General Manager - Accounting
Paragon Group
Total des années d'expérience :18 years, 9 Mois
Paragon Group - (Karachi, Pakistan) Since Dec 2023
Group comprises of 3 legal entities engaged in real estate development, mega construction contracts and supply of Ready-mix concrete
General Manager - Accounting reporting to the Group CFO. Part of the SAP implementation team with additional responsibilities related to internal reporting and optimizing processes related to suppliers & subcontractors and salaries & wages. Also responsible for managing the fund for post-employment benefit (provident fund)
Insurance Company in Middle East- (Remote from Pakistan through third party contractor) Feb 2023 to Nov 2023
A public company registered in Middle East and engaged in General Insurance business. Financial Reporting Manager responsible for financial reporting, planning and budgeting. Responsible to prepare monthly, quarterly and annual financial statements for internal and external reporting including segment wise analysis and tracking of actuals against budget and forecast. Also supporting the CFO in implementation of IFRS 17. Couldn’t continue as the company was unable to arrange work visa.
Salaam Takaful Limited - (Karachi and Islamabad, Pakistan) Feb 2022 to Feb 2023
A public company incorporated in Pakistan engaged in general & life insurance, tele-healthcare, fintech/insurtech and real estate. Major shareholders include Al-Baraka Bank, Mal Al-Khaleej Investments LLC, House Building Finance Corp. and few HNWI
Financial Controller reporting to the CFO. Main responsibilities include working on strategic projects and initiatives including the launch of new product lines, new business, new initiatives & digital transformation, potential mergers & acquisitions, Employee Share Option Scheme (ESOS), preference shares with conversion option, fundraising/listing and leading the IFRS-17 implementation in the company. Key achievements and responsibilities are as follows
- Finance & controlling, planning & budgeting and investment management related to the statutory funds of the legal entity and Participant Takaful Fund (PTF).
- Review the assets and liabilities and rolling forecast to ensure compliance with liquidity, statutory, solvency and minimum capital (capital adequacy) requirements.
- Holding the statutory position of “Chief Investment Officer & Secretary to Investment Committee”. Presentation of results to the investment committee. Managing the investment and treasury management function of the company
- Monthly and periodic performance review of product portfolios in terms of profitability, cash flow and non-financial indicators and support & advisory for improvement through new initiatives and digitalization for CFO and CEO review
- Prepared a business plan and Discounted Cash Flow (DCF) for Salaam Takaful for presentation to potential investors and subsequent IPO & listing of the company including a framework for Impact Investing for potential impact investors
- Content writing for annual report, financial policies and other financial publications. Annual report got the award of second-best corporate report from joint committee of ICAP and ICMAP in insurance sector.
- Incorporation of subsidiary/Special Purpose Vehicle (SPV) “Salaam Properties” engaged in investment in real estate. Completed the financial modelling and business plan for the subsidiary. Lead the financial activities for the SPV
- Financing of the property purchased against the mortgage / charge on property. Transaction structuring to ensure compliance with solvency and capital adequacy requirements including the later divestment via asset fractionalization.
- Incorporation of subsidiary “Salaam Family Takaful” to be engaged in life insurance. Engaged in financial modelling, business planning, ERP system implementation and license application for the company.
- Leading the set-up of operational and reporting procedures for receipt of contributions & premiums and payment of claims and surrender of policies in a full digital mode. Entering into agreements and relationships with banks, financial institution, e-wallets and payment solutions providers in digital mode
- Leading the set-up of treasury and investment management function of life insurance including the investment policy
- Financial accounting & reporting procedures for products and statutory funds for the unit-linked, participative and investment funds and calculation of Net Asset Value (NAV) on daily basis ensuring compliance with Insurance statutes
- Planning to build the investment portfolio as per the approved policy / fund’s mandate
- Feasibility study to establish a Reinsurance company (first reinsurance company in private sector) including the study of the market environment, the state-owned reinsurance company (PRCL), statutory and actuarial requirements.
- Served as Acting CFO during the temporary vacancy of the office
Milvik - (Lahore, Pakistan) Jul 2020 to Nov 2021
A company incorporated in Sweden engaged in digital insurance, tele-healthcare, fintech, brokerage and financial services sector
Served as Finance Manager with reporting to CEO of the legal entity and a dotted line to the Regional Finance Manager in UK (matrix structure organization). Lead the finance (5 employees) function in the legal entity. The entity is a subsidiary of Milvik AB, Sweden and registered as insurance broker with SECP. Key achievements during the tenure are as follows
- SELL side due diligence of the legal entity for potential investment / take over by potential investor / listing that resulted in successful acquisition via investment of major shares of the local legal entity.
- Part of the global team who is responsible for the global enterprise valuation for corporate exit.
- Delivered the rolling forecast, estimate for year and budget for the COVID and post COVID era with the supporting reasoning and analysis with original numbers and with a zero-based budgeting view and under various scenarios
- Prepared and delivered 3-year forecast as a single legal entity and impact under various scenarios under discussion
- Arranged short term loan / overdraft facility through a local bank to avoid borrowing from parent company
- Team building. Inducted new resources to replace outsourced accountants (external contractor employee)
- Managed the team and worked remotely. Conducted and participated in meetings on zoom, skype and MS teams
- Organized carve out of a segment from one legal entity and transfer to another legal entity after incorporation.
- Forecasted the equity injection required to maintain the minimum capital requirements and solvency
- License renewal from SECP (insurance broker license), PTA (call center & UAN number) and PSEB (for IT services)
Associated as Financial Controller - Middle East & North Africa region. Leading a team of 4 in 3 locations and reporting to GM of Middle East region with a dotted line to the Business Unit Controller in HQ in Switzerland. The company is engaged in construction (EPC) contracts/projects, repair & maintenance, revamp and manufacturing & trading of equipment and spare parts with an annual turnover of 200mUSD.
Key achievements are
- Restructured the pricing mechanism for field services (repairs & maintenance and field supervision) resulting in the increase in chargeable revenue rates by 20% (approx.) and consequently jump in profitability (GM) from 20% to 33%.
- Implemented Zero Based Budgeting after the carve out and addition of new business in field services unit
- Part of the team for SAP implementation in the region
- Optimized the controlling & reporting of EPC projects and successful close out including one of the largest projects worth 155 mUSD over a period of 3 years. Recognized cost and revenue on Revenue over time (Percentage of Completion - POC) method with estimation of Cost to Complete (CTC) and total cost for the project. Delivered the Rolling forecast (RFC) for the project every month with consequent impact on profit and loss (P&L) and cash flow (CF).
- Established the credit facilities with vendors and changed the payment terms from advance to credit of 30 to 60 days
- Part of team that split / spin-off the Middle East operations & reporting into geographical segments for the formation of joint venture (JV) with local partner
- Implemented the VAT procedures in the region
Financial accounting and Corporate reporting
Timely preparation of financial statements and management reports including monthly closing, variance analysis, KPIs, capital expenditures and cash flow / working capital
Accounting for construction projects and contracts using Percentage Of Completion (POC)
Inter-company accounting & related party transactions including inter-company reconciliation
Managing insurance and related accounting & reporting (Insurance manager)
Project controlling and Commercial
Reviewing and advising the commercial and legal issues
Project controlling and profitability reporting including project milestone review (Projects worth more than 10mUSD)
Treasury and Investment management Relationship management with banks, corp. treasury, customers, suppliers and government
Forecasting cash position and allocation of surplus cash in various classes of assets
Supervising short and long term financing (30mUSD), trade financing arrangements (40mUSD) including LC and guarantee and short term investments.
Planning & budgeting
Prepare rolling forecast, annual & mid-term budget and estimate for the year
Planning for the establishment of new manufacturing and service facilities in GCC region
Contract, Compliance, Legal, Export Control & Procurement
Compliance Officer for the legal entity reporting to the Divisional Compliance Officer
Export Controller for the legal entity reporting to the Divisional Export Controller. Implemented the export control procedures in legal entities in Bahrain, UAE and KSA
Intermediary Due Diligence.
Completed due diligence of more than 30 intermediaries (sales agents) in the Middle East and North Africa region
Review and signing of agreements and PO acceptance at all stages and bringing changes to save cost, increase liquidity and compliance with corporate requirements
Internal Controls
Focal person for the reporting and implementation of controls
Implemented and optimized the Internal Controls in legal entities and Bahrain, UAE and KSA
Commodity analysis
Commodity analyst for crude oil supporting the Group Financial Planning & Analysis Manager in Switzerland.
Associated as Junior Controller. Reported to the Financial Controller with a dotted line to the Regional Controller. The company is engaged in manufacturing and trading of pumps and its accessories in the region manufactured in global production sites and managing its joint ventures in the region with an annual turnover of 250mUSD.
Financial accounting and Corporate reporting Timely preparation of financial statements and management reports including monthly closing, variance analysis, KPIs, capital expenditures and cash flow / working capital
Accounting for construction projects and contracts using Percentage Of Completion (POC)
Inter-company accounting & related party transactions including inter-company reconciliation
Managing insurance and related accounting & reporting (Insurance manager)
Project controlling and Commercial
Reviewing and advising the commercial and legal issues
Project controlling and profitability reporting including project milestone review (Projects worth more than 10mUSD)
Treasury and Investment management Relationship management with banks, corp. treasury, customers, suppliers and government
Forecasting cash position and allocation of surplus cash in various classes of assets
Supervising short and long term financing (30mUSD), trade financing arrangements (40mUSD) including LC and guarantee and short term investments.
Planning & budgeting
Prepare rolling forecast, annual & mid-term budget and estimate for the year
Planning for the establishment of new manufacturing and service facilities in GCC region
Contract, Compliance, Legal, Export Control & Procurement
Compliance Officer for the legal entity reporting to the Divisional Compliance Officer
Export Controller for the legal entity reporting to the Divisional Export Controller. Implemented the export control procedures in legal entities in Bahrain, UAE and KSA
Intermediary Due Diligence. Completed due diligence of more than 30 intermediaries (sales agents) in the Middle East and North Africa region
Review and signing of agreements and PO acceptance at all stages and bringing changes to save cost, increase liquidity and compliance with corporate requirements
Internal Controls
Focal person for the reporting and implementation of controls
Implemented and optimized the Internal Controls in legal entities and Bahrain, UAE and KSA
Associated as Junior Controller. Jointly lead a team of 8 and reporting to Business Controller in legal entity with a dotted line to the Regional Controller in Germany. The company is engaged in manufacturing, trading and institutional & retail sales of pumps, spare parts and accessories with an annual turnover of 150mUSD.
Key achievements are
• Part of the integration team and successfully integrated the newly acquired company into the group reporting & performance management framework. Developed the local team and reporting system for group reporting and performance management as per corporate standards.
• Modified business processes and implemented the internal controls according to the corporate guidelines
• Established the compliance and export control function from the scratch with the help of Divisional Compliance Officer and Divisional Export Controller.
• Part of the team who analyzed the existing system and recommended to implement a tier II ERP instead of SAP and use old hardware instead of new to save the implementation cost and effort.
Financial accounting and Corporate reporting Timely preparation of financial statements and management reports including monthly closing, variance analysis, KPIs, capital expenditures and cash flow / working capital
Inter-company accounting & related party transactions including inter-company reconciliation
Managing insurance and related accounting & reporting (Insurance manager)
Project controlling and Commercial
Reviewing and advising the commercial and legal issues
Project controlling and profitability reporting including project milestone review (Projects worth more than 10mUSD)
Treasury and Investment management Relationship management with banks, corp. treasury, customers, suppliers and government
Forecasting cash position and allocation of surplus cash in various classes of assets
Supervising short and long term financing (30mUSD), trade financing arrangements (40mUSD) including LC and guarantee and short term investments.
Planning & budgeting
Prepare rolling forecast, annual & mid-term budget and estimate for the year
Planning for the establishment of new manufacturing and service facilities in GCC region
Contract, Compliance, Legal, Export Control & Procurement
Compliance Officer for the legal entity reporting to the Divisional Compliance Officer
Export Controller for the legal entity reporting to the Divisional Export Controller. Implemented the export control procedures in legal entities in Bahrain, UAE and KSA
Intermediary Due Diligence. Completed due diligence of more than 30 intermediaries (sales agents) in the Middle East and North Africa region
Review and signing of agreements and PO acceptance at all stages and bringing changes to save cost, increase liquidity and compliance with corporate requirements
Internal Controls
Focal person for the reporting and implementation of controls
Implemented and optimized the Internal Controls in legal entities and Bahrain, UAE and KSA
Associated as Junior Controller. Reported to the Senior Controller - Strategic Projects during the acquisition of an entity by our organization. Part of the team which successfully acquired the legal entity with a value of 180mCHF.
Acquisition Restructuring & Divestiture
Part of the team responsible for the acquisition of an entity in Saudi Arabia worth 180 mCHF.
Prepared and reviewed various cash flow projections & financial modeling and adjusted the purchase price down by 10mCHF (approx)
Associated as Finance and Controlling Manager. Lead a team of 4 in 2 locations and financial activities. Reported to MD of Middle East region with a dotted line to the Business Unit Controller in HQ in Switzerland. The company is engaged in manufacturing & trading of equipments and spare parts in the region produced in global manufacturing facilities with a turnover of 80 mUSD. Key achievements are the optimization of finance function and establishment of compliance and export control processes. In addition to finance, also responsible for supply chain, HR and IT function. Served as Acting MD of the region.
Financial accounting and Corporate reporting Timely preparation of financial statements and management reports including monthly closing, variance analysis, KPIs, capital expenditures and cash flow / working capital
Accounting for construction projects and contracts using Percentage Of Completion (POC)
Inter-company accounting & related party transactions including inter-company reconciliation
Managing insurance and related accounting & reporting (Insurance manager)
Project controlling and Commercial
Reviewing and advising the commercial and legal issues
Project controlling and profitability reporting including project milestone review (Projects worth more than 10mUSD)
Treasury and Investment management Relationship management with banks, corp. treasury, customers, suppliers and government
Forecasting cash position and allocation of surplus cash in various classes of assets
Supervising short and long term financing (30mUSD), trade financing arrangements (40mUSD) including LC and guarantee and short term investments.
Planning & budgeting
Prepare rolling forecast, annual & mid-term budget and estimate for the year
Planning for the establishment of new manufacturing and service facilities in GCC region
Contract, Compliance, Legal, Export Control & Procurement
Compliance Officer for the legal entity reporting to the Divisional Compliance Officer
Export Controller for the legal entity reporting to the Divisional Export Controller. Implemented the export control procedures in legal entities in Bahrain, UAE and KSA
Intermediary Due Diligence. Completed due diligence of more than 30 intermediaries (sales agents) in the Middle East and North Africa region
Review and signing of agreements and PO acceptance at all stages and bringing changes to save cost, increase liquidity and compliance with corporate requirements
Internal Controls
Focal person for the reporting and implementation of controls
Implemented and optimized the Internal Controls in legal entities and Bahrain, UAE and KSA
Acquisition Restructuring & Divestiture
Part of the team who organized the restructuring of an entity in Bahrain having operations in ME region and divestiture of assets of that entity and making it available for winding up
Associated as Trainee Accountant / Controller. Successfully completed the training period to adapt and implement the group best practices of finance and controlling in Middle East region. The company was engaged in manufacturing of equipments for further sales by various associated entities around the world.
A company in automotive industry being one of the top 25 listed companies in Karachi Stock Exchange with the then revenue of more than 400mUSD.
Associated as Manager - Finance with Atlas Honda Limited. I joined as Assistant Manager in December 2009 and got promoted to this position in December 2011 (minimum period for promotion as per company policy). Supervised 2 workgroups (9 employees) posted at 2 locations.
My responsibilities include
Financial Reporting & Budgeting
Timely preparation of monthly & periodic financial statements & other management reports
Preparation of year end forecast and Mid-Term Budget (3 and 5 year business plan)
Successful completion of internal and external audit without any major issue.
Taxation
Coordination with the tax authorities & govt. institutions and tax consultants for all issues
Supervision of periodic filings of tax returns and tax accounting without any delay
Fund raising and listing
Member of the team organized the right issue (20 mUSD approx.) in the company
Focal person to the Company Secretary and legal team for disclosure of information
Treasury
Served as Acting Treasury Manager for routine issues including fund collection and investment, short and long term borrowing and trade financing
Investment and Fund management
Financial accounting and corporate & statutory reporting of all post-employment benefit funds
Formulating the strategy to maximize the returns from investments (20 mUSD approx.) and allocation of funds to different classes of assets ensuring compliance with statutory regulations
Dealing with banks, investment companies, actuaries and statutory authorities for all matters
A. F. FERGUSON & CO. CHARTERED ACCOUNTANTS
December 2004 to October 2009
A member firm of PRICEWATERHOUSECOOPERS (PWC) in Pakistan
TAX AND LEGAL SERVICE (TLS)
August 2009 to October 2009
Associated as Supervising Senior. Prepared annual tax return and computation for various clients (including banks) and represented them in various tax and appeal forums.
ASSURANCE AND BUSINESS ADVISORY SERVICES
December 2004 to August 2009
I joined as an Audit Assistant and got promoted to Audit Senior. I was involved in various Assurance and Business Advisory (ABAS) assignments including banks & financial services, asset management, insurance, chemical, pharmaceutical, FMCG, airline and logistics, port terminal, automotive, engineering, IT & technology and oil & gas companies.
Master of Business Administration. In progress and expected to be completed by Nov 2024
Qualified
Fellow member of Institute of Chartered Accountants of Pakistan.
Passed
Bachelors of Commerce from University of Karachi.
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