Press Release
VIS Reaffirms Entity Ratings of Naveena Exports Limited
Karachi, October 14, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Naveena Exports Limited (‘NEL’ or ‘the Company’) at ‘A/A1’ (Single A/A One). The medium to long-term entity rating of ‘A’ reflects good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy. The short-term rating of ‘A1’ indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on July 21, 2025.
Naveena Exports Limited (‘NEL’ or the ‘Company’) is engaged in the manufacturing and sale of yarn, denim fabric, and garments. The Company has established a global presence, with an office in Bangladesh and sales representatives in the US, South America, Europe, and Turkey. NEL prioritizes adherence to international standards for social responsibility, environmental sustainability, and product quality. The Company employed 2,793 workers as of June 2025. NEL is a wholly owned subsidiary of Naveena Group (Private) Limited, which has diversified interests across textiles, steel, energy, and real estate development.
The Company was incorporated as a private limited company in 1989 under the Companies Ordinance, 1984, and was converted into an unquoted public limited company in November 2006. The registered office is situated at Main Shahra-e-Faisal, Karachi, while production facilities are located in Korangi Industrial Area and Landhi Town, Karachi, and Bhoptian Chowk, Raiwind Road, Lahore.
The assigned ratings reflect the Company’s established operating history, strong sponsor backing from Naveena Group (Private) Limited and the extensive industry experience. While primarily the Company experienced the decline in profitability and increase in borrowings during FY25 following stress on leverage and gearing. However, the assigned ratings take into account the recovery during 9MFY26 and the expected benefits from the ramp-up of the garment division. The garment division's focus on existing denim customers also limits the risk associated with developing new markets with the capacity of 25,000 units per day in addition to existing capacity. The Company's financial risk profile registered improvement during 9MFY26, with net sales growth, higher net margin, improved gearing, leverage, and debt coverage with better FFO.
For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Corporates
https://docs.vis.com.pk/Methodologies-2026/Corporate-Rating-2026.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf