PACRA Maintains the Asset Manager Rating of First Capital Investments Limited
Lahore, September 28, 2020 (PPI-OT): The rating reflects the company’s modest market share, adequate organizational structure, weak fund performance and limited fund slate comprising a single fund. The Company’s AUMs have witnessed up stick by 8.8% since Jun’19 and stood at PKR 106mln at end Jun-20. The net losses of the Company has been decreased from PKR 49mln (Jun-19) to PKR 5mln (Jun-20), due to unrealized gain on investments.
While the equity of the Company has come under pressure due to losses and currently stands at PKR 202mln at end Jun-20, which is slight above the regulatory requirement. The ratings of the Company are placed on Watch and highlight the need to fill the gap, while ensuring no further depletion in equity. PACRA will monitor the situation and may take future action accordingly. The rating is dependent on the board’s decision regarding the future prospects and continuity of business operations. Meanwhile, maintaining all regulatory requirements are critical. Any shortfall in this regard will have a negative impact.
For more information, contact:
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,