Crises of Cifl
Case Study on CIFL Crisis
Course Title and Code: Strategic Management (FIN 2310) Course Facilitators: W.P. Gamage
Bachelor of Business Administration - Level II Semester-VII Department of Finance Faculty of Management and Finance University of Colombo
Group Members
Name | Reg No | Department | Signature | Darmasekara H.G.D.K.S | 2009/MS/3997 | FIN | | Arachchi K.A.H.K | 2009/MS/3938 | FIN | | Rathnayaka R.M.S.M | 2009/MS/4227 | FIN | | Silva K.P.T.K | 2009/MS/4267 | FIN | | Hallala D.M.B.C | 2009/MS/4048 | FIN | | Dihari I.K.M | 2009/MS/4004 | FIN | | Madushani M.S.M.C | 2009/MS/4145 | FIN | | Perera H.A.I.S | 2009/MS/4190 | FIN | | Perera K.A.D.N | 2009/MS/4192 | FIN | | | | | |
Company History and Incorporation
Central Investments and Finance Limited (CIFL) was established by Late Mr. Hinni Appuhami (Founder of Maliban Biscuits) in 1966 and remained a family concern for over 4 decades until 2004, when it was acquired by Aspic Corporation, a diversified investment Management company.
Aspic Corporation’s strategy was to build a solid finance arm within 5 years and to create a niche Finance Company recognized by Peers and Public for Innovation, Public Relations with Speed and Flexibility in Service.
Prior to the takeover by Aspic Corporation the key performance and financials indicators of the company were poor due to a very conservative and slow growth during the last 10 years. At the time of the take over the core capital of the company was Negative34 Million Rupees and total Asset Base was Less than 20 Million rupees with just 15 Employees. With a single office in Colombo, company was just borrowing to pay back the interest to the existing depositors. Aspic Corporation took over the company in 2004 when the Sri Lankan financial system was in trouble with the 30 years of Ethnic Conflict. Under Aspic Corporation ownership and management, the
Course Title and Code: Strategic Management (FIN 2310) Course Facilitators: W.P. Gamage
Bachelor of Business Administration - Level II Semester-VII Department of Finance Faculty of Management and Finance University of Colombo
Group Members
Name | Reg No | Department | Signature | Darmasekara H.G.D.K.S | 2009/MS/3997 | FIN | | Arachchi K.A.H.K | 2009/MS/3938 | FIN | | Rathnayaka R.M.S.M | 2009/MS/4227 | FIN | | Silva K.P.T.K | 2009/MS/4267 | FIN | | Hallala D.M.B.C | 2009/MS/4048 | FIN | | Dihari I.K.M | 2009/MS/4004 | FIN | | Madushani M.S.M.C | 2009/MS/4145 | FIN | | Perera H.A.I.S | 2009/MS/4190 | FIN | | Perera K.A.D.N | 2009/MS/4192 | FIN | | | | | |
Company History and Incorporation
Central Investments and Finance Limited (CIFL) was established by Late Mr. Hinni Appuhami (Founder of Maliban Biscuits) in 1966 and remained a family concern for over 4 decades until 2004, when it was acquired by Aspic Corporation, a diversified investment Management company.
Aspic Corporation’s strategy was to build a solid finance arm within 5 years and to create a niche Finance Company recognized by Peers and Public for Innovation, Public Relations with Speed and Flexibility in Service.
Prior to the takeover by Aspic Corporation the key performance and financials indicators of the company were poor due to a very conservative and slow growth during the last 10 years. At the time of the take over the core capital of the company was Negative34 Million Rupees and total Asset Base was Less than 20 Million rupees with just 15 Employees. With a single office in Colombo, company was just borrowing to pay back the interest to the existing depositors. Aspic Corporation took over the company in 2004 when the Sri Lankan financial system was in trouble with the 30 years of Ethnic Conflict. Under Aspic Corporation ownership and management, the