Basant Modani, Senior Vice President - Finance

Basant Modani

Senior Vice President - Finance

National Health Insurance Company Daman

Location
United Arab Emirates - Dubai
Education
Master's degree, CA (Chartered Accountant)
Experience
26 years, 1 Months

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Work Experience

Total years of experience :26 years, 1 Months

Senior Vice President - Finance at National Health Insurance Company Daman
  • United Arab Emirates - Abu Dhabi
  • My current job since April 2020

• Ensured year-on-year profitable growth over last three years by analyzing planned vs. actual performance for each department, identifying key issues and taking corrective action.
• Re-established the financial and accounting policies, systems, processes and controls, and schedules of authority in line with the overall governance framework for the group
• Streamlined the accounting and reporting to merge with the holding companies and new subsidiaries, strengthening partnering strategies for big growth opportunities and transitioning to new accounting standards smoothly
• Developed and generated insightful MIS and business forecast
• Addressed the strategic issues of Corporate and Indirect Tax and Treasury and Investments and developed the most-effective treasury management strategy, financial model, and capital structure
• Enhanced the shared service processes to bring in better controls and efficiency evidenced by reduced costs in growing business
• Interfaced with board of directors and sub-committees of board to present business updates and seek approvals on business cases
• Ensured compliance in fintech and insurance regulations
• Ensured year on year cost optimization by 5% reduction in opex inspite of higher topline with continuous focus on costs; leveraging on IT; lease negotiations; optimization of office space; reduction in finance charges and optimization in manpower costs
• Established first of its kind in the country, an early payment plan for service providers to ensure robust revenue cycle for the service providers
• Achieved high scores on ICV (In-Country Value) with right focus on localization
• Maintained a high credit rating across last three years by ensuring optimum solvency and capital requirements
• Oversaw and reviewed of multi-functional team including Finance, FP&A, Procurement, IT, Risk and Governance, Data Security, Business Intelligence, Investment and Treasury

Chief Financial Officer at Avivo Group
  • United Arab Emirates - Dubai
  • November 2019 to March 2020

• Part of Executive leadership team reporting to the Board and leading the company agenda through Board meetings and Audit Committee meetings to facilitate business objectives
• Provided strategic recommendations to the CEO/president and members of the executive management team
• Set up processes to file correct claims to manage a smooth revenue cycle
• Managed relationships with Investors, financial institutions and other key stakeholders
• Spearheaded the funding requirements arrangement

Head of Finance at Landmark Hospitality LLC
  • United Arab Emirates - Dubai
  • March 2015 to September 2019

Landmark Hospitality, Dubai (Mar 2015-Nov 2019)


Head of Finance - Corporate Nov 2016-Nov 2019
Head of Finance - Landmark Leisure Business Mar 2015-Nov 2016

• Fund raising and banking relationship including Treasury Management of Hospitality Vertical; negotiated with bankers funding at lowest ever rate for Hospitality verticals
• Raised long term loans and working capital loans with desired covenants and proper structuring of repayment plan
• Set up an internal shared service process for finance, procurement and IT functions. Smooth transition to the set up with no disruption to business, thereby bringing in efficiency at substantially reduced costs. Agreed SLAs with business heads and set up internal KPIs
• Developed Performance tracker on a balanced scorecard system for the first time in Landmark group of companies. Timely insights resulted in cost savings
• Developed and executed a plan on centralization of warehouse leading to 24% cost savings in overall inventory storage
• Review on the feasibility for the new projects with through analysis of ROI/IRR and validation of all assumptions on revenue, costs and margins. Ensure project delivery is in time and within budgeted costs and review and monitor progress
• Complete ownership on finalization of accounts and audit at Four-level Consolidation of Financial Statements comprising of over 60 companies in over 7 countries in compliance with IFRS and local laws with external auditors - one of the big four
• Functional support in CRM project and Data security project

Associate Vice President - Operations Finance Aand Revenue Growth Management at Coca-Cola India
  • India - Delhi
  • January 2007 to March 2015

• Lead the Revenue Growth Management Model of the Coca-Cola Company as a Finance specialist leading the Data Standards vertical for 18 bottling countries across 4 continents
• Capturing and replicating the best international practices on product promotions, customer contracts, market investments and reporting the same in the right matrix
• Lead the ERP implementation project on SAP in the company and stabilized the same to achieve maximum benefits
• Rightsized team by centralizing processes. Reduced headcount from 62 to 48. Centralized procurement of a business of INR 10 billion thereby brining in volume efficiency of 6% in overall costs of procurement
• Leveraged on e-platform for negotiations with suppliers through reverse auctioning
• Savings generated though six sigma projects undertaken - Turnaround the jar water business from loss making to profitable
• Litigation Management: Won VAT litigation cases at high court level to the extent of INR 100 million
• Lead the business support function; pricing, costing and profitability analysis, competitor analysis, budgeting and forecasting functions, policy compliances, risk assessments, MIS, statutory compliances - taxation and audit
• Developed risk assessment matrix on finance processes

Asst. Finance Manager at ITC Limited
  • India
  • April 2002 to January 2007

April 2002 to Jan 2007: M/s. ITC Limited in various roles

• Worked with M/s. ITC Limited in the New Business Division as Asst. Finance Manager reporting to the Divisional Finance Manager (June 2005 to Jan 2007)
Job responsibilities include
• Developing systems and procedures for costing & cost management commensurate with business objectives to maximize value to the business. Providing cost analysis for cost reduction, cost control and revenue enhancement.

• Applying the knowledge of Generally Accepted Accounting Principles and norms, Accounting Standards, rules and regulations laid down by the various statutes and notifications.

• Involving in commercial negotiations with third parties within the framework of Corporate guidelines.

• Understanding banking processes, products and services to facilitate funds management between suppliers, customers, service providers, units, divisions and Corporate office.

• Conducting financial analysis to provide insights to enable superior decision making on asset procurement, utilization and disposal


• Understanding the operational and procedural requirements under various taxation laws (direct and indirect) and interpret the legislations/changes in legislations that impact the business operations and develop systems and procedures to ensure effective compliance.

• Facilitating the revenue related litigation resolution process including the interface with external counsel and legal authorities


• Developing and implementing financial accounting systems & procedures and record the financial transactions pertaining to fixed assets, purchases, sales, inventory, payroll etc.

• Identifying reporting requirements and generate accurate comprehensive and timely reports to supplement the information needs of the management for effective business decision making. It also includes keeping track of changing information needs of top management and standardizing the process of report generation.

• Understanding of the export/ import transactions and prepare documents as per the terms and conditions specified by the foreign buyer/ seller. This entails preparing and filing of documents in prescribed forms and formats as stipulated in the various enactments.

• International Quality Rating System (IQRS): Key resource from the finance team involved in establishing International Quality Rating System in the company. Currently doing process mapping of the activities of the finance function to depict the organization process macro framework, tie up all controls and measures and ascertain the possible areas for improvement.
Previous job profile with M/s. ITC Limited
Worked as Asst. Commercial Manager in the Kidderpore factory ( Jan 2005 to June 2005) and Asst. - Commercial in the Saharanpur factory. (April 2002 to December 2004)

Senior Executive - Accounts at Samsung Electronics India Information and Telecommunication Limited
  • India - Delhi
  • April 2001 to March 2002

Worked with M/s. Samsung Electronics India Information And Telecommunication Limited, an Indian entity of Fortune - 500 Samsung Group as Senior Executive - Accounts.

Job Responsibilities included: -- Finalisation of Corporate Accounts with notes to Accounts and satisfactory completion of statutory and internal audit with proper replies to queries put up.

-- Preparation of monthly MIS reports which includes all key ratios, profit margins, variances periodically for Director Finance. Also future profitability planning after taking inputs from other departments.

-- Overall Incharge of Income Tax matters including filing of various returns; getting assessments done, finalizing tax audit reports, planning for advance taxation, all matters relating to taxation liability on salary income of employees, TDS and other taxation matters including transfer pricing regulations.

-- Overall Incharge of Company Secretarial Matters including filing of various returns and forms with the ROC, holding of board and general meetings and preparation of minutes, all other Company Law matters.

-- Overall Incharge of sales tax matters. Handling all sales tax matters and sales tax assessments centralised from Head Office for 22 locations situated in separate states.

Assistant Manager - Accounts at Eveready Industries India Limited
  • India
  • March 1998 to March 2001

Eveready Industries India Limited
Worked with Eveready Industries India Limited in Battery manufacturing plant situated in Noida as Assistant Manager - Accounts for the period March 2000-March 2001.

Job responsibilities :
Managing overall functioning of the accounts department

Building MIS reports on the basis of review of operations and exercising controls on cost of production

Preparing cost reports after compting variances

Developing short term and long term budget

Ensuring statutory compliances

Kolkata as an Internal Auditor at Corporate Office
  • India
  • March 1998 to March 2001

March 1998 to March 2001: Worked in the Corporate Office at Kolkata as an Internal Auditor. Was responsible for management and internal audits of manufacturing plants, sales offices and Corporate Office.

Education

Master's degree, CA (Chartered Accountant)
  • at Institute of Chartered Accountants of India
  • May 1997

Qualified as a Chartered Accountant in 1997

Master's degree, CS (Inter)
  • at Institute of Company Secretaries of India
  • December 1996

C.S. Inter: Passed in Dec. 1996

Master's degree, ICWA
  • at Institute of Cost and Works Accountants of India
  • December 1995

I.C.W.A. Final: Passed in Dec. 1995 with All India 23rd Rank I.C.W.A. Inter: Passed in June 1994. Scored All India Highest Marks in the subject "Economic Environment of Business"

Bachelor's degree, B Com (Hons.)
  • at Calcutta University
  • April 1995

B. Com (Hons.): Passed with 64% marks from Calcutta University in April, 1995

High school or equivalent,
  • at Birla High School
  • March 1992

Class XII: Passed as school Topper with 81% marks from Birla High School, Calcutta, affiliated to C.B.S.E.

High school or equivalent,
  • at Birla High School
  • March 1990

Class X: Passed with 74% marks from Birla High School, Calcutta, affiliated to C.B.S.E

Specialties & Skills

Management
Budget Process
Strategising
Corporate Treasury
Finance
ACCOUNTING
BUSINESS OPERATIONS
FINANCE
INTERNAL AUDITS
OPERATIONS
PRICING
TAXATION

Languages

English
Expert
Hindi
Expert
Bengali
Intermediate