Tag Archives: CFO Partner

Interim CFO’s – Do You Have A Pressing Need For An Interim CFO? Go For SuperCFO’s Shared CFO services!

Has your fulltime CFO suddenly put in his papers or gone on a longish hiatus due to ill health? Has your Financial Health Management operations faced a sudden roadblock as a result of the CFO’s absence? One must acknowledge that CFOs are human after all and that they will one day be gone or fall terribly sick. The importance of CFO Support Services or Financial Controller Services, whether a fulltime CFO, Shared CFO, Interim CFO, Virtual CFO or Special Purpose CFO, in the overall scheme of things within a company cannot be undermined. If your company can be likened to a ship, then a CFO is its navigator responsible for dexterously maneuvering it through choppy seas, making sure that dangerous and mammoth glaciers are avoided. This can be done by taking some quick and bold decisions.

Basically, for any company, not having a CFO for even a short period of time, can spell disaster for the Financial Health Management of your business. For obvious reasons, hiring a fulltime CFO in a jiffy is a monumental task which is next to impossible. What do companies do to tide over a crisis of this nature?

But of course! Look to SuperCFO and their Interim CFO Services solution. With our tremendous domain expertise in CFO Support Services and Financial Controller Services, widespread network of Senior Finance Professionals CFOs, Finance Controllers et al) at our beck and call, and a super quick turn around on mandates, we have a vantage point position from where to serve your Interim CFO and requirements efficiently.

We bring you just the right kind of knowledge and experience your CFO should have and your company requires. All this without the hefty pay – packs or the standard 3 month waiting period for a fulltime hire.

So, while your search for a full-time CFO continues, don’t miss out on the value that a CFO adds to your company and hire an Interim CFO fromSuperCFO now!

SuperCFO’s Interactive Annual Salary Survey Report 2013

The world economy is still to shake off from the 2008 crisis. Globally, growth has dipped to around 3% in 2012. Industry experts prognosticate that this trend will likely continue for some more quarters before there is the inevitable light at the end of the long dark tunnel. This year, the global salary forecast across most businesses, is a modest growth of about 10% on the average.

To add further, a significant 26% of the respondents indicated no salary growth last year. In other words, their salary remained constant. Average salary growth was between 6-10% which 23% of the respondents felt so. A majority of 32% felt the growth was less than 5%.

Interestingly, many companies are closely evaluating compensation packages for their employees and are trying to work out the best approach to retain talent, but are adequately cautious to not go overboard in increasing costs substantially.   This slowing trend will likely continue. Mature economies are still healing the scars of the 2008-2009 crises. But unlike in 2010 and 2011, emerging markets did not pick up the slack in 2012, and won’t do so in 2013. There is a lot of uncertainty across the major regions of the world. Unlike 2008, this time around India and China too have been caught in the vortex of the global meltdown apart from the slow US recovery and the continuing Eurozone conflagration.

Things do not bode well for India in the near to mid- term. The next year or two will be very challenging for India particularly as it tries to rebuild its rapidly waning investor confidence, which is causing a flight of capital out of the country and depreciating the Indian Rupee to unheard of levels viz the USD.

In an effort to fathom the impact of all the socio – economic trends from the employer and employee perspective, and in some way address the same, SuperCFO has conducted The Salary Appraisal Survey 2013. The response to our latest Survey was more than satisfactory, to say the least. We received an overwhelming response from participants spread across 59 countries in the world. Respondents were divided across small, medium and large business as well. Overall the survey results spell out the economic condition of the world rather accurately and make for an interesting read.

In a radical change from the past, this year’s Salary Appraisal Survey 2013 from SuperCFO, is presented in a novel manner. For the past few months, the staff at SuperCFO has been diligently working on an innovative Business Intelligence (“SuperCFO BI”) platform, which is primarily targeted towards the small and medium business segment. Soon to be launched globally, as an online commercial offering, SuperCFO BI will be a one of a kind offering from a company that has been a leader in the CFO services space.

Please click here to get a unique interactive experience on the SuperCFO Salary Appraisal Survey 2013.

Click here to View Report

SuperChat with SuperCFO – Sandeep Kumar Sarawgi

This week on SuperChat with SuperCFO, we are delighted to present a tete a tete with Sandeep Kumar Sarawgi, who is the Chief Finance and Risk Officer at Antwerp Diamond Bank N V, Mumbai Branch. Winner of the first CFONEXT100 Award for 2012. This is an annual award conducted by the prestigious CFO Institute of India to recognise leaders in the field of finance and accounts.

In this freewheeling SuperChat Sandeep sheds light on his personal facet; his likes and dislikes, his role model, who inspired him to be where he is today and many more such interesting trivia.

For more on the SuperChat with our SuperCFO, Sandeep, please read on……

Education: Fellow Chartered Accountant (FCA); Bachelor of Commerce (B.Com.)

Companies worked with: In his 21 plus years career, Sandeep has been associated in senior leadership roles with various companies including Antwerp Diamond Bank N.V., ICICI Bank Limited, Bombay Stock Exchange Limited, E-City Ventures (Fun Republic), Intelenet Global Services Limited (now called Serco Global), IDBI Bank Limited, ICICI Securities / ICICI Securities Primary Dealership Limited and Arthur Andersen & Co.

SuperCFO: What particular skills or talents are most essential to be effective in your job apart from formal training?

Sandeep Kumar Sarawgi:

Ability to read situations, communication, handling pressure, planning and execution, people management.

SuperCFO: Who is your role model and why?

Sandeep Kumar Sarawgi:

Gautam Buddha – the way he forgave self interest and gave his life for the good of others.

SuperCFO: What has been your biggest achievement professionally?

Sandeep Kumar Sarawgi:

1. Ability to interact with top management through various corporate lifecycles of start ups, expansion, transformation, consolidation and shareholding changes.

2. Have successfully managed various corporate avatars: standalone companies, joint ventures, subsidiaries, associates, Trust structures, SPVs, AOPs, branch of a foreign company etc.

SuperCFO: Who are the 3 Corporate Honchos you admire a lot and why?

Sandeep Kumar Sarawgi:

1. Azim Premji: for his philanthrophy.

2. Ratan Tata: for sticking to retiring himself.

3. Steve Jobs: for being foolish and hungry.

SuperCFO: Which are the 3 companies you admire a lot and why?

Sandeep Kumar Sarawgi:

1. Apple – for reinventing itself.

2. Air Asia – for employee focused leadership.

3. Mercedes – for sustainability of brand through such a large geography in the world.

SuperCFO: Assume that you are indulging in role play. If you were given the position of the Finance Minister of your country, what would your top priority agenda items be?

Sandeep Kumar Sarawgi:

Increase the direct income tax base, which is pathetically low: there can’t be only 42,000 assesses with over Rs.1 crore of income. As head of the tax administration, to have a fair tax system, is a primary responsibility. Also, tackling black money economy.

SuperCFO: What would you advise aspiring CFOs on dos and don’ts to become a successful CFO?

Sandeep Kumar Sarawgi:

Do’s: Always have a long term and a macro outlook. Focus only on short term goals may lead to compromising situations.
Dont’s: CFOs should be principles and value based and should be able to challenge – people rely on them for the monetary results – don’t let them down.

SuperCFO: What are your 3 “Must Ask” questions in an interview?

Sandeep Kumar Sarawgi:

1. What is your career outlook?

2. How would you handle a particular situation?

3. Why are you looking for a change and why do you think that this is a good match for both?

SuperCFO: Which is one accounting software that has impressed you and why?

Sandeep Kumar Sarawgi:

SAP – it constantly upgrades itself to handle ERP data and information challenges.

SuperCFO: How do you manage talent within your team?

Sandeep Kumar Sarawgi:

By being honest, transparent and straight forward. I hate politics and dislike who cut others throats to move forward.

SuperCFO: Are you a gizmo freak? What is your favorite gadget?

Sandeep Kumar Sarawgi:

Not much – am a practical, need based person. I don’t make the gadgets into status carriers.

SuperCFO: What is your favorite piece of literature?

Sandeep Kumar Sarawgi:

Ghazals – I like the depth of thought expressed in few verses.

SuperCFO: Any sport that you are passionate about?

Sandeep Kumar Sarawgi:

Cricket – but due to the commercial aspects spoiling the game, I have become a diluted diehard fan.

SuperCFO: Describe some of the activities that you undertake to de stress yourself?

Sandeep Kumar Sarawgi:

Watching movies, listening to music and to top it all, spending quality time with my young daughter.

SuperCFO: What has been your favorite vacation destination and why?

Sandeep Kumar Sarawgi:

Switzerland – it is post card, picture perfect.

Equity Restructuring

Here is an interesting restructuring process. Equity restructuring in its broadest sense may mean any transaction between the Company and its shareholders, such as issue of rights and bonus shares, issue of preference shares, IPOs, PE/VC funds, dividend on shares, stock split, spin-off, that affects any class of share holder or the share price. The issue of rights and bonus shares involves change in the capital structure either for cash or through capitalization of reserves in case of rights and bonus shares respectively. The right to equity dividend may get altered with the preference capital coming in where the preference shareholders will get priority over the equity shareholders with reference to payment of dividend and repayment of capital. Similarly share splits and spin offs radically restructure the capital base of the company and also may provide opportunity for holding shares in other companies.

One of the kinds of capital restructuring is capital reduction schemes made by certain companies in the past under section 100 of the Companies Act 1956. This interalia includes among other things setting off the carry forward losses that the companies may be carrying in the balance sheet against any share /stock premium or unused specific reserves in the balance sheet in order to present a correct picture of the net worth of the company. While the bankers may in any case be adopting this practice, it is for the shareholders to get a correct feel of the real financials companies in the past have resorted to this practice. Several companies have done this in the past. It is however a very involved process which includes certain court procedures.

Companies that have smaller debt compared to their net-worth are underleveraged or have a low gearing ratio. Such companies are either cash rich and have limited or no external debt needs for their operations. Such companies may also not have any major growth plans for which they will need the money. These are conservative corporates who are shy of borrowing for various fears of parting with their assets as security, or providing a berth on the Board for directorship for an external person or predominantly family run concerns. Such companies may adopt a strategy of buy back of shares. This means there will be fewer stockholders to satisfy and pay dividends to. Converse to the situation is where the company has profitable projects in the near future. There is thus an opportunity for raising debts by leveraging equity. There are certain debts like institutional debt with convertibility clause and issue of convertible debentures/preference shares that will affect the equity base of the companies.

SuperChat with SuperCFO – Vikas Chadha

  This week on SuperChat with SuperCFO, we are delighted to present a tete – a – tete with Vikas Chadha, who is the Chief Financial Officer at Berggruen Hotels Pvt. Ltd. specifically Keys Hotels, a brand of Berggruen Hotels Pvt. Ltd, a New York based hospitality chain. Vikas is a Chartered Accountant, having completed his Bachelor of Commerce from Mumbai University, India. Vikas has a prolific professional experience of over 15 years in organizations of repute like Mahindra & Mahindra, Tata Tea Limited, Thomas Cook. In this freewheeling chat, Vikas delves on his 3 favorite companies, and why he admires Steve Jobs. He admits that he is a gizmo freak;  iPAD 3 and Wii being his favorites. For more on the SuperChat, please read on……

 

Education: Bachelor in Commerce (B.Com.), Chartered Accountant (I.C.A.I.)

Companies Worked with: Mahindra & Mahindra, Tata Tea Limited, Thomas Cook, Bharti Airtel Limited, Marico, Rochem Separation Systems India Pvt. Ltd. Berggruen Hotels Pvt. Ltd.

SuperCFO: What particular skills or talents are most essential to be effective in your job apart from formal training?
Vikas Chadha: Patience , perseverance, and hard-work are the most important attributes that a CFO must possess and exhibit. Also all modern day CFOs have to be extremely comfortable with the use of IT and should leverage the same to improve systems and processes.
I feel the CFO is the one with the complete view of the business and should be involved indepth in the running of the business.

SuperCFO: Who is your role model and why?
Vikas Chadha:
My role model would be Steve Jobs for his unconventional intelligence and his persistence for innovation and quality. These two features differentiate his company and have been the pillars of growth and hold true for all new startups.

SuperCFO: What has been your biggest achievement professionally?
Vikas Chadha:
1. I have been able to drive businesses and make them profitable.
2. I have in my previous stints also worked with startups, which I have grown from Zero base to nearly US $ 100 Million in valuation
3. I have been strong on process implementations and streamlining operations and getting work done in the most efficient manner.

SuperCFO: Who are the 3 Corporate Honchos you admire a lot and why?
Vikas Chadha:
1. Narayan Murthy – everyone knows his strory and how he created Infosys
2. Ratan Tata – for his tenacity, leadership, and vision
3. Anand Mahindra – For creating a multinational conglomerate of a typically Indian company and brand.

SuperCFO: Which are the 3 companies you admire a lot and why?
Vikas Chadha:
1. HDFC bank – Tremendous growth and high thought leadership.
2. Marico Ltd – Innovative thinking.
3. Indian Hotels Ltd. – Taj – for the world wide image and branding that it has created for the company as well as the country.

SuperCFO: Assume that you are indulging in role play. If you were given the position of the Finance Minister of your country, what would your top priority agenda items be?
Vikas Chadha:

1. Interest rate reductions to enable industrial growth.
2. Enhancing  employment opportunities.
3. Reduce inflation and make India self sufficient on necessities.

SuperCFO: What would you advise aspiring CFOs on dos and don’ts to become a successful CFO?
Vikas Chadha:
1. Follow your instincts.
2. Always do what is right for your organization.
3. Stand up for the cause and be counted.
4. Its important to have your opinion.

SuperCFO: What are your 3 “Must Ask” questions in an interview?
Vikas Chadha:
1. What is your Key Driver to change?
2. What is your long term vision?
3. Have you been a contributor in the past – what are the key contibutions to your business so far in your career?

SuperCFO: Which is one accounting software that has impressed you and why?
Vikas Chadha:
1. SAP – Highly process driven.
2. A CFO’s delight once implemented though SAP requires a lot of preparation and time and effort to chart out the individual process.
3. It is an investment and will pay rich dividends in long term.

SuperCFO: How do you manage talent within your team?
Vikas Chadha:
1. Job Rotation
2. Learning opportunities
3. Cross functional learning opportunities
4. Creating project teams with finite targets and rewards linked to achievements
5. Showing how their efforts are impacting the organization and it’s growth.

SuperCFO: Are you a gizmo freak? What is your favorite gadget?
Vikas Chadha:
Ya sure, I own an iPad Retina Display and simply love it.
I also love gaming consoles like Wii, and PlayStation.

SuperCFO: What is your favorite piece of literature?
Vikas Chadha:
Autobiographies; as they are real. Loved the one on Mahatma Gandhi.

SuperCFO: Any sport that you are passionate about?
Vikas Chadha:
1. Tennis
2. Soccer
Love to play and watch both of them

SuperCFO: Describe some of the activities that you undertake to de stress yourself?
Vikas Chadha:
Love listening to light music; really works everytime.

SuperCFO: What has been your favorite vacation destination and why?
Vikas Chadha: Loved my trip to Macau, stayed at Venetian and then spent a few days at Disneyland at Hongkong. Was the most favourite as my son enjoyed the experience a lot and he still fondly remembers the family time spent together by us..

SuperChat with SuperCFO – Rajesh Surana

Rajesh Surana This week on SuperChat with SuperCFO, we are proud to present Rajesh Surana, CFO at Holcim (Lanka) Ltd, which is a part of the global Holcim group. Being the market leader in the cement industry, the company focuses on Economic, Social, and Environmental performance along the triple bottom line of sustainable development. Rajesh heads the Finance and Accounts function for them out of their Sri Lanka office. Rajesh has over 14 years of work experience with Multinational Companies (all are world leaders in their respective fields).
In this freewheeling chat, Rajesh talks about the lighter facets of life, his passion for writing in the digital and electronic age, why he admires Ratan Tata, Dhirubhai Ambani and Narayana Murthy amongst a host of other interesting perspectives and philosophies on management and life.

Education: IMD (International Institute for Management Development) – Business Programs, Mangement Program, Strategy, leadership, marketing, manufacturing, finance & accounting – University of St. Gallen, FCA: Accounting, Audit, Company Law, Financial Management – The Institute of Chartered Accountants of India, FCS: Company Law,Secretarial,Legal – Institute of Company Secretaries of India

Companies Worked with: Holcim (Lanka) Limited; Delphi Automotive Systems; SABMiller India Ltd; A.F.Ferguson & Co.

SuperCFO: What particular skills or talents are most essential to be effective in your job apart from formal training?
Rajesh Surana:
1. Gaining deep understanding of business is most important. A CFO has to co-pilot the CEO and steer the business in the right direction, while ensuring robust controls and financial discipline.
2. Acting as a role model for the team; showing genuine efforts in their development; coaching and mentoring them.
3. Effective communication and expectation management.
4. Delivering results.

SuperCFO: Who is your role model and why?
Rajesh Surana: I do not have any role model as such. However, I admire those people who find their inner fire and are go getter; no matter what the world says, no matter what adverse circumstances they face, they do not stop until they achieve their mission

SuperCFO: What has been your biggest achievement professionally?
Rajesh Surana: I had a satisfactory professional life. I graduated from one of the best colleges of Commerce in Asia, was in the merit list of CA and CS exams. I became Head of Finance of Holcim (India) at the age of 28, and promoted a year later as South Asia CFO for Holcim Services. At 33, I was appointed as Country CFO for Cement operations of Holcim Sri Lanka

SuperCFO: Who are the 3 Corporate Honchos you admire a lot and why?
Rajesh Surana:
1. Dhirubhai Ambani; for his clear vision, proactive implementation of the same, and successfully executing that vision into personal and professional success.
2. Narayan Murthy for being the frontrunner of the IT revolution in India and for sharing of wealth with the stakeholders.
3. Ratan Tata; for taking the Tata group to the next quantum leap while maintaining a strong sense of business ethics, and managing to carve out a global vision for his group.

SuperCFO: Which are the 3 companies you admire a lot and why?
Rajesh Surana:
1. Apple for clear understanding of the customer needs and delivering it through simple innovations and their great marketing and unique selling propositions.
2. Google for creating wealth of information which enables us to take faster decisions.
3. Microsoft, for heralding a revolution in the software world and innovating products, which make our professional lives much more efficient.

SuperCFO: Assume that you are indulging in role play. If you were given the position of the Finance Minister of your country, what would your top priority agenda items be?
Rajesh Surana:
1. Simplifying the highly complex and cascading tax structure.
2. Stopping all employment guarantee schemes and creating more jobs through capital spending in infrastructure
3. Reducing people in government departments through process simplification, standardization & automation.
4. Creating level playing field for SMEs to compete with the best in the world

SuperCFO: What would you advise aspiring CFOs on dos and don’ts to become a successful CFO?
Rajesh Surana:
1. Never compromise with your integrity.
2. Be flexible to support the business, but if you have a point of view, express it openly & clearly.
3. Communicate effectively.
4. Always look at the big picture and avoid the accounting mentality.
5. Do not wait; take decisions.

SuperCFO: What are your 3 “Must Ask” questions in an interview?
Rajesh Surana:
1. What do you want to become and how are you going to achieve it?
2. If selected, what are the three things that would be your priority?
3. What would you like to achieve in the first 90 days of your employment in the company?
Usually I focus more on the attitude of the person and clarity of mind over technical skills.

SuperCFO: Which is one accounting software that has impressed you and why?
Rajesh Surana: I am greatly impressed by Tally, having used it for so many years for my personal accounting work as well as during the initial part of my career. I have never come across a better and simpler accounting package than Tally.

SuperCFO: How do you manage talent with in your team?
Rajesh Surana:
1. Continuous Engagement beyond work. Sometimes having a coffee is more fruitful than a business like discussion.
2. Giving clear feedback – most managers are afraid of giving clear feedback.

3. Celebrating every success – recognition of words is no less than monetary rewards
4. Discussing their developmental needs and playing the role of a mentor in their achieving them.

SuperCFO: Are you a gizmo freak? What is your favorite gadget?
Rajesh Surana: I am not really a Gizmo freak. I am still fond of writing and most of the time; I need a piece of paper to draw my mind onto it. In gadgets, I primarily use my
Blackberry and iPad/iPod, which have made my life so easy and efficient that I cannot think of living without them.

SuperCFO: What is your favorite piece of literature?
Rajesh Surana: I read a lot about spirituality and religion. In addition to that I like the two great Indian epics Ramayana and Mahabharata, both of which contain the best case studies on leadership than found anywhere else. The stories of Panchatantra remain etched our memories and will continue to do so as a beacon, guiding us through the inclement phases of our lives and helping us prepare for all eventualities.

SuperCFO: Any sport that you are passionate about?
Rajesh Surana: Among indoor games, I enjoy chess & carom. Among outdoor games I like to play badminton and I mostly watch all cricket matches.

SuperCFO: Describe some of the activities that you undertake to de stress yourself?
Rajesh Surana: I go to the gym regularly and am also fond of walking/jogging & swimming when the time permits me. In the evenings I very often go for a coffee with a friend or spend time with the kid’s which is the best de stressing activity.

SuperCFO: What has been your favorite vacation destination and why?
Rajesh Surana: Switzerland is my most favourite vacation destination. I also like to spend time in Bali (Indonesia) which contains some of the nicest beaches. In India I like to go to the picturesque locations of Rajasthan viz. Udaipur, Jaisalmer, Jodhpur. I also like to go to the hill stations of Manali, Sikkim, Ladakh & Kashmir

Did you know this fact?

Did you know this fact? Parker Brothers (the inventors of Monopoly), have printed more money for its Monopoly games than all the money the Federal Reserve has ever issued in real money for the United States. If you stacked up all the Monopoly sets made, the pile would be more than 1,100 miles high.