NDB supports entrepreneur to win Bronze at Presidential Awards

Dr. Asiri Gurusinghe (right) being congratulated by NDB Director/CEO Dimantha Seneviratne 

As one of Sri Lanka’s leading banks, NDB remains committed to long-term socio-economic development through involvement in local businesses and reinvesting in the empowerment of the community. The bank has always supported its entrepreneurs to go above and beyond to achieve recognition for their country. Dr. Asiri Gurusinghe of Arava Ltd. won the Bronze Award at the Presidential Export Awards (PEA), which is the highest and most prestigious award presented by the President of Sri Lanka to exporters in recognition of their outstanding contribution to the export sector and the economic development of the country. Dr. Asiri Gurusinghe provided insights on how he was supported along the way.

Q: What level of support did you expect from the bank at the initial stage of your business, and did you receive that expected support?

The majority of entrepreneurs start out with nothing but their business ideas, getting very little financial support at the initial stages of founding their business. I have to say that NDB not only considered my request at the outset, but also rendered considerable support.

Q:  Were you happy that you chose NDB as your banking partner at the initial stage of the business?

 Yes, very much so. I started my business in 2013 and made considerable progress to build a new factory in 2019, which unfortunately burned down due to an accident. The moment I informed the bank and they got to know that my factory got burned, the message from my Branch Manager was, “Do not worry, we are with you. We will support you to re-build your business and bring it up to the level you were operating.” I really appreciated their message as these were not just idle words; they actually kept their word and supported me. 

Q:  What are the special things that you can highlight in comparison to your competitors, who started the business at the same time as you?

 In a very short period, we won the Bronze at the Presidential Export Awards, reaching this level after eight years of operations. We are working with 45-51% of the local market share, we have a reasonable global market share, and we have a very good factory. The specialty in our products is that we always work with our customers based on their requirements. We developed our market offering according to their requirements. We maintain the same quality and timely delivery, which is what much of the global market is looking for. Many people talk about the difficulty of export, and competition issues, but I always believe if we give the right product at the right time, and maintain the right relationships, we can get good customer requests. 

Q:  What was the contribution as a percentage to the business, by your own effort and from the bank service point of view?

The bank not only gave me financial support, but professional guidelines as well. When you start a business, you don’t have proper audit reports, business plans, etc. The bank advised us to maintain the correct documentation and balance sheets. So the bank is always the guide and they keep tabs of our progress in a supportive manner, which is very encouraging when you are building up your business. 

Q:  What do you feel about your banking partner?

Honestly, I’m happy with my banking partner. They have helped me, even in the times of crisis, and the good times, they were with me and I am expecting they will be with me in the coming years as well.

Dr. Asiri Gurusinghe is an inspired entrepreneur with 20 years hands-on corporate experience. He holds a Masters of Business Administration, is the founder of Arava Ltd., and presently holds the position of Chairman of his company. He was awarded an ‘Honorary Doctor’ Doctorate from the Government of Sri Lanka. As the chairperson of Arava he is looking after 250 employees with a greater motive. Arava Ltd. was established in 2013 and currently manufactures coir-based products exporting over 46 destinations around the world.

Arava Ltd. Coir manufactures around 1,000 containers per annum with an annual revenue of $ 5 million at present. Furthermore, he developed and diversified the company to focus on agriculture and mining industries. At present, Arava Ltd. is moving into tea and cinnamon exports using their own cultivation, at the same time expanding the business with gem mining as a new direction.

Dr. Asiri Gurusinghe is also the winner of the prestigious Gold award of Entrepreneur of the Year (Large Category) presented by Federation of the Chamber of Commerce and Industry of Sri Lanka. He also won awards as the Best Entrepreneur Bronze award of the year 2018 from the Federation Chamber of Commerce Sri Lanka. In addition, Arava Ltd. was awarded ‘Emerging Exporter of the year for 2020/21’ at the Presidential Export Awards.