Enterprise: Packsense (Pvt) Ltd

Founder: Wasantha Kumara

Industry: Manufacturing of corrugated cartons and boards

Year it was founded: 2004

It is the decisions we make that make a business successful. So, let's talk to Mr. Wasantha Kumara the Chairman of Packsense (Pvt) Ltd, which is such a successful business and about what led to his success.

1. Let's first talk about your business and how it was started, shall we?

Packsense (Pvt) Ltd is a business engaged in the packaging industry. We manufacture corrugated boxes and boards for packaging needs of various manufacturers. Being BOI approved, we do more than 80% of our production for direct and/or indirect export. So, our sales revenue is primarily in the U.S. Since it is received in dollars, we also contribute to earn the foreign exchange needed by the country.

2. How does your business differ from other competing businesses?

Our specialty is on-time delivery while maintaining high quality of products. We deliver products to customers anywhere in Sri Lanka within 04 working days from the date of receipt of orders.

3. What challenges have you faced in this journey and are you facing any recently?

Every business has several types of challenges that are unique to it. One of the key challenges we face is competition in this industry. Because currently there are more than thirty-five factories producing boxes for various fields in Sri Lanka. Also, we must import the raw materials needed for our products from different countries.

So, the current import restrictions, the absence of foreign reserves in the country have affected many industries that depend on imported materials including ours and the devaluation of the local currency and high interest rates have severely affected the growth of many industries and businesses.

4. Let's talk about your future business dream, shall we?

As an entrepreneur I am always ready to work tirelessly towards the growth of the business and my future business dream is to become one of the main businesses in this field in the next 5 years and to diversify the product range. I also hope to use technology as much as possible to increase efficiency and effectiveness.

5. How was the support received from Commercial Bank during your journey?

I approached several banks for financial assistance in the inception of my business, but they were not keen to provide financial assistance saying that this business segment is usually not successful and profitable. But finally, Gampaha Branch of Commercial Bank believed in my business idea and provided financial assistance under “Diribala Loan Scheme” in 2004. Commercial Bank has been my only financial service provider since then.

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