Ritu Balani
Hongkong
Summary
Results-driven Financial Strategist with a proven track record of reducing overdue levels by 52% at Huntsman International over four years. Expertise in SAP and effective leadership skills have facilitated the successful management of mergers and acquisitions, demonstrating a strong ability to navigate complex financial landscapes and drive team performance.
Seasoned Financial Manager with extensive experience in budgeting, forecasting, and strategic planning. Skilled in optimizing financial processes and leading teams to exceed corporate goals through innovative strategies and efficient resource allocation. Proven track record of enhancing operational efficiency and financial health within diverse organizations. Demonstrated ability to analyze complex financial data and recommend actionable solutions that drive growth and profitability.
Experienced Senior Credit Manager with significant experience in leading credit teams and enhancing operational efficiency. Demonstrated strengths in executing risk assessment strategies, managing large loan portfolios, and fostering customer relationships. Notable impact includes driving credit policy compliance and achieving improved financial performance through strategic decision-making.
Overview
23
23
years of professional experience
1
1
Certification
Work History
Senior Credit Manager -Asia Pacific, Europe & Middle East & Global Cash Applications
Huntsman Corporation
08.2022 - Current
- Company Overview: MNC
- Spearheaded the Asia Pacific & Europe Team, establishing the GBS Credit Department for Europe in Poland
- Worked with Business and Finance Teams to evaluate credit risks
- Formulated and implemented company credit control policy
- Managed budgeting with tight cost control
- Provided advisory support in key decision-making processes, offering value-added suggestions and identifying shortcomings
- Handled various mergers and demergers, including the TE division to Archroma
- Coordinated with Business Leaders to provide risk management advisory support
- Approved credit reviews, ensuring portfolio risks were within corporate guidelines
- Implemented risk reduction programs using tools like SAP-Hiradius, FSCM, and HSIMS
- Reduced working capital cycle times
- Ensured measures were in place to prevent insolvency risk
- Directed the global Cash Application Team for posting cash inward across regions
- MNC
Senior Credit Manager – Asia Pacific & Global Cash Application
Huntsman International India Pvt. Ltd.
08.2020 - 08.2022
- Company Overview: MNC
- Heading the Asia Pacific & Global Cash Application Team & reporting to the Global Credit Director (located in Belgium)
- Successfully managed the spin-off process, coordinating with various stakeholders to ensure a smooth transition and continuity of operations
- Led the acquisition process, from due diligence to final integration, ensuring that all financial and operational aspects were thoroughly addressed
- Coordinated with internal stakeholders, including the finance and business units, to ensure a smooth transition of credit control responsibilities
- Developed and executed detailed integration plans, focusing on aligning business processes, systems, and cultures
- Facilitated the integration of credit control systems and tools, such as SAP-Hiradius and FSCM, to ensure seamless management of credit accounts post-demerger
- Provided training and support to ensure that the team was well-equipped to manage operational activities independently
- Identified and mitigated potential risks associated with mergers and acquisitions, ensuring compliance with corporate guidelines and regulatory requirements
- MNC
Credit Manager – South Asia
Huntsman International Pvt. Ltd.
01.2012 - 08.2020
- Company Overview: MNC
- Heading the South Asia Pacific & India and reporting to the Huntsman Asia Pacific Senior Credit Manager (located in Singapore)
- Setting up ASSC Credit Department for South Asia & India
- Collaborating with Business Units and Finance Teams to evaluate credit risks
- Formulating & implementing the company credit control policy and administering credit control related activities, governance and policy guidance in Asia (China, Singapore, India, Korea & Japan)
- Coordinating with Business Leaders to understand business strategies and provide value added advisory support on risk management to mitigate the same while maximizing sales
- Performing credit reviews and ensuring portfolio risks is managed within the corporate guidelines
- Preparing & implementing risk reduction programs such as rating tools like SAP-Hiradius FSCM, SAP, HSIMS and so on
- Working closely with BU Finance Leads & Operations Accounting Controller to reduce working capital cycle times
- Planning the AOP/Forecast (Credit Cost & DSO) and assessing the department performance with appropriate metrics
- Managing treasury related activities across the region; leading finance solutions programs as well developing alternative financing options like Channel financing for the distributors
- Steered efforts towards reducing the overdue levels by 52% in a span of 18 months
- Played a key role in collection of AR greater than 60 days and bought it down to level of 1%
- Promoted from Credit Manager-South Asia to Senior Credit Manager – Asia Pacific & Global Cash Applications
- Successfully negotiated & implemented channel financing for distributors to avail cheaper funds with no collateral
- MNC
Manager Finance
Thermo Fisher Scientific India Pvt. Ltd.
12.2010 - 12.2011
- Company Overview: MNC
- Lead & mentored a team of 18 members of Shared Services and reported to the Finance & Treasury Controller
- Developed & implemented the company credit control policy, and issued TFS India and BU AR scorecards regularly
- Followed-up for top outstanding payments, EMDs & C forms and defined service level agreements for AR processes
- Established SOPs for recording AR process related transactions into different Accounting Systems
- Coordinated with respective BU Heads and other stakeholders to drive key metrics for overdue & DSO reduction
- Acknowledged for eliminating waste in the AR processes through automation, best practices benchmarking and practical process improvement
- Successfully streamlined the process & procedures and reduced the provisions by 10% in a span of 6 months
- Recognized for effectively initiating project for automation & standardization of MIS reports and reducing the unapplied cash by 55% & Bank Recos by 45% within five months only
- MNC
Manager - Credit Control
United Phosphorous Ltd.
02.2007 - 12.2010
- Company Overview: MNC
- Implemented policies & procedures while ensuring adherence to credit management for exports of UPL India and Asia – Pacific Region
- Balanced credit risk against the commercial requirement of the business by credit analysis and set-up limit, credit blocks and credit terms by appraising each client to support the credit lending decision
- Administered lodging & settlement of claims in case of non-payments
- Provided insights to the top management to minimize DSO days & ensured adherence to budgetary parameters
- Prepared & analyzed global MIS of credit limit and conducted debtor ageing analysis, top 80% overdue, monthly collection targets for marketing & overdue and turnover declarations to credit insurers
- Coordinated with subsidiaries in UK and USA for securitization of receivables facility on non-recourse basis
- Acted as the key person for negotiation & procurement of global credit insurance policy for the UPL group with objective of minimizing open exposure on receivables and ensuring timely collections
- Promoted to Manager Credit Control from Assistant Manager within 18 months itself
- Administered claims worth Rs
- 1.5 crores settlement under credit insurance and recovered 25% with regular follow ups of the sticky debtor accounts
- Realized 25% of the doubtful debts with regular follow ups of the sticky debtor accounts
- MNC
Executive – Business Control
Clariant Chemicals India Ltd.
05.2005 - 01.2007
- Company Overview: MNC
- Reviewed total domestic receivables on a monthly basis and prepared BU wise collection targets
- Maintained all product and customer’s masters, product prices and SPAs on SAP system
- Resourceful in Key Account Management, harmonized AP codes for all BU's and liaised with top distributors for collections and coordination for channel financing facility for the distributors with the bank
- Prepared monthly MIS of receivables ageing and DSO targets for the top management
- Recovered 18% of the receivables by arranging the channel financing for distributors
- Successfully corrected the customer masters and blocked the duplicate codes in SAP system
- MNC
Assistant Professor
Indian Institute of Modern Management (IIMM)
07.2004 - 04.2005
Lecturer
JIILM
10.2003 - 07.2004
Adjunct Faculty
Institute of Commerce & Management, Jiwaji University
07.2002 - 09.2003
Education
Ph.D. - Finance
Jiwaji University
01.2007
MBA - Finance
Jiwaji University
01.2002
Bachelors of Commerce -
Jiwaji University
01.2000
Advanced Diploma - Internet Architecture
SSI
01.2000
Skills
- Financial Operational
- Financial and Strategic Planning
- Budgeting and Forecasting
- Treasury Management
- Receivables Management
- Global Financial Reporting
- Risk Assessment and Mitigation
- Credit Control and Collection
- Mergers and Acquisitions
- Team Building and Leadership
- SAP
- Power BI
- HSMIS
- Hyperion
- MS Office Suite
- Lotus Notes
- BPCS
- Internet applications
Certification
- Harvard Business School Online Financial Accounting Certificate
- FSCM Credit, Collections and Dispute Module training, Hiradius, Shanghai, China
- Credit Conference, Texas, USA & Ever Berg, Belgium
- Web Intelligence / HSIMS training, SAP, Singapore
- Advanced Team Management Program, Krauthammer
- Credit Control & Management Seminar, Indian Academy of Management
- Essentials of Team Management course, Right Management Group
- Credit Insurance Seminar, Export Credit Guarantee Corporation of India
- Entrepreneurship Awareness Program, Center for Entrepreneurial Leadership at BITS, Pilani
- PIMR National Conference, Benchmarking with E-business & CRM
- Best Paper Award, Effective Management of receivables by Credit Insurance
Timeline
Senior Credit Manager -Asia Pacific, Europe & Middle East & Global Cash Applications
Huntsman Corporation
08.2022 - Current
Senior Credit Manager – Asia Pacific & Global Cash Application
Huntsman International India Pvt. Ltd.
08.2020 - 08.2022
Credit Manager – South Asia
Huntsman International Pvt. Ltd.
01.2012 - 08.2020
Manager Finance
Thermo Fisher Scientific India Pvt. Ltd.
12.2010 - 12.2011
Manager - Credit Control
United Phosphorous Ltd.
02.2007 - 12.2010
Executive – Business Control
Clariant Chemicals India Ltd.
05.2005 - 01.2007
Assistant Professor
Indian Institute of Modern Management (IIMM)
07.2004 - 04.2005
Lecturer
JIILM
10.2003 - 07.2004
Adjunct Faculty
Institute of Commerce & Management, Jiwaji University
07.2002 - 09.2003
Ph.D. - Finance
Jiwaji University
MBA - Finance
Jiwaji University
Bachelors of Commerce -
Jiwaji University
Advanced Diploma - Internet Architecture
SSI
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