We have audited the annexed financial statements comprising:

a) Balance Sheet
b) Profit and Loss Account
c) Statement of changes in equity
d) Cash flow statement
e) Statement of premium
f) Statement of claims
g) Statement of expenses and
h) Statement of investment income

Of INTERNATIONAL GENERAL INSURANCE COMPANY OF PAKISTAN LIMITED as at December 31, 2002 together with the notes forming part thereof, for the year then ended.

It is the responsibility of the company's Board of Directors to establish and maintain a system of internal control, and prepare and present the financial statements in conformity with the Approved accounting standards as applicable in Pakistan and the requirements of the Insurance Ordinance, 2000 (XXXIX of 2000) and the companies Ordinance, 1984 (XLVII of 1984). Our responsibility is to express an opinion on these statements based on our audit.

We conducted our audit in accordance with the Auditing standards as applicable in Pakistan. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. And audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting policies used and significant estimates made by management, as well as, evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In out opinion -

a) Proper books of accounts, have been kept by the company as required by the Insurance Ordinance, 2000 and the Companies Ordinance, 1984;

b) The financial statements together with the notes thereon have been drawn up in conformity with the Insurance Ordinance, 2000 and the companies Ordinance, 1984, and accurately reflect the books and records of the company and are further in accordance with the accounting policies consistently applied except for the changes as stated in not 2.3 to the annexed financial statement with which we concur

c) The financial statements together with the notes thereon present fairly, in all material respects, the state of the company's affair as at December 31, 2002 and of the profit, its cash flows and changes in equity for the year then ended, in accordance with Approved Accounting Standards as applicable in Pakistan, and give the information required to be disclosed by the insurance Ordinance, 2000 and the Companies Ordinance, 1984; and

d) Zakat deductible at source under Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the Company and deposited in the Central Zakat Fund established under Section 7 of that Ordinance.

Ford, RhodesSidat Hyder & Co

Karachi: March 22, 2003                                      Chartered Accountants