| Beema-Pakistan Company Limited |
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| Annual
Report 2000 |
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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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| Report
of the Auditors |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Fire
Insurance Account |
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| Marine
Insurance Account |
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| Motor
Car & Miscellaneous Insurance Account |
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| Cash
Flow Statement |
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| Statement
of Changes in Equity |
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| Notes
to the Accounts |
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| Pattern
of Shareholding |
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| Classified
Summary of the Assets |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
M. Shahnawaz Agha |
Chairman & Chief
Executive |
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Ch. lnayat UIlah |
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Director |
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Mohammed Sharif |
Director |
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Sarfaraz Hussain |
Director |
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Lt. Col. (R) Rifat Mahmud |
Director |
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Syed Ahmed Haroon |
Director |
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Khalid Mehmood |
Director |
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| COMPANY
SECRETARY |
M. Yunus Shaikh |
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| MANAGEMENT
- HEAD OFFICE |
M. Shahnawaz Agha |
Chief Executive Officer
(TMO) |
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Mohammed Sharif |
Director Administration
(TMO) |
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M. Yunus Shaikh |
Chief Accountant &
Company Secretary (TMO) |
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Khalid Mehmood |
Director Corporate
Affairs (TMO) |
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Lt. Col. (R) Rifat Mahmud |
Director Marketing (TMO) |
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Sarfaraz Hussain |
Executive Director (TMO) |
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Sarfaraz A. Rabbani |
Manager Underwriting |
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Raza Ahmed |
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Asstt. Manager Accounts
(MMO) |
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| BRANCHES |
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Merajuddin Kardar |
Regional Manager, Lahore
(Mall) |
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Mohammed Umar Satti |
Regional Manager, Multan |
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Farrukh Hassan |
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Branch Manager, Quetta |
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Ch. Mohammed Ramzan |
Branch Manager, Sargodha |
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Shafiq Ahmed Khan |
Marketing Director |
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| AUDITORS |
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F.R. Merchant &
Company |
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Chartered Accountants |
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Muhammadi House, |
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I. I. Chundrigar Road, |
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Karachi-74000 |
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| REGISTERED
& HEAD OFFICE |
719-726, Muhammadi House, |
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I. I. Chundrigar Road, |
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P.O. Box: 5626 Karachi -
74000 |
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Phone PABX- 242-9530/32
& 34 |
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Fax - 242-9533 |
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Cable- "KHYRIN" |
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| BRANCH
OFFICES |
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| Karachi |
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8th Floor, Muhammadi
House, |
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I. I. Chundrigar Road,
Karachi - 74000 |
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Building No. 2-C 2nd
Floor, |
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29th Street, Tauheed
Commercial Area, |
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Phase V, Defence Housing
Authority, Clifton. |
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BC - 11 El-Beena Centre, |
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Block - 5 Clifton. |
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| Lahore |
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5 - Imtiaz Plaza, |
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Shara-e-Quaid-e-Azam. |
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Tel - 6361577 - 6360684 |
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Arshad Plaza, |
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Temple Road. |
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Tel - 6316741 |
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| Islamabad |
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First Floor, Malik
Complex, |
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60-West, Blue Area, |
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Tel - 820536 - 813120 |
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Fax - 820538 |
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| Sargodha |
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Riaz Crockery Building, |
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Kutchery Bazar. |
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Tel - 720956 |
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| Multan |
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Ferozpur House, 650/C, |
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Gulgasht Colony. |
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Tel - 520748 |
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| Hyderabad |
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Shams Chamber, |
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Risala Road. |
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Tel - 615774 |
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| Quetta |
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Room No. 12, First Floor, |
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Regal Plaza, Jinnah Road. |
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Tel: 830465-840572 |
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| NOTICE
OF MEETING |
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| Notice
is hereby given that the fortieth Annual General Meeting of Beema Pakistan
Company Limited will be |
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| held
at the Registered Office of the Company at 7th Floor, Muhammadi House, I. I.
Chundrigar Road, |
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| Karachi,
on Saturday 30th June, 2001 at 4:30 p.m. to transact the following business: |
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| 1.
To confirm the minutes of the Annual General Meeting held on 29th June, 2000. |
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| 2.
To receive, consider and adopt Audited Accounts for the year ended 31st
December, 2000, together |
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| with
the Directors' and Auditors' Reports thereon. |
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| 3.
To appoint auditors for the year ending 31st December, 2001 and to fix their
remuneration. |
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| 4.
To transact any other business with the permission of the Chairman. |
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By order of the Board |
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|
M. Yunus Shaikh |
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| Karachi:
8th June, 2001. |
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Company Secretary |
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| NOTES: |
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| a)
The Share Transfer Books of the Company will remain closed from 23 June, 2001
to 30 June, 2001 (both days |
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| inclusive). |
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| (b)
A member entitled to attend and vote at the Annual General Meeting may
appoint a proxy to attend and vote for |
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| him/her.
Proxies must be deposited at the Company's Registered Office not later than
48 hours before the time |
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| of
holding the Meeting. |
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| (c)
Members are requested to notify any change in their address immediately. |
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| REPORT
OF THE DIRECTORS TO THE SHAREHOLDERS |
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| The
Directors of your Company take pleasure in endorsing the Fortieth Annual
Report being presented by the Chairman & Chief Executive, |
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| together
with the Company's Audited Accounts and Auditors Report thereon for the year
ended December 31st, 2000. |
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| OPERATING
RESULTS |
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| The
gross premium income for the various classes of general insurance business
underwritten during the year 2000 was Rs. 2,418,143 |
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| as
against Rs. 2,678,513 during the previous year 1999, whereas net premium
income during the year stood at Rs. 1,484,925 as |
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| compared
Rs. 1,382,801 in the previous year 1999. Gross claims paid during 2000
amounted to Rs. 147,496 as against Rs. 291646 in |
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| 1999. |
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| REASONS: |
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| The
current year has been one other, that remained focused at transition. The
Company was "capitalized" and the name changed to the |
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| present
(Nov. 2000) by the new management after a long wait. The new business plan,
novel to the market yet in line with the new |
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| Insurance
Ordinance 2000 was adopted. Consequent upon the factors of transition the
poor operation results can be summarized with |
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| the
following reasons: |
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| a)
Economic conditions in the country remained regressive with change of
Government and the expectant change in the Insurance Act |
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| only
adding to the crises; |
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| b)
The new management was focused on the change of name to launch its marketing
initiatives which could not be achieved in normal |
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| course
of time and is today induced onto the anvil. |
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| c)
Capitalization likewise was in process and the liquidity requirement of the
Company could only be addressed post event. |
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| d)
The affairs of the Company were managed on issue to issue basis such that a
solid foundation is created for a prosperous planed |
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| future. |
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| With
the help of Allah the new management is pleased to report the following
significant milestones in the turning around of the Company: |
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| a)
Approval of a business plan that was made by the Board as at 25th November,
1999 has now been fully adopted for implementation. |
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| This
is in line with the present Insurance Act; and encompassing the future
changes just as much. The plan high lights introducing: |
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| (i)
Islamization of Insurance (ii) Formation of a domestic re-insurance pool
(iii) Single risk single cover insurance products (iv) |
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| Franchised
branches within Pakistan and abroad (v) Securitization of assumed risk. These
are all proprietary initiatives and place the |
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| Company
to play a leadership role in the Insurance Industry in the foreseeable
future. |
|
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| b)
Capitalization was effected by the approval of the Board as at 21st December,
1999 to a tune of Rs. 60.80 Million and it is further |
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| envisaged
to take the Company's capital up to Rs. 500 Million plus, and predominantly
through real-estate acquisition and swaps. |
|
|
| c)
MUAVIN The Flag-ship product of the Company was approved by the Board as at
25th November, 1999 and launched to restore the |
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| eroded
customer base. |
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| d)
Legitimization of the above actions were approved by the Hon. High Court of
Sindh as at 2rid March, 2000 through, and in response |
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| to,
an application moved by the Company. |
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|
| e)
The Recruitment department of the company has come into place with the
JEEAALA and WAZIFA Plan, and Franchising has been |
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| formalized
with the SITARA plan as Pakistans' first financial franchise. |
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| The
new Management is still passing through the re-organisation exercise after
the takeover from the previous Management. Certain |
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| problems
inherited from the past have been settled during the year 2000 while some
remain. All told the extra effort and fresh |
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| appointments
being made should increase the business portfolio of the Company by the year
end 2001 manifold. Necessary steps are |
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| being
taken to underwrite selected and securitised insurance business in order to
monitor and minimise claim ratios in the future. Your |
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| Company
is also planing to introduce some (20) new products and plans in the market
and these will be fully protected with securitised |
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| instruments
and a gold based domestic reinsurance pool called DAULAT. |
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|
| FIRE
DEPARTMENT |
|
| Gross
premium of fire insurance business underwritten by the Company during 2000
amounted to Rs. 626,068 as against Rs. 748,799 |
|
| during
1999. Gross losses paid during the year were Rs. 49,644 as compared Rs.
171,325 in the previous year 1999. Underwriting loss |
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| during
2000 stood at Rs. 472,516 as against Rs. 458,310 during 1999. |
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| MARINE
DEPARTMENT |
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| Gross
premium of marine insurance business underwritten during the year was Rs.
206,959 as against Rs. 162,963 earned during the |
|
| previous
year 1999. Gross losses paid by the Company in 2000 amounted to Rs. 15,334 as
against Rs. 41,063 during 1999. The |
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| underwriting
loss made during 2000 amounted to Rs. 1,045,894 as against loss of Rs.
117,577 in the previous year 1999. |
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| MOTOR
AND MISCELLANEOUS DEPARTMENT |
|
| Gross
premium of motor and miscellaneous insurance business underwritten by the
Company during the year 2000 amounted to |
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| Rs.
1,585,116 as against Rs. 1,766,751 in the previous year 1999. Gross losses
paid during the year amounted to Rs. 82,519 as |
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| against
Rs. 79,258 during 1999. The underwriting loss during the year 2000 was Rs.
1,113,080 as against of Rs. 893,097 during |
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| the
previous year 1999. |
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| UNDERWRITING
RESULTS |
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| The
Company made an overall underwriting loss of Rs. 3,229,943 during the year
under review as against loss of Rs. 2,226,928 in the |
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| previous
year 1999. |
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| RESULTS
AT A GLANCE |
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|
2000 |
1999 |
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|
Rupees |
Rupees |
|
|
|
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| The
Company made an underwriting Loss of |
|
(2,631,490) |
(1,468,984) |
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| and
earned an income from investment |
|
107,550 |
65,017 |
|
| appreciation
(Depreciation) on investment |
|
(65,457) |
6,216 |
|
| Profit
on sale of Fixed Assets |
|
|
76,719 |
69,002 |
|
| Profit
on sale of Investment |
|
|
266,198 |
-- |
|
|
------------------ |
------------------ |
|
| Adding
(deducting) to |
|
|
(2,246,480) |
(1,328,749) |
|
| Deducting
therefrom: |
|
|
| Expenses
not charged to departmental accounts |
|
782,000 |
617,665 |
|
| Depreciation
on the Company's Fixed Assets |
|
201,463 |
280,514 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(983,463) |
(898,179) |
|
|
|
|
------------------ |
------------------ |
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| Leaving
pre-tax profit (Loss) of |
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|
(3,229,943) |
(2,226,928) |
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| from
which the tax provision deducted |
|
-- |
-- |
|
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|
------------------ |
------------------ |
|
| and
the balance net loss of |
|
|
(3,229,943) |
(2,226,928) |
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| Adding
thereto the unappropriated Loss |
|
|
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| brought
forward from the last year |
|
(9,130,400) |
(6,903,472) |
|
|
|
|
------------------ |
------------------ |
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| And
to carry forward to the Balance sheet |
Rupees |
(12,360,343) |
(9,130,400) |
|
|
|
========== |
========== |
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|
| CHANGE
OF NAME OF THE COMPANY |
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| The
new Management had proposed to change the name of the company from
"Heritage Insurance Company Limited" |
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| to
"Beema-Pakistan Company Limited". The same had been approved by the
Shareholders in the Extraordinary General |
|
| Meeting
of the Company held on 15 May, 2000, (held as a consequence of the permission
of the High Court of Sindh dated |
|
| 2
March, 2000). The final approval of the Registrar of Companies, under Section
39 of the Companies Ordinance, 1984, |
|
| was
received on the 22rid of Nov. 2000 after which the new name has come in to
effect, Hopefully this change will produce |
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| fruitful
results towards the development of the Company's business and image in the
years to come. |
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| FUTURE
EXPECTATIONS |
|
| It
is expected as a consequence of the approved business plan that was reviewed
at Singapore at the 'first ever CEO |
|
| Summit'
of Asian Insurers, the future of the Company should be better than ever
before. The measures that have been |
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| taken
from the perspective of Shareholders are emmunerated as follows: |
|
|
| a)
The list of Shareholders is being expanded to a minimum of 400; |
|
| b)
The Capital is being increased with no upper limit; |
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| c)
The EPI, based on the products engineered should yield 20% plus dividends as
is tabulated today and all these are |
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| pointers
to a prosperous investing partnership. |
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|
| DIRECTORS |
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| Since
the holding of the last Annual General Meeting on 29 July, 2000, no change in
the Board of Directors has been made. |
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|
| AUDITORS |
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| The
Shareholders are requested to appoint auditors for the year 2001 and fix
their remuneration. The present auditors, |
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| Messrs.
F.R. Merchant & Company, Chartered Accountants, retire and offer
themselves for re-appointment. |
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|
| GENERAL |
|
| The
Directors wish to thank all the valued clients for their continued confidence
and trust re-posed in the new Management. |
|
| The
Directors also take the opportunity to thank the Executive Director
(Insurance) Securities & Exchange Commission |
|
| of
Pakistan and his Department, Pakistan Re-Insurance Company, Foreign and Local
Re-insurers, Banks, and Stock |
|
| Exchanges
for their co-operation extended to the Company. |
|
|
| The
Directors also place on record their appreciation of the valuable
contribution made by the employees and Field Staff |
|
| at
Head Office and at Branches of the Company for commitment and dedication to
their duty. |
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|
|
MOHAMMED SHARIF |
|
LT. COL (R) RIFAT MAHMUD |
|
M. SHAHNAWAZ AGHA |
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|
Director |
|
Director |
|
Chairman & Chief Executive |
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| Karachi:
8th June, 2001. |
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|
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| REPORT
OF THE AUDITORS TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of Beema-Pakistan Company Limited as
at 31st December, 2000 and |
|
| the
related Fire, Marine, Motor and Miscellaneous Insurance Revenue Accounts the
Profit and Loss Account, the |
|
| Profit
and Loss Appropriation Account, Cash Flow Statement and Statement of changes
in equity 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 our audit and after |
|
| due
verification thereof, we report that: |
|
|
| 1
(a) in our opinion, proper books of accounts have been kept by the Company as
required by the |
|
| Companies
Ordinance, 1984; |
|
|
|
|
| (b)
in our opinion: |
|
|
|
| i)
the balance sheet, revenue accounts, the profit and loss account, the profit
and loss appropriation |
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| account
together with the Notes thereon have been drawn up in conformity with the law
and are |
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| in
agreement with the books of accounts and are further in accordance with
accounting policies |
|
| consistently
applied; |
|
|
| ii)
the expenditure, incurred during the year was for the purpose of the
Company's business; and |
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|
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| iii)
the business conducted, investments made and the expenditure incurred during
the year were |
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| in
accordance with the objects of the Company; |
|
|
|
| (c)
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 Cash Flow Statement and Statement
of changes |
|
| in
equity together with the notes forming part thereof, give the information
required and respectively |
|
| give
a true and fair view of the state of the Company's affairs as at 31st
December, 2000 and; of the |
|
| loss
its cash flow and changes in equity for the year then ended; and |
|
|
|
| (d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
| 2.
We have verified the cash and bank balances of the Company by actual
inspection or by production of |
|
| certificates. |
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|
|
|
|
|
| 3.
We have verified the investments by actual inspection, or by the production
of certificates from the bankers, |
|
| evaluators
or brokers with whom the documents were deposited, except those which were
awaiting transfer |
|
| in
the Company's name where all the supporting documents have been examined by
us. |
|
|
| 4.
As per Section 40C(2) of the Insurance Act, 1938 (repealed), as amended, all
expenses of management |
|
| where-ever
incurred whether 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. |
|
|
| 5.
As per regulation 11 of Part 1 of the Third Schedule of the insurance Act,
1938 (repealed), we certify that 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 re-insured
abroad apart from |
|
| commission
arising out of Re-insurance Treaties. |
|
|
|
| Place: Karachi |
|
|
F.R. MERCHANT & COMPANY |
|
| Date:
8th June, 2001. |
|
CHARTERED ACCOUNTANTS |
|
|
|
|
|
| BALANCE
SHEET AS AT 31 DECEMBER, 2000 |
|
|
| CAPITAL
AND LIABILITIES |
|
Notes |
2000 |
1999 |
|
| Authorised
Capital- |
|
|
Rupees |
Rupees |
|
|
| 5,000,000
Ordinary Shares of Rs. 10/- each |
|
50,000,000 |
50,000,000 |
|
|
|
========== |
========== |
|
| Issued,
Subscribed and fully paid |
|
|
| 4.125,000
Ordinary Shares of Rs. 10/- each |
|
41,250,000 |
41,250,000 |
|
| Advance
Against Issue of Right Shares |
|
45,077,391 |
45,077,391 |
|
|
| RESERVE
FOR CONTINGENCY ACCOUNTS |
|
| For
Exceptional Losses |
|
|
662,124 |
662,124 |
|
| For
Bad & Doubtful Debts |
|
|
267,482 |
267,482 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
929,606 |
929,606 |
|
| Un-appropriated
Loss |
|
|
(12,360,343) |
(9,130,400) |
|
| BALANCE
OF FUNDS AND ACCOUNTS |
2(a) |
|
|
|
|
|
| Fire
Insurance Business Account |
|
|
168,312 |
204,216 |
|
| Marine
Insurance Business Account |
|
21,910 |
54,463 |
|
| Motor
and Miscellaneous Insurance |
|
| Business
Account |
|
|
403,748 |
294,441 |
|
|
|
|
------------------ |
------------------ |
|
|
|
593,970 |
553,120 |
|
|
|
| LIABILITIES
AND PROVISIONS |
|
| Estimated
Liability in respect of outstanding |
|
| claims
whether due or intimated - |
|
(4) |
|
|
| Fire |
|
|
769,129 |
524,949 |
|
| Marine |
|
|
1,971,984 |
1,058,910 |
|
| Motor
and Miscellaneous |
|
|
2,333,088 |
2,260,788 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
5,074,201 |
3,844,647 |
|
|
|
|
|
| Unclaimed
Dividends |
|
|
20,296 |
20,296 |
|
| Amounts
due to other persons or bodies |
|
|
| carrying
on Insurance Business |
|
|
4,562,714 |
4,125,083 |
|
| Sundry
Creditors (including outstanding |
|
|
| and
accrued expenses) |
|
|
6,060,937 |
5,355,689 |
|
| Premium
& other Deposits |
|
|
72,606 |
-- |
|
|
------------------ |
------------------ |
|
|
|
|
10,716,553 |
9,501,068 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
15,790,754 |
13,345,715 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
Rupees |
91,281,378 |
92,025,432 |
|
|
|
========== |
========== |
|
|
|
|
| Note:
The above Balance Sheet should be read in conjunction with Notes attached. |
|
|
|
|
|
F.R. MERCHANT & COMPANY |
|
| Karachi:
8th June, 2001. |
|
CHARTERED ACCOUNTANTS |
|
|
|
|
|
|
|
| PROPERTY
AND ASSETS |
|
|
| Investment
at cost -- |
|
|
| Statutory
Deposit with the State Bank of Pakistan |
|
| Defence
Savings Certificates |
|
|
353,865 |
353,865 |
|
| Cash |
|
|
|
4 |
4 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
353,869 |
353,869 |
|
| INVESTMENTS
IN CONCERNS INCORPORATED |
|
| IN PAKISTAN |
|
(5) |
|
| Debentures
of Joint Stock Companies |
|
443,500 |
443,500 |
|
| Preference
Shares of Joint Stock Companies |
|
90,403 |
90,403 |
|
| Ordinary
Shares of Joint Stock Companies |
|
995,598 |
1,014,190 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,529,501 |
1,548,093 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,883,370 |
1,901,962 |
|
|
| Immoveable
property |
|
|
323,000 |
323,000 |
|
| Agents'
Balances and outstanding premiums |
|
4,061,858 |
4,350,839 |
|
| Accrued
Interest and Dividend Outstanding |
|
138,890 |
51,310 |
|
| Accrued
Depreciation on Investment |
|
(1,277,050) |
(1,211,593) |
|
| Amounts
due from other persons or bodies |
|
|
|
| carrying
on Insurance Business |
|
|
444,624 |
444,624 |
|
| Sundry Debtors |
|
|
19,236,417 |
19,225,417 |
|
| Advances,
Deposits and Pre-payments |
(6) |
62,719,309 |
62,709,141 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
85,324,048 |
85,569,738 |
|
| Deferred
Expenses |
|
(7) |
1,717,682 |
1,717,682 |
|
| Cash |
|
|
|
|
|
|
| At
Banks on PLS Deposit Accounts |
|
-- |
-- |
|
| At
Banks on Current Accounts |
|
|
145,941 |
250,138 |
|
| Cash
and Stamps in Hand |
|
|
184,436 |
157,351 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
330,377 |
407,489 |
|
| Stock
of Stationery |
|
|
105,640 |
105,640 |
|
|
|
|
------------------ |
------------------ |
|
|
|
(8) |
436,017 |
513,129 |
|
|
|
|
|
|
| ADMINISTRATIVE
/ FIXED ASSETS |
|
| (At
cost less depreciation) |
|
|
|
| Vehicles |
|
175,076 |
419,766 |
|
| Furniture
& Fixtures |
|
648,385 |
720,428 |
|
| Office
Equipment |
|
773,800 |
859.73 |
|
|
|
------------------ |
------------------ |
|
|
|
1,597,261 |
1,999,921 |
|
|
|
|
------------------ |
------------------ |
|
|
Rupees |
91,281,378 |
92,025,432 |
|
|
========== |
========== |
|
|
| We
Certify That: |
|
|
| (i)
The value of investments in Government Securities, Debentures and Shares of
Joint Stock Companies incorporated in Pakistan have |
|
| been
taken at Book Value. The Market Value of Investments have been ascertained
from the quotation on 31st December, 2000. |
|
|
| (ii)
The value of all assets in the Balance Sheet has been reviewed as at the date
of Balance Sheet and that the assets set forth in the |
|
| Balance
Sheet are shown in the aggregate at amounts not exceeding their realisation
of Market Value under the several headings. |
|
|
|
MOHAMMED SHARIF |
|
LT. COL (R) RIFAT MAHMUD |
|
M. SHAHNAWAZ AGHA |
|
