The year 2003 was a year of slow industrial growth and business activities. NBFI is a part of such environment. As such, we had to be very active in order to achieve our target. When times are tough, strategy and leadership matter. Leadership moves and shapes the situation. The innovative / effective / visionary leadership of our Board of Directors have enabled us to deliver the budgeted results. Thanks to our Consultant also for his guidance to us. Model of competence of management, leadership and effective team working indicators were followed by us to achieve positive contribution for adding value to the shareholders capital, to make efforts to achieve our vision / mission/ goal and to ensure good corporate governance for the company for satisfaction and delight of the customers, investors and employees. Alchemy of a leader combining western and Japanese management skills are required in such transformational stages awaiting WTO and steep competition. Scaling of new paradigms, method of encountering the competition have already been framed by us for our future operation. We have already made planning / strategic alternatives / control & motivation system to. achieve better results. It requires strong capabilities for competitive success. We have some chosen strategies and road maps which will-be converted into concrete action agenda for execution in our operation level in order to avail emerging opportunities and to achieve the vision through charismatic and hypnotic leadership and also to dig gold mines for our future imperatives and goals of the Company. The key issues of marketing shall also be looked after by us with flexibility & strategic visions. We have taken full care of our marketing / funding / lease assets / working capital management and investment risk & return management during our last working year. Our objective is to achieve Prudent Asset Liabilities management / well managed funding arrangement / low operating cost / low cost of fund / quality asset / ancillary income and maximise profitability. We are making all efforts to maximise our profit, product - diversification & also to comply Bangladesh Bank regulation. Our 2002 CAMEL rating was 'A' by Bangladesh Bank inspection report. We congratulate our Executive Committee and Board of Directors for taking timely decision by declaring Bonus Shares and Right Shares are also by forming capital raising plan as required by Bangladesh Bank. We also pledge to put our all efforts to achieve greater growth and result for the company in 2004. So far the state of leasing is concerned, it is taking off towards a great height as an alternative mode of finance. Though many find the leasing sub-sector too crowded, but I feel such competition is necessary for growth. The existing restrictions on taking deposits by NBFIs should be withdrawn and made at par with commercial banks. Besides, the central bank should open refinancing windows for the leasing companies. I feel tax should be exempted for leasing companies in case of depreciation in leased items as incentive.
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