Unisons Capital Leasing Limited

Unisons Capital Leasing Limited: Rating Withdrawal

Summary of rating action
InstrumentRated Amount       (LKR Mn)Rating Action
Issuer ratingN/A[SL]BBB-; On watch with Positive Implications; Rating withdrawn
Proposed Senior, Unsecured, Unlisted, Redeemable Debenture Programme500[SL]BBB-; On watch with Positive Implications; Rating withdrawn

ICRA Lanka has withdrawn the issuer rating of [SL]BBB- (pronounced SL Triple B minus) on watch with positive implications assigned to Unisons Capital Leasing Limited (hereafter referred to as UCL or the Company). ICRA Lanka has also withdrawn the issue rating of [SL]BBB- on watch with positive implications, assigned to the LKR 500 Mn proposed, senior, unsecured, unlisted, redeemable debenture programme of UCL.  The withdrawal is at the request of the parent company, as UCL has been amalgamated with its parent entity, Citizens Development Business Finance PLC.  The withdrawal is in accordance with ICRA Lanka’s Suspension and Withdrawal Policy.

Analytical approach: The withdrawal is based onICRA Lanka’s Policy on withdrawal and suspension of Credit Rating.

Links to applicable criteria: ICRA Lanka’s Suspension and Withdrawal Policy

Company Profile:

Unisons Capital Leasing Limited

Unisons Capital Leasing Limited (UCL) was a Specialized Leasing Company largely focusing on 2-wheeler and 3-wheeler financing. The Company was initially set up by Vanik Incorporation PLC. The ownership was then transferred to the Softlogic Group. Laugfs Gas PLC acquired it from the Softlogic group and subsequently Citizens Development Business Finance PLC (CDB) acquired it from Laugfs Gas PLC in October 2014, as part of the consolidation of the finance and leasing companies in Sri Lanka. CDB held 90.4% of the equity capital of UCL as at March 31, 2020. UCL  was amalgamated with CDB on May 18, 2020.

Rating history for last three years:
Analysts
Apsara Thurairetnam
Senior Analyst
+94-766781590
apsara@icralanka.com  

Sahil Udani
Assistant Vice President
+91-22-6114 3429
sahil.udani@icraindia.com  


Disclaimer
ICRA Logo

Subsidiary of ICRA Limited

A Group Company of Moody's Investors Service

CORPORATE OFFICE
Level10, East Tower, World Trade Center, Colombo 01, Sri Lanka
Tel:+94 11 4339907;Fax:+94112333307 Email:info@icralanka.com; Website:www.icralanka.com

© Copyright, 2021 ICRA Lanka Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA Lanka.

ICRA Lanka ratings should not be treated as recommendations to buy, sell or hold the rated debt instruments. ICRA Lanka ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA Lanka rating is a symbolic indicator of ICRA Lanka’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icralanka.com or contact ICRA Lanka’s office for the latest information on the outstanding ICRA Lanka ratings.

All information contained herein has been obtained by ICRA Lanka from sources believed by it to be accurate and reliable, including the rated issuer. ICRA Lanka however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA Lanka in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information.

ICRA Lanka does not take any responsibility for accuracy of material/documents prepared or published by other parties based on this document. All ICRA Lanka official rating rationales are prepared in English and external parties may present or publish translated versions of the same. Readers are henceforth advised to refer to the ICRA Lanka’s official rating rationale in the event of any inconsistency found in such documents.

ICRA Lanka or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA Lanka shall not be liable for any losses incurred by users from any use of this publication or its contents.

Unisons Capital Leasing Limited

Unisons Capital Leasing Limited: Rating Withdrawal

Summary of rating action
InstrumentRated Amount       (LKR Mn)Rating Action
Issuer ratingN/A[SL]BBB-; On watch with Positive Implications; Rating withdrawn
Proposed Senior, Unsecured, Unlisted, Redeemable Debenture Programme500[SL]BBB-; On watch with Positive Implications; Rating withdrawn

ICRA Lanka has withdrawn the issuer rating of [SL]BBB- (pronounced SL Triple B minus) on watch with positive implications assigned to Unisons Capital Leasing Limited (hereafter referred to as UCL or the Company). ICRA Lanka has also withdrawn the issue rating of [SL]BBB- on watch with positive implications, assigned to the LKR 500 Mn proposed, senior, unsecured, unlisted, redeemable debenture programme of UCL.  The withdrawal is at the request of the parent company, as UCL has been amalgamated with its parent entity, Citizens Development Business Finance PLC.  The withdrawal is in accordance with ICRA Lanka’s Suspension and Withdrawal Policy.

Analytical approach: The withdrawal is based onICRA Lanka’s Policy on withdrawal and suspension of Credit Rating.

Links to applicable criteria: ICRA Lanka’s Suspension and Withdrawal Policy

Company Profile:

Unisons Capital Leasing Limited

Unisons Capital Leasing Limited (UCL) was a Specialized Leasing Company largely focusing on 2-wheeler and 3-wheeler financing. The Company was initially set up by Vanik Incorporation PLC. The ownership was then transferred to the Softlogic Group. Laugfs Gas PLC acquired it from the Softlogic group and subsequently Citizens Development Business Finance PLC (CDB) acquired it from Laugfs Gas PLC in October 2014, as part of the consolidation of the finance and leasing companies in Sri Lanka. CDB held 90.4% of the equity capital of UCL as at March 31, 2020. UCL  was amalgamated with CDB on May 18, 2020.

Rating history for last three years:
Analysts
Apsara Thurairetnam
Senior Analyst
+94-766781590
apsara@icralanka.com  

Sahil Udani
Assistant Vice President
+91-22-6114 3429
sahil.udani@icraindia.com  


Disclaimer
ICRA Logo

Subsidiary of ICRA Limited

CORPORATE OFFICE
Level10, East Tower, World Trade Center, Colombo 01, Sri Lanka
Tel:+94 11 4339907;Fax:+94112333307 Email:info@icralanka.com; Website:www.icralanka.com

© Copyright, 2021 ICRA Lanka Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA Lanka.

ICRA Lanka ratings should not be treated as recommendations to buy, sell or hold the rated debt instruments. ICRA Lanka ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA Lanka rating is a symbolic indicator of ICRA Lanka’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icralanka.com or contact ICRA Lanka’s office for the latest information on the outstanding ICRA Lanka ratings.

All information contained herein has been obtained by ICRA Lanka from sources believed by it to be accurate and reliable, including the rated issuer. ICRA Lanka however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA Lanka in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information.

ICRA Lanka does not take any responsibility for accuracy of material/documents prepared or published by other parties based on this document. All ICRA Lanka official rating rationales are prepared in English and external parties may present or publish translated versions of the same. Readers are henceforth advised to refer to the ICRA Lanka’s official rating rationale in the event of any inconsistency found in such documents.

ICRA Lanka or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA Lanka shall not be liable for any losses incurred by users from any use of this publication or its contents.