Regional Credit Manager
Daikin Middle East & Africa
Total years of experience :15 years, 4 Months
Daikin Middle East & Africa FZE, Dubai, as Regional Credit Manager - UAE & OGCC
Role:
Heading Credit & Collection Department, (Senior Management level position) which is responsible for overall Accounts Receivable Management as per IFRS/SOX, and Credit Insurance & Bank Instruments (Letter of credit/Bank Guarantees) Management
Training credit team based at different countries/other department staff specially Sales and Customers on credit policy/credit insurance & bank instruments
Analyzing entire exposures for the portfolio and ensure that there were no unexpected losses and damage
Administering all collection activity including customer visits
Resolving delinquencies, short payments, and disputes in a timely fashion
Managing closing of AR on monthly basis and reporting it to HO based in Europe within 2 working days from month end
Performing financial analysis for all distinct portfolios of counterparts and administering sensitivity analysis
Significant Accomplishments:
Successfully devised credit policy for each market as per market characteristics and company risk appetite
Championed the development & implementation of bank instruments management to negotiate documents with zero discrepancies and lesser time
Credited for resolving delinquencies, short payments, and disputes in a timely fashion
Independently managed the AR collection processes and formulated strategies to minimize debt
Recruited and trained credit staff for strengthening the credit department and brought in efficiency in the process
Domain Highlights: -
Manufacturing Industry
o Managed credit function for highly engineered commercial products (Chillers/AHU/FCU etc valuing from $ 50K- $ 3M) used in construction industry mainly by builders/ developers/ contractors/ HVAC companies/ Hotels/ Hospitals/ Banks/ Metro rail/ Residential apartments/ Villas/ Commercial buildings. Securing credit risk for these customers from the project beginning stage.
o Understanding their budget and funding pattern.
o Mitigating risk by structuring deals using various bank instruments (BG/LC/CAD/Collateral etc) also by negotiating progressive payment terms stage wise depending on progress of project.
o Understanding contract and suggesting commercial terms/ penalty clauses in contract ti safeguard company interest.
o Suggesting delivery pattern depending on payment terms.
o Doing various quantitative and qualitative analysis to understand the credit worthiness of customer.
o Securing credit insurance on above customers and projects.
o Resolving disputes by meeting customers along with sales (& independently). Involving factory personal/ engineers/ consultants/ credit insurance/ banks and top management as and when required.
IT/Telecom/Home Appliances
o Managing Distributors/Dealers/ Retailers/ Corporates & End Users (Understanding their credit worthiness and giving recommendations)
o Expert opinion on Contract’s from commercial point of view.
o Representing legal matters. (If any)
o Early payment discounts or other measures for delinquent accounts or to manage cash flow.
o Stock management from credit point of view (Partial delivery, Consignment stocks. Bill on hold etc.)
Accomplishments Across the Career
Successfully building & enhancing the Credit Department for the group with operations across more than 36 countries
Merit of maintaining less than 5% month-on-month overdue and DSO of less than 75 days in HVAC/Construction industry, and 40 days in IT industry
Played a key role in evaluating the financial & operational activities, identified key risk areas and reported deviations
Delivered significant improvements in the current procedures
WORK EXPERIENCE
Since Apr '13: Mitsumi IT Distribution, Dubai, UAE as Credit Manager - UAE & OGCC
- Spearheading the activities of the Credit & Collection Department and managing credit insurance, recruitment and training the staff in around 20 countries and putting the risk and credit management mechanism in place.
• Distinction of devising and introducing effectual reporting and assessment tools in order to minimize risk & proactively identifying problem areas and customers
• Stellar role in developing, enhancing, implementing and maintaining an effective and professional credit control policy and procedures
• Merit of reinstating credit management procedures, registered reduction in clients' debtor days from average 70 days to 45 days
• Instrumental in collecting old debts and ensured cash flow improvements along with bad debt reductions
• Increased the number of satisfied clients resulting in more numbers of contract renewals and extensions
• Headed the Credit Department, achieved and maintained high collection rates and minimal bad debts
• Successfully established the credit control function of a satellite office linking into head office systems
• Reviewed credit limits and customer trade history to maintain same or to amend the credit line.
• Ensured timely and accurate generation of various reports (DSO, AR ageing, Bad Debts to sales, days average collection rate, Collection effectiveness index, prior months dues collected, payment pattern analysis, Bad Debts Allowance and write-Offs, Forecasting collection and expected delays, variance analysis report etc.) which will help in various business decisions to increase revenue & profit and to decrease risk.
• Developed system to generate accurate weekly, monthly collection and cash forecast.
Feb '08-Feb '13: Redington Gulf FZE, Dubai, UAE as Credit Manager - UAE & OGCC
• Significantly contributed towards increasing more cash business by streamlining deals with customers
• Facilitated in making decisions on credit limits, acceptable levels of payment risk & terms to the customers.
• Appreciated for successfully maintaining relationship with several Banks in UAE & other GCC Countries
• Dexterously established and negotiated banking instruments like Letter of Credit, Bank Guarantees & CAD Documents with nil discrepancies and within minimum turnaround time
• Honoured with Star of the Quarter Award twice.
Apr '06-Jan '08: National Computer Services, Bahrain as Accounts and Credit Officer
• Deftly assisted the Group Finance Credit Controller in resolving credit related issues
• Ensured reduction on accounts receivable through steps like Sending proper SOA on time, weekly Sales and regular customer meetings.
• Efficiently prepared ageing report ready and ensured cost reduction for the company through various techniques
Achievements
At Mitsumi IT Distribution
- Stellar role in developing & maintaining an effective & professional credit control policy & procedure
- Instrumental in collecting ols bad debts & ensured cash flow improvement along with bad debt reduction
-Headed the credit dept, achieved & maintained high collection rates
At Redington Gulf FZE
- Increased cash business by streamlining deals with cust.
-Established & negotiated bank instruments with nil descrepancies withing minimum TAT
-Honoured with star of the quarter twice
Jul '04-Mar '06 Gulf Antiques, Bahrain as Chief Accountant
Apr '02-May '04 First Flight Couriers, Mumbai, India as Management Trainee
2002 MBA (PGDBM) (Finance, Marketing) from ISMS, Pune, India
2002 M.Com. (Commerce Financial Accounting and Auditing) from Barkatullah University, Bhopal, India
2000 B.Com. from Barkatullah University, Bhopal, India ADDITIONAL COURSE
Bcom Accounts Barkatulla University Bhopal Jan-00