Lead Specialist, Economic & Financials
Marafiq Power & Water Utility Company for Jubail and Yanbu
Total years of experience :22 years, 9 Months
• Developing and analyzing policy and regulatory frame works leading to formulation / modification of Water & Power Regulations. Water Regulation includes (Drinking Water, Waste Water, Sea Water Cooling).
• Draft the Production, Transmission and Distribution License for Water and Power Utilities and seek approval of the Board of Directors.
• Lay down the procedure & guideline for Tariff Filing, Evaluation of Revenue Requirement, Tariff Determination, appeals etc.
• Play active role in the finalization of long term “Strategic Direction Statements” and “Business Plan” of the regulated entity
• Analyzing corporate and regulatory targets by producing monthly, quarterly and yearly adjustment reports for the Principal Regulator and the Board.
• Playing a vital role in setting regulatory benchmarks for O&M cost and T&D losses for each utility service line.
• Preparing financial models for setting consumer - end tariffs for each utility service, keeping in view cost of serving for each consumer category, socio economic policies of government and minimizing cross - subsidies across different consumer categories and cities.
• Calculation of subsidies
• Preparing recommendations for the Authority on the latest international regulatory developments
• Scrutiny of regulatory information submitted by the regulated entities.
• Monitor and ensure the compliance of Regulatory Directions made by the Board.
A) Financial Modeling for evaluating the revenue requirement and tariff recovery structure.
B) Finalization of Operating & Maintenance and Capital Expenditure Budget, for 79 accounting units across LESCO, for presentation of the same before the Board of Directors.
C) Departmental variance analysis to contain the expenditure within permissible limits.
D) Manage and supervise Treasury functions with 42 banks having 1600+ branches.
E) Arrange commercial borrowing from local banks, World Bank, Asian Development Bank.
F) Financial Projections indicating financial health of the company (monthly as well as yearly)
G) Filing of tariff petition to the Regulatory Authority and attend Public hearings conducted by NEPRA time to time.
H) File Review Motions, in case of any amendment required in the tariff determined.
I) Pursuant to Performance Contract between LESCO and Ministry of Water & Power (MoWP), coordinate and finalize the Monthly Flash Reports regarding KPIs for efficiency evaluation.
J) Comply with/submit miscellaneous assignments given by NEPRA, PEPCO, MoWP, WB, ADB and USAID etc.
A) Filing of annual and quarterly tariff petitions to the Regulatory Authority.
B) Attend Public hearings conducted by NEPRA time to time.
C) File Review Motions, in-case of any amendment required in the tariff determined.
D) Submit Annual Regulatory Accounts under Uniform System of Accounts (USoA)
E) Reporting on Performance Standards set by NEPRA.
F) Financial improvement plans for the company.
A) Compilation of Monthly Accounts from 79 Accounting Units under LESCO jurisdiction.
B) Scrutiny of their accounts from accounting point of view.
C) Compilation of monthly accounts into consolidated Financial Statements as per identified Financial Reporting frame work.
D) Incorporate all provisions and adjusting entries in the Monthly accounts.
E) Reconciliation of Receivables/Payables account with other distribution companies.
F) Coordination with external auditors of LESCO to culminate audit by resolving observations and significant matters.
G) Preparation of Management Accounts and its presentation to BOD.
H) Monthly Cash Flow model for better management of funds.
I) Developed zero-based Corporate Budget for LESCO, comprising 79 accounting units.
J) Collection of Information from Lower Formations and compilation into corporate budget of the company.
K) Departmental budgets to restrict the departmental expense within the approved budgets and evaluate the variance analysis for the management reports.
L) Matters related to World Bank, Asian Development Bank, Ministry of Finance and Ministry of Water & Power.
M) Financing Arrangements from Commercial Banks.
During my stay at Holiday Inn Hotel Lahore I worked in the Capacities of
A. Cost Controller
B. Payable Supervisor
C. Payroll Supervisor
Through these areas I covered different aspects of Accounts/ Finance Department like Budgets, Revenue, Expenses, Payable and Payroll. During all this exercise most of the time I have been involved in system analysis, design and implementation.
1. During my job in Holiday Inn Hotel I have developed different databases and financial systems in co-ordination with computer programmer & software engineers. The systems are as under
A) General Ledger
B) Payable Module
C) Payroll Module
D) Receivables Module
E) Inventory database
I was extensively involved in the analysis, design and implementation of these systems and in the controls & reports formatting which may be required by the management.
2. In budgeting I was responsible for the departmental budgets projections regarding expenses and then to restrict the departmental expense within these approved budgets and evaluate the variance analysis for the management reports.
3. In the revenue side I was responsible for matching day to day expenses with day to day revenue and in case of any ambiguity reconcile the whole revenue independently.
4. In expenses side I was responsible for each & every expense incurring in the hotel and if any expense exceeds its budgeted limitations then I have to present its variance analysis.
5. In Payable Section I was responsible for all the payments made to the suppliers, vendors and other government authorities. Proceed and finalize the government audits conducted by the departments time to time.
6. In Payroll Section I was responsible for the payroll preparation, preparation of payroll related statements like EOBI, ESSI, Provident Fund and Income Tax and their filing to the concerned government departments.
Its all about Finance, Financial Accounting, Management Accounting, Taxation, Corporate Law & Secretarila Practices, Information Technology and Cost Accounting.