Balachandra Salgundi

Flat # 5, Poonam Heights, Chinchwad, PUNE-411033, India

E-mail: , Mobile: +919923201129, Phone: +912032406014

Afinance professional with thorough knowledge of financial management, 20 yearsfinance and accounts experience inIndia, Saudi Arabia, Bahrain, Brazil, West Africa (EG near Angola)in a variety of industries;seeks Senior managerial position, preferably in India/Middle East.

Career Profile

A Management Accountant with expertise in all aspects of finance accounting systems development and managementwith 16 years of exhaustive experiences,a major part of which in the Kingdom of Saudi Arabia, in a broad spectrum of industries covering manufacturing, Oil N Gas drilling, trading & service sector.

Practiced and enforced Ethics and US FCPA, Sarbanes Oxley Guidelines in all 3 locations (KSA, Brazil, and EG) I was assigned in 8 years of employment of US Multinational Drilling giant- PRIDE international Inc- now acquired by ENSCO Plc UK.

Utilized analytical skills,evaluated and interpreted complex financial data, developed innovativestrategies, forecasts and enhanced profitability.

Developedcompetent F&A teams,developed accurate and realisticcosting, reduced cost and competently managed F&A operations of various organizations.

Possesses thorough knowledge and experience of computer operation,ERP systems.

A team leader with firm and coolbalanced handling of critical situations, excellent communication, and presentation skills.

Proven capabilities of developing cordial working relationships with superiors, peers and sub ordinates, with complimentary functions of general administration.

Developed a network of business contacts and liaised with Banks, Financial Institutions and other external agencies.

Establishedsafe & secure financial,internal audit,control and Management Information Systems and achieved the financial objectives.

Career Enhancement

  • Developed accurate and realisticcosting and conducted mandatory cost audits for the Batteries Division of UB Group in 1994.
  • Appointed as Business Analyst, Zamil Group, Saudi Arabiain 1996,identified and exploited new business opportunities, enhanced business and profitability.
  • As Finance Head,developed, established and operated reliable and secure financial systems & procedures with strong internal financial checks and controls forGulf Reyrolle Company Ltd, Saudi Arabia in 2002.(JV with Alzamil Group KSA and Rolls Royce Energy UK)
  • As Finance Manager,Pride Arabia Company Ltd.,Saudi Arabia Established and operated a competent finance and accounting department for the newly started Company," Pride".
  • As Assistant Country Controller, Pride do Brasil Ltda, Brazil, mentored and trained Financial Analysts, was a Change Agent in critical areas that needed improvement, was a team leader for 15 F&A staff, brought in concepts of Rig Accounting into restructured F&A dept, brought financial awareness to technical rig managers etc. Was termed by Senior Management as “Change Agent” for having introduced design changes in ERP and mentoring local staff.
  • As a Country Controller, Pride Global III Ltd, Equitorial Guinea, established and operated a competent F&A department for the newly started branch of Pride International Inc.

Professional Experience

VELOSI SAUDI ARABIA CO LTD, DAMMAM, SAUDI ARABIA

Finance Manager– May 2012 to at present

Responsibilities:

  • As Finance Manager, utilize the wealth of knowledge and experience gained in O&G industry, set up competent F&A department and organized the role & duties of Accountants per segregation of duties principle.
  • Monitor the fund flow and ensure optimum utilization of available resources towards accomplishment of organizational objectives etc.

PRIDE GLOBAL III LTD., MALABO, EQUITORIAL GUINEA, WEST AFRICA

Country Controller (Finance) – Jan 2010 to Feb 2011

Responsibilities:

Strategic Financial management:

  • As Finance Manager, utilize the wealth of knowledge and experience,devise and establish Finance and Accounting systemsalong with internal controls for a start up company as Corporate office deputed me to this new assignment for their 1 year contract with Noble Energy.
  • Oversee general accounting functions, including AR/AP, account reconciliation, and cash management.
  • Handle general administration,interact and report administratively to Country Manager and functionally to Operations Controller-Corporate HQ at Houston, USA on policy and financial planning.
  • Evolve management and reporting system,as per requirements of an expanding organization.
  • Participate as part of the Local Management team in management meetings and resolve operational issues.
  • EnsureCorporate Polices,accounting procedures and operations comply with the Sarbanes Oxley requirements.
  • Monitor, stress and enforcePride’s Corporate Ethics and Governance Policies,throughvoluntary meetings.
  • Developmonthly/quarterly financial statements, financial forecasts, and budgetand analyze varianceto determine difference between projected & actual results and implement corrective actions,exercise budgetary control.
  • Generate MIS reports and provide feedback to top management on financial performance, fund management, risk control, profitability etc.
  • Monitor the fund flow and ensure optimum utilization of available funds towards the accomplishment of organizational objectives, maximize funds through treasury operations.

MIS:

  • Designand implement an effective MI system to ensure smooth functioning of finance & accounting operations across the organization.
  • GenerateMIS reports to provide feedback to Country Manager/ Corporate Controller on fund management, risk control, profitability, etc.

Human resources management:

  • Develop highly skilled accounting and financial management team to achieve established objectives.
  • Train and mentor the accounts staff of 3 members.

Achievements:

  • EstablishedFinance and Accounting Department for the newly started branch," Pride Global", in EG with 3 staff members
  • Ensured compliance of SOX issues and its implications.
  • Trained junior staffand developed a resource base of competent finance & accounting professionals.
  • Adjudged as best performer for 5 consecutive years and rewarded highly in monetary terms.

PRIDE DO BRASIL PETROLEO LTDA., MACAE, RIO DE JANEIRO, BRAZIL.

Assistant Country Controller -Finance –July 2008 to Dec 2009

Responsibilities:

Strategic Financial management:

  • As Assistant Controller, utilized my wealth of experience in assisting newly arrived Country Controller in streamlining already existing large F&A staff of over 35 which handled 8 rig and general accounting, taxation work.
  • Set up new Operations Accounting Department by introducing Rig Accounting concepts within the existing staff. Converted General Accountants with specific operational knowledge and developed 7 Rig Accountants to handle all accounting functions related to each rig to bring transparency and accountability.
  • Recruited two financial analysts to reinforce reporting area to the Corporate which was not forthcoming earlier.
  • Saved Pride International Inc, $ 1 million by critically analyzing the travel logistics area as ticket refunds with travel agency was not forthcoming and thereby plugged this internal control deficiency.
  • Chaired several departmental meetings in the absence of Country Controller and streamlined coordination between various departments to bring rapid change in the information inflow to F&A department.

MIS:

  • Critically reviewed existing ERP – JD EDWARDS WORLD VISION as a special case in Brazil, brought key changes in the area of inventory management that had terrible impact on the way the division used to present financial statements ie in terms of stock valuation and control.

Human resources management:

  • Develop highly skilled accounting and financial management team to achieve established objectives.
  • Trainand mentor2 key financial analysts, promoted one among them to the Operations Accounting Supervisor level before I took EG assignment in Dec 2009.

Achievements:

  • EstablishedOperations Accounting Wing and Financial Analysis Wing by restructuring the existing FA Department with a 15 staff reporting directly to me.
  • Brought financial awareness to Rig Managers who understood their rig financials more aptly than before and the local management was happy about this radical change in the mindset of technical people. This prompted mutual cooperation even better and streamlined the information flow to Corporate Level.

______

PRIDE ARABIA COMPANY LTD., ALKHOBAR, SAUDI ARABIA

Finance Manager, May 2002 to May 2008

Responsibilities:

Strategic Financial management:

  • As Finance Manager, utilize the wealth of knowledge and experience,devise and establish Finance and Accounting systemsalong with internal controls for a start up company.
  • Oversee general accounting functions, including AR/AP, account reconciliation, and cash management.
  • Handle general administration,interact and report administratively to Country Manager and functionally to Operations Controller-Corporate HQ at Houston, USA on policy and financial planning.
  • Evolve management and reporting system,as per requirements of an expanding organization.
  • Participate as part of the Local Management team in management meetings and resolve operational issues.
  • EnsureCorporate Polices,accounting procedures and operations comply with the Sarbanes Oxley requirements.
  • Monitor, stress and enforcePrides’ Corporate Ethics and Governance Policies,throughvoluntary meetings.
  • Developmonthly/quarterly financial statements, financial forecasts, and budgetand analyze varianceto determine difference between projected & actual results and implement corrective actions,exercise budgetary control.
  • Generate MIS reports and provide feedback to top management on financial performance, fund management, risk control, profitability etc.
  • Monitor the fund flow and ensure optimum utilization of available funds towards the accomplishment of organizational objectives, maximize funds through treasury operations.

MIS:

  • Designand implement an effective MI system to ensure smooth functioning of finance & accounting operations across the organization.
  • GenerateMIS reports to provide feedback to Country Manager/ Corporate Controller on fund management, risk control, profitability, etc.

Human resources management:

  • Develop highly skilled accounting and financial management team to achieve established objectives.
  • Train and mentor the accounts staff of 3 members.

Achievements:

  • EstablishedFinance and Accounting Department for the newly started Company," Pride", in Saudi Arabia.
  • Ensured compliance of SOX issues and its implications.
  • Trained junior staffand developed a resource base of competent finance & accounting professionals.
  • Adjudged as best performer for 5 consecutive years and rewarded highly in monetary terms.
GULF REYROLLE COMPANY LTD, DAMMAM, SAUDI ARABIAFinancial Controller, April 1998 to May 2002

Responsibilities:

Finance and accounts management:

  • As Finance Head,developed financial policies and devised strategies and plans for achieving the objectives, established reliable and secure systems & procedures with strong internal financial checks and controls for a newly formed Joint Venture in Dammam.
  • Formulated budget and monitored and controlled actual expenses against budget.

Fund Management:

  • Forecastedworking capital requirement, ControlledDebtors, credit, ManagedCash and Cash Flow.
  • Liaised and negotiated with Banks & Financial Institutions for favorable terms and raised fund and non-fund finances to meet working capital and project requirements, reconciled bank statements.

Execution of internal audits:

  • Coordinatedwith Statutory Auditors; Carried out internal audits andeexamined effectiveness of all levels of managementcontrol on organization resources and compliancewith established policies and procedures,regulatory requirements.
  • Recommended appropriate improvement of management controls and ensured compliance with government laws and regulations.
  • Developed and submitted MIS reports to the General Manager and Group Finance Manager in UK.
  • Computed and identified tax liabilities, lliaised with the State taxation authorities, assessed and complied with the demands.

Human resource management:

  • Identified the strengths of subordinates, selected and developed teams for special project execution.
  • Managed 2 accounts professionals, guided, trained and motivated them to improve performance.

Achievements:

  • As Key Member of the Senior Management Team visited UK Head office and presented annual budget.
  • Establishedan effective finance accounts system based on policies and procedures of the UK parent organization.

ZAMIL GROUP, DAMMAM, SAUDI ARABIA

Accountant/Financial Analyst, Jan 1996 to April 1998

Responsibilities:

  • Jointlywith Financial Manager, Closed and prepared monthly financial statements and audit reports for a Group Company- Al Zamil Plastics.
  • Performed monthly account reconciliations and monitored general ledger transactions.
  • As Business Analyst in Corporate Business Development Dept, identified new business opportunities,analyzed and recommended projectsto the Board,based on these opportunitiesand developed Joint Venture Companies.
  • Underthe guidance of the General Manager-Projects, automated project financial analysis through new software.
  • Utilized cost center concept and monitored,reviewed and controlled product cost, worked with a team and developed bench mark selling prices per unit.

Achievements:

  • As part of a project team established a variety of Joint ventures.
  • Saved more than $40,000 in annual expenses through identification of inaccurate and unnecessary vendor payments.
  • Increased productivity levels by providing key contributions toward automation of account reconciliation processes.
  • Headed Cost Accounting Department for a year,which evolved into a separate department in Zamil Plastics.
  • Conceptualized and developed various Cost Analysis reports and helped Marketing Department identify accurate product costs for their tenders/bids.

UB GROUP-ENERGY DIVISION, BANGALORE, INDIA
Senior Executive-Accounting and Costing, 1994 to Dec 1995

Responsibilities:

  • Utilized the knowledge and experience of senior experienced costing personnel and developed accurate and realisticcosting for the Batteries Division of UB Group,appreciated by the management.
  • Entrustedwith general ledger functions directly under Finance Manager.
  • Conducted cost audits, mandatory in the batteries industry in India.
  • Liaisedwith licensed cost auditors, improved efficiency in cost accumulation and reported in Financial Statements.
  • Integrated and reconciled Costing and Accounting Ledgers.

Achievements:

  • Competentlymanaged costing department at the young age with 4 senior costing clerks.

Academics n Professional credentials.

  • Certificate of Business Accountingfrom CIMA, UK in 2002
  • Advanced Certificate of IFRS Implementation from KPMG/NIIT - 2012
  • ICWA Inter-Cost Accounting,ICWAI,1992.
  • B.Com. (Accounting), Gulbarga University, 1989.

Computer Proficiency

  • Operating Systems: MS Windows, MS WordPerfect, MS PowerPoint, MS Word, and MS Excel.
  • Hands on experience in ERP systems JD Edwards, OLAP tools Hyperion, Essbase.

Training

  • Ethics and US FCPA, SOX Guidelines – Annual Updates in Seminars held at Paris, Houston, Austin
  • JD Edwards – World Vision Training-One of the key member from field supporting the implementation aspects throughout the Company. Attended special trainings in Bangkok, Paris, Houston.
  • Finance Manager's Conference, Leadership Trainings at France and USA.

Personal Particulars

Date of birth: 5th October 1968.

Languages known: English, Hindi and Kannada.

Marital Status: Married

Religion: Hindu

Number of Kids: TWO – Daughter aged 9 and Son aged 7 years.

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