Saghir Ahmad Malik

Overall handling all the financial matters of business unit. Leading finance team of 9 members.

Timely and accurate management reporting, Actual vs budgets analysis with previous period & prior year same period.

Monthly margin analysis by SKU, Country, Brand & Distribution Channel and its comparison with budget, latest forecast and prior year.

Monthly & quarterly business review & its presentation to Board. Monthly & YTD actual business analysis in comparison with budget and forecast.

Close coordination with senior management about all strategic decisions relating product pricing, margin analysis, and factory overhead control.

Liaising with external auditor, legal bodies and statutory organizations to ensure financial & legal compliance to international & local laws.

Training & coaching of team members on ERP Oracle Financials and related operational & reporting tools.

Review of monthly financial reports, working capital analysis, stock & fixed assets insurance declearation, stock cycle count and factory operation report.

Handling all the matters relating to product costing, month end closing, review of monthly resources & FOH cost. Variance analysis of major raw materials. Monthly cost adjustment of various imported stock items based on landed cost. Month end cycle count, authorization of any quantity or value stock adjustment.

Product pricing of various SKU, review of standard cost with periodic moving average cost. Reporting of long & short position of crude oil (both soft & hard oils) on daily basis.

Super user of Fixed Assets, Aaccounts Payable and OPM Financial Modules of Oracle Financial.

Worked as Project Cost Controller in Delmon Products Limited (An IFFCO Group Company) which was a green field project to establish a state of art Edible Oil Refinery on Yanbu Red Sea Port. My key role is:

Dealing all the financial matters including payments to supplier, import of major machineries, review and authorization of payments to civil contractors, opening letter of credits, bank guarantees with review & approval of all the financial transactions.

To define policies & procedure, various SOP’s and internal controls required for cost findings and management reporting and assist technical team in reviewing financial part of all major contracts of building, plant & machinery, civil works & site development.

To design financial modeling in excel in order to track project cost against approved budget with any revision and reporting any cost overrun on timely manner..

To defining periodic financial reporting e.g. total project cost to-date, estimated cost to complete, committed cost in-term of PO issued.

Proper classification of CAPEX cost, into cost of Building, Plant & machinery, Office equipments & furniture fixture and Pre-Operating cost.

Monthly forecast of fund position, funds requirement for next 6 months, management of Letter of Guarantees required for smooth execution of project.

Custom clearance of imported machinery, coordination with shipping lines, custom clearing agents, dealing with Ministry of Commerce & Trade for custom duty exemptions.

Administration of GOSI account, addition & deletion of new Saudi & Non-Saudi employees, close monitoring of compliance of local labor law and NIQAT system.

Compliance of DZIT statutory requirement & monthly filling of withholding tax returns.

Coordination with external/internal auditors and compliance to statutory requirement of SAGIA.

• Responsible for all the estimated & actual entries in GL module of Oracle Financial relating to crude oil purchase, crude transportation, deduction of shortage, penalties, fines and insurance claims.
• Verification of invoices of crude purchases from various oil fields, valuation of crude stocks and reconciliation of stock ledgers with physical stocks available at storage tanks.
• Managed accounts payable module of ERP Oracle Financial including validation, approval & cancellation of invoices.
• Developed, reviewed and implemented policies and procedure relating to crude purchase, crude transportation and stock valuation in compliance of ISO 9001 & 14001.
• Coordination with internal, external & government auditors relating to crude purchases its valuation and transportation.

Key Achievements:

• Reconciled 1, 300 long outstanding (full/ partial) invoices of amounting to PKR 3 billion (40 million USD) relating to a period of 5 years ultimately saving of 500 million to the company.
• With the help of IT department, developed in-house fully integrated module of crude oil costing being purchased from 120 oilfields across the country. Total monthly crude purchase was approx 1.2 million Barrel.
• Developed oracle based module to calculate Gross Refining Margin on fortnightly basis in term of USD / barrel.
• Due to revision of marine transportation rate, with a short span of time of 3 months I calculated revised weekly, monthly and yearly crude purchases of 07 year of amounting to average PKR 50 billion / year and reconciled it with crude suppliers.
• During the year 2008, GOP decided pending decision of withholding 10 % of crude price from suppliers I calculated differential cost 14 years of 10 oilfields and reconciled with crude suppliers and finally released the differential amount.

Completed 03 years article-ship with a member firm of world recognized Deloitte Touché Tohmatsu (DTT) and Moores Rowland International (MRI).

I have been engaged in the planning phase of the various assignments which include assessment of client’s business, selection of audit teams, coordination between audit teams, preparation of audit methodology and discussion with client. I have vast experience of review, evaluation, design and documentation of policies, procedures and accounting & internal control systems.
I have been supervisor, audit senior and junior on various audit assurance, consultancy & special purpose assignments of various listed & public companies specifically in Banking, Oil & Exploration Companies, Mineral Development, Telecom Sector and Non-profit Organizations.

• Preparation of monthly, half yearly and annual financial statements, finalization of monthly employees’ payroll, dealt the matters relating to income tax & sales tax including monthly & quarterly returns.
• Approval of purchase order and invoices. Monitoring of monthly debtor schedule (country wise) and chasing of outstanding invoices.

Special Assignments:

Prepared five year projected financial statements and business plan to be submitted to Pakistan Telecommunication Authority along with application for issuance of LDI (Long Distance International) and WLL (Wireless Local Loop) licenses for following organizations:

• Warid Telecom (Pvt.) Limited
• Wisecom Pakistan (Pvt.) Limited
• Wise Communication Systems (Pvt.) Limited
• Defense Housing Authority Lahore