Olympic Shipping opens subsidiary in Colombos

Olympic Shipping Co., of UAE has set up a subsidiary in Sri Lanka. Shipping magnate and Olympics Chairman was in Lanka for the launch of the subsidiary.

The board of directors of Olympic Marine Services (Pvt) Ltd., are: Antonious Antonio, Chairman; roshan de Silva, Managing Director; Shiran Anthony, Director. Mr. Antonio is a shipping magnate of high esteem. Roshan de Silva, who is also General Manager of the Olympic Group of Companies, has over fifteen years of shipping experience to his credit, and the opening of the Colombo office was his brainchild. Shiran Anthony is in charge of local operations.

The parent company, Olympic Shipping Company Ltd., was founded in the UAE by Antonious Antonio in 1979. Its head office is in Sharjah with subsidiaries in Greece, Iraq, Dubai, Ajman, Fujairah, Maldives and now Sri Lanka.

Business Club

Making the best of your time

A leading marketing expert recently made a strong case for time being considered a major factor of production alongside land, labour, capital and entrepreneurship.

Senior marketing professional Kanishka Jayasinghe who spoke on 'Time Management' at The Sunday Times/Celltel Business Club meeting, said that although it is difficult to attach a monetary value to time, it is nevertheless very valuable.

He noted that people who accept responsibility are always able to find time while those who shirk responsibilities simply say that they have no time.

He pointed out that the secret is that the former has learnt how to manage time.

It is important here to achieve an objective within a given timeframe.

He noted that the checklist could be used as an important tool in time management and cited the case of a senior manager (who always found time for responsibilities) who pasted his checklist on the dashboard and cut off the assignments once they were accomplished.

He noted that although resorting to a checklist will initially entail some hassle, one will find that in the following days or weeks, it pays dividends.

He also noted that another means by which one can achieve things in a short time is delegation.

In delegating authority one must select the correct person. Clarity of instructions is also important.

Otherwise this exercise will prove to be more of a time-waster than a time-saver.

He also said that in giving instructions to a subordinate, it is important to tell him the urgency of the job and why it should be done within a specified time.

For example, instead of merely telling him to hand over a report by such and such a day, explain to him why you want it within that time. Perhaps your employer wants a look at it.

Mr. Jayasinghe also stressed that it was important to instruct people who bring you their problems, to come up with solutions.

It is only they who will know the solutions to their problems, and this will act as a time-saver.

It is also important not to entertain people sans appointments.

Likewise do not visit people without making an appointment for otherwise you will find that it is a waste of time and money.

This applies equally to personal day to day affairs.

He also pointed out that it is important to have the courage to say 'No' in an urgent situation. For example, when a friend comes to meet you when you are about to go for an important meeting you can courteously tell him that he can come at some other time as you have an urgent meeting to attend.

Other means by which one can save time is being selective when reading and loading up when shopping.

When perusing a magazine, it is better to go through the contents first.

As for shopping, it is always better to load up. In western countries for example, people usually go shopping only once a week.

However, Sri Lankans, especially the middle class resort to daily shopping which is an utter waste of valuable time.

It is also important not to regret failures and constantly think about them which will only lead to frustration.

Rather, build up on your achievements.

Finally, always ask yourself the question "Am I making the best use of my time?"

Most of the time you will find that you are not!

Grain Elevators in good financial health

By Priyantha Gamage

"Ceylon Grain Elevators is computed to have a score of 5.21 on the Altman's - z score, indicating good financial health. In fact, over the previous 10 years, the scores have been above 3.00 which indicates a level of 'safety'."

Executive Chairman of Ceylon Grain Elevators Ltd. Cheng Tsang Man sums up the performance of his company the modern way.

The group's subsidiaries comprise Ceylon Warehouse Complex (Pvt.) Ltd. (CGE owns 100%) Three-Acre Farms Ltd. (67.51%), Ceylon Pioneer Poultry Breeders Ltd. (100% owned by Three-Acre Farms Ltd.) Ceylon Aquatech (Pvt.) Ltd. (100%), Ceylon Livestock and Agriculture Services (Pvt.) Ltd. (100%) and Ceylon Agro Industries Ltd. (22%)

The largest manufacturer of integrated feed, group activity includes import and sale of poultry equipment and vaccines, breeding of prawns for export, operating of poultry breeder farms, raising grand parent and parent stock and hatcheries, hatching and selling of day old chicks while the CGE performs the sole function of manufacture and sale of poultry feed as the primary function.

Turnover reached the maiden Rs 3billion mark, during the financial year ended December 97.

The Rs. 3.024 billion turnover was an increase of 16.3% over last year's Rs. 2.60 billion.

"Improved feed quality and a broader product range led to increased sales volume", Mr. Cheng Tsang Man explains. The number of day old chicks produced and sold exceeded 15 million.

Meanwhile group profit after tax and minority interest too soared to Rs. 204. 835 million. The Chairman sees this as the result of declining raw material prices and more cost-efficient formulations.

This marks a massive 396% increase over the last year's loss of Rs. 69.162 million.

Operating profit of the group too has improved from the loss of Rs. 98.487 million a year earlier to record a profit of Rs. 205.622 million. This alone marks a 309% growth.

Though there was no non-operations income for the previous year the Consolidated Profit and Loss Account reports Rs. 6.210 million of such income for the period under consideration.

The group's asset base grew upto Rs. 1,379 756 million from Rs. 937.176 million in '96. This showed a growth of 47%.

The group's net assets per share stood at Rs. 28.96 as at year end improving itself from Rs. 23.61 of the previous year. Earning per share which was a loss of Rs. 1.15 had gone upto Rs. 3.41 as at 31.12.97.

RRI wins silver medal in Geneva

A rubber effluent treatment process developed by the Rubber Research Institute (RRI) has won an international award

The silver medal at the International Inventors' Exhibition in Geneva, was for the effluent treatment process developed by a team of RRI scientists under the leadership of Dr W. M.G. Seneviratne, Head, Raw Rubber Process Development and Chemical Engineering Department, an RRI news release said.

A technique developed by Thurul Warnakula using coir fibre to generate bacteria has been adopted by RRI scientists. In the new process Dr Seneviratne uses off-cuts of rubberised coir mattress cuttings.

Browns' Ampara branch gets face-lift

The Agriculture Directorate of Brown and Co. Ltd. relaunched its Branch operation recently, commencing with the Ampara branch which consists of a large showroom facility, a well equipped workshop and service facility, as well as a fuel station, says a company release.

The reorganized and rejuvenated Agricultural Directorate, relaunched its Ampara branch to serve their existing customer-base as well as attracting new customers.

According to Lasantha Wickramesooriye, Director, Agriculture Division Brown and Co., 95% of their customers were staunch supporters of Massey Fergusson tractors, which were regarded as 'a good work-horse' giving value for money.

Return to the Bussiness Contents