The annual general meeting (AGM) of Pak-Gulf Leasing Company Ltd was held on October 30th 2004 at the registered office of the company to approve the audited accounts of the company for the year ended June 30th 2004. Chairman of the Board Sohail Inam Ellahi presided over the meeting.
He said in order to expand the equity base of the company the directors propose to transfer the entire post tax profit to an inappropriate profit account. He further said that the overall financial strength and performance of the company remained satisfactory. The growth momentum of the balance sheet continued and the company achieved its record growth. The balance sheet footing of the company rose from Rs 127 million in June 1998 to Rs 538 million in June 2004.
The lease portfolio expanded by 56.33 percent during the year. With the given scrupulous attitude of PGL-team in writing leases, similar growth in coming years is not beyond reach. Gross revenue for the year was up by 18 percent from last year.
In the current fiscal year, the company foresees political and economic stability and improved law and order situation, and continued higher growth in the economy. The shareholders then approved the annual accounts of the company as presented.
M/s A F Ferguson & Co Chartered Accountants, is appointed as auditor of the company for the financial year ended June 30th 2005. The services of the retiring auditor M/s. Taseer Hadi Khalid & Co were appreciated by the shareholders.
On October 15, 2004 JCR-VIS has reaffirmed the entity rating to BBB+ for medium to long-term, and A-2 for the short-term. The outlook of the company was rated as stable.
Syed Azfar Ali Baqvi, who is currently appointed as the Chief Executive of the company, also attended the meeting Baqvi is having more than a decade experience of working in leasing sector at various managerial positions.-PR
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