Highly experienced and result oriented Senior Level Finance Executive with proven track record of below mentioned core competencies and distinguished accomplishment in Bharat Petroleum Corporation Limited (BPCL), a premier Fortune 500 Downstream Oil Company having a turnover of around Rs. 2000 billion & net worth of around Rs. 280 billion and in its Joint Venture Company Bharat Oman Refineries Limited (BORL) having a turnover of Rs. 183 billion & net worth of Rs. 15 billion.
>> Strategy and Leadership Management.
>> Cross Functional Partnership.
>> Treasury Management.
>> Pricing Strategy, Cost Reduction & Controls and Improving profitability.
>> Business Process Re-Engineering/Improvements.
>> Working with Board of Directors, Bankers, Taxation Authorities, Statutory Auditors & other Stake holders.
>> Change management.
>> Negotiations & finalisations of large value of contracts with Vendors towards projects execution and business operations.
>> Training & Development of Finance and other team members comprising of around 500 number of staff and playing the Mentor Role.
>> Institution of a robust Governance structure in the newly implemented ERP Systems encompassing
>> Business processes & Internal Controls Framework.
>> Enterprise Risk Management Processes.
>> Business Continuity and Disaster Recovery Plans.
>> Institution of cross functional Councils to monitor the effectiveness of implementation of processes and controls.
>> Institution of Internal Audit processes in the newly implemented ERP system.
>> Management of Internal Audit team comprising of around 45 number of staff and monitoring their Audit execution.
>> Training & Mentoring Internal Audit Staff for execution of Audits in the ERP systems.
>> Interface with Audit Committee and reporting of Internal Controls evaluation & its adequacy and Significant Audit Observations & status on actions taken towards Audit Recommendations.
1. Chief Finance Officer (CFO) in Bharat Oman Refineries Limited (BORL) from September, 2011 to October, 2014
BORL is a Joint Venture Company between Bharat Petroleum Corporation Limited, the second largest Oil Refining & Marketing Company in India and Oman Oil Company, Muscat. Bharat Petroleum Corporation Limited (BPCL) is one of India's largest PSU companies, with Global Fortune 500 rank of 229. BORL is a grass root refinery, with Refining capacity of 6 million metric tonne & constructed and commissioned by BPCL at the cost of around Rs. 130 billion. The Company commenced its Refinery operations on 30 th June, 2011.
CFO position in BORL was below the Board level. However, as the CFO, BORL I participated, as the permanent invitee, in all the meetings of Audit Committee, Board and other Board Sub-Committees.
In my 3 years of tenure as CFO, BORL, I had the opportunity to handle many challenging assignments including formulation and implementation of strategies towards smooth functioning of the Companys operations, effective management of the Companys treasury, streamlining of the policies & procedures for ensuring operation effectiveness, Governance, Risks and controls.
As CFO, BORL
>> I was head of BORL Finance function, reporting to Managing Director, BORL.
>> I was the key member of the Top level Management Team of BORL comprising of Managing Director, Chief Operating Officer and Chief Financial Officer.
>> I was the principal advisor to the Managing Director in all matters relating to Finance, Accounts, Treasury management and Governance.
>> I played a key role in promoting growth & viability of the Company and also instituting a robust Governance structure comprised, inter-alia, internal control frame works, risk management process, assessment of implementation of the Governance structures for the Company.
>> I was responsible for leading a team of 55 members and commendably managed, over-all, Finance, Legal, Company Secretary and ERP functions of the Company.
My significant achievements as CFO, BORL were summarised below:
>> I had played significant role in the formulation and implementation of strategies towards smooth stabilization of the refinery from project phase to operation phase from October 2011 to September, 2012 and, thereafter, functioning of the Companys operations in line with the designed capacity of 6 million metric tons of crude intake from October, 2012 on a sustained basis, a record for any grass root refinery projects.
>> Through a team of 15 members streamlined the Companys policies, systems & procedures to align the requirements for operation phase and robust Governance structure.
>> Successfully managed Treasury for the Company through various innovative and out of box initiatives, which included arrangement of 600 million US Dollar loan as Buyers credit towards crude procurement during 2012-13 and infusion of Shareholders fund of Rs. 650 crores, resulting in saving in interest cost of around Rs. 150 crores.
>> Through sustained and effective interactions with Internal & Statutory Auditors and the Audit Committee members ensured successful completion of Internal Audits and Statutory Audits for the Company.
>> Successfully managed the cross functional team of 20 persons comprising of members from projects & procurement cell, finance & project management consultants and ensured closure of around 400 project contracts with in a period of one year from October, 2012. In some cases, through sustained negotiations, issues were resolved amicably between the company and the vendors, there by saved the company around Rs. 150 crores towards additional claims from the vendors.
>> Contributed significantly in playing the role as mentor and imparted knowledge on a sustained basis to the cross functional team of around 70 members on aspects such as efficient management of business operations, tendering processes & contract management, adherence to policies, procedure & internal controls, cost reduction & cost control, Inventory management and cross functional partnership.
2. Bharat Petroleum Corporation Limited (BPCL) from September, 1979 to September, 2011
In my 32 years of career experience with BPCL, of which more than 8 years in the rank of Executive Director and 6 years in the rank of General Manager, I had the opportunity of handling a wide variety of assignments and challenges, as highlighted below in Finance functions across Refining, Marketing, Project Finance and Corporate Finance and in Internal Audit.
>> I have contributed significantly in instituting synergies in the system, processes and controls across the Mumbai and Kochi Refineries. I was responsible for managing the entire gamut of the activities of the Finance function of Mumbai and Kochi Refineries with total manpower of around 100 staff. I had also effectively vetted around 80 Refineries Projects contracts proposals for approval by the subcommittee of the Board.
>> Consequent to the merger of Kochi Refineries Ltd with Bharat Petroleum, I was entrusted with the role of integrating the processes, procedures, practices which I had done successfully. This included finalization of Decision Rights and Authorities, finalization of Business Plan, performance optimization and key performance indicators for Kochi Refinery. I had successfully completed these assignments within the designed time frame of 3 months and through working with a cross functional team of around 40 members
>> I had the unique opportunity of leading the Internal Audit department, with manpower of 45 staff, and re-oriented the staff regarding audit execution in SAP system and also to face the challenges of the emerging Corporate Governance framework. In particular I had contributed significantly in the interface with the Audit committee to enable them in performing their roles. I had played a key role in reviewing the internal control framework and audit of around 30 systems and processes in the post SAP environment.
>> I have made a significant contribution during the restructuring of the Corporation. In this regard, I played a major role in carving, with the help of 5 no. dedicated staff, the new structure for the Finance Function. This new structure was from function based structure to the structure with embedded finance in 6 nos. business units and shared services finance for 6 nos. major entities, so as to align the finance structure in line with the philosophy of the companys restructured organisation so as to meet the challenges ahead due to impending business competition.
>> I had led a large cross functional team, including ERP project implementation team, of around 300 members and, using my proven knowledge on process & controls, appropriately finalised & implemented business processes, procedures & controls in SAP. This had brought clarity and confidence at the users level while handling the new SAP system, thereby, ensuring smooth enrolment of the users in to SAP system and optimum utilisation of the new system. This in turn had immensely benefitted the Company as the new system has been leveraged as business tool for combating business competition and for bringing a robust Governance structure.
>> Serving as Independent Director in Jamshedpur Continuous Annealing & Processing Company Private Limited, a Joint Venture Company of Tata Steels Limited from 24-3-2015.
>> Worked as Senior Audit Manager in V. Sankar Aiyar & co, Chartered Accountants, from March, 2015 to June, 2016 and steered Central Statutory Audits of State Bank of India, Ahmedabad Circle, State Bank of India, CAG Central, State Bank of India, IFB Branch, Andheri, State Bank of India, Diamond Branch & Statutory Audit of Indian Oil Corporation, Western Region.
Chartered Accountancy - 1978
Institute of Chartered Accountants of India
B.A (Economics) - 1974
University of Madras
>> I had been placed in 46 th Rank, All India, by The Institute of Chartered Accountants of India based on my performance in the Final Chartered Accountancy examination conducted by the Institute in November, 1978.
>> BPCL had won the Best presented accounts awarded by the Institute of Chartered Accountants of India during the period when I was responsible for Accounts finalization.
Professional Programmes Attended
>> Programme on Leading Corporate Transformation Performance at the cutting edge conducted jointly by Management Development Institute, Gurgaon and Robert H. Smith School of Business, University of Maryland, Washington ( 2005 )
>> Study tour to China with the delegations from The Institute of Chartered Accoutants of India ( 2004 )
>> Corporate Governance New Mantra, conducted by SCOPE, Delhi (2003)
>> Global Leadership Programme conducted by International Management Institute at Delhi, and Europe ( 2001 )
>> Gas Pricing Course at Dubai conducted by IBC Gulf Conference ( 1997)
>> Financial Decision Makers Workshop at New York conducted by The World Trade Institute ( 1993 )
My objective is to leverage my areas of core competency and handle assignments such as Independent Director, Advisor on matters related to institution of robust Governance structure, business process re-engineering, policies, procedures, authorities & guidelines, change management process, Internal Financial controls & Internal Audits.
1. D. Rajkumar, Chairman & Managing Director, Bharat Petroleum Corporation Limited.
Mobile no. +91 9819357600, Email: firstname.lastname@example.org
2. Dr. B.K.Das, past Managing Director, Bharat Oman Refineries Limited & Numaligarh Refinery Limited.
Mobile No: +91 9954476931, +91 9669081111, Email: email@example.com