Chief Financial Officer
Jindal Shadeed Iron & Steel LLC
Total years of experience :37 years, 7 Months
Chief Finance and Accounts Officer - Middle East (Hydrocarbons) Larsen and Toubro Ltd., (An Indian MNC) UAE From June 2011 onwards
GM-Finance and Business Support (CFO) Oman Refineries and petrochemicals company LLC (Currently ORPIC) In an International location Nov 2001 to June 2011
Manager Finance All Hassan Group of Companies Muscat 1997 to 2001
Designation Organization Location Period
❖ Group Manager Finance, Al Hassan Group of Companies, Muscat (1997 - 2001)
Job Profile
• Managed a team of 40 employees
• The Group consists of various activities ranging from Engineering, Procurement, Construction, Trading, Manufacturing and IT and Telecom services and the job involves preparing Business plan and Budgets.
• Liaised with banks and financial institutions for arrangement of working capital finances.
• Implementation of ERP solution for the group companies covering various activities.
• Prepared and presented the consolidated Budgets and Management accounts of the conglomerate
• Computation of tax liability of the business conglomerate
• Managed the public issue of equity shares for the organization and merger of two companies.
Key Achievements
• Floated a Joint stock company and achieved merger of companies in short time.
• Achieved Best Factory Award from His Majesty.
• Implemented Oracle based ERP solution (Orion) for the Group companies.
• Assisted EPC group for winning various large EPC tenders.
• Achieved Variation order through active negotiation in a large LNG upstream EPC contract.
• Best financing achieved at less time and reduced interest rates in each year.
• Achieved 5 years Tax assessments at a row and obtained refund of US $ 100, 000/- • Handled three complicated legal cases offshore and won the favorable verdict.
• Successfully managed the issue of IPO.
• Spearheaded joint venture with Asian paints, ABB etc.,
❖ Deputy Manager Finance, Hindustan Petroleum Company Ltd., Mumbai (1989 - 1997)
Job Profile
• Managed a team of 30 employees
• Responsible for Pricing Department which managed US $ 2 Billion on Oil Pool claims and surrenders
• Preparation of the monthly, Quarterly and Annual financial statements on a regular basis
• Worked in Lube manufacturing, Marketing, Refining and Corporate office
• Performed various accounting functions of the organization
• Participated in the IPO and disinvestment for the organization
Key Achievements
• Claimed US$ 500 K at the implementation of MODVAT
• Introduced instant deposit scheme-saved US$ 1 million
• Achieved railway freight differential worth US$ 10 million
• Have won several appeals on Excise, Customs and Sales Tax case against Government.
• Completed two years pending Income tax assessments.
• Participated in disinvestment and public floatation of shares.
• Completed Audit within one month of the fiscal closure.
• Increased productivity levels by automation of account reconciliation processes in Bank accounts.
❖ Accounts Executive, International Instruments Ltd, (1988 - 1989); TCM Ltd (1986-1987)
Job Profile
• Managed a team of 10 employees
• Preparation of the financial statements on a regular basis
• Preparation of Costing Reports and MIS
Key Achievements
• Developed system for Costing for all automotive parts.
• Finalization of monthly and annual accounts.
• Financing and liaison with banks.
1997/98 Public Issue - Phase II 22, 62, 20, 000 226, 22, 00, 000
2. Initial public offer of US $ 100 Million for Al Hassan Engineering company which was oversubscribed by 2.3 times though it came as first issue after reopening of market after 1998 market crash in Oman.
Due Diligence and Financial modeling
1. Merger valuation, Financial modeling for refining and petrochemicals companies.
2. Due diligence and Financial modeling for investment in a JV with French industrial gas company.
3. Financial modeling for several million US $ projects such as Revamp project, DHDS, Isomerisation, Power.
4. Due Diligence for investment in Switch gear JV and Paint JV during tenure at Al Hassan.
5. Due diligence for pension fund investment for a fund of around US $ 100 Million.
6. Due diligence for private investments of sponsors while working for Al Hassan.
Experience in Details
❖ Chief Finance and Accounts Officer - Middle East (hydrocarbons) - Job Profile
❖ Job Profile
• Managing Finance and Accounts activities and provide business support to Upstream, Mid and Down Stream and Infrastructure and pipeline strategic business units in hydrocarbons in Middle East. Recently joined.
• Preparing periodic financial statements on monthly and quarterly basis
• Financial forecasting through the preparation of financial Reports, functional budgets and cash flow statements
• Preparation of master budget by consolidating all the functional budgets
• Identification of the opportunities for Investment, partnerships, mergers and acquisitions
• Preparing "Lakshya" which is the ME strategic plans
• Preparation of corporate balance score cards to measure various objectives of the organization
• Arrangements for funds for long term as well as short term use by the organization from national as well as international financial markets
• Insurance and Legal, Treasury and Asset Management portfolio
Key Achievements
1. Strategic business guidance to the Organization
• Provided guidance on set up of branch office for foreign branch in Oman, without capital outlay.
• Spearheading on set up of Joint ventures in Kingdom of Saudi Arabia
• Introducing a payroll system and Dash board system for consolidation.
• Prepared the Accounting policy manual and authorities manual.
2. Championing financial schemes to improve profitability
• Saved USD 1.3 MM by setting up branch office as opposed to setting a separate company.
• Covered forex exposure, and metal at much favorable rates compared to budget rate which resulted in enhancing profitability.
• Spearheaded the cost effectiveness initiatives and generated 250 ideas which are under implementation in various projects.
• Arranged funded and non-funded facilities at very competitive rates and thereby enhanced project profitability
3. Managing Risk - financial & commercial
• Advised on hedging of margin, foreign currency exposure and metal and implemented in on going projects.
• Coverage of insurance on all project sites with better terms and less premium compared to budget.
• Preparation and participation in the risk reviews at various levels.
4. Supporting growth via investments
• Establishment of branch office in Oman.
• Establishment of Joint venture companies in KSA.
• Prepared a guidelines note on "Doing Business in Middle East" covering various aspects of business which will help the company set up new ventures and undertake projects in various middle east countries. Currently working on efficient tax structure globally.
❖ General Manager-Finance and Business Support Job Profile
❖ Job Profile
• Managing a team of 75 employees and a key management member.
• Preparing periodic financial statements on monthly and quarterly basis
• Preparation of master budget by consolidating all the functional budgets
• Identification of the opportunities for Investment, partnerships, mergers and acquisitions
• Preparing corporate strategic plans and Preparation of corporate balance score cards
• Preparation of Oil accounting and cost accounts of the organization.
• Conducting project feasibility studies to assess the financial viability of the projects, project accounting
• Arrangements for long term / short term funds from national as well as international financial markets
• Insurance and Legal, Treasury and Asset Management portfolio.
• Supply chain management, Tender Board functions for procurement and Marketing.
• IT system management, application support and project development
• Managing the pension fund assets and investment portfolio of the organization
• Liaising with the Board of Directors and the Chairman in the capacity of company secretary
Key Achievements
(1) Strategic business guidance to the Organization
• Negotiation and finalization of Toll processing agreements - 300% growth in Turn over.
• Lead role from the inception until completion of merger of two refining companies and currently working on integration architecture of two petrochemicals with the refinery.
• Successful Conclusion of financing arrangement with international banks for US $ 1.4 Billon with improved IRR from 12.5% to 19.5%.
• Achieved successful financial closure for US $ 675 Million during current financial crisis and market disruption.
• Negotiated the EPC contracts worth US $ 3 Billion on various ventures and negotiated several commercial deals with leading international contractors from Japan, Korea, European countries, US and Middle East.
• Financed the Project for a refinery, associate petrochemicals company and merger through project financing in the international market.
• Conducted Road Shows for Financing / Insurance / Sale of products in London, Dubai and Singapore.
• Spear heading the Financing of current expansion project of over US $ 1.5 Billion.
• Negotiated Products Sale Agreements for US $ 8 Billion refined products with international trading companies and achieved US $ 15 Million improvement p.a. in 2006
• Negotiation and Finalization of Propylene supply agreements - savings US $ 36 Million p.a.
• Lead role in Finalization of supply of feedstock to petrochemicals, saving US $ 30 Million.
• Lead role played in Negotiation and Finalization of Shipping agreement - savings of US $ 2 MM p.a.
• Lead role played in Negotiation of Off-take of OLNG condensate, total savings was US $ 1.5 MM p.a.
• Implementation of Business Information Management System for two refineries which integrates all technical systems with financial/commercial systems, including supply chain management system.
• Implementation of Plant information management system which integrates all technical system.
• Spearheading on a JV between two Omani Companies for a Telecom FOC leasing company.
• Spearheaded JV with western and far east companies for petrochemical project
• Spearheaded in negotiating a crude sale and purchase agreement with Government.
• Negotiated several commercials deals with international suppliers for supply of products and feedstock form Singapore, European countries and Middle East.
(2) Championing financial schemes to improve profitability
• Negotiation with Government on Revision of Gas Oil prices in 2005 which changed company results.
• Championed Profit improvement program which turned around the results of in 2007/2008/2009.
• Spearheaded Negotiation with Government on current International pricing which changed results.
• Pioneered Investment policy for company and pension fund and created surplus in this hard market.
• Achieved significant cost savings in various areas resulting in a savings of US $ 15 Million in 2004.
• Achieved US $ 75 Million remission. in negotiating crude price with Government in 2005.
• Initiated revision in Government crude pricing policy which turned around the company results.
• Achieved 5 years of pending income tax assessment at a row and obtained refund of US $ 1 Million.
(3) Managing Risk - financial & commercial
• Management of insurance portfolio; savings around US $ 3 million p.a.
• Championed Product price hedging, Interest Hedging processes.
• Achieved significant savings of US $ 2.5 Million in insurance coverage in 2010.
• In each major project/ investment, significant role played in reducing/eliminating financial risk.
• Spearheading the assessment on enterprise Risk Assessment studies.
(4) Supporting growth via investments
• Supported the company in growth through investment in Nitrogen plant and strategic partnership.
• Achieved partnership in Aromatics Oman LLC and participation in all techno commercial decisions.
• Assisted CEO in bring Oman Shipping Company into the fold of partnership.
• Promoted the idea of partnership in Oman Polypropylene LLC and obtained Government's approval.
• Safeguarded the status Pension fund status at current adverse market conditions by prudent policies.
Deputy Manager Finance Hindustan Petroleum Company Ltd. Mumbai, India 1989 to 1997
Accounts Executive International Instruments Ltd. Bangalore, India 1988 to 1989
Accounts Executive TCM Ltd. MetturDam, India 1986 to 1987
Details of experience in specific areas of Merger & Acquisition, Fund Raising, IPO and due diligence
Merger & Acquisition
1. Completed merger of two private petrochemicals with our refining petrochemical company.
2. In 2007, lead the team on merging a new refinery company with our company and sphere of work includes valuation, merger financing, merger architecture, business process change management, legal support.
3. In 1997, spearheaded in the work of acquiring a private construction company with a newly floated private engineering company. Sphere of work includes valuation, merger financing, merger architecture, business process change management, legal support.
Fund Raising
1. In 2010, concluded working capital financing of US $ 675 Million at the current tough market conditions.
2. In 2007 completed merger financing of US $ 1.370 Billion with limited recourse, limited security and balloon option just before the subprime mortgage problem hit the market. HSBC was the financial adviser.
3. In 2006, achieved financial closure of US $ 1.4 Billion for an associate petrochemicals company. HSBC was the adviser
4. In 2003, achieved financial closure of US $ 1.1 Billion for a refinery which started as a project under ORC. Bank of America was the adviser
5. In 2003, achieved financial closure of US $ 300 Million for a petrochemicals company which started as a project under ORC. APICORP was the adviser.
6. For the above purpose, maintained close relationship for foreign investment banks such as, Bank of America, Barclays (Barclays Capital), Societie General, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, HSBC, JPMorgan Chase (J.P. Morgan Investment Bank), Morgan Stanley, Royal Bank of Scotland, UBS (UBS Investment Bank) and leading regional and local banks.
7. Also worked with ECAs such as JBIC/NEXI/KEXIM.
8. During my tenure in HPCL, worked closely with relationship banks such as State Bank of India, Union Bank of India, Punjab National Bank, Standard Chartered Bank, Bank of Baroda, Bank of India, Citibank N.A., and Corporation Bank. Further close relationship was maintained with SBICAPS.
Initial Public Offers
1. Worked on the first and second initial public offer of HPCL as shown below: Year Particulars Total No. of Shares Total Share Capital (Rs)
1995/96 Public Issue - Phase I 20, 88.70, 000 208, 87, 00, 000