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Distribution of
Profit
BOARD OF DIRECTORS
During the year there was no change in the Board of Directors
of the Company.
APPOINTMENT OF AUDITORS
The present auditors Messrs Ford Rhodes
Sidat Hyder & Company (FRSH), Chartered Accountants, retire
being ineligible as per directive dated 5 March 2002 of the
Securities and Exchange Commission of Pakistan. Since the said
firm also acts as registrar of our Company, it was not possible
for them to offer as auditors for the year 2003. The management
wishes to record appreciation of the valuable services rendered
by the said firm.
In view of this the management has taken consent
of M/s A. F. Ferguson & Company, Chartered Accountants
who are willing to be the auditors of our Company for the
year 2003. The shareholders are requested to appoint M/s A.
F. Ferguson & Company, Chartered Accountants, as auditors
of the Company for the year 2003 and to fix their remuneration.
NEW BRANCHES AT MULTAN AND SIALKOT
In line with the Company's corporate policy
of enhancing its presence in the market for better services
close to customers in major industrial cities of the Country,
the Company has opened two new branches at Multan and Sialkot.
The management is hopeful that with enhanced level of our
Company's financial strength, ethical and professional approach,
a continued improvement in service to customers, prompt payment
of claims and an Insurer Financial Strength (IFS) rating of
"AA" (double A) would help in increasing market
share.
GENERAL
The relationship of the Company with its valued
clients continues to flourish. We are indeed grateful for
their patronage and are strengthening our efforts to provide
insurance cover for their valued assets at IGI with a VERY
STRONG CAPACITY to meet our obligations. We also take this
opportunity to thank all Re-Insurance Companies, including
the Pakistan Reinsurance Company Limited, and our Bankers
for the mutual trust and support given to IGI during the year.
The Directors are pleased to record appreciation
of the valuable services rendered by the employees of the
Company in achieving the excellent results for the year 2002.
PATTERN OF SHAREHOLDING
A statement showing the pattern of shareholding
is attached with this report. |