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| Sunday, 19 February 2006 |
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Business |  |
| News Business Features Editorial
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BBB/L3 ratings for Bartleet Finance Lanka Rating Agency (LRA) has assigned a long-term financial institution rating of BBB (with a stable outlook) and a short-term rating of L3 to Bartleet Finance Limited ("BFL" or "the Company"). The ratings reflect the company's improving performance, tempered by its delicate asset quality, borderline liquidity and marginal capital adequacy. The ratings also take into consideration BFL's franchise value as a member of the Barleet Group. BFL was incorporated in 1983 and is registered under the Finance Companies Act No.78 of 1988. It is also registered under the Finance Leasing Act No.56 of 2000, to carry out its leasing business. BFL, part of the larger Bartleet Group of companies, is a mid-sized player which accounts for 2% of the total assets of Sri Lanka's registered finance companies. Over the past two years, the company's performance improved, underpinned by healthier interest margins; nonetheless, it still lags behind the industry. BFL's return on assets ("ROA") improved to 2.73% as at the end of FYE March 31, 2005 ("FY Mar 2005") against 1.16% as at end-FY Mar 2004; its return on equity ("ROE") also rose from 14.61% to 28.39% over the same period. BFL's gross non-performing-loan ("NPL") ratio, on a six-month classification basis, came up to 12.89% as at end-FY March 2005 while its net NPL stood at 3.58%. |
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