VIS Credit Rating Company Assigns IER To STML

KARACHI, (Muzaffargarh.City – 30th Dec, 2019 ) :VIS Credit Rating Company Limited has assigned initial entity ratings of single A minus/A-one to Sun rays Textile Mills Limited.

Long-term entity rating of `A-‘ reflects good credit quality, adequate protection factors. Risk factors may vary with possible changes in the economy. Short-term rating of `A-1’ indicates high certainty of timely payment, liquidity factors were excellent and supported by good fundamental factors. Risk factors are minor.

Outlook on the assigned ratings is stable,said a press release on Monday.

STML operates through a manufacturing facility located in Muzaffargarh,Dera Ghazi Khan Division with 34,896 spindles installed. The company has historically been operating at high capacity utilization levels. During last three years, the company replaced its old Chinese machinery with new Japanese ring frames through BMR thereby enhancing productivity and efficiency of its manufacturing unit.