Head Finance Accounts
Fujairah Rockwool factory (Subsidiary of Fujairah Building Industries PSC)
Total years of experience :12 years, 10 Months
Handling the Portfolio of a Financial Controller of a full-fledged manufacturing plant in Fujairah, UAE.
Handling Finance & Accounts, Banking & Treasury, Investments. Statutory Compliance.
Review the Business plan, prepare annual Budgets and initiate preparation of Rolling Financial forecasts and cost strategies.
Perform variance analysis, compare budgeted figures vs actuals, suggest measures for potential performance improvements.
Develop plans for growth to increase company profit, analyse monthly Profitability and initiate cost reduction measures.
Monitoring and Control OPEX Cost in Cost Centres and Report on monthly costs vs Budget highlighting discrepancies.
Prepare Annual Capex budget, obtain Budgetary approvals, set up cost containers in system like PRs/PO, WBS, CEP etc.
Monitor and control the Annual Capex Costs and Projects and prepare Capex completion performance Reports.
Analyse the consumption of raw materials, inventories and spare parts monthly and check for abnormal variances if any.
Conduct periodic inventory physical checking vs Book Quantity to check for variances.
Maintain accurate records of production and maintenance cost activities as reflected in Financials for checking cost
consistency.
Present accurate and precise Financial data to Management heads through monthly presentations and meetings.
Control entire Banking & Treasury including Working Capital & fund Management, Trade Finance, Debt restructuring etc.
Prepare Costing and Analyse Reports, check product pricing and overhead Control, prepare Project accounting reports.
Review of Cash flows, Revenue & Expenses, Net Earnings and Ageing Reports of receivables and stock.
Responsible for external/ internal audits, Government Audits & VAT Compliance.
Working closely with Corporate, IT, Legal for statutory compliance and implement industry best practises.
Support the development and Training of National Employees.
Handling the portfolio of Group Finance Manager for Corporate as well as 5 group Companies. Timely closure of monthly accounts, analysis of financial data and exception reports.
•Review the Corporate Business Plans (BPL), Annual Budgets & Rolling Financial Forecasts with CFO.
•Proactively monitoring and analysing the monthly business/financial results. Ensuring reported results comply with IFRS.
•Preparation & discussion on reports on variance analysis between budgeted vs. actual costs, forecast and business plan data.
•Preparation of management reports, sensitivity analysis, key financial ratios, Models & Graphs afecting profitability.
•Banking & Treasury including Working Capital & Fund management, Trade Finance, LC & banking facilities.
•Ensuring proper Cash Management with Treasury and Business objectives.
•Review of the intercompany reconciliations.
•Analysis of Cost, Pricing, Product Costing, Contributions, Sales against budgeted business performance.
•Review of Cash Flows, Revenue & Expenses, Earnings, ageing reports of receivables and stock.
•Responsible for external /Internal audits & VAT reporting.
•Co-ordinate and Review of the Fixed Cost & Investment templates from diferent units and seeks reasons for adverse changes.
•Review of the Final fixed Costs to be uploaded in system.
•Overall monitoring of Group Investments in various profitable portfolios and calculation of Fair value (FV) & Net returns.
•Timely review and submission of presentations for Quarterly Business Review meetings, Board meeting etc.
•Working closely with Corporate, IT & Legal for statutory compliances..
•Responsible for staf performance appraisal, resource planning`and staf requirements aligned to budget
Finalization of Accounts, Consolidation of Subsidiaries, conducting financial analysis and monitoring daily activities of finance
and accounts department, including product costing and profitability.
Banking & Treasury including Working Capital & Fund Management, Trade Finance, Monitoring of Debt / Loan Syndication,
Discounting of LC, Offshore Finance etc.
Managing and accomplishing FZC to LLC conversion process, handling VAT & customs duty, implementing strategic business
decisions thereby substantially increasing bottom-line.
Handling Transfer pricing and statutory legal issues for setting up offshore units in Tanzania, Africa.
Timely review and submission of presentations for Quarterly Business Review meetings, Board meeting etc.
Preparation of Corporate Report (Monthly Operating profit), Monthly certifications, Corporate Disclosures.
Analysis and explaining business strategy, operational issues & parameters in Board meetings of Directors, Govt officials of UAE
Initiating and developing solutions to minimise cost and improve products' profitability and implement Transfer pricing.
Designing and implementing effective accounting policies, internal controls and reporting for individual business units.
MIS, Budget, Internal Audit & Financial Reporting, Board meeting presentations and secretarial assignments.
Supervision and monitoring of Licenses Renewal, Rent, Insurance and Lease agreements of Mining, Labour Camps,
Maintenance.
Supervision of Payroll, Tax filing activities.
Active supervision of records maintained for Duty exemptions, Civil Defence, Economic Dept.
Achievements:
Negotiated on cost savings and new vendor payment terms, reduced costs and improved cash flow by AED 0.2 Mio p.a.
Introduced flash report in mid-month and month end to Senior Management & Group CFO.
Designed and implemented a new billing review process to ensure efficiency and accuracy.
• Conducting financial analysis monitoring daily activities of finance and accounts department, including Finalisation of
Accounts.
• Banking & Treasury including Loan Syndication, Revamping of Loan facility terms linked to MCLR & PLR, Fund management
& Working Capital, Monitoring of Debt / Loan Syndication etc.
• Credit Rating Analysis.
• Analysed and prepared MIS, KPIs, trend analysis etc. Reviewed projections, Budgets/forecasts and variances.
• Participated in bids, contract finalisation, balance scorecard for projects, liaison with Auditor to maximise efficiency.
• Analysed, investigated and prepared variance reports as well as MIS for senior management.
• Oversaw financial tracking and analysis of expansion (in-house) for multi-locational external projects.
• Taxation (Direct) and Indirect Tax.
Achievements
• Reorganized accounting process & systems to produce timely and accurate financials.
• Developed key Financial tools to improve monthly reporting and MIS.
• Negotiated a AED 1.00 Mio working capital credit line at low interest thereby reduced interest costs substantially.
• Worked closely with Executive management team to help grow in top line revenues by 10-15% annually.
• Introduction of effective GST taxation platform in system for timely and accurate returns.
RAK Ceramics Bangladesh Ltd is one of the leading Listed Companies in Bangladesh. It’s a Subsidiary of RAK Ceramics PJSC, UAE who are the world leader in Tiles, Sanitary ware & Tableware manufacturer. Presently posted in Dhaka on deputation.
Achievements: -
• Structured and negotiated a finance deal relating to capex and plant production expansion of USD 40 Mio Capital Expansion project with HSBC UAE at the lowest rate @Libor + 3% in 2014 when market rate was average 11%.p. a. Total savings in Interest costs around USD 16 Mio in 5 years..
• Instrumental in accomplishing disinvestment of subsidiaries, merger and acquisitions (M&A) in RAK Ceramics Group thereby substantially increasing group's net profit.
• Implemented Trade Finance to enhance operating profit, brought in reduction of Forex expense, maximise interest earnings by revamping portfolio. Set up dedicated treasury management to monitor cost and revenue.
• Implemented effective offshore working Capital arrangements with multinational Banks like HSBC, Standard Chartered bank for robust working capital limits for smooth trade finance operations.
• Designed and implemented major process changes in the system, policies, internal controls, MIS & reporting, rolling budget, SOPs etc.
• Installed significant control over operational costs like repairs and maintenance, stores consumption & purchase, logistics and process and post production losses.
• Implemented SAP-COPA, product pricing, removed various conflicts in system, and installed robust governance mechanism within the enterprise.
• Installed robust MIS system -operational and functional in the Group. This has helped the management to monitor real time business performance including receivables ageing, production process including slow and obsolete stock movements.
• Implemented sound and effective product costing, product pricing and profitability thereby improving bottomline.
• Handled transfer pricing issues, Bangladesh VAT & income tax related intricate issues thereby bringing in significant savings.
• Reported to the Finance Controller while undertaking responsibility of effective management of finance and accounting, yearly budgets, MIS on investments, Monthly Reports, Balanced Scorecard etc.
• Prepared monthly closure of accounts, developed product costing (clinker) and monthly profitability statements.
• Analysed and prepared MIS, KPIs, forecasts & trend analysis etc. Also reviewed projections, budgets/forecasts and variances.
• Banking & Treasury including Working Capital Management, Loan Syndication, Monitoring of Debt & Fund Mobilisation & LC.
• Prepared and analysed cash flow statements ensuring effective utilisation of corporate and borrowed funds.
• Negotiated with bankers for arranging necessary credit facilities for smooth operations.
• Analysed accounts receivables, payables, reconciling intercompany accounts etc.
• Involved in financial analysis/monitoring and reporting of CAPEX for multi-locational external projects.
Achievements: -
• Negotiated cost savings and new vendor payment terms, reduced operating costs, improved cash flow substantially.
• Introduced flash reports in mid-month and month end to senior management & Group CFO.
• Analysed and introduced product based profitability thereby improved profitability.
• Implemented internal audit process in Stores, packing plant etc resulting in cost savings annually by USD 0.10 Mio.
AICWA (ACMA)