ILYAS PATEL CA CPA CMA

Head of Finance- reporting to Owners / Board of Directors

Overseeing all aspects of financial management and control in the business. advising Owners / Board of Directors on various strategic and commercial matters, dealing with financials institutes for arranging finances / restructuring of financing facilities, handling legal matters & compliances, provides inputs to tender estimation team

Selected Achievements:

• Identified and highlighted huge costs overrun in EPC projects, recommended and implemented corrective actions, prepared and implemented various SOPs covering monitoring, controlling and reporting of projects costs.
• Led project costs control committee overseeing demobilization & remobilization of resources, earned saving of approx. AED 15 mn
• Re-implemented Microsoft Dynamics AX
• Implemented monthly MIS reporting system
• Restructured financing facilities with various banks
• Managed severe cash crunch situation

Head of Finance for the Ready Mix Concrete Division in the UAE, Saudi Arabia, and Egypt, having annual turnover of around AED 900 Mn.

Overseeing all aspects of financial management and control in the business covering managing, supporting and supervising finance teams of UAE, Egypt and KSA, cost and cash flow management, partnering with operations and commercial team, advising senior management on various strategic and commercial matters, following-up & overseeing collections from customers, restructuring of receivables / payables, reporting and business performance measurement. Preparing, supervising and consolidating financial statements, MIS reports, and monthly presentation of financial performance and KPIs to CFO / CEO. Working on and delivering ad hoc projects / assignments given by CFO / CEO for various group entities.

Selected Achievements:

• Led ERP implementation in Saudi Arabia and Egypt
• Rolled-out budgetary control and uniform monthly and quarterly financial reporting system across the UAE, Saudi Arabia and Egypt
• Facilitated Group CFO in developing and putting forth policies and procedures, development of ERP system, cost control measures, budgeting and monitoring at group level
• Part of cross-functional team on costs control, brought down material costs per cubic meter from AED 154 to AED 131 while at the same time lowering overhead costs from AED 37 to AED 28 per cubic meter

Additional responsibilities as Manager - Insurance for entire group

Appointed as Finance Manager for the Project “Engineering, Procurement, Construction and Pre-commissioning of Rumaitha / Shanayel Facilities Phase III (Client: Abu Dhabi Company for Onshore Oil Operation (ADCO); Project Value: USD 1.40 Billion), executed in Consortium with GS Engineering & Construction Corp. Dodsal Contract value USD 750 million.

Oversaw all aspects of financial management of the project including close monitoring of projects costs, analysis of project progress with various parameters, leading costs to come exercise and verifying the substance for cost to complete, and cash flow management. Ensured correctness of project balance sheet, income statement, and facilitating project review. Prepared MIS reports for senior corporate management team, advised project team on commercial matters and optimization of resources.

Selected Achievements:

• Actively managed acute cash flow crisis and supported project team to complete the project.
• Part of CFT team - Identified and Liquidated nearly $ 6 Million of excess material and assets
• Restructured of project payables and thereby optimized cash flow
• Streamlined VAT implementation and ICV reporting through necessary changes in SAP system

Oversaw all aspects of financial management and control spanning managing financial accounting & reporting as per IFRS / Indian GAAP, consolidation, ensuring legal and statutory compliance, providing financial and business planning advice to Regional Director, business partnering with General Manager and Project Directors on strategic businesses initiatives, performing risk assessment, and financial and commercial review of all projects.

Managed senior stakeholders including clients, vendors, banks, insurers, auditors, lawyers and partners. Closely worked with tendering / estimation team, contracts and claim management team. Attended Voltas Qatar WLL / Universal Voltas LLC Board Meetings, preparing board presentations and resolutions, and preparing minutes of board meetings.

Selected Achievements:

• Led project financing (funded and non-funded) negotiations with various Qatar Banks for multiple construction projects including Doha Festival City (Contract Value (CV) QR 650 M and Facilities Value (FV) QR 400 Mn), Vendome Mall (CV QR 564 Mn; FV QR 320 Mn), Qatar Handball Stadium (CV QR 225 Mn; FV QR 114 Mn), and Worker Hospital (CV QR 250 Mn; FV QR 148 Mn)
• Managed the cash flow and cost and profitability of the some of the iconic and prestigious projects in Qatar such as Sidra Medical Research center ( project value - QR 1.3 bn ), Doha Festival city - QR 650 Mn, Vendome mall project - QR 564 Mn, North Gate Mall project - QR 260 Mn, Doha Land Mashreib Properties - QR 200 Mn, Qatar Handball Stadium - QR 225 Mn
• Earned QR 4.5 Mn interest over 8 months on QR 110 Mn deal by restructuring receivables of Qatar Handball Stadium Project
• Secured QR 12 Mn insurance claim for fire incident at Sidra Medical Research Center Project
• Led corporate restructuring of Voltas Qatar WLL while synergizing with shareholders, lawyers, financial institutions, statutory authorities and other stakeholders
• Played key role in developing SAP modules for bank guarantees management, quantity control and cost variance tracking; specified requirements, planned implementation, designed control methods, managed outputs; played key role in centralizing and standardizing all branch, subsidiary and joint venture MIS operations
• Developed internal financial control and risk control matrix in co-ordination with internal and statutory auditors in compliance with Company Act 2013 (India)

Additional Responsibilities - Internal audit for Diamond and Jewellery Division

Managed end-to-end Finance and Accounts Functions for factory of manufacturing of building materials and construction business covering construction projects budgeting, costing, reporting and monitoring. Engaged in establishing internal controls and processes, managing relationship with banks for project finance, Capex and working capital requirements, and liaisoning with auditors / insurers.

Selected Achievements:

• Part of M&A Team for acquisition of Soft Touch Jewellers (27 retail gold and diamond jewellery stores across Middle East); led due-diligence and prepared business model for retail gold and diamond jewellery business
• Led Financial Management, MIS integration and ERP systems implementation for factory of manufacturing of building materials and construction start-up business

Aided the management in making sound business decisions by collecting, analysing, and presenting financial information on different divisions. Streamlined monthly budgeting and reporting and diligently handled Project Finance and Treasury Management.

Selected Achievements:

• Earned accolades for finalization of accounts and completion of audit for FY 2008 as per IFRS in record time

Initiated stint as Senior Accountant in HO and scaled and transferred to Tawasul Transport LLC as Head of Finance & Accounts. Outline of the key deliverables include preparation of budget, unit MIS, consolidation of MIS, finalization of books of accounts of all subsidiaries / HO and consolidation as per IFRS, and project reviews / feasibility study & preparation of financial forecast for various projects undertaken by subsidiaries / HO. Other integrated deliverables include roll-out of ERP across the group, arrangement of loan for capex / working capital with banks, treasury management, liaising with Corporate Office / Internal Auditors / External Auditors, Financial institutes / Insurance companies and working on bus transport / railway transport projects.

Selected Achievements:

• Instrumental in establishing budgeting / MIS system and development of ERP system across the group companies
• Prepared first group consolidated balance sheet worth of USD 1.6 billion for the year 2006 and get it audited from E & Y Auditors
• Served as a part of 3-member team, engaged in establishment of Tawasul Transport LLC (a passenger transport company in Abu Dhabi - UAE having 1021 fleets); arranged / negotiated with banks for capex / working capital loan

Achievements/Responsibilities
• Instrumental in preparing Standard Operating Procedure Manual for Finance Department
• Compliance with IFRS, internal audit for inventory, payroll, system review

Achievements/Responsibilities
• Part of project team for establishment of two industrial plants for manufacturing of Optic Fibre Cable in Silvassa India, involved in business planning and execution and SAP implementation ( MM/FM module) for manufacturing business of optic fibre cable, part of many TQM projects, Transferred to Copper Business ( Mining and Metal) in Aug-2002
• Promoted as Sr. Accounts Assistant, gained significant exposure in Finance & Accounts, finalization of accounts, MIS, and compliance in Optic Fibre Cable / Copper business