|
International Leasing and Financial Services Limited (ILFSL) a jointly owned equipment leasing and financial services company incorporated in Bangladesh on 15 January 1996 as a public limited company under the companies act 1994. It obtained license from bangladesh bank on 19 February 1996 and commenced business on 24 March 1996. The company was established with an authorised and paid up capital of Tk 300 million and Tk 60 million respectively. The total paid up capital was paid by the promoters namely, Muslim Commercial Bank, Pakistan (30%), Singer Bangladesh Ltd (45%), Shaw Wallace Bangladesh Ltd (17.5%) and Motiul Islam and Associates Ltd (7.5%). While the authorised capital remained unchanged, the paid up capital was increased to Tk 82.80 million in 2000. The company was established to carry out the business of leasing all kinds of industrial, agricultural, commercial, scientific, electrical and electronic equipment and machinery, and vehicles for all possible uses by the clients. It also provides other financial services including long-term loans to customers of selected groups. It was recently allowed to participate in merchant banking activities ie, to act as issue manager and underwriter of public issues of shares and debentures. In 2000, the funds of the company stood at Tk 313.45 million and its liabilities comprised shareholders equity -Tk 108.58 million and long-term liabilities-Tk 204.87 million. Components of the shareholders' equity were the share capital (Tk 82.8 million), general reserves (Tk 16 million) and retained earnings (Tk 9.78 million), while the long-term liabilities included long-term debt (Tk 165.59 million) and lease rental deposits (Tk 39.28 million). Lease investment of the company in 2000 was Tk 478.53 million comprising net leased assets of Tk 408.83 million and net advances for lease assets Tk 69.70 million. Up to 31 December 2000, the company financed a total of 253 projects and the volume of financing amounted to Tk 1,323 million. During the year 2000, the company disbursed Tk 397 million and recovered Tk 234 million. That year it earned a net profit of Tk 29.31 million and paid dividend @ 20%.
The company is managed by a 7-member board of directors.
The managing director is the chief executive of the company. In 2000,
the company had a total of 21 employees including 13 executives. [S M
Mahfuzur Rahman] |
