Grays Leasing : Transmission of Annual Report of Grays Leasing Limited for the year ended 30-06-2023

GRAYS LEASING LIMITED

Annual Report 2023

Annual Report 2023

C O N T E N T S

	Page No.
COMPANY INFORMATION	3
VISION AND MISSION STATEMENT	4
NOTICE OF THE MEETING	5-7
DIRECTORS' REPORT'S	8-13
KEY OPERATING AND FINANCIAL DATA	14
STATEMENT OF COMPLIANCE With LISTED COMPANIES
(CODE OF CORPORATE GOVERNANCE) REGULATION, 2019	15-16
CHAIRMAN'S REPORT	17
INDEPENDENT AUDITOR'S MODIFIED REVIEW REPORT	18
INDEPENDENT AUDITOR'S REPORT	19-21
STATEMENT OF FINANCIAL POSITION	22
STATEMENT OF PROFIT OR LOSS	23
STATEMENT OF COMPREHENSIVE INCOME	24
STATEMENT OF CHANGES IN EQUITY	25
STATEMENT OF CASH FLOWS	26
NOTES TO THE FINANCIAL STATEMENTS	27-57
PATTERN OF SHAREHOLDING	59-60
FORM OF PROXY	61

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COMPANY INFORMATION

BOARD OF DIRECTORS	Mr. Khawar Anwar Khawaja	Chairman
	Mr. Muhammad Tahir Butt	Chief Executive
	Mr. Khurram Anwar Khawaja
	Mr. Iftikhar Ahmad Butt
	Mr. Omer Khawar Khawaja
	Mr. Muhammad Arshad
	Mrs. Nuzhat Khawar Khawaja
AUDIT COMMITTEE	Mr. Iftikhar Ahmad Butt
	Mr. Khurram Anwar Khawaja
	Mr. Omer Khawar Khawaja
AUDITORS	Riaz Ahmad & Company
	Chartered Accountants
	10-B Saint Mary Park
	Main Boulevard, Gulberg III,
	Lahore 54660, Pakistan
	Phone: [phone]
	E-mail: [e-mail]
COMPANY SECRETARY	Muhammad Adil Munir
CHIEF FINANCIAL OFFICER	Muhammad Faisal Azam
HEAD OF INTERNAL AUDIT	Saeed Ahmad Shaheen
HUMAN RESOURCE AND
REMUNERATION COMMITTEE	Mr. Omer Khawar Khawaja	Chairman
	Mr. Muhammad Tahir Butt
	Mr. Khurram Anwar Khawaja
LEGAL ADVISOR	Lexicon Law Firm
REGISTERED AND HEAD OFFICE	701-A, 7th Floor, City Towers
	6-K, Main Boulevard, Gulberg - II, Lahore
	Tel: [phone] - 2
	Fax: [phone]
	E-mail:[e-mail]
	Website: www.graysleasing.com
BANKERS	Meezan Bank Limited
	The Bank of Punjab
	Askari Bank Limited
	National Bank of Pakistan
	Habib Bank Limited
	State Bank of Pakistan
	Bank Al-Habib Limited
SHARE REGISTRAR	CorpTec Associates (Pvt) Ltd.
	503-E, Johar Town, Lahore.

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Annual Report 2023

VISION

To be one of the most progressive institutions in the financial sector by providing quality service to our clientele in a superior manner, maintaining high ethical and professional standards, striving for continuous improvements and consistent growth to add value to our shareholders and our team of conscientious employees and a fair contribution to the national economy.

MISSION

⇒To develop a client base representing all segments of the economy; emphasis being placed on financial support to medium and small enterprises for their expansion, balancing and modernization requirements.

⇒To endeavor for a lasting relationship with clients and associates on the principles of Mutualism.

⇒To transform the company into a dynamic, profitable and growth oriented institution through an efficient resource mobilization and the optimum utilization thereof.

⇒To provide healthy environment and corporate culture for good governance of the company which ensures exceptional value for clients, personnel and the investors above all.

⇒To implement the best professional standards with due observance of moral and ethical values in all respects of corporate life which will Insha Allah bring social and economic parity and prosperity among Nation and turn Pakistan into a Modern and Liberal Muslim Welfare State.

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NOTICE OF THE 28TH ANNUAL GENERAL MEETING

Notice is hereby given that the 28th Annual General Meeting of the Company will be held on October 26, 2023 at 10:00 am at registered office of the Company located at 701-A, 7th Floor, City Towers, Main Boulevard, Gulberg - II, Lahore to transact the following business:

Ordinary Business

1. To confirm the minutes of the 27th Annual General Meeting held on October 27, 2022.
2. To receive, consider and adopt the audited financial statements of the company for the year ended June 30, 2023 together with the Directors' and Auditors' reports thereon
3. To appoint auditors for the year 2023-2024 and to fix their remuneration. The present auditor Messrs Riaz
   Ahmed & Company, Chartered Accountants has retired. The audit committee and Board of Directors have recommended Messrs, Riaz Ahmed & Company Chartered Accountants for the year ending 30th June, 2024.
4. To elect Seven (7) directors of the company for a period of three years as fixed by the Board of Directors, in accordance with the provisions of Section 159 of the Companies Act, 2017, for a term of three (3) years. Following are the names of retiring directors;

1.	Mr. Khawar Anwar Khawaja	5.	Mr. Muhammad Arshad
2.	Mr. Muhammad Tahir Butt	6.	Mr. Iftikhar Ahmad Butt
3.	Mr. Khurram Anwar Khawaja	7.	Mrs. Nuzhat Khawar Khawaja

4. Mr. Omer Khawar Khawaja

Special business

To transmit of annual reports including annual audited financial statements to the members for future years commencing from the financial year 2023 through QR enabled code and weblink instead of transmitting the same through CD /DVD/USB, as allowed by Securities and Exchange Commission of Pakistan vide its SRO 389(l)/2023 dated March 21, 2023.

QR code and weblink are as follows:

http://graysleasing.com/Financials.html

To transact any other business with the permission of the chair.

BY ORDER OF THE BOARD

	Muhammad Adil Munir
Lahore: October 05, 2023	(COMPANY SECRETARY)

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