JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Pakistan's largest basmati rice exporter, Matco Rice Processing (Pvt) Limited, at "A-/A-2" (Single A-Minus/ A-Two) with stable outlook. Despite being a highly competitive market with numerous international rice brands, rice exports from Pakistan increased by 3.3 percent in FY14 to US 1.9 billion dollars.Matco was able to capture a larger share of the same as the company's exports increased by 25 percent in FY14. Growth in exports has been achieved due to increased sale of basmati rice which fetched a better price in the international market compared to IRRI.
Sharing his thought on the rating, Chairman Matco Rice, Jawed Ali Ghori said, "This rating is yet another testament of our market leading product quality and reflects upon the trust of our valued customers. Our management has projected increased margins and overall profitability in the long-run and relishes the current entity rating of A-/A-2 by JCR-VIS with an aim to further enhance it in the years to come."
He further added that "Matco Rice is constantly striving to increase the quality of products by applying international standards and strengthening rice procurement procedures.-PR
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