Jiteshkumar Parekh
Sr. Financial and GRA Analyst - Petroleum Development OmanJunagadh, India
ABOUT
I am a quality-oriented professional who has been consistently praised as diligent by my colleagues and management. Over the course of my 25 year career, I have developed a skill set directly relevant for the role that you are hiring for, including core financial accounting expertise, development of financial control framework, development of corporate management system in form of visual charts for finance at enterprise level and sub processes, SAP sustainer and power user as well as expert in customisation/automation for various processes, SAP master data guardian, financial statements and external audit management etc. Overall, I have consistently demonstrated analytical and critical thinking skills as well as leadership abilities in every aspect of my Sr. Financial Analyst/Sr. GRA Analyst role at Petroleum Development Oman and I invite you to review my detailed achievements in the attached resume.
Basic Info
Industry: Other Industry
Department: Finance and Accounts
Job Level: Supervisor
Job Role: Financial Assistant
Nationality: India
Town/City: Junagadh
Current Country: India
Education Level: Post Graduation
Jiteshkumar Parekh's Activity
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No Activity
Experience
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Sr. Financial and GRA Analyst
August 2016 - Present (6 Years)
Petroleum Development Oman, Oman
Formulating and analyzing Financial Statements (Petroleum Accounts and IFRS) for PDO and getting it approved by auditors and BOD
Supporting management with financial analysis required for driving short to long term operating decisions
Developing Financial Control Framework for various business processes
Developing models for internal controls e.g. IFRS Depreciation Model, Abandonment Provision Model etc.
Creating visual flowcharts by mapping existing SOPs into flowcharts using Visio 2016 as part of Corporate Management System (Enterprise View)
Participating in Lean Project Workshops on various financial processes
Driving the IT project for Designing web portal namely “e-Reporting Tool” for storing and displaying critical information/Key performance indicators to the top management of PDO and BOD
Reviewing the Year End activities and supervising monthly period closing activities
Reviewing Government and Shareholders’ reporting governed by the Concession Agreement entered into between the Government of Sultanate of Oman; Shell, Partex and Total.
Led the team responsible for implementing IFRS 16 Project. Liaised with PWC for designing and implementing IFRS 16 tool for PDO
Conducting Knowledge Sharing Sessions to train the junior staff -
Section Head - Revenues
August 2013 - July 2016 (3 Years)
Saudi International Petrochemical Company, Saudi Arabia
Leading the delivery of integrated SAP solutions through analysis and mapping of end-to-end business processes while working with business process owners/multiple stakeholders and other team members
Formulating and analyzing financial statements for Sipchem and all of its affiliates on monthly basis and getting approval by auditors and BOD
Implementing “Procure-to-Pay” and “Order to Cash” processes along with Asset Accounting, Accounts Receivable and General Ledger accounting including new General Ledger (GL) migration and so on
Supporting management with financial analysis and revenue metrics required for driving short to long term operating decisions
Ensuring:
o Commercial invoices are raised as per Buyer’s Purchase Order or Letter of Credit for all the shipments on time
o Inter Company Invoices are raised along with Customer Invoices wherever Sipchem Marketing Company and / or Aectra is involved as Marketer(s)
o Timeliness and accuracy of Inter Company Invoicing for Product transferred during the month between different affiliates for Captive Consumption
Supervising operations of the Accounts Receivable (AR) section with focus on ensuring efficient processing (payment allocation, reconciliation and month-end reporting) of company receivables through SAP and timely collection in accordance to company policies
Providing timely and accurate updates about company’s sales and revenue schedules as well as Netback calculation to the higher management
Coordinating with all concerned departments and agencies like Various Marketers, Finance, Treasury, Production Planning, Purchase and Contracts for resolving various issues
Undertaking various system related tasks as having been assigned Power User Role for Sales and Distribution Module in SAP since January, 2014; assigning of role(s) to the user in line with approved business process and the job role of the concerned person, enhancing the role by providing extra authorisation and also new authorization of SAP transaction codes
Directing system designing and user acceptance testing of various business scenarios in SAP; testing in development server / quality server for the upcoming polymer business under the umbrella of IPC; attending training sessions and meetings with IBM representatives appointed as SAP consultants by Sipchem
Managing:
o External auditors and resolving their queries and providing to them all required information/ reports
o All facets of cost accounting including budgeting, forecasting, financial analysis, variance reporting, cost control, product costing, product standard cost development, and so on -
Sr. Manager Finance Accounts and Compliances
January 1997 - August 2013 (16 Years)
Reliance IndustriesLimited, India
Designed end-to-end accounting cycle for monitoring Inter Company Sales (ICS) between various group companies operating within SEZ and outside SEZ regime; ensured statutory compliances to ICS and for sale to outside customer out of the declared project surplus
Designed and implemented end-to-end accounting cycle for manufacturing and transferring of fabricated Structural Steel Items from RIL JMD to other manufacturing sites like DMD, SMD
Optimized customs duty payment by way of selecting material sourcing references for removal of material from SEZ by way of ICS
Prepared APR (Annual Performance Report) for erstwhile RPL from Apr’06 –Mar’11 to be submitted to the Development Commissioner of Jamnagar SEZ
Merit of liaising and coordinating with CHA for arranging clearance from the Development Commissioner, Jamnagar SEZ for clearance of material on surrender of CST / Export Benefits
Ensured compliance w.r.t. Excise Duty and CENVAT credit rules for materials movement both from DTA and SEZ and ensured creation of excise invoice, service bill for manufacturing, service providing from fabrication division
Regulated finalization of revenue budget for the year 2008 – 2009; devised compilation and subsequent Variance Analysis
Monitored & coordinated with CHA for filing BOE for clearance of materials outside SEZ
Ensured compliance with SEZ Act and rules as well as all indirect taxation matters for the unit and developer as well as co-developer
Led finalization of transfer pricing for moving of goods from fabrication division to other manufacturing sites and obtained certificate of Chartered / Cost Accountants for removal of excisable goods
Conducted profit centre analysis for the fabrication division and trial balance preparation; coordinated with SAP team for customizing end-to-end cycle for stock transfer of fabricated structural steel items from DTA to other manufacturing sites
Prepared cost sheet as per cost accounting standard – made 4 for each batch of fabricated structural steel items
Worked as a Team member for preparing to adopt IFRS in Indian context and studied and analysed converged Accounting Standards
Managed external auditors and resolved their queries and provided them all required information/ reports
Directed the finalization and accounting of demand notes raised on Vessel Agents for vessels loading at the Marine Terminal of the company which accounted for 80% of the total dispatches of the company
Ensured that customization/ configuration of various transactions/ reports in SAP was implemented to facilitate performance of errorless and flawless day-to-day activities were implemented
Defined complete costing structure for pipe fabrication and structural fabrication division operations
Led material accounting for receipt of crude and finished petroleum products at marine terminal and issue of crude to refinery and finished products for loading on board vessels
Highlights:
Managed tasks including negotiation/ payment of Letters of Credit (L/Cs), Sight & Usance Export, Import Bills, Bank Guarantees, Export Finance, Buyer's Credit, ECGC Covers
Played the key role as a Team Member for implementation team for FI and CO module:
o Participated in successful migration from legacy system to SAP The process involved completer mapping of business process
o Identified various customization initiatives as per the Business Process, Maintenance of various master database tables, Configuration requirements for industry specific processes
Development and customized process for Freight Management System with the help of SAP programmers:
o Helped managing freight forwarding contract worth USD 70 million entered between M/s Bechtel Ltd., UK and M/s Panalpina, M/s Panalpina
o Managed freight forwarding assignment for all the equipment as well as bulk cargo from various International Ports all over the world to various destinations in India like Jamnagar, Kandla, Mundra, Pipavav, Hazira, for the Jamnagar Export Refinery Project with estimated cost of more than USD 8 Billion
Led the team for customisation of various tables during the tenure at Marine Commercial division of M/s RIL
o Prepared reports and transactions for formulating out turn of Crude and Petroleum Liquids in SAP with the help of SAP programmers
o Helped in speeding up the documentation process upon completion of vessel loading thereby enabling the team to save demurrage charges which are very heavy and normally charged on hourly basis
Realized savings to the tune of INR 50 Million approx. on account of payment of duty at the time of removal of surplus project inventory from SEZ unit -
Commercial Manager
June 2006 - May 2008 (2 Years)
Bechtel Limited, London, United Kingdom
Controlled Project Accounting activities related to JERP (Jamnagar Export Refinery Project) being set up in SEZ at Jamnagar, India
Approved Bechtel invoices raised on Reliance for all the shipments exported to Reliance from all over the world; invoices were used for customs clearance and filing Bill of Entry at the SEZ refinery site
Supervised accounts payable for all the vendors responsible for procurement orders of Bechtel Limited, London / Toronto / Houston
Led the supervision of accounts receivable from Reliance Group Companies (RPL; RJIL; RUPL; RPTL) for all the shipments handled by Bechtel Limited
Managed bank reconciliation for GBP, EUR, USD, JPY and other currency accounts and audit of other direct cost bills raised by Bechtel Limited for re-imbursement from Reliance Industries Limited
Prepared cost control report in consultation with Project Managers
Designed and monitored Unit (Plant) wise cost control report with further WBS elementwise break-up -
Senior Costing Officer
June 1995 - December 1996 (1 Year)
Trumac Engineering Limited, India
Costing of Assembly and completer machinery
Activity based costing
Make or Buy decision making
Costing and Financial accounting reconciliation
BOM Finalisation and costing based on machine hour rate
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