SECURITY LEASING CORPORATION
The Security Leasing Corporation Limited was incorporated on December 6, 1993 and commenced its operations on May 21, 1995. Security Leasing is listed on Karachi Stock Exchange with paid-up capital of Rs. 100 million.
Security Leasing actively seeks to play a positive and constructive role in expanding the capital and fund markets in Pakistan and actively invite offshore funding both from private sources and multilateral agencies with the objective of expanding the fund base available for Pakistan's industrial and economic growth.
The sponsor directors of Security Leasing have aimed to establish a blue chip leasing company which would, in a very short time, set high standards of financial conduct and technical expertise for leasing operations in Pakistan. The sponsor directors are a group of sound businessmen and professionals, each with permanent successful businesses and professional activities of their own, who have grouped together under the leadership of Mr. M.R. Khan, former Chairman of the Pakistan Banking Council and a former Executive Director of the State Bank of Pakistan and the Asian Development Bank.
Security Leasing has a paid-up capital of Rs. 100 million. Foreign institutional investors are the majority shareholders of the Company. The present equity structure is given below.
Merrill Lynch, USA
Commonwealth Development Corporation, U.K.
Sponsor directors & their associates
General public including National Investment Trust
Security Leasing is principally engaged in leasing operations. Over 90% of its total assets are held as Investment in leases. In addition to the leasing operations, the Company's operations include Money market/Short term lending, Capital Market operations and Project Financing activities.
It is the policy of the Company to take exposure over a broad spectrum of clients and economic sectors taking exposure on such borrowers who have a track record of timely repayments, adequate profitability and strong cashflows from their existing operations.
The Management philosophy of SLCL is to develop and maintain a professional organization with a blend of local culture and management style. The organizational structure of Security Leasing is flat and lean, staffed by competent and well trained professionals supported by the state-of-the-art office automation and systems. The professional staff has been hired on merit basis from various business organizations. All senior and middle level management personnel have substantial experience and professional qualifications i.e. MBA, CA etc.
Although SLCL is a relatively new entrant in the leasing sector, it has been very successful in increasing its balance sheet footing to Rs. 551 million as at June 30, 1999 from Rs. 107 million as at June 30, 1995. The total lease finance disbursed amounted to Rs. 697 million till June 30, 1999. During the year ending June 30, 1999 the lease disbursements amounted to Rs. 172.4 million while the net investment in leases amounted to Rs. 466 million at the year end.
BOARD OF DIRECTORS
Mr. M. R. Khan
Chairman & CE
Mr. Mohammed Khalid Ali
Mr. S.M. Nadim Shafiqullah
Mr. Parvez Hussain Sufi
Mr. Zahid Rashid Khwaja
Mr. Ebrahim Qassim
Mr. Ariff Ali Rashid
Mr. Iskander Sultan Khwaja
Mr. Javed Shakoor
Mr. Arshad Hassan
Hanif S. Kalia suggests formation of an independent federal "information technology ministry" like india
Mr. Hanif S. Kalia, Chairman, Ko-Ordination Group has, through a letter addressed to General Pervez Musharraf, the Chief Executive suggested that an independent and full fledged Information Technology Ministry be formed on federal level headed by a minister.
In his letter he has said that in India, serious efforts are being made to achieve export target of its softwares to $ 50 billion per annum by 2008 and Indian government has established Federal Information Technology Ministry for that purpose with Mr. Pramod Mahajan as the IT Minister who is raising various issues regarding this technology in the Legislative Houses of his country.
Mr. Kalia said, no doubt, efforts for the development of this technology are being made in our country also but in absence of a responsible ministry for that purpose, the efforts are random which do not bring desired results which is a tragedy.
He said, "When we know that our economic problems can be solved and we can maintain our existence as an independent nation only with the help of this technology; we must be serious enough in this respect and by forming a ministry, should proceed in the correct direction in systematic and co-ordinated way so that we may derive desired results. Unless we establish Information Technology Ministry we would not be able to maintain the pace of progress in this matter.