May 08 - 21, 2000
Opening doors to new
A group of veteran Bankers have established Pakistan's first ever Debt
Collection Agency. Progressive Financial Consultancy (Private) limited (PFC) incorporated
under Companies Ordinance 1984, has its Head Office in Karachi. Few Senior Bankers of
International repute, some of whom are currently heading large financial institutions
including commercial banks, are on its honorary Advisory Panel. The management of the
company is in the hands of competent professionals with impeccable background and proven
track record in the international and local financial and banking industry.
PFC started operations in the third week of October 1998 and has
already signed agreements/memorandum of understanding for Debt Redemption and consultancy
services with Commercial Banks, Multi-national and National companies.
PFC is a unique company in the service industry and is equipped to
provide varied services to its customers. We have the ability to customize our system to
suit the needs of the customers. The prime objective of the company is to act as middleman
and to form a culture of sound recoveries in the country as the present government is
encouraging the collection process.
PFC facilitates one window operation and provides the following
services to its clients.
Debt Collection - Doubtful: PFC is specialist in the
field of Debt Recovery (Receivables) through trained staff and set procedures in place to
handle outstanding from written letters, follow up by telephone to personal visits and if
necessary legal notices by In-house legal Advisor.
PFC ensures repossession of lent assets either through direct action or
through court and within the parameters of the applicable laws.
Collection of Current Receivables: PFC also performs
Debt collection which are current and are able to recover the debt in a short span of
PFC accelerates the settlement pace of debts, reactivate or settle
recovery process of current Receivables.
The main objective of this service is to streamline the cash flow of
the clients and to ensure that the deferred sales and receivables are met on due dates.
Credit Line Negotiations/Rescheduling: PFC negotiates
terms for Line of Credit with Banks and Financial Institutions on behalf of the clients.
Scrutiny of Export Documents - reset cash flow / float:
PFC experts will undertake scrutiny of export documents, rectification of discrepancies
and issue a Certificate of Scrutiny. Assisting banks in providing clear export Documents
and reducing Delays at Bank Counters, thus improving the float and dispatch of export
Head Hunting and Executive Search: PFC fulfils the
Human Resource requirements of the clients for the right person for the
organization/company by the headhunters.
Preparation Of Project Feasibility Reports: Experts at
PFC prepare Feasibility Reports for projects on requests from clients.
Godown Inspection/Survey: PFC carryies out Godown
Inspections and surveys for Banks and Financial Institutions and provide acceptable
regular reports as per instructions.
Internal Audit, Training, Seminar: A team of Bankers
of PFC conducts Internal Audits to improve the smooth functioning of an organization and
provide training, conduct seminars for a particular Department exclusively for small
group. PFC provides consultancy services for Financial Institutions for pre Inspection by
any Regularity authority.
Data Verification: PFC does data verification for
Financial and Non-Financial Organizations for assisting in assessing Credit Status and
Credit worthiness of potential and existing borrowers/customers within the parameters of
the applicable laws.
Preparation of Accounts, filing of Income Tax and Wealth Tax
Returns: PFC prepares Accounts and review of Income Tax and Wealth Tax returns
for its filing with Authorities.
Survey and valuation of property and assets: On behalf
of its valued clients PFC also performs services of survey and valuation of property.
Market Research: PFC does Market research on behalf of
Bounced Cheques: PFC provides the services for
collection of returned cheques through legal course of action.
Impoundment/Repossession of Asset: Repossession
facilities are available in case of defaults for assets under lease, Hire Purchase or
Monitoring Investment - Money Market/Stock Exchange:
PFC has services for Individuals and companies for Rupee placements and in the Stock
Exchange on mutually agreed terms. PFC monitors timely profit collection, its mark up
accuracy and follow up on maturaties and maintains complete record on behalf of clients
The President and Chief Executive of the company Mr. Akbar M. Bilgrami
is a seasoned banker who has international and local banking experience of over 39 years,
which includes 25 years from 1961 to 1985 in the Bank of America. For almost four decades
he has worked in Pakistan, the Middle East and the Far East USA and South America on