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Rakesh Ragavendra

Candidate ID: 172718

Career Summary

Successful finance professional with corporate experience of working with KPMG and DAMAC properties in the past. Having more than 11 years of experience in the field of accounts and finance.

Skill Set

US GAAP, IFRS, Capex, Budgeting, ERP, SAP, Oracle, Forecasting, USGAAP, Credit control, Financial Reporting, Project control

Professional Information

Total Experience : 11

Nationality : India

Qualification Level : Post Graduate

Job Function : Accounts / Tax / CS / Audit / Finance

Work Location Preference : Kuwait, Bahrain, Qatar, UAE

Detailed Profile

Damac Properties – Finance Manager – Dec 12 TO Feb 19

Scope: 2 direct reports ~ AED 10 Bn Revenue ~ Global responsibility

? Manage reporting of 60+ projects with combined escrow balance of AED 10 Bn to government authorities along with IFRS reporting on revenue side
? Responsible for analyzing the reports of Various regions where investments made manage preparation of financial statements, forecasts, budget and other Management reports
? Prepared financial models for London project worth 500 Mn Pounds; Estimated cash flows using IRR, discounting and amortization techniques for a 3-year plan
? Accurately delivered IFRS based Income statements, VAT returns and Cash flow forecast facilitating informed decision
? Reporting on the operational performance of divisional managers in China, Oman, Lebanon, Saudi Arabia and Qatar which resulted in timely mitigation of project risk worth AED 2 Bn
? Implemented SAP FICO module for consolidation of 10+ subsidiaries and generated automatic Income statement and Balance sheet
? Preparing Monthly Profit and loss account
? Led Pricing team to develop initiatives, such as, using benchmark data to identify price based on competitiveness to maximise sales
? Solely handled audits by trustee bank and ensured release of funds without delaying payments
? Analyze current and future trends of 60+ projects with different sets of accurate cash flows to determine profitability
? Sigle handedly floated the prestigious LONDON AYKON project worth £ 50 Mn
? Identification of world class practices within finance and implementing those applicable to support operations
? Analyzed various overhead cost and saved up to AED 5 Mn in expenses
? Spearheading the hotels section of Damac Including Automatic restaurants and Damac Maison.
? Determining the rental/lease rates for each room based on expected returns
? Reporting on Cost and profit along with suggestions to strengthen bottom lines
? Preparing feasibility reports on expected profits and earnings for new projects like beach resorts, Facility management etc
? Preparing quarterly cashflows
? Preparation of VAT returns to FTA
? Monitoring Outstanding payments, Bank Reconciliations, Input and Output VAT
? Implementation of Oracle 11g software
Developed financial planning processes for holding company which included long range and annual plan, budget, performance reporting and variance analysis.
? Collaborated with Managers to develop effective budget strategies and tactics to meet and exceed corporate objectives
? Implementation of SAP Software
? Reporting Variance analysis, P/L forecast and predicting cash flows
? Automation of Financial and MIS reports
? In-charge of Accounting operations of the entire entity including P/L, Balance-sheet, Cash-flow etc
? Initiated the development of accounting policies and financial controls to establish conformity with GAAP, IFRS and created framework for annual audits
? Preparing tax return for the company
? Initiated review of internal costs associated with job execution and customized lease pricing which contributed to securing $ 1.2 Mn in turnover
? Negotiated and reviewed contractual terms and conditions with customers and sub-contractors to mitigate business, construction and financial risk
? Accountable for investment of company assets and establishing cash flow monitoring policies to provide for working capital needs and capital investment requirements
? Delivered clean financial, payroll, insurance and worker compensation audits that eliminated up to $30K in penalties
? Automated the AR, AP, payroll and project bidding systems significantly improving project tracking contractor compliance, credential verification and bid progress
? Represented company at networking events and town/city meetings. Built a referral network of bankers, customers and vendors
KPMG – Audit Senior – Jan 07 TO Aug 12

Scope: 2 direct reports ~ BIG4 audit firm ~ Global responsibility

? I designed and installed management controls system to deter internal fraud in a $ 330 Mn restructuring provision
? Evaluated and recommended changes to policies and procedures to ensure corporate goals were reflected to divisional and departmental objectives
? Exposed errors in client accounting of accrual programs that led to higher than anticipated revenue generation through proprietary software and analysis using excel
? Conducted process interviews and walkthroughs to document relevant processed and internal controls
? Conducted complex US-GAAP audit wherein significant deficiencies were reported to Securities and Exchange Commission (SEC)-US
? Established businesses on behalf of clients under the local law. Designed the programs and controls that follow international auditing standards
? Implemented software for the clients based on their specific business requirements in a short span of time.
? Was awarded “Excellent Performance” rating thrice
? Lead member from KPMG for AS-26 (IGAAP) amendments and FocuS articles.
? Conducted tax audits of various Blue-chip companies and reduced tax liability by more than 2% (Minimum USD 1 Mn and higher)