| The Crescent Star 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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| Chairman's
Report |
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| Auditors'
Report |
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| Balance Sheet |
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| Revenue
Account Fire |
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| Revenue
Account Marine |
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| Revenue
Account Motor & Misc. |
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| Profit
& Loss Account |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Investment
in Shares |
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| Form AA |
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| Pattern
of Shareholding |
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| Company
Information 10 Years at a Glance |
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| Company
Information Graphs |
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| HEAD OFFICE: |
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| 2nd
Floor, Nadir House, |
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| I.
I. Chundrigar Road, |
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| P.O.
Box No. 4616, |
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| Karachi,
(Pakistan). |
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| Phones
: 2415521 - 2415471 to 73 |
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| Telex:
29508 CREST PK |
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| Gram:
CRESCORP. |
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| Fax:
(92-21) 2415474 - 2415475 |
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| BRANCHES
IN PAKISTAN |
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| LAHORE |
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| 2nd
Floor, Bashir Building, |
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PESHAWAR |
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| 15,
Mcleod Road, Lahore. "A" |
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Room No. 3 & 4,Syed
Plaza, |
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| Phone:
(042) 7221490 - 7351088 |
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Opp. Bank Al-Mashrique, |
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| Fax:
(042) 7238604 |
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Main Saddar Road, |
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Peshawar Cantt. |
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| 15,
Chaman Chambers, |
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Phone: (0521) 272079 |
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| Nishtar
Road, Lahore. "B" |
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| Phone:
(042) 7640425 |
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RAHIMYAR KHAN |
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| Fax:
(042) 7640464 |
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68, Bano Bazar, Rahimyar
Khan. |
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Phone: (0731) 76961 |
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| Tufail
Chambers, |
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| 39,
Mozang Road, Lahore."C" |
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SAHIWAL |
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| Phones
: (042) 7355533 - 7352379 |
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512, Block-J, |
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| Fax:
(042) 7352502 |
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Farid Town, Sahiwal. |
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Phone: (0441) 50867 |
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| 3rd
Floor, Mall Mansion, |
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| Shahrah-e-Quaid-e-Azam,
Lahore. "D" |
HAROONABAD |
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| Phone
: (042) 7356742 - 7234092 |
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C/o. Sarfaraz Commission
Agent |
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| Fax:
(042) 7237489 |
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Grain Market. Haroonabad,
Distt. R.Y. Khan |
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Phone: (0691) 51105 |
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| Jalal
Centre, Room No. 6, |
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| 1st
Floor, Opp. Ganga Ram Hospital, |
BAHAWALPUR |
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| 59-A-Mozang
Road, Lahore. "E" |
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30/1-B, |
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| Phone
: (042) 6309086-6309087 |
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General Public Colony, |
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| Fax
: (042) 6302510 |
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Karbala Road |
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Model Town Hasilpur
Distt. Bahawalpur. |
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| SIALKOT |
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Phone : (0696) 41108 |
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| 1st.
Floor, Saleem Market, |
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| Mujahid
Road, Sialkot. "A" |
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KARACHI |
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| Phone
: (0432) 586013 |
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Room No.1, Mian Chamber |
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Shahrah-e-Liaquat,
Karachi. |
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| 2nd
Floor, Awan Chambers |
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Phone: (021) 2428365,
2434906 |
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| Railway
Road, Sialkot. "B" |
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Fax: (021) 2433569 |
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| Phone
: (0432) 592871-73 |
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| Fax
: (0432) 589697 |
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3rd Floor, AI-Noor
Chambers, |
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Plaza Quarters, |
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| 4,
Green wood street, |
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Preedy Street, Karachi. |
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| Sialkot "C" |
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Phone: (021) 7727042 -
7725428 |
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| Phone
: (0432) 589000 |
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| Fax
: (0432) 265007 |
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HYDERABAD |
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Room No. 2, 1st Floor, |
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| MULTAN |
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Hira Chamber, Tilak Road, |
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| 2nd Floor, |
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Hyderabad. |
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| No.
1, Commercial Plaza, |
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| Opp.
Civil Hospital, |
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SUKKUR |
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| Abdali
Road, Multan. |
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33, Mehran Markaz, Sukkur |
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| Phone
: (061) 546757 |
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Phone: (071) 30239 |
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| QUETTA |
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| Sawera Terrace |
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FAISLABAD |
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| Office No. 13 |
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3rd Floor Sabir Plaza |
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| Plot No. 5-B, |
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|
Press Market, |
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| Mobel Town |
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|
Faisalabad. |
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| Quetta Cantt. |
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Phone: (041) 649078 |
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| Phone
: (081) 835457 |
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| RAWALPINDI |
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| 3,
Grindlays Market, |
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| 2rid Floor, |
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| 13-Bank
Road, Rawalpindi. |
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| Phone:
(091) 519328 |
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| BOARD
OF DIRECTORS |
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| F.
M. MILLWALA Chairman |
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| ARDESHIR
COWASJEE |
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| ABDUL
RA77AK JAFFER |
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| FIDA
HUSSAIN SAMO0 |
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| H.M.
MILLWALA |
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| A.
E. MILLWALA |
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| MUNIR
I. MILLWALA |
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| FAYYAZ
F. MILLWALA |
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| MANAGEMENT |
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| MUNIR
I. MILLWALA |
|
Managing Director &
Chief Executive |
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| FAYYAZ
F. MILLWALA |
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Executive Director |
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| MS (EE) |
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| HAMZA
KAPADIA |
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General Manager &
Secretary |
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| B. Com., F.C.A. |
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| FAKHRUDDIN
A. BUNDUKWALA |
Deputy General Manager
Production |
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| MOIZ ALI |
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Deputy General Manager
Underwriting and Administration |
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| ZAHID ALI |
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|
Manager Underwriting |
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| ADVISER |
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| MUNIR
AHMED |
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| BANKERS |
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| HABIB
BANK LIMITED |
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| MUSLIM
COMMERCIAL BANK LIMITED |
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| NATIONAL
BANK OF PAKISTAN |
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| PRIME
COMMERCIAL BANK LIMITED |
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| UNITED
BANK LIMITED |
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| REGISTERED
OFFICE : |
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| 2nd Floor, |
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| Nadir
House, I.I. Chundrigar Road, |
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| P.O.
Box No. 4616 |
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| KARACHI. |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the forty third Annual General Meeting of the
shareholders of the |
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| company
will be held on Saturday the 24th June 2000 at 3.00 p.m. at the company's
registered |
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| office,
2nd Floor, Nadir House, I.I. Chundrigar Road, Karachi to transact the
following business: |
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| 1.
To confirm the minutes of the last AGM held on 28 June 1999. |
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| 2.
To receive and adopt Chairman's and Auditors' Reports and Audited Accounts
for the year |
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| ended
31 December 1999. |
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| 3.
To approve dividend as recommended by directors. |
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| 4.
To consider and approve issue of 25% right shares in the ratio of 1 share for
every 4 fully |
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| paid-up
shares so as to increase the paid-up Capital from the present amount of Rs.
40 million |
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| to
Rs. 50 million Subject to the approval from concerned authorities. |
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| 5.
To appoint auditors for the year 2000 and fix their remuneration. |
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| 6.
To transact any other business with the permission of the Chair. |
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BY ORDER OF THE BOARD |
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HAMZA KAPADIA |
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SECRETARY |
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| Notes: |
|
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| i)
The Share Transfer Book of the Company will be closed from 24th June 2000 to
30th June |
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| 2000 inclusive. |
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| CHAIRMAN'S
REPORT |
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|
| Gentlemen, |
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| It
is my privilege and pleasure in welcoming you to the annual review of the
company's affairs |
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| as
well as to discuss company's financial accounts and Balance Sheet for the
year ended 31st December, |
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| 1999.
Let me state at the outset that the business, trade and industry in Pakistan
continued to remain |
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| mired
in a web of setbacks and reversals during the year under review.
Mismanagement by government |
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| of
economic and financial affairs continued to project instability. The economy
remained in a state of |
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| destabilisation.
Nevertheless, I am pleased to say, despite great many odds and widespread
economic |
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| difficulties
on the national front, for the size of our company in a market ridden with
chaos and little or |
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| no
confidence, we did well. |
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| The
fiscal condition of the country's economy remained poor. It remained beset
with structural |
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| weaknesses
with the high level of debt servicing payments and compulsively necessary
defence spending, |
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| taking
up about 65% of our budgeted revenues. The government administration cost
remained one of |
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| the
highest in the region and for the very reason of such large expenditures
having remained unchecked |
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| by
successive governments, the nation continued to pay a heavy toll. Priority
areas like education and |
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| health
continued to remain neglected, In the last 50 years, our nation's greatest
failing had been to |
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| sideline
investments in the development and training of our human resources. This had
placed our nation's |
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| ability
to compete and survive in an increasingly competitive world very difficult,
if not bleak. This brief |
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| introduction
over, I shall move on to company specific scenario. |
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| Operating
Results: These are as follows: |
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|
(000 Rupees) |
(000 Rupees) |
|
|
1999 |
1998 |
% change |
|
|
| Gross
direct premium |
|
38,203 |
40,879 |
(6.5) |
|
| Net premium |
|
22,208 |
24,285 |
(8.6) |
|
|
|
------------------ |
------------------ |
------------------ |
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| Net
earned premium |
|
23,039 |
24,328 |
(5.3) |
|
| Claims |
|
(12,830) |
(13,226) |
3.0 |
|
| Commission |
|
(431) |
(725) |
40.6 |
|
| Expenses |
|
(9,179) |
(10,155) |
9.6 |
|
|
|
------------------ |
------------------ |
------------------ |
|
|
|
599 |
222 |
169.8 |
|
| Other Income |
|
4,998 |
2,397 |
108.5 |
|
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|
------------------ |
------------------ |
------------------ |
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| Profit before tax |
|
5,597 |
2,619 |
113.7 |
|
|
========== |
========== |
========== |
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| Operating
Conditions: To say 1999 was a difficult year would be an
under-statement. In a crisis ridden |
|
| and
slow paced economy there was a sudden development of limited war engagement
with India on the |
|
| Kargil
front which threatened escalating into a full-fledged conventional war with
nuclear options. The |
|
| international
community voiced its concerns and threatened Pakistan in particular, with the
cutting of aid |
|
| and
other ongoing financing and development projects. Tension remained high on
our borders with India |
|
| and
it was generally percerived that cross border terrorism would increase
including the fanning of a |
|
| rise
in sectarian clashes and other anti social activities. Towards the end we saw
the fall of one more |
|
| government
and new promises being made. A new military government took over the reins of
the country |
|
| with
a pledge to cleans the government of corruption, to restore law and order to
revive the country's |
|
| economy
and to improve the investors sagging confidence. However, in the perceived
conditions of |
|
| economy
as it were, we continued to hold the reins ever more cautiously over our
underwriting commitments |
|
| and
followed a balanced business policy. We suffered a small fall in our premium
volumes but under |
|
| the
circumstances it was simply a matter of adopting prudent strategy. During the
year our claim experience |
|
| remained
satisfactory in all the departments except for a large total loss claim
suffered in the marine |
|
| department
on account of the sinking of a vessel Jang Daesan in the open seas near
Pakistan coast. |
|
| Your
company met all its claim obligations to the tune of around Rs.9 million on
one casualty alone causing |
|
| total
loss of the cargo insured, and was in the front line of the market leaders in
prompt settlement. This |
|
| was
well appreciated by our client in general and the satisfied claimants in
particular. |
|
|
| Business
Outlook: With the change in government at Islamabad,
business and public sentiments have |
|
| been
generally optimistic and favourable. A certain surge or revival in organised
business activities is |
|
| in
the air. The export figures after years of stagnation promise reasonable
amount of increase. Cotton |
|
| and
rice crops have been favouable and there is a talk that annual large scale
wheat imports for the |
|
| current
year would not be necessary. The textile industry seems to have finally
picked up pace and is |
|
| showing
growth. The government has enforced strong forex market controls, this also
means that the |
|
| State
Bank will nor brook any large fall in the USD/PKR parity and that may help in
reviving investors |
|
| confidence
in Pakistan's sagging economy. The State Bank further seeks to maintain low
interest rates |
|
| in
2000 to help engineer an economic recovery. The new government's pledge to
widen the tax net is |
|
| also
expected to contribute towards reduction in the fiscal deficit. |
|
|
| Going
by the above facts we have reasons to believe the economy may turn around for
the better. |
|
| There
are heartening positive indications that the International community is
gradually but surely coming |
|
| round
to interacting with the military government thus boosting economic and |
|
| financial
growth prospects. We are optimistic and plan to achieve growth. We are
targeting a minimum |
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| growth
of 25%. In our efforts in that direction, however, we are determined not to
compromise on our |
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| prudent
underwriting practices. |
|
|
| Investments: The underlying sentiments in the stock exchange for most of the
time ruled bearish with |
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| occasional
organised punters dictating movements in limited scrips. Towards the end of
the year the stock |
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| exchanges
started to witness an upward surge on all counters, mostly bullish, by the
hopes of a revival |
|
| in
the textile sector and a change for the better in government set-up. The KSE
100 index at 31st December |
|
| 99'
was 1408.91. In the early part of the new year the said index surged to cross
the 2000 points and |
|
| people
started expecting the return of the index to 2500 points. However some
negative developments |
|
| and
set-backs have cut back on perceived expectations. The KSE index on 29th
April 2000 was 1901.07. |
|
|
| Our
investment portfolio with the changes in KSE movements has shown positive
improvements |
|
| and
has averaged a better increase over the KSE index. The overall investment
portfolio however continues |
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| to
remain in negative. But the management still feels that in a confident market
our investment portfolio |
|
| would
rule much higher. The overall quality of our investments portfolio is
considered satisfactory. |
|
|
| Financial
results and appropriations: |
|
|
|
Thousand |
|
|
|
Rupees |
|
|
| Profit before tax |
|
|
5,598 |
|
| Less
provision for tax |
|
1,200 |
|
|
|
|
------------------ |
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| Profit after tax |
|
|
4,398 |
|
| Unappropriated
profit from previous year |
|
74 |
|
|
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|
------------------ |
|
| Profit
available for appropriation |
|
4,472 |
|
|
|
|
|
|
| Appropriation: |
|
|
|
|
| 1)
Proposed dividend at 10% |
|
(4000) |
|
| 2)
Transfer of General Reserve |
|
(300) |
|
|
------------------ |
|
| Unappropriated profit carried
forward |
|
172 |
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|
========== |
|
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| New
Insurance Act: There is lot of exercise currently being
carried out by the Ministry of Commerce |
|
| and
other Agencies concerned to formulate and finalise a new Insurance Act with
improved regulations |
|
| as
per the guidance of International sponsoring agencies like ADB for adopting
changes in line with modern |
|
| requirements
for betterment of the insurance sector of our country. |
|
|
| Of
all the proposed changes, the more pronounced changes that are of immediate
concern to |
|
| the
industry is that the proposed paid up capital requirement of an insurance
company doing non-life |
|
| business
is being increased to a minimum of rupees eighty million and the existing
companies are required |
|
| to
fulfill the minimum requirement by year 2004 end at the latest. The solvency
margin is being made |
|
| strigent
for compliance and certain assets till now accepted by the Controller of
Insurance will no longer |
|
| be
considered as assets. The draft is reported to be soon finalised and adopted.
Our compliance in meeting |
|
| the
requirement of solvency margin in accordance with the proposed changes is not
expected to pose |
|
| a
problem. However we have to plan a strategy to meet the future increase in
our paid up capital. To |
|
| this
effect the management suggest a phased increase in our paid up capital and
thus propose that a |
|
| 25%
Right issue at par be considered and approved which would enhance our
existing paid up capital |
|
| to
rupees fifty million. Here I may hasten to reiterate the management's fullest
confidence in the future |
|
| of
your company and its continuing success in the comity of progressive
insurance companies. Our |
|
| Reinsurance
arrangements continue to remain one of the best in the industry and our
business policy |
|
| continues
to be governed by proper underwriting practices. Resultantly, our
shareholders would surely |
|
| reap
reasonably good profits by investing for building up the future of our
Company |
|
|
| Auditos: |
|
| The
company's auditors Sajjad Safri & Co. retire and offer themselves for
reappointment. |
|
|
| Miscellaneous: |
|
| Pattern
of shareholding and earnings per share (included in 10-years at a glance) are
set out |
|
| on
separate pages. |
|
|
| I
wish to record my gratitude to the Controller of Insurance, the Pakistan
Insurance Corporation, |
|
| the
State Bank of Pakistan, and all our foreign reinsurers with whose
cooperation, and assistance we |
|
| had
another successful underwriting year. |
|
|
| Finally,
I would like to congratulate our officers, zonal managers, branch managers,
development |
|
| officers
and the staff for their devotion and hard work in achieving year after year
progressive results. |
|
|
|
|
ON BEHALF OF THE BOARD OF DIRECTORS |
|
|
|
|
|
|
|
(F.M. MILLWALA) |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of THE CRESCENT STAR INSURANCE COMPANY
LIMITED as at 31 |
|
| December,
1999, the Fire, Marine and Motor and Miscellaneous Revenue Accounts, Profit
and Loss Account, Profit |
|
| and
Loss Appropriation Account and 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 purposes 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 and Motor and Miscellaneous Revenue
Accounts, Profit and Loss |
|
| Account
and Profit and Loss Appropriation Account together with 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)
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 and
Motor and |
|
| Miscellaneous
Revenue Accounts, Profit and Loss Account and Profit and Loss Appropriation
Account |
|
| together
with notes forming part thereof give the information required by the
Insurance Act, 1938, in the |
|
| manner
so required, and the Balance Sheet, Profit and Loss Account and Cash Flow
Statement give |
|
| respectively,
a true and fair view of the Company's affairs as at December 31, 1999 and its
profit and |
|
| cash
flows for the year then ended; |
|
|
|
| (d)
in our opinion zakat deductible at source under Zakat and Ushr Ordinance,
1980 was deducted by the |
|
| Company
and deposited in the Central Zakat Fund established under Section 7 of that
Ordinance. |
|
|
| (e)
We further report that : |
|
|
| (i)
we have verified the cash and bank balances and the securities relating to
the Company's investments |
|
| by
actual inspection or by the production of certificates and other documents. |
|
|
| (ii)
to the best of our knowledge, all expenses of management wherever incurred
whether directly or |
|
| indirectly
and all charges incurred in respect of fire, marine and motor and
miscellaneous insurance |
|
| business
transacted by the company in Pakistan have been fully debited in the
respective Revenue |
|
| Accounts
as expenses. |
|
|
| (iii)
to the best of our knowledge and belief and as shown by the books of accounts
the company has |
|
| not
paid to any person any commission in any form outside Pakistan in respect of
insurance |
|
| business
transacted in Pakistan and the Company has not received outside Pakistan from
any |
|
| person
any commission in any form in respect of any business reinsured abroad. |
|
|
|
|
SAJJAD SAFRI & CO. |
|
| Karachi:
19th May, 2000 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT 31 DECEMBER 1999 |
|
|
|
|
|
|
1999 |
1998 |
|
|
|
|
|
Rupees |
Rupees |
|
| SHARE
CAPITAL |
|
|
|
| Authorised: |
|
|
|
| 5,000,000
ordinary shares of Rs. 10/- each |
|
50,000,000 |
50,000,000 |
|
|
|
------------------ |
------------------ |
|
| Issued
and subscribed: |
|
|
|
| 2,713,453
ordinary shares of 10/- each fully paid in cash |
|
27,134,530 |
27,134,530 |
|
|
|
|
| 1,286,547
ordinary shares of 10/- each issued as fully paid |
|
|
| bonus shares |
|
|
12,865,470 |
12,865,470 |
|
|
|
|
------------------ |
------------------ |
|
|
|
40,000,000 |
40,000,000 |
|
|
|
|
| SHARE
PREMIUM |
|
|
2,197,265 |
2,197,265 |
|
| RESERVES
& CONTINGENCIES ACCOUNTS: |
|
|
|
|
|
| Reserve
for exceptional losses |
|
1,767,568 |
1,767,568 |
|
| General reserve |
|
|
4,100,000 |
3,800,000 |
|
| Unappropriated
profits |
|
172,412 |
74,556 |
|
|
|
------------------ |
------------------ |
|
|
|
6,039,980 |
5,642,124 |
|
| BALANCE
OF ACCOUNTS: |
|
|
|
| Fire |
|
|
|
2,501,252 |
2,859,575 |
|
| Marine |
|
|
|
1,750,736 |
1,701,217 |
|
| Motor
and miscellaneous |
|
|
4,631,319 |
5,153,036 |
|
|
|
------------------ |
------------------ |
|
|
|
8,883,307 |
9,713,828 |
|
|
|
|
|
| LIABILITIES
AND PROVISIONS: |
|
|
| Estimated
liabilities in respect of outstanding claims |
|
| whether
due or intimated |
|
|
2,562,048 |
2,864,131 |
|
|
|
|
| Amount
due to other persons or bodies carrying |
|
|
| on
insurance business |
|
2,424,640 |
1,506,948 |
|
|
|
|
| Sundry
creditors including accrued expenses |
|
617,807 |
749,296 |
|
| Provision
for taxation |
|
507,459 |
323,243 |
|
| Outstanding
dividends |
|
105,018 |
106,064 |
|
| Proposed
dividend |
|
4,000,000 |
2,000,000 |
|
|
|
------------------ |
------------------ |
|
|
|
10,216,972 |
7,549,682 |
|
|
|
------------------ |
------------------ |
|
|
|
67,337,524 |
65,102,899 |
|
|
|
========== |
========== |
|
|
| INVESTMENTS: |
|
|
|
| Deposits
with State Bank of Pakistan - at cost |
|
|
| Defence
Savings Certificates |
|
200,000 |
200,000 |
|
| Sind
Govt. Loan 2001 |
|
50,000 |
50,000 |
|
| Federal
Investment Bonds |
|
110,000 |
110,000 |
|
|
|
------------------ |
------------------ |
|
|
|
360,000 |
360,000 |
|
|
|
|
| Defence
Savings Certificates |
|
400,000 |
400,000 |
|
| Ordinary
shares of companies incorporated in Pakistan |
|
12,002,633 |
12,002,633 |
|
|
|
------------------ |
------------------ |
|
|
|
12,762,633 |
12,762,633 |
|
|
|
|
| CURRENT
ASSETS: |
|
|
|
| Agents
balances and outstanding premium |
|
|
9,293,010 |
7,861,917 |
|
|
|
|
| Amount
due from other persons or bodies carrying |
|
|
| on
insurance business |
|
|
2,045,850 |
1,728,417 |
|
|
|
|
| Advances,
deposits and prepayments |
|
|
463,862 |
519,619 |
|
| Income
tax refunds due |
|
|
-- |
439,236 |
|
|
|
|
|
|
| CASH
AND BANK BALANCES: |
|
|
| At
banks on deposit accounts |
|
|
32,976,326 |
31,180,736 |
|
|
|
|
| At
banks on current accounts, in transit and in hand |
|
2,843,214 |
