| Central Insurance Company Limited |
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| Annual
Report 1999 |
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| CONTENTS |
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| Company
Information |
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| Notice
of Meeting |
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| Directors'
Report |
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|
| Shareholder's
Statistics |
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| Auditors' Report |
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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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| Cash
Flow Statement |
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| Notes
to the Accounts |
|
|
| Classified
Summary of Assets in Pakistan -- Form AA |
|
| Ten
Years at a Glance |
|
|
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| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
|
| AHMED
DAWOOD |
|
DIRECTOR |
|
| M.
HUSSAIN DAWOOD |
|
MANAGING DIRECTOR |
|
|
& CHIEF EXECUTIVE |
|
|
| SHAHZADA
DAWOOD |
|
DIRECTOR |
|
| KHAWAJA
AMANULLAH |
|
DIRECTOR |
|
| A.
AZlZ MOON |
|
DIRECTOR |
|
| HAROON
MEHANTI |
|
DIRECTOR |
|
| YOUSUF
A. DESHI |
|
DIRECTOR |
|
|
| AUDITORS |
|
|
| HYDER
BHIMJI & COMPANY |
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| CHARTERED
ACCOUNTANTS |
|
|
| EXECUTIVES
AT HEAD OFFICE |
|
|
| YOUSUF
A. DESHI |
|
COMPANY SECRETARY & |
|
|
GENERAL MANAGER FINANCE |
|
|
| AMANULLAH
A. UMER |
|
MANAGER |
|
| GHULAM
HAIDER |
|
MANAGER |
|
| ABDUL
RAZZAK DAWOOD |
MANAGER |
|
|
| REGISTERED
OFFICE |
|
|
| DAWOOD
CENTRE KARACHI - 75530 |
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|
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| NOTICE
OF THE FORTIETH ANNUAL GENERAL MEETING |
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| NOTICE
IS HEREBY GIVEN that the FORTIETH ANNUAL GENERAL MEETING of the Shareholders
of the Company will |
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| Insha
Allah be held on Wednesday 24th May, 2000 at 9:30 a.m. at the Registered
Office of the Company at Dawood Centre, |
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| Moulvi
Tamizuddin Khan Road, Karachi to transact the following business after
recitation from the Holy Quran. |
|
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| A.
ORDINARY BUSINESS: |
|
|
| 1)
To confirm the minutes of the Thirty Ninth Annual General Meeting held on
24th June, 1999. |
|
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| 2)
To receive and adopt the audited accounts of the Company for the year ended
31st December, 1999 and reports |
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| of the Directors and Auditors thereon. |
|
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| 3)
To approve the payment of dividend as recommended by the Directors. |
|
|
| 4)
To appoint auditors for the year 2000 and to fix their remuneration. The
present auditors M/s. Hyder Bhimji & |
|
| Company,
Chartered Accountants retire and being eligible, offer themselves for
re-appointment. |
|
|
| B.
SPECIAL BUSINESS: |
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| 5)
To approve the issue of Bonus Shares as recommended by the Directors in the
ratio of one share for every five |
|
| ordinary
shares held by the shareholders. |
|
|
| 6)
To consider and, if thought fit, to pass with or without modification the
following resolutions as Special Resolutions: |
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| That
the Article No. 78 (a) of the Articles of Association of the Company be and
is hereby amended in the following |
|
| manner,
that is to say, by: |
|
| Deletion
of the following para:- |
|
| "The
remuneration of a Director shall be Rs. 500/- for every meeting of the
Directors which he attends or such other |
|
| sums
as may from time to time be determined by the Company in the General
Meeting" |
|
| Substituting
of the above para:- |
|
| "Directors
shall be paid out of the funds of the Company by way of remuneration for
services such sum as the |
|
| Board
may determine for each meeting of the Board attended. All such amounts paid
to the Directors shall be |
|
| considered
as part of the expenses of the Company." |
|
|
|
By Order of the Board |
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|
|
YOUSUF A. DESHI |
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| Karachi:
April 18, 2000 |
|
Director & Secretary |
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| NOTES: |
|
|
| 1.
The share transfer books of the Company for the entitlement of dividend and
bonus shares will remain closed from |
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| 10-05-2000
to 20-05-2000 (both days inclusive). Transfer received at the registered
office of the Company at |
|
| Dawood
Centre, Moulvi Tamizuddin Khan Road, Karachi at the close of business on
09-05-2000 will be treated in |
|
| time. |
|
|
| 2.
A member entitled to attend and vote at the General Meeting may appoint
another member as his/her proxy to |
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| attend
and vote for him/her. Proxies in order to be effective must be received at
the Registered Office of the |
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| Company
not less than 48 hours before the time of holding the meeting. |
|
|
| 3.
Members are requested to communicate to the Company any change in their
addresses. |
|
|
| 4.
Members are also informed that the Supreme Court of Pakistan in a recent
judgement has held that deductions on |
|
| account
of Zakat shall not be made from payments against dividends to the members of
all recognized fiqahs on |
|
| filling
declarations as required under the Zakat & Ushr Ordinance. Accordingly,
you are requested to file a declaration |
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| on
non judicial stamp paper of Rs. 20/- duly attested by Oath Commissioner
before 9th May, 2000. |
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| STATEMENT
UNDER SECTION 160 OF THE COMPANIES ORDINANCE, 1984 REGARDING THE |
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| SPECIAL
BUSINESS: |
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| Bonus
Shares - item No. 5 of the notice. |
|
|
| The
Directors have recommended the issue of 1,003,200 bonus shares by
capitalisation of a part of the Free Reserves of the |
|
| Company.
After the issue, the total paid-up capital will increase to Rs. 60,192,000. |
|
|
| The
Directors have recommended to consider and if thought fit to pass with or
without modification the following Resolutions as |
|
| Ordinary
Resolutions: |
|
|
| a)
"RESOLVED that a sum of Rs. 10,032,000/- out of the free reserves of the
Company be capitalised and applied towards |
|
| the
issue of 1,003,200 Ordinary shares of Rs. 10/- each and to be alloted as
bonus shares to the members of the |
|
| Company
who are registered in the books of the Company on May 9, 2000 in proportion
of one new share for every |
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| five
existing ordinary shares held and that such new shares shall rank pari passu
in all respects with the existing |
|
| ordinary
shares of the Company, except that these shares shall not be eligible for the
dividend declared for the year |
|
| ended
on 31st December, 1999". |
|
|
| b)
"RESOLVED that in the event of any member holding less than 5 shares or
a number of shares which is not the exact |
|
| multiple
of five he will be entitled to a fraction representing one-fifth part of a
share and the Chief Executive be and is |
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| hereby
authorised to consolidate all such fractions of shares into whole new shares
and sell the shares constituted |
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| thereby
through the Karachi Stock Exchange (Guarantee) Limited and to pay the
proceeds of sale when realised to |
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| members
entitled to fractions of a share pro rata to their holding. |
|
|
| c)
"RESOLVED that for the purpose of giving effect to the above, the Chief
Executive be and is hereby authorised to take |
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| all
necessary actions and to settle any question or difficulty that may arise in
regard to distribution of the said Bonus |
|
| Shares
or in the payment of the sale proceeds of the fractions as he deems fit |
|
|
| STATEMENT
OF MATERIAL FACT (IN RESPECT OF THE PROPOSED SPECIAL RESOLUTIONS) UNDER |
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| SECTION
160 (1)B OF THE COMPANIES ORDINANCE 1984. |
|
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| The
Board is of the opinion that meeting fees reflect changing circumstances and
requirements. Board meeting fees |
|
| automatically
affect the interest of Directors. |
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|
|
| 40TH
REPORT OF THE DIRECTORS |
|
|
| The
Shareholders, |
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| Assalam-o-Alaikum, |
|
|
| Your
Directors have great pleasure in presenting to you 40th Annual Report
together with .Audited Accounts and the |
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| Auditors'
Report of the Company for the year ended December 31, 1999. |
|
|
| The
Insurance Industry has suffered due to unfavourable economic situation
prevailing in the country during the year |
|
| resulting
in depressed conditions of the Industrial, financial and trading activities
which affected the profitability adversely. |
|
| This
was further eroded because of enhancement of rate of tax on dividend income
from the concessional rate of 5% to 33% |
|
| corporate
rate and similarly the Capital gain which continued to be exempt since last
several years was withdrawn in the last |
|
| Finance Act. |
|
|
| The
net premium for the year earned Rs. 8.539 million, compared to Rs. 9.183
million, the reduction being mainly due to |
|
| the
reduced Imports. The Underwriting Profit was Rs. 8.564 million against Rs.
12.358 million in previous year, the impact |
|
| of
this reduction was decline in commission from Rs. 9.254 million in 1998 to
Rs. 7.422 million in the current year and |
|
| increase
in net claim paid to Rs. 2.075 million as against Rs. 1.653 million in last
year. |
|
|
| The
dividend income and profit from Banks received Rs. 53.131 million against Rs.
41.025 million last year. During the year |
|
| the
Company's investment portfolio generated excellent return on account of
dividend income at Rs. 42.913 million against |
|
| Rs.
19.154 million in 1998, an increase of 124%. The Capital gain on sale of
Investments and Assets was lower at Rs. 0.777 |
|
| million
in 1999 against Rs. 25.417 million in 1998. |
|
|
| The
Pre-tax profit earned is Rs. 60.553 million against Rs. 75.310 million in the
preceding year. The Net profit for the year |
|
| amounted
to Rs. 40,052,768 after providing for taxation Rs. 20,500,000 and adding
Income tax refund of Rs. 10,006,450 |
|
| together
with un-appropriated profit of Rs. 129,894,271 the profit available for
appropriation is Rs. 179,953,489. The |
|
| Directors
recommend appropriation of the aforesaid profit, in the following manner:- |
|
|
| Proposed
dividend ~ 50% i.e. Rs. 5/= per share |
Rs. |
25,080,000 |
|
|
| Transfer
for the issue of 1,003,200 Ordinary |
|
| shares
as Bonus Shares in the ratio of one |
|
| share
for every five shares held. |
|
10,032,000 |
|
|
| Balance
to be carried forward to next year. |
|
14 4,8 41,4 8 9 |
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|
---------- |
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|
Rs. |
179,953,489 |
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|
========== |
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|
|
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| During
the year the Company issued 100% Bonus Shares, resulting in paid-up-Capital
to Rs. 50.160 million with Reserve |
|
| and
Contingency Accounts stood at Rs. 287.962 million with total equity at Rs.
338.122 million. |
|
|
| The
present Board of Directors were elected by the Shareholders for three years
term at the last Annual General Meeting held |
|
| on
24th June, 1999 in accordance with provisions of Companies Ordinance 1984.
The Board elected Mr. M. Hussain |
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| Dawood
as Chief Executive of the Company. |
|
|
| The
auditors Messrs Hyder Bhimji & Co. Chartered Accountants, retire and
being eligible offer themselves for re-appoint- |
|
| ment
as Auditors of the Company for the year 2000. |
|
|
| Your
Directors are grateful to the Controller of Insurance and his department,
Pakistan Insurance Corporation, State Bank of |
|
| Pakistan
and Reinsurers for their continued cooperation and support extended to the
Company. The Directors wish to |
|
| express
their appreciation of the devoted services to all members of the staff. |
|
|
|
On Behalf of the Board |
|
|
|
(M. HUSSAIN DAWOOD) |
|
| Karachi:
April 18, 2000. |
|
CHIEF EXECUTIVE |
|
|
|
| SHAREHOLDERS
STATISTICS |
|
| AS
AT DECEMBER 31, 1999 |
|
|
| NUMBER |
|
SHARE |
|
TOTAL |
|
| OF |
|
HOLDING |
|
SHARES |
|
| SHARE-HOLDERS |
FROM |
|
TO |
HELD |
|
|
| 39 |
1 |
-- |
100 |
1,276 |
|
| 67 |
101 |
-- |
500 |
20,064 |
|
| 44 |
501 |
-- |
1000 |
36,810 |
|
| 84 |
1001 |
-- |
5000 |
209,584 |
|
| 9 |
5001 |
-- |
10000 |
60,556 |
|
| 3 |
10001 |
-- |
15000 |
38,224 |
|
| 1 |
20001 |
-- |
25000 |
20,062 |
|
| 2 |
35001 |
-- |
40000 |
72,432 |
|
| 1 |
40001 |
-- |
45000 |
43,920 |
|
| 1 |
50001 |
-- |
55000 |
50,160 |
|
| 1 |
80001 |
-- |
85000 |
80,228 |
|
| 2 |
100001 |
-- |
105000 |
200,640 |
|
| 1 |
105001 |
-- |
110000 |
107,126 |
|
| 5 |
115001 |
-- |
120000 |
592,228 |
|
| 1 |
255001 |
-- |
260000 |
257,142 |
|
| 1 |
450001 |
-- |
455000 |
450,800 |
|
| 1 |
500001 |
-- |
505000 |
501,410 |
|
| 1 |
985001 |
-- |
990000 |
985,990 |
|
| 1 |
1285001 |
-- |
1290000 |
1,287,348 |
|
| ----------- |
----------- |
----------- |
----------- |
----------- |
|
| 265 |
|
5,016,000 |
|
|
| CATEGORIES |
|
|
TOTAL |
|
|
| OF |
|
NUMBER |
SHARES |
PERCENTAGE |
|
| SHAREHOLDERS |
|
|
HELD |
|
|
|
| INDIVIDUALS |
|
245 |
2,442,808 |
48.70 |
|
| INVESTMENT
COMPANIES |
|
2 |
452,552 |
9.02 |
|
| INSURANCE
COMPANIES |
|
5 |
175,072 |
3.49 |
|
| JOINT
STOCK COMPANIES |
|
3 |
1,788,878 |
35.66 |
|
| FINANCIAL
INSTITUTIONS |
3 |
6,334 |
0.13 |
|
| ABANDONED
PROPERTIES |
|
6 |
106,436 |
2.12 |
|
| CO-OPERATIVE
SOCIETIES |
|
1 |
43,920 |
0.88 |
|
|
----------- |
----------- |
----------- |
|
|
265 |
5,016,000 |
100.00 |
|
|
========== |
========== |
========== |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of CENTRAL INSURANCE COMPANY LIMITED
as at December 31st 1999 the |
|
| Fire,
Marine, Motor and Miscellaneous Insurance Revenue Accounts, the Profit and
Loss Account, the Profit and Loss |
|
| Appropriation
Account and the Statement of Changes in financial position (Cash Flow
Statement) together with the notes |
|
| forming
part thereof, for the year ended on that date 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 purpose of our
audit and, after due verification thereof, |
|
| we
report that: |
|
|
| a)
in our opinion, proper books of account have been kept by the Company as
required by the Companies Ordinance, |
|
| 1984; |
|
|
| b)
in our opinion: |
|
|
| i)
the Balance Sheet, the Fire, Marine, Motor and Miscellaneous Insurance
Revenue Accounts, the profit |
|
| and
Loss Account and the 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 account and are further in accordance with the accounting policies
consistently applied. |
|
| |
|
| ii)
the expenditure incurred during the year was for the purpose of the Company's
business; |
|
|
| iii)
the business conducted, investments made and expenditure incurred during the
year were 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 and as shown by the |
|
| books
of the Company the annexed Balance Sheet, the Fire, Marine, Motor and
Miscellaneous Insurance Revenue |
|
| Accounts,
the Profit and Loss Account and the Profit and Loss Appropriation Account
together with the notes forming |
|
| part
thereof, give the information required by the Insurance Act, 1938 in the
manner so required, and the Balance |
|
| Sheet,
the Profit & Loss Account and the Statement of Changes in Financial
Position (Cash Flow Statement) give |
|
| respectively,
a true and fair view of the state of the Company's affairs as at December
31st 1999 and its profit and the |
|
| Changes
in Financial Positions for the year then ended; |
|
|
| d)
we have verified the cash and bank balances and investments by actual
inspection or by the production of certificates; |
|
|
| e)
as per Section 40C(2) of the Insurance Act, 1938 as amended, we certify that
all expenses of Management wherever |
|
| incurred,
whether directly or indirectly and all charges in respect of Fire, Marine,
Motor and Miscellaneous Insurance |
|
| Business
transacted by the Company in Pakistan have been fully debited to the
respective Revenue Accounts as |
|
| expenses; |
|
|
| f)
as per regulation II of Part I in Third Schedule of the Insurance Act, 1938
as amended, we certify that the Company has |
|
| not
paid to any person any commission in any form outside Pakistan in respect of
Fire, Marine and Miscellaneous |
|
| Insurance
Business transacted by the Company in Pakistan and that the Company has not
received outside Pakistan |
|
| from
any person any commission in any form in respect of any business reinsured
abroad; and |
|
|
| g)
In our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 has been deducted by the |
|
| Company
and deposited in the Central Zakat fund established under Section 7 of that
Ordinance. |
|
|
| Karachi:
April 18, 2000. |
|
HYDER BHIMJI & CO. |
|
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT DECEMBER 31, 1999 |
|
|
|
|
1999 |
1998 |
|
|
Note |
Rupees |
Rupees |
|
|
| CAPITAL
AND LIABILITIES |
|
| Authorised
Capital |
|
| 10,000,000
Ordinary Shares of Rs 10/= each |
|
100,000,000 |
100,000,000 |
|
|
=========== |
=========== |
|
| Issued,
Subscribed & Paid up Capital |
|
3 |
50,160,000 |
25,080,000 |
|
|
| RESERVE
AND CONTINGENCY ACCOUNTS |
|
| Capital
Gain Reserve |
|
2,553,609 |
2,553,609 |
|
| General
Reserve |
|
120,000,000 |
120,000,000 |
|
| Reserve
for Bonus Shares |
|
10,032,000 |
25,080,000 |
|
| Reserve
for Exceptional Losses |
|
10,534,800 |
10,534,800 |
|
|
----------- |
----------- |
|
|
143,120,409 |
158,168,409 |
|
| Unappropriated
Profit |
|
144,841,489 |
129,894,271 |
|
|
| BALANCE
OF ACCOUNTS |
|
| Fire
Insurance Business Account |
|
1,198,000 |
1,685,000 |
|
| Marine
Insurance Business Account |
|
2,376,000 |
2,396,000 |
|
| Motor
Insurance Business Account |
|
1,455,000 |
1,353,000 |
|
| Miscellaneous
Insurance Business Account |
|
428,000 |
356,000 |
|
|
----------- |
----------- |
|
|
5,457,000 |
5,790,000 |
|
| PROVISIONS |
|
|
| For
Staff Gratuity |
|
1,664,318 |
1,377,507 |
|
| For Taxation |
|
4 |
17,241,162 |
6,747,613 |
|
| For
Bad and Doubtful Debts |
|
7,500,000 |
7,500,000 |
|
| For
Diminution in value of Investments |
|
8,775,214 |
8,775,214 |
|
|
----------- |
----------- |
|
|
35,180,694 |
24,400,334 |
|
| LIABILITIES |
|
| Estimated
Liability in respect of outstanding |
|
| claims
whether due or intimated |
|
7,798,270 |
8,983,304 |
|
| Amount
due to other persons or bodies |
|
| carrying
on Insurance business |
|
3,817,574 |
4,137,535 |
|
| Sundry
Creditors (including outstanding and |
|
| accrued
expenses) |
|
8,214,890 |
20,888,569 |
|
| Unclaimed
Dividend |
|
3,539,563 |
2,335,243 |
|
| Proposed
Dividend |
|
25,080,000 |
5,016,000 |
|
|
----------- |
----------- |
|
|
48,450,297 |
41,360,651 |
|
|
----------- |
----------- |
|
|
427,209,889 |
384,693,665 |
|
|
=========== |
=========== |
|
|
| PROPERTY
AND ASSETS |
|
| INVESTMENTS |
|
| Deposits
with the State Bank of Pakistan: |
|
| 10
Year Federal Investment Bond |
|
273,800 |
273,800 |
|
| Defence
Saving Certificates |
|
9,300 |
9,300 |
|
| 11
1/2% Pak Loan 2000 |
|
50,000 |
50,000 |
|
| 11
3/4% Pak Loan 2001 |
|
44,600 |
44,600 |
|
|
377,700 |
377,700 |
|
| Defence
Saving Certificates |
|
1,668,500 |
1,668,500 |
|
| Government
Bonds |
|
53,510 |
53,510 |
|
| Shares and Debentures of
Companies |
|
6 |
|
| Incorporated
in Pakistan: |
|
| Debentures |
|
60,000 |
80,100 |
|
| Shares |
|
363,013,867 |
162,563,531 |
|
| N.I.T. Units |
|
3,953,354 |
3,953,354 |
|
| (Market
value: |
|
|
|
| 1999
- 3,050,979, 1998 - 2,003,628) |
|
367,027,221 |
166,596,985 |
|
| House
Property in Bangladesh |
|
| (Cost
less depreciation) |
|
1 |
1 |
|
|
---------- |
---------- |
|
|
369,126,932 |
168,696,696 |
|
| CURRENT
ASSETS |
|
| Agents' Balances
and Outstanding Premiums |
|
12,465,727 |
36,171,084 |
|
| Amount
due from other persons or bodies |
|
| carrying on insurance
business |
|
7,177,188 |
13,901,347 |
|
| Advances, Deposits
and Other Receivables |
7 |
115,679 |
68,079 |
|
| Cash and Bank Balances |
|
8 |
37,107,207 |
164,468,509 |
|
|
|
---------- |
---------- |
|
|
56,865,801 |
214,609,019 |
|
| ADMINISTRATIVE
FIXED ASSETS |
|
| Furniture
and Fixtures, Office Equipments, |
|
| Neon Signs and Vehicles |
|
1,217,156 |
1,387,950 |
|
| (at
cost less accumulated depreciation) |
|
---------- |
---------- |
|
|
427,209,889 |
384,693,665 |
|
|
========== |
========== |
|
| Note:
The annexed notes form an integral part of these accounts. |
|
|
|
YOUSUF A.DESHI |
|
M. HUSSAIN DAWOOD |
|
HAROON MEHANTI |
|
| Karachi:
April 18, 2000 |
|
Director |
|
Chief Executive |
|
Director |
|
|
| DIRECTORS'
CERTIFICATE |
|
|
|
| Certificate
of Directors and Principal officer required under Regulation 7(a) and (b) of
part I of the First Schedule of the Insurance Act, 1938. |
|
| We
certify that: |
|
|
| (1)
Investments have been stated in the Balance Sheet at book value. The market
value of Investment in Government securities, shares and |
|
| debentures,
have been ascertained from published quotations as on December 31, 1999 and
where market quotations were not available, |
|
| these
have been valued at book value. |
|
| (2)
The value of Furniture and Fixtures, Office Equipment, Neon Signs, Vehicles
and House Property in Bangladesh have been shown at written |
|
| down
value as on December 31,1999. |
|
| (3)
Subject to 1 and 2 above, the value of all assets in the Balance Sheet have
been reviewed as at December 31, 1999 and in our belief except |
|
| for
assets shown at 2 above, they are shown in the aggregate at amounts not
exceeding their realisable or market value under several |
|
| headings. |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 1999 |
|
|
|
1999 |
1998 |
|
|
Rupees |
Rupees |
|
|
| Expenses
of Management (not applicable to any |
|
| particular
fund or account) |
|
799,447 |
1,015,920 |
|
|
|
|
| Zakat paid |
|
90,335 |
122,197 |
|
| Provision
for Taxation |
|
20,500,000 |
12,000,000 |
|
| Balance
carried to Appropriation Account |
|
40,052,768 |
63,310,316 |
|
|
---------- |
---------- |
|
|
61,442,550 |
76,448,433 |
|
|
========== |
========== |
|
|
|
|
| Interest,
Return on Deposit and Dividend |
|
53,131,161 |
41,025,072 |
|
| Less:
Income Tax thereon |
|
1,029,611 |
2,351,629 |
|
|
|
52,101,550 |
38,673,443 |
|
|
| Profit
transferred from Revenue Accounts: |
|
| Fire
Insurance |
|
7,261,647 |
6,995,366 |
|
| Marine
Insurance |
|
1,783,613 |
4,049,535 |
|
| Motor
Insurance |
|
(693,791) |
488,149 |
|
| Miscellaneous
Insurance |
|
212,42 |
824,992 |
|
|
|
8,563,890 |
12,358,042 |
|
|
| Profit
on sale/disposal of assets |
|
413,549 |
216,473 |
|
| Capital
gain on sale of Investments |
|
363,561 |
25,200,475 |
|
|
----------- |
----------- |
