Muhammad Shahzad Sarfraz Khan
Mobile: 92-322-5043409
shahzad_sarfraz@hotmail.com
43 Eden Avenue
44000 , Lahore , Pakistan
SUMMARY
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Profile:
Nationality:
Current Location:
Chartered Accountant, 15 Years’ Experience, Male, 40, Married
Pakistan
Pakistan
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Current Position:
Company:
Group Chief Financial Officer
Sefam Group
(Reporting to: Board of Directors)
WORK EXPERIENCE
Dec 2012 - Present
Sefam Group (Pakistan)
Lahore, Pakistan
Group CFO
Sefam Group is the leading fashion retail group in Pakistan. The retail arm comprises of 10
leading local fashion brands, official partners of Armani and Polo Ralph Lauren with
manufacturing arm consists of textile processing unit with 4.0 million meters of Fabric per
month and 10 garment manufacturing facilities with capacity of 500,000 pieces per month.
Annual group turnover is USD 110 million and total employees are 8,000.
Reporting to the Board of Directors, I am managing financial matters of the group supervising
subsidiary’s CFO and Financial Controllers with a total finance team of 150 persons.
Major Responsibilities include:
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Developing and driving Group finance strategy and taking policy decisions on
financial structures and monitoring policy implementation.
Group treasury Management and fund raising
Revamping the technological landscape with strong internal control structures and
business reporting.
Managing group and individual company cash flows, negotiating working capital
lines and fund raising for new projects.
Improve and institutionalize business planning and budgeting process in all group
entities.
Statutory and Corporate financial reporting complying with IFRS.
Key achievements have been:
 Achieved 150% growth in Net Profit after tax since joining through effective
budgeting and planning process.
 Reduced working capital costs by 100 basis points through renegotiation and
replacement of expensive credit lines.
 Raised USD 15 million for working capital financing for the group..
 Raised USD 8 Million project financing for Textile Weaving unit.
 Implementation of SAP in all group companies including dashboards using SAP
business objects.
 Retail Pro implementation at 400 Point of sales and deployment of retail Business
Intelligence portal and integration with SAP.
Jan 2011 - Nov 2012
Infinnova Technologies FZC
Sharjah, UAE
Founder CEO
Founded this UAE based technology company by putting together a team of quality
professionals to develop innovative products for fast evolving mobile financial services.
Infinnova’s Green Money platform revolutionizes the concept of banking the unbanked by
taking it out of myth of money transfers into realms of consumer banking.
My responsibilities included:
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Oct 2009 - Sep 2010
Study of the quantum and dynamics of un-banked population in Africa, Middle East
and Asia
Need assessment of the banking needs of the unbanked population in Africa, Middle
East and Asia
Designing of a branchless banking solution addressing the needs of un-banked
population focusing on opening new financial options for them and quality of their
lifestyle
Development of a branchless banking platform to bring the unbanked population into
formal financial stream
Recruiting the technical and professional team to undertake development of the
solution.
Company incorporation and fundraising.
Business planning and development of annual budgets and forecasts.
Financial management and establishing internal accounting and control systems.
Overseeing all administrative and financial affairs of the company.
Utell FZC
Sharjah, UAE & Hargeisa Somaliland, Somalia
Group CFO
UTELL FZC is an investment of Tadhammon Capital Bahrain and is the holding company
for three independent telecom operations of TELCOM Somalia. Telcom Somalia is a
complete telecommunication service provider having Fixed Line, GSM and Broadband
services.
I was based in Hargeisa, Somaliland (Northern Somalia), managing financial operations of all
the three telecom networks with three operational CFOs reporting to me having finance team
of 50 members.
Major Responsibilities included:
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Business process restructuring and change management to improve operational
efficiency and financial performance of three telecom operations in three independent
regions of Somalia i.e., Somaliland, Puntland and South Somalia
Institutionalization of budgeting function in the three operations
Financial modeling and forecasting for business development
Reorganization of Finance department in line with new corporate strategy.
Designing of new strategy for convergent telecom services using Landline, GSM and
broadband.
Detection and rooting out of grey traffic termination on Telcom Somalia networks.
Establishment of Internal Controls and Policies framework in Finance and SCM
domains.
Selection and implementation of billing system.
Selection and Implementation of ERP.
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Monthly and quarterly Group and Company level financial and management reporting
to Tadhammon Capital and Board of Directors.
Monthly closing of accounts and institutionalizing monthly management reporting
framework.
Key achievements were:
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May 2008 - Oct 2009
Arrangement of USD 10.7 million equity to revamp the business of three independent
operations Telcom Somalia, Somaliland and Puntland.
Immediate development and deployment of credit control system and policy.
Restructuring of supplier’s credit of USD 17 million.
Warid Cote d'Ivoire S.A.
Abidjan, Ivory Coast
Chief Financial Officer
Warid Cote d’Ivoire S.A. is an investment of Dhabi Group of UAE to operate GSM license in
Republic of Cote d’Ivoire. Planned capital budget for the project was USD 370 million for
600 sites covering 75% of population.
I established the finance department for this green field operation from scratch and build the
entire finance team of 35 persons with 2 senior managers directly reporting to me.
My responsibilities included:
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Business planning and financial modeling for fund raising and monitoring.
Negotiations for acquisition of strategic assets (Network + Infrastructure) and related
financial arrangements.
Development, monitoring and monthly reporting of pre-launch cost budget and
project progress.
Documented general accounting and treasury policies and procedures ensuring
compliance with both OHADA regulations for local statutory reporting and IFRS for
group reporting.
Development and implementation of policies and procedure manual in areas of credit
& collection, operational finance, procurement and logistics.
Selection and implementation of Oracle (EBS) and Billing system (TABS) as project
leader.
Selection of Revenue Assurance and Fraud Management systems.
Ensuring compliance with local tax laws both for payroll and business taxation
including VAT.
Group financial and management reporting complying with IFRS framework.
Statutory reporting to Ivoirian authorities complying with OHADA framework.
Coordination with regulatory authorities for finalizing the terms of Licensing
agreements and allocation of radio frequencies.
Negotiating and finalization of inter-connect agreements with local and international
operators.
Coordination with various Government agencies for rolling out of telecom network.
Negotiations with regulator to reschedule the payments to be made under licensing
agreement increasing the repayment period from 4 years to spread over life of the
license.
Organization of Finance department and recruitment of staff at all key accounting and
finance positions.
Initiation of project for safeguarding fixed assets using RFID technology.
Closing of monthly accounts and presenting financial reports to the board.
Key achievements were:
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Sep 2007 - May 2008
Pre-ops business plan raising USD 210 million equity
Negotiations with technology vendors reducing network cost by USD 50 million
Negotiations with regulator rescheduling payments from 4 years to 10 years
Negotiations with bankers for establishing letter of credits saving 0.5 million dollars
in bank charges.
Achieved go live in Oracle EBS in 9 months
Warid Congo S.A.
Brazzaville, Republic of Congo
Senior Manager Finance & Accounts
Warid Congo S.A. is an investment of Dhabi Group of UAE to operate GSM license in
Republic of Congo. Total investment in this green field operation was USD 100 million with
a network of 111 BTS.
Reported to the CFO, leading all budgets, business planning, financial management and
network rollout processes and operations. I lead a team of 30 people with 3 managers directly
reporting to me.
Major responsibilities included:
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Managed all accounting, financial, procurement and logistics operations of the
company, reporting to the CFO.
Documented general accounting and treasury policies and procedures ensuring
compliance with both OHADA regulations for local statutory reporting and IFRS for
group reporting.
Development, monitoring and monthly reporting of pre-launch cost budget and
project progress to CFO and senior management.
Documented general accounting and treasury policies and procedures ensuring
compliance with both OHADA regulations for local statutory reporting and IFRS for
group reporting.
Issued companywide policies and procedure manual including credit & collection,
operational finance, procurement and logistics.
Organization of Finance department and recruitment of staff .
Ensuring compliance with local tax laws both for payroll and business taxation
including VAT.
Spearheading Oracle Financials implementation for GL, AP, AR, Fixed Assets,
Procurement and Inventory Management.
Business planning and financial modeling. Introduced concept of maximizing return
per minute, unitizing all costs and revenues to minutes of usage.
Assisting CFO in term sheet negotiations.
Managing procurement and logistics activity saving USD 2.5 million without
compromising quality or timeline by generating competition from within the local
market and regional markets.
Established revenue assurance functions within finance department.
Ensuring timely submission of monthly management reports.
Financial and commercial management of contracts with GSM and IT suppliers.
Officiating CFO in absence of CFO.
Key achievements were:
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Prepared the winning Launch Business Plan resulting in 19% market share in two and
a half months and an ARPU 5% above the market
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Jul 2006 - Sep 2007
Term sheet negotiations for USD 25 million supplier credit.
Saving USD 2.5 million in roll out budget, generating competition from within the
local market and regional markets.
PFM Consulting (Private) Limited
Islamabad, Pakistan
Founder Director
Founded this management consulting firm with 3 other associates focusing on public sector
financial management improvement initiatives as well as to private sector on trade and
commerce related issues. We generated a revenue of USD 1.0 million during my stay at the
company working on projects funded by USAID, UNFPA, DFID and other donor agencies.
I was responsible for acting as lead and assignment consultant on specific assignments and to
act as CFO of the company.
My responsibilities were:
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Aug 2004 - Jun 2006
Managing financial operations of the company.
Ensuring compliance with local taxation authorities and SEC filings.
Acted as lead consultant on following projects with their deliverables:
o Pakistan Legislative Strengthening Project (USAID)
 Development of spreadsheet based Budget Analytical Toolkit for
parliamentarians winning Development Alternative International
(DAI) Global Innovation Award
 Budget analysis and review seminars for parliamentarians resulting in
Resolution in the Senate by Senate Budget Committee for
Parliamentary Mid Term Budget review.
o National Health Policy Unit-Ministry of Health, Pakistan (UNFPA)
 Comparative Analysis of Pre and Post Devolution Health Expenditure
at District Level (2007). The study focused on trends of health budget
allocations and expenditure before and after decentralization to
District Levels.
o Global Fund to fight AIDS, T.B. and Malaria
 Development of Country proposal for AIDS component, PakistanRound 7 funding (2007) complying with Global Fund regulations.
o Ministry of Health, Pakistan (DFID)
 Propose & Implement fund flow mechanism from National to
Provincial to District levels as performance tied grant (2006)
o Imposition of Anti-dumping duties on Imported Ceramic Tiles from People’s
Republic of China (Master Tiles and Ceramics Industry)
 Financial & Legal Consultancy services resulting in imposition of
21% anti-dumping duties on Ceramic Tiles from People’s Republic
of China.
o Transaction Advisory Services
 STM Networks USA: 100% acquisition of Ertibatat (Private)
Limited (Subsidiary of STM Inc.) by Interactive Communications
Group
 Comcerto Pakistan: 40% strategic acquisition of Comcerto (Private)
Limited by Etisalcom, Bahrain
 STM Networks USA: STM Inc. USA in forming Joint Venture with
Wateen Telecom Pakistan
 Difference (Pvt.) Limited: 50% strategic acquisition of Difference
(Private) Limited by Midas Advertising Limited
PriceWaterhouseCooper (PWC) UK
Islamabad, Pakistan
Financial Consultant on MTBF Project
Funded by DFID, the objective of the project was to introduce comprehensive set of
budgetary reforms in Ministry of Finance and line ministries and address a number of key
public expenditure management issues with focus on adoption of Medium Budgetary
Framework at Federal level.
My responsibilities and deliverable included:
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Nov 2001 - Apr 2004
Development of budget formats for performance oriented budgeting for central and
line ministries for the very first time in History of Pakistan.
Designing Budget Pro-forma for FY’s 2005-08 and 2006-09 to be used by line
ministries for submitting budgets, ensuring integration between annual and medium
term budgeting.
Designed, developed and delivered course material for budget preparation procedures
under MTBF. Successfully conducted workshops for line and central ministries
during which more than 2,500 budget and accounts staff of Federal and Provincial
Governments were trained.
Development of Financial Management Application (FMA) and Budget Preparation
module for Government of Pakistan to automate the process of budgeting and budget
execution in the line ministries and training of line ministry management in
implementing FMA.
Piloted in 2 Ministries, Rolled Out to All Ministries with Full Adoption of MTBF.
Dewan Salman Fibre Limited
Islamabad, Pakistan
Manager Finance & Costing Systems
A joint venture of Dewan Mushtaq Group of Pakistan, Mitsubishi Corporation of Japan and
Sam yang Corporation of Korea, Dewan Salman Fiber was the largest producer of Polyester
Staple Fiber and the only producer of Acrylic Fiber in Pakistan with a revenue base of Rs. 17
billion (USD 300 million). Selected to lead a team of 30 professionals to manage the financial
and accounting operations of the company.
My key areas of responsibility included:
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Analysis of accounting and business control systems and in-house development and
implementation of oracle based accounting system in line with the strategic objectives
of the organization.
Operations management including manufacturing accounting, financial and
performance reports, asset utilization, Work in Process and Finished Goods Inventory
Control; standard cost analysis, product estimating and results analysis.
Financial modeling for existing projects and feasibility analysis of contemplated
ventures.
Working closely with CFO & CEO on trade related issues of the industry.
Preparation of corporate financial statements in accordance with Corporate laws and
IFRS.
Major Achievements were:
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WTO trade agreements advisory for imposition of antidumping duties on Acrylic
Fiber from Uzbekistan getting tariff protection of 18.5% with USD 2.5 million annual
addition to profitability of Acrylic Fiber plant.
Debt SWAP of USD 75 million high cost debt owed to local banks with IFC
financing
Successful issuance of USD 10 million preference shares
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Oct 2000 – Oct 2001
Arrangement of USD 30 million financing from IFC for new Specialized Polyester
Fibre Plant
Management of standing L/C facilities to the tune of USD 100 million
Increase in baseline profitability of USD 7.5 million as a result of debt restructuring.
Cash flow management reducing working capital cost by USD 1.5 million in 2002
and USD 2.0 million in 2003.
Concept leader, canvassed, and directed design, development and implementation of
in-house ERP
KASB Techventures (Private) Limited
Lahore, Pakistan
Financial Controller
Associated with Merrill Lynch, Khadim Ali Shah Bokhary & Company is a reputed
Investment Company. I organized the complete investment and financial operations of the
venture capital operations of the company and structured international investment transactions
in overseas ventures.
Responsibilities included:
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Oct 1996 - Sep 2000
Development and implementation of accounting and internal control system.
Budgeting and allocation of funds.
Procurement of assets and negotiations with the suppliers to obtain most competitive
prices.
Business Plan Analysis of proposed ventures to evaluate its relevance to and
consistency with corporate objectives and market conditions.
Strategic business analysis to identify the corporate strengths and weaknesses,
business objectives and critical success factors.
Independent handling of tax and corporate issues.
Valuation of intellectual property of the proposed venture.
Developed legal structure of investments in start-ups.
KPMG
Lahore, Pakistan
Audit Supervisor
KPMG is one of the world Big 4 accounting firms with uniform KPMG operations,
methodologies and manuals in all of its offices all over the globe.
Assignments included:
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Strategic evaluation of our clients, using SWOT, PEST and Five Force analysis
techniques for identification of significant business risks and critical success factors.
Reporting on the organizational structure, management policies and conduct of
business in relation to overall objective of the organization.
Performing system audit to identify material control weaknesses, evaluating their
impact on financial statements, making recommendations and communicating them to
management.
Review and perform audit procedures to ensure Financial Statements are free of
material misstatements and comply with IFRS and statutory requirements.
Planning, supervision & co-ordination of staff to ensure on-time completion of work
assigned.
Finalization and issuance of Audit reports under supervision of Engagement Partner
Audit Manager.
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Maintaining liaison with high-level management for resolution of critical issues.
Evaluation of Credit Ratings in banks in accordance with SBP-Prudential
Regulations.
Performing internal audits of multinational clients.
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Key sectors experienced were Financial Institution, Telecom, Banks, Textiles, Power Projects,
Oil & Gas, Food and Beverages and not for profit organizations, both in private and public
sectors.
EDUCATION
Jun 2002 - Jun 2003
The Institute of Internal Auditors
Florida, United States
Certified Internal Auditor
Mar 1994 - Jun 2000
Institute of Chartered Accountants of Pakistan
Karachi, Pakistan
Associate Chartered Accountant
Apr 1995 - Mar 1997
University of Punjab
Lahore, Pakistan
Bachelors, Journalism
IT SKILLS
Windows & Office tools
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Microsoft Excel,
Word, PowerPoint
Expert
Operating systems, Networking & Hardware
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SAP
Oracle Financials
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English
Fluent
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French
Functional
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Arabic
Basic
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Urdu
Native
Advanced
Advanced
LANGUAGES