To work in a challenging business environment with promising career opportunity in order to get priceless experiences which will give tremendous fulfillment for my self-actualization and give utmost contribution to the organization that I work with.
Issues
- The company over relied on Loan, The Gearing Ratio reached 10:1 which compromise company’s sustainability.
Action Taken
- Identifying alternative financing sources which are more efficient, by creating JV with partners, Initial Public Offering and other methods.
Issues
- Lack of information technology to support business operation.
Action Taken
- Implemented web based system for operation and construction to ensure budget and performance can be monitored properly.
Result
- In 2022, the gearing ratio improved to 1:8 which much more healthy for the company.,
- In 2010 the net asset of the company is 3.000.000 USD as company just started as humble start up.
- In 2022 Net asset of the company reached 35.000.000 USD or more than 10 folds its original size.,
- Started as small scale property development with limited projects. In 2022 it has transformed into multi business corporation with business in property development, construction, mining, palm oil plantation, hospitality business, etc.
Issues
- Late invoicing resulted in problem in company cash flow and received complained from vendor due to late payment.
Action Taken
- Setting up new invoicing procedures according to each customer requirement, resulted in faster collection and better cash flow.
Result
- No more complain from vendor due to late payment.
Issues
- Lack of proper internal control on disbursement and agency business resulted in overpayment to vendor for 170.000 USD and agency commission overcharge of 120.000 USD.
Action taken
- Thorough review and audit of existing internal control and procedure. After weakness in internal control was identified, I formulated and implemented new procedures of internal control which able to prevent future mistake.
- Liaising with vendor and concerned party to recover the over payment, which resulted in recovery of loss.
Issues
- Lack of clear regulation in tax regime especially on Freight tax, resulted in overpayment of freight tax of 70.000 USD for year 2007-2008.
- Change in tax regulation, make regulation for freight tax became unclear especially related to eligibility of tax exemption under double tax avoidance.
Action taken
- Review and study local tax regime, I concluded that overpayment of tax had happened.
- Liaising with tax authority and related agency to explain and convince regarding overpayment. Tax agency finally agreed and refund the overpayment.
- Study and discuss with various tax consultant, I concluded that company can receive exemption.
Result
- On July 2010 company receive confirmation of eligibility for exemption hence no longer required to pay freight tax provided fulfill all documentation. This estimated 10.000 to 15.000 USD saving per month.
Issues
- Lack of understanding of international accounting standard from local accounting staff resulted in Audited financial statement for 2007 and 2008 need to be reconstructed.
- Monthly reporting prior to my in charge is always got complain from parent company due to noncompliance with international standard.
Action taken
- Study of IAS standard and discuss with auditor, finally managed to fulfill the international standard without reconstruction of prior financial statement.
Result
- Monthly reporting is according to standard hence no more complain from parent company.
Issues
- Suspension of company business, resulted in termination of all company staff.
Action taken
- Involve in formulating strategy, negotiation and settlement with staff, in the regime where employee right is more protected than company.
- Reviewing taxation and statutory issues for suspension of business.
- Involve in discussion and negotiation with local shareholder resulted in agreement from local shareholder for company suspension.
- Involve in staffing, and training of new staff under new agency.
- Appointment of new agent to handle company business.
- Setting up SOP for commercial, and finance for new agency.
Result
- Staff termination is finally completed. Business under new agency is improving and better than average of several months prior, under old agency.
Issues
- Inadequate local accounting system resulted in inaccurate reporting, lengthy audit procedures, overpayment to vendor of 140.000 INR.
Action Taken
- Designing and Implementing of CODA web-based financial system.
Result
- This resulted in more accurate reporting, simpler audit procedures and cut time to do yearly financial audit, and prevent overpayment to vendor.
Issues
- Inaccuracy of equipment monitoring system due to dual system used, GEMS and local system (shipsys). The accuracy of report is under 50%.
Action Taken
- Analyzing and identification source of inaccuracy, then setup EDI system from local system to GEMS
Result
- Increase in accuracy to above 90% and reduce logistic staff to do double entry.
Issues
- Local business practice to receive revenue from Container Freight Station, while company did not receive any.
Action Taken
- Analyzing and understanding local business practice.
- Discuss and investigate the reason why company did not receive the revenue.
Result
- Start from 2008, the company receive the revenue from CFS.,
- Opening new branch in Chennai and Calcutta.
18 Renfrew Street Upper Riccarton, Christchurch, 8041
18 Renfrew Street Upper Riccarton, Christchurch, 8041
Holder of State Registered Accountant - Indonesia
+642102572485