Head Corporate Finance
Nesara Capital Advisors
Total years of experience :28 years, 7 Months
Working in a multinational retail company as Commercial Controller for Saudi Arabia region. Responsible for Financial, Accounting, Commercial controls and negotiations of capex and Opex (non-trading) spend of the company. Handling CFO role in absence.
The company has undergone restructuring recently. Responsible for complete recast of the function and set up the function in a manner to become a value contributor and put in driving seat for negotiating the deals.
Responsible for centralizing the procurement function which was spread across the company in different locations and functions.
Responsible Finalizing and vetting the RFP from commercial perspective before release.
Responsible for expanding vendor base to get competitive price instead of banking upon historically used vendors.
Since joining have generated significant savings by centralizing procurement and excellent negotiations of price &terms.
Have automated the Purchasing and Ordering Process and related accounting on Oracle. This has resulted into efficiency and cost reduction in big way.
Have streamlined the cash collection contracts with banks across the KSA for better service levels and reducing the lead time.
Implemented process to achieve minimum/ zero cash payments across the company to avoid any manipulation or fraud.
Completed the merger of all entities in Saudi into single entity which will lead to operations synergy and cost optimizations.
Got the financials audit done and tax filings done in a post-merger scenario.
• Supporting sales unit from commercial management perspective and at the same time ensuring commercial discipline in the unit. This involved working closely with Unit Head/Key Account Manager/Finance on strategies for bidding and winning the deals.
• The role called for to make sure Ericsson processes and strategies are adhered and business decisions are made with adequate knowledge and understanding by involving finance, commercial management, compliance to legal and applicable regulations is ensured, leading to negotiating favorable T & Cs, adequate Risk Management, Revenue maximization/assurance and profitability.
• Discussions and engaging with business unit and global commercial as and when required on pricing, terms and profitability of the deals.
• Handling internal as well as customer escalations on commercial matters.
• Actively preparing for and attending sales decision process (SDP) meetings to explain the deal from commercial and contracts stand point.
• Negotiating and closing large customer contracts. Interface with internal stakeholders such as legal, business unit, finance, tax, delivery team etc.. while negotiating the Contracts and at the same time front ending customer side stakeholders as well.
• Reviews of the costs and financial performance of the Contracts per contract periodically and raise timely alarm. Make sure risks have been adequately costed and captured.
• Defending and negotiating claims from and to the customer. Proactively alarming management on potential claims.
• Negotiating the up scope opportunities with the customer under the contract during the implementation phase.
• Evaluating Third party contracts and discussing terms with purchase team the gaps and ensure compliance on b2b basis with customer contracts on key terms, thus ensuring 360 degree contracts management. Driving cost reduction while working for TP deals.
• Controlling Order to cash days and working capital optimization by seeking better/same credit terms.
• Manage relationship with internal stake holders and customer side as well.
Achievements in the role:
o Signed a long term USD 500ml + contract for telecom equipment with Indian operator creating a win win solution and desired terms.
o Concluded the settlement agreement for long pending disputes for USD 10ml.
o Reduced Order to Cash (OTC) days by systematic improvement plan for a MS project .
o Ensured 100% deals routed through new sales process tool immediately after start resulting 100% process compliance and bringing financial and commercial discipline. Declared to be most compliant unit.
Handled various senior roles including Heading Finance & Accounts (Legal entity CFO), during the tenure as mentioned below:
Finance & Accounting, Audit, Taxation and Treasury;
• Understanding and analyzing business, commercial issues and key drivers.
• Research address and decide accounting and tax issues and treatment of various transactions keeping in mind the accounting rules on one-hand and tax laws on the other.
• Ensuring timely completion of periodical book closures and reporting in accordance with US GAAP and Indian GAAP.
• Ensuring timely completion of Audit and avoid qualification. Actively and directly interfacing with auditors to resolve the issues in audit and ensure completion as per schedule and hold timely Board meeting and Annual General Meeting to adopt the audited accounts.
• Dealing with banks for working capital and non-payment based limits.
• Finalization of transfer price for import from parent company keeping in mind the customs and income tax angle. Preparation of detailed note on transfer price justification for the tax authorities. I have independently handled the case of transfer price before the tax authorities.
• Handling tax compliance and tax litigation for direct & indirect taxes before the various authorities. Opining on tax matters and forming tax strategy for the company. Filing of various tax returns under the relevant Acts.
• Ensuring maintenance of records and compliance to the various provisions of the Companies Act, Income Tax, Excise, Service Tax, Customs etc.
• Capex budget control and approval. Safeguarding fixed assets of the company with proper insurance cover and internal controls and procedures.
• Cash Flow Management & Reporting. Arrangement of fund/non fund based limits from the banks and deployment of surplus funds. Close liaison with banks.
Project financial Controlling:
• Responsible for review of bids, proposal and business case entailing initial profitability statement and cash Flow.
• Revenue recognition principles, warranty, overheads, forex risks, service costing, payment terms.
• Identifying risks. Propose and follow up of mitigation plans.
• In-depth analysis of Project profitability and formulating strategies for improving margins.
• Identifying possibilities of reduction in costs and fixed cost allocations on projects.
• Structuring of the orders to book revenues and capture costs as per profit center hierarchy.
• Accounting for the projects costs in a manner that cost is captured at profit center level for each project separately.
• Tracking costs of various contracts and ensuring judicious costs allocation of fixed costs on multiple contracts. Ensuring profitability on global contracts in close coordination with the parent company.
Presenting periodic profitability statement for the projects before the management and drawing timely attention to the important issues and red flags.
Commercial & Contracts Management, Negotiations, Revenue Assurance, Receivables Management:
• Working on customer telecom Contracts, negotiation, finalization terms and closure of the contracts.
• Negotiating b2b contracts with the vendors to secure full risk coverage
• Leading the settlement of issues of penalties and claims with the customer.
• Driving the disputed payments and resolution of the same.
• Simplifying the invoicing process, Driving Collections from the customer, achieving reduction in over dues.
• Put check and balances to avoid leakage of revenue.
• Guiding procurement team on seeking back to back terms to safeguard terms agreed with the customer.
Fujitsu Optel Limited was subsidiary of Fujitsu of Japan and had Indian investors as JV partners with Fujitsu as the majority stakeholder. Headed Finance & Accounts function for the JV Company.
•Formed the JV, incorporated the Company and Set up the Finance & Accounts department of the company. Handled FDI for USD .
•Business Planning, Budgeting and Performance management for the JV Company.
•Responsible for initiating internal controls and ensure compliance across the company. Responsible for preparing and implementing policies, procedures and work instructions
•Developed accounting manual for the unit.
•Obtained exemption from payment of Sales Tax from the Sales Tax Department.
•Independently executed and implemented a Capital Reduction of the company u/s 100 of the Companies Act’1956.
•From time to time formed tax strategy to minimize cost and save tax.
•Arranged fund and Non-funds based credit facilities arrangement from the banks.
•Successfully assessment of Transfer Price case from Tax Authorities independently in the first year of introduction without any adjustment.
•Responsible for compliance to accounting & audit, reporting, direct & indirect taxes and requirements under the Companies Act.
•Monthly, quarterly and other periodic reporting requirement of the company.
•Half yearly budget preparation and continuous monitoring.
•Periodic Reporting for the Unit Financials for consolidation into Fujitsu global
•Part of the of bids and proposals team for deal structuring, pricing and preparation of business case and responding to bids.
•Conducting Board meetings, Annual General Meetings and taking care of interest of JV partners. Acted as secretary as well to the Board of Directors.
Achievements:
•The cash flow of the company was managed such as it became zero debt eventually.
•The bottom line was consistently yoy positive.
•Tax dispute were NIL.
•Shareholders were paid dividend from time to time.
•Resolved issues amongst JV partners from time to time and ensured good & healthy business relations.
•Developed a new business partnership arrangement to supplement revenue of the company.
Passed CPA Exam in 1st Attempt
Passed Chartered accountancy form India
Passed Masters with first class