Analyst
Sehar Fatima
sehar.fatima@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
Related Research
PACRA Withdraws Entity Ratings of TATA Textile Mills Limited
Rating Type | Entity | |
Current (28-Mar-21 ) |
Previous (28-Mar-20 ) |
|
Action | Withdraw | Maintain |
Long Term | - | A- |
Short Term | - | A2 |
Outlook | Negative | |
Rating Watch | - | Yes |
Subsequent to the management's decision to discontinue the entity ratings of TATA Textile Mills Limited, PACRA withdraws the entity ratings of TATA Textile Mills Limited with immediate effect.
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About
the Entity
Tata Textile Mills limited, incorporated in 1991 and a Public Listed Company, is engaged in the manufacturing and sale of different varieties of yarn. In early 90s, TATA group setup Tata Textile Mills Limited as part of expanding its emerging business base. The corporate office of the Company is located at Textile Plaza, M.A. Jinnah Road, Karachi, whereas, vicinity of the plants is in District Muzaffargarh, in the province of Punjab. The Company is operating 2 manufacturing units with a combined capacity of 44,400 spindles.
The CEO, Mr. Shahid Anwar Tata, along with other family members and associated companies, collectively owns majority (~67%) shares of the Company. The remaining shareholding of the Company is held by mutual funds (~11%) and general public (~22%). The overall control of the Company vests in seven member board of directors, including the CEO. Currently, the board comprises two executive directors, four non-executive, and one independent member. Mr. Anwar Ahmed Tata is the Chairman of the board. He has diverse experience in the field of textile sector, bringing specialized and comprehensive experience and knowledge to the board.