It looks to be a derative of first-rate:

Foremost in quality, rank, or importance.

or First Time Quality:

Calculation of the percentage of good parts at the beginning of a production run.

It is in use as a (company)name that suggests good quality and not really a genuine term.

It looks to be a derivative of first-rate:

Foremost in quality, rank, or importance.

or First Time Quality:

Calculation of the percentage of good parts at the beginning of a production run.

It is in use as a (company)name that suggests good quality and not really a genuine term.