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Lanka Rating Agency
Press Release
Date
26-Jul-24

Analyst
Imran Iqbal
imran@lra.com.lk
+94 114 500099
www.lra.com.lk

Applicable Criteria

  • Methodology | Corporate Rating | Jun-22

Related Research

  • Sector Study | Healthcare Industry | Jul-24

Disclaimer
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 LRA

LRA Withdraws the Entity Rating of Nawaloka Medicare (Pvt) Ltd

Rating Type Entity
Current
(26-Jul-24) 		Previous
(24-Jan-23)
Action Withdraw Initial
Long Term - BBB
Outlook Stable
Rating Watch - -

Subsequent to the management's decision to discontinue the rating, LRA withdraws the entity rating of Nawaloka Medicare (Pvt) with immediate effect.
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About the Entity
Nawaloka Medicare (Pvt) Ltd., is a limited liability company incorporated under the Companies Act, No. 07 of 2007 of Sri Lanka. The Company was established in 2013 and is principally involved in providing Radiology & imagining services, Ambulance, Physiotherapy centre, Dialysis, Endoscopy/ Colonoscopy, Fertility Centre as well providing the facilities such as Hospital rooms & services, Maternity wards, Accident & Emergency, Day surgery, Intensive care unit and Operating theatres. The Chairman, Mr. Harshith Dharmadasa has been a director of Nawaloka Hospital PLC since 2000 and has over 25 years of executive Management experience. The board is headed by the owner who is also the chairman and the other two executive directors, Ms. Tracey Dian Dharmadasa and Mr. Harshula Dharmadasa who are close family members.

The primary function of LRA 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. LRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. LRA 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.