Senior Corporate finance Manager
Investment and Development office
مجموع سنوات الخبرة :27 years, 6 أشهر
Management Reporting for different segments i.e. cash flow, Budget Vs Actual at group level to the stakeholders BOD
o Successfully Implemented Business Planning and Consolidation and Business intelligence for Reporting and financial planning and budgeting and consolidation over 100+ focus on key parameter like revenue recognition, cost, inventory, capex and the expense.
o Liquidity Management (Cash flow statements, Projected Cash Flow ) and Implement and compliance VAT in different segments of the group
o Preparing the consolidation financial statement (Over 100+ entities with 15 different segments) in accordance with the IFRS, meeting the agreed timeline.
o Ensuring the compliance of IFRS standard i.e. elimination of Intercompany Balances, Investment Elimination, financial instruments, recording of share in profits, appropriate disclosures
o Preparing the Power point presentation with variances analysis report for the top management
o Prepared and strictly following the checklist for doing the consolidation process.
o Drafting contracts and RFP processes..
o Going in depth for any transaction to understand the nature and provide the appropriate accounting treatment in compliance with IFRS
o Interacting with the external auditors to resolve the unresolved points.
o Working on the special projects
Banking & Treasury:
o Long term & Short term financing, managing the working capital & Syndication of Working Capital facility of 100Mio. Crystallized Working Capital facility over $ 250 Mio & Secured the receivable of over $ 80 Mio by providing due diligence documentation. Converting the secured working facilities into unsecured working facilities
o Reduction of finance cost by $ 4.5 Mio & bank transaction fees by ~50%.
o Re engineered cash & treasury management process which lead to saving of $ 2 Mio per year through renegotiated revolving credit facilities.
o Managing the portfolio of banks over 25 banks (Foreign and Local Bank)
o Implement global cash management strategies & managed the cash inflow/outflow of over $ 400 Mio every year for business evaluation of optimal capital structure, funding strategies, covenant requirement.
Hedging:
o Monitoring of interest rates FX and credit derivatives currency hedges and Risk Management the best ways to utilize
o Provided funding to group companies using interest rate swaps and caps. Delivered overall savings of 6-12 basis points
Capital Restructuring & Investment Analysis
o M&A transactions for capital restructuring of the organization with Barclays & SCB on sell side.
o Feasibility study of new ventures i.e. setup of Fashion University, Telecom & dairy business & successfully started the project.
Technology Applications
o Ownership & project manager for SAP Implementation for 10 entities which is successfully Implemented in a span of 6 Months.
o Automating 98% of processing & reduced overall Accounts Payable, Accounts Receivable, Production Planning, Human resource, Bank Reconciliation by 40%
o Reduced the overall time by 95% in Consolidation of financial Statement of 30 companies as per IFRS Compliant
o Reduced the overall time by 95% in generating receivable, Inventory ageing, Product-wise profitability & MIS
o Established the internal control system which established the proper audit trail of transaction which lead to efficiency & comfort to external auditors(Big 4)
Versatility
o Implementation of 25 SOP & financial policies
o Deep familiarity with financial risk management, Insurance, accounting, tax, reporting, policies and procedures related to treasury, Financial modeling budgeting & financial reporting (Consolidation of financial as per IFRS & US GAAP)
Banking & Treasury:
o Arranged Euro 100 Mio supplier credit loan, $ 75 Mio Mezzanine syndicated Loan, $ 175 Mio refinancing syndicated loan, $ 225 Mio refinancing Club deal $ 202 Mio Islamic Financing and Working capital financing from foreign and local Banks & $40 Mio loan from International Finance Corporation (IFC)-Washington for subsidiaries in India, Bangladesh and China. Refinancing of $ 400 Mio from four Banks (HSBC, NBAD, CBD and NBF).
o Coordinated global repatriation efforts of approximately $1.5B annually from over 160 countries, global cash pools of approximately $500M (gross), and global cash forecasting processes for 5 countries.
o Managed global banking relationships of the core bank group who provided over $ 2 Billion credit support.
o Effected a reduction of the Finance Cost by $ 17+ Mio over a period of 6 years and a saving of $ 4+Mio in Supply chain and logistics
o Enter into agreement for securing receivables worth USD 250 Mio which enabled the improvement in liquidity and save cost. Maximized financial value of assets including securitization of receivables & structural financing
o Implemented technology solutions to gain efficiencies by reducing the number of depository banks and associated expenses by thirty percent (30%).
o Managing the portfolio of banks over 25 banks (Foreign and Local Bank). Optimized regional banking relationships reducing the number of banks from forty to twenty five
Hedging:
o Provided funding for many new manufacturing companies in the U.S. using interest rate swaps and caps. Delivered overall savings of 100-250 basis points.
o Interest Rate & Foreign Currency Hedging Over $ 1 billion with Foreign & Local Banks. Risk Management through hedging using derivative products for interest rates, currency movements, forwards, futures & options; structuring of trade product to bridge the gap of credit line and reduction in pricing of supplies.
o Fair Value Measurement, & Accounting Records review for embedded derivatives, Fx Forwards, Cross Currency Swaps, Interest Rate Swaps, Forex Options, Equity derivatives and Exotic Products.
Capital Reorganization & Investment Analysis
o Core member for crystallizing different capital structures with Investment Bankers. Buy and Sell Analysis of the companies and acquisition analysis of the target Companies. Materialize five M&A Deal for capital restructuring of the organization with Barclays, BNP & HSBC of ~ $ 350 Mio
o Core member during IPO of RAK Bangladesh BDT 1.3 Billion, the public portion was oversubscribed 15 times
o Core team member of senior management team for increasing the Value for the Shareholders & Investor relation.
ERP Applications
o SAP (FICO, SD, MM, PP, BI, BPC, TRM) & Oracle Implementation of 5 companies in 3 countries
o Reduced the overall time by 95% in Consolidation of financial Statement of 74 companies as per IFRS Compliant
o Mechanizing 98% of processing & reduced overall Accounts Payable, Accounts Receivable, Production Planning, Human resource, Bank Reconciliation, processing of payments, daily cash reports, and Generating MIS about the facilities from banks by 40%
Versatility
o Direct reporting of 15-employee in financial department and all accounting, budgeting, AR/AP, payroll, financial reporting, investment, treasury functions & IT Improvement.
o Consolidation of Financial Accounts of the group and liaising with Internal Auditors and External Auditors. Developing a comprehensive group wide reporting patterns including daily & weekly dashboards and monthly & quarterly business analytics reports for group manufacturing entities. Preparing a uniform reporting package for all subsidiaries to report financial information in Group Consolidation
o Designed and led implementation of new financial systems including General Ledger, Accounts Payable, and Financial Reporting for multiple companies. Implemented of Assets BAR Coding for effective Control and monitoring, Impairment module as per IFRS
Setup of System & policies
o Setup of full accounting, payroll, purchase and visa system
For the organization RAKIA and its subsidiaries & Consolidation of Accounts, successful adoption of system for Visa, License, payroll, Lease property & making IFRS Compliant.
o Process designing of Purchases, sales, intercompany transaction, processing of payments, month closing, recording of provisions’, revenue & expense recognition, finance cost, policy on leveraging
o Managed liquidity, investments, collateral, A/R and A/P for corporate & subsidiaries
Fund Management
o Raised long term financing of worth USD 600 Mio including sukuk financing of worth USD 325 Mio for a manmade Island in Ras Al Khaimah “Al Marjan Island”. Developed and managed international corporate bank, providing credit, funding and FX risk management to corporate & subsidiaries. Managed global intercompany loan portfolio of $261M.
o Managed liquidity, investments, collateral, A/R and A/P for corporate & subsidiaries. Forecasted cash flows for both working capital needs and strategic investments.
o Analyzed, structured, negotiated, and implemented all financing activities including production financing, collateralized borrowing, credit facilities, lease-buy analyses, budgeting, planning, capital structure, capital expenditures, asset restructuring, and repatriation
Investment Analysis
o Analysis of Investment of various manufacturing. Analyzed client portfolios ranging from $100M-$250 Mio in assets.
Attracted $ 1 Billion of Strategic Investment in RAS Al Khaimah (UAE). Evaluated all Investment options to assess
Return and risk.
o Coordinated and conducted preparation of client presentations, Companies’ setup in RAKIA which forms the part
of the joint venture profile. Project financing for different sector like Polyester Industries, Diaper Manufacturing,
Windmill and Glass Industry
Management Information & Audits
o In-charge of end to end preparation of financial & interacting with external audit from big 4
o Developed MIS pack & MIS Reports to the stakeholders along with the reason of variation with solutions of the variation.
Financials & MIS Reports
o Established detailed and quarterly MIS report for the management; reduced the payroll processing time and implemented in house payroll system; managed reconciliation of supplier, customer and bank accounts through the ERP .Presented detailed monthly, quarterly reports for Senior Management and prepared year-end financials
Taxation
o Ensured compliance with Direct & Indirect Taxation Statutory Requirement; Filing of Income Tax Return, TDS Return, Advance Tax Return, Service Tax Return, Annual Returns-ROC, Excise Duty. Redesigned tax reporting packages, allowing for more standardized collection of data from reporting entities. Prepared state true-up calculations and computed the effective tax rate
o Reconciled all General Ledger (GL) accounts relating to taxes for month-end and year-end closings, ensuring correctness and accuracy.
o Managed process for all tax notices, alleviating exposure to penalties and interest
Auditing
o Developed, implemented and managed in-house audit programs for all operating companies, ensuring accurate ability to distribute and accurately track.
o Evaluated the effectiveness of internal control policies and influence best practice change by utilizing root cause analysis of audit results across multiple units & Optimized team structure by cross training team members, aligning responsibilities with development.
Finance & Accounting
o Coordinate the preparation of Financial Statements, Financial Reports for internal usage. Ensuring that all financial controls for the department are met and adhered to at all times. Preparing Annual Budget and forecasting trends
& providing guidance, advice & accurate financial information to VP Finance /CFO
o Identifying areas for cost cutting and improvement.
Taxation
o Work with individuals and Corporate to analyze the tax documents, determine tax deduction and prepare Income tax return and seek out maximum deduction options for each client.
o Provided transitional counseling services to corporate executives during one-on-one planning sessions
o Performed tax due diligence on several acquisitions providing senior management with critical information necessary to save money on deal funding.
o Prepare and review returns of individuals, cooperation’s, partnership firms, foreign expatriates & Non-Profit Organization
Auditing
o Analyze the credit performance and loan quality of the NPA of total $ 500 MIO & Analyze the credit quality of newly originated residential mortgage loans totaling $ 600 Mio.
o Manage the monthly process for updating and revising the bank’s enterprise risk dashboard reporting; develop process for monitoring the bank risk limits. Develop expertise in the bank’s credit default model to support loss forecasting and credit analysis reducing losses by 10%
o Estimated credit losses for residential mortgages for new reserve or to assess adequacy of existing reserves.
o Perform commercial compliance and financial audits. Commercial compliance subject matter area include but not limited to antimony laundering, anti-trust, import and export
o Checking that audit work papers have been properly reviewed and the audit files are completed in a timely manner. Streamlined audit process to meet internal control policies and Ensuring that business risks are identified and effectively controlled & cut audit time by 2 hours
o Reduced numerous banking error and human mistakes by creating a quick reference guide for cashier
o Developed and implemented new forms for ease of use and internal control compliance
Accounts
o Responsible for the monthly close as well as maintenance of all accounting ledgers including monthly review of all account Reconciliations and journal entries.
o Preparation of all financial reports, including Profit and Loss Statement, Balance Sheet and Statement of Cash Flows, as well as the year-end financial reports.
o Provide timely explanations of variances between actual results and forecasts/budgets; provide corrective action recommendations to management, where necessary.
o Oversee the General Accounting processes of Inter-company, Fixed assets and Accounting and financial reporting of all entities. Implement Firm’s Accounting Policies and interpret guidance in regards to accounting transactions.
o Responsible for all accounting activities compliance with statuary requirements of all countries while firm has offices.
o Liaise effectively with finance constituents on financial accounting and reporting deliverables, issues and process improvements.
o Work with internal and external auditors during reviews and audits to ensure full cooperation from accounting staff and compliance with all qualified requests.
o Shortened closing time by 2-3 days by introducing following changes to current pre- closing and closing schedules:
• Recorded incoming non-AR cash and outgoing cash on a weekly basis vs. at month end.
• Introduced new action items to pre-closing schedule to allow identification of erroneous entries early on thus saving time during closing.
• Worked closely with Purchasing and AP to ensure their understanding of company’s on prepaid expenses, prepaid inventory, and capital purchases.
• This significantly improved PO G/L coding thus reducing number of time-consuming reclassifications.
Auditing
o Participate in conducting financial audits of various MNC business units: Accounts payable, Accounts Receivables, Human Resource, Inventory & physical Fixed Assets verification, proper accounting treatment as per IAS for each transaction
o Assessments and deployment of corporate policies to address financial reporting.
o Contingency, Revenue Recognition, Purchase Accounting, Business Diversification, and Goodwill impairment financial reporting and disclosures.
o Five-year balance sheet clean up developing reconciliation formats, accrual documentation standards, accounting principles and accounting treatments.
o System solutions for $2M annual revenue increase, accelerated cash collection by 2 days with customer matching.
o Planned performed and document audits according to institute of internal Auditor standard. Formulated audit program/risk control matrix .Analyzed finding and determined root cause. Developed recommendations for areas of improvement, wrote reports documents finding and followed-up on recommendation to ensure suggestions were implemented
Taxation
o Provided reliable tax advice to upper management. Organized and recorded tax preparation documents throughout the year. Computed taxes owed or overpaid and completed tax forms on Tax software.
o Reviewed data input and totals on tax forms to ensure no errors in arithmetic. Answered questions and prepared copies for clients in organized manner
o Supervised bookkeeping in preparation for internal and external auditing. Responsible for maintaining accurate records according to up-to-date tax legislation
Company law matter
o Filling of Annual Returns and other Documents to Registrar of Companies.
o Compliances under Companies Act 2013, Getting Charge Registered, Formation & Registration of Company. Maintenance of statutory records prescribed under Companies Act, 2013
o Getting Director Identification Number (DIN) & Engaged in Winding up and liquidation of companies.
o Compliances regarding inbound investment and outbound investment under FEMA.
o Compliances regarding opening of a subsidiary / joint venture /associate of an Indian Company and opening a Foreign Company in India under FEMA.
Expertise knowledge about Accounting , Corporate Finance , merger and Acquisition , Consolidation of Financial , Costing , Law , Taxation , Auditing , Risk Management
Finance Taxation Financial Management Economics Treasury Management Auditing
Commerce/Finance/Economics