Chief Financial Officer (CFO)
Contraco wll
Total years of experience :35 years, 6 Months
Deployment of scarce cash resources in the most efficient manner so that the projects are running smoothly, by bridging the cash flow shortage.
ERP implementation
Sourcing additional Finance and non funded facilities from Banks
Playing lead in liquidation of group companies
Revamping the system of Financial Analysis and Reporting
Separating from company as chemistry not matching with Chairman.
Looking after Finance and Investment portfolio of 13 group companies.
Involved mergers and acquisitions, valuation of companies(international/GCC), ERP implementation, restructuring of group, IPO and other functions of CFO.Funding of newly acquired business being worked on.
Authored the Finance manual of the group recently in line with the business process and currently implementing the same.
Subsidiaries include:
i. Saudi Comedat co. Ltd.(Joint venture between CMCI and KIER construction plc. U.K.) Involved in contract mining for the Government of Saudi Arabia for a period of 8 years (similar to civil construction contracts)
ii. Metals and allied processing company - Joint venture with Outotec, Germany for erection of chemical plants
iii. T Track Saudi Arabia activities - Joint venture with T Track, South Africa - For laying tubular tracks-again civil construction contracts
Key Performances:
• Designing & implementing of systems, policies & procedures to facilitate the business process- I have done this in-house rather than use consultants, has resulted in saving of costs to the company.
• Have arranged Fund based and non-funded finance(Trade Finance) . Project financing of SR1.2 billion has been raised from banks and SIDF to finance our business operations.
• Preparing Annual Budget and forecasting .Allocating available funds as per budgeted plans and controlling expenses as per approved budget.
• Looking after insurance aspects of the business .
• Drafting of joint venture agreements with foreign partners .
• Foreign currency hedging and other financial means to save cost of financing working capital.
• Authored the systems manual based on the business process.
• Created the chart of accounts in the ERP system and mapped the Finance module and was an active leader for mapping the other segments of the business in the ERP.
• Negotiating credit policies with suppliers to help in improving the working capital gap
I have a team of 9 members in Finance and accounts.
In charge of Finance, Treasury, Insurance and Accounts with 18 staff in my department.
Key Performances:
• Project finance, Plant loan, Office building loan, Overdraft, non funded facilities by way of project report and cash flow projection. Total amount 150 million Qatari Riyal, both long term and short term funding.
• Contributing as a part of the Tender committee to ensure that all financial factors are taken care of while bidding for jobs.
• Checking on the accuracy of the costs and values estimates in the cost-value reports of the Commercial department to reassure on the reliability of the estimated revenue and costs to be recognized for each contract with the clients. Likewise checking on subcontractors cost-value reports.
• Looking after insurance aspects of the business - ensuring that the risk mitigation expenses are optimum and equates fairly with the business and financial risk exposure-insuring project risks, assets, marine risks, loss of stock, profit etc through negotiating with insurance brokers, resulting in large savings to the company.
• Negotiating credit policies with suppliers to help in improving the working capital gap
• Foreign currency hedging to reduce risk on FC exposure and savings in costs.
• Formulating incentive schemes for laborers so as to reduce cost per employee.
• Optimum stock, collection from customers and ensuring adequate working capital needs.
Introduced the HR package by way of selection and mapping and integrated this with the ERP.
Taking over the role of administration (HR and Personnel) in the absence of the administration Manager and handling complex employee related issues - Company's current employee strength is 600 staff and 8000 laborers.
I had a team of 18 member in Finance and accounts.
IFRS standards of accounting are adopted in our company and we had Big 4 firms as auditors.
Nature of business: FMCG sale of palm oil products belonging to Bidco brands. The process had a backward integration from growing of plantation in an island to extraction plant, then refining into vegetable oil and selling in entire Africa in brands. This is the biggest investment ever in Uganda (130 million USD) and Kenya (USD $110 million).
Key Performances:
• I was the sole implementer to the ERP (BaaN) in Uganda in Finance and Purchase and inventory modules….developed and implemented the BaaN ERP in Uganda in line with the complex business process.
• Procured finance successfully for the project by means of public issue of non convertible bons in the east African stock market size USD 130 million.
• Developed the project budget for the Uganda project, presented to the board and approved.
• Fashioned the daily treasury report which showed the daily movement of funds (collections and payments, short term investments, forecast for the next 7 days)…a very important cash position report in the FMCG industry.
• Negotiated and developed cost effective contracts with logistics providers for the supply of imported machinery from Mombasa to Kampala.
• While in Uganda, was in charge if Human resources as well: developed the HR forms required I the local environment to suit the business needs.
• Monthly reporting of the Financial accounts against the budget, reporting on the project status and the cash forecast to the board of directors on a weekly basis.
Development and implementation of new forms, policies and procedures to ensure efficient operations & proper controls for monitoring the business process
I had a team of 16 members in Finance and accounts.
Auditors are Price water coopers and we followed the IAS
Key performances:
• Implementation and monitoring the Financial Accounting system (factory and corporate).
• Procuring funds and their effective utilisation.-Funding the Bulk drug and Pharma manufacturing projects at manufacturing facilities.
• Product pricing, Cost Accounting and Cost control.
• Generating monthly MIS for parent company and local management.
• Capital Budgeting and working capital management.
• Corporate Taxation and Indirect Taxation.
• Corporate Secretarial matters. Given mandate as corporate secretary of the subsidiary by the parent company; responsibilities include Compliance with Companies act as regards Company Secretarial matters; Conducting of Board meetings and Annual general meeting requirements.
• In charge of the Information Technology using updated software’s both local and used by our parent company in a WAN.
• Materials Management and commercial matters
• IAS standards of accounting are adopted in our company and we had Big 4 firms as auditors
I had a team of 9 members in Finance and accounts.
Jaysynth Dyechem Ltd (leading Manufacturers & Exporters of Dyes and Chemicals-1992
Senior Accounts officer (in their Instruments and Software systems subsidiary known as Jay Instruments and systems Ltd.
Responsibilities:
• Implementation and monitoring the Financial Accounting system and periodical Financial reporting.
• Product pricing, Cost Accounting and Cost control.
• Ensuring tax compliance with Foreign Exchange regulations
• Audit and financial systems implementation in Multinational and Indian Clients as per Pricewaterhouse AGS system followed worldwide.
More than 30 years experienced CFO worked in 5 countries