Press Release

VIS Assigns Initial Entity Ratings to Nadeem Poultry Sales Centre

Karachi, July 10, 2026: VIS Credit Rating Company Limited (VIS) has assigned initial entity ratings of ‘BBB/A2’ (Triple B/A Two) to Nadeem Poultry Sales Centre (‘NPSC’ or ‘the Company’). The medium to long-term rating of ‘BBB’ denotes adequate credit quality; Protection factors are reasonable and sufficient. Risk factors are considered variable if changes occur in the economy. Short-term rating of ‘A2’ indicates good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned rating is ‘Stable’.

The assigned ratings reflect NPSC’s established presence in Karachi's poultry market, supported by over five decades of operating history and the extensive industry experience of its proprietor. Business risk is underpinned by resilient demand for poultry products, integrated sourcing arrangements with associated farms, and a demonstrated track record of revenue growth. Profitability remains stable despite thin industry margins on account of regulated pricing, while financial risk is moderated by a conservative capital structure, low reliance on external borrowings, strong liquidity, and robust debt servicing capacity. The ratings remain constrained by the Company's sole proprietorship status and engagement with non-QCR rated audit firm, resulting in limited governance and management depth, customer and supplier concentration, exposure to biological and commodity price risks inherent in the poultry industry. Sustained growth in profitability, continued strengthening of capitalization, and further institutionalization of governance will remain important ratings considerations, going forward.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk

Applicable Rating Criteria:

Industrial Corporates
https://docs.vis.com.pk/docs/CorporateMethodology.pdf

VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright July 10, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.