JSW Steel - Senior Manager/Manager - Financial Reporting

Job opportunity : Senior Manager - Financial Reporting Manager Standalone

Location : BKC, Mumbai

Reports to Financial Controller and General Manager

Purpose - Why does this role exist?

A Financial Reporting Manager-Standalone is responsible for managing the entire financial reporting process relating Standalone Financials along with financial disclosure and oversees compliance with statutory requirements.

Responsible for all overseas business operations Business control, assist for fund raising, Internal controls, audit and compliance to local laws and regulations.

Key Result Areas (Key Performance Indicators):

Financial Reporting:

- Ensure preparation of Standalone Financial Statements on monthly basis by way of consolidation of plant locations

- Ensure that the accounting issues are resolved in a timely manner to ensure audit / limited review is carried out as per timelines agreed

New Ind AS Implementation:

- Ensure that key internal controls issues (ICFR) are resolved in a timely manner

Business Control:

- Management reporting - Responsible for review of Management Information System (MIS) and report to ensure business is operating efficiently and effectively Business Control and add value to the business

- Drive process improvements in finance processes - SAP Implementation / Automation of Business Plan, Management information reporting

Review of cash flow statements:

- Review and control of working capital - Inventory, Debtors, advances, blocked funds and creditors

- Benchmarking of costs, NSR and EBITDA to add value to the business

- Contribution to the Annual reports for the business sections

- Critical Tasks

KRA's and Key Activities:

1. Preparation of Standalone financial Information & Disclosure and co-ordination with various plant location accounting teams for internal and external review. Manage communications with external auditors on financial statements and accounting issues to ensure auditor agreement with company decisions on accounting disclosures.

2. Prepare the Quarterly Results, Annual Reports, XBRL and other statutory release of compliances with various regulations relating to standalone financial

3. Financial Analysis for each critical head of reporting to ensure control and better understanding of financial position.

4. Implement and maintain reporting procedures to comply with internal control requirements. Perform continuous assessment of the close process to support month end, quarter end, and year end closing. Communicate and explain accounting issues and evolving accounting guidance to the management team

5. Assist with reports to the Senior Management as well as other internal and external constituents

6. Participate in other projects as required:

a. Resolving internal controls issues and implementation of the action plan

b. Implementation of New Ind AS standards

c. Business Control - Business Plan vs Actuals

d. Analysis of key performance indicators - NSR , costs, EBITDA , value added products

e. Costs - Plan Vs Actuals, Variance analysis of Key performance indices

f. Production Analysis - Analysis of production variances

- Review and analyse each component of cost elements - raw materials, power, fuel, Stores & Spares & outsourced costs, manpower costs, admin overheads

- Automate the daily MIS, Weekly MIS , Monthly and quarterly reporting

- Design and report analysis pack for Management to ensure key business deviations and inefficiencies are highlighted for corrective action

- Steel Industry review - Global production, demand, forecasts

- Local respective countries - Production, demand and forecasts

Steel Pricing:

- Commodity prices movement

- Analysis of global and regional pricing

- Benchmarking - NSR, Costs, EBITDA etc with local peers and global peers

Working capital control:

1. Inventory analysis - Actuals vs Norms

2. Blocked funds

3. Debtors - Overdue / doubtful etc

4. Creditors review - payables, overdues,

5. Other advances and payables

Internal control:

- Audit and compliance to local laws and regulations

- Review of internal controls issues and review implementation of suggestions/improvements in process proposed by the internal audit etc

- Co-ordinate with Auditors for closing all accounting issues

- Ensure that the checklist based governance framework is established to track compliance of all laws and regulations

Educational Background:

1. Chartered Accountant with 10 years of experience

2. Worked in Big 4 / Large Nifty 50 Companies

EXPERIENCE :

Excellent knowledge of Ind AS and Companies Act, rules and regulations is required, combined with the ability to research and propose company positions on complex accounting issues and issue recognition experience

Competencies

1. Ability to work in a fast-paced environment and manage well through ambiguity and complexity

2. Excellent communication skills and ability to work effectively with all levels of the organization

3. Strong organizational, analytical and team skills

4. Ability to execute and follow-through to completion and develop the appropriate documentation

Working relationships - Stakeholders

Internal :

1. Plant / Location Accounting Teams

2. Secretarial Department

3. Senior Management

External :

1.Statutory Auditors

2. External experts