VIS Reaffirms Ratings Of Gadoon Textile Mills Ltd

KARACHI, (UrduPoint / Pakistan Point News - 16th Dec, 2019 ) :VIS Credit Rating Company Limited has reaffirmed entity ratings of Gadoon Textile Mills Limited at single A Plus/A-One.

The long-term rating of `A+' signifies good credit quality and adequate protection factors; risk factors may vary with possible changes in the economy, said a press release on Monday.

The short-term rating of `A-1' signifies high certainty of timely payment; liquidity factors are excellent and supported by good fundamental protection factors while risk factors are minor.

Outlook on the assigned ratings is stable. The previous rating action was announced on Oct. 29, 2018.

GTML is part of Yunus Brothers Group. The company is the largest spinning enterprise in the country and has around three decades of experience in the textile sector. GTML produces yarn (both coarse and fine counts) through two units located at Karachi in Sindh (Unit A) and at Swabi District in Khyber Pakhtunkhwa (Unit B) and knitted fabric through Unit B.