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Rakesh Ragavendra

Candidate ID: 172718

Career Summary

Finance professional with 10 years of international experience in heading the finance and accounts function in Fortune 100 and privately held companies. Notched-up profit after tax by 50% in a short span of 2 years by instituting financial austerity measures to rationalize operational overspends. Le

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 : UAE

Detailed Profile

CA.RAKESH RAGAVENDRA
Phone: (M) +971526277886 Email: rakeshragavendra@gmail.com

HOD - FINANCE & ACCOUNTS - 11+ YEARS

Auditing - Internal Controls – Compliance – Reconciliation - Reporting

Performance-driven business strategist with 10+ year portfolio of high integrity in finance, accounting and audit. Effective leadership experience with proven success driving financial operations and devising strategies to measurably improve corporate bottom lines through revenue boosting, margin increases, and cost reductions.

Profound knowledge and experience with IFRS, US GAAP, SoX, implementation of CoSo framework, process & controls, forecasting and monthly MIS reporting

Natural leader with a strong record of building & guiding high-morale, high-performance teams through training, mentoring and coaching.

Well-versed with Advanced MS Excel, MS Word, Hyperion, SAPBFC, Oracle operations, GEMS, Peachtree, Tally

AREAS OF PROVEN STRENGTH

Audit Programs: Risk-based Auditing, Internal Audits, Fraud Audits, SOX/Regulatory Compliance, Internal Controls, Inventory & Risk Management
Accounting/Finance: Expense Control, Financial Analysis, P&L Reporting, Finance Planning & Control, Finance & Accounting, MIS Management, Budgeting & Forecasting, Working Capital Management, Costing, Accounts Finalization, Taxation, Cash Flow Management, Establishing Sox Controls & CoSo framework, System Automation / ERP Systems Implementation for Blue chip companies, IFRS Financial Reporting, VAT
Leadership: Change Management, Statutory Governance, Business Management, Team Leadership, Strategic Planning, Process Improvements

CREDENTIALS

Academia:

? Chartered Accountancy (CA) from The Institute of Chartered Accountants of India (ICAI)
? Company Secretary (CS) from The Institute of Company Secretaries of India (ICSI)
? Preliminary Certification on Internal Audit (CIA) from The Institute of Internal Auditors (IIA-US)
? B Com from University of Mumbai

Trainings:

? 2-months General Management and Communication Course from ICAI
? Conducted trainings on US GAAP/IFRS standards in KPMG

EXPERIENCE & ACHIEVEMENTS

HoD– Finance, Accounts & Operations – Madinat Sandan LLC (Feb’17 – Jan’18)

As Head of Finance and operations Team- We report to the CEO appointed by the Board of Directors

? Preparing and Reviewing IFRS financial statement for the entity with revenue stream of 71 Million Omani Riyals
? Closely Monitoring the project with value of 37 Million Omani Riyal and ensure the progress is in line with Timelines
? Preparing various MIS reports on Cost and revenue to control expenses
? Reviewing the Variation claims by Contractors and ensure the claim is fair
? Co-ordinate with project consultant, Technical consultant and Cost consultant and ensure their certifications are valid
? Working closely with CEO and design strategy for the company for leasing 2500 Units consisting of Residential and Retail outlets.
? Designing Marketing strategies with CEO, ensure those are effective. Strategies include speaking to Media People, News, Press, Social Media experts and understand the ideas, choosing the best one and publish it.
? Establishing Property Management company and lead its operations
? Appointing Facility Management Company, discuss the scope of work and optimize the cost by analyzing various alternatives.
? Implementation of SAP Business One software solution for the entity and interfacing it with Facility Management Company.
? Publishing the Income and expenditure statement along with Balance sheet and Cash Flow to BOD
? Leading Vendor Management, Customer management to ensure smooth revenue stream
? Reviewing process work flows and help ensure design, implementation and operating effectiveness
? Appointing auditors
? Reviewing cash flows and manage working capital
? Providing technical IFRS guidance to divisional managers to ensure completeness and accuracy of preparing Financial statements.
? Handling external audit, Due diligence and internal audit
? Establish Banking relationships, Sign Service level agreements, arrange funding and monitor progress
? Visiting the site office to monitor progress of assigned jobs, understanding queries and bottlenecks and provide solutions
? Conduct group meetings for almost and discuss the past achievements, future targets and strategy to achieve the target as a team
? Improving systems control to avoid frauds
? Preparing reports in CAPEX expenditure with cost benefit analysis along with impact on cash flow
? Framing commission structure and manage returns for sales/Leasing team
? Preparing the Rental returns, sales returns and Various MIS information for Board for decision making
? Discuss and share inputs on various investment opportunities and potential returns through feasibility study on purchase of new land, construction of building etc
? Understanding the feasibility report and ensure that if project is on the returns would be as expected.

Finance Manager– Finance & Compliance, DAMAC PROPERTIES, Dubai, UAE (Dec’12 – Feb’17)

Assist the Sr. VP in preparing consolidated accounts as per IFRS standards for more than 100 subsidiaries; liaise on a regular basis with major banks like ADCB, ADIB, ENBD, Noor Bank and CBD in UAE to resolve issues, build strong relationships and negotiate on interest rates for project financing; automate legal reports (Hyperion / Oracle modules) for submission to government authorities; prepare and share weekly & monthly reports with banks for RERA compliance; establish chart of accounts, define policies, controls & procedures (CoSo framework) for RERA and AR or any new area.

? Manage reporting of 60 projects with a combined Escrow bank balance of AED 9 Bn to government authorities along with IFRS reporting on Revenue.
? Solely handled internal & external audits and Trustee banks for audit compliance and identify areas of improvements
? Analyze current & past trends in KPIs for 60 projects along with different sets of cash flows for each project in areas of revenue, cost of sales, expenses and capital expenditures
? Handling London project – Looking after receipts, Payments booking, VAT returns, CST returns, IFRS financials etc
? Co-ordinating with Divisional Managers located in Lebanon, Qatar, Saudi, Maldives and china to collect and prepare critical MIS reports to Top management on their operational performance
? Key member in implementation of SAP Business Finance Consolidation software (BFC) for group reporting purpose thereby reducing manual activities
? Implementation of Oracle 11g software for accounting- establishing Chart of Accounts, GL codes etc
? Conducted a complex reconciliation for Akoya 40 projects at customer level resulting in collection AED 2.8 Bn
? Successfully saved costs worth AED 3.4 Mn by suggesting cost saving measures in overheads through effective budget monitoring, group performance reporting and comparing them with actual costs & revenues related to production, marketing and capital
? Assisting AVP Finance in sukuk listing of DAMAC
? Analysing feasibility reports on Real estate construction sector
? Analysing data to determine pricing of saleable area
? Closing Open POs in the system which accumulated for many years affecting Balance sheet provision
? Supervising AR department function with daily posting of entries, processing refunds etc




Senior Executive, KPMG, Mumbai, India (Jan’07 – Aug’12)

Assisted in conducting quality audits and providing other assurance services to various clients across diverse industries; identified & communicated accounting and auditing-related matters to partners; identified performance improvement opportunities for effective client relationship management; liaised with clients to ensure proper flow of information from them to the audit team.

? Entrusted as In-charge for obtaining all necessary audit work papers and documentation including researching and documenting facts & findings
? Gained immense knowledge on KPMG audit tools
? Credit of consolidating more than 100 subsidiaries of the parent company
? Successfully automated manual systems in Accounting, Finance and Treasury departments
? Proactively conducted audits like Statutory audit, Tax audit, Due Diligence, Internal audit, etc., for blue chip companies like ICICI Bank, Tata Mutual Fund, American Express, Citi Bank, HDFC, etc., and suggested various cost optimization measures
? Established internal controls (SoX and CoSo) across departments and tested them based on design, implementation and operating effectiveness with use of CAAT
? Lead Member for setting up National Australia Bank in Mumbai including compliance, legal, finance & accounts, IT, etc.
? Performed FAS109 tax reporting and documented audit procedures & cross reference work papers
? Received ‘Excellent Performance (EP)’ rating thrice across tenure
? Suggested various cost optimization measures to various companies thereby saving costs worth INR 500 Mn
? Successfully implemented various controls surrounding Trade Finance as per UCP-600
? Lead Team Member from KPMG for AS -26 (IGAAP) amendments as well as FocuS Article
? Efficiently handled and completed 60 projects simultaneously ensuring highest quality and timely delivery
? Tactically identified various ‘significant deficiencies’ and ‘material weakness’ under PCAOB standards and reported the same to Securities and Exchange Commission (US)
? Team Lead for implementing ERP systems for Blue Chip companies

PROJECTS HANDLED

Title: Establishing a new business in Mumbai
Client: National Bank of Australia, Mumbai
Role: Team Lead
Description: The aim of the project was to establish an NBA in Mumbai including compliance, accounts, IT, Back Office, etc.
Responsibilities:

? Handled License application activities with RBI and assessed Promoter’s contribution
? Raised minimum paid up capital and set up Admin, Accounts, IT and other departments
? Prepared pre-incorporation budgets


Title: Automation of AR/AP Departments
Client: DAMAC, Dubai
Role: Team Lead
Description: The aim of the project was to automate the entire AR and AP departments with fool proof design of internal controls.
Responsibilities:

? Liaised with IT, AR and AP departments to automate all manual involvement to ensure integrity of transactions
? Conducting test runs and escalating error reports and solving it
? Discuss further improvements/enhancements on a continuous basis.



Title: Budgeting and Forecasting – Ad hoc
Client: DAMAC, Dubai
Responsibilities:

? Prepared budgets and justified requested funds by efficiently leading a team in compiling data based on statistical studies and analysis of past & current years
? Correlated appropriations for specific programs with appropriations for organizational programs including items for emergency funds
? Reviewed operating budgets periodically to analyze trends affecting budget needs
? Kept abreast with current budgeting trends, concepts, practices and procedures

PERSONAL DOSSIER

Date of Birth: 13th November, 1986
Linguistic Proficiency: English, Hindi and Tamil
Nationality: Indian
Marital Status: Eligible bachelor
Visa Type: Residence (Sponsored by Employer)
Preferred Location: Dubai / UAE
References: Will be pleased to furnish upon request