Emerging Credit Rating Limited (hereinafter referred as ‘ECRL’) has affirmed A (Pronounced as single ‘A’) long term credit rating and ST-2 short term credit rating to Armana Apparels Limited (hereinafter referred as ‘AAL’ or ‘The Company’). The outlook on the rating is Stable. The rating is based on unaudited financial statements of FY2019, audited financial statements of FY2020-2022, bank information and other qualitative and quantitative information up to the date of rating.