KAMAL AGARWAL

Group Internal Audits
ASCORP Holdings, ASCORP Contracting LLC, KSK Homes and Student Accommodations LLC, KSK Capital LLC, Abu Dhabi Precast etc...
Construction & Contracting.
• Project Management: Monitor project wise Accounting, Authorize Sales/ Progress Invoices, Debtors, Sub Contractors and Suppliers Reconciliation, Tracking Security Cheques issued / received against advance payment, Advance payment Guarantees, Performance Bonds, Control Direct payments to Subcontractors, Control on Retention receivable / Payables. Vetting Sales and Sub Contractors’ Agreements, Coordinate with Certified Engineers. Dealing with Contract Variations/ Prime Cost Sum and Provisional Sum
• Cost Control: Supervise Cost Controller for Monitoring and authorizing the costs against Tender at the time of issuing the Purchase Orders.
Investments
Review and evaluate Investment proposals, Merger & Acquisition, Monitoring of Projects, Private Equity, Bank Financing, Financial Modelling of projects in various parts of world (Oil & Gas in Ukraine, Biological, Al Maha Balloons, Moringa Leaves, Tobacco in Croatia ).
Acquired 100% stake in 5 Star Hotel, Resorts and Golf Club UAE in 2020.
General
• Working on Strategy of “Splash Centre (A chain of Hypermarket)” to transform the company from Loss to Profit making.
• Banking Relation: Loan Restructuring, Outward / Inward Letter of Credit for Local / international suppliers, TR, OD, Currency Hedging. Management of working capital requirement, dealing for credit facilities from bank.
• Annual Financials, Revenue Recognition, Age Analysis, Collections, AR/AP, VAT
• ERP: Working on the implementation of ERP system, Policies & Procedures, Support to IT and HR Functions

Areas of Operations: Defense Equipment, Arms and ammunitions, Radars and navigation systems and after sales service to General Head Quarters -UAE Army and Navy. Reporting: CEO
Key Result Areas:
• Trade Finance& Import: Outward Letter of Credit for international suppliers and Inward LC from UAE Government, Army and Navy, TR, OD, Currency Hedging. Interaction with suppliers for import. Management of working capital requirement, dealing for credit facilities from bank.
• Supply Chain: Oversee the purchasing, shipping, logistics, receiving and material handling of the organization. Negotiate long term contracts with suppliers.
• Budgeting: Preparation of project wise annual Budgets, variance analysis and corrective action.
• Costing/ Pricing: Assisting the project management team in costing preparation; filing the tenders and bids with various Government authorities for supply of Weapons, ammunitions, navigation & Rader System, After Sales Service.
• Monthly MIS and Annual Financials
• ERP: Working on the implementation of ERP system
• Policies & Procedures

The assignment was to handle mainly Private Equity to sell stake to “one of the large Hospitality Group” based in London. Major job responsibilities were as follows:
• Coordinate Financial and Tax due diligence. Shareholder Sale and Purchase Agreement, Loan Agreements, Restructure of Group companies.
• Finalization of financials at various locations. Restructuring of debts and Credit lines with banks and financial institutions. Improvement in of Oracle based ERP, Recruitment of Finance staff to cater future requirements of Board for MIS, Projections, Consolidated financials, Costing etc..
• Monitoring of Tax compliance, Preparation and implementation of checklists, calculation, deposit, refund & filing of monthly and annual Tax Returns of various location in Africa.

Shalina Resources Limited is a part of Shalina Group engaged in production & distribution of Healthcare products, mining & mineral processing (Copper, Cobalt, Tin & Colton) and turnkey projects related to mining industry in Africa. Shalina has offices in Dubai, London and Bejing.

In Resource business, it has Copper SX/EW plant (30, 000 tons PA), Cobalt Hydroxide plant (3000 tons PA), Two Sulphuric Acid plants (500 & 100 TPD), Two Heave Media Separation plants and number of mining licenses and research permits. It has it’s own automobile workshop to serve the fleet of 400 vehicles with a talent pool of 3000 staff.

Job Responsibilities:

A true business partner to CEO & CFO, assess organizational performance against both the annual budget and company’s long-term strategy, serve as a member of executive leadership team, participate in key decisions pertaining to strategic initiatives, operating model and operational execution.

1. First time adoption of IFRS & Consolidation, fair valuation of tangible and intangible assets, Fair valuation accounting.

2. Working capital management and Review of consolidated financials, budget, MIS, costing and financial analysis in line with IFRS, feedback and recommendation to board. Review & monitoring of 13 weeks cash flow forecast, weekly payment plan, authorization of payments, CAPEX, OPEX and other crucial MIS reports on Monthly basis for top management evaluation and decision making. Engage the board of directors to develop short, medium, and long-term financial plans and projections

3. Participating in Initial Public Offering (IPO), Investor relations, Equity and Funds raising activities by closely working with Chief Finance Officer to represent the company to potential investors, banks and financial institutions, consultants and lawyers. Coordinate for due diligence studies, financial modeling and restructuring. Preparing the news release, Management Discussion and Analysis required for SEC filing.

4. Review of Contracts of sales, purchases, consultancy and various operational activities of company. Review of provisional and final sales invoices as per the various tests and unpaire analysis and holding certificates. Monitor the sales collections, dispatch and logistics arrangements.

5. Manage and develop a team with 6 direct repartee's including two chartered Accountants, managing work allocation, training, problem resolution, performance evaluation, and the building of an effective team dynamic.

Achievements

a. Set up the Finance Department of Resource Business at Dubai. Recruitment of Senior & Middle Management staff at Dubai & DR Congo.

b. First time adoption of IFRS and successfully completed the audit from PricewaterhouseCopers since last 4 years without qualification.

c. Successfully Completed the financing of US$ 20m from Standard Bank London. Participated in due diligence study by bank, coordinate with various consultants and banks in London for financing/Private equity of US$ 200m.
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d. Development of full spectrum of budget and controlling system in the company to control and monitor the operational and capital expenditures. Development of full fledged financial reporting system.
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e. Continuous initiatives on profit improvement on overheads and manufacturing costs.
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f. Implementation of best practices and development of the corporate financial policies and procedures.

g. Formation of legal company set-up in Jebel Ali.

h. Local knowledge of cultural dimension and GCC requirements.

Major Internal Audit Experience:

1.Ajmal Group-Dubai:- Setting up the internal audit department for the group having Manufacturing, retail outlets, Export & Import, Real Estate, leasing and property management.

•“Letter of Excellence” by Ajmal Group for outstanding performance in the areas of ERP evaluation, financial, operational and IT controls.

2.Specialist Group-Dubai:- Transport and services to US and British Army and Airforces in GCC, Iraq and Afghanistan.

Feasibility studies and projected financials, business plan and due diligence studies. (Courier, German Business Park, Dubai Outlet Mall, Dragon Mart, Courier, Construction, Floriculture, Building Materials, Steel & Wire, Switchgears)

Accounts management and MIS: Finalization of accounts and preparation of financial statements in line with IFRS and International accounting standards. Preparing the Profit and Loss account, Balance Sheets and Funds flow Statements and other crucial MIS reports on Monthly basis for top management evaluation. Monitoring, segmenting different operations, process, projects into profit and profitability centres, in addition designing & implementing systems, procedures & manuals for the timely preparation of crucial feedback reports to ensure organisational effectiveness.
Sarbanes Oxley (SOX) Act 2002: Interviews, Process mapping, walkthroughs, SOX testing, Problem identification, Action plans and follow up, assess the internal control over financial reporting, Design effectiveness and operation effectiveness, updation of control library, preparation of SOX file, filling up the questionnaires, collecting the evidences and coordination with corporate office.

MIS, Prepare Annual Budgets, Analyzing and Controlling, Variance Analysis of Monthly Operational & Financial Performance, Documenting process flows, System Control, Control Weaknesses, Developing Controls, Systems and Procedures, Risk Analysis, Debtors Control and Payment Authorization, Tender Costing, QSC for ISO etc...

Assisting Divisional/Group General Managers for various types of Financial Analysis, Forecasting, Budgeting etc..

Vision for profit maximization, Cost saving/ Cost cutting.

Major Achievements:

System study & Risk Assessment

1) Workshop efficiency, System and Procedures.
2) Re-designing the organization structure.
3) Increase the usefulness of MIS report. All these resulted in substantial saving.