Pankajakshan Arakkal

As partner of Sethu, Santhan & Co. I have attended internal audits, stock audits, systems audit etc. of Canara Bank and Indian Overseas Bank, two public sector banks. Had done the statutory audit of State Bank of India, Bank of India and Federal Bank. Done the audit of public limited and private limited companies, in manufacturing, trade and contractual operations. Doing the internal audit of two NTC mills. I am a management consultant for an NRI group of companies.

Formed a company for practice and taken up assignments from Acumen as well as servicing my own clients. By this time Acumen has become Botswana Member firm of Grand Thornton International, one of the seven largest international accounting firms, who had appointed my company as a consultant for taxation, management consulting and accounting. The nature of work was almost the same as in 2 above except that I was not reporting to anybody else. During my second spell of practice in Botswana, as a consultant to Member firm of Grand Thornton International, apart from other assignments, I was one of the members of the expert committee constituted by the Botswana in introducing the VAT (Value Added Tax) in that country.

I was associated with the company as in charge of Finance and Accounts during their product implementation stage. The company imported old refinery parts, manly from Canada and refurbishing the same at the project
site and erecting them as new refinery. The work force was over 2, 800 comprising, Indians, Srilankans, Pakistanis and Filipinos. My department consisted of 10 including two qualified Chartered Accountant. The responsibilities were introducing accounting package (ACCPAC), maintaining the books of accounts, attending to audit, preparing weekly project implementation reports etc. Preparing various reports and other required data for project finance from international banks like Banque de Paris. As in charge of general administration, prepared various office manuals like officers insurance (there were 30 officers who were not covered by workers insurance scheme), leave rules, rules regarding passages for different group of employees etc. Introducing various MIS reports regarding the progress of the project the information of the MD and for the financing banks. Reporting to the Managing Director through the Project Manager.

Acumen group of companies was one of the largest accounting firms in Botswana. There were three directors and about 30 Chartered Accountants spread in four different locations in Botswana. My position was Senior Executive (Taxation). The main responsibilities were assisting the clients, individuals, firms, companies (both public and private), trusts etc. and appearing on behalf of the clients in tax departments for getting the assessment completed. Also had attended audit of Banks, National Building Corporations etc. Reporting directly to the Managing Director of the Group.

National Textile Corporation, New Delhi, is a wholly owned Govt. of India undertaking, managing 108 textile mills nationalizes in 1974. There are 2 mills Alagappa Textiles and Kerala Lakshmi Mills. The installed capacity was 52000 spindles and 48000 spindles. The work force was 1600 and 1400 respectively. The stall strength was 40 and 38 respectively, including I qualified Chartered Accountant each. Was in charge of the accounts and administration department, including purchase, sales and personnel.
Had been responsible for negotiation with IDBA (Industrial Development Bank of India) for obtaining Rs.300 million for Alagappa and Rs.265 million for Kerala Lakshmi for replacement of old machinery and
a new diesel generator in each mills. Submission of monthly and quarterly reports to IDBA regarding progress of the replacement of
machinery. Negotiation with State Bank of India (for Alagappa) and Punjab National Bank (for Kerala Lakshmi) for their working capital needs.
Introduction of new financial and cost accounting system and preparing the accounting manual as also computerization of the accounts.
Attending to the internal audit, statutory audit and the audit by Comptroller and Auditor General of India. Monitoring the MIS reports.
In charge of the mills in the absence of the General Manager of the respective Mills. Attending to the review meetings by the NTC along with the General Manager of the Mills. Being a member of various committees at HO level regarding financial policies, recruitments etc. Reporting to the Director (Finance) of NTC, New Delhi through the General Manager.