Silk Cooperation wins two Gold Export Awards by NCE
Silk Cooperation, a fully-fledged Supply Chain Management leader for the Organic Agriculture, Food and Beverage, and Nutraceuticals’ sectors, emerged victorious at the recent NCE Export Awards 2020; the principle company E-Silk Route Ventures Ltd won the Gold Award in the ‘Organic Products Sector’. E-Silk Route Ventures specializes in exporting organic products inclusive of a wide variety of spices, herbs, coconut products and related value added products.
In addition, its subsidiary Ancient Nutraceuticals won the Gold Award in the ‘Spices and Spice Based Products’ category. Sahan Clive Bakmiwewa, CEO of Silk Cooperation, said ‘These awards undoubtedly are an achievement for the tireless efforts, dedication and commitment of our employees, value added partners, small scale farmers and producers, and our communities.’
‘Working hand in hand even during the most challenging times, their resilience and attitude is truly an inspiration to all of us. We’re ambitious to enter more markets globally whilst continuously expanding our products and value chains, and contributing to the livelihoods of those who are the backbone of our economy.’
Ancient Nutraceuticals is a leader in the natural supplements market, offering a variety of organic homegrown Spice & Herbal supplements. Its primary goal is to transform ancient remedies hidden in nature into modern solutions. Sourced from small scale growers untreated with chemicals, the ancient remedies are manufactured in an easy-to-consume manner using modern methods, keeping in line with the evolving needs of today’s consumer.
The processed products are certified by USDA Organic, EU Organic and processed in an FSSC 22000 certified factory.
The philosophy at Silk Cooperation is primarily based on uplifting and empowering the rural communities. And it does this by promoting collaboration and connecting with like-minded entities whose values are based on fair, ethical, and eco-friendly practices whilst prioritizing its customers and small scale producers.
It continues to uplift standards of some 1,000+ farmers and producers locally, and has till date positively contributed to over 60,000 farmers and families globally ensuring they get the highest possible price for their yield and supports their livelihood.
Headquartered in Sri Lanka, the company has presence in Australia, Singapore, Slovenia and Vietnam. With supply roots in over 15 countries spanning across 140 cities, it caters a diversified range of products and services to over 40 countries, taking care of the entire spectrum of supply chains from sourcing, manufacturing including total Original Brand Manufacturing (OBM), processing, packaging and labeling to shipping, logistics, clearance and last-mile delivery and fulfillment.
Cabinet approves rationalization of VAT exemptions and abolition of SVAT System
The Cabinet of Ministers granted concurrence to the resolution forwarded by the Minister of Finance, Economic Stabilization and National Policies to remove most of the releases from Value Added Tax (VAT), further retaining releases that ease the pressure on low – income families to secure the fundamental sectors of the economy as well as the releases for sectors such as education, health and agriculture, as well as to revise the provisions applicable for the Value Added Tax (VAT) act so that the Simplified Value Added Tax (SVAT) methodology can be canceled with effect from 01.01.2024 by introducing a more formal methodology for repaying the Value Added Tax (VAT) and to instruct the Legal Draftsman to prepare a draft bill for the purpose.
Venora Lanka Power Panels to set up assembly plant in Australia
By Hiran H.Senewiratne
Sri Lanka- based, export- oriented manufacturer, Venora Lanka Power Panels (Pvt) Ltd, with a state of the art electric panel factory at the Export Processing Zone, Biyagama, will set up an assembly plant in Australia.
“Once we set up the electric panel assembly plant in Australia, we will export all our panels from Sri Lanka and that plant will do 30 percent value addition to the product to supply that market, the company’s chairman/ Managing Director, engineer Sagara Gunawardena told The Island Financial Review.
Gunawardena said that the company is a value- addition assembly plant and he would be investing AUS $ 2 million for the project to be set up in Melbourne and hire 100 engineers and other professionals. He explained that the venture has enormous potential.
Venora Lanka provides power panels to mega projects in Sri Lanka and exports to Bangladesh, Maldives, Kenya, Ethiopia, Seychelles and Myanmar. Panel assembling is strictly in compliance with IEC 61439 standards, it was explained.
Gunawardena added: ‘I firmly believe that, being a truly customer focused organization, every employee and every process in the organization has to be aligned behind delighting customers. Therefore, at a time when the country is facing a major dollar crisis, my company would be aiming at bringing dollars into the country, while providing employment for local professionals, especially engineers.
‘At Venora Lanka we do not try to change customers’ mindsets. Instead, we take time to understand what they really want and focus our brand on delivering that. Venora is values- driven first and cost- driven second – creating a unique brand proposition.
‘Since the US dollar rate has come down, it is our concern that importers and suppliers do not change their prices, which is really affecting the manufacturing sector.
Company sources added: ‘The company has several wings of operation, such as local and overseas projects, switch board assembling, telecommunication infrastructure installations, earthing, lighting and surge protection, incorporating world renowned brands.
‘Venora Lanka Power Panels is the first Sri Lankan company to receive the licence, in accordance with the UK Trade Mark Act 1994, to use the trade mark “Best Enterprise”. It won a global award at the event, ‘Golden Awards for Quality and Business Prestige’, held in Geneva, Switzerland, in 2015.
‘Within a short span of time, with the perfect blend of progressive thinking and expertise, Venora Group has expanded to consist of, Venora International Projects, Venora Telecom, Venora Industrial Solutions and Venora Lanka Power Panels (BOI approved). Further, Venora has established its overseas presence through Venora Engineering Kenya and Venora Engineering Myanmar.’
Share market moves into positive territory; indices up
By Hiran H. Senewiratne
CSE trading got off to a positive note yesterday but during the last session of the day the momentum slowed. However, the market is now moving towards positive territory following the Central Bank announcement of a downward trend in interest rates, market analysts said.
Amid those developments the market witnesses improvements in both indices and in the turnover.
The All- Share Price Index up by 12.8 points and S and P SL 20 rose by 6.97 points. Turnover stood at Rs 710 million with one crossing. The crossing was reported in JKH which crossed 430,000 shares to the tune of Rs 60.2 million; its shares traded at Rs 140.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 212 million (1.5 million shares traded), Access Engineering Rs 44.7 million ( three million shares traded), Lanka IOC Rs 34.5 million (264,000 shares traded), Browns Investments Rs 28.6 million (5.3 million shares traded), LOLC Finance Rs 23.8 million (4.7 million shares traded), Capital Alliance Rs 22.9 million (615,000 shares traded) and First Capital Holdings Rs 19.2 million (574,000 shares traded). During the day the 31.4 million shares volumes changed hands in 9000 transactions.
Yesterday, the Central Bank’s US dollar buying rate was Rs 285.16 and the selling rate Rs 298.85.
Sagala Ratnayaka leads Sri Lanka delegation to 20th IISS Shangri-La Dialogue
Prices of sixty essential drugs to be reduced from 15th June
Cabinet approval to publish draft bill on contempt of a court, a tribunal or an institution
‘Dates have the highest sugar content to fight Coronavirus’
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