Lanka Rating Agency
29-Oct-24
Analyst
Gayani Randima Ariyawansa
gayani@lra.com.lk
+94 114 500099
www.lra.com.lk
Applicable Criteria
- Methodology | Non-Banking Financial Institution Rating | Jul-24
Related Research
- Sector Study | Leasing & Finance Companies | Aug-24
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Lanka Rating withdraws the Entity Rating of Asia Asset Finance PLC
| Rating Type | Entity | |
|
Current (29-Oct-24) |
Previous (27-Jan-23) |
|
| Action | Withdraw | Initial |
| Long Term | - | A- |
| Outlook | Stable | |
| Rating Watch | - | - |
Subsequent to the management's decision to discontinue the rating, Lanka Rating withdraws the entity rating of Asia Asset Finance PLC with immediate effect
About
the Entity
Asia Asset Finance PLC is a public limited liability company incorporated and domiciled in Sri Lanka and listed on Colombo Stock Exchange. In 2014 AAF was acquired by MFL of India, and it had a 73% stake in the Company as of FY23. The principal activities of AAF comprise Gold Loans, SME Loans, Leasing, Micro Finance, Personal Loans, and Pledge Loans. The Board of Directors consists of eight members of which three are Non-Independent and Non- Executives Directors and four are Independent and Non-Executive Directors. The remaining is the Chief Executive Officer, Mr. Rajiv Gunawardena, who heads the management team, and he has held the current position as the CEO for about 12 years.