12 my industry experience & colleagues

Spandane – The Last Lecture Section I – My Life Story

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12 / My Industry Experience & Colleagues

I passed Final CA Examination in January 1975 and achieved an important mile stone in Life.

This was my action reply to the nasty remarks of my well wishers (???) about my intelligence

level. I do agree that negative inspiration makes wonder but at a great risk. Even after 45-50

years, I am not able to erase such nasty remarks from my mind and in a way I am thankful

to all those who criticized me in my childhood. Now It’s my turn to get reply from them as to

what have they achieved in Life with their so called extra ordinary intelligence? This

childhood insult acted as a fury to my hard work. The greatest pleasure in life is ‘doing what

people say you cannot do.’ This is the secret of my energy till date.

Considering my financial position, it was necessary to take up a job in the industry though

I had preserved the dream of joining the profession, in one corner of my mind. As I secured

the Rank in Inter & Final CA, I was invited by many companies to attend the interview for a

suitable opening. I also applied in response to advertisements in TOI.

Essentially I had to make two choices namely location and the type of Industry. I was

staying at Girgaon. However my father had purchased the flat in 1967 for me at Borivali. (He

expired in August 1969) Though the accounting function is similar in any organization at a

macro level but because of the nature of business, you need to acquire the accounting skill at

micro level. The change of job from Engineering company to other industries was possible.

But getting a change from specialized industry like Hotel, Air Lines to engineering company

was difficult due to above.

I attended few interviews just for the sake of practice ☺ having decided against joining that

company due to type of industry or location on central Railway beyond Thane etc.

I was called by many reputed companies such as Godrej, Taj Hotel, Crompton Greaves ltd.

etc. Our CA Firm’s Clients also gave me good offers but I politely declined those offers

because I knew these companies in my Articleship days mainly in terms of Professional

attitude of the Management. I was not trying to make any hasty decision as I had practically

four months at my disposal. I was selected in Taj & Godrej but declined the offers.


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Finally I got a call from Crompton Greaves Ltd. (A giant in Engineering sector, next to L & T

Ltd.) I met Mr. Joglekar Personnel Manager. He took me to Chief Management Accountant

Mr. N. Rajgopalan for an interview. Mr. Suri, Chief Accountant also joined the interview

panel. We had nice discussion for 30 minutes. Mr. Rajgopalan asked many questions on

Management Accounting & Finance. Mr. Suri was just observing me. Mr. Joglekar was trying

to convince me about the bright prospects in the company. I thanked the panel & left. The

company had a huge complex. It would take about 15 minutes to walk from the last building

(where my interview was conducted) to the entrance. As I was about to handover the gate

pass, I was stopped by Chief Security Officer. Mr. Joglekar had kept the message to contact

him. I telephoned from the gate. He requested me to come back to Personnel Department.

I had to walk all the way back for 15 minutes.

He requested me to give one more interview with Vice President Export division. VP was

busy till late afternoon. It was about 12.30 noon. Mr. Kumar, Personnel Officer accompanied

me to canteen for a lunch. Lunch was very impressive. ☺ Mr. Mohile, VP-Export division took

my interview for the post of Accountant - Export Division. He was pleased with my

knowledge but I had no working experience as Accountant and hence he sent me back to

Personnel department. Mr. Rajgopalan was pleased with my performance. He was basically

looking for a fresh CA with good academic record so that he can mould the candidate.

(Mr. Rajgopalan had joined recently joined from L& T Ltd. after serving for 15 years.)

Mr. Joglekar had a word with Mr. Desai, Director - Administration and interview was fixed

with him next day. I left the at about 4 pm. Next day morning, I appeared for an interview.

I still remember one question. He asked to explain the term ‘Inflation’ with example. I nicely

obliged him with 10 minutes lecture on ‘Inflation’. The inflation was picking up that time. (it is

still the call of the day in 2011) I was given appointment letter. My first salary was Rs.1,190/-

p.m. However on the day of joining I was given supplementary letter stating my salary as

Rs.1,250/- p.m. (Additional Rs.60/- given as Temporary High Cost of Living Allowance)

Inflation? ☺ Though the allowance was worded as Temporary, it was temporarily

permanent during my next 5 years till I left the company in 1981.

I joined CG on Saturday, 14 the June 1975. People say that new activity should not be started


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on Saturday. (But I never bothered for such notions.) I spent entire time in discussion with my

Boss. CG’s turnover was over 150 crore. The company was operating through 6 divisions

having factories at Kanjur Marg, Bhandup and Worli. It had Regional Offices across India,

supported by Dealer network. Every month, Chief Accountant would prepare monthly

accounts (P&L and Balance Sheet) and submit it to Management. CG had substantial NRI

holding. Our first job was to introduce Budgetary control mechanism.

However it was necessary to compile Budget Manual. This was the new field for me in the

sense that these topics were only studied without any practical experience. We completed the

1st draft of Budget Manual and submitted to Director –Administration for comments. The draft

was circulated to Divisional VPs for their comments. After receiving all comments and

suggestions, we issued the final Budget Manual. However the same was revised yearly in

view of expansion & diversification of business.

Other staff members used to wonder about our contribution because Management

Accounts department was set up for the first time in the company and there were no

prescribed job responsibilities.

After compiling Budget Manual, Divisional Budgets were also compiled. Monthly

Reporting formats were also revised to include comparison between monthly performance

and budget estimate. As mentioned earlier, HO accounts department was entrusted with the

job of compiling monthly provisional accounts. We used to compare the provisional results

with budget estimate with our comments for the variance etc… However Mr. Prabhudesai

(Deputy Chief Accountant) and Mr. Suri (Chief Accountant) wanted to get rid of this job. They

mis-represented the story with Director – Administration that there is a duplication of work

and hence the job of compiling provisional accounts should be shifted to our department. Both

of them took advantage of the situation that Mr. Rajgopalan was new in the organization and

the department had no specific job card. It is needless to say Director agreed to pass on the job

to our department without even bothering to cross check the status from my Boss. Of course,

I accepted the job under protest. I called on DCA & CA and told them bluntly without

considering the consequences that they have mis-represented the case. Submission of

provisional accounts was duplicated by accounts department and our department after

comparison with budget. Thus the submission was duplicated and not preparation. They


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could not place any counter argument. I did the job of compiling provisional accounts on

monthly basis and then preparing our report. This enabled to me to get insight into company

accounts. I came in contact with divisional accounts staff and indirectly it was a value

addition exercise for me. My objection was not to the job but the way it was shifted to my

department. It was the first bitter experience of professional management.

Then we undertook exercise of analyzing CG performance over last ten years. We literally

made research of the progress of the company. The compilation was circulated to all divisional

& Regional Heads. Our department became very popular. I have still preserved that research

paper in my record. I did the entire analysis and made draft comments. My Boss wrote a

beautiful write up.

There after, we issued another research paper on analysis of our competitors. This paper was

also well acknowledged. Subsequently, issue of such research papers became the regular

feature. Compiling CAS forms for submission to Bankers for getting Cash Credit Limit

sanctioned was another yearly job of our department.

I remember having done a break even exercise of cash vis-à-vis credit purchases by the

factory. That note was not only appreciated by VPs but was also implemented in the

respective divisional factories.

MD and other directors understood our knowledge strength and there after financial

decisions of the company were referred to our department for review and I am pleased to

say that our comments were given due weightage in final decision making.

We did project Reports for the establishment of new factories at Nasik. CG also acquired

other manufacturing units based on our report.

CG was planning to issue bonus shares to its shareholders. The formula and methodology

was prescribed by the Government. This was the secret assignment as the news should not be

leaked in the share market. We finished the calculation overnight and sent our report to MD.

Bonus shares decision was announced in board meeting held next day morning.

I continued with CG for 5 years mainly because of unusual work experience and


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knowledge gain in the company of my Boss. This knowledge extended my horizon about

any business transactions. I got the vision to look at accounting figures in a different

perspective. I made use of this valuable insight in my next jobs and in Profession. Thank you

Mr. Rajgopalan. I completed higher education such as ACS, D.M.A., D.F.M., D.O.R.M., and

D.E.M. during my service tenure with CG. (14-06-1975 to 09-02-1981) I completed Company

Secretary ship training in the company. CG granted special leave to complete the training

with Registrar of Companies, Maharashtra.

Staff turnover in CG used to take place in first year of joining or immediately after completing

5 years because of PF Contribution of the company was withheld if left within 5 years. This

was another reason of my continuing with CG for 5 years.

I openly discussed about my leaving the job with my Boss. Having worked in the ‘staff

function’ (Management Accountant / Financial Analyst) I was planning to shift in ‘Line

function’. (i.e. Financial Controller / Chief Accountant)

I remember CG for nice lunch served in Kanjur Marg Staff canteen. However our department

was shifted to Fort Office in 1978 and we missed that special lunch. I could get few friends in

CG such as Joshi, Shah, and Naik etc. My relationship with Mr. Shah continued even after

I left CG. Mr. Shah also left CG subsequently and joined Deepak Fertilizer Ltd. He introduced

me to his new Boss after I entered the Profession. I did one major assignment of MIS for DFL

of Office & Residential project at Poona.

CG had 6 divisions when I joined in 1975. During next 5 years, these six divisions were further

broken and separate divisions were formed with separate infrastructure. Finally it had about

20 divisions with separate GM, Factory Manager, Administration Manager, Accountant,

Personnel Manger etc. Obviously overheads increased disproportionately. Labour

productivity was also a concern. Profit margin was under tremendous pressure. In 1976,

increments were not given to Management & Office staff. The company faced tough

competition from small manufacturers. Production of few products was outsourced.

However the company came out of all these problems and once again emerged as a major

player in Engineering & other sectors.


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I updated my bio data (Now a days it is called CV) I feel C stands for compulsory retirement

i.e. pink slip and V represents Voluntary retirement. i.e. staff is always on the look out of new

opportunities and leave on its own. ☺ Young generation, please excuse for mentioning this

reality.

I posted my bio data to few companies. I was applying for the post of Financial Controller /

Chief Accountant. I had all the experience of Management Accountant not possessed by every

CA. But I had no experience of running Accounts department. Hence I was not called by every

company where I applied. This was basically a problem of mindset. Unless you are strong in

Accounts, you can not perform as Management Accountant. I secured a job in Mafatlal

Industries Ltd. I was also offered a job by Public Ltd. company engaged in Chemical sector.

However the company was situated in Kutch (Gujarat). I was offered a bungalow and

handsome package. I kept both the options open. In the mean time, my eldest brother told

me to approach Indu Nissan Oxo-Chemical Industries Ltd. (INOCIL) which was incorporated

in 1980. The company had approached BOI for Banking limits etc. I applied for the post of

Financial Controller. MD & Company Secretary of the parent company took my interview.

They were impressed with my qualification & experience in Management Accounts.

I joined the company on Tuesday, 10-02-1981. Let me say few words about the company & its

Project. The company was incorporated in 1980 by a Gujarati businessman. He and his

brothers were already in business & controlling few private limited companies. However ours

was a public limited company having foreign collaboration with Japanese company. The

product to be manufactured was Oxo Alcohol. This was one of the raw materials for

manufacturing Plasticizer which was manufactured by our parent company. Plasticizer is

used for manufacture of Plastic articles. Oxo Alcohol was imported and was not manufactured

in India. In other words, our project was in the nature of Import substitution. We proposed

to manufacture Oxo-Alcohol for the first time in Asia excluding Japan. Project cost was about

Rs.20 crore in 1981. The proposed means of Finance was share capital Rs.5 crore & Term Loan

Rs.15 crore. . Company had to follow the provisions of MRTP Act. Our HO was located at

Churchgate. Registered Office was at Vadodara and Project site was few kilometres away from

Vadodara. Target for Project completion was December 1982. Company was planning public

issue during June/July 1981. Project Report was compiled by a well known consultant. Project

finance was sanctioned by All India Financial Institutions such as IDBI, ICICI, and IFCI.


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Working capital was financed by BOI acting as lead bankers and other 5-6 banks. ICICI was

acting as Merchant Bankers.

Land was already acquired. Project needed continuous power supply and some gases

produced by nearby Government owned companies were required as raw material and hence

Gujarat state was selected for the project. Most of the machinery was to be imported from

Japan. Orders for other machinery & equipments were placed after detailed engineering.

M/S Humphreys & Glasgow worked as Project Consultants.

I was the first person to have joined the company at Mumbai. Mr. J. G. Vyas, Project Manager

had also recently joined. After few days, Mr. Katre joined as Company Secretary. I met the MD

and Chief Accountant of parent company. Office of the Parent company was on 3 rd floor and

our office was on 6th floor. I met the staff members of parent company and also company

secretary. I was given Project Report of the company for review. It was a huge binder

containing atleast 1000 pages. One account assistant Mr. Desai had joined our company.

He had cleared Inter CA.

Furniture work was still not completed. My cabin got ready after about 10 days. I could see

the sunset from my cabin and also the Wankhede Cricket stadium at Churchgate. ☺ My first

job was to study the Project Report on priority. I listed few observations on the Project Cost.

Next week, Project Manager visited Mumbai Office for discussion with MD. He was a hard

core Mechanical & Electrical engineer having experience of executing number of Projects in

Gujarat. In first meeting itself, we became friends. He treated me like his younger brother.

Our pair did wonders in next few months. By our team work, we could complete the project

ahead of schedule by 3 months. ☺ In the grand party thrown by the company after

commissioning of project, our contractors and vendors openly talked about team efforts.

It was a great satisfying moment. ☺ ☺ (PM & FC ki Jai ho!)

I recruited accounts staff. The work was being handled on different fronts. I had to spend

practically 4-5 hours for meeting and could get time in the evening for my work and guiding

my staff. I got Purchase Register made of the proposed machinery to be fabricated/to be

purchased. Each item of machinery was listed on a separate sheet and details of actual orders

& payments were noted below. The order was placed for various components after completing


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detailed engineering & drawing. The machinery was finally assembled at the site.

I insisted on having a meeting with our Technical director (Mr. Kulkarni) to understand the

Production Process. He was surprised with my request. I explained him the purpose. Unless

I know the process, it would not be possible for me to make realistic projections of raw

material consumption. It will also enable me to get well versed with different raw material

names, suppliers, wastages, bye products etc. I had already read Project Report number of

times. Personal discussion would make my ideas about the project absolutely clear. He was

convinced. One day I went to Ghatkopar factory of our parent company for a discussion. Our

meeting lasted for almost four hours. It was a satisfying experience.

It was stipulated that appointment of key personnel would be subject to the approval of IDBI.

IDBI has also deputed a nominee director on our board. My appointment was informed to

IDBI and one day MD told me that IDBI has taken an objection to my appointment due to my

young age. MD himself was upset. I offered my resignation. MD arranged the meeting of

IDBI director with me. We had elaborate discussion on the project, my qualification and

experience in CG as Management Accountant. He was fully convinced with my experience

and capability. Accordingly he sent the report to IDBI and my appointment was ratified by

IDBI.

I was also attending meeting along with Mr. Katre, with our Merchant Bankers for preparation

of Prospectus for our public issue. I had passed CS examination in 1980 and there was an

opportunity to make use of that knowledge. Mr. Katre Company Secretary was well

experienced. Public issue of about 4 crore was over subscribed number of times.

I was fortunate to get very good and co-operative staff. Also refer Article My Assistants.

Accounting was not complicated as the project was under execution. Mr. Makani, Accounts

assistant took the responsibility of submitting Trial balance by evening on 1st of every month.

I would prepare the statement of Sources & Application of Funds and submit it to Financial

Institutions for obtaining Term Loan disbursement.

Every day, we used to send the mail and LR/RR through Angadia to Vadodara office. Delay

in sending LR/RR means delay of project execution by a day.


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As mentioned above, public issue was oversubscribed. I & Mr. Katre had to go Delhi to sign

share certificates as Delhi based firm was managing our share department. We stayed in a

hotel for about 10 days and each one of us signed thousands of share certificates. We returned

on diwali day (1981) to mumbai. Our fingers were swollen due to signing.

Once MD went to Japan for a month. He handed over about 300 cheques (blank) duly signed

and handed over to me for custody. His brother was also a director & signatory. I gave him

the detailed statement of cheques issued. He was hardly interested in looking at the statement.

He simply asked me as to whether I have asked this info? If I had no faith on you, I would not

have given blank cheques duly signed knowing fully well that bank balance runs in to more

than a crore. This was the height of faith.

Project execution was in full swing. I was continuously keeping track of Project Cost Overrun

after compilation of statement of Project expenditure every month. Around middle of 1982,

I submitted Project Cost Overrun statement to the Board. Consortium meeting of Financial

Institutions was called. I represented the case on behalf of the company. The Officials kept

on firing questions and again & again expressed their inability to finance the over run.

According to them, directors should finance the over run by introducing additional share

capital. I gave patient hearing to their heated arguments. Anger may be better word. ☺ Now

it was my turn to reply. I thanked all of them for sparing their valuable time and giving

valued comments. I submitted the key observations on the over run. The over run was

mainly on account of Indian Machinery. One of key machinery was instrumental for this. The

Machinery estimate was understated in original project report which was approved by the

financial institutions. Considering the delivery period of almost 15 months, the order for that

machinery was given immediately on sanction of Term loan. There was hardly any time gap

between these two instances. The reason given was that capacity of machine was not properly

ascertained at the time of Project Report. I raised a question as to how the company is solely

responsible for this over run as Project Report was reviewed by Engineering department of

Financial Institutions.

Secondly preoperative expenses were grossly underestimated. Considering the project

execution period of about 20 months. The FI Officials had no answer because the Project

Report was approved by them. These two main mistakes were accounting for the major


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overrun and could have been avoided if Project cost was correctly arrived. In that case, they

would have sanctioned more term loan proportionately but now they were backing out. There

was complete silence in the meeting. The Officials were speechless. Then I decided to throw

one more bombshell. I gave the message of our MD expressing inability to finance the overrun

without participation of Financial Institutions. Financial Institutions had no alternative but

to finance the over run partially as they had already pumped in about 15 crore.

Next target was to arrange working capital finance from Banks. Our requirement was about

Rs.300 Lacs. BOI our lead bank called the meeting of other 5 consortium banks. Then we met

RBI officials to get the CC Limit ratified by them. (Just imagine how the time has changed.

Today a small co-operative bank sanctions this CC Limit on its own.)

The project was completed inspite of all hurdles. (There were so many and it is difficult to

share every hurdle.) Some of the hurdles were not even conceived at Project report stage.

However MD had good political contacts and hence it was possible to meet those challenges.

Raw material was imported from Japan and transferred to Vadodara in Tankers. Project was

commissioned and the finished product was tested and found of excellent quality as per

norms set by the collaborators. MD’s dream was fulfilled.

But MD’s happiness lasted for few days as our parent company was raided by IT Officials.

Raids were conducted simultaneously on residence of all directors & executives of parent

company. Our Office was situated on 6 th floor. One assistant told me & Mr. Katre that our

company had nothing to do with the raid but the IT Officials are also present ton 6th floor and

not allowing any one to use telephone. We had to attend urgent meeting in IDBI and other

institutions. We decided against going to office and went to IDBI for a meeting. Raid was not

over till late afternoon hence we finished our pending meetings with other financial

institutions. We were in the field till late evening.

Next day afternoon, MD called both of us. He was very upset. We told him about our logic

but he was not convinced. He felt that we are not with him in his difficult period. I offered to

resign immediately. Next day morning I went to his residence and tendered my resignation.


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MD realized his mistake the moment he saw my resignation. He said ‘sorry’ and requested

me to understand his mental tension. He never meant to ask my resignation. ☺ The words just

slipped from his mouth due to tension. However I was firm on my decision of quitting.

I bluntly told him that one should always mean what he says. As one goes up the ladder,

this principle assumes more importance. (Friends, to share a secret, I had decided on the day

of joining the company to resign from the company as soon the project gets commissioned.

Fortunately I got a nice excuse. ☺ ☺ ) MD was not even aware about the notice period to be

given by the staff. He requested me to continue for few days. I told him that I am supposed to

give 90 days notice. He was very happy. He requested me to take necessary steps to recruit

my deputy. I gladly accepted this job.

Within next few days, I drafted an advertisement for my successor. I reviewed & short listed

the applications with my remarks etc. and handed over to MD. Interviews were conducted

and my successor joined the company after I left the company on 08-01-1983. (I had joined the

company on 10-02-1981.)

Friends, I had thrown my resignation without a job in my hand. I wanted to exploit the

entire episode. My confidence was at its best. I had behaved as per my natural style. (I am a

LEO) I had nothing to loose. I was a bachelor. Not burdened with housing loan etc. I had

saved enough money for my survival in case of calamity of out of job for few months. Above

all I had my professional education and experience in the industry of about 8 ½ years behind

me.

I had half a mind to enter the Profession. But I was not mentally prepared for such a move

because I had not settled in my family Life. I was planning to get married. It would have

been an uphill task to settle on two fronts at time namely family and occupation.

I decided to take up a job. This time, I decided to take up an assignment with a

manufacturing company with marketing network. My mom was also planning to shift to

Belhe (Maharashtra). My elder brother was working as Manger in Bank of India at Belhe.

I thought that this is the right time for me to step in to Borivali flat purchased by father for me.

Every one opposed the idea of my shifting to Borivali flat. My eldest brother and vahini


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wished that I should shift after my marriage. In fact, I was still not clear on marriage plans.

So against their wishes, I went ahead with my plans to shift to Borivali.

Obviously I commenced my search of job between Andheri to Dahisar. Fortunately few

days after my resignation, I came across an advertisement which was nicely drafted. The

advertisement was for the post of Financial Controller in a manufacturing company at

Kandivali having wide marketing network across India. It was my dream job. My sixth sense

gave the verdict that yes; this would be my new job. ☺ Friends, you need to believe this.

I applied for a job with a covering letter written by hand and enclosing my famous bio data

spread over 4 pages nicely cyclostyled. (Friends, Xerox was not available those days. Stencil

cutting & cyclostyling was call of the day.)

As expected I received the call for an interview. Interview was fixed in the afternoon.

My office was at Churchgate and hence it was not possible to take ½ day leave for attending

interview at Kandivali. I took leave. I was staying at Wadala with my eldest brother. Aai had

cooked special dish for me as I was on leave. I felt drowsy after lunch. I took nap for a while.

I was feeling lazy to attend interview at Kandivali. Well, I threw away such thoughts, got

ready and left for the interview.

I reached Kandivali and I was surprised that office building was just getting constructed.

Factory was still not constructed. I was about to leave. Suddenly one gentleman arrived at the

site. He introduced himself as Personnel Manger of the company. He told me that it was

expected that office building would get ready and hence call letters were sent at this address

in Government Industrial Estate. He took me in a car to the existing factory & office located in

few industrial Galas of Parikh Industrial Estate on S. V. Road, Kandivali. Candidates were

called with a gap of about 30 minutes. After a cup of hot tea, I was called for an interview.

Interview panel consisted of 3 persons; one of them was Jt. Managing Director of the company

and other two were his consultants.

It was a detailed interview with more emphasis on my outlook and ideas for development

of the company. I was very happy with my interview and it was apparent that even the

interview panel also had a sigh of relief on their faces. ☺


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I once again got engrossed in my existing job as my parting day was approaching fast.

Around that time, I happened to meet one of the consultants Mr. Thanawala near my Office.

He enquired whether I had received the offer from the company. I said No. He assured me

that I have been short listed. Same week I was invited on Saturday at Kandivali factory for

final discussion. I had final discussion with Jt. Managing Director for about an hour.

Considering my previous experience in the Industry, I had many points to discuss. Obviously

it was a fruitful discussion. I confirmed my date of joining namely 08-02-1983. Exactly one

month after I was supposed to leave my existing job. Jt. MD was reluctant to accept the delay

in joining but I explained him that I deserve a break of one month. After joining articles on

14-06-1971, I had not taken break between CA Articles and my 1st & 2nd job till 08-01-1983.

I also need to refresh myself for meeting the challenges of the new job. Finally he had no

alternative but to accept my terms as I refused to join immediately. I left the company with

offer letter in my hand. I was informed that Appointment letter would be issued on my day of

joining. I left Kandivali and went to Thane to meet my sister for appraising about my shifting

and new job.

Finally the D day of my parting from Indu Nissan Oxo-Chemical Industries Ltd arrived. It was

Saturday, 08-01-1983. If I remember correctly, Sunil Gavaskar scored a century on that day.

I called up our factory at Baroda. Those days direct dialling was not available. I booked a

Trunk Call on reaching office. Luckily I got the call to factory within 30 minutes. I spoke with

my colleagues such as Works Manger, Project Manager, all Engineers, and Factory

Accountant. Every body was overwhelmed about my leaving the company. I had already

posted parting letters to my colleagues and thanked them for giving me co-operation. I still

remember my association with all of them. Although I was Financial Controller, I was

youngest in the team. I told them that change is part of Life and we should accept the

change which is always for our betterment. Do not wait till change is thrust on you.

My relationship with Project Manager was very close. We were instrumental in completing the

Project ahead of target date by about three months. We worked as family members and not

merely as colleagues. Project Manager was also to resign within few months. He had selected

his career as Project Manager. He had executed number of Industrial Projects in Gujarat. His

Philosophy was clear and simple. He said that every project is dream of an industrialist and


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hence during execution of project, maximum freedom is given to a person like him who is

known for ‘delivering the goods.’ He would change project with his team of stores keepers,

factory accountant etc. He suggested that I should also join the band wagon as Financial

Controller. I told him my difficulty. I was not settled in Life like him. I was planning to marry

next year before switching over to Profession. I met MD and other directors and left the

office with Mr. Katre, our Company Secretary. He had brought a scooter to office. We went to

Dadar and had lunch in Prakash Restaurant & parted. Mr. Katre also resigned after few

months and took up a job in south and retired within few years. I took a cab to Wadala. One

more era had ended. ☺

As mentioned above, I had taken a break of one month. My first priority was to furnish

Borivali flat. I called my friend Mr. Pandit to Borivali and placed order for necessary furniture,

bed, cupboards etc. My friend Jayant was already staying in Borivali. I booked order for

Godrej cupboard and Refrigerator. My flat was done up in 15 days.

Then I requested my elder brother to take leave for few days and we went to Murud –Janjira

for a short vacation. We thoroughly enjoyed our stay with Tadi-Madi and sea food. After we

returned, I had to pay the penalty of Tadi madi & sea food in the form of eruption of Piles

once again. The situation got so much aggravated that piles operation became call of the day.

However Dr. (Mrs.) Vaidya of Thane sent me medicine with a request that if medicine does

not work, then I should not postpone operation any further. (I was taking her medicine twice

or thrice in a year since 1975.) Fortunately, my piles got subsided.

Once again the D day arrived for joining a new assignment of Financial Controller with

Superphone India Pvt. Ltd from Tuesday, 08-02-1983. I had joined earlier company also on

Tuesday, 10-02-1981. Tuesday is a day of Lord Ganesh. I always worshiped Lord Ganesh.

I reached office at Kandivali well in time. Instead of waiting for the company bus, I took auto

to reach the factory. I was the first person to reach the office. ☺ Soon the company bus

arrived. Mr. Kantak, our Personnel Manager (he played major role in my Life. Read Article on

My Friends.) greeted me and showed my cabin. He introduced me to all staff. After some time

JMD called up and informed me that he won’t be coming to factory and called me to Mumbai

Office at Charni Road.


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After a cup of tea with Mr. Kantak, I called for Audited Accounts for last five years and got

engrossed in my favourite job of Financial Analysis. I completed the scrutiny of Balance Sheet

and Profit & Loss Accounts. I also compiled Funds Flow Statement and Accounting Ratios.

I left for our Charni Road office after lunch. I had discussion with JMD and we left to meet our

consultant at Churchgate. His office was situated at Churchgate near to my previous office.

I saw my ex-deputy as I was passing from that lane in a car with JMD.

Next day JMD attended factory. He called me for discussion about the existing financial affairs

of the company. I reminded him about my appointment letter promised to be handed over on

joining. Obviously the letter was not ready. Certain perks such as superannuation etc. though

promised in the offer letter were not introduced. Hence we renegotiated the salary. He called

Mr. Kantak and requested him to prepare the appointment letter as per revised terms.

Before I proceed, let me say few words about the company. Our company was pioneer in

manufacturing Intercom system. The business was carried as partnership firm namely

Superphone Enterprises having factory situated in few Galas of Parikh Industrial Estate, S. V.

Road, Kandivali. Recently a Private limited company was formed to take over the business of

the said Firm. The company had taken a Term Loan from MSFC and had shifted to

Government Industrial Estate. Office & part of the factory was ready and operations were

already shifted from Parikh Industrial Estate by the time I joined on 08-02-1983. Factory

expansion (new building) was still pending. MSFC had appointed their director on our board.

Year ending of the company was 30th June. Accounts of Superphone Enterprises for the year

ended 30-06-1982 were still not finalized. The business was taken over by Private limited

company wef 01-07-1982 without opening trail balance. ☺ The company had regional offices

in Ahmedabad, Chennai, and New Delhi. The company had a marketing network of about 60

dealers practically in every city in India.

The company was formed by father of JMD. JMD and his brother joined the company after

completing formal education. JMD’s brother was looking after Mumbai Office acting as our

dealer for Mumbai. MD was looking after R&D and factory. JMD was in charge of

Commercial, Administration, Finance, Personnel, and Purchase etc. My position was number

2 next to JMD. After my joining, Factory Manager, Commercial Manager was recruited.


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Shifting from industrial Galas to a separate Factory was the dream project of JMD. Project

Report was prepared and Finance was already arranged from MSFC prior to my joining.

Company had planned to increase the production substantially and hence needed a factory to

house the modern machinery such as latest Injection moulding machine, Soldering machine

etc. Earlier soldering of PCB was manual.

I completed the Financial Analysis of the company and listed few observations,

summarized below.

1) Debt-Equity Ratio was very high. i.e. Promoter’s capital was low as compared to Loans.

2) Debt-Service Coverage Ratio was poor. i.e. capacity to repay interest & loan installment.

3) Stock holding was huge.

4) Debtors Turnover Ratio was high. (Customers were not settling the bills in time)

5) Suppliers were not paid in time.

6) Stock Reconciliation in quantity was not seriously done.

7) Use of Short Term funds for Long Term use.

8) Liquidity problem.

9) Overheads were exorbitant mainly Staff Overtime, Consultation fees & Advertising.

10) Labour Productivity was low.

11) Other income was negligible.

12) Low Security deposit from Dealers.

And many more observations were made. I had specifically asked for the audited accounts for

review before joining just to prepare myself for the challenge. However my request was not

granted. I also never insisted beyond a point. Any way I had to spend another 2 years before

entering the noble Profession. ☺ I understood that I have a tough time ahead. I openly

discussed my observations with JMD who appreciated my efforts. JMD respected me from

the word go because of my straight forward nature, qualifications and I was elder to him by

two years. ☺ I promised to go to the grass root of the problem and would recommend the

solution. I also insisted that I would set up my work priorities and would not tolerate any

interference. He gladly accepted my request or shall I say Demand? Having recruited a

person like me, whether he had any alternative? ☺

It was necessary to hold a board meeting with a nominee director of MSFC. Obviously, the


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minute book was not available. I requested the Nominee director to postpone the board

meeting by a fortnight. He gladly accepted my request. He himself was the owner of

Pharmaceutical Factory. I started compiling minute book. I had to refer various

correspondences with MSFC, Banks, and Government to search for the resolutions passed and

given to these authorities. The company was supposed to hold 4 board meetings in a year, of

which one meeting would be to approve the Accounts for the year. I was successful in

compiling the Minute Book. JMD was not aware about this statutory compliance and its

importance.

The accounts were computerized. The company had hired the services of a computer

consultant for computerizing the accounts. JMD had series of meetings with him and the

programme was being used prior to my joining. However numbers of loose ends were not tied

up. I spent my few Saturdays in completing this task.

The accounts of Superphone enterprises were finalized and audit was also concluded. The

opening balances as on 01-07-1982 were incorporated and accounts of private limited

company were also finalized for the year ended 30-06-1983. My staff was fed up with regular

OT throughout the year as company had no financial head and the work was directly

supervised by JMD.

Soon after I joined, I had called a meeting of accounts department staff. I requested all the staff

members to explain and give it in writing the job done by them. I told them to write the sub-

jobs and the pending position against each sub-job. Thereafter I discussed with each one of

them and understood the exact methodology in performing the work. I also offered tips/

shortcuts to save time and energy. My Staff was delighted with this approach without

realizing that this session would be the first step to make them dispensable. I gave

predefined appointment to each staff during the day to call on me to discuss the work

position. I also had detailed discussion about their education, family back ground,

responsibilities, dreams, limitations etc. I motivated them. I have documented My Tips –

Staff Motivation in Section III of this book. I also request readers to read Article on

‘My Assistants’.

Even at the cost of repetition, I am reproducing the relevant Para from my Article ‘My Bad


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Habits.’

I left this job and joined Superphone India Pvt. Ltd. in February 1983. The smoking rate

jumped to four packets a day. However I did not smoke while giving dictation to my

Secretary. Those days, I would smoke my first cigarette after first cup of tea in the morning.

Our financial year ending was 30th June. However accounts would get audited by next 30th

June because IT Return was due 12 months after the year end. Hence the management was

never in a hurry to finalize accounts in time. I joined the company in February 1983 and

decided in staff meeting that this year Accounts will be finalized & Audited by 31-08-1983.

Staff was also tired of overtime prior to my joining. We decided to stop Overtime from

01-07-1983 and I decided to discontinue smoking with a promise that I may restart the

smoking only after finalization of Accounts. My Team worked hard and first time in the

history of the company, we finished the Audit by 31-08-1983. My deputy brought a packet of

555 cigarettes. I lit the cigarette after a small party with my department staff in celebration of

our achievement. But I soon realized that there was no charm in the in the smoking. No

need to say that I left smoking even without finishing 555 Packet. ☺

One of the gains of working with the company was that I came in contact with Consultant

who managed the loan from MSFC. He was CA specializing in liaison work with MIDC,

MSFC etc. (I need not elaborate on this.☺) We became good friends. He helped me in the

initial stages after I entered the Profession in June 1985. Auditor Mr. Desai (Partner of M/S

Parikh & Shah, Chartered Accountants) also became my good friend. I also had pleasure of

doing few assignments jointly with him after I entered the Profession.

Having settled in the job, it was high time to work on the weaknesses mentioned above.

I called the staff meeting and informed them that now on; I will not be able to devote more

time for day to day follow up. I congratulated the staff for their sincerity and involvement

shown in the job. I told them that you have displayed Professionalism in your jobs although

all of you are not Professionally qualified. I selected one of the senior assistant and

designated him as Internal Auditor of the company. (He had passed Inter CA. Subsequently

he completed Final CA with my moral support. He left the job after I left the company and

entered the Profession and now is well settled. I met him many times during our CA

conferences.) Every accounting document & vouchers generated by any one in the department

should be sent to him for approval and only after his approval, the voucher would be sent to


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EDP department for data entry. Another Officer was given the responsibility of Regional

Accounts. One Officer was given the responsibility of all Dealers and their accounts follow up

etc. One Officer was made in charge of General Ledger and finalization of accounts /audit.

I would go through the vouchers depending on availability of time at my disposal. Staff

members accepted the idea wholeheartedly. It is my experience that people give more

output with minimum supervision.

I also finalized various rules for reimbursement of expenses, railway pass, travelling

expenses, advance to factory staff, canteen facilities etc. Our Office had holiday on Sunday and

on 1st & 3rd Saturday. I convinced JMD to give holiday on all Saturdays and to increase the

working hours on week days to bring about reduction in expenses such as electricity,

transport, lunch etc. I could take all these steps because of the moral support of JMD who

understood my dedication in the job. I was indeed fortunate to work him. He respected me

like his elder brother. (Once his wife told me that evening does not pass without talking about

you and your attempt to improve the company. I had virtually become the family member.)

As I was thinking on various issues listed above, I received a call from Factory Manager. He

was requesting me to arrange the payment for plastic powder which has practically run out of

stock. Such request I had received in the past on number of occassions. The company was

facing the strange phenomenon that we had huge stock of Finished Goods but Commercial

department was not able to execute the orders. There was ongoing pressure for purchase of

plastic powder and LED. Hence I decided to address this issue to start with.

At this point, let me say few words about the product. As mentioned earlier that our company

was engaged in Intercoms. Though the product category is one, in fact every model would be

considered as separate product depending upon number of connections i.e. 4,8,12,16,20 etc.

The intercoms were offered in five colour combination. The top plate and bottom plate was

made of plastic. Switches are assembled for various lines as mentioned above. The telephone

instruments are connected to junction box with cable. Our company would supply telephone

instruments & junction box. Dealers would purchase cables locally. The dealers used to make

profit mainly in cabling and service contract.

Coming back to the inventory problem of scarcity in the midst of plenty, I observed that


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factory was consuming plastic powder in moulding various models in rotation without

considering the usage. At another end, switches were assembled. Finishing department would

assemble the finished product exhausting either the switches or plastic parts. In other words,

WIP was low. Raw material stock was also low as plastic powder is consumed as soon as

received in moulding the parts. RM would mainly consist of LED, soldering wires, metal parts

for manufacturing switches. FG stock level will be high but at times of no use if requisite

colour combination / number of lines are not available. Thus no body was happy. We had

stock for which there was no order and we had no stock for which there was order. In the

process, every day tension would get developed between Commercial department and

factory, thereby affecting the Financial liquidity as payment for plastic powder, PCBs & LED

(Imported) was made against delivery.

Having studied the basic problem, I gave my recommendations to JMD.

1) To reduce colour combinations from five to three.

2) To maintain WIP (plastic moulded parts & switches) proportionately.

3) Not to consume plastic powder in one go. To run the injection moulding machine for

only few hours, instead of keeping idle after exhausting plastic powder.

4) LED would be soldered at the time of finishing.

5) Having built WIP, Final assembly should be given the target of production based on

orders to be executed.

6) To keep minimum stock of plastic powder, PCBs, LED to execute urgent juicy orders.

7) Spare parts mainly switches were made available for 7 years for maintenance. Our

product was found in working condition even after 7 years. I emphasized that in the

changing scenario, it is not necessary to maintain and service the product for 7 years.

This period should be brought down to 3 years. Thus the old system would get

replaced with the new system. Old system can be bought and dismantled. The good

parts can be used for maintenance.

JMD was reluctant to reduce the colour combinations and making available spare parts for

only 3 years. These points were discussed in the monthly meeting with Regional Managers.

Finally with lots of deliberations and considering liquidity problem, JMD had no alternative

but to accept the suggestions. Initially Factory Manger took this as insult and interference in


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his territory but fortunately understood the situation in the right perspective. One hurdle was

over.

This step improved the situation a bit because I was able to maintain the flow of billing

and utilising the discounting of these bills on day to day basis.

Then I turned my attention to saving expenses. Mismatch situation of stock and order

execution was inspite of factory doing Overtime. Office staff was also doing OT and still the

work was pending, accounts not finalized even after 10 months of closing etc. Staff was also

fed up with daily late sitting, no holidays etc. I stopped OT after discussion in a staff meeting

wef 01-07-1983 and still managed to complete the Audit by 31-08-1983. (first time in the

company’s history) Then, I convinced JMD to stop OT in factory in a phased manner. With

discontinuing OT, even other expenses such as evening snacks, power, auto fare in the

evening as contract bus at times was not available after OT etc. were reduced.

I have already stated that I made five days week, thereby reducing on lunch, electricity etc.

Advertisement expenses were disproportionate to turnover mainly because of dreams shown

by Advertising agencies and fear in the mind of JMD of reduction in sales due to less

adverting. Advertising was mainly done in press and on hoardings. I analyzed turnover

growth and advertising budget. There was obvious mismatch. I emphasized that product

margin and the quantity turnover is unable to absorb the advertising overheads. Moreover the

product was well settled in the market with practically no major competitor was having wide

marketing network. Dealers were making good money and doing aggressive marketing with

their team of salesmen. Our Regional Mangers and Regional Sales Team were assisting in

discussion/finalization of major order. Thus Advertising campaign had a limited role to

play. In view of this position and liquidity problem, reduction in advertising expenses will not

have adverse effect on the company. Thus, we decided to drastically reduce the advertising

expenses. Obviously, Advertising Agencies were disturbed with such decision. There was no

adverse effect on Turnover next year.

Payment to Consultant was extremely high. Almost 3 times of my salary. Once a week, a

consultant would reach factory with JMD at about 10 am and both of them would spend the


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entire day in the cabin. No visitors were allowed. Even Executives can’t get appointment with

JMD. It was surprising that none of the executives were involved in discussion with

consultant. JMD also never asked for any data for discussion with consultant. However

Consultant would try to create gossip and politics between executives by loose talk with some

executives. I could not stand the concept of consultant as the company had recruited

professional mangers to shoulder the responsibilities. Apart from overheads, it was a

question of lack of confidence on our ability.

One day, I asked a simple question to JMD. I said that within a short span of my service in the

company, I tried to identify the core problems and offered solutions. You have also seen the

improvement in the affairs. Why these suggestions were not made by the highly paid

consultant? Don’t you think you are wasting money? Moreover, Consultant is spoiling the

atmosphere in the company by indulging in politics. I once again raised the topic in the

monthly Regional Manger’s meeting. Finally, JMD was convinced and consultancy was

terminated.

Then I decided to initiate the steps for improving inflow of finance. I found that dealers had

paid insignificant security deposit in relation to the sales and profit made by the Dealers. I got

the opportunity to discuss the matter in the yearly meeting with All India Dealers conference

held at Delhi. JMD was doubtful about the response. He instructed me that the proposal

should not be pursued beyond the point but to his surprise, none of the dearer opposed the

idea. On the contrary, they were surprised as to how the company never increased the

security deposit in line with yearly performance. We could collect the cheques of an enhanced

dealership deposit in the conference itself. (Friends, you will recall as to how Electricity

companies collect security deposit in line with your bill)

Our customer relationship was almost in the nature of Marriage as we were rendering service

for 7 years including one year warranty. I was surprised that service contract revenue was not

substantial. The telephones covered under 1st year AMC should be atleast 75% of previous

year sales in quantity assuming every customer may not opt for AMC. This % was very low.

Service expenses were quite negligible as compared to AMC. As the Product was of good

quality, it was more in the nature of assured service as customers were so much used to

talking on intercoms. I insisted in RM’s meeting that every effort should be made to increase


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AMC. Quarterly Targets were fixed. This move paid off well. Our service contract

substantially increased and our profits soared. ☺ ☺

Having improved the execution of orders, it was necessary to give attention to unpaid bills

by Dealers. JMD always followed friendly approach while dealing with dealers. Dealers were

his GOD and JMD was happy with the dealer meeting the target and lifting more material

from the company without realising that ‘SALE is a SALE only when REALIZED.’ In fact

dealer used to take advance and grant credit of say 45 days. Hence there was no reason as to

why the dealer can not settle the bills in 60 days. Credit period was reduced to 45 days for

future despatches. The company had a system of preparing debtor’s statement Agewise.

However the strict actions like stopping the supplies, recovery reminders, and not issuing

credit notes in time for overriding commission etc. were not taken. I made series of recovery

letters. This was something new to them. Most of them were not formally educated though

good in marketing a product. 3rd reminder letter had a line stating that ‘our patience is

wearing thin really made waves in their mind.’ With 4th reminder, I stopped further

despatches. I had to take such step against very few dealers but this action was understood by

all as it showed in improving the collection.

Some dealers used to come personally and collect the material against cheque and avail of 3%

cash discount. In fact cash discount was given only against DD but due to soft corner of JMD

for the dealers, many dealers took undue advantage of this. My bankers would send the

cheque to the concerned branch for collection by Regd. post. (This process is called BRBC in

banking field.) The dealer would request his banker to keep the cheque pending for a period

up to 30 days. Our banker would send reminder after 3 weeks and then the dealer’s bank

would debit the cheque, prepare DD and send it to our bankers. I discontinued this practice.

Labour productivity was also improved by daily – weekly targets of group production. Our

factory had a music system to avoid the monotony of work. I got the speakers fitted in the

office and turned on the system during lunch brake.

Our bankers also insisted to raise the capital /introduce unsecured loans by directors. This

condition was also complied. I also got CC limit enhanced.

I could achieve this within one & half year of my joining. i. e. August 1984.


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My experience about two assistants in the company has been shared in another article

My Assistants.

Having settled in the job, I gave a serious thought to marriage. I proposed to Sumitra. She

took her sweet time to reply. We had series of meetings to sort out the various issues. Those

days I was doing OT. ☺ After office hours, I used to meet Sumitra atleast twice a week for

discussion. Finally Sumitra got fed up with the discussion and both of us decided to jump in

the marriage ocean. ☺ We fixed our marriage date in May 1984.

I have already described the role played by Mr. Kantak (Personnel Manager) in my article

My Friends. I was lucky to get another good colleague, Dilip Nabar. He was working as

Regional Manger-Western India. He left the company in March 1985 and took company’s

dealership at Poona. Our association continued after I left on 31-05-1985 as Auditor –Client.

All my assistants were hard working and sincere. After many years, they were working with

a Professional Financial Controller. They enjoyed working under my guidance. Thanks to

various staff motivation method deployed.

I got married in May 1984 and my struggle days started for settling in family life. I had

adopted two kids. Our relationship of one to one never posed any problem. The problem was

of behaviour in the group. By the time I resolved these problems some what, my piles got

erupted in December 1984. I once again tried Ayurvedic medicine but it was of no use. Finally

I decided to get operated. However JMD had gone abroad. I was holding the fort. I attended

office but could not sit on my executive chair. I stood for about 15 days. Finally on day of

JMD’s return, I got admitted in the hospital for operation on 15-01-1985. Readers can read

detailed history of my piles in another article My Health. I recovered from the side effects

operation and resumed office in February 1985 with resignation in my pocket.

It was shocking news for JMD because he had ambitious plans of expansion. However I was

firm on my decision. We discussed about my continuing the relations a consultant. However

the arrangement could not be finalized. Finally I left Superphone (India) Private Limited on

31-05-1985. JMD did not attend the office on that day. He was busy at Mumbai Office and

promised to return to Factory by evening. I talked to him before leaving my cabin.


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What a co-incidence? He was also not present on first day of my joining the company on

08-02-1983. Dilip Nabar had come to factory to place order for material. I left with him.

All staff members gave me standing ovation. They were virtually in a crying mood. It was

really a sentimental parting.

I completed higher education and took the senior level job in the industry. Here again

I continued my habit of rendering ‘social service’. I am sure that you may not digest this

statement. You may ridicule me for the philosophy because I was drawing a fat salary for the

work. You are right and I do not wish to dispute your counter argument. Yes, I was drawing a

fat salary but the I was carrying my work sincerely, honestly without expecting any extra

fringe benefits of the post (I guess you will understand this) for the benefit of the

organization and without considering the mood / inclination of higher ups. This is very

difficult and better still if you take close look at your self. I did job in three companies over 10

years and switched over to profession in 1985.

Let me end the article on Industry Experience by sharing some Tips to professionals

in the Industry: (Tips are not necessarily in the order of importance.)

1) Do not loose your independence.

2) Keep safe distance from the boss & colleagues.

3) Motivate your staff. Follow the attitude ‘we need each other.’

4) Make your staff dispensable.

5) Do not indulge in politics.

6) Do not gossip. Follow three filter test prescribed by Socrates. (Truth, Goodness, &

Usefulness)

7) Give justice to your salary.

8) Do your work sincerely and with involvement.

9) Enjoy the work. Try to get optimum job satisfaction. Money will follow.

10) Select the job which will provide opportunity to use your knowledge.

11) Pay attention to few observations made by ‘Abraham Lincoln’ many years ago

namely:

You can not bring about prosperity by discouraging Thrift.


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You can not keep out of trouble by spending more than you earn.

You can not establish sound security on borrowed money.

12) Saving should be the first charge on Income.

13) Pursue some hobbies.

14) Take care of Health. Do some exercise regularly.

15) Take healthy diet.

16) Spend enough time with family members and parents.

17) Exercise control over ‘Hurry’ ‘Worry’ and ‘Curry’

18) You should constantly look for every opportunity to learn.

19) You should not carry any complex either inferior or superior. You should carry

equality complex.

20) You should ‘mean’ what you say but you may not ‘say’ what you mean unless called

for.

21) You should honour every person’s ideas and skills.

22) You should constantly exchange information and knowledge and keep optimum

amount of transparency in your dealings.

23) You should not ignore signals. (Take macro meaning)

24) Happiness lies in MIND.

25) You should do retrospection at periodic intervals.

26) You should believe that you owe some obligations to society.

27) You should always do PLANNING before taking any action, decision etc. (Take macro

meaning)

28) You should measure the success by not what you have achieved but by what you

had to leave to achieve the same.

29) You should either don’t carry EGO or try to keep the EGO under control.

30) Do not change the jobs frequently. Do not compromise on designation for a higher

salary. Both should go hand in hand.

31) You should love what you get as you may not get what you want/love.


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32) Your success in life depends on realization of one’s limitations.

Friends may also refer articles on My Reflections, My Assistants.


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12 my industry experience & colleagues

Career