NDB Housing Bank offers host of benefits to Home-builders
By Faraza Farook
The introduction of an Indian brand of wheat flour to the market is likely to persuade Sri Lankans to shift from the traditional 'pol sambol' and 'Paan ' menu to 'Roti'' or 'Chapathi''.
Prima Ceylon Ltd this week will introduce to Sri Lanka Prima 'Green' - an Indian variety of milled wheat in a green pack. The wheat, due to its different quality can be used only to make Indian food such as roti and chapathi.
The flour will be marketed at a lesser cost than the Prima wheat flour (red pack)which is sold at Rs. 22 per kg in Colombo. Accordingly the new product will be priced at Rs. 19 or Rs. 20, Prima General Manager, Lin Hsin Hui said.
The first consignment of 25,000 tonnes of Indian wheat arrived on Friday at the Trincomalee port. Mr. Hui said the import was being made under an India-Sri Lanka agreement.
The present wheat flour in the market is of two categories - Mill brand for use in bakeries and Prima brand for household purposes. Wheat for these brands of flour is imported from America, Australia or Canada and is very different in quality compared to the Indian wheat. The protein content also varies in the two brands while the price difference ranges between US $ 20-25 per tonne.
Prima said the green pack was being introduced in an effort to bring down flour prices. With the price of rice going up, Prima said flour sales have increased and expressed the hope that the new product will find a place in the market.
Sixty percent of wheat flour in Sri Lanka is used for making bread, Prima said.
Fitch Ratings Lanka Ltd (FRL) has assigned SL BBB (pronounced 'SL triple BBB') national credit rating for the implied long-term unsecured senior debt of Senkadagala Finance (SF) Company Ltd, the first finance company to be rated.
SL BBB rating denotes that there is currently a low expectation of credit risk. The capacity for timely payment of financial commitments is considered adequate, but adverse changes in circumstances and in economic conditions are more likely to impair this capacity, Fitch said.
SF's performance reflects the efficient operating systems and controls and management conservativeness. High levels of automation and lean staffing have resulted in the lowest cost to income ratio in comparison to its peers. Despite being a small player, management focus on profitability over growth has enabled SF to be the fourth most profitable finance company in absolute terms.
Senkadagala Finance Company Ltd was established in 1968 is one of the smaller finance companies out of a total of 25 finance companies, with branches in Colombo and Kandy.
NAMAL Income Fund, which took advantage of the high interest rates that prevailed during the first half of last year, has declared a dividend of 80 cents a unit for the six months ending December 31.
NAMAL CEO S. Jeyavarman said the money was invested in government treasury bills and bonds, selected bank deposits and short and medium-term corporate paper.
The fund has 41 percent of its money in treasury bonds and repurchase agreements, 54 percent in corporate debenture and the balance in the money market.
The fund is owned by the DFCC Bank, People's Bank, Employees' Trust Fund and the Asian Development Bank.
