ACCOUNTABILITIES & RESPONSIBILITIES
Crude, Product & Freight deals evaluation, compliance and documentation
· Evaluate Crude, Product & Freight deals and ensure sign off from the authorised signatories, maintain the records
· Verify the tenders floated, deal rationale prepared by the trader and the deals entered in the trade capturing system
· Ensure process compliance & maintain documents for entire deal life cycle
Execution of Prepayment and Structured Trade Finance deals
· Evaluation of prepayment and other structured / bilateral deals and seek approvals as per the DOA.
· Work in close coordination with trading desk and finance for execution of required documentation for the deal.
· Performing evaluation / variance (retro) analysis for active pre-finance deals on monthly basis.
Trade Finance and Banking Operations
· Structure and coordinate trade finance solutions for Product and crude trading
· Prepare proposals for working capital and fund raising through alternate structures for obtaining required financing / working capital facilities from bank
· Liaise with banks for preparation of bank’s internal proposals/ approval notes, addressing various queries to support them in credit approval process
· Managing the banking portfolio for short-term and long-term lenders and overall relationship with the banks, sharing information as required and maintain a trustful and conducive relationship to cater to business needs and support growth
· Preparation, execution, and management of all trade finance instruments such as LCs, SBLCs, bid bonds, performance bonds etc.
· Monitor daily cash flow management and financing limits and provide regular reports to management on credit line utilisation, cash positions and analysis of costs and efficiency of utilised lines
· Negotiation of documents with banks, day-to-day communication with involved parties (buyer, seller, bank, internal teams etc.) to ensure smooth execution of transactions
Monitor and challenge cost and utilization of existing credit facilities, verification of commissions and bank charges, improvement of bank charges and costs
Working Capital Management
· Daily cash flow management, preparing daily, weekly and monthly cashflow forecast for efficient cash utilization, allocation of financing limits, managing margin calls
· Allocate suitable facilities / credit lines for each transaction in consultation with business unit and monitor each transaction to ensure they are executed smoothly in all aspects
· Regular review of existing banks facilities and negotiation of financing facility to fit the business operating model
Ensure timely renewal and enhancement of working capital limits as per business requirements
Execution of Prepayment and Structured Trade Finance deals
· Evaluation of prepayment and other structured / bilateral deals and seek approvals as per the DOA.
· Work in close coordination with trading desk and finance for execution of required documentation for the deal.
Performing evaluation / variance (retro) analysis for active pre-finance deals on monthly basis.
Management of Accounts Receivables / Payables & Working Capital Limits
· Prepare computation of pricing of commodities traded as per contract
· Managing Letter of Credit from/to customers
· Monitoring of credit exposure for all counterparties
· Plan & monitor Letter of Credit limits and utilisation in co-ordination with Finance to ensure optimum utilisation of working capital limits
Negotiate credit and LC terms & conditions to minimise cost incidence
Handling of secondary costs pertaining to Trading operations
· Verification, reconciliation and processing of expenses related to deals such as freight, charter hire, demurrage, port dues and other expenses
· Verification of time charter vessel performance evaluation
Demurrage Payables and receivables
· Review demurrage calculations provided by operations desk, monitor and ensure timely payment to minimize the cost
· Verify the demurrage claims raised on suppliers import shipments
· Monitor and ensure sign-off / approvals of authorised signatories as per SOP/ DOA
Monitoring and Compliance of Risk Management Controls
· Ensure adherence to the Risk Management policies
· Familiarize with industry compliance standards and regulations e.g. Dodd-Frank Act, MiFID II etc.
· Review the ISDA and CSA for registration and onboarding of hedging counterparties, negotiate and finalize the commercial terms, credit limits, margin and other terms
· Ensure compliance for Risk Management related activities including monitoring and adherence to mandates and strategies and communicate any deviation / non-compliance to Management
· To assess the credit profile of counterparties, suppliers and service providers and make recommendations to the Management for mitigation of credit risk
· Implement required solutions e.g. update /revision in credit terms and credit limits, taking credit insurance etc. based on respective credit profile to effectively manage the credit risk
Preparation of MTM and other MIS reports, computation and negotiation of collateral and margin call, deal validation
Financial Concurrence and Review of Contracts
· Review and scrutinise various payment advices to check the accuracy and ensure the same is approved as per DOA
· Review the financial clauses of Trading related contract and provide comments to trading team
Accounting, Reporting, Audit & Control Related activities
· Provide information relating to demurrage claims, Trading related service expenses, vessel charter expenses and other information to accounting team for monthly accounts closing
· To provide information and documents to auditors and clarification to their queries for quarterly and annual audits
· Compilation and control of annual budget of Company based on the data received from all desks
· Maintain records of all services and contracts related to Trading activities and coordinate with Finance team for processing and payment of invoices
· Ensure compliance with functional SOPs / DOA and regulatory compliance and ensure no negative qualification from Auditors
Corporate Governance & Control
· Updation of Governance Manual to align with the business requirements
· Updation of Delegation of Authority Manual in in view of structural changes, and alignment with changes in business requirements
· Liaise with Secretarial and Control functions to review and enhance the Governance Manual and DOA to ensure that it is updated and aligned with overall Governance Framework
· Coordinate closely with the business teams, advise on the DOA and corporate approval requirements and ensure that business activities are conducted in full compliance with the approved Governance and Control framework
· Preparation of Board and Shareholder approval notes for business transactions as required under DOA
· Coordinate with relevant Shareholder teams for obtaining approval as a pre-requisite for Board approval
Preparation and management of SOPs and guidelines for crude and product trading, trade operations, banking, treasury, Debt, liquidity and investment, working capital and other business areas in alignment with existing group SOPs
Other Responsibilities
· Preparation of various MIS / data / reports as required by the internal / external stakeholders e.g. Import reports, payment realization, sensitivity analysis / stress testing, physical vs. paper gain / loss, etc.
· Preparation of notes / workflows / presentations as required by the Management
· Coordinate with various internal / cross functional teams for information sharing and smooth conduct of day-to-day business and timely completion of deal related activities
KEY DECISIONS
A. Made by Jobholder:
· Establish a decision support system with objective criteria and parameters to support the management with decision making on various business related matters
· Allocation of credit and working lines for various trade transactions, decide on appropriate structure and instruments for specific transaction
· Evaluate the credit profile and define credit limits and credit terms for physical and derivative trading counterparties
· Cost of various fund-based and non-fund based credit facilities to be availed by the Company
· Interpretation of the DOA and Governance Manual and approval requirements as per governance framework and policies
Evaluation of trade proposals based on cost and overall commercial terms and provide financial concurrence
B. Recommendations to superior:
· Report any deviation to DOA and SOPs for appropriate Management action
· Most optimal option for financing of trade deals, tender participation, bid bond etc. based on evaluation of relevant terms and conditions
· Recommendation for efficient utilization of financial resources e.g. cash, non-fund based credit lines etc. for optimization of overall cost
Highlight any challenges faced that may need supervisor’s intervention
DIMENSIONS
Financial Dimensions:
· Aim at cost control and saving while supporting the business requirements
· Minimize the risk by ensuring compliance to the approved policies, procedures and guidelines
Timelines and number of reports as well as areas covered are more important and are the critical measures along with the quality of work performed.
QUALIFICATIONS AND EXPERIENCE
A. Educational Qualifications & Certifications:
· Graduate in Engineering and Post graduate with relevant experience (MBA Finance or Chartered Accountant preferable)
B. Relevant (Functional/Level) & Total Years of Experience:
· 12 to 15 years
C. Functional Skills:
· Background from Oil & Gas industry
· Good grasp of accounting and commercial processes & issues
· Excellent working knowledge and experience in Excel, PowerPoint and Word
· Good understanding of Accounting & Financial Reporting Standards (IFRS / SFRS)
· Strong background in the areas of SOPs, control framework, regulatory compliance
D. Behavioural Skills:
· Professional integrity and confidentiality, team player
· Strong analytical & negotiation skills and eye for detail
· Self-motivated and initiative taking, can take ownership and deliver with less supervision
· Conflict management and problem solving with solution oriented approach within the regulatory and control framework
