PACRA Withdraws Entity Ratings of Nishat Chunian Limited
Subsequent to the decision of the management of Nishat Chunian Limited to discontinue the ratings, PACRA withdraws the Entity Ratings of Nishat Chunian Limited with immediate effect.
Nishat Chunian Limited - listed on the Pakistan Stock Exchange - commenced operations in 1991. Nishat Chunian is a vertically integrated composite textile unit manufacturing cotton yarn, fabric and bed wear. The Company operates with 222,708 spindles and 363 looms. The Company has established separate business units for different segments, which include (i) Spinning, (ii) Weaving, (iii) Dyeing and (iv) Stitching, each being a distinct profit center. It is majorly owned by Shahzad Saleem Family (28.4%) and Nishat Group (27.6%) through individuals and group companies. Remaining shareholding is well spread among corporates, financial institutions and general public.
Nishat Chunian has an eight-member board including the Chairman, Mrs. Farhat Saleem, and the Chief Executive Officer (CEO), Mr. Shahzad Saleem. The board comprises of four Non-Executive, two Executive and two Independent Directors. The board is compliant with the Code of Corporate Governance. The CEO, Mr. Shahzad Saleem, a LUMS alumni, is associated with the Company since inception. He is assisted by an able and experienced team of professionals.