Prabath Kumaranayake

• Head of Finance for the following legal entities.

MAS Capital (Pvt) Ltd - Intimates Division

MAS Intimates UK Ltd

MAS Design Inc - USA

MAS Design Hong Kong Ltd

MAS Chuang Xin Co Ltd - China

• Setting up of MAS Chuang Xin Co Ltd in China to navigate product development, process autonomtion and sourcing for MAS Group.
• Heading the business partnering for Product Design, Technical and Support functions including HR, Admin, Innovation and Planning.
• Setting up of Financial Services team to manage the Accounts Payable/Receivable, Master Data and Int Co transactions.
• Negotiated contracts with suppliers for more favorable terms, resulting in significant cost savings.
• Managed budgeting process, ensuring accurate forecasting and timely adjustments to meet business needs.
• Optimized cash flow management through efficient working capital strategies and investment decisions.
• Evaluated investment opportunities for long-term growth potential, supporting business expansion efforts.
• Ensured compliance with all regulatory requirements by staying abreast of industry changes and updating policies accordingly.
• Implemented risk management practices to mitigate potential losses and safeguard company assets.
• Reduced overhead costs by identifying inefficiencies and implementing cost-saving measures.
• Analyzed business processes to identify cost savings and operational efficiencies.

• Streamlined month-end close process, reducing time spent on manual tasks and improving data accuracy.
• Ensured compliance with local, state, federal tax regulations; timely filing of all required documents, mitigating potential penalties or fines.
• Increased financial efficiency by streamlining and automating financial reporting processes.
• Trained new and existing staff members in various financial procedures to prepare for job requirements.
• Optimized cash flow with diligent monitoring of accounts receivable and payable.
• Mentored junior finance staff, fostering professional development and strong team dynamics.

• Improved financial processes by implementing new software and streamlining workflow.
• Facilitated transparent communication between finance department and executive leadership through regular updates and presentations.
• Spearheaded internal controls improvements, enhancing risk management capabilities across the organization.
• Developed strong relationships with banking partners to secure favorable financing terms.
• Supported annual audit process by preparing detailed schedules, reconciliations, and responding promptly to auditor inquiries .

• Was responsible for preparation of the financial statements of manufacturing arm of MAS Intimates Cluster including Sri Lanka, Bangladesh, Indonesia, India and Kenya
• Was responsible for the timely completion of external and internal audit of the MAS Intimates Cluster
• Developed and implemented effective internal controls and Standard Operating Procedures in manufacturing plants to mitigate the business risk and improved financial reporting
• Designed and implemented Compliance Assessment Matrix for MAS Intimates Cluster and ensured the compliance with the internal and external compliance requirements and reporting to Corporate Legal
• Was responsible for capital investment projects and negotiations with the suppliers

• Reviewed the executives’ payroll and liaised with outsourced payroll company
• Was responsible for reviewing the legal, service level and compliance agreements
• Involved in reconciliation and settling tax matters of the company, varying from Income Tax (IT), Value Added Tax (VAT), Pay As You Earn Tax (PAYE), Economic service Charges (ESC), Stamp Duty
• Liaised directly with government authorities and statutory bodies regarding the finance matters. Eg. BOI, EPF and ETF, SLAASMB, Department of Inland Revenue etc

• Was responsible for all finance and accounts functions in Sri Lankan operations
• Single point of contact for HR related matters in Sri Lanka Office
• Statutory & Regulatory Reporting
• Compliance & Risk Management
• Taxation & Working Capital Management

• Management of SAP FICO modules with the assistance of SAP support desk
• Was responsible for providing reports and analysis for the operational team and management, turning data into business value
• Prepared the monthly management accounts highlighting the performance trends, variances etc
• Liaised with the bankers on standstill agreements on financing the company’s fund requirements
• Prepared and monitored the budgets and implemented the budgetary controls in line with the standstill agreement requirements and the master budget
• Studied the operational processes with a view to identify operating costs and established the methods to identify and continuously monitor operating costs
• Managed the ongoing CWIP projects

• Implemented the Oracle ERP system with TATA Consultancy Services, Bangalore, India (System Migration)
• Handled the Build Operate & Transfer Project (BOT model) and Due Diligence
• Implemented ISO 9000: 2001 to Corporate Finance
• Statutory & Regulatory Reporting and Compliance & Risk Management
• Taxation & Working Capital Management

• Was in – charge of the audits and directly responsible for the proper planning, conducting and timely completion of fieldwork
• Monitored the work of the audit teams consisting of professional trainees to achieve objectives of assignments and reviewing the team members’ work
• Resolved the technical issues raised by audit staffs and clients, communicated with audit managers, supervisors referring to Accounting and Auditing Standards
• Corresponded with client staff on matters pertaining to the proper conduct of the audit, including timing of audit and reporting requirements
• Evaluated the organization, policies, plans, procedures, existing systems and internal controls for assessing the control environment of the organization in all areas to perform required tests of controls and substantive procedures on significant accounts