Emerging Credit Rating Limited (hereinafter referred to as ‘ECRL’) has affirmed BBB+ (Pronounced as Triple B plus) long term credit rating and ST-3 short term credit rating to Panama Composite Textile Mills Limited (hereinafter referred to as “PCTML” or “The Company”). The outlook on the rating is Stable
. The ratings are consistent with ECRL’s entity rating methodology for this type of organization. Panama Composite Textile Mills Limited is a private limited company which started its commercial operation in late 2013. The company specializes in producing 100% Carded and Combed Cotton Yarn which is used by the export oriented garment industry. The rating takes into account business profile, future trend of the operation, balance sheet strength, prospects of the industry, loan repayment history and management experience while assigning the rating. The ratings are based on the unaudited financial statement of FY2018-FY2021 and relevant qualitative and quantitative information up to date of rating.