INDUS DYEING & MANUFACTURING COMPANY LIMITED
Following is the text of press release issued by
Quote
IHL is primarily engaged in the production and export of greige and finished terry cloth and other textile products. At present, the company's operations encompass weaving, dyeing and fabrication which are carried out through a towel manufacturing and finishing facility, located in Raiwind near
The revision in rating outlook reflects prevailing uncertainty in textile sector dynamics due to coronavirus outbreak, prolonged lockdown, overall contraction in demand and challenging economic environment. It is expected that the entire value chain of the textile industry will be impacted by these developments. Status of the assigned rating is therefore uncertain as an event of deviation from expected trend has occurred; additional information will be necessary to take any further rating action, warranting a 'Rating Watch-Developing' status. Given the low leveraged capital structure and sound financial profile, it is expected that ratings will remain stable post recovery of the ongoing situation; nevertheless as scenario is evolving rapidly, VIS will closely monitor and will accordingly take action to resolve the outlook status.
For more information, contact:Director Compliance and Rating Analytics,VIS Credit Rating Company LimitedVIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,Phase VII, DHA,
Unquote
© Pakistan Press International, source
