First Capital gets management quality rating

The JCR-VIS has assigned a Management Quality Rating of AM4 signifying an 'adequate management quality' to First Capital Investments Limited (FCIL).
It has also assessed the performance ranking of First Capital Mutual Fund Limited (FCMF) for the period ended June 30, 2005 at MFR 3-Star, which denotes 'average performance' vis-à-vis other closed-end funds.
The FCIL is a subsidiary of First Capital Securities Corporation Limited. While the company has been in existence for over 10 years, frequent changes at the top management level has precluded organisational growth. A new chief executive officer (CEO) assumed charge during the on-going financial year and attempts for reviving the operations of the company are being made.
At present, the FCIL has only one fund under management, though the launch of more funds is on the anvil. The FCIL plans to enhance its management capabilities and develop appropriate procedures and manuals to ensure sound internal controls, going forward.