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The Pakistan Credit Rating Agency Limited
Press Release

Date
30-Jun-22

Analyst
Behrooz Fareed
behrooz.fareed@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Suspends Entity Ratings of First Fidelity Leasing Modaraba

Rating Type Entity
Current
(30-Jun-22 )
Previous
(24-Sep-21 )
Action Suspended Maintain
Long Term - BBB+
Short Term - A2
Outlook Stable
Rating Watch - -

Due to the non-availability of requisite information, the rating of the Company has been suspended.
PACRA dues have also not been paid.

About the Entity
First Fidelity Leasing Modaraba (FFLM) is a perpetual, multipurpose Modaraba founded in 1991, engaged in Islamic mode of leasing and term financing under morabaha. Additionally, the Modaraba has developed a portfolio of investment properties, both land and building. Modaraba’ s assets also include membership of Pakistan Mercantile Exchange Limited (PMEX).
Fidelity Capital Management (Private) Limited (FCML) is the management company of the Modaraba. FCML is majority owned by Mughals Imperial (Pvt.) Ltd and two individuals (60%), whereas Chief Executive Officer of the Modaraba Mr. Wasim-ul-Haq Osmani (18%) and his associates (22%) owned the remainder of shares. FCML has 24% stake in the Modaraba (FFLM) while 66% is owned by general public.

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 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.