Practus’ assisted the pharmaceutical company in coordinating and ensuring 100% compliance for finance and accounts matters.
|Client Name||Industry||Ownership||Management||No. of Employees||ROI On Fee||Size||Project Duration|
|NRT||Healthcare – Pharmaceutical||Public||Professional|
|4x||$50 billion globally|
$76 million locally
About The Company
NRT is one of the largest multinational pharmaceutical companies in the world. As a part of its global product portfolio transformation, NRT spun off its Over-The-Counter Division (OTC Division) in one of its global subsidiaries to a joint venture with OGS (Acquirer). The transaction was structured as a ‘sale of the business for consideration of ~$20 million. Practus was called in by NRT as Interim CFO for the OTC division to manage the transition of accounting and financial processes.
- Delivering on-time, regular, and accurate reporting data as per Global Reporting standards of NRT till ‘Closing Date’ and as per OGS standards from the Closing Date.
- Deliver variance analysis and management commentary for decision making to ORG every month.
- Contract novation.
- Finalizing ‘cut over’ of data from legacy system (SAP).
- Old outstanding vendor balances were settled, and no dues certificates were obtained from all major vendors.
- Novated contracts of ~130 active vendors and ~65 active customers.
- Facilitated stock count and transfer of ~1,300 SKUs of raw material and finished goods inventory.
- Provisions for distribution agent dues was computed.
- Facilitated de-activation of all GL codes and cost centers relating to OTC division in legacy SAP.
- Warehoused all pending litigation and tax matters relating to the OTC division.
- All vendor accounts settled within ~45 days of the closing date.
- month closing of OTC division completed in OGS’ ERP (Oracle) within 50 days of the closing date.
- 90% of contract novation completed within 21 days of closing and 99% within 45 days.
- 100% compliance with financial and management reporting timelines to NRT and OGS, for all months of the engagement.
- Coordinated and ensured 100% compliance with actions agreed for finance and accounts matters, in weekly steering committee meetings.
- Traced, quantified, and ensured systematic documentation of 100 pending legal and tax matters for further resolution by the NRT team.