Group Manager Finance
Al Mulla Group
Total years of experience :31 years, 7 Months
Head of Finance of Automotive Division of Al Mulla Group.
Reporting to the Chairman and the Board of Directors
Job Profile
• Transform the internal control and financial reporting structure of the company by implementing Microsoft Dynamics ERP system. Develop world class chart of accounts and profit centre structure which will optimize financial reporting taking full advantage of ERP system.amount paid, committed cost vs budget, actual cost vs budget, progress of the project against original timeline.
• Negotiate with the bankers for rescheduling the existing loan repayments and for funding for the refurbishment of the rigs to be deployed under new contract. Ensure all the funding requirement of the company is met and explore the possibility of raising funds through issue of bonds.
• Keep a tight control on the working capital of the company by setting norms in ERP for the inventory, ensuring collection of receivables in time and negotiating with the vendors to accept deferred payment of their past dues.
• Prepare quarterly and annual financials of the company in compliance with IFRS and Kuwait Stock Exchange listing norms and get the financials audited by the statutory auditors. Every quarter present to the Board of Directors financial performance of the company and reason for the variance.
• Prepare the annual budget and business plan of the company in detailed consultation with the operation managers and department heads and get the budget approved by the Board of Directors.
• Advice Chairman on the rates to be quoted for the new tenders. Incase existing rigs are refurbished for tendering, conduct a detailed gap analysis in conjunction with the operation team and derive the investment amount.
• Ensure all capital expenditure are made after the AFE (approval for capital expenditure) is signed by the appropriate authority, Ensure tight control on fixed asset though physical verification of asset, proper tagging and numbering of the asset and proper documentation and tracking in ERP in case of movement of assets.
Heading a team of 5 finance professional and a team of 7 merchandisers.
Job responsibility:
Setup the finance and accounting function
Opening of subsidiary companies across GCC countries
Establish proper fiscal control on capital expenditure on all future stores to be opened in future
Provide strategic guidance to the organisation to convert it into a profitable venture in 2011
Develop the Strategic plan for the next 5 years
Negotiate with the banks for finance for expansion
Conduct feasibility study of the prospective brands to be acquired in near future.
Reporting to CEO and Corporate Controller, CFO is responsible for the entire finance and IT function of KIMMCO.
Major Achievements:
• Led a team of finance professions to conduct the acquisition analysis and due diligence of ISOCAM Turkey, an insulation company 5 times bigger than KIMMCO. The company was acquired by Alghanim Industries jointly with Saint Gobain
• Conducted extensive financial analysis of potential targets across GCC region for possible acquisition.
• Led the organic growth of KIMMCO through expansion. Managed the capacity expansion project of KIMMCO from 12500 MT to 25000 MT and subsequently to 35000 MT within budgeted cost and time. Arranged subsidised funding of KD 5 million for expansion from Industrial Bank of Kuwait.
• Improved the working capital of the company through tighter control of Accounts Receivables and Inventories. Through constant follow-up reduced the number of days outstanding reduced 110 days to 90 days.
• Developed and implemented a comprehensive strategic planning process to identify the potential markets over the next 5 year horizon and accordingly formulate growth strategies
• Introduced the concept of EVA so that operational management is also focussed on balance sheet rather than only on Profit and Loss items.
• Prioritised on products and customers who provided better margin leading to higher profitability
Group Controller - Best Practice Group (Feb 2007 to Oct 2009)
• Led a team of 20 finance professions including 4 senior most colleagues to develop the first ever Alghanim Industries corporate accounting manual (IFRS) at a minimum cost. Savings USD 0.5M.
• Designed and implemented an independent balance sheet review process to give assurance to the senior management and the owners about the quality of financials.
Reporting to Vice President & Director Finance. Responsible for Material Cost, Financial Reporting, Pricing, Costing, Cost Reduction Initiatives, Excise & Inventory, Strategic Planning, Financial Model & Analysis, General Ledger, Budgeting, Business Plan, New Product Program, Payable and Receivable functions.
Chosen from Asia Pacific as a knowledge resource to establish GM systems. Seconded to the GM’s newly acquired business in South Korea, GMDAT to establish GM systems, controls and procedures.
Provided leadership to all the major areas of Finance like general accounting, budgeting, forecasting, product costing, pricing, inventory and sales.
Took a lead role in setting up the Finance and Accounting system during the start up stage of General Motors India Limited.
Established robust system for monthly reporting of financial results to GM Corporation at Detroit. Forecasted every month, the profitability for the balance of the year and prepared the variance analysis between the budget and the actual and between the forecast and actual. .
Implemented Financial Module of SAP R/3 package and its interface with other modules.
Provided leadership to a team of GMI senior managers formed to reduce cost and increase revenue of the company. Obtained substantial savings for the company.
Set up the annual budgeting process in GMI. Successfully defended GMI budget at APO and got it approved with less than 5% reduction of the original submission. Also set-up the system for monthly tracking of actual vs budget by each department.
As a part of the strategic planning team developed India business case financial model. Based on the financials churned out by the financial model GM board approved the introduction of Corsa (mid sized car) in India. The financial model was accepted as a standard template in the Asia Pacific region.
Implemented US GAAP accounting system.
Reported to Vice President Finance. Responsible for the corporate accounts, Northern India regional accounts, corporate consolidation and reporting, monitoring and management of corporate funds.
Brought Corporate accounts into auditable standards within three months of takeover.
Consolidated centrally the annual accounts of seven divisions of the company and published the annual results of the company.
Monitored the proper deployment of corporate funds among the different divisions of the company and the investment of surplus funds in ICDs, treasury bills etc.
Prepared the CMA data and obtained Rs 400 million credit authorization from banks.
Reported to Chief Internal Auditor. Responsibility included the systems review of various functions and also controls around various computer systems.
Successfully completed the reviews of different functions of the company across the seven divisions. Several deficiencies in the internal control were detected and rectified which saved the company from possible frauds.
Conducted excise review by which several weak areas of the company was brought into focus and several tax planning measures were recommended resulting in substantial savings to the company
Reported to Partner Taxation. Complete in charge of taxation of 4 major clients of the firm.
Successfully defended the interest of 4 major clients of the company in Direct Tax matters in different stages of appeal and obtained significant refunds for them.
Master Of Business Administration (MBA)
ACA
B Com (Hons)