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| Sunday, 22 September 2002 |
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| News Business Features Editorial
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Factoring for success: : Innovation keeps Senaratne on top Fact File
Having good superiors, family and friends as well as the courage to try out different things are the keys to success for Managing Director of Lanka Orix Factors Ltd. (LOFAC) Sudarshan Senaratne. "I was very lucky to work under superiors such as the late D.S. Jayasundara, Sunil Mendis and Mahendra Amarasuriya at Hayleys, Ranjit Fernando and V.K. Wickremasinghe at National Development Bank (NDB) and C.P. De silva at Lanka Orix Leasing Company (LOLC). Observing these people and their manner of working helped me mould my character and build the right values," says Senaratne. "I was never scared to try out new things as I enjoyed getting into the deep end, but hated doing routine work day in and day out," he muses. An old boy of Ananda College, Colombo, Senaratne was selected to the Science Faculty of the University of Colombo and passed out in 1973. He was full of praise for his teachers at Ananda College. "We had some fantastic teachers who ensured that it was difficult for us to fail exams. Such was their hard work and dedication." Career He joined Hayleys in 1978 as a management trainee. After a short stint in Colombo, he was posted to Chas P. Hayley and Co. Ltd. in Galle, where he was involved in production and export trading. Senaratne was responsible for setting up a production process for distillation of spice oils and increasing their quality as well as developing commercial scale operations for a new coir twine product to be marketed in the USA. "I really liked developing these two products as it was a challenge and an experience," he recalls. While at Hayleys, Senaratne wanted to develop managerial skills, but could not pursue any studies as he was based in Galle. He joined NDB in 1982 as a project analyst where he worked until 1986. "The interest to be in a managerial position coupled with the liking to be responsible in achieving a target, action and interaction with the staffers were the main reasons for my decision to join LOLC as the marketing manager." Birth of LOFAC "During this time, we initiated the idea of factoring and LOLC became interested in this business. This was the rationale behind the birth of LOFAC in 1992. "As the marketing manager of LOLC, I sensed a need for short-term finances for small and medium business enterprises. I initiated the idea and handled the entire process of establishing the new company, LOFAC. I was appointed General Manager of the company in 1992 and subsequently promoted to Managing Director in 1994. "I am proud and happy because I have been able to introduce two new financial products, ie domestic factoring in 1992 and export factoring in 1996. "In addition, getting the International Finance Corporation to invest in the company was a great achievement for me." The company also provides business information as a result of the strategic alliance formed with Dun and Bradstreet Corporation in 1999. CIMA Senaratne felt the need for management skills while working in Galle. As soon as he came to Colombo to take up the job at NDB, he started studying for the Chartered Institute of Management Accountants (CIMA) and completed the course in 1986. "I studied while working at NDB and was appointed a Fellow of CIMA in 1989," he says. He got involved in CIMA activities in the early 1990s and was elected to the Council in 1997. Senaratne is currently President of the CIMA Sri Lanka Division. Speaking of his plans for CIMA, he says that together with the Council, he will strive to improve the pass rate by giving quality education as well as providing continuous professional development for the members. The CIMA also wishes to work closely with other professional organisations and universities. "I wish that more members will participate in CIMA activities," says Senaratne. Plans for LOFAC Among his plans for LOFAC are introducing non-recourse factoring and import factoring. Recently LOFAC saw a tremendous growth in factoring. Though there is potential, people have not realised the benefits of this business. According to Senaratne, this is a common method of financing the working capital in the developed world. He also wishes to see his staff developing in all aspects. Future plans Once he completes his tenure at CIMA, he will continue mentoring university students. Prior to his appointment as CIMA President, he was engaged in mentoring as a member of the Rotary Club of Down Town. Family Senaratne says: "I am really thankful to my parents for what I am today because they gave me the strength and courage to choose the field I liked." He is a father of three children; a daughter and two sons. He is interested in classical music and plays the piano. Earlier he had played the bassoon for the Symphony Orchestra of Sri Lanka. |
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Name: Sudarshan Senaratne
