Kandy’s Sinhaputhra Finance completes 35 years in business
View(s):Sinhaputhra Finance plc, one of the best known finance companies not only in its headquarters at Kandy but also across the island, commemorated its 35th year of service last month with religious ceremonies and other events.
The company began its humble beginnings on the 14th of February 1979 and was founded by the late Tissa Wijeyeratne, Barrister-at-Law (Inner-Temple).
Sinhaputhra came under the management of the late L.B. Karunatilake who had a wealth of experience in the business of finance and T.B. Talwatte a versatile ex-government servant, according to a company statement.
Currently the company has a deposit and savings base of well over Rs. 4 billion with regular repeat customers and new investors patronizing Sinhaputhra. It has a spacious 4 story building with a roof top garden and ample parking space situated at 11 Hill Street, Kandy. The auditorium is rented out for seminars, weddings and other functions.
“As Sinhaputhra turns another page in its history the company is confident that it is cemented by its conservative asset growth averaging 30 per cent annually over 35 years, always surpassing GDP growth rates by over 400 per cent,” it said.
Going down memory lane, the company said in 1979 the then government saw scope in the open economy and business began to boom with this culture.
Curbs were lifted on vehicle imports and both new and re-conditioned vehicles began to flow in to the island. A large majority of these vehicles required finance and Sinhaputhra was able to offer hire-purchase to these entrepreneurs. Hire-purchase finance still continues to be one of its prime aspects of business.
“Sinhaputhra continued to grow in stature over the years despite several obstacles but its integrity and excellent ethics on the part of the board of directors has held the company steadfast. Business began to develop and although the country was in the grip of two civil wars business was always positive,” it said. In 1997 Ravana Wijeyeratne took over the reins of the company as joint managing director. Another change took place in 2007 when the chairman and joint managing director Kitsiri Wanigasekera relinquished his appointment and Ravana Wijeyeratne was appointed by the board in his stead, the statement said.
“With the collapse of certain organizations of the same fraternity in 2008 and the chaos that followed Sinhaputhra kept itself abreast and stood tall on the podium. It served all its customers with due promptness and never did it have occasion to turn a client away,” it said.
The company has branches in Colombo, Anuradhapura, Bandarawela, Dambulla, Katugastota, Kundasale, Kurunegala, Matale, and Trincomalee.