| INTERNATIONAL GENERAL INSURANCE |
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| COMPANY
OF PAKISTAN LIMITED |
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| ANNUAL
REPORT 1997 |
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| CONTENTS |
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| Company
Information |
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| Management |
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| Notice
of Meeting |
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| Report
of the Directors to the Shareholders |
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| Auditors'
Report to the Shareholders |
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| Balance
Sheet |
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| Profit
& Loss Account |
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| Profit
& Loss Appropriation Account |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Consolidated
Insurance Business Revenue Account |
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| Fire
Insurance Business Revenue Account |
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| Marine
Insurance Business Revenue Account |
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| Motor
& Miscellaneous Insurance Business Revenue Account |
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| Classified
Summary of Assets |
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| Pattern
of Shareholding |
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| Ten
- Year Summary |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
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| Fakir
Syed Aijazuddin (Chairman) |
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| Khursheed
K. Marker |
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| Syed
Asad Ali |
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| Syed
Kamat Ali |
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| Syed
Shahid Ali |
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| S. N. Patel |
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| Syed
Hyder Ali (Chief Executive) |
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| GENERAL
MANAGER |
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| Basit
Hassan Syed |
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| COMPANY
SECRETARY |
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| Masoodul
Haq Qureshi |
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| AUDITORS |
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| Ford,
Rhodes, Robson, Morrow |
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| Chartered
Accountants |
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| BANKERS |
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| ABN
AMRO Bank |
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| American
Express Bank Limited |
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| Agricultural
Development Bank of Pakistan |
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| First
International Investment Bank Limited |
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| Habib
Bank Limited |
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| Industrial
Development Bank of Pakistan |
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| Muslim
Commercial Bank Limited |
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| National
Bank of Pakistan |
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| Standard
Chartered Bank |
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| REGISTERED
& HEAD OFFICE |
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| First
Floor, Finlay House |
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| I.
I. Chundrigar Road |
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| Karachi
- Pakistan |
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| SHARE
REGISTRARS |
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| Ford,
Rhodes, Robson, Morrow |
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| Management
Consultancy Services |
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| 12-A,
First Floor |
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| Writers
Chambers |
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| Mumtaz
Hassan Road |
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| P.O.
Box. No. 4719, Karachi |
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MANAGEMENT |
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| Corporate
Office |
Chief Executive |
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|
Syed Hyder All |
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| Lahore |
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Finance Manager &
Company Secretary |
Masoodul Haq Qureshi |
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| Head Office |
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General Manager |
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Basit Hassan Syed |
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| Karachi |
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Manager Accounts &
Dy. Company Secretary |
Muhammad Mobin |
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Manager Underwriting
(Marine) |
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Kauser Ali Baig |
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Manager Underwriting
(Fire) |
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Najmullah Khan |
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Manager Underwriting
(Accident) |
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Mir Saeed Ali |
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| Lahore |
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Branch Manager |
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Muhammad Sarwar |
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Senior Executive Officer
(Marine) |
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Babo Khan |
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Executive Officer
(Accident) |
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Gulzar Ahmad |
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Superintendent (Fire) |
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Muhammad Akram |
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Senior Executive Officer
(Accounts) |
Altamash Mahmud |
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Executive Officer
(Marketing) |
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Tahir Masaud |
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| Islamabad |
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Regional Manager |
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Pervaiz Nadir |
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IGI OFFICES |
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Head Office |
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Corporate Office |
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First Floor, Finlay
House, |
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Babar Ali Foundation
Building, |
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I. I. Chundrigar Road, |
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Second Floor, 308 Upper
Mall, |
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Karachi. |
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Lahore - 54000. |
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Telephone: 2426974 - 77
and 2416710 |
Telephone: 5753404-06 and
5710608 |
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Fax: 92-21-2416710 |
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Fax: 92-42-5710624 |
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Telex: 20265 IGI - PK |
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Lahore |
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Islamabad |
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Babar Ali Foundation
Building, |
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Mezzanine Floor, |
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Second Floor, 308 Upper
Mall, |
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Razia Sharif Plaza, |
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Lahore-54000. |
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93, Blue Area, G/7,
Islamabad. |
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Telephone: 5753404 - 06
and 5710608 |
Telephone: 277355 - 56 |
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Fax: 92-42-5710624 |
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Fax: 92-51-277356 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the forty-fourth Annual General Meeting of International
General Insurance Company of Pakistan |
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| Limited
will be held at the Registered Office of the Company at First Floor, Finlay
House, I. I. Chundrigar Road, Karachi, on |
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| Monday
May 04, 1998, at 11:00 A.M. to transact the following Ordinary and Special
Business: |
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| A.
ORDINARY BUSINESS |
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| (1)
To receive, consider and adopt the Accounts of the Company for the year ended
December 31,1997, together |
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| with
the Reports of the Auditors and Directors thereon. |
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| (2)
To declare a dividend. |
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| (The
Directors have recommended a dividend of Rs. 2.50 per share (25%) in cash and
25% bonus shares for |
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| 1997
as against the cash dividend of Rs. 3.00 per share (30%) and 20% bonus shares
for the year 1996). |
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| (3)
To appoint auditors for the year ending December 31,1998 and to fix their
remuneration. The retiring auditors |
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| namely
M/s Ford, Rhodes, Robson, Morrow, Chartered Accountants retire and being
eligible offer themselves |
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| for
re-appointment. |
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| (4)
To transact any other business with the permission of the Chair. |
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|
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| B.
SPECIAL BUSINESS |
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| (5)
To transact the following business namely, the consideration of, and if
thought fit, passing with or without |
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| modification
the following Resolution as Ordinary Resolution:- |
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|
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| a)
RESOLVED that a sum of Rs. 13,782,660 out of the free reserves of the Company
be capitalized and |
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| applied
to the issue of 1,378,266 ordinary shares of Rs 10 each and allotted as fully
paid up bonus |
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| shares
to the members of the Company who are registered in the books of the Company
on April 24, |
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| 1998,
in the proportion of one such new share for every four existing ordinary
shares held and that |
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| such
new shares shall rank pari passu with the existing ordinary shares of the
Company as regards |
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| future
dividends and all other respects. |
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| b)
RESOLVED that the members entitled to fractions of shares shall be paid the
sale proceeds of their |
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| fractional
entitlements for which purpose the fractional shares shall be consolidated
into whole shares |
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| and
issued to the Company's Secretary upon trust to sell these shares on the
Stock Exchange, through a |
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| member
of the Exchange, and distribute the net proceeds of sale when realised among
the members |
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| entitled
thereto. |
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| c)
RESOLVED that for the purpose of giving effect to the foregoing the Directors
be and are hereby |
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| authorised
to give such directions as may be necessary and as they deem fit to settle
any questions or |
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| difficulties
that may arise in the distribution of the said new shares or in the payment
of the sale proceeds |
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| of
the fractional shares. |
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| Notes: |
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| 1.
The Share Transfer Books of the Company for the entitlement of dividend and
bonus shares will be closed from |
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| April
25, 1998 to May 04, 1998, both days inclusive. |
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| 2.
A member entitled to offend and vote at the General Meeting is entitled to
appoint another member as a proxy to |
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| attend
and vote instead of him. |
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| 3.
The instruments appointing o proxy must be received at the registered office
of the Company not later than 48 |
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| hours
before the time appointed for the Meeting. |
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| 4.
Change of address, if any, should Be notified immediately to the Company's
share registrars M/s Ford, Rhodes, |
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| Robson,
Morrow -- Management Consultancy Services, ] 2-A, First Floor, Writers
Chambers, Mumtaz Hassan |
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| Rood,
R O. Box. No. 47] 9, Karachi. |
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| Statement
Under Section 160 of the Companies Ordinance, 1984, regarding the Special
Business |
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| Bonus
Shares - item No. 5 of the notice |
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| The
Directors have recommended the issue of 3,3?8,266 Bonus shares by
capitalization of a part of the Free |
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| Reserves
of the Company. After the issue, the total paid up capital will increase to
Rs. 68,933,280. |
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|
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| Mr.
Fakir Syed Aijazuddin, Mr. Khursheed K. Marker, Mr. S. N. Potel, Syed Asad
All, Syed Kamol All, Syed |
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| Shahid
All and Syed Hyder All, Directors are interested in this Business to the
extent of the bonus shares which they |
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| will
be entitled to receive on their shareholding in the Company. |
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| REPORT
OF THE DIRECTORS TO THE SHAREHOLDERS |
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| The
Directors have pleasure in presenting their forty-fourth Annual Report
together with the Company's Audited Accounts and |
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| Auditors'
Report thereon for the year ended December 31, 1997. |
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| Your
Company continued to make steady progress during the year although the
economic conditions in the country did not |
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| show
any tangible improvements. |
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| OPERATIONS |
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| Gross
premium, Net Premium, Underwriting Profit, Dividend Income all registered
positive growth. However, significant |
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| increase
of Rs. 13.9 million (35% over the previous year) in the Underwriting Profit
is really encouraging. |
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| The
gross premium for the year 1997 was Rs. 151 million (Rs. 14.91 million up) as
against Rs. 136 million for the preceding |
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| year.
Increase of 11% in gross premium has primarily been contributed by Fire and
Motor & Miscellaneous Departments while |
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| Marine
business got affected due to the adverse prevailing conditions. Fire, Marine,
Motor and Miscellaneous had their |
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| respective
share of 41%, 25% and 34% in the gross premium. |
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| Despite
higher net losses at Rs. 20.8 million and additional charge of mark up at Rs.
19.9 million, your Company earned a |
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| profit
before tax at Rs. 70 million - almost similar to that of previous year, which
is commendable. |
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| FIRE
DEPARTMENT |
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| Gross
premium of Fire Department at Rs. 62 million increased by Rs. 18.3 million or
42% as against Rs. 43.7 million of the |
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| preceding
year. Gross losses paid during the year amounted to Rs. 24.4 million as
against Rs. 4.15 million for 1996. Contribution |
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| to
profitability at Rs. 21.6 million increased by 79.9% as against Rs. 12.0
million for the previous year. |
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| MARINE
DEPARTMENT |
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| Gross
premium of Marine Department at Rs. 37.9 million decreased by Rs. 8.7 million
or 19% as against Rs. 46.6 million of |
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| the
last year. Gross losses paid during the year amounted to Rs. 8.4 million as
against Rs. 10.8 million for 1996. Contribution |
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| to
profitability at Rs. 19.6 million increased by 11.6% as against Rs. 17.6
million for the preceding year. |
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| MOTOR
AND MISCELLANEOUS DEPARTMENT |
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| Gross
premium of Motor and Miscellaneous Department |
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| at
Rs. 51.1 million increased by Rs. 5.3 million or 12% as |
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| against
Rs. 45.7 million of the last year. Gross losses paid |
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| during
the year amounted to Rs. 21.3 million as against |
|
| Rs.
12.8 million for 1996. Contribution to profitability at |
|
| Rs.
12.8 million increased by 21% as against Rs. 10.6 |
|
| million
for the year 1996. |
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| PROFIT
FROM INSURANCE BUSINESS |
|
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| The
profit from insurance business at Rs. 54.1 million |
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| for
the year 1997 increased by 35% over Rs. 40.2 |
|
| million
for the last corresponding year. The profitability |
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| from
insurance business was substantially higher as |
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| compared
to the increase in gross premium. These |
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| rewarding
results can be attributed to our corporate |
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| policy
of selecting quality business, maintaining our |
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| clients
by providing excellent service, controlling the |
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| management
expenses and with careful underwriting. |
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| INCOME
FROM INVESTMENTS |
|
|
| The
Company's income from Dividend on investments |
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| for
the year 1997 at Rs. 37.7 million was higher by |
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| 22%
over the previous year at Rs. 30.8 million. The |
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| income
from bank deposits for the year 1997 at Rs. 5 |
|
| million
against Rs. 6 million of 1996 was lower by |
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| 15%
due to utilization of funds for investments. |
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|
| CLAIMS
SETTING ABILITY RATING |
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| During
the year 1997, your Company was given an |
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| A+
(A Plus) rating for its claim settling ability by PACRA |
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| -
an independent and highly reputed organization |
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| affiliated
with FITCH IBCA, which is the third largest |
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| International
rating agency after S&P and Moody's. |
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| This
rating will definitely further boost up confidence |
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| of
the clients in your Company which already enjoys |
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| the
highest solvency margin in the market. |
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| INVESTMENTS |
|
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| During
the year your Company invested Rs. 138 |
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| million
in equity and shares of joint stock companies |
|
| which
has increased the total investments from Rs. |
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| 254.58
million in 1996 to Rs. 392.65 million in 1997. |
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| The
market value of investments as at December 31, |
|
| 1997
stood at Rs. 1,185.4 million, as against Rs. |
|
| 811.3
million in 1996. The increase in market value |
|
| of
the investments was due to the improvement in KSE |
|
| index
and new investments made mainly in Coca Cola |
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| Beverages
Pakistan Limited (CCBPL), Nestle Milkpak |
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| Limited,
AgrEvo Pakistan (Private) Limited (AgrEvo) |
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| and
Dane Foods Limited during the year 1997. |
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|
| EQUITY
PARTICIPATION IN NEW VENTURES |
|
|
| It
was mentioned to the members last year that your Company has entered into an
agreement for participation in the equity of |
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| Coca
Cola Beverages Pakistan Limited (CCBPL). For this purpose a term loan of Rs.
200 million was obtained from a commercial |
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| bank
and a sum of Rs. 130 million was drawn out of the said loan. As a result of
this agreement, your Company as part of |
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| Packages
Group has further invested Rs. 100.7 million in CCBPL hereby making a total
investment of Rs. 134.6 million up to |
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| December
31, 1997. CCBPL has so far acquired the Coca Cola bottling plants at Karachi,
Hyderabad, Gujranwala and |
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| Sialkot.
Besides the insurance premium income, the management is hopeful that the
investment in CCBPL will benefit your |
|
| Company
from dividend on profitability and gain on market capitalization of its
shares. Moreover, an investment of Rs. 31 |
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| million
was made in AgrEvo Pakistan (Private) Limited during the year 1997. This
company is engaged in production and sale |
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| of
crop protection and environmental health care products in Pakistan. AgrEvo
has its business worldwide and we hope that |
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| AgrEvo
Pakistan will soon be able to start paying dividends and its share would
attract premium on its public offer resulting in |
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| capital
gain to your Company. |
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| RESULTS |
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|
Rs '000 |
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| The
Company made a pretax profit of |
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|
70,039 |
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| from
which the provision for taxation deducted on year's income is |
|
9,951 |
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|
---------- |
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| and
the balance net earnings for the year amounted to |
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60,088 |
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| adding
thereto the unappropriated profit brought forward from last year of |
7,252 |
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|
|
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|
---------- |
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| makes
available for appropriation a sum of |
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|
67,340 |
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| of
which the Directors propose to pay |
|
|
|
|
| a)
cash dividend of Rs 2.50 per share - 25% |
|
|
13,783 |
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| b)
stock dividend of one share for every four |
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|
|
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| existing
ordinary shares held - 25% |
|
|
|
13,782 |
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|
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| and
transfer to general reserve |
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|
30,000 |
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|
---------- |
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|
57,565 |
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---------- |
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| and
to carry forward the balance of |
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|
9,775 |
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|
========== |
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| Earnings
per share after tax - Rupees |
|
|
|
10.90 |
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| (1996:
Rs 9.83) |
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|
---------- |
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| APPOINTMENT
OF AUDITORS |
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| The
shareholders are requested to appoint auditors for 1998 and fix their
remuneration. The present auditors Messrs. Ford, |
|
| Rhodes,
Robson, Morrow, Chartered Accountants retire and offer themselves for
re-appointment. |
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| GENERAL |
|
|
| The
Directors wish to appreciate all the valuable clients for their continued
confidence and trust in the Company. The management |
|
| is
committed, to make appropriate arrangements for the satisfaction of our
policy holders by way of quality services, prompt |
|
| payment
of claims and secured underwriting of risks and to the share holders by way
of prudent distribution of profits. |
|
|
| We
also take this opportunity to thank the Controller of Insurance and his
Department, Pakistan Insurance Corporation, all |
|
| Reinsurance
Companies and our Bankers for their whole hearted cooperation extended to us
during the year 1997. |
|
|
| The
Directors also place on record their appreciation of the valuable
contribution made by the employees of the Company. |
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|
|
| AUDITORS'
REPORT TO THE SHAREHOLDERS |
|
|
| We
have audited the annexed Balance Sheet of International General Insurance
Company of Pakistan Limited as at 31st |
|
| December,
1997 and the annexed Fire, Marine, Motor and Miscellaneous Insurance Revenue
Accounts, Profit and Loss |
|
| Account,
the Profit and Loss Appropriation Account and the Cash Flow Statement,
together with the Notes forming part |
|
| thereof,
for the year then ended and we state that we have obtained all the
information and explanations which to the |
|
| best
of our knowledge and belief were necessary for the purposes of the audit and,
after due verification thereof, we |
|
| report
that: |
|
|
| 1.
In our opinion: |
|
|
| a)
proper books of account as required by the Companies Ordinance, 1984, have
been kept by the Company; |
|
|
| b)
the annexed Balance Sheet, Revenue Accounts, Profit and Loss Account and the
Profit and Loss Appropriation |
|
| Account
have been drawn up in conformity with the Law and are in agreement with the
books of account and |
|
| are
further in accordance with the accounting policies consistently applied; |
|
|
|
|
| c)
the expenditure incurred during the year was for the purpose of the Company's
business; |
|
|
| d)
the business conducted, investments made and expenditure incurred during the
year were in accordance with |
|
| the
objects of the Company; |
|
|
|
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| e)
zakat deductible at source under the Zakat and Ushr Ordinance, 1980, was
deducted by the Company |
|
| and
deposited in the Central Zakot Fund established under Section 7 of that
Ordinance. |
|
|
|
|
| 2.
In our opinion and to the best of our information and according to the
explanations given to us, the Balance Sheet, |
|
| Fire,
Marine, Motor and Miscellaneous Insurance Revenue Accounts, the Profit and
Loss Account, the Profit and Loss |
|
| Appropriation
Account and the Cash Flow Statement, together with the Notes forming part
thereof, give the information |
|
| required
by the Law in the manner so required and respectively give a true and fair
view of the state of the Company's |
|
| affairs
as at 31 st December, 1997 and the Profit and Cash Flow for the year then
ended. |
|
|
| 3.
We further report that: |
|
|
|
|
| a)
we have verified the Cash in Hand and with Banks, and the Company's
investments, by actual inspection or by |
|
| the
production of certificates or other documents; |
|
|
|
|
| b)
as per Section 40c (2) of the Insurance Act, 1938, all Expenses of Management
wherever incurred whether |
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| directly
or indirectly in respect of Fire, Marine, Motor and Miscellaneous Insurance
Business transacted in |
|
| Pakistan
have been fully debited in the respective Revenue Accounts as expenses; |
|
|
|
|
| c)
as per regulation 11 of Part 1 of the Third Schedule of the Insurance Act,
1938, the Company has not paid to |
|
| any
person any commission in any form outside Pakistan in respect of the
insurance business transacted by the |
|
| Company
in Pakistan and that the Company has not received outside Pakistan from any
person any commission |
|
| in
any form in respect of any business, reinsured abroad. |
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|
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|
|
FORD, RHODES, ROBSON,
MORROW |
|
| Lahore:
March 02, 1998 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT DECEMBER 31, 1997 |
|
|
|
Notes |
1997 |
1996 |
|
|
|
|
|
(Rupees in thousand) |
|
| CAPITAL
AND LIABILITIES |
|
|
|
| Shareholders'
Capital |
|
|
|
| Authorized |
|
|
|
|
| 10,000,000
(1996: 5,000,000) ordinary shares of Rs 10 each |
|
100,000 |
50,000 |
|
|
|
|
========== |
========== |
|
| Issued,
subscribed and fully paid |
|
|
| 5,513,062
(1996:4,594,218) ordinary shares of Rs 10 each |
3 |
55,131 |
45,942 |
|
| Reserves |
|
|
|
|
| Capital
reserve - share premium account |
|
|
35,762 |
35,762 |
|
| General
reserve |
|
|
4 |
192,000 |
162,000 |
|
| Reserve
for bonus shares |
|
|
13,782 |
9,188 |
|
| Reserve
for exceptional losses |
|
|
3,267 |
3,267 |
|
| Reserve
for doubtful debts |
|
|
135 |
135 |
|
|
|
|
|
|
---------- |
---------- |
|
|
|
|
244,946 |
210,352 |
|
| Profit
and loss appropriation account |
|
|
| Balance
as per annexed account |
|
|
9,775 |
7,252 |
|
|
|
|
| Balance
of funds and accounts |
|
2(b) |
|
| Fire
insurance business account |
|
|
6,204 |
4,151 |
|
| Marine
insurance business account |
|
|
9,076 |
11,454 |
|
| Motor
and Miscellaneous insurance business account |
|
16,563 |
14,671 |
|
|
|
|
|
|
---------- |
---------- |
|
|
|
|
31,843 |
30,276 |
|
|
|
|
| Long
term loan |
|
|
5 |
113,750 |
- |
|
|
|
|
| Liabilities
and Provisions |
|
|
| Estimated
liability in respect of |
|
|
| outstanding
claims, whether due or intimated |
|
2(c) |
7,040 |
9,198 |
|
| Amounts
due to other persons or bodies |
|
|
| carrying
on insurance business |
|
|
21,694 |
22,989 |
|
| Sundry
creditors (including outstanding and accrued expenses) |
19,231 |
6,309 |
|
| Current
maturity of long term loan |
|
|
16,250 |
|
| Proposed
dividend |
|
|
|
13,783 |
13,783 |
|
|
|
|
|
|
---------- |
---------- |
|
|
|
|
77,998 |
52,279 |
|
| Contingent
liabilities |
|
|
6 |
---------- |
---------- |
|
|
|
|
533,443 |
346,101 |
|
|
|
|
========== |
========== |
|
|
| Certificate
of the Directors and Principal Officer required under regulation 7 (a) and
(b) Part-1 of the First Schedule of |
|
| Insurance
Act, 1938. Subject to the annexed notes on the accounts, we certify that:- |
|
|
| 1.
The Investments shown in the Balance Sheet have been valued as indicated
therein at cost or at book value. The |
|
| market
value of investments has been ascertained from official quotations as of 31
st December, 1997 and where |
|
| official
quotations were not available these have been valued at cost, at book value
or at face value. |
|
| 2.
The value of all the assets have been reviewed as at 31 st December, 1997 and
in our belief taking into account the |
|
| reserve
for doubtful debts on the Capital and Liabilities side of the Balance Sheet
the assets set forth in the Balance |
|
| Sheet
are shown in the aggregate at amounts not exceeding their realisabJe or
market values under the several |
|
| headings
given therein. |
|
|
|
| PROPERTY
AND ASSETS |
|
|
|
| Investments |
|
|
|
| Statutory
deposits with the State Bank of Pakistan - at cost |
|
| Rs
150,000 15% Sindh Government Loan, 2001 |
|
|
150 |
150 |
|
| Rs
102,000 t 5.5 % Sindh Government Loan, 2002 |
|
|
102 |
102 |
|
| Federal
Investment Bonds |
|
|
100 |
100 |
|
|
|
|
---------- |
---------- |
|
|
|
|
352 |
352 |
|
| Ordinary
shares / TFCs of concerns incorporated in Pakistan
- |
7 |
---------- |
---------- |
|
| At cost |
|
|
200,058 |
196,932 |
|
| At
book value |
|
|
192,241 |
57,286 |
|
| Ordinary
shares of concerns incorporated in Pakistan - |
|
| awaiting
transfer in the Company's name at book value |
|
2 |
2 |
|
|
|
|
---------- |
---------- |
|
|
|
|
392,301 |
254,226 |
|
|
|
|
---------- |
---------- |
|
|
|
|
392,653 |
254,578 |
|
| Current
assets |
|
|
|
| Agents'
balances |
|
|
|
255 |
108 |
|
| Outstanding
premiums |
|
|
|
9,213 |
11,026 |
|
| Profit
accruing but not due |
|
|
1,157 |
977 |
|
| Amounts
due from other persons or bodies |
|
|
| carrying
on insurance business |
|
|
18,776 |
10,656 |
|
| Sundry
debtors and prepayments |
|
|
2,831 |
1,982 |
|
| Advance
tax payments - net |
|
|
34,865 |
21,948 |
|
| Cash - |
|
|
|
---------- |
---------- |
|
| At
banks - on deposit accounts |
|
|
560,001 |
33,430 |
|
| -
on current accounts |
|
|
|
10,535 |
3,352 |
|
| In hand |
|
|
|
33 |
313 |
|
|
|
|
---------- |
---------- |
|
|
|
|
66,568 |
37,095 |
|
|
|
|
---------- |
---------- |
|
|
|
|
133,665 |
83,792 |
|
| Administrative
fixed assets - at cost less depreciation |
2(e) |
