BUSINESS PROFILE
AN AUDITOR GENERAL’S OFFICE & MALDIVES INLAND REVENUE AUTHORITY APPROVED AUDIT FIRM
INTRODUCTION Welcome to MHPA, a Limited Liability Partnership registered in the Republic of Maldives and the first 100% Maldivian owned and operated professional audit firm with qualified professionals to offer specialized professional assurance and advisory services such as Internal Audits, External Audits, Valuation Services, Feasibility Studies and Due Diligence Services to the micro, small and medium sized business enterprises in the country. Prior to February 2013, we had been operating as a private limited company under the name Moloque and Horsburgh Public Accountants Pvt Ltd since 2006. We are a firm with a DIFFERENCE. We pride ourselves in knowing exactly what micro; small and medium sized businesses want and need for successful growth by providing tailored solutions, personal and comprehensive packages to suit. It’s the small things that make the difference like being available to our clients out of hours, on site or if needed negotiating on your behalf with financial institutions. Our trained professional staff keeps up to date with the latest information in legislation, business management practices and technology so your business can be kept fully informed. A one-stop solution for all your financial requirements, MHPA is an extension of your business and that’s what makes the difference. We believe that the key to providing the best services is to understand our client needs and respond to the specific need. Therefore MHPA takes the time to learn our clients’ operations and objectives, as well as apply our specialized industry knowledge to help our clients achieve their goals. Our clients’ think of us not just as auditors or accountants, but as trusted business advisors. That’s because we provide professional advice, helping to balance technical issues with practical, enabling your business to keep up with the constant changes to compliance requirements. We keep to our core values, the never-changing definition of which we are and what we stand for; and our core competencies - the ever-evolving definition of our capabilities: at the heart of everything we do. MHPA’s good name and reputation rest on how well our service and solutions work for you, your customers and your stakeholders. We are committed to delivering unmatched client service for the investment you make.
OUR VISION To become the most recognized professional assurance & advisory service provider in Maldives.
OUR MISSION -
To provide quality services with integrity, reliability and efficiency with the objective of contributing to our clients’ business growth.
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Extend world class assurance services.
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To help local businesses to develop financial management practices and financial reporting requirements.
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Provide and disseminate information on use, interpretation and application of international accounting/auditing standards and legal compliance.
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To explore business opportunities by affiliating with prospective international partners.
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To be a responsible citizen and promote the profession by creating awareness and opportunities for students.
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Providing priority to Maldivian students, accountants, and business students to help them develop their careers in our areas of expertise and exposing them to the industry in the field with practical experience and professional guidance.
OUR CORE VALUES Integrity with Confidentiality: Ensure that our practices reflect the highest ethical and professional standards. Conduct ourselves with integrity. Clients are assured of our unrelenting commitment towards protecting their most sensitive information. Innovation: Improving our technology and working methods keeps us at the forefront of a rapidly changing business environment. We adapt, change and evolve. In every respect, our innovation is designed to enhance our service and help our clients achieve their business objectives. Client Service: Provide exceptional service and strategic solutions to our clients. Dedicate ourselves to accomplishing our clients’ goals and to continually improving the value and effectiveness of our work. Excellence: Our clients demand and receive excellence from us, Integrity, talent and a drive to excel allow us to deliver excellence and provide the services our client’s value.
QUALITY POLICY -
To build a solid base with flexible policies to create an environment for innovation and development.
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To deepen the meaning of quality to each member of the firm regardless of his/her job description.
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To progress the standard level of commitment to customers in fulfilling their demands.
PROFESSIONALS Currently, the firm’s staff are composed of professionals, in addition to a pool of consultants in various fields of experience to support the operation. The firm‘s international associations with international partners make our professional capabilities and resources to a certain degree unlimited. In addition to the partners, the firm currently has staff capacity of 10-15 staff at any point in time.
STRATEGIC PARTNERSHIPS MHPA is continuously expanding its horizons by forming strategic alliances with key players in the industry providing value adding services and have relevance to the types of services provided by us. In this regard, we have forged important relationships with leading law firms, architectural and design firms, marketing consultants, leading valuers from Singapore and Thailand,
OUR SERVICES MHPA in addition to providing specialized auditing and accounting services offers clients its expertise in other areas of consulting such as feasibility studies, financial and management advisory services, financial training services, forensic accounting, accounting software installation and other general business and financial consulting services. These services include the following: ASSURANCE SERVICES - - - - - - - - - -
Auditing and other Assurance Services Systems and Control Audit Internal Audits Forensic Accounting Statutory audits Due diligence audits Monitoring audits Compliance audits & Systems audits Advice on internal control systems Special purpose audits
MANAGEMENT CONSULTANCY / ADVISORY SERVICES - - - - - - - - - - -
Strategic Business Planning Consultancy Business Development Consultancy Registration of proprietorships, partnerships and companies Advisory service and registration of foreign investments in the Maldives. Development of corporate policies and procedures IPO Consultancy Feasibility Studies Preparation of Loan Proposals Preparation of IPO Prospectuses Business Restructuring Consultancy General Consultancy in Business and Financial Services
BUSINESS SUPPORT SERVICES - - - - - - - -
Tax planning and other tax related advisory services. Bookkeeping & Accounting Services Bank account opening and taxpayer registration service for foreign investors Market Research Debt Collection Assisting in Litigation Advice on Business Mergers, Acquisitions and Disposals Advice on Privatization
BUSINESS VALUATION & DUE DILIGENCE Should you be thinking of purchasing a business, we would conduct a review of the documents made available and ensure that all facets of acquiring the business are considered. With regard to valuation services, we are associated with internationally well known valuation firms to cater to real estate and other valuation requirements of existing and prospective clients. COMPANY SECRETARIAL SERVICES The corporate secretarial function is an important task in all large and small businesses, which covers reporting, disclosure and compliance obligations. Businesses incorporated in the Maldives are required to comply with these obligations. The continuous changing of corporate
environment as well as legislation will cause many businesses to face complicated rules and regulations. These businesses will definitely require the services of a competent company secretary to handle their corporate secretarial matters thus enabling them to focus on achieving their business goals. Our services include: - - - - - - - - - - - - - - - - - - -
Incorporation of Foreign and Local Companies Registration of Business Name Change of Company Name Change of Shareholders Change of Office Holders details Preparation of Annual Company Statement Adoption of new Constitution Company Deregistration Preparation and lodgement of satutory reports under the Companies’ Act Change of Trustee Preparation of Minutes Conduct company searches Lodgment of statutory documents Act as registered office Company formation advice Maintenance of company statutory records Assistance with meetings of directors and shareholders Purchasing shelf companies Advice generally on corporate affairs matters
FINANCIAL PLANNING Financial planning is one of the most important aspects of any business. We involve ourselves in making theA best use of resources to assure financial growth and security for your business. More specifically, financial planning services we offer involves budgeting, revenue/cashflow forecasting, risk management, taxation, retirement and other financial planning aspects. CORPORATE RECOVERY & INSOLVENCY We, at MHPA, also emphasize on the interest of the shareholders and the company in order to ensure their welfare have been taken care and protected. Our corporate recovery & insolvency services include: LIQUIDATION SERVICE Our liquidation team is dedicated to assist business owners, management, debtors and lenders to guide them through the liquidation process with the assurance of compliance with the statutory requirements. Our approach is to complete the liquidation process in the most time efficient manner and maximize the financial returns to the stakeholders. We can assist or act on your behalf under the following insolvency appointment: Pre-liquidation advisory Voluntary Winding-up Winding-up by Court We have a specialist team to provide receivership services to the Court, lenders and any stakeholders who wish to exercise their rights to protect the affected company’s assets. Our role is to act as Receiver and/or Manager to manage or dispose of the company’s assets and/or business in order to maximize the recovery to the appointers.
THE PARTNERS (MANAGING PARTNER) MR. RIFAATH JALEEL, CPA, B.BUS (ACC / B.ADMIN) Mr. Jaleel is the Managing Partner of the firm. He holds a Bachelor of Business (Accounting) degree with a minor in Business Management from Charles Sturt University, NSW, Australia. Mr. Jaleel is a qualified full member of CPA Australia (Certified Practicing Accountants of Australia) with approximately 20 years of experience in the public and private sector. He was the first Maldivian to be issued an audit license by the Auditor General’s Office of the Maldives. He is a Maldives Inland Revenue Authority (MIRA) approved Auditor as well, and currently a Director of the Capital Markets Development Authority and also sits on the Faculty Advisory Committee of the Maldives National University’s Business School. Mr. Jaleel has been the Chairman of the Maldives Finance Leasing Company (MFLC) for several years and he also acts in an advisory capacity to a number of state owned enterprises and not less than a 150 private sector businesses. Mr. Jaleel brings to this practice a wealth of knowledge and experience. He has been in private practice for several years extending his consulting services to the government and the private sector in numerous projects. Mr. Rifaath Jaleel is also a past President of the Certified Practicing Accountants of Maldives (CPA Maldives).
(PARTNER) MS. HAWWA FAJUWA, ACCA, BSC (HONS) APPLIED ACCOUNTING, (ACCOUNTING & FINANCE) Ms. Hawwa Fajuwa completed her professional qualification & degree majoring in Accounting at the Stamford College, Malaysia. She is currently a professionally qualified accountant and has more than 6 years of relevant work experience. Her areas of strength include internal and external audits, feasibility studies, audits, taxation and management accounting. Ms. Fajwa plays a key role in the supervision and management of external audits. Her experience and strengths in the industry side mostly relate to the aviation sector and related industries. She looks after a number human resource related aspects of the firm and is a valuable contributor to the growth of the firm.
(PARTNER) MR. MOHAMED AMIR, MBA (BUSINESS ADMINISTRATION) Mr. Amir holds a Masters in Business Administration from University Technology Sydney (UTS), Australia. He has worked in the field in both government and private sector for over 30 years. He has been a member of CPA Maldives governing council from its inception in 2007 and currently acts as a Board member at the Maldives National University (MNU) as a representative of the finance sector. His strengths include general management, management re-structuring and training. Amir looks after the general management, sales and marketing, contract management and all aspects relating to business development aspects of the firm.
EMPLOYMENT We offer challenging jobs, testing the skills and abilities of our people. Great opportunities exist therefore for young qualified individuals who seek change or advancement in their careers to join us.
CORPORATE SOCIAL RESPONSIBILITY PROFESSIONAL SPONSORSHIP We place great emphasis on the importance of our staff attaining professional qualifications. Towards this end, we provide sponsorships (fees and study/examination leave) for our talented and motivated employees pursuing professional examinations. TRAINING & DEVELOPMENT We always encourage our people to excel and take-up new challenges because they are our assets. We provide comprehensive training and development programs for our employees so that they can enhance their skills, professionalism and know-how.
rifaath.jaleel@mhpaonline.com admin@mhpaonline.com www.mhpaonline.com Tel: +(960) 7782416 , +(960) 9901234, +(960) 3339002 Fax:+(960) 3339002 Ma. Rangiri (1st Floor) | Rahdhebai Magu, Male’ 20159| Republic of Maldives Registration No. P-0006/2013