators and sizeable cash flows to service debt.