KARACHI, Mar 12 (APP):JCR-VIS Credit Rating Company Limited has assigned initial entity ratings of triple B minus/A-three to Nadeem Textile Mills Limited (NTML).
The outlook on the assigned ratings is 'stable', said a statement on Monday. The NTML has been operating in the textile sector for about thirty three years since 1984. The company is primarily engaged in manufacturing and sales of yarn for both local and international markets through two spinning units. The spinning mills are located in Nooriabad and Kotri areas of Sindh.
Rating assigned to the NTML by taking into account the improvement in profitability and considerable sponsors support throughout the business cycles.
Moreover, the company's corporate governance has also been considered positively. The board composition is considered adequate in terms of regulatory compliance.