Description of AYM (Welspun) Syntex Limited:

- AYM (Welspun) Syntex Limited (WSL) is a recent spinoff (August 2015) from the umbrella of the $3 billion Welspun Group, headquartered in Mumbai. WSL is listed on both BSE and NSE and is promoted by Rajesh Mandawewala, Managing Director and Co-Promoter of Welspun Group.

- The company is primarily engaged in the business of manufacturing of various types of specialty synthetic yarns from its facilities located in Silvassa and Palghar. It has grown rapidly over the last 30 years and is today the amongst largest manufacturers of Polyester Texturized Yarn, Nylon Filament Yarn and the only merchant selling manufacturer of Bulk continuous Filament in the country.

- The company has emerged out of the 2008 crisis stronger than it ever was before. Today, as the rest of the synthetic yarn industry is reeling under losses due to sub-optimal capacity utilizations and low margins, WSL has been achieving record-breaking profits 4 years in a row. The company has carved out a niche for itself by developing innovative and first of its kind products in various specialized segments of the market. The company is also known in the industry for having the lowest attrition rates, which is a testament to the management's vision of creating a great place to work.

There is a great deal of activity to create new streams of business from green-field initiatives. The company now intends to use its surplus cash in expanding its areas of operations. Going forward the company will base its strategy on 3 pillars of growth. The first will be a forward integration project into the active wear domain. The second will be an investment in developing and strengthening its R&D and Business Development capabilities in the current textile yarns and BCF business.

Background for the Role :

- In order to bring a higher amount of focus and manage the growing responsibilities on different roles, AYMSL is looking to hire a strong team of professionals in every domain

- The balance sheet of the company has been managed conservatively so far when compared to an average textile company in the industry. The return on equity for the preceding year stands at 32% and the debt/EBITDA (1 year forward) stands at under 1.5 times despite a capital outlay of 300 crores in the preceding 3 years.

- The company has seen a tremendous bottom-line 5 year CAGR of 43% and is now looking to expand operations. AYMSL sees a tremendous opportunity in the yarn space and has been working on innovations and development for the last 2 years. The total capital expenditure is likely to be approximately 150 crores in next 3 years which will have to be financed by a mix of internal accruals, debt as well as some equity infusion.

- Furthermore, the company has recently caught the attention of equity investors in the recent past and there is growing curiosity among the investor community about the performance of the company

Position (Designation) : Commercial & Finance Head

Dept / Division : AYM Syntex - Rakholi Plant, Silvassa

Key Deliverables :

Commercial Controls :

- Responsible for end to end designing and implementation, monitoring and strengthening of Commercial controls & polices at plant level.

- Evaluation of CAPEX proposals along with validation of financial viability (ROI) and project feasibility. Periodic post implementation evaluation for tracking project performance and profitability analysis

- Active participation in negotiation with procurement and projects team for Vendor selection,finalising deals and ensuring transparency in procurement process

- Responsible for validating value creation initiatives initiated by plant operations and support in delivery of annual value creation targets

Inventory & scrap Management :

- Engineering Stores Management including procurement, stock management, vendor development,conducting RFQs & reverse auctions, controlling material movements

- Inventory management, analysis of inventory in terms of action plan for liquidation of old inventory,actual vs budget reporting of inventory value and inventory days

- Supply chain and inventory management for RM, PM and finished goods including procurement of decentralized RM / PM (Master batch, Stores, Capex etc)

- Scrap / By Product Management including sales, stock management, driving sales efficiencies by developing new customers and markets Costing, MIS and FP&A

- Critically evaluate the performance of various business units through an analysis of profitability, topline growth, operational efficiency, value losses and cost control, etc.

- Developing & driving annual business plan with various process owners though generation of Monthly forecast, variance analysis of actuals with standards and budgets and other requisite MIS reports

- Developing various periodic MIS basis trends, forecasts, improvement initiatives on input, output,cost, and operational parameters to enhance Plant performance.

- Product costing, BOM management with periodic review and control of manufacturing costs, fixed overheads, conversion charges, and cost related to other business associates.

- Benchmarking Cost, losses, operational efficiency, Price arbitrage, reprocessing cost, Loss in by product with other units and segments

Taxation :

- Handling indirect tax related statutory Compliance w.r.t LBT, Excise, VAT, customs & service tax etc

- Ensuring proper documentary controls, compliance and reporting with tax laws like TDS, VAT, Excise, Customs etc

- To deal and implement GST by evaluation of its impact on business and drive required process changes through developing of transition plan, governance structure & compliance framework Accounts

- Manage Overall Accounts & Financial Reporting and Monthly books closure consisting of complete stock mapping & reconciliation and ensuring all the closing entries

- Oversee the day-to-day accounting functions including Invoicing, Accounts Payable, Accounts

Receivable, Payroll and Inventory Control Management :

- Coordination with HO team for invoice processing, GA, Asset Management, Master creation in SAP.

- Sound knowledge of IFRS as well as of SAP-FICO/MM/AM/SD modules and systems

Others :

- Ensuring all Statutory and Legal Compliances including factory related applicable laws, Corporate Policies, DOA, COSO framework & insurance claim settlement

- Designing and implementation of systems, policies & procedures to facilitate setting up of internal financial controls at plant, preparation of RCM, testing of its design and effectiveness

- Driving Value Enhancement Projects at the factory from ideation to execution stage and delivering targeted potential savings

- Providing support & counsel to business for financial implications of operating strategies & actions

- Provide leadership, support & training to cross functional team and establish a work environment that encourages individual career development and growth

- Travel within India is anticipated as a part of the role. Short term assignments at other locations within India may also be necessary

KEY COMPETENCIES FOR SUCCESS IN ROLE :

- Minimum 5 to 10 years of post-qualification experience and must have managed Commercial function at Plant location in any manufacturing unit

CRITICAL GENERIC ATTRIBUTES :

- Proficiency and prior experience in handling Commercial and Finance role

- Well versed with accounting / ERP systems - SAP

- Good interpersonal and communication skills

- Systems mindset analytical abilities

- Open, assertive and quick at learning new areas.

Location: Silvassa

Reporting Relationship (upwards): Plant Head (Dotted Line Reporting to CFO)

Reporting Relationship (downwards): Team of 6 - 8 subordinates

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