Karachi, March 11, 2021: VIS Credit Rating Company Ltd. (VIS) has assigned initial entity ratings of ‘A-/A-2’ (Single A minus/Single A-Two) to Garibsons (Pvt.) Ltd. (GPL). Outlook on the assigned ratings is ‘Positive’. The long term rating of ‘A-’ signifies good credit quality with adequate protection factors. Risk factors may vary with possible changes in the economy. Short Term Rating of ‘A-2’ indicates good certainty of timely payment, sound liquidity factors supported by good fundamental protection factors and small risk factors.
Incorporated in 1976, GPL is engaged in the business of processing, export of Rice, Rice Bran, Rice Husk, Wheat, Maize and manufacturing of raw and laminated Chipboard and Medium Density Fibreboard (MDF). Although GPL is primarily an export-oriented company as approximately four-fifth of the company’s revenue is generated through exports, the company also has a presence in the local market through its ‘Mughal’ brand. The company’s processing and storage facilities are based in Sindh (Karachi, Gharo, Jacobabad and Golarchi) and Punjab (Sheikhupura, Pindi Das, Layyah and Chaubara). GPL is a family-owned organization with shareholding of the company vested with members of the Garib family, who also participate in the management and supervision of the company’s operations.