| BALANCE SHEET |
| AS AT DECEMBER 31, 2001 |
|
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|
2001 |
|
2000 |
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NOTE |
(Rupees in
thousand) |
| PROPERTY AND ASSETS |
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|
INVESTMENTS |
|
|
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|
|
Statutory
deposits with the State Bank of Pakistan - at cost |
|
|
|
|
|
|
|
Rs. 150,000
15.50% Sindh Government Loan, 2001 |
|
- |
|
150 |
|
|
|
Rs. 102,000
15.50% Sindh Government Loan, 2002 |
|
102 |
|
102 |
|
|
|
Cash |
|
150 |
|
- |
|
|
|
Federal
Investment Bonds |
|
100 |
|
100 |
|
|
352 |
|
352 |
|
|
|
|
|
|
|
Ordinary Shares /
TFCs of concerns incorporated in Pakistan- |
6 |
|
|
|
|
|
At book Value |
|
524,072 |
|
500,060 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
Agent's balance |
|
112 |
|
129 |
|
|
|
Outstanding
premiums |
|
14,348 |
|
14,236 |
|
|
|
Profits and
dividends accuring but not dur |
|
4,900 |
|
4,015 |
|
|
|
Amounts due from
other persons or bodies carrying on insurance business |
|
37,999 |
|
34,430 |
|
|
|
Sundry debtors
and prepayments |
|
11,178 |
|
4,105 |
|
|
|
Short term
investments |
7 |
5,753 |
|
20,978 |
|
|
|
|
|
|
|
|
|
|
108,914 |
|
109,345 |
|
|
Cash at banks |
- on deposit accounts |
|
546 |
|
716 |
|
|
|
|
- on current accounts |
|
40 |
|
12 |
|
|
Cash in hand |
|
26 |
|
16 |
|
|
Stamps in hand |
|
109,526 |
|
110,089 |
|
|
|
|
|
|
|
|
|
|
183,816 |
|
188,982 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
ADMINISTRATIVE
FIXED ASSETS - AT COST LESS ACCUMLATED DEPRECIATION |
8 |
6,319 |
|
6,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL ASSETS |
|
714,559 |
|
695,868 |
|
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| CAPITAL AND LIABILITIES |
|
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| SHAREHOLDER'S CAPITAL |
|
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|
Authorized |
|
|
|
|
|
|
20,000,000
(2000:20,000,000) ordinary shares of Rs. 10/- each |
|
200,000 |
|
200,000 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Issued,
subscribed and fully paid |
|
|
|
|
|
|
9,708,157 (2000:
9,708,157) ordinary shares of Rs. 10/- each |
3 |
97,082 |
|
97,082 |
|
|
|
|
|
|
|
| RESERVES |
4 |
308,448 |
|
258,740 |
|
Profit and loss
appropriation account |
|
|
|
|
|
|
Balance as per
annexed account |
|
12,322 |
|
- |
|
|
|
|
417,852 |
|
355,822 |
|
|
|
|
|
|
|
|
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| BALANCE OF FUNDS AND ACCOUNTS |
|
|
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Fire insurance
business revenue account |
|
3,728 |
|
8,251 |
|
Marine insurance
business revenue account |
|
14,534 |
|
13,837 |
|
Motor and
miscellaneous insurance business revenue account |
|
31,760 |
|
30,068 |
|
|
|
|
|
|
|
|
|
|
50,022 |
|
52,156 |
| LONG TERM LOAN |
5 |
50,000 |
|
166,250 |
| LIABILITIES AND PROVISIONS |
|
|
|
|
|
Estimated
liability in respect of outstanding claims, whether dur or intimated |
|
14,604 |
|
10,449 |
|
Amount due to
other persons or bodies carrying on insurance business |
|
36,788 |
|
22,812 |
|
Sundry creditors
(including outstanding and accrued expenses) |
|
21,297 |
|
19,420 |
|
Provision for
taxation less payments |
|
24,910 |
|
29,703 |
|
Current maturity
of long-term loan |
|
50,000 |
|
- |
|
Dividend payable |
|
545 |
|
423 |
|
Proposed Dividend |
|
48,541 |
|
38,833 |
|
|
|
|
|
|
|
|
|
|
196,685 |
|
121,640 |
|
|
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|
|
|
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| CONTINGENCIES AND COMMITMENTS |
|
- |
|
- |
|
|
714,559 |
|
695,868 |
|
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