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The Group’s flagship, Assetline Leasing Company Ltd, has made strong inroads into the rural economy, winning popular acclaim as the common man’s friend with their Bajaj three-wheeler and motorcycle leasing. Assetline offers easy payment options to make your payments at any People’s Bank or Sampath Bank branch, authorised cash collection centres, Assetline 24-hour Easy Pay Machine (EPM) and island-wide branch network.
The market leader in leasing, the company also provides hire purchase facility that offers tailor-made financing plans with flexible monthly instalment schemes for registered and unregistered motor vehicles and consumer durables. Loan facilities are offered to small and medium enterprises, designed to suit specific requirements of their businesses with the primary focus on individuals and businesses in agriculture and livestock development sectors as well as franchise dealers.
Assetline’s true success lies in their groundbreaking role of bringing leasing to the very doorstep of the informal economy and small business sector, with a 43-branch network and dealers. Their sales team knows their customers by name, visit their businesses and even drop by at home, acquiring a sound knowledge about their customers’ business progress. The company walks alongside their customers from the initial hire purchase until they become fully fledged entrepreneurs, supporting them every step of their journey to success.
Recently installed EPM makes monthly lease payments easier. The machines are in operation 24 hours 365 days of the year and can be operated using National IDs, vehicle registration numbers or lease reference numbers. This year Assetline Leasing reached a new level of maturity with the introduction and enhancement of its supplementary activities like commercial credit and loans. The company also expanded its lease portfolio, from its standard commercial vehicle leases to agriculture, medical, construction, woodworking and hotel equipment leases. Loan facilities also expanded to mortgages, SME loans, business loans and dealer finance, while commercial credit is granted on pledging of imports.
Lalith Perera, distribution agent for Nature’s Secrets herbal body care products, says Assetline is the ideal partner for factoring, where he could factor his Receivable Assets to meet immediate cash needs. “I needed some working capital for my business. At that time, banks didn’t encourage factoring. Banks ask for much more details and documentation but with Assetline it was far more convenient,” Perera said. These two entrepreneurs and many others like them who are the backbone of our informal economy, put into perspective the philosophy behind the success of Assetline Leasing.
Big banks, documentation and collateral keep customers away from seeking loans from the formal banking sector. Customers feel more comfortable and confident in approaching Assetline through their wide branch network which offers minimum documentation and flexibility. The company is extremely flexible and goes the extra mile to assist their borrowers with their businesses. The only criterion for the granting of loans is that they are used for development activities.
Anuradha Perera from Piliyandala embroiders logos on sportswear for garment factories. She leased her 10,000 pieces-a-day machine from Assetline Leasing. “Over 10 years our losses had been over Rs. 1 million, though in dire need of capital to revive, we had no collateral or documentation for bank loans. Uncertainty of repayment made us hesitant to borrow.”We were lucky to have found Assetline. Extremely friendly and helpful, they instilled confidence in us to revive and develop the business. Truly a source of inspiration and courage, they pulled us out of debt. Today our income of LKR 500,000 helps pay the staff, loan instalments and also provides for savings. We are moving into our own house next month,” Perera said.
In its high intensity strengthening of its financial services, the company recently floated its commercial credit line of operations which caters to the import, export and wholesale businesses. The unit offers the facility of pledging the import items for borrowings. In support of its ‘all under one roof’ financial services tag, as an add-on, commercial credit will synergise with their group company DP Logistics on transport and warehousing of borrower’s imports.
“It is this all-under-one-roof, speedy, flexible, less documentation package that attracts more customers to us in spite of higher interest levels than commercial banks do,” Manager Planning and Development, Assetline Leasing, Dinudaya Abeywardena said.
Assetline Insurance Brokers Ltd (AIBL) arranges tailor-made general insurance facilities with a host of unique service features to both corporate and individual clients. “The company undertakes the responsibility of arranging minimum premiums and maximum benefits to its customers while handling claims from the time of occurrence until settlement,” Chief Operating Officer, Bandara Herath said. AIBL, the insurance arm of David Pieris Group of Companies, is registered with the Insurance Board of Sri Lanka. The company provides professional insurance services across the country through its own staff in Kandy, Matara, Anuradhapura, Kurunegala, Badulla, Kalutara and Dehiattakandiya, as well as through David Peiris Motor Company offices island-wide. Operations commenced in 2006, with general insurance such as motor, marine, fire and engineering equipment. The company says its current target is to grow their non-captive business.
Capitalising on the experience and exposure to capital markets in Sri Lanka, Assetline offers investment solutions in both equity and debt to individuals as well as institutional clients. Assetline Securities Ltd, a founder member of the Colombo Stock Exchange, provides accurate and timely market information backed by quality research and ethical practices and is reputed for its disciplined advisory services.
Assetline Capital Ltd, a licensed investment manager with the Securities and Exchange Commission of Sri Lanka, manages portfolios of over Rs. 11 billion. Their expansion into the unit trust industry through the launch of Assetline Mutual Funds would enable them to offer their expertise to a broader cross section of the market. Assetline Income Fund, Assetline Gilt Edged Fund and Assetline Income Plus Growth Fund offer three simple solutions to investors.
“We are keen on promoting Assetline Mutual Funds as a savings product among different client segments throughout the country. The Group’s established island-wide network would be used as our foundation in reaching retail segments outside the key cities and in reaching the grassroots in establishing the attractiveness of the product as opposed to conventional savings tools that they are accustomed to,” General Manager, Assetline Capital, Dimantha Kohombanwickramage stated.
Most businessmen, high net worth individuals, small and medium scale farmers and plantation owners usually save money in fixed deposits but now they have an extremely attractive alternative which could earn them a higher income, right at their doorstep, the company says.
