| International General Insurance Company of
Pakistan Limited |
|
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|
|
|
| Annual
Report 2000 |
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|
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| CONTENTS |
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| Company
Information |
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| Management |
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| Ten-Year
Summary |
|
| Introduction |
|
| Notice
of Meeting |
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| Report
of the Directors to the Shareholders |
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| Auditors'
Report to the Members |
|
| 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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| Statement
of Changes in Equity |
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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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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
|
| Shaukat
R. Mirza (Chairman) |
|
|
| Shamim
Ahmad Khan |
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| S. N. Patel |
|
| Syed
Kamal Ali |
|
| Syed
Yawar Ali |
|
| Syed
Shahid Ali |
|
|
| Syed
Hyder Ali (Chief Executive) |
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| GENERAL
MANAGER |
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| Basit
Hassan Syed |
|
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| COMPANY
SECRETARY |
|
| Masoodul
Haq Qureshi |
|
|
| AUDITOR5 |
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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 |
|
| Agricultural
Development Bank of Pakistan |
|
| Allied
Bank Limited |
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| American
Express Bank Limited |
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| Bank
Alfalah Limited |
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| Faysal
Bank Limited |
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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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| Oman
International Bank Limited |
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| Standard
Chartered Bank |
|
| United
Bank Limited |
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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
REGISTRAR |
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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 |
|
|
| Corporate Office |
Chief Executive |
|
Syed Hyder All |
|
| Lahore |
Finance Manager &
Company Secretary |
|
Masoodul Haq Qureshi |
|
|
| Head Office |
General Manager |
|
Basit Hassan Syed |
|
| Karachi |
Senior Manager Accounts
& Dy, Company Secretary |
Muhammad Mobin |
|
|
Senior Manager
Underwriting (Fire) |
|
Najmullah Khan |
|
|
Manager Underwriting
(Marine) |
|
Kauser All Baig |
|
|
Manager Underwriting
(Accident) |
|
Mir Saeed All |
|
|
| Lahore |
Branch Manager |
|
Muhammad Sarwar |
|
|
Manager Accounts |
|
Ms. Zubeela Khokhar |
|
|
Senior Executive Officer
(Marine) |
|
Gulzar Ahmad |
|
|
Senior Executive Officer
(Accident) |
|
Muhammad Asghar Khan |
|
|
Executive Officer (Fire) |
|
Muhammad Akram |
|
|
Executive Officer
(Marketing) |
|
Syed Ahmad Murtaza Asadi |
|
|
| Islamabad |
Regional Manager |
|
Pervaiz Nadir |
|
|
Senior Executive Officer
Underwriting |
|
Muhammad Amjad |
|
|
Executive Officer
Underwriting |
|
Ms. Naureen Muazam Khan |
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| IGI OFFICES |
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| Corporate
Office |
|
Head Office |
|
| Babar
All Foundation Building, |
|
First Floor, Finlay
House, |
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| Second
Floor, 308 Upper Mall, |
|
I.I. Chundrigar Road, |
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| Lahore
- 54000. |
|
Karachi - 74000. |
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| Telephone:
5753404-06 |
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Telephone: 2426974 - 77 |
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| Fax:
92-42-5710624 |
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Fax: 92-21-2416710 |
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| E-mail:
igi@wol.net.pk |
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Telex: 20265 IGI - PK |
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|
E-mail:
igikhi@cubexs.net.pk |
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|
| Lahore |
|
|
Islamabad |
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| Babar
All Foundation Building, |
|
First Floor, |
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| Second
Floor, 308 Upper Mall, |
|
52- Waheed Plaza, |
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| Lahore
- 54000. |
|
Blue Area, Islamabad. |
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| Telephone:
5753404-06 |
|
Telephone: 2277355,
2273840 |
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| Fax:
92-42-5710624 |
|
Fax: 92-51-2277356 |
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| E-mail:
igilhr@wol.net.pk |
|
E-mail: igi@isb.sdnpk.org |
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|
| Web
Site: http://www. igi.com.pk |
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| UAN:
111-308-308 |
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|
|
| TEN
YEAR SUMMARY |
|
|
| 2000
1999 1998 1997 1996 1995 1994 1993 1992 1991 |
|
|
| Gross
premium |
227,713 |
185,283 |
171,867 |
150,963 |
136,057 |
105,981 |
80,636 |
71,723 |
63,001 |
54,085 |
|
| Underwriting
profit |
76,882 |
67,386 |
55,995 |
54,108 |
40,213 |
33,424 |
29,058 |
20,994 |
19,053 |
18,616 |
| Investment
income |
86,614 |
81,145 |
36,337 |
42,835 |
36,817 |
21,632 |
23,999 |
23,003 |
19,875 |
16,361 |
| Provision
for diminution in value |
|
| of
long term investments |
85,659 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
| Profit
before tax |
57,916 |
129,492 |
67,137 |
70,039 |
70,154 |
53,119 |
50,177 |
35,809 |
31,919 |
30,764 |
| Income tax |
|
55,100 |
51,959 |
13,411 |
9,951 |
25,000 |
14,000 |
13,000 |
9,000 |
8,000 |
7,800 |
| Profit
after tax |
2,816 |
77,533 |
53,726 |
60,088 |
45,154 |
39,119 |
37,177 |
26,809 |
23,919 |
22,964 |
| Employees
remuneration |
12,014 |
10,362 |
9,006 |
7,710 |
6,602 |
6,283 |
5,513 |
7,366 |
4,192 |
3,574 |
| Cash
dividend |
38,833 |
33,767 |
15,505 |
13,783 |
13,783 |
13,783 |
8,353 |
10,441 |
8,353 |
8,353 |
| Bonus
shares - % |
-- |
15 |
225 |
25 |
20 |
-- |
10 |
-- |
-- |
-- |
| Investment
atcost |
500,412 |
484,576 |
451,059 |
392,653 |
254,578 |
197,466 |
178,631 |
156,564 |
150,575 |
107,066 |
|
| Total assets |
|
| -a
tbook value |
695,868 |
599,209 |
555,133 |
533,443 |
346,101 |
291,346 |
252,010 |
221,435 |
177,821 |
137,945 |
| Reserve
for exceptional |
|
| losses
and unexpired risks |
62,605 |
44,182 |
41,006 |
35,110 |
33,543 |
23,390 |
19,925 |
20,400 |
17,423 |
14,470 |
| General
& Capital |
|
| Reserves |
|
255,338 |
279,762 |
249,762 |
227,762 |
197,762 |
172,762 |
147,762 |
122,762 |
79,918 |
67,918 |
|
| Paid-up
Capital |
97,082 |
84,419 |
68,913 |
55,131 |
45,942 |
45,942 |
41,766 |
41,766 |
27,844 |
27,844 |
|
|
| INTRODUCTION |
|
|
|
| International
General Insurance Company of Pakistan Limited (IGI) is a group company of
Packages Limited and was established |
|
| in
1953. It is one of the leading general insurance companies operating in
Pakistan. IGI underwrites all the three main classes of |
|
| general
insurance business i.e., Fire, Marine, Motor and Miscellaneous. During its 47
years of operations, IGI has established its |
|
| reputation
in domestic as well as international insurance market for quality insurance
business and adherence to high ethical and |
|
| professional
standards. |
|
|
| Recently
the Company has been awarded AA (Double A) Claims Paying Ability (CPA) rating
by Pakistan Credit Rating Agency |
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| (Private)
Limited (PACRA), an affiliate of FITCH Ratings Limited, London. This is the
highest rating amongst the local insurance |
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| companies
and has given lot of confidence to us as well as our clients. |
|
|
| Amongst
Pakistan's insurance companies, IGI has one of the HIGHEST Solvency Margins
of 479%. IGI's policy of prompt and |
|
| fair
claim settlement is evident from the fact that IGI has one of the LOWEST
outstanding claims in the domestic market. Our valued |
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| clients
include professional and reputed local as well as multinational companies. |
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|
| CORPORATE
PHILOSOPHY |
|
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| Our
corporate philosophy is embedded in the following: |
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| Customer
satisfaction through superior customer service |
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| Prompt
settlement of claims |
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| Professional
& ethical business practice |
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| To
enhance financial strength of the Company by achieving outstanding financial
results |
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| To
ensure regular and respectable pay outs to the shareholders |
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|
| PRODUCTS |
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| IGI
is involved in general insurance business covering all the three main classes
of insurance i.e., Fire, Marine, Motor and |
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| Miscellaneous. |
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| FIRE
INSURANCE |
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| Fire
insurance covers the damages caused to property against Fire & Lightning
and other Allied Perils such as Riot & Strike |
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| Damages,
damages due to malicious act and natural calamities etc. |
|
|
| MARINE
INSURANCE |
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| Marine
insurance deals with the protection of cargo against various perils for
imports, exports and sending by sea, air, post, rail |
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| &
road. It also covers advanced loss of profit. |
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|
| MOTOR
& MISCELLANEOUS INSURANCE |
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| In
Motor and Miscellaneous, we provide coverage for the following: |
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| Vehicle
Insurance |
|
| Money
Insurance |
|
| Personal
Accident |
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| Third
party / Public Liability |
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| Baggage
Insurance Policy |
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| Plate
Glass Insurance Policy (Neon Sign) |
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| Workmen's
Compensation Insurance |
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| Fidelity
Guarantee |
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| Burglary
Insurance Policy |
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| All
Risk Insurance Policy |
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| Engineering
Insurance |
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| Bond
Insurance |
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| RE-INSURANCE |
|
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| For
any direct insurance company, re-insurance arrangements with professional,
dependable and financially sound re-insurers |
|
| are
very essential. The re-insurer absorbs the impact of particularly large
losses which the direct insurance company may otherwise |
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| face
problems in servicing its liabilities. IGI has prestigious re-insurance
arrangements with the world wide acclaimed re-insurers. |
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| Some
of these are: |
|
|
| Munich
Re of Germany |
|
| Swiss
Re of Switzerland |
|
| General
Cologne Re of Germany |
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| Assic
Generali of ltaly |
|
|
| All
these enjoy an international rating of AAA or A+, provide a reliable risk
diversification base to the Company and confidence to ~ |
|
| our clients. |
|
|
| MARKETING |
|
| IGI
has recently embarked upon an advertising campaign. Billboards and print
media are used at present. Appealing and impressive |
|
| in
its visual impact, the MMT shows a sailing ship, a car and an industrial unit
set in a huge IGI logo. It creatively portrays the |
|
| underlying
theme of reliability and security that IGI is offering to its potential
customers and indication of our corporate philosophy, |
|
| "The
cover of reliability". |
|
|
| Our
total commitment to customer satisfaction, professional/ethical approach and
prudent management practices has enabled us |
|
| to
develop very cordial and long lasting relationship with our clients, which
includes highly reputed local as well as multinational |
|
| companies. |
|
|
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that the forty-seventh Annual General Meeting of
International General Insurance Company of Pakistan |
|
| Limited
will be held at the Registered Office of the Company at 1st Floor, Finlay
House, I. I. Chundrigar Road, Karachi, at 09:00 |
|
| A.M.
on Thursday, May 31, 2001, to transact the following Ordinary and Special
Business: |
|
|
| A.
ORDINARY BUSINESS |
|
| (1)
To confirm the minutes of previous Annual General Meeting of the shareholders
of the Company held on May 04, 2000. |
|
|
| (2)
To receive, consider and adopt the Audited Accounts of the Company for the
year ended December 31,2000, together |
|
| with
the Reports of the Auditors and Directors thereon. |
|
|
| (3)
To approve a final dividend as recommended by the Directors i.e., at the rate
of 40% or Rs. 4.0 per share on the |
|
| existing
issued share capital of the Company. |
|
|
| (4)
To appoint auditors for the year ending December 31, 2001 and to fix their
remuneration. |
|
|
| (5)
To transact any other business with the permission of the Chair. |
|
|
| B.
SPECIAL BUSINESS |
|
| (6)
To consider and approve investment in associated companies having foreign
investment. |
|
| (See
appended statement as required under section 160 (1) (b) of the Companies
Ordinance, 1984, in respect of above |
|
| mentioned
Special Business) |
|
|
|
By order of the Board |
|
|
|
|
|
Masoodul Haq Qureshi |
|
| Karachi:
May 10, 2001. |
|
Company Secretary |
|
|
|
| Notes: |
|
| 1.
The Share Transfer Books of the Company for the entitlement of dividend will
be closed from May 24, 2001 to May 31, |
|
| 2001,
both days inclusive. |
|
|
| 2.
A member entitled to attend and vote at the General Meeting is entitled to
appoint another member as a proxy to attend |
|
| and
vote instead of him. No person shall be appointed, as a Proxy who is not a
member of the Company qualified to vote, |
|
| except
that a member corporate may appoint a Proxy who is not a member. The proxy
forms duly completed and signed |
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| by
the member appointing a proxy must be deposited at the Registered Office of
the Company not later than forty eight |
|
| (48)
hours before the time appointed for the Meeting. |
|
|
| 3.
The shareholders having shares deposited with the Central Depository Company
(CDC) are requested to bring their original |
|
| National
Identity Cards and CDC account number for verification. |
|
|
| 4.
Change of address, if any, should be notified immediately to the Company's
share registrar. |
|
|
| Statement
under Section 160 of the Companies Ordinance, 1984, regarding the Special
Business: |
|
|
|
|
| 1.
Item 6 of Agenda - Investment in associated companies |
|
| a)
Your Company already holds 7,461,579 shares or 16.48% of the equity in
Packages Limited and 83,500 shares or |
|
| 0.28%
of the equity in Tri-Pack Films Limited. Since the return from investment in
these companies is attractive and |
|
| they
have good future prospects, your management is of the view that investments
amounting to Rs. 50 million and |
|
| Rs.
20 million be made in Packages Limited and Tri-Pack Films Limited,
respectively, as and when deemed appropriate. |
|
| These
investments will enhance the dividend income and strengthen the value of
Company's assets in order to provide |
|
| better
security and satisfaction to the policyholders, besides good dividends to the
shareholders. |
|
|
| The
shareholders are requested to consider and approve investments in associated
companies having foreign investment |
|
| and
if thought fit, to pass with or without modification the following Special
Resolutions: |
|
|
| "Resolved
that the Chief Executive Officer of the Company be and is hereby authorized
to make investment of Rs. |
|
| 50
million in shares of Packages Limited and Rs. 20 million in shares of
Tri-Pack Films Limited- associated companies |
|
| having
foreign investment. The shares shall be purchased at a price not exceeding
the price quoted at the Stock |
|
| Exchange
on the date of transaction." |
|
|
| "Further
resolved that the Chief Executive Officer of the Company be and is hereby
authorized to take any and all |
|
| actions
required to purchase shares of above associated companies as and when deemed
appropriate. Further resolved |
|
| that
these special resolutions be and are hereby passed for the purpose of
compliance of Section 208 of the Companies |
|
| Ordinance,
1964." |
|
|
| b)
Equity investment in Dane Foods Limited |
|
| Your
Company already holds 2,643,161 shares or 29.74% of the equity in Dane Foods
Limited. Since the losses of |
|
| the
said company have accumulated to an extent where the equity is in negative,
the said company needs a major |
|
| restructuring.
In view of this the management has decided to enter into a new Joint Venture
Agreement, with Ceylon |
|
| Biscuits
Limited, Sri Lanka (CBL). Under this agreement Industrialization Fund for
Developing Countries (IFU) Denmark, |
|
| CBL
and your Company shall invest 20%, 40% and 40% respectively, of the
additional equity requirement in first phase. |
|
| In
the second phase, your Company and CBL shall be required to invest 50% each
towards the additional equity |
|
| requirement.
Total investment required by your Company, under the new JV Agreement, would
be PKR equivalent to |
|
| US
$1.11 Million. CBL will also invest similar amount in foreign exchange. CBL
is the largest biscuit manufacturer of |
|
| Sri
Lanka. The agreement with the CBL would bring new management with adequate
expertise in the field of manufacture |
|
| and
sale of biscuits, besides new products made of both soft and hard dough,
which will support the existing butter |
|
| cookies. |
|
|
| The
shareholders are requested to consider and if thought fit, to pass with or
without modification the following |
|
| resolutions
as Special Resolutions: |
|
|
| "Resolved
that the Chief Executive Officer of the Company be and is hereby authorized
to invest up to a sum of PKR |
|
| equivalent
to US $1.11 million, at the time of receipt of the equity from the foreign
partners, in the equity of Dane |
|
| Foods
Limited (DFL), for the purpose of compliance of Section 208 of the Companies
Ordinance, 1984 and subject |
|
| to
the approval of the Securities and Exchange Commission of Pakistan." |
|
|
| "Further
resolved that the Chief Executive Officer of the Company be and is hereby
authorized to sign the Joint Venture |
|
| Agreement
on behalf of the Company and to do any and all acts in order to make
investment of up to PKR equivalent |
|
| to
US $1.11 million, in the equity of Dane Foods Limited." |
|
|
| According
to SRO NO. 865 (I)/2000 dated December 06, 2000 the following information is
required to be annexed with |
|
| the
special resolution for approval of the investment and for the purpose of
Section 208 of the Companies Ordinance, |
|
| 1984.
Hence the same is annotated below: |
|
|
| SR. NO. & |
|
|
INFORMATION |
INFORMATION |
INFORMATION |
|
| DESCRIPTION |
|
REQUIRED UNDER |
REQUIRED UNDER |
REQUIRED UNDER |
|
|
|
THE SRO |
|
THE SRO |
|
THE SRO |
|
| i
Name of Investee Company |
PACKAGES LIMITED |
TRI-PACK FILMS LIMITED |
DANE FOODS LIMITED |
|
|
| ii
Nature, amount and extent |
Long-term, Rs, 50 |
Long-term, Rs. 20 |
Long-term, PKR equivalent
to |
|
| of
investment |
|
million and about 1.7% |
million and about 2.1% |
US $1.11 million in two |
|
|
of the equity. |
of the equity. |
phases. First phase up to
40% |
|
|
of the additional equity |
|
|
requirement and for
second |
|
|
phase 50% of the
additional |
|
|
equity requirement will
be |
|
|
injected by IGI and
equivalent |
|
|
by CBL as right shares
issue. |
|
|
| iii
Average market price of |
|
Rs. 65.23 per share |
Rs. 31.61 per share |
NA |
|
| the
shares intended to be |
|
| purchased
during |
|
| preceding
six months in |
|
| case of |
|
| listed
companies |
|
|
| iv
Break up value of shares |
|
Rs. 53.04 per share |
Rs. 14 per share |
Minus Rs. 1.35 per share |
|
| intended
to be purchased |
|
| on
the basis of last |
|
| published
financial |
|
| statements |
|
|
| v
Price at which shares will |
|
Not more than the |
Not more than the |
At par value of |
|
| be purchased |
|
price quoted at the |
price quoted at the |
Rs. 10 per share |
|
|
Stock Exchange |
Stock Exchange |
|
|
| vi
Earnings per share of |
|
99-00=Rs. 10.42 P/share |
99-00 = Rs. 4.47 P/share |
99-00 = Minus Rs. 2.40
P/share |
|
| investee
company in last |
|
98-99=Rs. 9.33 P/share |
98-99 = Rs. 3.20 P/share |
98-99 = Minus Rs. 1.02
P/share |
|
| three years |
|
97-98=Rs. 6.15 P/share |
97-98 = Rs. 2.07 P/share |
97-98 = Minus Rs. 1.34
P/share |
|
|
| vii
Source of funds from where |
Borrowed Funds |
Borrowed Funds |
Borrowed Funds |
|
| shares
will be purchased |
|
|
| viii
Period for which investment |
Long term |
|
Long term |
|
Long term |
|
| will be made |
|
|
| ix
Purpose of investment |
|
Strategic investment |
Strategic investment |
Strategic investment |
|
|
| x
Benefits likely to accrue to |
Dividend Income, |
Dividend Income, |
Dividend Income on |
|
| the
company and the |
|
insurance business, |
insurance business, |
profitability, |
|
| shareholders
from the |
|
market capitalization |
market capitalization |
insurance business, |
|
| proposed
investment |
|
market capitalization |
|
|
| xi
Interest of directors and their |
Syed Hyder Ali, |
Syed Hyder Ali, |
No director has any
interest |
|
| relatives
in the investee |
|
a Director of your
Company |
a Director of your
Company |
|
| company |
|
is also a Director of |
is also a Director of
Tri-Pack |
|
|
Packages Limited. He is |
Films Limited. He is |
|
|
interested in this
business. |
interested in this
business. |
|
|
| c)
Status of approvals for investments in associated companies |
|
| As
required under the SRO No. 865(I)/2000 dated December 06, 2000, the position
of various investments in associated |
|
| companies
against approval is as under: |
|
|
| 1.
Packages Limited - Against approval of Rs. 50 million, your Company has
invested Rs. 49.6 million i.e., we have |
|
| invested
almost full amount as approved. The balance amount shall be invested soon.
There was no major change |
|
| in
the financial position of the investee company. |
|
|
| 2.
Nestle Milkpak Limited - Against approval of Rs. 50 million, your Company has
invested Rs. 31.2 million. The balance |
|
| amount
would be invested on availability of shares at reasonable price. There was no
major change in the financial |
|
| position
of the investee company. |
|
|
| 3.
Engro Chemical Pakistan Limited- Against approval of Rs. 50 million, your
Company has invested Rs. 14.4 million. |
|
| Since
the market price of the scrip remained highly volatile during the last year,
the Company delayed the investment |
|
| till
the position of fertilizer sector is settled. The balance amount would be
invested at an appropriate time. There was |
|
| no
major change in the financial position of the investee company. |
|
|
| 4.
Tri-Pack Films Limited - Against approval of Rs. 10 million, your Company has
invested Rs. 2.6 million. Since the |
|
| market
price of the scrip remained highly volatile during the last year, the Company
delayed the investment till the |
|
| market
price is attractive to buy. The balance amount would be invested at an
appropriate time. There was no major |
|
| change
in the financial position of the investee company. |
|
|
| 5.
Pakistan State Oil Company Limited - Against approval of Rs. 10 million, your
Company has invested Rs. 1.2 million. |
|
| Since
the market price of the scrip remained highly volatile during the last six
months, the Company delayed the |
|
| investment
till its price is attractive to buy. The balance amount would be invested at
an appropriate time. There was |
|
| no
major change in the financial position of the investee company. |
|
|
| 6.
Coca-Cola Beverages Pakistan Limited- Against approval of Rs. 70 million,
your Company has made no investment. |
|
| The
steps being taken by the company to improve its financial position have not
yet yielded the desired results. Your |
|
| Company
will make the investment at an appropriate time. |
|
|
|
| REPORT
OF THE DIRECTORS TO THE SHAREHOLDERS |
|
|
| The
Directors are pleased in presenting their forty-seventh Annual Report
together with the Company's Audited Accounts and |
|
| Auditors'
Report thereon for the year ended December 31, 2000. |
|
|
| Your
Company continued to record impressive growth during the year 2000. The major
focus of the Company has been on prudent |
|
| underwriting,
improvement in quality of service and observance of high ethical standards.
The following indicators highlight |
|
| improvement
in the performance of the Company over the previous year: |
|
|
|
2000 |
1999 |
INC |
|
|
(Rupees in
thousand) |
% |
|
|
| Gross
Premium |
|
228 |
185 |
23 |
|
| Net Premium |
|
104 |
82 |
27 |
|
| Net
Premium and Commission |
|
145 |
117 |
24 |
|
| Net
Claims paid and Outstanding |
|
32 |
24 |
31 |
|
| Premium
Reserve- Un-expired Risks- current charge |
|
11 |
3 |
267 |
|
| Profit
from underwriting business |
|
77 |
67 |
14 |
|
| Management
Expenses Charged to Revenue Accounts |
|
28 |
25 |
12 |
|
| Profits,
Dividend and Other income |
|
88 |
82 |
7 |
|
| Profit
before tax and provision |
|
| for
diminution in value of long term investments |
|
144 |
129 |
11 |
|
| Provision
for diminution in value of long term investments |
86 |
|
| Profit
before tax |
|
58 |
129 |
(55) |
|
|
