Sinhaputhra Reports Another Year of Profitable Growth

Sinhaputhra had an excellent year in 2004/2005 that demonstrated its strength and flexibility in implementing business strategies towards the achievement of its goals. The strong pace of investment and the momentum with which the operations were conducted resulted in the delivery of high profit growth during 2004/2005 states the chairman of Sinhaputra Finance Company Mr. Kithsiri Wanigasekara in his annual report for the year 2004/05.	Kithsiri Wanigasekara	Ravana Wijeyeratne
The Kandy-based Sinhaputra has reported that its public deposit base grew by Rs 198 million to reach Rs 1,107m. This was an annual growth of 22%, well above the industry average of 14%. Sinhaputhra has set aside Rs 44.0m for bad debts in the leasing department. This was double the Central Bank minimum requirement. Total finance leasing and lending volume rose to Rs. 1,212m, an increase of 46% over the previous year. Sinhaputhra reports that it made a pre-tax profit of Rs. 53.4m on ordinary activities, a rise of Rs. 16.8m or 45.9%, over 2003/2004. When all its business divisions are aggregated the company after tax profits for the year were Rs 52m up 54% on the preceding year. The company had paid a 25% dividend to its shareholders totally Rs 9.5m. Joint Managing Director Ravana Wijeyeratne in his report notes that Sinhaputhra recently launched a savings deposit scheme and plans to soon introduce a debit card scheme. The final target is to issue a Sinhaputhra credit card as soon as possible. Mr. Wijeyeratne points out that Sri Lanka already has over half a million credit card holders and the number is growing by over 25% annually making it an attractive new area of business. Messrs. Wanigasekera and Wijeyeratne also report that the recent management reorganization and streamlining coupled with upgrading of information management systems and IT in the company have made a significant contribution to improved efficiency and profitability. Sinhaputhra opened a collection office in Liberty Plaza, Colombo about two years ago. The company hopes to soon upgrade the office to a full-fledged branch and launch a program of expansion that would tap the lucrative Colombo market.

Peace Through Business

ADB Refuses Funds for KMC

Kandy Mayor Kesara Senanayaka has informed the Kandy Municipal Council that his request for Asian Development Bank (ADB) assistance to upgrade the crematoria in the city has been turned down. The reason for the refusal is the failure of the Council to pay on time the loan installments due to ADB on the Manikumbura Market Complex. The KMC is in default because it has failed to collect a large sum of money in lease and rent payments due from the traders who have stalls in the market complex. On more than one occasion The Kandy News has highlighted this problem. Kandy ratepayers say that political expediency on the part of councilors from all parties is the root cause for this problem.

KMC is also failing to generate the anticipated income from the new car park risking default on the loan repayments to the World Bank. Observers point out that if that happens and the World Bank also denies fresh funding, future development of the Kandy City would be in serious jeopardy.

Federation President Rajabdeen Announces New SME Loan Scheme

The President of the Federation of the Chamber of Commerce and Industry Mr. Nawas Rajabdeen who recently visited the Women's Chamber of Commerce and Industry Central Province announced a new Small and Medium Enterprises (SME) loan scheme on concessionary terms for businesses. He was in Kandy accompanied by the Federation Secretary General Samantha Abeywickrema to attend the monthly board meeting of the Women's Chamber.

Mr. Rajabdeen addressing the meeting said that he was very impressed with the membership drive of the Women's Chamber and was willing to give the fullest support to make the Chamber stronger .He said that the female segment of the population which is a little over half in Sri Lanka was very important for the business community and the economy. The biggest contribution to the economy of the country is made by the Sri Lankan women in the Middle East, garment industry and tea. They are the largest foreign exchange earners for the nation. The women who work in the Middle East are often subject to harassment and it is our duty to takes steps to prevent that, he said.

Mr. Rajabedeen said that the new SME loans scheme that the Federation is launching will provide loans from Rs 50,000 to Rs 5m. Secretary General Abeywickrema stressed that the proposals for these loans have to come through the local Chamber. The Chamber has to make their recommendation and send to the Federation . The latter has to recommend the application to the bank . He said that the chamber has to be very careful that they recommend only genuine people. If there are defaults the chamber's credibility will be lost.

There will be no collateral for a loan less than Rs 200,000 he said .

For more information on loans Telephone 081-222-8830

Full text from home page
Raw Sewerage Discharged to Mahaweli
Threat of contamination of drinking water

The Kandy Municipal Council is discharging about 80,000 liters of untreated sewerage to the Mahaweli River at Gohagoda. This is done just above the new Kandy water scheme intake now under construction. This practice of discharging untreated sewerage has been continuing for the last seven to eight weeks. Residents of the Gohagoda, Thekkawatta, Siyambalagasmula Mawatha and Elephant Bath areas are complaining that the stench from the discharged sewerage is unbearable.

The Kandy News visited the waste disposal and sewerage facility of the KMC to find that the two sewerage purification plants at the facility have broken down. This was the reason for the discharge of raw sewerage. When we spoke to the Municipal Commissioner she admitted that the plants were non-functional but said that urgent action was being taken to repair them. She conceded that even the two plants were not adequate to meet the demand. Additional capacity was required but the KMC does not have the funds for building additional plant she noted.

The Kandy News also found that even when the sewerage is treated under the existing facility the level of purification is only about 50% of the recommended level. That means even under normal conditions what is discharged to the Mahaweli is half-untreated sewerage.

The solid waste disposal system in Gohagoda is also not functioning properly due to a shortage of heavy equipment.

The Commissioner says that Rs 5m has been appropriated from the KMC annual budget for waste disposal. But that sum was increasingly inadequate to do a satisfactory job. She pointed out that the ratepayers should be made aware of not only the shortcomings of the system but also the severe financial constraints that the KMC faces in its attempt to provide services to the Kandy community.

Full text from home page
Corruption in Teaching Appointments in Central Province

Accusations of corruption and political favouratism have tainted the latest round of recruitment to the provincial teaching cadre from among “Voluntary Teachers.” Some school principals have been accused of issuing bogus certificates to individuals certifying that they have served as Volunteer Teachers in their respective schools. Powerful politicians have tried to include their favorites on the list of recruits although many of them do not have the minimum qualifications. JVP Provincial Councilors Samansiri Fernando and Gamagedera Dissanayake made these revelations at the last meeting of the Central Provincial Council.

Education Ministry Secretary Tara de Mel had issued a circular in March 2005 authorizing the recruitment to the permanent teaching cadre individuals who have served as volunteer teachers for a minimum of three years. The Central Provincial Council Education Ministry has prepared a list of 360 names for interview. The JVP Councilors allege that most of those on the list do not have the minimum qualifications.

Voluntary teachers who believe that they do have the qualifications for permanent appointments but have been left out from the interview list recently demonstrated against the action of the Provincial Education Ministry.

The Kandy News learns that the interviews have come to a standstill on account of the difficult situation that has arisen.

Full text from home page
Doctor Appointments Delayed

This year no vacancies have so far been advertised to recruit doctors from the new batch of medical graduates. Informed sources say that there are a large number of vacancies in all the major teaching hospitals and general hospitals.

The usual procedure is to recruit new doctors for internships based on a merit list.
Informed sources claim that the vacancies are being kept for senior doctors who wish to apply for positions when annual transfers are effected. In the past in the coveted teaching hospitals some of the vacancies were reserved for senior doctors coming on transfer and the others were given to the new doctors that performed best in the local medical school examinations.

There is a suspicion among some of the new doctors that some places are being kept for “favourites.” There is also concern that some of the places in the most popular units may go to graduates with foreign medical degrees who, together with local graduates who do not pass the final exam in the first attempt, usually get lower priority when internships are allocated.

Full text from home page
Cancer Walk Last Event of Governor Monty

The Cancer Walk organized by the Cancer Society to coincide with the International Cancer Week was the last official event that the Central Province Governor Monty Gopallawa participated before he recently passed away.

It was heartening to see a large number of civic organizations and business houses in Kandy join the event. These included the Trinity College Hewisi and Western Bands, Hillwood Western Band, Guides, Scouts, St. John's Ambulance, Interactors, Lions Clubs, Eksath Bauddha Mandalaya, Sri Lanka Green Movement, Cancer Survivors from Panadura, Banks, National Institute for the Care of Paramedics, Channeled Consultation Practices, Diabetic Association, Senkadagala Buddhist Centre, Singer Mega, Y.M.H.A., and YWCA. Religious dignitaries were also prominent among the Walkers.

The Sri Lanka Cancer Society Kandy Branch was present in full force with several Past Presidents and members of the Executive Committee, Ladies Committee, Counselors, Sisters, Nurses, and Attendants.

Member of the Kandy Municipal Council, Radio Artists and over 1500 students also participated in the Walk.

Singer (Sri Lanka), The World Health Organization, Sri Lanka Telecom, Lake House, Ratna Malagai, Aloka Opticals, T.V.S. Lanka, Banks, Finance Companies, Hotels, Ceylinco, Sri Lanka Export Credit and Insurance Corporation, Upper Mahaweli Water Project, Sun Match Factory and the Kandurata Sewaya Radio supported the Walk.