The challenges Indian professional accountants in business face for lifelong continual professional education

All professional institutes hold out to the public that their members besides being technically qualified, are well regulated and obliged to update their knowledge. Towards this effect, these institutes (and where allowed, private bodies) conduct initiatives to improve knowledge by structured ways(seminars, courses) and unstructured(articles, teaching, self study). However, the core challenge to the PAIB(or CAs in service/CAs not in practice as we call them in India) is as follows

1. CPE Program timings conflicting with working hours: CPE programs are often targetted at CAs in practice instead of CAs in service who might not be able to take leave/off. Same holds true for talks from 5pm-8pm or so.
2. CPE Industry Study circles barriers: CPE study circles of members in industry appear more of an effort to recognize internal KMS than open it to outsiders. That is why study circles like Reliance/Castrol conduct programs but often open only to their employees. This is understandable due to security issues in tech parks etc, but outsiders have a less chance
3. Journal articles focus on traditional areas like audit, law, tax with very less focus on corporate finance, management accounting and other industry interest areas
4. Journal articles quality: The quality of articles vary-with many just being a regurgiation of laws/standards, with less incisive. 
5. Research Practice Gap: Research is not easily dissiminated and there is no central portal for business research. So those in service need to visit multiple sites and/or subscribe to many journals just to keep up. And lesser said about 'peer review' and 'ivory tower' research, the better.

So what to do? It is easy to criticize but difficult to implement. So without much ado, here are some useful suggestions

1. Track the regional council website for relevant seminars/conferences. Some are targeted at members in industry and may be relevant
2. Form your own CPE study circle centred around areas of common interest(eg project finance, excel, tax). Exchange faculty with like minded professionals
3. Use startups like Breathingrom. co to get venues on demand with seating capacity ~50-100. This would help plan events on short notice also
4. Devote some time each month to professional development(journal writing/KMS). It will go a long way
5. Use study circle to share expenses such as relevant books, hiring trainer etc. It is useful
6. Use study circle as a sounding board to share/discuss experiences and professional plans. It would help get perspectives.

I will implement many of these in the next year. Do drop me an email on andy161161 at gmail dot com with the subject line 'CPE' if you are residing in Mumbai and interested. 

My professional bucket list

• ·         Activist Investor
•  ·         Independent director nomination
•  ·         Small shareholder director election
•  ·         Ask remuneration list as a shareholder
•  ·         Organize CPE Group Value Investing   
•             Business I would love

o   Strategic Growth Advisors/TRISYS

o   InGovern

o   10Q Advisors

o   Getabstract

How technology helps to organize in person/offline meetups

This month, members of the Valuepickr forum (http://forum.valuepickr.com/) decided to meet up in person. As a fellow member suggested half jokingly, such meetings may be a sign of market touching a bubble (people showing more interest in value investing :D), but I digress. For Mumbai, the effort kickstarted with members getting added to a whatsapp group and expressing desire to meet, but noone stepping forward to 'bell the cat'. I did the honours by suggesting a venue, and finally others chipped in with comments/suggestions and finally the event happened with 45 attendees
http://www.meetup.com/Valuepickr-Mumbai-meetup-for-Value-Investing/events/233931806/ with the meeting report below
http://forum.valuepickr.com/t/valuepickr-mumbai/6978/98?u=andy161161

Though technology does distance us from the offline world, it can act as a force multiplier as well. For example, below tools were helpful

1. Instamojo for collecting payments at a cost of just 4% (pricing was 2%+Rs 3/txn+tax)https://www.instamojo.com/
2. Meetup for getting publicity to the event and ensuring RSVP/certain details
3. Whatsapp as a communication tool
4. Gmail for sharing presentations and coordinates
5. Valupickr for starting the critical mass and getting people.
6. Breathingroom https://breathingroom.co/ for helping get meeting rooms-though we discarded it it was still of great help to book a venue on demand

So far, without payments integration in India, Meetup is not an end-end platform. 

How technology creates the fear of missing out(FOMO)

How many times did you

•  take a selfie/photo to post on Facebook/Instagram instead of enjoying the moment
• Check your mobile phone to see notifications
• Get disturbed by your smartphone beeps
• Pay more attention to the online world than office world
• Keep scrolling down into the 'infinite' scroll
• Stop at the top few choices presented to you on Google Search, Zomato
• Feel the need to ratify your investment decision on moneycontrol?
• Stalk long lost friends and see the list of exotic places they had gone(and feel envy)

If you have ticked the box on any of these, welcome to the world of FOMO. While I was reading online on mental models, this one caught my attention, and I came across a really superb article below which highlights the problem with false choices, social media driven ADD etc. 

https://medium.com/swlh/how-technology-hijacks-peoples-minds-from-a-magician-and-google-s-design-ethicist-56d62ef5edf3#.kg0xgfdxa

To avoid FOMO which may drive impulsive decisions, one should restrict social media( OK maybe not delete your accounts but track them only once a week, with the comment that anything urgent would be checked weekly). 

ICSI NATIONAL AWARDS FOR EXCELLENCE IN CORPORATE GOVERNANCE, 2016-Some musings on questionaire

I was going through the questionaire for the ICSI award out of interest. Following points struck me as points which even more investors/professionals miss out, and hence I thought it warrants a post. One can read the full questionaire below
https://www.icsi.edu/webmodules/Final_Questionnaire_1092016.docx

1. Internal Auditor is envisaged as internal & external, and membership number is sought in each case. Interesting way to hint at professionals.
2. Like in the tax audit form, qualifications in cost audit/secretarial audit are also sought.
3. For women directors, it is specially asked if she is executive and/or independent. 
4. It is asked whether the Company Secretary reports to the CEO/MD/ED, General Counsel, CFO or any other official. Probably they want to gather data on the 'aukaad' of the professional :D since most other KMP would report into the CEO or the Director(Finance & Legal)
5. It is further asked about whether a separate compliance department exists outside of the CFO/CEO offices, and its reporting
6. Credit Rating trend in year is asked-Whether worse/unchanged/improved and whether outlook worse/unchanged/improved
7. % of differently abled employees is sought
8. Independent assessment of sustainability initiatives/reporting is asked. 

Investors would do well to see many of these points especially internal audit, credit rating, independent CSR/Sustainability spend assessment.

The benefits and drawbacks of working in finance for a publicly traded/listed company in India

Ok I admit it. The title is a blatant effort to win some SEO brownie points. But thats par of the course these days, and given the uniqueness of this topic (I hardly found any relevant links), I thought I would write on this subject, from personal experience, and also from interactions with other finance professionals. Firstly, some background on what distinguishes a public listed company from other companies?

• Minority shareholders: These are often the very reason for a listing, and to ensure liquidity in trading, Indian stock exchanges mandate a minimum 25% free float i.e promoter shareholding capped at 75%. Not coincidently. key corporate actions in India require a special majority i.e 76% of shareholders to approve matters, but since this % is calculated on those shareholders present and voting, 75% or a much lower shareholding is often enough in practice. That said, minority shareholders have a veto on certain related party transactions and actions, so one cannot ignore them. 
• Periodic reporting: Quarterly reports in addition to annual reports, within the stipulated timeline of 45 days/60 days
• Internal Financial Controls certification: For listed companies, there is a CXO level certification with stringent penal liabilities if proved wrong. Hence, the demand for a robust finance controller who can keep the CXO from jail 
• Voluminous disclosures/ Multiplying non financial reporting Be it CSR, ESG, BRR, IND-AS, IFRS..listed companies are often the first guinea pigs of financial and non financial reporting since they are public interest entities. This can prove a burden to report all this.
• Independent Directors/Audit Committees: For listed companies, there are mandates to have a certain proportion of independent directors, over and above that stipulated by the Companies Act 2013. These additional stakeholders bring new perspectives, but could also challenge management in a manner not to the former's liking

Why do I single out the finance function here? While all functions experience a (hopefully) more stringent control environment, it is the finance and legal functions whose stewardship role increases here.  The difference being clear (hopefully), let us now see why a listed company would be preferable to a finance professional, and why sometimes it may not. Firstly the pros

• Independent Audit Committee (in theory)
• Better controls
• Multiple audits/certifications
• Multiple professional interactions
• Exposure to handling minority interests
• Investor Relations: This is a unique role in public traded companies, since even private equity companies would have more of internal MIS than an extensive IR engagement. Preparing IR decks, financial press releases, stakeholder mapping
• AGM/EGM: This is a JV between Finance and Secretarial functions, however every finance professional should get involved in the preparation for an AGM of a listed company atleast once so that they appreciate the extent of background effort
• Strategic disclosure drafting:Strike a balance between disclosing more to please investors and win awards, versus revealing business model insights.

The cons however could be

• Non value adding work: Be it reviewing an annual report for the nth time before review despite the knowledge that it will likely not be read by even 0.1% of investors, getting backup certifications/attestations for the comfort of independent board members
• Disclosure overdose: Not all reporting is likely to help investors(eg BRR) but is mandated and wastes man-months in its preparation
• Potential Legal Liability: If you are a victim of management override(possible if other functions have 'promoter appointed' people-like a 'Lala company'), you are still presumed to be culpable unless due diligence is proven: 
• Dealing with controlling shareholder-ethics: The controlling shareholder/management is the on
• Hierarchial/Ladder-Big company woes: Listed companies usually tend to be large profitable entities (when initially listed atleast). So the issues of 

Overall, it is for one to map their stage of career, aspirations

The benefits and drawbacks of working in finance for a publicly traded/listed company in India

Ok I admit it. The title is a blatant effort to win some SEO brownie points. But thats par of the course these days, and given the uniqueness of this topic (I hardly found any relevant links), I thought I would write on this subject, from personal experience, and also from interactions with other finance professionals. Firstly, some background on what distinguishes a public listed company from other companies?

• Minority shareholders: These are often the very reason for a listing, and to ensure liquidity in trading, Indian stock exchanges mandate a minimum 25% free float i.e promoter shareholding capped at 75%. Not coincidently. key corporate actions in India require a special majority i.e 76% of shareholders to approve matters, but since this % is calculated on those shareholders present and voting, 75% or a much lower shareholding is often enough in practice. That said, minority shareholders have a veto on certain related party transactions and actions, so one cannot ignore them. 
• Periodic reporting: Quarterly reports in addition to annual reports, within the stipulated timeline of 45 days/60 days
• Internal Financial Controls certification: For listed companies, there is a CXO level certification with stringent penal liabilities if proved wrong. Hence, the demand for a robust finance controller who can keep the CXO from jail 
• Voluminous disclosures/ Multiplying non financial reporting Be it CSR, ESG, BRR, IND-AS, IFRS..listed companies are often the first guinea pigs of financial and non financial reporting since they are public interest entities. This can prove a burden to report all this.
• Independent Directors/Audit Committees: For listed companies, there are mandates to have a certain proportion of independent directors, over and above that stipulated by the Companies Act 2013. These additional stakeholders bring new perspectives, but could also challenge management in a manner not to the former's liking

Why do I single out the finance function here? While all functions experience a (hopefully) more stringent control environment, it is the finance and legal functions whose stewardship role increases here.  The difference being clear (hopefully), let us now see why a listed company would be preferable to a finance professional, and why sometimes it may not. Firstly the pros

• Independent Audit Committee (in theory)
• Better controls
• Multiple audits/certifications
• Multiple professional interactions
• Exposure to handling minority interests
• Investor Relations: This is a unique role in public traded companies, since even private equity companies would have more of internal MIS than an extensive IR engagement. Preparing IR decks, financial press releases, stakeholder mapping
• AGM/EGM: This is a JV between Finance and Secretarial functions, however every finance professional should get involved in the preparation for an AGM of a listed company atleast once so that they appreciate the extent of background effort
• Strategic disclosure drafting:Strike a balance between disclosing more to please investors and win awards, versus revealing business model insights.

The cons however could be

• Non value adding work: Be it reviewing an annual report for the nth time before review despite the knowledge that it will likely not be read by even 0.1% of investors, getting backup certifications/attestations for the comfort of independent board members
• Disclosure overdose: Not all reporting is likely to help investors(eg BRR) but is mandated and wastes man-months in its preparation
• Potential Legal Liability: If you are a victim of management override(possible if other functions have 'promoter appointed' people-like a 'Lala company'), you are still presumed to be culpable unless due diligence is proven: 
• Dealing with controlling shareholder-ethics: The controlling shareholder/management is the on
• Hierarchial/Ladder-Big company woes: Listed companies usually tend to be large profitable entities (when initially listed atleast). So the issues of 

Overall, it is for one to map their stage of career, aspirations

What is your signature worth-some musings as a professional

Recently, I was reading a book by Parag Saigaonkar wherein the below passage struck me-it relates to the author being asked to certify homework completion of his son, and his asking to see the homework before certifying. The author muses that

Reflecting on this incident, I realized that I do sign off on a lot of other things as well, especially at work – one of the responsibilities I have as a principal in the firm. As a firm signatory, I have the ‘privilege’ of signing a lot of important documents …… at least they look impressive. What does it mean to lend my signature to business-critical documents? What weight does my signature bear? What are the consequences of not reading in detail every legal word? What value do I put on my signature?

SAIGAONKAR, PARAG. THE PERFECT STORM (Kindle Locations 1682-1685). Westland. Kindle Edition.

As finance professionals, whether it is signing an audit report, letter of representation, approving an expense, greenlighting a project etc, we often need to rely extensively on work done by others.  For this, we need to ensure we are through in every aspect and review the critical points, to avoid devaluing our signature. 
At the same time, we should remember our role as internal consultants and not be bureaucratic in holding up decisions because we want to tick all the boxes all the time. 

As Vaibhav Manek puts it in his BCAS presentation on 'Aligning Human Capital-people as strategic assets'
http://www.bcasonline.org/files/res_material/resfiles/PPT-Aligning%20HumanCapital_%20VaibhavManek.pdf

1. “We exist because of our clients; The customer is not an interruption of our work; he’s the purpose of it”- Mahatma Gandhi 
2. Professionals must have “a connect” with the client • To win a client’s confidence, give him the chance to talk to you, person to person, about his needs and his expectations • Make it easy and comfortable for the clients to share his secrets • 
3. Professionals must adapt a mindset of joint problem solving, instead of trying to win or prevail
4. People with different views must learn from each other
5.  Make effective decisions, conform to an execution framework, focus on priorities, have a growth orientation, think with a solution mindset and multitask between production and management. 
6. Technically brilliant people should be respectful to their peers and must share their knowledge and expertise 
7. Sharing of ones’ knowledge is critical to have the team come up to terms with the thought process of the team leader 
8. Team members must have a constant quest for learning and upgrading themselves

Points 3-8 are especially relevant to facilitating smooth reviews of work. Works should be done diligently as per approved checklists with self review, and once done this way, review would be smooth. Yet, one should not lose alertness and be blindsided by a black swan.

How to choose a job-some tips for the finance professional

For finance professionals(whether they be CA, CPA, CFA,FRM, MBA, CS, CWA etc), the difference between others and them is that they owe a duty of care to the public and to their employer. They are not supposed to be mercenaries out for maximizing the buck(though many do). Recently, I have had the fortune to advise some younger folks on choosing between options, so I thought to pen down my thoughts here

1. Remuneration
1. Starting Compensation(Stated)-What is the Gross CTC? This will often be the basis of negotiation of your next job-even if not all of it goes to you? 
2. Post Tax CTC(net of all perks) -Is the post tax CTC something acceptable to you? If you lose something due to inflexible tax structuring(eg No NPS/No car hire), then you should negotiate to ensure this stays flat
3. Growth Philosophy-Typical CTC hikes given at different rating scales. Also what extent of jump happens after one stays a long time? 
2. Alignment with your long term plans-Assuming you perform at previous levels, will this role leave you better placed to pursue your ultimate objective? 
3. Working Hours
1. Official Hours-How many hours are you expected to clock in per day? How many did the earlier incumbent do? Does the company value face time beyond output? 
2. Working Days-Whether 5 day week or 6 day week
3. Flexi timings-Whether you can structure your hours the way you like(subject to outside meetings)
4. Commute times-Very Relevant to those in Mumbai, Bangalore etc where traffic often eats up 10% of the total hours in a day
4. Your role/place in hierarchy
1. Matrix vs Single reporting-Do you have ONE boss or TWO bosses? How many power centres are there relevant to you(eg CFO and CAO)
5. Leadership Oppurtunity
1. Reporting Manager-If you are a reporting manager responsible for somebody else, it helps you develop leadership skills
2. Project Management-Even if you are not a reporting manager but need to demonstrate project leadership skills as an individual contributor, that is a good way.
6. Working Conditions
1. Physical Offices-Are the offices comfortable cubicles and designed for peak performance? Is this is a place you can avoid getting tired? Not all places can be a Google but they can certainly be comfortable.
2. Flexibility-Possibility to work from home
3. Tech/Automation-Mobile based work applications, shared services helpdesk etc. These all make one's work easier.
4. Employee Friendliness-Leave Policy, extent of trust in employees
7. Learning/Development-What oppurtunities would you get to hone your skills and management
8. Business Model/Industry
1. Win-Win Is this a win-win business model for society? Or does the company harm society(aka sin stocks) within your moral framework? If so, cognitive dissonance might eat you up and/or regulation may destroy the company
2. Industry Growth-What is the industry growing like, and is your company winning or losing market share? These two answers often determine compensation and internal oppurtunities. 
9. Intellectual Stimulating Work
1. Work-Is the work something appealing to YOUR interests and skills? Would you do this even if you had 'FU money'? 
2. Colleugues-Would the people be of an appropriate intellectual level? For some people used to working only with other smart MBAs/consultants, it becomes a shock when exposed to multiple intelligences of others
10. Performance Review framework
1. Frequency-Are you someone who performs day in/day out? Or are you someone who ca hit 6s at the slag overs? Either way, the performance mechanism matters-some people perform well with structured goals(3+1s), others on projects and perception
2. Bell Curve-While the gold standard so far, many organizations no longer have a bell curve. These would be interesting for those desiring a truly 'win-win'
11. Integrity
1. Tone from the top-Is there a culture of 'Zero tolerance' or is it 'Results at any cost'? What is your risk of going to jail/being disbarred(eg Satyam CFO and some junior team members)
2. Pressures at your role-Certain roles(especialy sales, financial reporting) have unsaid presures to cook numbers which is often a long standing practice. To what extent can you withstand it, and how ethical is your company vs what you are used to
12. Talent Management Framework of the organization
1. Build or Buy-Some organizations recruit at junior levels only and then promote only from within. Such organizations are good to build careers. While others recruit from outside at all levels and hence if you are siloed there, you might not find a fit in some years either inside or outside. Think which one is your future employer
2. Leadership Programs-Certain Indian conglomerates and MNCs depend heavily on their long established leadership programs(TAS/ABG/UFLP/Airtel YLP etc). Would you be disadvantaged by lateral entry and if so to what extent? Can you accept being possibly a '2nd level citizen' across
3. Job Rotation-Is there a formal job rotation/Internal job posting policy? And more importantly, is there just lip service or is this done? 
4. Mobility-Some organizations insist on mobility at all levels and often across functions/locations, as a condition for progress. Are your personal circumstances such to accomodate this, or would you be constrained to walk away after establishing equity? 
5. Career Path-Is there a structured career path? Or is it a jungle gym that performance establishes it all? 

Long Qs reduce the overall spiritual experiene

Whether it is Siddhivinayak temple in Dadar, Mahalaxmi temple, Tirupati Balaji temple, Shirdi  etc, temples are associated with long Qs for darshan, or else activating speed money, contacts etc to get a quicker sight of God. One of the reasons I hesitate to visit temples in person(more so the famous ones) is the fear of a long Q-recently, I spent 4hrs in Q to visit Shirdi Saibabab temple. While some of it was my own making(I understand it takes 2hrs in morning vs 3-4hrs later), the temple had a blatant VIP/VVIP and donor pass based parallel entry system which really irked me. But temples being outside the preview of RTI and Consumer court, one has little power to change or question this. C. So while one might need to wait in Q, it is not likeable

As the magazine Swarajya puts it corectly,
http://swarajyamag.com/ideas/not-just-smart-cities-india-needs-smart-temple-entrepreneurship-too
"Temples..are run by the state, more to maximise revenues than to build faith. They run a quick-moving assembly line, where the devotee, often after hours of waiting in a queue, gets less than 10 seconds of darshan. Getting into the Tirupati temple is no different from getting into a crowded suburban train in Mumbai or Kolkata. One is surprised how faith even survives this push-and-pull"

Can on-demand ridesharing transform the peak hour urban commute?

Recently, I had to visit Nashik by public transport on short notice. Unsurprisingly, trains were not available and buses would have taken a long time. Therefore, I tried to locate ride sharing platforms where I found a couple taking their WagonR to Shirdi, and who preferred another couple to share the ride with. By paying Rs 1,000(for self+Spouse), I got dropped off at a tariff of Rs 2/person/km, which compares favorably with car rental.

I am not new to ride sharing being a power user of Uber Pool, Ola Share, Lifto et-al. Let me explain the reason for using certain words in the blog title:
Why on-demand: For people having predictable office timings, they could generally pool with the same person or fix patterns. But for people whose exit time is not fixed, on demand platforms are the method where new supply is created.

Why peak hour? Most people who drive to office would work during the normal peak hours of the city(else office transport is provided via cabs/buses for odd hours)
Why urban? For families travelling together, ride sharing is not a viable option due to limited seats, availability of like minded people and possible reluctance by older generation. Also, the cost per seat would not be much lower than hiring an entire car. Hence, I have not considered outstation or rural travel as a use case. Also, in semi urban locations, there are share autos at very low tariffs for popular routes, and ride sharing would not be too viable there in my view
Why Commute? While there are other use cases like leisure travel, commute is the repeatable demand pattern for ride sharing, and the one where the person often commutes without family in peak hours.

The benefits are cost, flexibility, comfort, company and time savings. It better utilizes existing assets without adding new vehicles(like Uber/Ola) on the road.

Why do Indians buy fewer books or spend less money on reading

This post's title suggests that Indians read a lot, it is just that they do not buy enough new books.
As this question on Quora suggests(https://www.quora.com/Why-dont-Indians-read-books-as-much-as-our-Western-counterparts) other people have the some question to which Ashutosh suggests the following reasons for people to read less books, Books are a relatively new concept to Indians, Reading books till date remains restricted to elite section of society, daily life in India is full of distractions and keeps people busy throughout the day. Also, he feels that newspapers are more popular as also sites like Quora. Lastly, even for those Indians who want to read, there are few non fiction/popular series books. 

While I agree with Ashutosh regarding the present situation, I add 3 more points and then explain why I feel this will improve. Three more reasons for less sale of books

1. Piracy-It is easy to download books and it translates to Indian preference of screen reading
2. Digital Editions Pricing-In India, there is often just a 10% gap between paperback and ebook, as compared to ~50% abroad. 
3. Indian edition expensive and delayed-While publishers are waking up to the market potential and pricing affordable paperbacks, this often comes AFTER the foreign release. As Hollywood producers have learnt to their expense, anything short of a simultaneous release runs the risk of piracy

However, the situation is improving due to

1. Kindle Unlimited-At just Rs 199/month(or Rs 150 if you take an annual subscription), you can read 2Mn ebooks. While maybe just 0.01% of them may be good, it is still 200 books for you to read, many of them foreign editions otherwise not available in print. 
2. Experiments with Distribution-New formats such as short/mobile first novels are coming
3. Expanded distribution-Recently, I saw a shelf of fiction/non fiction at a stationary shop, which is an encouraging sign
4. Indian corporate novels-This trend is increasing and now people have an option beyond the Chetan Bhagat's/Ravi Subramanian's of the world. 
5. Pricing-Many books now in the sweet spot of 100-300 which is a movie ticket cost. Considering both are 2-3hr experiences, this is now comparable. 
6. Rising disposable incomes and urbanization-This allows for more books-albeit a negative due to issue with storage of novels in rented or small houses
7. Reduced Piracy-Piracy DOES happen-in fact it has reached the suburb of Mulund(as versus only hubs earlier), but for a much lower range of bestsellers-it does not affect the long tail.

The rise of white collar crime fiction and business novels in India

My first introduction to business novels came with Eli Goldratt's books-The Goal etc. Then further it progressed to real life biographies and exposes which were enjoyable, however nothing beats the fun of reading corporate life through novels.

As RV Raman puts it "
The stakes are high too. A person who is worth a million dollars in his private life may be running a 500 million dollar business. A banker who may be worth even less, could be handling a loan portfolio worth billions. A peculiarity of banking is that ordinary men and women handle vast amount of other people’s wealth. Billions upon billions of dollars of it...If a banker falls to temptation and siphons off a small part of the money he oversees, he can gain a lot more than he can hope to gain by any deception in his private life. The potential payoffs for crime, especially white-collar crime, is huge"

Without much ado, let me list the books I have come across and particularly liked
1)Sialkot Saga-by Ashwin-this book is like a Kane/Abel one, but also centres around corporate crime and stock market manipulation. Don't go by the name-this was awesome
2)Fraudster-RV Raman-The book by an EX KPMG forensic audit expert, gives an idea into how NPAs are created and what could go wrong. Looking forward to his 2nd book-'Insider'
3)Ravi Subramanian-all books centre around banking world and crimes therein
4)Upendra Namburi-'31'
5)Ready..Steady Exit-this book by PC Balasubramanian outlines the story of 2 friends who set up their CA firm, and ultimately F&A outsourcing. Fun read
6)Ticking Times-an accountant and a Gentleman-this book by V Pattabi Ram seems a good read on life as a corporate auditor.

Foreign authors
1) Peter Ralph-Revenge of the CEO, White Collar Blackmail-these centre around stock market manipulation mainly
2) Stephen Fry-all books-these centre around private equity funds, and their portfolio companies

Coca Cola New PET technology possible game changer?

While reading the Coca Cola conference Call transcript at the CAGNY(Consumer analysts group of New York), I stumbled across this nugget relating to India, which I could not find publicly available online, and hence thought worth sharing.

So, right now, in the coming day s, we'll be launching a new package in India. It's a completely new technology of PET, a completely redesigned bottle. And the principal problem with small PET bottles in countries like India, which are very hot, is the smaller the bottle, the faster you lose the carbonation and, therefore, the shorter the shelf life. And that has alway s been the key limitation to us having very small PET bottles in very hot countries at affordable price points. This new technology allows us to break through that barrier. It's going to enable us to have a longer shelf life through the design of the bottle and a proprietary coating, it'll be not just longer shelf life but lighter weight.

 And the margin will be 15% to 25% margin improvement over the current small PET bottle. And that's going out literally in the coming days. And I think that's a very exciting development for affordability with a very small size in India, and something that can get much more distribution than we've been able to achieve so far.

While the response would be interesting, this development is relevant in the light of the recent controversy on PET/plastic packaging. If this succeeds, we could see more share of throat of Coke

Brand Factory-the worthy successor to Loot?

In Mar-16, I read about Brand Factory( A Kishore Biyani led venture) claiming better prices on apparel as compared to the big online platforms of Flipkart, Amazon and Snapdeal. An analysis of this is below, which attributes the pricing ability to selling off season merchandise which is in limited supply.
http://www.afaqs.com/news/story/47399_Flip-the-Kart-Amaz-Off-Snap-the-Deal-Says-Future-Groups-Brand-Factory

Yesterday, I noticed a Gudi Padwa(Harvest season in Maharashtra) sale offering 60% off on sports wear. Needing a new pair of sports shoes, I was however skeptical about the tactic of 'upto' which usually means the maximum discount on crappy merchandise with other normal discounts on rest.W When I visited the store at Sobo Mall however, I was astonished. There were discounts on even Nike, Puma and other reputed brands, and not just private label. The stock being a year old, is compensated by the steep 60%(or net of VAT, 55%) discount that I obtained.

Also, unlike a typical deep discounter with poor service, the service personnel in the outlet were EXTREMELY helpful, on part with any brick and mortar store. Also, the shopping experience is on par with a Shoppers Stop, Lifestyle, Westside or Pantaloons, which often keep the same brands.

As the below article might lead to infer-discount stores are dead, long live the discount stores
http://www.outlookbusiness.com/strategy/feature/end-of-discount-stores-1675

The So-What
Kishore Biyani seems regaining his mojo with Future Consumer Products riding the Patanjali wave, and now with this tasteful store which is seemingly not bleeding cash. So will be interesting to see what next