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Business in brief

Commercial Bank wins Best Annual Report award

Commercial Bank of Ceylon Ltd. became the overall winner at the awards ceremony for the Best Annual Reports and Excellence in Corporate Governance Disclosures held in Colombo last evening. The awards competition was organised by the Institute of Chartered Accountants.

Eagle Insurance Company Ltd and DFCC Bank won the first runner up and second runner up awards.

United Motors Lanka Limited, Hayleys Limited, John Keells Holdings Limited and Aitken Spence and Company won certificates of recognition. (Full report tomorrow). IMF Senior Resident Representative, Jeremy Carter was the chief guest.

Trading on negative note

Trading on the Colombo stock market this week began on a negative note and indices fell as the ASPI decreased to 713.7 points from 715.6 and the Milanka to 1,200.9 points from 1,204.

The turnover was 19.78 million down from Rs. 37.5 million on Friday.

The number of shares traded was 751,001 and total trades were 316.

80% US market for fishing flies

Highland Flies SL (P) Limited, an exporter of hand made fishing flies products to the world has 75-80% of the US market and is ranked No. 2 in the world. Fishing flies are artificial and are made for anglers to catch trout and salmon. Fly-fishing is one of the most specified forms of angling and the flies have to resemble the real thing to fool the salmon or trout. Many anglers make their own flies.

Manik de Silva is the Director/Factory Manager of Highland Flies, a local BOI Company which employs 250 mainly female workers.

The company caters to a highly specialised clientele. The flies are handmade and each worker produces a specific design that may resemble a fly, mosquito or dragonfly.

Fishing flies come in different shapes, styles and colours. There are many different styles of flies and many patterns ranging from simple to very complicated structures. Flies are divided into various fishing styles such as dry flies, wets flies, nymphs and streamers.

The raw materials used to manufacture flies include features of chickens and pheasants that are imported from USA and India.

The hair of deer, elk and rabbit as well as cork and tinsel are also used. The hooks are imported from Japan and France. The manufacture of fishing flies is a highly globalised activity.

Europe, Japan, Australia, New Zealand, UK and USA are among the leading countries they are exported to. Each market purchases different types of flies. Ireland, for example uses different flies to nearby United Kingdom. At Highland Flies, these specified products are manufactured to meet international orders.

- (Source: BOI)

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