PARMESH ADARKAR
Kharghar, Navi Mumbai
Summary
Focusing on company’s prime business objective and thereby initiate steps to improve on quality processes and with optimized cost benefit analysis. Providing effective business analysis, quality measures on performance indicators with team leadership and taking corrective measures immediately. Discover possible avenues of tax planning.
Overview
25
25
years of professional experience
Work History
CFO-Vietnam Sales Operations
RV Healthcare Pte. Limited
06.2020 - 07.2023
- Strong fundamental & working knowledge in Pharmaceutical-sector as a CFO-Vietnam Sales Operations-in RV Healthcare Pte
- Limited-Singapore Entity (Jun’20 till Jul’23) currently based out of Mumbai, with overall control and responsibility for RV group of companies located in Singapore, Vietnam, Hongkong and BVI
- Chief Financial Officer for all Vietnam operations- Import of Finished goods in Vietnam Market for Manufactured products in India/ Myanmar Group of companies, Local sale operations for Manufactured products in Vietnam-since June2020
- Managing total10 Companies with overall team members of15 based in different locations
- Reporting to the Group Chairman
- Special Involvements:
- Business Partnering: -
- Better decision support to the Group Chairman and the BOD members
- Providing monthly reports reflecting performance like Sales, MIS, Receivable, Collection, etc
- Strategic support to the Business in evaluations of Opportunities like new market pricing, new product pricing, tender business, etc
- Financial Planning & Budgeting and MIS Reporting: -
- Active participation and support in preparation of Budget and forecast and annually in coordination with Business heads, Country Heads, Plant heads and Regional Finance Team
- Ensuring linkage between budgets and operations / strategic goals of the organization & track variances to identify root causes for variances
- Ensuring preparation and timely circulation of MIS Reports
- Corporate governance, Local governance and tax compliance: -
- Completion of statutory audits, financial year closing in accordance with IFRS and Local VAS
- Compliance of all statutory, company secretarial and legal requirements for operations in the region
- Compliances of relevant Corporate and Vat tax laws as per the requirements of the law of Land
- Projects: -
- Support in effective management of the company’s working capital needs for the Group companies
- Funds Management for the Projects undertaken- Company acquisition, Plant Investment and working capital needs
- Drive optimization & speedy recovery of the investment in OPV Pharmaceuticals JSC in Vietnam with the local manufacturing plant base
- Support in Business Development activities of the region being Product /Brand /Technological Dossiers acquisitions for ultimate sale in Vietnam
- Providing the Pricing estimates based on the product costing
- Special Achievements:
- Overall controlling on Accounts and presentation of financial analysis for the group of companies as below: -
- RV Group(S) Pte
- Ltd
- – Singapore based Holding Company
- RV Healthcare Pte
- Ltd
- -Singapore based100% Subsidiary company of RV Group (S) Pte Ltd
- RV Group Vietnam Company Ltd.- Local100% subsidiary company of RV Group (S) Pte
- Ltd
- OPV Pharmaceutical Holdings Pte
- Ltd- Singapore based Holding company - acquired65% stake by RV Healthcare Pte
- Ltd in July2021 and its four Singapore subsidiaries which have a100% stake in OPV Pharmaceutical JSC in Vietnam
- OPV Pharmaceutical JSC -Local Manufacturing Company in Vietnam
- RTB Company Limited- Hongkong company
- RV Healthcare Inc – BVI Company
- MI Pharma Inc- BVI Company
- Active Overall process owner in the effective implementation of SAP BYD for RV Group of companies and providing support in the training requirements to the Location based Team members
- Developed Consolidated Company-wise MIS for “Vietnam operations” and “Other than Vietnam Operations” for management analysis and overall picture for RV Group of companies
- Actively closing accounts of standalone OPV and RV Group(S) and RV Healthcare Pte
- Ltd; Singapore companies and its Consolidation as per IFRS
- Monitoring the Budgets for Vietnam operation
Financial Controller
Sun Pharma Egypt Limited
09.2014 - 06.2019
- Strong fundamental & working knowledge in Pharmaceutical-sector as a Financial Controller Head-Egypt, in Sun Pharma Egypt Limited (Sep’14 till Jun’19)
- Financial controller for Egypt-since September2014
- The company is100% subsidiary of Sun Pharma Industries Limited (Indian multinational company) and is mainly into manufacturing, trading, selling and distributing Pharmaceutical products and its raw materials in Egypt
- Managing a team of7(seven)
- Reporting to MENA Region Financial Controller & to the Country CEO
- Special Involvements:
- Business Partnering: -
- Better decision support to Country head, Plant head
- Recommend strategic initiatives to Country Head, Plant head, to bridge the variances to Budget on an ongoing basis
- Providing monthly reports to Country Head, Plant head, reflecting performance like Sales, MIS, Receivable, Collection, Manufacturing Expenses, etc
- Providing Quarterly Review Formats to Country Head, Emerging Market business Head
- Strategic support to the Business in evaluations of Opportunities like new market pricing, new product pricing, tender business
- Financial Planning & Budgeting and MIS Reporting: -
- Active participation and support in preparation of Budget and forecast and annually in coordination with Business head, Country Head, Plant head and Regional Finance Team
- Ensuring linkage between budgets and operations / strategic goals of the organization & track variances to identify root causes for variances
- Ensuring preparation and timely circulation of MIS Reports
- Enhancing Operational efficiency and Internal Control, Compliance & Control: -
- Strict adherence to policies and SOPs across Region
- Initiate local SOPs where required for better control
- Implementing strict budgetary control through Fund Request Process for overall cost controlling
- Establishing systems and processes with proactive control points to prevent compliance issues
- Comprehensive Finance Review presentation to Corporate/Regional Finance Controller
- Strengthening internal control system of Egypt and improve efficiency
- Minimizing the over dues for Egypt and clear old outstanding with approvals
- Corporate governance, Local governance and tax compliance: -
- Completion of internal audits, statutory audits and quarterly closing, financial year closing in accordance with IFRS and IND AS
- Compliance of all statutory, company secretarial and legal requirements for operations in the region
- Compliances of relevant Corporate and Vat tax laws and /or governments audits as per the requirements of the law
- Monitoring the timely action implementation of Internal Audit Report action plans
- Projects: -
- Support in effective management of the company’s working capital needs
- Forex Management for the Projects undertaken- Plant Investment and working capital needs
- Drive optimization of new Additional plant investment cost & speedy recovery of the Plant investment
- Support in Business Development activities of the region being Product acquisitions of Egypt
- Special Achievements:
- Financial year closing with adherence to the IFRS standards and also in accordance with INDAS for the Group quarterly and yearly closing deliverables
- Active Overall process owner in the effective implementation of SAP-Hana and providing support in the training requirements to the Team members
- Made effective savings on P&L approx.101.2 million EGP-for Interest on Loan approx.1.2 million EGP and also reversing the foreign evaluation loss effect of approx.100 million EGP by converting Inter-company Loan to Subordinated Equity loan thereby increasing the Net worth to that extent
- Also reduced the Professional services costs considerably with strong negotiation tactics and reliable sources by adopting the local consultant as against the multi-national professional firms, yet with strong expertise
Head-Finance & Accounts
TUV India Private Limited
12.2008 - 09.2014
- Strong fundamental & working Knowledge in a Service-sector
- Worked as a Head-Finance & Accounts in TUV India Private Limited
- (Dec’08 to Sep’14)
- Head-Finance & Accounts: Head of Financial Reporting and Accounting since December2008
- The company is into Quality Systems Certification Management, technical inspections and food testing
- Managing a Team of Seven (7) in Head office
- Apart from this, TUV India has nine (9) regional branches in top metropolitan cities which was having (1) Accounts Assistant functionally reporting to this position
- Reporting to Financial Controller & to Managing Director
- Special Involvements:
- Total Responsibility of Accounting and related controls, Corporate Taxation & Service Tax
- Monthly Reporting to Germany for the group financial packages
- Monthly financial deck with analysis & key highlights/concerns to the Managing Director
- Finalization of accounts as per Indian GAAP for March year end & as per IFRS for Dec year end for Group closing
- Managing Statutory Audits, Tax Audits; Internal Audits; Management Audits
- Online Corporate Tax return filing
- Accountable for completing the tax assessments, both direct & indirect taxes, in the best interests of the company
- Special Achievements:
- Developed the MIS of Monthly Branch wise & Product wise Sales & profitability Statements and Branch wise collection reports with graphical charts for easy and quick understanding & it’s analysis to the Apex committee for review and comments
- Framed the best effective increment process for the Branches based their performance indicators linking to the Product wise & Branch wise MIS
- Successfully Completed Service tax assessments for a block of4 assessments years05-06 to08-09 (earlier years) reducing the tax liability from proposed net6.6 million INR to net1.2 million INR
- Successfully Completed Service tax assessments for a block of4 assessments years09-10 to12-13 with a liability of net0.5 million INR only without a meaningful system report but managed and controlled manually for a company with annual payment of above80 million INR annually
- Postponement of expenses claim for tax deduction in the immediate subsequent assessment year by applying effective tax planning for getting immediate tax relief of approx.20 million INR instead of opting for tax refund from local tax authorities only after the completion of Tax assessments of the particular year which normally takes a span of2 to3 years in India
- Successfully migrated from Focus to SAP-R3 by giving training to the concerned and achieved the desired control by giving qualitative management reports from disciplined accounting
Assistant Manager-Finance & Accounts
Novartis Healthcare Private Ltd.
11.2006 - 03.2008
- Strong fundamental & working knowledge in Pharmaceutical-sector
- Worked as a Financial Reporting and Accounting Head in Speciality Foods India Private Limited (100% Affiliate of Nestle India Ltd- (Apr’08 to Nov’08), through divestment from Novartis Healthcare Private Limited-Medical Nutrition division- (Nov’06 to Mar’08)
- Speciality Foods India Pvt
- Ltd.-100% Affiliate of Nestle India Ltd
- Assistant Manager-Finance & Accounts: Head of Financial Reporting and Accounting in Novartis Healthcare Private Limited for Medical Nutrition division which got divested into Speciality Foods India Private Limited, a100% Affiliate of Nestle India Limited in Mar’08
- Managing a Team of Six (2 Financial Executives and4 Regional Commercial officers)
- Operationally Reporting to Country Business Unit Head & Functionally to Regional Finance Head in Switzerland
- Special Involvements:
- Total Responsibility of Accounting and related controls for the Medical Nutrition division
- Presentation of Monthly Financial Deck to Business Unit (BU) Head & teleconferencing with Regional Team in Switzerland giving the key financial inputs
- Monthly & Quarterly Dynamic Forecast Analysis for understanding the Business & Financial status
- Monthly MIS Financial Consolidation & Reporting Software (FCRS) Reporting to Singapore Region
- Platform wise Sales Performance Analysis statement to Singapore Region
- Product wise Sales & Contribution Analysis
- Managing finalization of accounts, Statutory Audits, Tax Audits, Internal & Management Audits
- Compliances of Direct & Indirect Taxes (VAT) applicable to the Business Unit
- Finalization of PPV (Purchase Price Variance) Audits for the Company
- Directing Regional Commercial officers for carrying out regular Audits at CFA places and monitoring of the inventory movements and the Credit control process
Manager- Finance & Accounts
SI Group India Ltd.
01.2004 - 11.2006
- Strong fundamental & working knowledge in Manufacturing-based Company
- Worked as a Manager Finance & Accounts in SI Group India Limited formerly known as Schenectady Herdillia Limited (Jan’04 till Nov’06)
- Formerly Known as Schenectady Herdillia Limited
- Manager- Finance & Accounts: Overall authority for the financial operation of the Lote and Rasal Units of the organization, budget preparation & administration, Statutory audits, Taxation audits, quarterly reviews, accounting, monthly closing of books of record, account reconciliation and journal entry adjustments
- Reporting to the General Manager: - Finance & Accounts
- Special Involvements:
- Monthly, quarterly and annual reports summarizing and forecasting Company’s business activities and financial position in areas of Incomes, Expenses, and Earnings based on past, present, and expected operations
- Develop financial statements with special emphasis on adherence to accounting standards & compliance with statutory requirements
- Analyse Business Trends & Monthly Operating costs
- Quality MIS control Reports such as Sales Analysis reports, Profit & Loss Account; Administration & Selling expenses Report, Factory Expenses Report, Product-wise Gross Margin Analysis Report, Debtors Ageing Report, etc
- On a monthly basis for analysis of the Top management
- Inventory Valuation of Raw materials, Packing materials, Fuels, Work in progress, and Finished products for Phenolic resins division at Lote & Chemicals division at Rasal
- Product Cost sheets of Phenolic Resins Division in Lote and Chemical Division in Rasal
- Handled Sales Tax assessments for Rasal and Lote units and NMMC (Navi Mumbai Municipal Corporation) Cess Assessments of Navi Mumbai Unit
- Tax Audit u/s.44AB of the Income Tax Act,1961
- Physical verification of Inventory and Fixed Assets
- Special Achievements:
- ERP ROSS Key Financial Area Expert - Prepared Business Process Maps for explaining the flow of work practiced in the Organization
- Made presentation on “Standard Costing in ROSS” explaining the accounting effect in ROSS and made it a highly helpful guide for effective understanding of the accounting flow and the process for the IT & Accounts Department
- Preparation of the consolidated financial statements with cash flow statement & the Segmental Reporting in accordance with the Indian GAAP
- Sales tax assessments of Rasal Unit
- Assessment Year (1999-2000): - Recovered approx.0.7 million INR from the department
- Assessment Year (2000-2001): -The case was in Appeal stage with a demand of3.1 Million INR, remained back to Assessing officer and was closed with a demand of0.5 million INR
- Reconciliation Statements of Major Suppliers BPCL & RPL and recovered long pending amounts amounting not less than1(one) million from each of them and closing the issues
- Fixed Asset Registers Compilation for locations, Lote & Rasal units
Consultant-Accounts, Tax & Audit Assistant
Schenectady Herdillia Limited-Formerly known as Herdillia Chemicals Limited
09.2001 - 12.2003
- Consultant-Accounts, Tax & Audit/Account Assistant, from (2002 to2003) in Schenectady Herdillia Limited formerly known as Herdillia Chemicals Limited
- Professional Industrial training from (2000 to2001) in Herdillia Chemicals Limited merged into Schenectady later
- Bill processing right from bill lodging to bill passing
- Independently handled payments to outsiders
- Accounts payable monitoring and reconciliations
- Filled various TDS, corporate tax & wealth tax challans, B.S.T & C.S.T Return cum challans and also Income Tax Return and Wealth Tax Return Forms
- TDS reconciliation and follow up of pending certificates for immediate collection
- Y2K compliance expenditure compilation and certification for claiming deduction under the Income Tax Act,1961
- Standalone Company Cash flow statement for disclosure in Annual Report
- Accounting for Merger/Amalgamation
Professional Training (Article-ship)
M/s. Navin Dedhia & Co.
07.1998 - 08.2000
- Professional Training (Article-ship) in M/s
- Navin Dedhia & Co
- From (1998 to2000)
- Maintained Books of accounts of clients, finalization of accounts, etc
- Discussion with clients and finalization of audits including preparation of audit reports
- Independently conducted audits of private limited companies, partnership firms (tax audits), and charitable trusts
- Prepared various documents, schedules and statements for Income tax assessments
- Computation of Income tax liability for various client entities
- Attended to assessment matters, various correspondences with assessing officers, to finalize the assessments
Education
Chartered Accountancy Course - undefined
The Institute of Chartered Accountants of India
11.2002
Three-year Graduate Course - commerce
Mumbai University
01.1998
HSC Examination - commerce
Maharashtra Bombay Divisional Board
01.1995
Skills
- Trouble Shooting and Problem Solving
- Sincere & hard working with keen for results
- Tendency to Look for Control & System Gaps and work for an immediate therapy
- Take work as service to others
- Learning Approach, Immediate Grasping and Quick Implementation Tactics
- Up-to-date Knowledge of Financial Accounting Parameters IFRS/IND-AS, Taxation and Management accounting
- Conceptual up-to date knowledge of Income Tax Act1961 applicable in India
- Conceptual and Up to date knowledge of GST applicable in India
Timeline
CFO-Vietnam Sales Operations
RV Healthcare Pte. Limited
06.2020 - 07.2023
Financial Controller
Sun Pharma Egypt Limited
09.2014 - 06.2019
Head-Finance & Accounts
TUV India Private Limited
12.2008 - 09.2014
Assistant Manager-Finance & Accounts
Novartis Healthcare Private Ltd.
11.2006 - 03.2008
Manager- Finance & Accounts
SI Group India Ltd.
01.2004 - 11.2006
Consultant-Accounts, Tax & Audit Assistant
Schenectady Herdillia Limited-Formerly known as Herdillia Chemicals Limited
09.2001 - 12.2003
Professional Training (Article-ship)
M/s. Navin Dedhia & Co.
07.1998 - 08.2000
Chartered Accountancy Course - undefined
The Institute of Chartered Accountants of India
Three-year Graduate Course - commerce
Mumbai University
HSC Examination - commerce
Maharashtra Bombay Divisional Board
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