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| Tuesday, 29 June 2004 |
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Tradesmann invests over Rs 400 m for factory expansion by Shirajiv Sirimane Tradesmann Sri Lanka (Pvt) Limited will invest over Rs. 400 million for the expansion of their business. According to CEO, Tradesmann Ltd, Wimal Kumara, this investment is mainly for their factory expansion. He said that they are one of the market leaders in galvanised roofing sheets and this investment is to expand their product portfolio. He said they received many international orders specially from Bangladesh and Pakistan but could not pursue them because they were not in a position to even meet local demand. With the peace process there is much human resettlement and this has opened new avenues of business specially in the North-East. He said that the confidence they have in the peace process and the political situation was the main reason to consider this major investment. "All our assets be it land, buildings, machinery or vehicles have been acquired with our funds with no bank or institutional borrowings and for this investment too company profits would be reutilised," he said. Tradesmann policy prohibits borrowing funds from financial institutions for working capital. On an unanimous decision made by shareholders, dividends were not declared during the past, and instead shares were allocated to build the equity. "Our products cater to the poor masses where the roofing material supplied by us is the cheapest form of roofing in the world. Shelter being one of the necessities, the requirement of our products does not vary with changes in the economic conditions," he said. "We have established our own registered brand names for selected products and have been successful in gaining market leadership in every such product within a short period of time," he said. The company is serving many segments of the market with leading brands in steel roofing, industrial and household builders hardware, electrical and tyre. It has an established islandwide, customer base of over 7,000 and the investment would add new technology for these products. The company has already acquired a nine-acre built factory and stores complex belonging to Reckitt Benkiser for USD 2 Million. "The new facility will introduce the "All in One" concept, which will consolidate all operations which is scattered at present under one roof, thus increasing efficiency and reduce cost, where a state-of-the-art warehouse complex too will be added," he said. The present staff strength of 800 persons will be also increased. With a total asset base of approximately USD 5 million Tradesmann has generated a cumulative turnover of USD 40 Million during the last three years. Established in 1956 in Ratnapura under the name Hakeemson, the company was initially involved in manufacturing household metal utensils. Today the company deals in a diversified range of products having two processing and one manufacturing facilities together with 13 divisions to support five independent sales departments. |
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