The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (03-January-2007)
    PACRA Assigns the Asset Manager Rating to
First Capital Investments Limited (FCIL)
 

 
Analyst
Maimoon Rasheed
(+92-42-586 9504)
maimoon@pacra.com

 

 

 













 

 

 

 

 

 

 

Disclaimer
This press release is transmitted to you for this sole purpose of dissemination through your newspaper/magazine/agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to PACRA. However, PACRA has the sole right of distribution of its press releases for consideration or otherwise through any media.

  

The Pakistan Credit Rating Agency (PACRA) has assigned an asset manager rating of “AM4+” to First Capital Investments Limited (FCIL). The rating denotes the company’s adequate capacity to manage the risks inherent in asset management and the asset manager meets adequate investment management industry standards and benchmarks.

The rating reflects FCIL’s relatively new but qualified management team, association with a strong and expanding business group, and adequate supporting systems. The rating also recognizes the initiatives taken by the management to streamline business processes and investment strategy leading to better performance of its mutual fund. However, despite being in the business for a reasonable time, the size and number of funds under management have remained limited. This has obviated the need to expand the organization or to emulate the more rigorous risk management systems in place among some of the peer asset management companies.

About the company: First Capital Investments Limited (FCIL), commencing operations in early 1995, is registered as an Investment Advisor under the Non-Banking Finance Companies, Rules 2003. FCIL is sponsored by First Capital Securities Corporation Limited (FCSC) – a First Capital / WorldCall group company – with 66% shareholding. The main sponsors of the group include Mr. Sulieman Ahmed Said Al-Hoqani – an Omani investor – and Mr. Salmaan Taseer and associates. FCSC, a leading investment and financial services company and listed on all three bourses, serves as the main holding company for the group. The group has interests in a number of companies that are offering financial, insurance, media & telecommunication, and real estate services. The Chief Executive, who joined FCIL in 2005, has over 6 years of experience in the financial markets of Pakistan.

FCIL currently has one fund under its management – First Capital Mutual Fund Limited (FCMF) – launched in Mar 1995. This is a closed-end equity fund, having net assets over PKR 330mln at end-Sep06. FCIL is also offering corporate investment advisory services and intends to aggressively expand this line of business.
 
The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity.

PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings.

PACRA's opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.

 

    
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