| The United Insurance Company of Pakistan
Limited |
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| Annual
Report 2001 |
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| CONTENTS |
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| Board
of Directors & Management |
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| Company
Information |
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| Branch Offices |
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| Notice
of Meeting |
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| Directors'
Report |
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| Auditors'
Report |
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| Directors'
certificate |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Consolidated
Revenue Account |
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| Fire
Revenue Account |
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| Marine
Revenue Account |
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| Motor
Revenue Account |
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| Miscellaneous
Revenue Account |
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| Statement
of Sources and Application of Funds |
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| Notes
to the Accounts |
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| Form "AA" |
|
|
| Pattern
of Shareholding |
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|
|
| BOARD
OF DIRECTORS |
|
|
| CHAIRMAN |
|
Muhammad Yousaf |
|
| PRESIDENT |
|
Chaudhary Habib-ur-Rehman |
|
| CHIEF
EXECUTIVE |
Mian M A. Shahid |
|
| DIRECTORS |
|
Muhammad Abdullah |
|
|
|
Chaudhary Aziz-ur-Rehman |
|
|
|
Lt. Gen (Retd.) Ghulam
Safdar Butt |
|
|
|
Chaudhary Maqsood Ahmed |
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| MANAGEMENT |
|
|
| MANAGING
DIRECTOR |
Mian M. A. Shahid |
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|
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| DY.
MANAGING DIRECTOR |
Zia Hassan Zuberi |
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| COMPANY
SECRETARY |
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| CHIEF
ACCOUNTANT |
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| CHIEF
MANAGER |
Salim Anwer Bhatti |
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| MANAGER
FINANCE |
Raja Naeem Tariq |
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| MANAGER
ACCOUNTS |
Tajamal Iqbal |
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| SENIOR
VICE PRESIDENT |
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| MANAGER
UNDERWRITING |
S.M. Qaisar |
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| MANAGER
CLAIMS |
Shafi Asif |
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| MANAGER
ADMIN |
Mohammad Hussain |
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| E.V.P.
REINSURANCE |
Mumtaz Hussain Khan |
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|
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| BANKERS |
|
Agricultural Development
Bank of Pakistan |
|
|
Allied Bank of Pakistan
Ltd. |
|
|
Bolan Bank Ltd. |
|
|
Bank of Khyber Ltd. |
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|
Cress Bank Ltd. |
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First Women Bank Ltd. |
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Gulf Commercial Bank Ltd. |
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Habib Bank Ltd. |
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|
Muslim Commercial Bank
Ltd. |
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|
National Bank of Pakistan |
|
|
Platinum Bank Ltd. |
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United Bank Ltd. |
|
|
Bank Al-Habib Ltd. |
|
|
Prime Commercial Bank
Ltd. |
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Union Bank Ltd. |
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Faysal Bank Ltd. |
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|
Industrial Development
Bank of Pakistan |
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|
Soneri Bank Ltd. |
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The Bank of Punjab |
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Bank Al-Falah |
|
|
Saudi Pak Commercial Bank
Ltd. |
|
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| AUDITORS |
|
Kaleem & Co. |
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|
Chartered Accountants |
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| INCOME
TAX ADVISOR |
Rashid Sarwar |
|
|
Naeem Raza Hashmi |
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| LEGAL
ADVISORS |
Ch. Fazal Hussain |
(Advocate) |
|
|
M. A. Hamdani |
|
(Advocate) |
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|
Hasan Inamullah |
(Advocate) |
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|
Akhtar Hussain |
|
(Advocate) |
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|
| REGISTERED
OFFICE |
302-A, Panorama Centre 2, |
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|
Raja Ghazanfar Ali Khan
Road, |
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|
Karachi. |
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|
Tel: (021) 5214651 |
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|
Telex: 20919 UIC-PK |
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Fax: 514682 |
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Telegram: UNITINSURE |
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| HEAD OFFICE |
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5th Floor Nizam Chambers, |
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|
Shahrah-e-Fatima Jinnah,
Lahore |
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|
Tel: (042)
6361471,6315091,6371420 |
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Fax: (042) 6375036 |
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| BRANCH
OFFICE'S |
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| SINDH |
|
NAZIR AHMED JAVAID |
|
SOHAIL BHATTI |
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| SHEIKH
NISAR AHMAD |
Near Civil Hospital |
|
Hamza Plaza Ghousia
Chowk, |
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| Suharwardi
House, |
CHICHAWATNI |
|
Shamsabad Branch, |
|
| Dergagh
Qaim Shah Bukhari. |
Ph: 0445-610868 |
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RAWALPINDI |
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| LARKANA |
|
MOHAMMAD YASIN CHAUDHARY |
Ph: (051) 4451281 |
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| Ph:
(0741) 445905, 445844 |
Ground Floor, Room No. 41 |
|
Mob: 0303-7776959 |
|
| SHABBIR
AHMED SOOMRO |
Sattar Complex, Stadium
Road, |
|
MUHAMMAD RAZZAQ |
|
| Near
Muslim Commercial Bank |
SAHIWAL |
|
21-East, Humma Plaza, |
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| Ltd.
Anaj Mandi Branch. |
Ph: 0441-222360, 222368 |
|
opp. Poly Clinic, Blue
Area, |
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| LARKANA
Ph: (0741) 441122 |
AKHTAR ALI RATHORE |
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ISLAMABAD |
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| G.A. DURRANI |
|
26-G.D.A. Plaza |
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Ph: 051-812103, 206381 |
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| No
7 Mumtaz Colony, |
G.T. Road, GUJRANWALA |
|
NAZAM MUSTAFA |
|
| Behind
Old Power House, |
Ph: 0431-267542 |
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|
Al-Malik Complex, 80-E |
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| MIRPUR
KHAS Ph: (0231) 2016 |
ABDUL JABBAR |
|
Blue Area, ISLAMABAD |
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| ASHFAQ
ALI MARIANI |
2nd Floor, Yousaf Plaza |
|
Ph: 051-2206381-2872103 |
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| No.
34/38, Old Saddar, |
General Bus Stand, |
|
Mob: 0303-7765803 |
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| SHIKARPUR Ph: (0761) 513706 |
G.T. Road, GUJRANWALA |
|
KHURSHID HUSSAIN/ |
|
| MRS
FARZANA HASSAN |
Ph: 0431-256002 |
|
M. SARDAR KHAN |
|
| Flat
No. 2.8 Plot No C-3-C Super |
KH. ANWAAR TASNEEM |
|
Camp Office, Bank Road, |
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| Lane
7, Phase 7-DHA, KARACHI |
UBL Building, Railway
Road |
|
RAWALPINDI |
|
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| Ph: 5882422 |
|
SIALKOT |
|
Ph: 051-5518054, 5568054 |
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| JUNAID
AKHTAR |
Ph: (0432) 582750, 596132 |
|
MUJEEB-UR-REHMAN |
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| House
No 8, 268, Near |
Mob: (0303) 7347858 |
|
Bilal Plaza, Chandani
Chowk, |
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| Noor
Masjid, New Liaqat Market, |
Fax: (0432) 580258 |
|
Murree Road, RAWALPINDI |
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| Mohni
Bazar, NAWAB SHAH |
TARIQ SAEED |
|
Ph: 051-4454588 |
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| Regional Office, |
|
Al-rahi Building, |
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Mob: 0320-4929677 |
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| Shop No 11, |
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Mujahid Road, SIALKOT |
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N.W.F.P |
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|
| Tayabia
Shopping Centre, |
Ph: 0432-598629 |
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|
JAHANZAIB ALI |
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| Kutchery
Road, NAWAB SHAH |
TARIQ MEHMOOD |
|
The Mall, P.O. Box 32, |
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| Ph:
0241-64148, 61284 |
14-Railway Road, |
|
MARDAN |
|
|
| PERVAIZ
AHMED |
JHELUM |
|
|
Ph:0931-62728 |
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|
| Room
No. 26, 2nd Floor, |
Ph: 0541-620188 |
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|
JAHANZAIB KHAN |
|
| Circular
Building, |
ABDUL HAMID |
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| Risala
Road, HYDERABAD |
Block No.5, Zia Markat, |
|
Maqsood Building |
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| PUNJAB |
|
SARGODHA |
|
Opp Medicose |
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| TAHIR
HUSSAIN |
Ph: 0451-720979 |
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Saddar Road, PESHAWAR |
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| Branch Office, |
|
MOHAMMAD RAFIQUE JAVAID |
Ph:091-273055 |
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|
|
280-X housing Colony, |
|
TANVEER AHMED BHATTI |
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| Railway
Road, KHANPUR |
Lahore Road, SHEIKHURA |
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| Ph: 0707-73296 |
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Ph: 04931-51362 |
|
12-Allama Iqbal Road, |
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| MIAN
ANWAR ZAHID |
Tanveer Ejaz |
|
Upper Bala Shoes, |
|
| 4-D,
Model Town, |
Haji Inait Street No.
74-75, |
|
Near G.P.O. ABBOTABAD |
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| Near
Sui Gas Office, |
2-Block Housing Colony |
|
Ph: 0303-7776956,
0992-5123 |
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| BAHAWALPUR |
Road, SHEIKHUPURA |
|
SUBHAN TARIQ |
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| Ph:
(0621) 876517 |
Ph: 04931-54097 |
|
Hijira Branch |
|
|
| ARSHAD
MEHMOOD KHAN |
KHALID MASOOD BHATTI |
|
Tehsil Rawlakat Distt.
Poonch, |
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| Ghousia
Shopping Centre |
18-Taj Mension, |
|
AZAD KASHMIR |
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| Gung
Bazar, Kutchery Road, |
46-The Mall, |
|
Ph: 058730-42102, 42058 |
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| P.O.
Box No. 423 MULTAN |
LAHORE. |
|
NAVEED AHMED |
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| Ph: (061) 547945 |
|
Ph:(042)6364268 |
|
House No. 112, St. No.3, |
|
| G
MUSTAFA QURESHI |
0333-4211652 |
|
Sector B/5, Mirpur, |
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| Office No. 951 |
|
MUBASHASR HUSSAIN |
|
AZAD KASHMIR |
|
| Tareen
Road, Opp: Sports Ground |
18-Taj Mension |
|
Ph: 058610-42263 |
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| MULTAN Ph: (061) 511493 |
46-The Mall, LAHORE |
|
BALUCHISTAN |
|
| KASHIF
RASHID |
Ph: 042-6305352 |
|
M. JUNAID YOUNAS AWAN |
|
| 2nd
Floor, Taj Plaza, |
MOHAMMAD NASEEM BUTT |
|
Room No. 26, 1st Floor, |
|
| Kotwali
Road, FAISALABAD |
18-Taj Mension |
|
Regal Plaza, Circular
Road, |
|
| Ph:
041-633581,644581 |
46-The Mall, LAHORE |
|
QUETTA |
|
|
| AKRAM
ALI SHAH |
Ph :042-6301092 |
|
Ph: 081-837476 |
|
|
| 11-Chemma
Chambers, |
MOHAMMAD RAFIQ NAVEED |
|
| Railway Road, |
|
59-Karim Block |
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| FAISALABAD |
|
Allama Iqbal Town, |
|
| Ph:
041-635431, 635432 |
LAHORE |
|
| MUHAMMAD
AKRAM SHEIKH |
Ph: 042-446806 |
|
| Saghir Plaza, |
|
|
| Mehar
Sadiq Market, |
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| Railway
Road, FAISALABAD |
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| Ph: 041-600781 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the FORTY SECOND Annual General Meeting of the Company
will be held |
|
| at
Head Office of the Company at 5th Floor, Nizam Chambers, Shahrah-e-Fatima
Jinnah, Lahore on |
|
| Saturday
the April 20, 2002 at 11.00 a.m. to transact the following business. |
|
|
| A)
ORDINARY BUSINESS |
|
|
| 1.
To confirm the minutes of the Annual General Meeting held on June 29, 2001. |
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|
|
|
| 2.
To receive, consider and approve the Audited Accounts of the Company for the
year |
|
| ended
December 31, 2001 together with Directors' and Auditors' reports. |
|
|
|
| 3.
To appoint auditors and fix their remuneration. |
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|
|
|
|
|
| B)
SPECIAL BUSINESS |
|
|
|
| i.
To confirm the issue of interim bonus shares @ 5% as final issue for the year
2001. |
|
| ii.
To ratify the resolution No. IV passed in 9th Extra Ordinary General Meeting
Held on 16- |
|
| 10-2001
and all other resolutions passed in AGM held on June 29, 2001 for increase in
paid |
|
| up
Capital through Right Issue from Rs. 50 million to Rs. 80 million. |
|
|
| 4.
To transact any other business placed before the meeting with the permission
of the Chair. |
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|
|
|
By Order of the Board |
|
|
|
|
|
| KARACHI |
|
(Z.H. ZUBERI) |
|
| Dated:
March 29, 2002. |
|
Company Secretary |
|
|
|
| NOTES: |
|
|
| 1.
The Share Transfer Books of the Company shall remain closed from 09-04-2002
to 20- |
|
| 04-2002.
(Both days inclusive). |
|
|
|
|
| 2.
A member entitled to attend and vote at the meeting may appoint a proxy in
his stead. |
|
| The
form of proxy must be deposited not less than 48 hours before the meeting. |
|
|
| 3.
Members are requested to notify immediately any change of address. |
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|
|
| DIRECTORS'
REPORT TO THE SHAREHOLDERS |
|
|
| The
Directors of your Company are pleased to present to you the Forty Second
Annual Report |
|
| together
with Audited Accounts of the Company for the year ended 31st December, 2001
and the |
|
| Auditor's
Report. |
|
|
| Premium
Income during the year under review was Rs. 41.081 Millions as against Rs.
42.977 Millions |
|
| last year. |
|
|
| The
Accounts for the years 2001 and 2000 are at glance hereunder: |
|
|
|
|
2001 |
2000 |
|
|
|
(Rupees in
'000) |
|
| Gross Premium |
|
|
41.08 |
42.98 |
|
| Gross
Direct Premium |
|
|
41.08 |
42.97 |
|
| Retained
Premium |
|
|
29.17 |
33.01 |
|
| Net
Incurred Claims |
|
|
7.38 |
3.74 |
|
| Management
Expenses |
|
|
6.09 |
4.66 |
|
| Reserve
for Unexpired Risk |
|
|
11,669 |
13.20 |
|
| General
Reserves |
|
|
13.80 |
10.00 |
|
| Underwriting
Profit/Loss |
|
|
12.99 |
3.85 |
|
| Investment
Income |
|
|
0.99 |
0.50 |
|
| Profit/Loss
before Tax |
|
|
6.94 |
0.24 |
|
|
| The
reserve are provided @ 40% for Fire, Marine, Motor and Miscellaneous classes
of insurance. |
|
|
| FIRE
DEPARTMENT |
|
| Net
Premium income for the year 2001 amounted to Rs. 1.737 million as against Rs.
1.968 million in |
|
| 2000.
This account shows Profit of Rs. 1.623 millions as against profit of Rs.
1.815 million in 2000. |
|
|
| MARINE
DEPARTMENT |
|
| Net
premium earned during the year 2001 amounted to Rs. 0.942 million as against
Rs. 0.659 million |
|
| in
2000. This account shows Profit of Rs. 1.623 million as against profit of Rs.
0.532 million in 2000. |
|
|
| MOTOR
DEPARTMENT |
|
| Net
premium retained for the year 2001 amounted to Rs. 3.437 million as against
Rs. 3.343 million in |
|
| 2000.
This account shows loss of Rs. 1.006 million as against loss of Rs. 1.336
million in 2000. |
|
|
| MISCELLANEOUS
DEPARTMENT |
|
| Net
premium retained for the year 2001 amounted to Rs. 23.057 million as against
Rs. 27.041 |
|
| million
in 2000. This account shows profit of Rs. 11.889 million in 2001 as against
profit Rs. 2.838 |
|
| million in 2000. |
|
|
| CLAIMS |
|
| During
the year 2001 your Company paid claims for the total amount of
Rs.14,248,942/- as against |
|
| Rs.
9,787,755/- of last year and thus your Company has kept its commitment to
meet its liabilities. |
|
| Net
claims paid stood at Rs. 7,376,053/- as against Rs. 3,738,755/- of last year. |
|
|
| By
the Grace of Al-Mighty Allah your company has despite difficult conditions
declared 5% interim |
|
| Bonus
Share amounting to Rs. 2.5 million and the same is being treated as final
issue for the year |
|
| 2001.
The Bonus Share Certificates to valued Shareholders are delivered. |
|
|
| Your
Board of Directors is also desirous to further raise the Paid-up Capital from
Rs, 52.5 million to |
|
| Rs.
80 million by the end of December 31, 2002 to satisfy the requirements of the
Insurance |
|
| Ordinance, 2000, |
|
|
| AUDITOR'S
QUALIFICATION |
|
| 1.Claims
under negotiations are provided for regardless of Limitation, |
|
|
| 2.
The loans appearing in the Balance sheet are considered good by the Company. |
|
|
| 3.
Interest has not been accrued in the current year as the amounts are not
realised. |
|
|
| 4.
All the receivables shown in the Balance sheet are as per standard practice
of the business. |
|
| Some
of the amounts were not received till signing of the Balance sheet but are
considered |
|
| Fully
realisable and no provision is required therefore, |
|
|
| 5.
The balance of Rs.0,536 million after adjusting amount due from synthetic
Chemicals Ltd is |
|
| considered
realisable. |
|
|
| 6.
The documents for few vehicles could not be produced to auditors because the
same were |
|
| said out. |
|
|
| PATTERN
OF SHARE HOLDING |
|
| The
pattern of share holding is provided with these accounts. |
|
|
| AUDITORS |
|
| The
retiring Auditors, Messrs Kaleem & Co., Chartered Accountants, being
eligible, offer themselves |
|
| for
Reappointment for the year 2002. |
|
|
| THANKS
AND APPRECIATION |
|
| The
Directors express deep appreciation and thanks to the valued clients, bankers
and other financial |
|
| institution,
foreign reinsures, Brokers, Pakistan Reinsurance company Ltd. |
|
|
| Securities
& Exchange Commission of Pakistan and State Bank of Pakistan for the
cooperation |
|
| extended
to the Company. |
|
|
| STAFF
AND FIELD FORCE |
|
| The
Directors appreciate the loyalty, dedication and diligence put in by all its
staff members, officer |
|
| and field force. |
|
|
|
|
|
|
|
For and on behalf of the Board of Directors |
|
|
|
|
|
|
|
| Lahore |
|
|
|
|
(MIAN M.A. SHAHID) |
|
| Dated:
27.03.2002 |
|
|
|
Managing Director/Chief Executive |
|
|
|
|
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of The United
Insurance Company of Pakistan |
|
| Limited as at December 31, 2001 and the related revenue account, profit
and loss account, |
|
| statement
of changes in equity and 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
our audit. |
|
|
| It
is the responsibility of the Company's management to establish and maintain a
system of internal |
|
| control,
and prepare and present the above said statements in conformity with the
approved accounting |
|
| standards
and the requirements of the Insurance Ordinance 2000. Our responsibility is
to express an |
|
| opinion
on these statements based on our audit and we state that: |
|
|
| 1)
The amount under the head estimated liabilities in respect of claims whether
due or intimated |
|
| includes
gross claims related to various parties amounting to Rs. 21.686 million which
have |
|
| remained
outstanding for more than three years. |
|
|
| 2)
The balance carried forward under loans and accrued interest thereon upto
December 31, 1993 |
|
| have
remained un-realized and no adequate securities are held by the Company in
respect of |
|
| these
loans. Under these circumstances we have not been able to ascertain the
realizeability of the |
|
| amounts
carried under these heads of Rs. 3.694 million and Rs.3.712 million
respectively. In our |
|
| opinion
adequate provision should be made in these accounts to cover the loss that
could arise if |
|
| these
receivables amounting to Rs. 7.406 million in the aggregate are not
recovered. This |
|
| aggregate
amount includes amount due from Fazal Sons Limited of Rs. 4.230 million in
respect of |
|
| which
suit has been filed as stated in Note 7. |
|
|
| 3)
The accrual for the interest amounting to Rs. 3.563 million on loans has not
been made in these |
|
| accounts
as the loans and interest accrued in previous years are not being recovered. |
|
|
| 4)
The amount under the head agents' balances and outstanding premium includes
cash advances to |
|
| agents
amounting to Rs. 23.050 million in respect of which we have not been
furnished |
|
| confirmation.
We have therefore, not been able to confirm the existence of these assets. |
|
|
| 5)
The balances carried forward under outstanding premium due from Government
and Semi |
|
| Government
Bodies include an amount of Rs. 0.956 million due from Synthetic Chemicals
Limited |
|
| against
which the High court of Sindh has decreed for an amount of Rs. 0.420 million
with |
|
| proportionate
cost. We have been unable to ascertain the correct status of the balance
amount of |
|
| Rs.
0.536 million which, in our opinion, should be written off. |
|
|
| 6)
We have not been furnished title documents for some vehicles stated to be
owned by the Company |
|
| in
the absence of which we are unable to confirm the ownership and existence of
these assets of the |
|
| Company.
The title of some of the vehicles continue to be in the name of employees. |
|
|
| Except
for the matters referred above and note No. 2.2, 2.6, 3.1, 7 respectively we
state that we |
|
| conducted
our audit in accordance with the auditing standards as applicable in
Pakistan. These |
|
| standards
require that we plan and perform the audit to obtain reasonable assurance
about whether |
|
| the
above said statements are free of any material misstatement. An audit
includes examining, on a |
|
| test
basis, evidence supporting the amounts and disclosures in the above said
statements. An audit |
|
| also
includes assessing the accounting policies and significant estimates made by
management, as |
|
| well
as, evaluating the overall presentation of the above said statements. We
believe the our audit |
|
| provides
a reasonable basis for our opinion and, after due verification, we report
that: |
|
|
| 1)
In our opinion: |
|
|
| a)
proper books of accounts have been kept by the Company as required by
Companies |
|
| Ordinance, 1984. |
|
|
|
|
| b)
i) the Balance Sheet, Consolidated, Fire, Marine, Motor & Miscellaneous
Revenue |
|
| Accounts,
Profit and Loss Account, Profit and Loss Appropriation Account together with |
|
| the
Notes thereto have been drawn up in conformity with the provisions of the |
|
| Insurance
Act, 1938 and are 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. |
|
|
|
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the |
|
| year
were in accordance with the objects of the Company. |
|
|
| c)
we have verified the cash and bank balances and the securities relating to
the Company's |
|
| loans
and investments by actual inspection or by production of certificates, from
the Ioanees, |
|
| custodians
of investment and company's bankers; |
|
|
|
|
|
|
| d)
in our opinion and to the best of our information and according to the
explanations given |
|
| to
us and subject to the eventual outcome of the matters stated in paragraphs
No. 1 to 6 and |
|
| notes
numbers referred above, the balance sheet, revenue account, profit and loss
account, |
|
| statement
of changes in equity and cash flow statement, together with the notes forming |
|
| part
thereof confirm with the approved accounting standards as applicable in
Pakistan, and |
|
| give
the information required by the Insurance Ordinance, 2000, in the manner so
required, |
|
| and
respectively give a true and fair view of the state of the Company's affairs
as at December |
|
| 31,2001
and of the profit, changes in equity and its cash flows for the year then
ended; and |
|
|
| e)
we certify that all expenses of management, wherever incurred, whether
directly or indirectly |
|
| and
all charges incurred in respect of Fire, Marine and Accident &
Miscellaneous Insurance |
|
| Business
transacted in Pakistan have been fully debited to the respective Revenue
Accounts as |
|
| expenses; |
|
|
|
|
|
|
|
| f)
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; and |
|
|
| g)
Zakat deductible at source under Zakat & Ushr Ordinance, 1980 was
deducted by the |
|
| Company
and deposited in the Central Zakat Fund established under Section 7 of the |
|
| Ordinance. |
|
|
| LAHORE |
|
|
KALEEM & COMPANY |
|
| DATE:
March 20, 2002. |
|
CHARTERED ACCOUNTANTS |
|
|
|
| DIRECTORS
CERTIFICATE |
|
|
| (A)
Certificate if Directors and Principal Officer as required under regulation 7
(a) and (b) of Part I |
|
| of
the first Schedule of the Insurance Act, 1938 (as amended). |
|
|
|
| We certify that: |
|
|
|
| 1.
Investments have been shown in the Balance Sheet at cost. The market value of |
|
| investments
have been ascertained from the market quotations of December 31, 2001 |
|
| and
where market quotations were not available the investments have been stated
at cost. |
|
|
| 2.
The value of assets have been reviewed as on the date of Balance Sheet and in
our belief, |
|
| the
assets section in the Balance Sheet are shown in the aggregate amount not
exceeding |
|
| their
realisable or market value under the several headings enumerated. |
|
|
| (B)
Certificate as required under Section 40C(2) of the Insurance Act, 1938 (as
amended). |
|
|
| We
certify that all expenses of management wherever incurred whether directly or
indirectly in |
|
| respect
of Fire, Marine, Motor and Miscellaneous business transacted in Pakistan have
been |
|
| fully
debited in the respective Revenue Accounts as expenses. |
|
|
|
|
CH. HABIB-UR-REHMAN |
|
MIAN M. A. SHAHID |
|
MUHAMMAD YOUSAF |
|
|
President |
|
Managing Director/Chief Executive |
|
Chairman |
|
|
| Lahore |
|
| Date:
27-03-2002. |
|
|
|
| BALANCE
SHEET AS AT DECEMBER 31, 2001 |
|
|
|
|
|
2001 |
2000 |
|
|
|
Note |
RUPEES |
RUPEES |
|
| SHARE
CAPITAL: |
|
|
| Authorized: |
|
|
|
| 10,000,000
Ordinary Shares of Rs. 10/- each |
|
100,000,000 |
100,000,000 |
|
|
|
|
========== |
========== |
|
|
|
|
| Issued,
Subscribed and Paid-up Capital |
|
|
| 5,250,000
(2000:5,000,000) Ordinary shares |
|
|
| of Rs. 10/- each |
|
3 |
52,500,000 |
50,000,000 |
|
| GENERAL
RESERVES: |
|
|
13,803,517 |
10,000,569 |
|
|
| PROFIT
& LOSS APPROPRIATION ACCOUNT |
|
134,788 |
351,550 |
|
|
|
|
------------------ |
------------------ |
|
| SHARE
HOLDER'S EQUITY |
|
|
66,438,305 |
60,352,119 |
|
|
|
