Head - Taxation - BFSI

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 amongst the 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 :

- Until the spin off from Welspun Group, most of the financial responsibilities pertaining to company such as banking, investor relations, taxation, risk management, compliance, etc, were being managed at the Group level

- In order to bring a higher amount of focus and manage the growing responsibilities on different roles, AYMSL is looking to hire a a strong team of professionals in the finance 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 space of active wear fabrics and garments and has been working on a project plan for the last 2 years.

- The total capital expenditure is likely to be approximately 120 crores 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 putting the investor relations function under the spotlight.

Position (Designation) : Sr. Manager / AGM - Head Taxation (Indirect + Direct)

Dept/Division : AYM Syntex - Finance (HO)

KEY DELIVERABLES :

- Handling Direct tax / Indirect tax - Excise / Custom / service Tax / VAT / CST compliance across multiple states

- Enabling and expediting completion of assessments and pending cases

- Drafting replies to queries raised by tax authorities / auditors from time to time.

- Liasoning with fiscal authorities and coordinating with the tax consultant for various assessments/appeals

- To deal and implement GST by evaluation its impact and develop the transition plan,governance structure as well as compliance framework

- Experience in dealing with indirect tax accounting in ERP systems - SAP

- Prepare internal reports as required from time to time to provide compliance assurance.

- Monitor/ implement changes in tax laws & its impact assessment

- Monitoring and verifying Tax Audit Report, Transfer Pricing Report, income tax /wealth tax computation

- Monitoring and review of advance tax workings, eTDS Returns, Annual Information Returns and provision for tax

- To advise tax-planning and new initiatives and suggest necessary measures to enable to avail maximum tax benefits available under the law.

- Train and develop Plant staff and subordinates

- Conduct periodical health checks, process reviews as per agreed plans

- Person having hands on experience of and be able to manage the computation of monthly service tax / VAT / Excise liability as well as preparing and filing of service tax / VAT / Excise returns through the team

- Travel within India is anticipated as a part of the role. Short term assignment within India may also be necessary to the Plants

KEY COMPETENCIES FOR SUCCESS IN ROLE :

- Minimum 5 to 9 years of post-qualification experience. The person must have worked in a medium to large manufacturing Company with multiple locations /states and must have managed indirect tax matters

CRITICAL GENERIC ATTRIBUTES :

- Proficiency and prior experience in handling Indian excise, customs, sales tax and service tax compliance. Familiarity with tax concepts and ability to interpret tax laws.

- Functional Knowledge of GST as well as Direct tax

- Skilled in drafting replies to notices and appeals etc. at different levels of adjudication and appeals.

Location : Based in Mumbai

Reporting Relationship (upwards) : CFO

Reporting Relationship (downwards) : 1 - 2 direct subordinates + team in Plant location