|
|
BALANCE SHEET
AS AT DECEMBER 31, 2002
|
|
|
|
|
|
Note |
2002
|
|
2001
|
|
|
(Rupees in thousand)
|
| Share
Capital and Reserves |
|
|
|
|
|
|
|
|
Authorised Share
Capital |
|
|
200,000
|
|
200,000
|
|
|
|
|
Paid-up share
capital |
|
3 |
87,368
|
|
77,660
|
|
Retained earnings |
|
|
-
|
|
-
|
|
Reserves |
|
4 |
16,018
|
|
9,708
|
|
|
103,386
|
|
87,368
|
|
|
|
|
| Underwriting
provisions |
|
|
|
|
|
|
|
|
Provision for
outstanding claims (including IBNR) |
|
28,540
|
|
48,515
|
|
Provision for
unearned premium |
|
78,338
|
|
123,688
|
|
Commission income unearned |
|
21,549
|
|
-
|
|
Total underwriting
provisions |
|
128,427
|
|
172,203
|
|
|
|
|
| Creditors
and Accruals |
|
|
|
|
|
|
|
|
Amounts due to
other insurers/reinsurers |
|
55,003
|
|
36,788
|
|
Premiums received
in advance |
|
4,907
|
|
975
|
|
Accrued Expenses |
|
5 |
1,175
|
|
788
|
|
Taxation - Provision
less payments |
|
29,202
|
|
24,910
|
|
Dividend |
|
6 |
64,074
|
|
48,541
|
|
154,361
|
|
112,002
|
| Borrowings |
|
|
|
|
|
|
|
|
Loans received
from banks- secured |
7 |
-
|
|
-
|
|
|
|
| Other
liabilities |
|
|
|
|
|
|
|
|
Sundry creditors |
|
8 |
-
|
|
-
|
|
|
|
| TOTAL
LIABILITIES |
|
|
282,788
|
|
284,205
|
|
|
|
|
|
|
|
|
|
|
| TOTAL
EQUITY AND LIABILITIES |
|
386,174
|
|
371,573
|
|
|
|
|
| CONTINGENCY |
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note |
2002
|
|
2001
|
|
|
(Rupees in thousand)
|
| Cash
and Bank Deposits |
|
|
|
|
|
Cash and other
equivalent |
10.1 |
96
|
|
66
|
|
Current and other
accounts |
10.2 |
92,767
|
|
68,699
|
|
Deposits maturing
within 12 months |
10.3 |
4,013
|
|
40,911
|
|
|
96,876
|
|
109,676
|
|
|
|
|
| Investments |
|
11 |
626,916
|
|
530,027
|
|
|
|
| Other
Assets |
|
|
|
|
|
|
|
|
Premiums due but
unpaid |
|
|
31,487
|
|
14,348
|
|
Amounts due from
other insurers/ reinsurers |
|
57,315
|
|
37,999
|
|
Accrued investment
income |
|
2,878
|
|
4,900
|
|
Reinsurance recoveries
against outstanding claims |
12 |
10,630
|
|
33,911
|
|
Prepayments -
prepaid reinsurance premium ceded |
|
46,056
|
|
73,666
|
|
- others |
|
|
4,537
|
|
4,492
|
|
Sundry receivables
(Agent Balances) |
|
6,645
|
|
6,798
|
|
159,548
|
|
176,114
|
|
|
|
| Fixed
Assets |
|
13 |
|
|
|
|
|
|
|
Tangible |
|
|
|
|
|
Furniture, fixtures
and office equipment |
|
4,041
|
|
2,999
|
|
Motor vehicles |
|
|
7,495
|
|
3,320
|
|
|
11,536
|
|
6,319
|
|
|
|
| The
annexed notes form an integral part of these financial statements. |
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL
ASSETS |
|
|
894,876
|
|
822,136
|
|
|
|
|
|
|
|
|
|
|
|
|
| Director |
|
Chairman |
|
Chief Executive
|
|
|
|
|
|
|
|
|
|