Accountant

Varel Energy Solutions (VES) is one of the world’s largest independent manufacturer and suppliers of downhole drilling and completions products to the energy sector. The key to the company's success is underpinned by the virtues and the cultural framework of our employees.  VES offers an exciting and fast paced work environment, attractive benefits, and competitive pay. If you’re looking to invest in your career development, Varel Energy Solutions is the right place for you.  Come join our team!

Summary: VES is looking for an Accountant to join our team in Faridabad, India location. This position will be responsible for regular banking activities and lead month-end close process and preparation of internal financial statements by preparing monthly journal entries by compiling relevant data with supporting documentation in accordance with IFRS. Knowledge of banking Regulation /RBI/FEMA must in this job.   

Essential Duties and Responsibilities include the following. Other duties may be assigned.

• Coordination with Bankers for opening supplier LC’s (preparation of ILC & FLC application) including online submission and issuance, extension and acceptance and follow up on the discounting process.
• Keep track on forex rates movement for fresh hedges, applying cancellation and rollover along with overlooking the MTM positions.
• Execution of credit facility related loan documentation and supporting in legal and ROC related work.
• Supporting in DP statement, FFRI and OFI to banks and monitoring of utilization of limits.
• Monitoring the EDPMS,IDPMS,ORM,IRM position in a timely manner and record keeping of all e-BRC, FIRC issued by banks.
• Monitoring the lodgment of export documents and retirement of import documents (Bills under LC or clean bills).
• Coordination with Bankers opening supplier LC’s (preparation of ILC & FLC application including online submission and issuance, extension and acceptance and follow up on the discounting process.
• Bank Guarantees for Tenders (preparation of BG application, (EMD, PBG, Bid Security etc.,) issuance, extension, amendment, confirmation and cancellation (follow up and tracking).
• Preparation of Daily MIS - updation of Daily bank transactions, LC Outstandings, FIBC Outstandings, Vendors Outstandings, Monthly Overheads, Bank Limits Utilization.
• Periodic Reconciliation of LC / BG utilization with bank books. To obtain and verify Material Confirmation from various sites to accept the Bill of Exchange.
• Inward LC – Receiving and submission of Bills for negotiation, Foreign LC – Vetting, Issuance and collection of original documents from bank for customs clearance.
• Import Payment – Outward remittance (A1 & A2) towards import of material and necessary documents for processing the payment at bank end.
• Export Documents - Submission of export documents to bank for mapping shipping bills in EDPMS portal after receipt of payment.
• Collection and tracking of e-BRC from bank towards submission of the same to DGFT, Bank Transactions monitoring and cross check of bank charges as per sanctions.

Education and/or Experience:

• Bachelor's degree in accounting, finance, or a related field
• At least 6-10 years of progressively more responsible for Treasury /Trade finance Banking.
• Knowledge of banking Regulation /RBI/FEMA   
• Working knowledge of MS-Word,MS Excel, SAP etc.,
• Demonstrate effective interpersonal, communication, and organizational skills.  Show integrity and discretion in handling confidential information.
• Demonstrate good, practical, and objective problem-solving skills by supporting the implementation of the ongoing development of company’s internal controls and maintain best-practice accounting processes.

Thank you for your interest in a career with Varel Energy Solutions.