| Platinum Insurance Company Limited |
|
|
|
|
|
|
| Annual Report 1999 |
|
|
|
| CONTENTS |
|
|
| Board of Directors |
|
|
| Management |
|
|
| Notice
of Annual General Meeting |
|
| Special Resolution |
|
|
| Director's Report |
|
|
| Auditor's Report |
|
|
| Fire
Revenue Account |
|
| Marine
Revenue Account |
|
| Motor
& Miscellaneous Revenue Account |
|
| Profit
& Loss Account for the year |
|
| Balance
Sheet for the year |
|
| Form "A.A." |
|
|
| Notes
to the Accounts |
|
| Pattern
of Shareholders |
|
| Statement
of Changes in Financial |
|
| Branches |
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|
|
|
|
| BOARD
OF DIRECTORS |
|
|
| MR.
SHAHNAWAZ |
|
DIRECTOR |
|
| MR.
ABDUL WAHAB G.M. |
|
DIRECTOR |
|
| MR.
IFTIKHAR AHMED |
|
DIRECTOR |
|
| MR.
MUHAMMAD ASLAM KHAN |
|
DIRECTOR |
|
| MRS. ROZINA |
|
DIRECTOR |
|
| MR.
RAISUL GHANI |
|
DIRECTOR |
|
| MR.
MUKHTAR AHMED |
|
DIRECTOR |
|
|
|
|
| MANAGEMENT |
|
|
| IFTIKHAR AHMED |
|
| Chief Executive |
|
|
| MUKHTAR
AHMED |
|
| Director
and Secretary |
|
|
| RASHEED KHAN |
|
| Manager
(Accounts) |
|
|
| MOHAMMAD
INAM |
|
| Accounts
Officer & Manager Head Office |
|
|
| S.M. QAISER |
|
| Manager
(Underwriting) |
|
|
| SHAMIM AHMED |
|
| Personal
Department |
|
|
| JAVAID SOOMRO |
|
| Asstt. Accounts |
|
|
| SAIMA KHAN |
|
| Manager
computer Deptt. |
|
|
| Registered
& Head Office: |
|
|
| 8th
Floor, Uni Centre, |
|
| I.
I. Chundrigar Road, Karachi. |
|
| Phones:
2426217 - 2410829 |
|
| 2419907 |
|
| Telex:
20980 PICL PK |
|
| Cable:
PLATINSURE |
|
| Fax : (92-21) 2420724 |
|
| E-mail
: psti@cyber. net. pk. |
|
|
|
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that the 18th Annual General Meeting, of M/s PLATINUM
INSURANCE COMPANY |
|
| LTD,
will be held on SATURDAY the 24th June 2000, at. 11.00. a.m. at company's
Registered & Head |
|
| Office,
8th Floor, Uni Centre, I. I. Chundrigar Road, Karachi to transact the
following business. |
|
|
| 1.
To confirm the Minutes of 17th Annual General Meeting of the Shareholders
held on 19th June, |
|
| 1999. |
|
|
| 2.
To receive consider and adopt the Audited Accounts for the Financial year
ended 31st December |
|
| '1999
and report of the Directors and Auditors thereon. |
|
|
| 3.
To consider the re-appointment of retiring auditors M/s. Sajjad Safri &
Co, Chartered Accountants, |
|
| Karachi
for the year 2000. |
|
|
| 4.
To elect seven Director of the Company for the period of three years under
section 178(1) of the |
|
| Company
Ordinance 1984. In place of the retiring Director namely. |
|
|
| 1.
Mr. Iftikhar Ahmed. |
|
| 2. Mr. Shahnawaz. |
|
| 3. Mr. Wahab G.M. |
|
| 4.
Mr. Mohd Aslam Khan. |
|
| 5. Mrs. Rozina. |
|
| 6. Mr. Rais-uI-Ghani. |
|
| 7.
Mr. Mukhtar Ahmed. |
|
|
| SPECIAL
BUSINESS |
|
|
| 5.
By way of Special business to pass the amendments in the existing Articles of
Association of |
|
| M/s
Platinum Insurance Co. Ltd, and delete redundant and inconsistent provisions. |
|
|
| RESOLVED
AS PER SPECIAL RESOLUTION that the existing Articles of Association of M/s
Platinum |
|
| Insurance
Co. Ltd, be and are hereby amended, in view of certain Articles, thereof need
to be deleted |
|
| as
they have either become redundant or inconsistent with the provisions of the
Companies Ordinance |
|
| 1984.
For that purpose the attached amendments to set of Article of Association
initiated by the Director, |
|
| of
the Company be and is here by approved and adopted as the Articles of
Association of the Company, |
|
| in
substitution for and to the exclusion of all existing provisions of the
Articles of Association. |
|
| Resolved
that the Chief Executive and or the Company Secretary be and is hereby
authorised to take |
|
| all
such steps as may be necessary or incidental for the purpose. |
|
|
| 6. To consider any other business of the
Company with the permission of the chair. |
|
|
|
BY ORDER OF THE BOARD. |
|
|
|
SECRETARY |
|
|
| N.B. |
A Member entitled to
attend and vote at this Meeting may appoint a proxy to attend and vote
instead of him |
|
|
such proxy must be a
Member of the Company. The proxy in order to valid must be received at
Company's |
|
|
Registered Office not
less than 48 hours before the Meeting, duly stamped. |
|
|
| Please
get Entry Card from Office. |
|
|
| The
share Transfer book and Register of Member, of the Company will remain closed
for the period from |
|
| 17th
June 2000, to 24th June,2000. (both days inclusive). |
|
|
| Members
are also required to Notifying the change of address, if any. |
|
|
| The
proposed amendments to the Articles of Association of the Company is being
sent to the members |
|
| alongwith
the notice. |
|
|
|
| SPECIAL
RESOLUTION |
|
|
| Resolved
that the following amendments be and is hereby made in Articles of
Association of M/s |
|
| Platinum
Insurance Company Ltd. |
|
|
| CLAUSE 63- |
|
| Word
fourteen day, replace with word twenty one day. |
|
|
| CLAUSE 66. |
|
| Quorum
for Annual General Meeting shall be thirteen members present in person or by
proxy and |
|
| entitled
to vote provided atleast ten persons shall be present in person. |
|
|
| CLAUSE 81. |
|
| The
Proxy must be a member of the Company. |
|
|
| CLAUSE 82. |
|
| Proxies
must be deposited at the office of the company before 48 hours of the
meeting. |
|
|
| CLAUSE 86. |
|
| Member's
name is entered in the register of members of the company as well as in the
index of |
|
| members
u/s. 76(4) of the companies ordinance 1984. |
|
|
| CLAUSE 107. |
|
| Four
directors shall be quorum of the board, |
|
|
| CLAUSE 114. |
|
| Resolution
by circulation shall ,be valid if not less than four directors, initiated and
signed. |
|
|
| CLAUSE 127. |
|
| Alternate
director should only be share holders of the company. |
|
|
|
| DIRECTORS
REPORT |
|
|
| GENTLEMEN |
|
| Your
Directors again feel pleasure in presenting 18th Annual Report on the
Accounts of the |
|
| Company
for the year 1999. |
|
|
| The
overall economic condition continued to remain under pressure throughout the
period under |
|
| review
it was witnessed one of the most turbulent time. |
|
|
| Insurance
sector in Pakistan which portrayed rapid growth in the past both in the
number of |
|
| Companies
and quantum of business is now faced with some formidable challenge. Now
Average |
|
| growth
is finding it difficult to maintain sustained growth rate due to difficult
economic conditions. Bank |
|
| and
DFIs are restricting Insurance Companies on the approved penal. |
|
|
| We
are committed to further develop Insurance Business by concentrating on
Intensifying our |
|
| utmost
efforts which Inshallah will result in consistent and profitable growth. We
will continue in our |
|
| quest
to maintain high quality portfolio with prudent diversification of risks. We
shall create on environment |
|
| conducive
to Professional growth and development of the employees, Retain and attract
superior |
|
| managerial
talents and apply proficient technological and organization support system. |
|
|
| We
offer our sincere thanks to our valued Clients, Bankers, Shareholders and
Sponsors for the |
|
| trust
and confidence they have placed in the company. |
|
|
| We
extend our appreciation to Controller of Insurance, Reinsurers, P.I.C. State
Bank, D.F.I. |
|
| Banks
and Security exchange commission of Pakistan their continued support and
guidance. We equally |
|
| appreciate
the hard work and commitment demonstrated by our team members in contributing
towards |
|
| achieving
the objectives of the Company. |
|
|
| Your
Company auditor M/s. Sajjad Safri & Co, (Chartered Accountant) are due
for retirement |
|
| and
being eligible for re-appointment for the year 2000. |
|
|
| Date: 29-04-2000 |
|
Iftikhar Ahmed |
|
|
Chief Executive |
|
|
|
| AUDITORS
REPORT TO SHARE HOLDERS |
|
|
| We
have audited the annexed Balance Sheet of M/s Platinum Insurance Company
Limited as |
|
| at
31st December, 1999 and the annexed Fire, Marine, Motor and Miscellaneous
Revenue Accounts, |
|
| the
Profit and Loss accounts and profit and Loss Appropriation Account of the
Company for the year |
|
| ended
31st December 1999. |
|
|
| 1.
We have obtained all the information and explanations we have required. |
|
|
| 2.
In our opinion, the annexed Balance Sheet, the Revenue Accounts, Profit and
Loss Account and |
|
| Profit
& Loss Appropriation Account are drawn up in conformity with the law. |
|
|
| 3.
Such Balance Sheet exhibits a true and correct view of the state of the
Company's affairs |
|
| according
to the best of our information and explanations given to us and as shown by
the books |
|
| of the Company. |
|
|
| 4.
In our opinion the books of accounts have been kept by the company as
required by law. |
|
|
| 5.
We have verified the Cash, Stamps and Bank balances of the Company and also
securities |
|
| relating
the Company's investment by inspection of documents and Certificates from the
Bank |
|
| with
whom deposits were logged. |
|
|
| 6.
We certify that 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. |
|
|
| 7.
The outstanding Claims at the close of year have been worked out to Rs.
3295417 = as a General |
|
| Policy
of the Company being followed constantly over the years, no provision of
claims where |
|
| quantum
of loss is not known has been made. |
|
|
|
| FIRE
REVENUE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 1999 |
|
|
| PARTICULAR |
|
1999 |
1998 |
|
|
(Rupees) |
(Rupees) |
|
| Claims
under Polices, less Re-insurance |
|
| Paid during the year. |
|
76,918 |
715,315 |
|
|
| Estimated
liability in respect of outstanding |
|
| claims
at the end of the year whether due or |
|
| intimated. |
|
1,642,500 |
1,572,611 |
|
|
----------- |
----------- |
|
|
1,719,418 |
2,287,926 |
|
| Less
Outstanding at the end of the |
|
|
2,000,007 |
|
| Previous year. |
|
1,572,611 |
287,919 |
|
|
----------- |
----------- |
|
|
146,807 |
190,460 |
|
| Commission |
|
27,237 |
|
|
|
| Expenses
of Management |
|
435,311 |
904,912 |
|
| Profit
transferred to Profit & Loss Account |
|
4,146 |
334,447 |
|
| Balance
of Account at the end of the year as |
|
| shown
in the Balance Sheet. |
|
|
| Reserve
for unexpected risks being 40% of the |
|
158,804 |
375,297 |
|
|
----------- |
----------- |
|
| Net
Premium Income of the year. |
|
772,305 |
2,093,035 |
|
|
========== |
========== |
|
|
|
|
| Balance
of Account at the beginning of the year |
|
| Reserve
for unexpired risks. |
|
375,297 |
591,845 |
|
|
| Premium
less re-Insurance |
|
397,008 |
1,501,190 |
|
|
----------- |
----------- |
|
|
772,305 |
2,093,035 |
|
|
========== |
========== |
|
|
|
|
| We
hereby certify that all expenses of management in respect of the Fire
Insurance |
|
| Business
wherever incurred whether directly or indirectly have been fully debited in |
|
| the
Fire Insurance Revenue Accounts as expenses. |
|
|
| SAJJAD
SAFRI & CO. |
(RASHEED KHAN) |
(MUKHTAR AHMED) |
(SHAHNAWAZ) |
(IFTIKHAR AHMED) |
| Chartered
Accountants |
Manager Accounts |
Director |
|
Director |
|
Director |
|
|
|
| MARINE
REVENUE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 1999 |
|
|
| PARTICULAR |
|
1999 |
1998 |
|
|
(Rupees) |
(Rupees) |
|
| Claims
under Polices, less Re-insurance |
|
| Paid during the year. |
|
41,902 |
102,750 |
|
|
| Estimated
liability in respect of outstanding |
|
| claims
at the end of the year whether due or |
|
| intimated. |
|
72,717 |
56,275 |
|
|
----------- |
----------- |
|
|
114,619 |
159,025 |
|
| Less
Outstanding at the end of the |
|
| Previous year. |
|
56,275 |
25,846 |
|
|
----------- |
----------- |
|
|
58,344 |
133,179 |
|
| Commission |
|
1,411 |
8,165 |
|
| Expenses
of Management |
|
98,413 |
231,465 |
|
| Profit
transferred to Profit & Loss Account |
|
19,549 |
24,197 |
|
|
| Balance
of Account at the end of the year as |
|
| shown
in the Balance Sheet. |
|
|
| Reserve
for unexpected risks being 40% of the |
|
59,874 |
87,906 |
|
|
----------- |
----------- |
|
| Net
Premium Income of the year. |
|
237,591 |
484,912 |
|
|
========== |
========== |
|
|
|
|
| Balance
of Account at the beginning of the year |
|
| Reserve
for unexpired risks. |
|
87,906 |
133,287 |
|
|
| Premium
less re-Insurance |
|
|
1,49,685 |
351,625 |
|
|
----------- |
----------- |
|
|
237,591 |
484,912 |
|
|
========== |
========== |
|
|
|
|
| We
hereby certify that all expenses of management in respect of the Marine
Insurance |
|
| Business
wherever incurred whether directly or indirectly have been fully debited in |
|
| the
Marine Insurance Revenue Accounts as expenses. |
|
|
| SAJJAD
SAFRI & CO. |
(RASHEED KHAN) |
(MUKHTAR AHMED) |
(SHAHNAWAZ) |
(IFTIKHAR AHMED) |
| Chartered
Accountants |
Manager Accounts |
Director |
|
Director |
|
Director |
|
|
|
| MOTOR
AND MISC REVERE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 1999 |
|
|
| PARTICULAR |
|
1999 |
1998 |
|
|
(Rupees) |
(Rupees) |
|
| Claims
under Polices, less Re-insurance |
|
| Paid during the year. |
|
716,604 |
400,763 |
|
|
| Estimated
liability in respect of outstanding |
|
| claims
at the end of the year whether due or |
|
| intimated. |
|
1,580,200 |
1,800,000 |
|
|
----------- |
----------- |
|
|
2,296,804 |
2,200,763 |
|
|
| Less
Outstanding at the end of the |
|
| Previous year. |
|
1,800,000 |
1,600,000 |
|
|
----------- |
----------- |
|
|
496,804 |
600,763 |
|
| Commission |
|
219,603 |
230,428 |
|
|
595,731 |
425,210 |
|
| Expenses
of Management |
|
|
| Profit
transferred to Profit & Loss Account |
|
-- |
146,197 |
|
|
| Balance
of Account at the end of the year as |
|
| shown
in the Balance Sheet. |
|
|
| Reserve
for unexpected risks being 40% of the |
|
534,726 |
323,060 |
|
|
----------- |
----------- |
|
| Net
Premium Income of the year. |
|
1,846,864 |
1,725,658 |
|
|
========== |
========== |
|
|
|
|
| Balance
of Account at the beginning of the year |
|
|
|
| Reserve
for unexpired risks. |
|
323,060 |
433,419 |
|
|
|
|
| Premium
less re-Insurance |
|
13,36,815 |
1,292,239 |
|
|
|
|
| Loss
transferred to Profit & Loss Account |
|
186,989 |
-- |
|
|
----------- |
----------- |
|
|
1,846,864 |
1,725,658 |
|
|
========== |
========== |
|
|
|
|
| We
hereby certify that all expenses of management in respect of the Motor &
Misc. |
|
| Insurance
Business wherever incurred whether directly or indirectly have been fully |
|
| debited
in the Motor & Misc Insurance Revenue Accounts as expenses. |
|
|
| SAJJAD
SAFRI & CO. |
(RASHEED KHAN) |
(MUKHTAR AHMED) |
(SHAHNAWAZ) |
(IFTIKHAR AHMED) |
| Chartered
Accountants |
Manager Accounts |
Director |
|
Director |
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 1999 |
|
|
| EXPENDITURE |
|
1999 |
1998 |
|
|
(Rupees) |
(Rupees) |
|
| Expenses
of Management |
|
| (Not
applicable to any particular fund or Account) |
|
401,056 |
974,043 |
|
|
| Depreciation |
|
| Profit
for the year transferred to profit and |
|
941,357 |
146,000 |
|
| Loss
Appropriation Account |
|
-- |
39,815 |
|
|
----------- |
----------- |
|
|
1,342,413 |
1,159,858 |
|
|
========== |
========== |
|
|
|
|
| PROFIT
AND LOSS APPROPRIATION ACCOUNT |
|
| FOR
THE YEAR ENDED 31ST DECEMBER 1999. |
|
|
| Loss
for previous year B.O. |
|
-- |
-- |
|
| Income Tax Paid |
|
634,250 |
4,962 |
|
| Dividend
declared by |
|
-- |
-- |
|
| Loss current year |
|
736,416 |
-- |
|
| Balance
at the end of the year as shown in the |
|
-- |
675,633 |
|
| Balance Sheet |
|
----------- |
----------- |
|
|
1,370,666 |
679,695 |
|
|
========== |
========== |
|
|
| INCOME |
|
1999 |
1998 |
|
|
(Rupees) |
(Rupees) |
|
| Interest
on Govt. Securities |
|
| Interest
on Investment (F.D.R.) |
|
| Less Income Tax |
|
769,291 |
55,107 |
|
| Miscellaneous |
|
-- |
600,000 |
|
| Profit
Transferred from Revenue Accounts |
|
| Fire |
|
41,461 |
334,447 |
|
| Marine |
|
19,549 |
24,197 |
|
| Motor
& Miscellaneous |
|
(186,989) |
1,461,971 |
|
|
----------- |
----------- |
|
| Loss
Transferred to Profit & Loss |
|
736,416 |
504,841 |
|
| Appropriation
Account |
|
----------- |
----------- |
|
|
1,342,413 |
1,159,858 |
|
|
----------- |
----------- |
|
| Profit
for Previous Year |
|
675,633 |
639,880 |
|
| Adjustment
From Reserve General |
|
-- |
-- |
|
| Adjustment
during the year |
|
|
|
| Profit
for the year transferred |
|
-- |
-- |
|
| from
Profit and Loss Account |
|
|
|
| Balance
at the end of the year |
|
-- |
39,815 |
|
| as
shown in Balance Sheet |
|
|
|
|
695,033 |
-- |
|
|
----------- |
----------- |
|
|
1,370,666 |
679,695 |
|
|
========== |
========== |
|
|
|
|
| SAJJAD
SAFRI & CO. |
(RASHEED KHAN) |
(MUKHTAR AHMED) |
(SHAHNAWAZ) |
(IFTIKHAR AHMED) |
| Chartered
Accountants |
Manager Accounts |
Director |
|
Director |
|
Director |
|
|
|
| BALANCE
SHEET FOR THE YEAR ENDED 31 ST DECEMBER 1999 |
|
|
| CAPITAL
AND LIABILITIES |
|
1999 |
1998 |
|
|
(Rupees) |
(Rupees) |
|
| SHARE CAPITAL |
|
| Authorised Capital |
|
| 30,00,000
Ordinary Shares of Rs.10/-each |
|
30,000,000 |
30,000,000 |
|
| Issued,
subscribed and paid up Capital |
|
20,000,000 |
20,000,000 |
|
| 2,000.000
Ordinary Shares of Rs. 10/-each |
|
|
|
| Profit
and Loss Appropriation Account Balance |
|
(695,033) |
675,633 |
|
| Deposit
Against Proposed Issue |
|
5,000,000 |
-- |
|
|
| BALANCE
OF FUNDS AND ACCOUNTS. |
|
| Fire
Revenue Account |
|
1,58,804 |
375 297 |
|
| Marine
Revenue Account |
|
598,741 |
87,906 |
|
| Motor
and Miscellaneous Revenue Account |
|
5,347,261 |
323,060 |
|
|
------------ |
------------ |
|
|
753,404 |
786,263 |
|
| LIABILITIES
AND PROVISIONS: |
|
|
|
| Estimated
Liability in respect of Outstanding |
|
3,295,417 |
3,428,886 |
|
| Claims
Whether due or intimated |
|
|
|
| Amount
due to other persons or bodies Carrying |
|
4,796,841 |
6,396,275 |
|
| on
Insurance Business |
|
2,979,403 |
380,500 |
|
|
------------ |
------------ |
|
| Sundry
Creditor Including outstanding expenses |
|
6,754,504 |
10,205,661 |
|
| RESERVE: |
|
|
|
| On
Re-Insurance Ceded |
|
431,168 |
670,450 |
|
| General |
|
500,000 |
500,000 |
|
| Dividend |
|
-- |
-- |
|
|
------------ |
------------ |
|
|
32,744,043 |
32,838,007 |
|
|
|
|
| PROPERTY
AND ASSETS |
|
|
|
|
| Investment (at cost) |
|
| 1:
Deposit with State Bank of Pakistan |
|
| 1)
113/4% Central Government Loan 2000 |
|
50,000 |
50,000.00 |
|
| 2)
Defence Saving Certificates |
|
200,000 |
200,000 |
|
| 3)
Khas Deposit Certificates |
|
100,000 |
100,000 |
|
| 4) Deposit Bank |
|
-- |
5,000,000 |
|
| 5)
At Banks in Deposit |
|
462,447 |
2,130,575 |
|
| 6)
Investment in Plots |
|
2,607,532 |
