First Lease International Limited (FLIL) incorporated in Bangladesh as a private limited company on 28 June 1993 under the companies act 1913 primarily to conduct lease financing business. It was transformed into a public limited company on 28 July 1996 and got the license from the bangladesh bank as a non-bank financial institution on 5 October 1999. To fulfill the legal requirement, it enhanced paid up capital and accordingly, keeping the authorised capital unchanged at Tk 250 million, its paid up capital increased from Tk 25 million to Tk 50 million.

The company carries out lease financing for industrial, commercial, agricultural, medical and office automation equipment and machinery of all categories in conformity with the government's industrial and investment policies. It provides term finance for BMRE of industrial units of both large and medium scale and small and cottage industries. For lease financing, this company gives more emphasis on the paying ability and future business property of the lessee. Lease contracts are generally made for two to five years. By paying 80% of total price of particular property to its supplier, the company establishes its ownership in that property and then leases it out to parties who pay monthly lease installments.

The value of leased assets of the company amounted to Tk 254 million on 31 December 2000. Total assets of the company were valued at Tk 290 million. The company earned operating profit of Tk 16 million in 2000, but its net profits are still insufficient for offsetting the preparatory administrative and other preliminary expenses.

In 2000, the company had 23 employees including 13 officers. The managing director is its chief executive officer who is also the member secretary of its board of directors. [S M Mahfuzur Rahman]