| Heritage Insurance Company Limited |
|
|
|
|
|
|
|
|
| Annual
Report 1999 |
|
|
| CONTENTS |
|
|
| Company
Information |
|
| Management |
|
|
| Notice
of Meeting |
|
| Report
of the Directors to the Shareholders |
|
| Report
of the Auditors |
|
| Balance Sheet |
|
|
| Profit
and Loss Account |
|
| Fire
Insurance Account |
|
| Marine
Insurance Account |
|
| Motor
Car & Miscellaneous Insurance Account |
|
| Cash
Flow Statement |
|
| Notes
to the Accounts |
|
| Pattern
of Shareholding |
|
| Classified
Summary of the Assets |
|
|
|
| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
M. Shahnawaz Agha |
Chairman & Chief
Executive |
|
|
|
Ch. Inayat Ullah |
|
Director |
|
|
|
Mohammed Sharif |
Director |
|
|
|
Sarfaraz Hussain |
Director |
|
|
|
Lt. Col. (R) Rifat Mahmud |
Director |
|
|
|
Syed Ahmed Haroon |
Director |
|
|
|
Khalid Mehmood |
Director |
|
|
|
|
|
|
| COMPANY
SECRETARY (Acting) |
Mohammed Sharif |
(Director) |
|
|
|
| MANAGEMENT
- HEAD OFFICE |
M. Shahnawaz Agha |
Chief Executive Officer
(TMO) |
|
|
|
Khalid Anwer |
|
Director Finance (TMO) |
|
|
|
Mohammed Sharif |
Director Administration
(TMO) |
|
|
|
Khalid Mehmood |
Director Corporate
Affairs (TMO) |
|
|
|
Lt. Col. (R) Rifat Mahmud |
Director Marketing (TMO) |
|
|
|
Sarfaraz Hussain |
Executive Director (TMO) |
|
|
|
A.Y. Kajiji |
|
Manager Underwriting
(MMO) |
|
|
|
Raza Ahmed |
|
Asstt. Manager Accounts
(MMO) |
|
|
|
Shamsuddin |
|
Asstt. Manager Accounts
(MMO) |
|
|
|
Haris Zia |
|
Manager Sales (MMO) |
|
|
| BRANCHES |
|
Asif Mehmood |
|
Branch Manager, Islamabad |
|
|
|
Merajuddin Kardar |
Branch Manager, Lahore
(Mall) |
|
|
|
Mohammed Umar Satti |
Branch Manager, Multan |
|
|
|
Farrukh Hassan |
|
Branch Manager, Quetta |
|
|
|
Ch. Mohammed Ramzan |
Branch Manager, Sargodha |
|
|
|
Mohammed Akhtar |
Branch Manager, Lahore
(Tample Road) |
|
|
|
M. Akhtar Khan |
|
Branch Manager, Karachi.
(Central) |
|
|
|
Sheikh Fida Mohammed |
Branch Manager, Karachi.
(DHA) |
|
|
|
|
| AUDITORS |
|
F.R. Merchant &
Company |
|
|
|
Chartered Accountants |
|
|
|
Muhammadi House, |
|
|
|
I. I. Chundrigar Road, |
|
|
|
Karachi-74000 |
|
|
| REGISTERED
& HEAD OFFICE |
719-726, Muhammadi House, |
|
|
|
I. I. Chundrigar Road, |
|
|
|
P.O. Box: 5626 Karachi-
74000 |
|
|
|
Phone PABX- 2414886 |
|
|
|
Fax - 2414886- 2310457 |
|
|
|
Cable -
"KHYRIN" |
|
|
|
| BRANCH
OFFICES |
|
|
| Karachi |
|
8th Floor, Muhammadi
House, |
|
|
|
I. I. Chundrigar Road,
Karachi- 74000 |
|
|
|
|
|
|
Building No. 2-C 2nd
Floor, |
|
|
|
29th Street, Tauheed
Commercial Area, |
|
|
|
Phase V, Defence Housing
Authority, Clifton. |
|
|
|
|
|
|
BC - 11 EI-Beena Centre, |
|
|
|
Block - 5 Clifton. |
|
|
|
|
| Lahore |
|
5 - Imtiaz Plaza, |
|
|
|
Shara-e-Quaid-e-Azam. |
|
|
|
Tel - 6361577 - 6360684 |
|
|
|
|
Arshad Plaza, |
|
|
|
Temple Road. |
|
|
|
Tel - 6316741 |
|
|
| Islamabad |
|
First Floor, Malik
Complex, |
|
|
|
80-West, Blue Area, |
|
|
|
Tel - 820536 - 813120 |
|
|
|
Fax - 820538 |
|
|
|
|
| Sargodha |
|
Riaz Crockery Building, |
|
|
|
Kutchery Bazar. |
|
|
|
Tel - 720956 |
|
|
| Multan |
|
Ferozpur House, 650/C, |
|
|
|
Gulgasht Colony. |
|
|
|
Tel - 520748 |
|
|
|
|
| Hyderabad |
|
Shams Chamber, |
|
|
|
Risala Road. |
|
|
|
Tel - 615774 |
|
|
|
|
| Quetta |
|
Room No. 12, First Floor, |
|
|
|
Regal Plaza, Jinnah Road. |
|
|
|
Tel: 830465-840572 |
|
|
|
| NOTICE
OF MEETING |
|
|
| Notice
is hereby given that the thirty-ninth Annual General Meeting of Heritage
Insurance Company Limited will |
|
| be
held at the Registered Office of the Company at 7th Floor, Muhammadi House,
I. I. Chundrigar Road, Karachi, |
|
| on
Thursday 29th June, 2000 at 10:00 a.m. to transact the following business: |
|
|
|
| 1.
To confirm the minutes of the Annual General Meeting and the Extraordinary
General Meeting held on 29th |
|
| July,
1999 and 15th May, 2000 respectively. |
|
|
|
|
|
| 2.
To receive, consider and adopt Audited Accounts for the year ended 31st
December, 1999, together with |
|
| the
Directors' and Auditors' Reports thereon. |
|
|
|
| 3.
To appoint auditors for the year ending 31st December, 2000 and to fix their
remuneration. |
|
|
| 4.
To transact any other business with the permission of the Chairman. |
|
|
|
|
By order of the Board |
|
|
|
|
|
|
|
Mohammad Sharif |
|
| Karachi:
6th June, 2000. |
|
Acting Company Secretary |
|
|
| NOTES: |
|
|
| (a)
The Share Transfer Books of the Company will remain closed from 22 June, 2000
to 29 June, 2000 (both days |
|
| inclusive). |
|
|
|
|
| (b)
A member entitled to attend and vote at the Annual General Meeting may
appoint a proxy to attend and vote for him/ |
|
| her.
Proxies must be deposited at the Company's Registered Office not later than
48 hours before the time of holding |
|
| the Meeting. |
|
|
| (c)
Members are requested to notify any change in their address immediately. |
|
|
|
| REPORT
OF THE DIRECTORS TO THE SHAREHOLDERS |
|
|
| The
Directors of your Company take pleasure in presenting the Thirty-ninth Annual
Report together with the Company's Audited Accounts |
|
| and
Auditors Report thereon for the year ended December 31st, 1999. |
|
|
| OPERATING
RESULTS |
|
| The
gross premium income for the various classes of general insurance business
underwritten during the year 1999 was Rs. 2,678,513 |
|
| as
against Rs. 2,941,961 during the previous year 1998, whereas net premium
income during the year stood at Rs. 1,382,801 as |
|
| compared
Rs. 1,746,465 in the previous year 1998. Gross claims paid during 1999
amounted to Rs. 291,646 as against Rs. 1,104,044 |
|
| in 1998. |
|
|
| REASONS: |
|
| The
current year has been one focused at transition. The Company was "under
capitalized" facing termination of activity when the new |
|
| management
took over charge in June, 1999. Consequent upon the fiscal health the
customer base had also eroded almost altogether. |
|
| The
poor operating results can be summarised therefore with the following
reasons: |
|
|
| a)
Economic conditions in the country remained regressive with change of
Government and the expectant change in the Insurance Act |
|
| only
adding to the crises; |
|
|
| b)
The new management was focused on the change of name to launch its marketing
initiatives which could not be achieved in normal |
|
| course
of time and is today induced into the final stages of process. |
|
|
| c)
Capitalization likewise was in process and the liquidity requirement of the
Company could only be addressed post event. |
|
|
| d)
The affairs of the Company were managed on issue to issue basis such that a
solid foundation is created for a prosperous planed |
|
| future. |
|
|
| With
the help of Allah the new management is pleased to report the following
significant milestones in the turning around of the Company: |
|
|
| a)
Approval of a business plan was made by the Board as at 25th November, 1999
(this was earlier absent). This is in line with the present |
|
| Insurance
Act; and encompassing the future changes just as much. The plan high lights
introducing: |
|
|
| (i)
Islamization of Insurance (ii) Formation of a domestic re-insurance pool
(iii) Single risk single cover insurance products (iv) |
|
| Franchised
branches within Pakistan and abroad (v) Securitization of assumed risk. These
are all proprietary initiatives and place the |
|
| Company
to play a leadership role in the Insurance Industry in the foreseeable
future. |
|
|
| b)
Capitalization was effected by the approval of the Board as at 21st December,
1999 to a tune of Rs. 60.80 Million and it is further |
|
| envisaged
to take the Company's capital up to Rs. 500 Million plus. |
|
|
| c)
MUAVIN The Flag-ship product of the Company was approved by the Board as at
25th November, 1999 and launched to restore the |
|
| eroded
customer base. |
|
|
| d)
Legitimization of the above actions were approved by the Hon. High Court of
Sindh as at 2nd March, 2000 through, and in response |
|
| to,
an application moved by the Company. |
|
|
| The
new Management is still passing through the re-organisation exercise after
the takeover from the previous Management. Certain |
|
| problems
inherited from the past have been settled during the year 1999 while some
remain. All told the extra effort and fresh |
|
| appointments
being made should increase the business portfolio of the Company by the year
end 2000 manyfold. Necessary steps are |
|
| being
taken to underwrite selected and securitised insurance business in order to
monitor and minimise claim ratios in the future. Your |
|
| Company
is also planning to introduce some (14) new products in the market and these
will be fully protected with securitised instruments |
|
| and
the domestic reinsurance pool. |
|
|
| FIRE
DEPARTMENT |
|
| Gross
premium of fire insurance business underwritten by the Company during 1999
amounted to Rs. 748,799 as against Rs. 452,374 |
|
| during
1998. Gross losses paid during the year were Rs. 171,325 as compared Rs.
592,299 in the previous year 1998. Underwriting loss |
|
| during
1999 stood at Rs. 458,310 as against Rs. 240,792 during 1998. |
|
|
| MARINE
DEPARTMENT |
|
| Gross
premium of marine insurance business underwritten during the year was Rs.
162,963 as against Rs. 567,912 earned during the |
|
| previous
year 1998. Gross losses paid by the Company in 1999 amounted to Rs. 41,063 as
against Rs. 48,252 during 1998. The |
|
| underwriting
loss made during 1999 amounted to Rs. 117,577 as against profit of Rs. 17,091
in the previous year 1998. |
|
|
| MOTOR
AND MISCELLANEOUS DEPARTMENT |
|
| Gross
premium of motor and miscellaneous insurance business underwritten by the
Company during the year 1999 amounted to Rs'. |
|
| 1,766,751
as against Rs. 1,921,675 in the previous year 1998. Gross losses paid during
the year amounted to Rs. 79,258 as against |
|
| Rs.
463,533 during 1998. The underwriting loss during the year 1999 was Rs.
893,097 as against of Rs. 631,311 during the previous |
|
| year 1998. |
|
|
| UNDERWRITING
RESULTS |
|
| The
Company made an overall underwriting loss of Rs. 2,226,928 during the year
under review as against loss of Rs. 1,803,371 in the |
|
| previous
year 1998. |
|
|
|
| RESULTS
AT A GLANCE |
|
|
|
|
|
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
| The
Company made an underwriting Loss of |
|
(1,468,984) |
(855,012) |
|
| and
earned an income from investment |
|
65,017 |
21,650 |
|
| appreciation
(Depreciation) on investment |
|
6,216 |
(303,265) |
|
| Profit
on sale of Fixed Assets |
|
|
69,002 |
35,467 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(1,328,749) |
(1,101,160) |
|
|
|
|
|
|
| Adding
(deducting) to |
|
|
|
|
| Deducting
therefrom: |
|
|
|
|
| Expenses
not charged to departmental accounts |
|
617,665 |
429,823 |
|
| Depreciation
on the Company's Fixed Assets |
|
280,514 |
272,388 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
(898,179) |
(702,211) |
|
|
|
|
|
------------------ |
------------------ |
|
| Leaving
pre-tax profit (Loss) of |
|
|
(2,226,928) |
(1,803,371) |
|
| from
which the tax provision deducted |
|
-- |
-- |
|
|
|
|
|
------------------ |
------------------ |
|
| and
the balance net loss of |
|
|
(2,226,928) |
(1,803,371) |
|
|
|
|
| Adding
thereto the unappropriated Loss |
|
| brought
forward from the last year |
|
(6,903,472) |
(5,100,101) |
|
|
|
|
------------------ |
------------------ |
|
| And
to carry forward to the Balance sheet |
Rupees |
(9,130,400) |
(6,903,472) |
|
|
|
|
========== |
========== |
|
|
| CHANGE
OF NAME OF THE COMPANY |
|
| The
new Management had proposed to change the name of the company from
"Heritage Insurance Company Limited" |
|
| to
"Beema-Pakistan Company Limited". The same has since been approved
by the Shareholders in the Extraordinary |
|
| General
Meeting of the Company held on 15 May, 2000, held as a consequence of the
permission of the High Court of |
|
| Sindh
dated 2 March, 2000. Subject to the final approval of the Registrar of
Companies, under Section 39 of the Companies |
|
| Ordinance,
1984, which is expected shortly, the new name will come into effect.
Hopefully this change will produce fruitful |
|
| results
towards the development of the Company's business and image in the years to
come. |
|
|
| FUTURE
EXPECTATIONS |
|
| It
is expected as a consequence of the approved business plan that the future of
the Company should be better than ever |
|
| before.
The measures that have been taken from the prospective of Shareholders are
emmunerated as follows: |
|
|
| a)
The list of Shareholders is being expanded to a minimum of 400; |
|
| b)
The Capital is being increased with no upper limit; |
|
| c)
The EPI, based on the products engineered should yield 20% plus dividends as
is tabulated today and all these are |
|
| pointers
to a prosperous investing partnership. |
|
|
| DIRECTORS |
|
| Since
the holding of the last Annual General Meeting on 29 July, 1999, no change in
the Board of Directors has been made. |
|
|
| AUDITORS |
|
| The
Shareholders are requested to appoint auditors for the year 2000 and fix
their remuneration. The present auditors, |
|
| Messrs.
F.R. Merchant & Company, Chartered Accountants, retire and offer
themselves for re-appointment. |
|
|
| GENERAL |
|
| The
Directors wish to thank all the valued clients for their continued confidence
and trust re-posed in the new Management. |
|
| The
Directors also take the opportunity to thank the Controller of Insurance and
his Department, Pakistan Insurance |
|
| Corporation,
Foreign and Local Re-insurers, Banks, Securities & Exchange Commission of
Pakistan and Stock |
|
| Exchanges
for their co-operation extended to the Company. |
|
|
| The
Directors also place on record their appreciation of the valuable
contribution made by the employees and Field Staff |
|
| at
Head Office and at Branches of the Company for commitment and dedication to
their duty. |
|
|
|
MOHAMMED SHARIF |
|
LT. COL (R) RIFAT MAHMUD |
|
M. SHAHNAWAZ AGHA |
|
|
Director |
|
Director |
|
Chairman & Chief Executive |
|
|
| Karachi:
5th June, 2000. |
|
|
|
| REPORT
OF THE AUDITORS TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of Heritage Insurance Company Limited
as at 31st December, 1999 |
|
| and
the related Fire, Marine, Motor and Miscellaneous Insurance Revenue Accounts
and Statement of Sources and |
|
| Application
of Funds, the Profit and Loss Account and the Profit and Loss Appropriation
Account together with the |
|
| Notes
forming part thereof for the year then ended and we state that we have
obtained all the information and |
|
| explanations
which to the best of our knowledge and belief were necessary for the purposes
of our audit and after |
|
| due
verification thereof, we report that: |
|
|
|
|
| 1.
(a) in our opinion, proper books of accounts have been kept by the Company as
required by the |
|
| Companies
Ordinance, 1984; |
|
|
|
|
|
|
| (b)
in our opinion: |
|
|
|
|
| i)
the balance sheet, revenue accounts, the profit and loss account, the profit
and loss appropriation |
|
| account
and statement of sources and application of funds together with the Notes
thereon have |
|
| been
drawn up in conformity with the law 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)
In our opinion and to the best of our information and according to the
explanations given to us, the |
|
| balance
sheet, fire, marine, motor and miscellaneous insurance revenue accounts, the
profit and loss |
|
| account
the profit and loss appropriation account and the statement of sources and
application of |
|
| funds
together with the notes forming part thereof, give the information required
and respectively give |
|
| a
true and fair view of the state of the Company's affairs as at 31st December,
1999 and of the surplus/ |
|
| deficit
and changes in sources and application of funds for the year then ended; and |
|
|
|
|
|
| (d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
| 2.
We have verified the cash and bank balances of the Company by actual
inspection or by production of |
|
| certificates. |
|
|
|
|
|
|
| 3.
We have verified the investments by actual inspection, or by the production
of certificates from the bankers, |
|
| evaluators
or brokers with whom the documents were deposited, except those which were
awaiting transfer |
|
| in
the Company's name where all the supporting documents have been examined by
us. |
|
|
| 4.
As per Section 40C(2) of the Insurance Act, 1938, as amended, all expenses of
management where-ever |
|
| incurred
whether directly or indirectly, in respect of fire, marine, motor and
miscellaneous insurance business |
|
| transacted
in Pakistan have been fully debited in the respective revenue accounts as
expenses. |
|
|
| 5.
As per regulation 11 of Part 1 of the Third Schedule of the Insurance Act,
1938, we certify that the Company |
|
| has
not paid to any person any commission in any form outside Pakistan in respect
of the insurance business |
|
| transacted
by the Company in Pakistan and that the Company has not received outside
Pakistan from any |
|
| person
any commission in any form in respect of any business re-insured abroad apart
from commission |
|
| arising
out of Re-insurance Treaties. |
|
|
|
|
|
|
F.R. MERCHANT & COMPANY |
|
| Place: Karachi |
|
|
CHARTERED ACCOUNTANTS |
|
| Date:
5th June, 2000. |
|
|
|
|
| BALANCE
SHEET AS AT 31ST DECEMBER, 1999 |
|
|
| CAPITAL
AND LIABILITIES |
|
Note |
1999 |
1998 |
|
| Authorised
Capital- |
|
|
Rupees |
Rupees |
|
|
|
|
| 50,000,000
Ordinary Shares of Rs. 10/- each |
|
|
50,000,000 |
50,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
Subscribed and fully paid |
|
|
|
| 4.1251000
Ordinary Shares of Rs. 10/- each |
|
(3) |
41,250,000 |
41,250,000 |
|
| Advance
Against Issue of Right Shares |
|
|
45,077,391 |
-- |
|
|
|
|
| RESERVE
FOR CONTINGENCY ACCOUNTS |
|
|
| For
Exceptional Losses |
|
662,124 |
662,124 |
|
| For
Bad & Doubtful Debts |
|
267,482 |
267,482 |
|
|
|
------------------ |
------------------ |
|
|
|
929,606 |
929,606 |
|
| Un-appropriated
Loss |
|
(9,130,400) |
(6,903,472) |
|
|
|
|
| BALANCE
OF FUNDS AND ACCOUNTS |
|
2(a) |
|
| Fire
Insurance Business Account |
|
204,216 |
131,866 |
|
| Marine
Insurance Business Account |
|
54,463 |
168,541 |
|
| Motor
and Miscellaneous Insurance |
|
|
| Business
Account |
|
294,441 |
398,179 |
|
|
|
------------------ |
------------------ |
|
|
|
553,120 |
698,586 |
|
|
|
|
|
| LIABILITIES
AND PROVISIONS |
|
|
| Estimated
Liability in respect of outstanding |
|
|
| claims
whether due or intimated - |
|
(4) |
|
| Fire |
|
|
524,949 |
510,809 |
|
| Marine |
|
|
1,058,910 |
841,175 |
|
| Motor
and Miscellaneous |
|
|
2,260,788 |
2,224,948 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
3,844,847 |
3,576,932 |
|
|
|
|
------------------ |
------------------ |
|
| Unclaimed
Dividends |
|
|
20,296 |
20,296 |
|
| Amounts
due to other persons or bodies |
|
|
| carrying
on Insurance Business |
|
4,125,083 |
3,769,354 |
|
| Sundry
Creditors (including outstanding |
|
|
| and
accrued expenses) |
|
5,355,689 |
3,071,427 |
|
|
|
------------------ |
------------------ |
|
|
|
9,501,068 |
6,861,077 |
|
|
|
------------------ |
------------------ |
|
|
|
13,345,715 |
10,438,009 |
|
|
|
|
------------------ |
------------------ |
|
|
|
Rupees |
92,025,432 |
46,412,729 |
|
|
|
|
========== |
========== |
|
|
|
|
| PROPERTY
AND ASSETS |
|
|
|
|
| Investment
at cost- |
|
|
|
| Statutory
Deposit with the State Bank of Pakistan |
|
|
| Defence
Savings Certificates |
|
353,865 |
353,865 |
|
| Cash |
|
|
4 |
4 |
|
|
|
------------------ |
------------------ |
|
|
|
353,869 |
353,869 |
|
| INVESTMENTS
IN CONCERNS INCORPORATED |
|
| IN PAKISTAN |
|
(5) |
|
| Debentures
of Joint Stock Companies |
|
|
443,500 |
443,500 |
|
| Preference
Shares of Joint Stock Companies |
|
|
90,403 |
90,403 |
|
| Ordinary
Shares of Joint Stock Companies |
|
|
1,014,190 |
1,014,190 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,548,093 |
1,548,093 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,901,962 |
1,901,962 |
|
|
|
|
|
|
| Immovable
property |
|
(6) |
323,000 |
323,000 |
|
|
|
|
|
| Agents'
Balances and outstanding premiums |
|
|
4,350,839 |
4,227,735 |
|
| Accrued
Interest and Dividend Outstanding |
|
|
51,310 |
-- |
|
| Accrued
Depreciation on Investment |
|
|
(1,211,593) |
(1,217,809) |
|
| Amounts
due from other persons or bodies |
|
|
|
|
| carrying
on Insurance Business |
|
2(a) |
444,624 |
444,624 |
|
| Sundry Debtors |
|
|
19,225,417 |
23,884,986 |
|
| Advances,
Deposits and Pre-payments |
|
(6) |
62,709,141 |
1,886,960 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
85,569,738 |
29,226,496 |
|
| Deferred
Expenses |
|
(7) |
1,717,682 |
12,229,718 |
|
|
|
|
| Cash |
|
|
|
| At
Banks on PLS Deposit Accounts |
|
|
-- |
-- |
|
| At
Banks on Current Accounts |
|
|
250,138 |
475,205 |
|
| Cash
and Stamps in Hand |
|
|
157,351 |
127,487 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
407,489 |
602,692 |
|
| Stock
of Stationery |
|
|
105,640 |
63,428 |
|
|
|
|
------------------ |
------------------ |
|
|
|
(8) |
513,129 |
666,120 |
|
|
|
|
|
| ADMINISTRATIVE
/ FIXED ASSETS |
|
|
| (At
cost less depreciation) |
|
|
|
| Vehicles |
|
|
419,766 |
309,705 |
|
| Furniture
& Fixtures |
|
720,428 |
800,476 |
|
| Office
Equipment |
|
859,727 |
955,252 |
|
|
|
------------------ |
------------------ |
|
|
|
1,999,921 |
2,065,433 |
|
|
|
------------------ |
------------------ |
|
|
|
Rupees |
92,025,432 |
46,412,729 |
|
|
|
|
========== |
========== |
|
|
| We
Certify That: |
|
| (i)
|
