IOC/LIOC was invited to counter LTTE threat

Political ramifications if sheds run

By LIOC are nationalized

If the government takes over the sheds run by an Indian petroleum retailer it will not only have to pay them compensation, but will also have to be mindful of the political ramifications that such a move would cause, a former Ceylon Petroleum Corporation (CPC) officer said.

Daham Wimalasena, CPC chairman from 1977 to 1988 and again from 2002 to April 2004 was speaking to The Sunday Leader in the context of Petroleum Minister A.H.M. Fowzie's outburst in parliament on Thursday where he threatened to take over the fuel stations (sheds) given over to Lanka Indian Oil Company Ltd (LIOC) if it did not reduce the price of a litre of diesel from Rs. 130 to Rs. 110, to be on par with the price of diesel retailed by the loss making CPC.

The state controlled Daily News  however had seemingly blacked out Fowzie's outburst in its Friday's edition, while the other dailies had carried it.

Wimalasena said that LIOC, a subsidiary of Indian Oil Corporation (IOC), a government of India (GoI) enterprise, came to Sri Lanka in 2003 at the behest of the then Sri Lanka government.

He said that the then government invited India to take over the oil tank farms in Trincomalee on a 35 year lease to counter the threat of LTTE terrorism which was prevalent in that area.

 The Indians had however said that they would be interested in coming over to Sri Lanka and taking over the farms only if some of the  fuel stations that were then under the control of the CPC were also given to them.

The CPC at that time had some 300 fuel stations which they owned.

Therefore to entice the Indians to come over to Sri Lanka, some 100 CPC sheds were sold to IOC for US$ 80 million, Wimalasena said. They were also given a one third share in Ceylon Petroleum Storage Terminals Ltd. (CPSTL), a new company that was floated to take over the operations of the oil tanks in Kolonnawa and the related pipelines for the storage and distribution of petroleum fuels.

 The Trincomalee oil tanks which were largely neglected, were also given over to them on a 35 year lease

The balance two thirds in CPSTL were shared equally between the CPC and the Treasury, with the Treasury billed to sell its one third share by open tender to Sinopec, China, including another 100 CPC sheds to them, but then the government changed in April 2004, and a third party player joining the retail petroleum sector to enhance competition and thereby give the consumer a better choice never happened, said Wimalasena.

A price mechanism was put in place valid for five years till 2007, giving time for the loss making CPC to stand on its own feet, and to be superceded by a petroleum regulator, the Public Utilities Commission (PUC), but all those plans ended-up in the back-burner after the government changed in 2004, he said.

"In our brief two year period, from 2002 to April 2004, we were able to reduce CPC losses dramatically because of the automatic price mechanism that was in place," he said. Fowzie in parliament on Thursday had further said that LIOC had increased the price of a litre of diesel to Rs. 130, resulting in its diesel sales dropping to zero, while CPC sales had increased, as diesel was sold at a loss (Rs. 20 a litre), CPC's losses had also increased.

The Minister said that the CPC made a Rs. 1,191 million loss in February, Rs. 1,216 million in March, Rs. 2,961 million in April and Rs. 4,471 million last month.

Meanwhile, LIOC Managing Director K. Ramakrishnan was quoted on these pages, in The Sunday Leader issue of June 1, 2008, that a new tax on imported petrol had forced them to raise the price of diesel to Rs. 130, effective from May 28, 2008.

He said that the new tax on imported petrol is Rs. 24.50 a litre, it comes as Customs Import duty. LIOC depends 100% on imports to meet its petrol needs, whereas CPC, because it has its refinery in Sapugaskande, does not have to depend on petrol imports to meet its requirements, he said.

This new increase would have had meant that the price of a litre of petrol would have had gone up by Rs. 24.50, from the current Rs. 157 to CPC's gain, he said.

Coinciding with this new petrol tax, LIOC raised the price of a litre of diesel by Rs. 30 to Rs. 130, whereas the CPC price is Rs. 20 less, at Rs. 110 a litre.

"We were making a loss on diesel, so we passed on this new tax also to diesel," he said. Both LIOC and CPC retail a litre of petrol at Rs. 157.

Ramakrishnan on Friday told The Sunday Leader that they have appealed to the government to remove this petrol tax, so that it would be possible for them to bring down diesel prices in line with CPC's selling price. "Something is happening in this regard," he said.

On Fowzie's threat of taking over LIOC fuel stations if they don't bring down the price of diesel, Ramakrishnan said that he did not think that such a move would take place.

New SLAS standard

Institute of Chartered Accountants of Sri Lanka, in terms of the Sri Lanka Accounting and Auditing Standards Act No 15 of 1995, has decided to issue as an Exposure Draft (ED), Sri Lanka Accounting Standard (SLAS) No 46, Financial Instruments: Disclosure.

When adopted, it will supersede SLAS 23 Revenue Recognition and Disclosures in the Financial Statements of Banks & SLAS 33 Revenue Recognition and Disclosures in the Financial Statements of Finance Companies

 This ED is based on the corresponding International Financial Reporting Standard No 7 Financial Instruments: Disclosure, and is expected to be effective for financial periods beginning on or after January 1, 2011.

 Reasons for issuing the SLAS: In recent years, the techniques used by entities for measuring and managing exposure to risks arising from financial instruments have evolved and new risk management concepts and approaches have gained acceptance. In addition, many public and private sector initiatives have proposed improvements to the disclosure framework for risks arising from financial instruments.

It is believed globally that users of financial statements need information about an entity's exposure to risks and how those risks are managed. Such information can influence a user's assessment of the financial position and financial performance of an entity, or of the amount, timing and uncertainty of its future cash flows. Greater transparency regarding those risks allows users to make more informed judgments about risk and return.

Main features of the ED: The ED applies to all risks arising from all financial instruments, except those instruments listed in paragraph 3 of the ED. This Standard once adopted applies to all entities, including entities that have few financial instruments (eg a manufacturer whose only financial instruments are accounts receivable and accounts payable) and those that have many financial instruments (eg a financial institution most of whose assets and liabilities are financial instruments). However, the extent of disclosure required depends on the extent of the entity's use of financial instruments and of its exposure to risk.

The ED requires disclosure of: The significance of financial instruments for an entity's financial position and performance; qualitative and quantitative information about exposure to risks arising from financial instruments including specified minimum disclosures about credit risk, liquidity risk and market risk.

The qualitative disclosures describe management's objectives, policies and processes for managing those risks and the quantitative disclosures provide information about the extent to which the entity is exposed to risk, based on information provided internally to the entity's key management personnel. Together, these disclosures provide an overview of the entity's use of financial instruments and the exposures to risks they create.

The ED includes mandatory application guidance that explains how to apply the requirements in the ED.

The ED is also accompanied by non-mandatory implementation guidance that describes how an entity might provide the disclosures required by the ED.

A copy of the ED is available in the Institute website or at the Institute Library for reference.

Lubricant consumption falls

Lubricant consumption in the country fell by 15% year on year (YoY) in volume terms last month, while on an overall basis it has fallen by around 6-7% in the first five months of the year on a YoY basis, the managing director of Chevron's operations in Sri Lanka told The Sunday Leader.

He attributed these declines to the "flood situation and political issues." Chevron is the biggest player in the lubricants market in Sri Lanka. Gomes said that business has not got started in the Eastern Province which the government says that they liberated from the LTTE last year.

"It will take a couple of months for normalcy to return to the East from a business perspective," he said.

Gomes said that the country on an overall basis consumes some 50 million litres of lubricants of which 60% is automotive and the balance, industrial. He valued the market at Rs. 10.5 billion.

But Gomes said that the market should be tracked not in terms of rupees, but in terms of volumes consumed. "Various extraneous factors, like inflation and the exchange rate play on the rupee value, therefore the determinant should be the volumes consumed, he said.

Gomes further said that export sales from lubricants in the next five years will overtake local sales. He said that the two key market are Bangladesh and Maldives.

"Tiny Maldives has a lot of disposable income," he said. They are opening new resorts, building a new airport, their boats and machinery and equipment are consuming premium lubricants, all this is bringing in good money to the company, said Gomes.

He however did not want to come out with any figures.

Inflation to slowdown

Inflation, as measured by the point to point change in the revised Colombo Consumers' Price Index (CCPIN) reached 26.2% last month, increasing from 25% recorded for the previous month.

Inflation remained at a higher than expected level during the year due to the pass-through of high international oil prices and other commodity prices.

 Further, the impact of the revision in domestic fuel prices at end of last month is expected to cause inflation to reach a higher level during this month .

However, considering the price movement of commodities in the international market and the recent slowdown in their increase, inflation is expected to subside after reaching its peak in the June-July period.

The tight monetary policy stance implemented by the Central Bank aiming at curbing demand driven inflationary pressures in the economy has been successful in continuously decelerating the expansion in the monetary aggregates.  However, the Bank has been acutely monitoring the macroeconomic developments in order to further tighten the targets as required in order to restrain inflationary pressures. Accordingly, the recent move by the Bank to revise downwards the quarterly targets for reserve money, its operating target, would be instrumental in limiting the upward pressure on core inflation currently at single digit levels from the feedback of high headline inflation.

Currently reserve money is well within the target laid out for the second quarter and it is expected to achieve the target with a comfortable margin, an indication that monetary policy measures in place are sufficient in containing the demand pressures within the desired level.

Benefiting from the tight monetary policy, domestic credit has also slowed down over the past months, thereby impacting the growth of broad money supply. Credit to the private sector, which recorded growth rates in the range of 25-26% till August 2007, has since slowed down to 15.1% by end April 2008.  Recent surveys on the distribution of credit indicate that the deceleration has mostly arisen from less productive areas such as consumption, thereby lessening any impact on the growth potential. Credit utilised by public corporations which continued to expand at a high rate till early 2008 has also recorded a turn around with credit absorption declining to significantly lower levels during February-April period.  However, there has been a slight upward movement in the expansion of broad money in April due to higher than expected utilisation of credit by the government during the festive season, which is expected to be adjusted in subsequent months. The release of the next regular statement on monetary policy will be on July 16.

Malwatte's PAT decline 10%

Malwatte Valley Plantations Ltd., in the first quarter (1Q) ended March 31, 2008 saw profit after tax (PAT) decline by 10.3% year on year (YoY) to Rs. 82.3 million.

Udapusellawa's PAT increase 99%

Udapusellawa Plantations Ltd., in the 1Q ended March 31, 2008 saw net profits increase by 99.2% YoY to Rs. 49.2 million.

Madulsima makes turnaround

Madulsima Plantations Ltd., in the 1Q ended March 31, 2008 made a Rs. 19.7 million net profit compared to a Rs. 4.3 million loss in the corresponding Q the previous year.

Balangoda's PAT up 24%

Balangoda Plantations Ltd., saw net profits increase by 24.1% YoY to Rs. 82.5 million in the 1Q ended March 31, 2008.

Browns Beach PAT up 97.1%

Browns Beach Hotels Ltd., in the 4Q ended March 31, 2008 saw net profits up 97.1% YoY to Rs. 13.4 million. The hotel in the financial year (fy) ended March 31, 2008 made a Rs. 24.2 million net profit compared to a Rs. 5.5 million loss in the previous fy.

Arpico Fin. PAT down 45%

Arpico Finance Co., Ltd., in the 4Q ended March 31, 2008 saw net profits decline by 44.7% YoY to Rs. 4.2 million. The company in the fy ended March 31, 2008 saw profit after tax (PAT) decline by 6.7% YoY to Rs. 15.2 million.

Alliance Finance PAT decline 30%

Alliance Finance Co., Ltd., .in the 4Q ended March 31, 2008 saw net profits decline by 30.2% YoY to Rs. 23.1 million. The company in the fy ended March 31, 2008 saw net profits decline by 4.3% YoY to Rs. 67.5 million.

Foreign Trades PAT up 403%

Ceylon Foreign Trades Ltd., in the 4Q ended March 31, 2008 saw net profits increase by 403% YoY to Rs. 33.7 million. The company in the fy ended March 31, 2008 saw net profits increase by 143.9% YoY to Rs. 38.3 million.

Morison's PAT up 10%

J.L. Morison Son & Jones (Ceylon) Ltd., saw net profits increase by 9.5% YoY to Rs. 78.6 million in the 1Q ended March 31, 2008.

Galadari's losses decline

Galadari Hotels Lanka Ltd., in the  1Q ended March 31, 2008 reduced  their losses by 74.2% YoY to Rs. 49.8 million.

Kelani Cables makes loss

Kelani Cables Ltd., in the 4Q ended March 31, 2008; made a Rs. six million loss, compared to a Rs. 14.1 million net profit in the corresponding Q the previous year. The company in the fy ended March 31, 2008 saw profits decline by 59.6% YoY to Rs. 121.7 million.

Ceylinco Housing's PAT down 59%

Ceylinco Housing & Real Estate Co., Ltd., saw net profits decline by 59.4% YoY to Rs. 20.6 million in the 4Q ended March 31, 2008. The company in the fy ended March 31, 2008 saw profits decline by 54.2% YoY to Rs. 93.5 million.

JKH PAT up 21%

John Keells Holding PLC., saw net profits increase by 21% YoY to Rs. 1.9 billion in the 4Q ended March 31, 2008. The company in the fy ended March 31, 2008 saw net profits increase by 44.8% YoY to Rs. 5.1 billion.

Tangerine's PAT increase 52%

Tangerine Beach Hotels Ltd., in the 4Q ended March 31, 2008 saw net profits increase by 51.7% YoY to Rs. 34.9 million. However, the hotel in the fy ended March 31, 2008 saw PAT decline by 52.2% YoY to Rs. 11.1 million. Source: John Keells Stockbrokers

Export thrust to Pakistan

Sri Lankan export companies which took part at the My Karachi International Exhibition held recently, were successful in negotiating trade worth US$700,000 in the Rubber, Software Development, Coconut Products and Floor Tile sectors.

Pakistan Sri Lanka Free Trade Agreement (PSFTA) completes three years this month (June 2008) and Pakistan is expected to bring down the import duty to zero level for products in the phasing out list of Pakistan under PSFTA. This will give an added competitive advantage for the Sri Lankan products in the Pakistan market. Sri Lanka's total exports to Pakistan last year  was US$55.38 mn.,. and total imports from Pakistan (excluding defence stores imports) in the same year was US$ 178.58 mn. Pakistan has a continuously increasing trade surplus with Sri Lanka during the past and in 2007, the trade balance was US $ 123.20 mn. in favour of Pakistan.

It is expected that organizing of such trade promotion events would result in increasing Sri Lanka's exports to Pakistan and thus bring down the trade gap between the two countries.

Thirteen Sri Lankan exporter companies participated at this exhibition. The Sri Lankan delegation comprised 20 members, including government officials.

The products promoted at the Sri Lanka pavilion included herbal based cosmetics and hair care products, coconut oil, rubber mats (industrial & domestic use) rubber hot water bottles, jar sealing rings, bottle caps, rubber slippers, floor tiles, industrial & consumer adhesives, pre fabricated and pre-engineered steel buildings, foam rubber mattresses, and cushions, electrical switches and sockets, PVC pipes and fittings, biomass fuel briquette producing machines, rubber rollers for printing and packaging industry, rice huller rollers, engine mounts, oil seals and also computer software development.

 A tea service at the Sri Lanka Pavilion arranged by the Sri Lanka Tea Board attracted a lot of visitors to the pavilion and also provided an opportunity to promote Ceylon Tea to the Pakistani consumer.

 Total trade contacts made during the Exhibition was 200.One of the participating companies was able to sign a distributor agreement to cover entire market. This company has already executed an order worth of US $ 1500 to its partner in Pakistan.

Sindh Govt.'s IT Development Minister who visited the Sri Lanka Pavilion and had discussions with the representatives of a Sri Lankan IT company was positive in establishing a joint venture educational institute for IT in Sri Lanka.

SL makes it to the finals

Once again, the Sri Lankan flag flies high at the Imagine Cup 2008, as Lankan 'Team GŠnŠs|pictures' made it through to the final six teams at the worldwide competition in the "short film" category.

Imagine Cup 2008 to be held from July 3-8 in Paris attracted over 170,000 registrations (for all nine categories) from over 100 countries across the world.

The Sri Lankan team joins five other finalist teams, 'Team Circle'-Taiwan, 'Team Lava Lamp'-Mexico, 'Team NEIP'-Korea, 'Team OTTOMANS'-Turkey and 'Team Robotree- Canada, to compete at the grand final.

ÿThe Lankan team comprises two students from the Sri Lanka Institute of Information Technology (SLIIT)-Buddhika Perera and Malika Fernando, Gimantha Aponso (Tec Sri Lanka) and Salinga Kodikara (National Institute of Technical Education Sri Lanka).

The Short Film category highlights the art and science of storytelling, from concept and storyboard to footage and editing, all participants must be able to create a film that moves the audience, whilst also conveying its message effectively and powerfully. It takes talented and adventurous young film makers to take on such a challenge.

As for the basic storyline/plot of the winning film, it revolves around an unhygienic man living in a shanty with a dog which he considers to be his best friend and companion.

The poor man makes paper bags out of old dirty papers for a living, but he never seems to get enough money. As the man's dog is intelligent, it doesn't agree with his master neglecting the environment. So, one day the dog reacted quite violently when his master tried to dump his garbage haphazardly. Thereafter, the two friends parted. After seeing an article about recycling solid waste and how one can earn money out of garbage, the man decided to learn about "Recycling Technology" and three months later he was transformed into a completely different person and he learnt how to earn money from recycling, where he now uses clean recycled papers to make his paper bags. He also earns money by recycling his own garbage. The man then understood the value of the environment and he considers the environment to be his new friend who deserves his care, much like his good old friend "Rex" (The Dog).ÿAfter all "good friends can always change the world!"

Team leader Buddhika Perera said: "This competition is never an easy task, with more than 150 teams around the world competing for the first round, and only 30 teams being selected for the second round. After making it to the top 30 teams this year, we immediately started shooting of our film titled "Friends", the story of which is woven around two characters - one of them a dog, where finding a suitable dog, and training him for the part was the most challenging task."

"Disposing of solid waste, no doubt is a major problem not only for Sri Lanka, but even for developed countries.

Therefore the theme of our film is about finding a solution for this issue through recycling of solid waste as we strongly believe that every body has a role in this endeavour, and it is a matter of changing the attitudes of the individuals," he said.

"Becoming one of the world finalists in this competition itself is a dream come true. You can never under estimate the quality and the creativity of other world finalists, let alone the resources and the opportunities that some of these teams have at their disposal.

However the real challenge is still ahead at Paris, and we are quite confident of putting up a good show considering the fact that our team is blessed with equally hardworking members who have excelled in their respective fields," concluded Buddhika.

In one roof

Brown & Company PLC opened six new centres in Hatton, Kuliyapitiya, Negombo, Horana, Moratuwa and Homagama within a short period of two months.

Managing Director/CEO Murali Prakash said, "Browns Centres are our key retail channel to market the group's diverse products and services."

Browns centres offer tractors, pens, air tickets, wrist watches, generators, power tools, cameras, water pumps, air conditioners, ceiling fans, kitchen appliances, faxes and TVs under one roof.

Brands include Sharp, Exide, Olympus, Makita, FG Wilson, Massey Ferguson, Scan Coin, Timex, Parker, Eclipse, Havells, Usha Lexus, Tafe and Eukanuba.Browns has 35 centres islandwide so far.

Stockmarket announcements

Lanka Walltile PLC has declared a final dividend of Rs. 2.41 a share with dates to be notified.

Ceylon Tea Services PLC has declared a Rs. 14.50 dividend per share with dates to be notified.

United Motors Lanka PLC has declared a first and final dividend of Rs. 4 per share. Shareholders' meeting: July 28,2008; excluding dividend (XD) date: July 29 and payment date: July 31, 2008.

LB Finance PLC has declared a rights issue in the proportion of "1 for 7." EGM and provisional allotment: July 28, excluding rights (XR): July 29, dispatch of provisional letter of allotment: August 4, splitting: August 15, renunciation: August 19 and trading starts: August 8, 2008.

East West Properties Ltd., has proposed the sub division of each of its shares into two ordinary shares. EGM: July 25, sub division based on shareholding as at 25.7.08. Period of dealing suspension: 28.7.08-31.7.08 and start of trading of shares subsequent to sub division: August 1, 2008.

C.W.Mackie PLC has declared a first and final dividend of 75 cents a share. Shareholders' meeting: July 11, 2008; XD: July 14 and payment: July 21, 2008.

LB Finance Ltd., has declared a first and final dividend of Rs. 2.25 a share with dates to be notified. The company has also declared a rights issue in the proportion of 1 for 7 at an issue price of Rs. 17 a share, "to enable the growth of the company."

The maximum number of new shares to be issued under the rights issue is 4.3 million shares. The company in a letter to the Colombo Stock Exchange recently said that its present stated capital is Rs. 418.4 million represented by 30.3 million shares.

Horana Plantations PLC has declared an interim dividend of Rs. 1.50 a share. XD date is June 19, 2008 and payment date: July 1, 2008.

Hemas Holding PLC has declared a Rs. 1.25 final dividend per share for the fy ended March 31, 2008. AGM on June 27, 2008 and date of dispatch of dividend payment: July 4, 2008.

Aitken Spence and Company PLC has declared a Rs. 4, tax free final dividend per share for the fy ended March 31, 2008. AGM: June 27, 2008 and dividend payment: July 4,2008.

Aitken Spence Hotel Holdings PLC has declared a first and final ordinary dividend of Rs. 1 per share for the fy ended 2007/08 subject to shareholder approval. AGM: June 27, 2008 and dividend payment: July 4,2008.

Bukit Darah PLC, a Carsons company, has declared a Rs. five final dividend per share for the fy ended March 31, 2008, subject to shareholder approval at the AGM to be held on June 30, 2008. Payment: July 7,2008.

Royal Ceramics' PAT up 86%

Royal Ceramics Lanka PLC's gross turnover in the financial year ended March 31, 2008 grew by 34% year on year (YoY) to Rs. four billion.

The company's profit after tax (PAT) in the period under review grew by 86% YoY to Rs. 610.8 million. Earnings per share in the period under review increased by 85%, from Rs. 5.94 to Rs. 11.03.

The 37 Rocell showrooms will see 15 more added to the network during the coming year, its chairman A.M. Weerasinghe in the Group's 2007/08 annual report said.

Meanwhile its managing director Nimal Perera said that their concentration now is focused primarily on growing the domestic market, "which we feel has ample potential."

The export portfolio currently contributes 5% of total turnover in the markets of India, Australia and the Maldives.

"We have found it quite a challenge to compete with the bigger giants of China, Indonesia, Thailand and Malaysia in the export markets, where their sheer scale of production and hence cost effectiveness give them a definite advantage over smaller manufacturers like Sri Lanka," said Perera.

"We will increase our numbers by about 300, comprising both executives and workers when our Kiriwaththuduwa facility comes into operation, bringing our total employee portfolio to 1,500;" he said.

Award winner

WSO2, a Sri Lanka affiliated open source SOA company on Monday said that it has been recognized as a 2008 SD Times 100 award winner in the Middleware category. SD Times 100 is a listing of companies, organizations and individuals, selected by the editors of SD Times, that most broadly "set the agenda" for software development managers, developers, and the industry through leadership and innovation during the past calendar year.

12% savings interest from Com Bank

An exclusive interview with Brand Manager Iresha Degamboda on the launch of breakthrough product, Commercial Bank Super Saver

Question (Q): Can you give our readers a synopsis of this breakthrough new savings product?

Answer (A) :Commercial Bank Super Saver is a new savings account with an interest rate of 12%, the highest in the savings category in the local banking sector. It carries an Annualised Effective Rate (AER) of 12.68% with no restrictions on the number of withdrawals.

Q: What is the main objective of launching Super Saver?

A: The prevailing high rate of inflation is difficult to be balanced out through the interest rates of any standard savings scheme.  Having identified the need among dynamic savers for a high yielding savings account with full operational convenience, the launch of Super Saver is a significant step that will be welcomed by a large segment of the population who may prefer a savings account with the highest possible return and more flexibility than time deposits or government securities.

Q: Why is Super Saver unique compared to any other regular savings account?

A: Like I mentioned before, the 12% interest offered by Commercial Bank Super Saver is the highest rate on a general savings account in the local banking sector. What makes this rate particularly attractive is the fact that it is offered by the most trusted and stable local bank and the one having the highest credit rating among local private banks. Another salient point is that it is offered by the bank with the largest network of branches and supermarket banking counters linked on an on-line real time basis and the single largest ATM network in the country which makes withdrawals convenient from any part of the island.

Q: What is the minimum requirement to open a Commercial Bank's Super Saver Account?

A: Anyone over 18 years can open a Commercial Bank Super Saver account with a minimum initial deposit of Rs. 50,000.

Q: What are the other benefits offered via Super Saver Account?

A: As additional benefits, Super Saver offers all account holders a free instant CAT/Debit Card, Express Personal Loans of up to 80% of their balance, Internet Banking facilities at a special joining fee of Rs. 500 and the option of receiving a statement monthly or quarterly.

Q: How can a Commercial Bank Super Saver account be opened and accessed?

A: You can open a Super Saver account through any of Commercial Bank's 165 branches or supermarket banking counters. You also gain the privilege of making withdrawals from any of these locations, over 311 ATMs of Commercial Bank and more than a million ATMs worldwide as well as via internet banking. Similarly deposits to any Super Saver account can also be made from any of the 165 locations mentioned earlier.

These factors make Commercial Bank Super Saver the most convenient financial product to suit the dynamic lifestyles of today's professionals.

Q: How can a person derive further information on Commercial Bank Super Saver?

A: You can visit any of our over 165 branches or Saturday/holiday banking centres, supermarket counters islandwide or simply access our website on www.combank.lk for more information and download an application to open a Super Saver.

Singer Senasuma offers three year warranty

Singer (Sri Lanka), the country's No.1 home appliance retailer brings yet another value addition to the people by way of the Singer Senasuma extended warranty programme which assures after sales support for a period of three years from date of purchase.

For a little extra on the cost of the product or a little more on the monthly payment, a customer can obtain several after sales services free of charge for as much as up to three years after purchase under Singer Senasuma extended warranty. Usually, after sales support is offered up to one year from date of purchase as per the regular warranty.

Unlimited free repair, replacement of appliance if that which was originally purchased cannot be repaired, free home visits and cover of refrigerator and freezer contents up to Rs 4,000, are available under the Senasuma extended warranty programme.

'The introduction of the Singer Senasuma extended warranty facility is consistent with our policy of always striving to enhance the value proposition we offer our customers,' says Singer (Sri Lanka) Chairman Hemaka Amarasuriya. 'We are currently the only retailer to offer Sri Lankans this service. With this new scheme we facilitate extended after sales support for the customer, a boon where expensive home appliances are concerned.'

Singer Senasuma is underwritten by Hayleys AIG which is a joint venture between Hayleys and AIG MEMSA Holdings (AIG), one of the world's leading insurance and financial service organizations with operations in more than 130 countries. Hayleys AIG brings to Singer Senasuma a wealth of expertise in extended warranty programmes from 36 countries over a span of 24 years.

Last September Singer (Sri Lanka) and Hayleys AIG began their business partnership with an offer to Sri Lankans of the Singer Family Care Free Insurance Scheme which provided cover in case of accident for up to Rs 50,000 for a year. Singer Senasuma is the second in what will be a continuing partnership between the two corporate entities to provide insurance and financial services to Sri Lankans.

'We are excited and proud to partner with Singer (Sri Lanka) to offer their customers additional protection for their purchases with Senasuma extended warranty,' says Hayleys AIG Managing Director Jean-Pierre Assaf. 'Our Partnership will be a growing and dynamic one ensuring Singer (Sri Lanka) customers get the best benefits Hayleys AIG has to offer for many years to come.'

'With Singer Senasuma a customer has peace of mind for as much as three years after purchase,' says Singer (Sri Lanka) Senior Deputy Marketing Director, Nasser Majeed. 'With the present cost of living, buying a home appliance is expensive enough without having the added burden of maintenance. Singer Senasuma takes away that burden.'

Singer Senasuma must be bought on the date of purchase of the appliance and is available at all Singer Mega, Singer Plus and Sisil World Showrooms Islandwide.