| BALANCE SHEET |
|
|
|
|
|
|
| AS
AT |
|
|
UNAUDITED
|
|
AUDITED |
|
June
30,
|
|
Dec
31, |
|
2003
|
|
2002 |
| Share
Capital and Reserves |
|
|
|
|
|
|
|
Authorized Share
Capital |
|
|
|
|
20,000,000 (2002:20,000,000)
ordinary shares |
|
|
|
|
of Rs 10/- each |
|
200,000 |
|
200,000 |
|
|
|
|
Paid-up share capital |
|
122,808 |
|
106,790 |
|
Retained earnings |
|
138,297 |
|
7,868 |
|
Reserves |
|
393,740 |
|
409,758 |
|
654,845 |
|
524,416 |
| Underwriting
provisions |
|
|
|
|
Provision for
outstanding claims (including IBNR) |
|
36,061 |
|
28,540 |
|
Provision for
unearned premium |
|
105,722 |
|
78,338 |
|
Commission income
unearned |
|
17,064 |
|
21,549 |
|
Total underwriting
provisions |
|
158,847 |
|
128,427 |
|
|
|
| Creditors
and Accruals |
|
|
|
|
Premiums received
in Advance |
|
- |
|
4,907 |
|
Amounts due to
other insurers/reinsurers |
|
90,040 |
|
55,003 |
|
Accrued expenses |
|
6,340 |
|
7,913 |
|
Taxation- provision
Less Payments |
|
710 |
|
29,202 |
|
Other creditors
and accruals |
|
1,410 |
|
64,780 |
|
98,500 |
|
161,805 |
|
|
|
| Borrowings |
|
|
|
|
Loans received
from banks secured |
|
70,163 |
|
70,163 |
|
|
|
| Other
liabilities |
|
|
|
|
Sundry creditors |
|
9,874 |
|
10,065 |
|
|
|
| TOTAL
LIABILITIES |
|
337,384 |
|
370,460 |
|
|
|
| TOTAL
EQUITY AND LIABILITIES |
|
992,229 |
|
894,876 |
|
|
|
| Cash
and Bank Deposits |
|
|
|
|
|
|
|
Cash and other
equivalent |
|
129 |
|
96 |
|
Current and other
accounts |
|
116,418 |
|
92,767 |
|
Deposits maturing
within 12 months |
|
27,123 |
|
4,013 |
|
143,670 |
|
96,876 |
|
|
|
| Investments |
|
660,749 |
|
626,916 |
|
|
|
| Other
Assets |
|
|
|
|
Premiums due but
unpaid - unsecured, considered good |
|
47,322 |
|
31,487 |
|
Amounts due from
other insurers/reinsurers - |
|
|
|
|
|
unsecured, considered
goods |
|
46,557 |
|
57,315 |
|
Accrued investment
income |
|
2,402 |
|
2,878 |
|
Reinsurance recoveries
against outstanding claims |
|
14,779 |
|
40,630 |
|
Prepayments -prepaid
reinsurance premium ceded |
|
54,397 |
|
46,056 |
|
-Others |
|
3,112 |
|
4,537 |
|
Sundry recievables |
|
6,734 |
|
6,645 |
|
175,303 |
|
159,548 |
|
|
|
| Fixed
Assets |
|
|
|
|
|
|
|
Tangible |
|
4,231 |
|
4,041 |
|
Furniture, fixtures
and office equipment |
|
8,276 |
|
7,495 |
|
Motor vehicles |
|
12,507 |
|
11,536 |
| TOTAL
ASSETS |
|
992,229 |
|
894,876 |
|
|
|
| The
annexed notes form an integral part of these financial statements |
|
|
|
|
|
|
|
|
MUNNAWAR HAMID OBE |
|
SYED HYDER ALI |
|
|
Chairman |
|
Prncipal Officer
& Chief Executive |
|
|
|
|
|
|
|
|
|
|
|