Advertorial

RAM reaffirms BBB and P3 ratings of LB Finance

RAM Ratings has reaffirmed LB Finance PLC's long- and short-term financial institution ratings at BBB- and P3, respectively. The long-term rating has a stable outlook.

The ratings are based on the company's adequate asset quality and healthy - albeit easing - financial performance, weak funding structure, and marginal - although improving - capital adequacy.

Concurrently, RAM Ratings has assigned respective long - and short-term ratings of BB+ and NP to LBF's proposed Rs. 450 million unsecured subordinated redeemable debentures. LBF is the third-largest registered finance company ("RFC") in Sri Lanka, accounting for about 8% of the industry's assets as at the end of FYE March 31, 2008.

With a network of 15 branches and 40 pawnbroking centres (inclusive of branches) the company has continued the aggressive expansion of its loan portfolio, which augmented 57.83% year-on-year ("y-o-y") in FY Mar 2008.

Meanwhile, the company has also focused on improving its asset quality.

LBF wrote off Rs. 326.67 million of non-performing loans ("NPLs") in FY Mar 2007, which had been fully provided for, and maintained a tight grip on new facilities.

Commercial Bank Panadura resumes services after fire damage

Services were resumed at Commercial Bank Panadura branch on Monday, August 18, following a fire in the early hours of Friday, August 15, which damaged the front of the building.

The Bank set up three banking counters for front office operations and moved its back office departments back into the building by Monday.

Additionally, a mobile banking unit equipped with an Automated Teller Machine (ATM) had been stationed at the premises since Friday, to supplement services.

The Bank made arrangements on Friday, the day the fire took place, for Panadura customers to be served at the Bank's Moratuwa and Wadduwa branches and at the 'MiniCom' outlets at the Cargills Food City Supermarkets in Panadura and Moratuwa. "Action was taken to minimise inconvenience to customers," the Chief Operating Officer of the Bank Ravi Dias said.

"Apart from the damage to the building and some equipment, no documents of significance were lost or damaged. We were able to test our Business Continuity Plan in a real life situation and are pleased with the speed at which we managed to recover from this incident."

He thanked Sampath Bank for readily agreeing to provide space for the Bank to set up temporary counters to service customers. "We expect the entire building to be ready for business within one week," Dias added. "We are grateful for the understanding and cooperation of our customers in Panadura."

India's Kalaignar TV now on Dialog TV

Dialog TV, Sri Lanka's premier Direct to Home (DTH) Satellite Television service provider has introduced Kalaignar TV; a Chennai based Indian satellite TV channel to its portfolio of international television content. Kalaignar TV, now aired on Dialog TV, consists of a diverse array of programmes ranging from entertainment to educational programmes.

Kalaignar TV features the best of Kollywood's popular cinema stars like Kushboo, Ramba, Devayani, Pooja, as well as producer Bharathi Raja and dance master Kala as hosts. Mega serial dramas, women's programmes, comedy shows, musical shows, dance shows, popular Tamil movies, children's programmes, English and Telungu (dubbed) movie previews, reviews and interviews are some of the exciting programmes that are broadcast on Kalaignar TV.

Speaking about the new channel, Chief Executive Officer of Dialog TV, Naushad Perera, said, 'We launched Dialog TV with the vision of delivering the best in high quality and affordable programming to every segment of society.

In that aspect we assure that Kalaignar TV will provide fine entertainment for all our Tamil speaking viewers. Kalaignar TV will feature an exciting line up of programmes for our Tamil viewers in addition to the progammes that are broadcasted on TBO and 'Star Vijay' TV. I believe that this will definitely enhance the bond between Dialog TV and our Tamil speaking viewers.'

Kalaignar TV has seized its viewers with its mesmerizing programme line up. 'Maanada Mayilada' ranked first amongst the reality dance shows in India, 'Ellame Sirippu thaan' comedy show, 'Logic illa Magic' children's magic show, and 'Rasikan' - popular show hosted by Sri Lanka's veteran announcer Abdul Hameed are some of the very popular programmes which will be shown on Kalaignar TV.

Benchmark not a guarantee

Further to our article published on Monday on “Minimum bar for Funds Managers”, Director- Public Relations and Market Development of the CSE Malik Cader has sent the following clarification regarding a typographical error.

The paragraph should read as “Further the income earned from the investment portfolio belongs entirely to the client and the investment manager is responsible for the evaluation of the investment performance and the benchmark should not be a guarantee of the investment return on the investment portfolio”.