PAKISTAN
REINSURANCE COMPANY LIMITED
BALANCE SHEET AS AT SEPTEMBER 30, 2003 (UNAUDITED)
| THREE QTR 2003 | 2002 | THREE QTR 2003 | 2002 | |||||||||
| Note | Rupees | Rupees | Note | Rupees | Rupees | |||||||
| Share Capital and Reserves | Cash and Bank deposits | |||||||||||
| Authorized Share Capital | Cash and other equivalent | 65,148 | 49,528 | |||||||||
| 100,000,000 ordinary shares of Rs. 10/- each | 1,000,000,000 | 1,000,000,000 | Current and other accounts | 320,893,051 | 129,117,868 | |||||||
| Deposits maturing within 12 months | 1,700,000 | 1,700,000 | ||||||||||
| Issued, subscribed and paid up share capital | 450,000,720 | 450,000,720 | 322,658,199 | 130,867,396 | ||||||||
| Exceptional Losses Reserve | 281,000,000 | 281,000,000 | Loans (Considered good) | |||||||||
| General Reserve | 377,419,085 | 377,419,085 | to employees | 30,815,724 | 29,864,637 | |||||||
| Retained earnings | 458,603,996 | 137,852,321 | to others | 6,920,949 | 5,260,378 | |||||||
| 1,117,023,081 | 796,271,406 | 37,736,673 | 35,125,015 | |||||||||
| TOTAL EQUITY | 1,567,023,801 | 1,246,272,126 | ||||||||||
| Underwriting Provisions | Investments | 1,905,189,745 | 1,905,189,745 | |||||||||
| - Provision for outstanding claims | 884,196,881 | 582,267,377 | ||||||||||
| (including IBNR) | ||||||||||||
| - Provision for unearned premium | 1,308,997,719 | 1,373,762,924 | Other Assets | |||||||||
| 2,193,194,600 | 1,956,030,301 | Amount due from persons and bodies carrying on insurance business | 1,051,623,830 | 995,789,533 | ||||||||
| Deferred Liability | ||||||||||||
| Staff retirement benefits | 123,539,288 | 119,189,138 | Deposits held by ceding companies | 37,303,642 | 6,375,255 | |||||||
| Profit, dividend and return accrued/outstanding | 82,799,735 | 83,664,267 | ||||||||||
| Creditors and Accruals | Other Receivable | 278,953,968 | 113,863,220 | |||||||||
| Amount due to other persons and bodies carrying on insurance business | Prepaid reinsurance ceded | 808,846,029 | 712,046,362 | |||||||||
| 610,698,099 | 694,526,732 | Advance for taxation less provision | 86,063,354 | 102,883,538 | ||||||||
| Deposits retained/received from other Companies | 64,519,018 | 71,452,250 | Stock of stationary | 213,775 | 396,800 | |||||||
| 2,345,804,333 | 2,015,018,975 | |||||||||||
| Advances and deposits | 8,796,958 | 7,093,537 | ||||||||||
| Sundry creditors | 21,548,939 | 21,440,741 | ||||||||||
| Provision for taxation | 117,900,000 | |||||||||||
| Retention money payable | 6,369,686 | 6,479,441 | Fixed Assets | |||||||||
| 829,832,700 | 800,992,701 | Tangible and Intangible Assets | ||||||||||
| Other liabilities | Land and building, furniture, fixture, office equipment, vehicles books and computers | 102,419,475 | 104,001,279 | |||||||||
| Dividend payable | 655,654 | 655,654 | ||||||||||
| Proposed dividend | 67,500,108 | Intangible Assets | 1,789,417 | 1,789,417 | ||||||||
| Surplus profit payable | 1,351,799 | 1,351,799 | Assets related to Bangladesh | - | - | |||||||
| 2,007,453 | 69,507,561 | |||||||||||
| TOTAL LIABILITIES | 3,148,574,041 | 2,945,719,701 | ||||||||||
| CONTINGENT LIABILITIES | ||||||||||||
| 4,715,597,842 | 4,191,991,827 | 4,715,597,842 | 4,191,991,827 | |||||||||
| The annexed notes form an integral part of these financial statements. | ||||||||||||
| Naheed Hyder | Maj (R) Mohammad Fazal Durra | Syed Yawar Ali |
Fazlur Rehman Dittu
|
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|
Chief Executive | Director |
Director
|
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| Karachi, October 22, 2003 | ||||||||||||