Head Finance Coal (Mining)

Company: Metals
Experience: 15-20 years

Job Purpose
• To plan, monitor and control finance and accounting functions for the coal mining vertical, ensuring financial accounting as per accounting standards, working capital management, internal control, taxation, handling of Audits and measurement of efficiencies towards uninterrupted operations
• To contribute to the planning and budgeting process for associated CAPEX projects and Operational plan for coal mining and monitor execution towards optimum utilization of resources in the journey of being the most cost-effective coal production.
• To ensure compliance of statutory provisions as well as safety, health, environment parameters and improvement initiatives
• To supervise the team at various locations for their deliveries. Take initiative in developing the team & take the front role in implementing best practices.
• Formation of SOPs and updating according to prevailing situation and monitoring the same. Bringing uniformity of control & processes around all locations spread over four states.

Job Context & Major Challenges

Job Context:
Hindalco Industries Limited is the metals flagship company of the Aditya Birla Group and an industry leader in aluminium and copper with a global footprint and also produces by products such as gold and silver. The Mining and Minerals Vertical is responsible for sourcing and securing minerals for the captive consumptions of its power plants and refineries that supply raw materials for rolling and extrusion of its finished products through development and operations of the mines. The Coal Mines of Hindalco Industries Limited are located at Kathautia at Jharkhand, Gare Palma at Chhattisgarh, Chakla at Jharkhand, Minakshi West in Orissa & MP project.

The Head Finance Coal (Mining)is responsible for ensuring all receivables and payables are accounted for in the automated accounting system in accordance with accounting standards and the final accounts are published every month, quarter and year. Criticality is to ensure accuracy and timely finalization of accounts for the coal mining vertical.

A critical aspect of this role is to lead the planning and zero based budgeting process for Coal Mining vertical. This involves collating requirement for regular expenses as well as projects for modification/ addition of infrastructure to finalise the CAPEX and OPEX budgets. The critical aspect is to monitor execution, manage finances for project expansion , mid term corrections as required and capitalize the same.

An important aspect of the role is to measure operational efficiencies and publish MIS to impact productivity and maximise profitability. This involves analysing variances and sharing the data with all departments across coal mines to influence course correction towards optimum utilisation of resources as well as efficient working capital management and fund management.
This role is required to continuously influence and partner improvement initiatives towards more sustainable operations and cost saving and guide the team to comply with all safety, health, environment parameters. Also critically evaluate all the processes running at mines and cross checking the same to check its effectiveness.

Statutory compliance is an important element of the role. This includes maintaining accuracy with respect to applicable direct and indirect taxation.

Job Challenges:
• Geographical spread of the mines makes it difficult in bringing uniformity in processes/practices and remoteness of locations brings in lack of real time supervisions/guidance.
• Changes in govt regulations causes changes in the existing processes.
• Coexistence of large-scale projects & operations which caused for different approach of accounting & controls.
• Talent deployment and retention in view of remote locations of mines
• Uncertainty of projects/ business partners at strategic level and mid-term correction during the operational stage.

Key Result Areas

KRA (Accountabilities) (Max 1325 Characters) | Supporting Actions (Max 1325 Characters)
KRA1 | Business Excellence | • Finalizing accounts accurately with respect to the coal mining vertical within stipulated timelines on a monthly, quarterly and annual basis • Reviewing and monitoring implementation of Accounting Standards and ensure timely development and implementation of Standard Operating Procedures (SOPs) for controllable areas. • Ensuring financial & statutory requirements adherence and proactive steps during new coal mines set up as well as surrender of old mines acquired under CMSP Act.
KRA2 | Cost | • Steering the annual planning and zero-based budgeting with respect to the coal mining division • Monitoring implementation of budgets and influencing cost saving without compromising standards • Review & finalising CAPEX budget for coal mining projects. • Ensuring on time renewal of insurances, MDO and other major contracts and AMCs at optimum cost. • Evaluate the sustainability and CSR projects undertaken. • Vetting of commercial proposals with active participation in negotiation for cost optimization.
KRA3 | Cash | • Managing funds for new mining leases and projects • Review of advances/deposits to keep WC at P&B level : To provides guidance on handling aged balances and ensuring adherence to best • Ensuring optimum cash flow for coal mining operations through strict control over receivables and payables
KRA4 | Customer | • Incorporating requirement of coal at the power plants in the planning and budgeting process to contribute to the reduction of gap in quality and quantity requirement • Ensuring seamless data sharing and collaboration within and across functions • Ensuring minimum response time in providing information and solutions to all internal and external customers • Improvising timely payments- To oversees end-to-end payment process and ensuring payment within agreed TAT, monitoring bottlenecks and implementing corrective actions to avoid delays.
KRA5 | Sustainability and Compliance | • Ensuring all statutory compliance within timelines with focus on changes in Act and rules related to direct and indirect taxation • Identifying and analysing risks and ensuring risk coverage as appropriate • Monitoring of LC/BG issued to various statutory bodies & MOC for all major projects. Timely tracking, monitoring of expiry date and coordinates with banks and corporate treasury for timely renewal or surrender of BG.
KRA6 | Project | • Capex Monitoring 1. To review and ensure correctness of report and timely submission of SOA report to the CFD by 7th of each month. 2. Review and resolve any pending issues with all stakeholders & facilitate faster approvals of CP/ CPAN 3. To oversee CWIP monitoring process, reviews project timelines and ageing reports, ensures alignment with CEMS guidelines and initiate actions for timely capitalization of completed projects. • Interfacing with MOC / statutory bodies and overseeing the documentation /calculation with respect to surrender/acquisition of the existing/new block.
KRA7 | People development and engagement | • Team building, talent retention & knowledge enhancement among F&A employees across Coal mining vertical using various tolls like MPH, coaching, mentoring etc.

Skills: Finance & Accounting, Finance and Controlling