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Pakistan
Reinsurance Company Limited |
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| Balance Sheet |
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| June 30, 2003 (Unaudited) |
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1ST HALF. 2003 |
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2002 |
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1ST HALF. 2003 |
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2002 |
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Note |
Rupees |
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Rupees |
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Note |
Rupees |
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Rupees |
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| Share
Capital and Reserves |
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Cash and Bank deposits |
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| Authorized
Share Capital |
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Cash and other equivalent |
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53,265 |
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49,528 |
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| 100,000,000 ordinary
shares of Rs. 10/- each |
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1,000,000,000 |
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1,000,000,000 |
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Current and other accounts |
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320,353,629 |
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129,117,868 |
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Deposits maturing within 12 months |
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1,700,000 |
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1,700,000 |
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| Issued, subscribed and paid
up share capital |
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450,000,720 |
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450,000,720 |
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322,106,894 |
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130,867,396 |
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| Exceptional
Losses Reserve |
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281,000,000 |
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281,000,000 |
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Loans (Considered good) |
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| General
Reserve |
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377,419,085 |
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377,419,085 |
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to employees |
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32,646,963 |
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29,864,637 |
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| Retained
earnings |
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#REF! |
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137,852,321 |
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to others |
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6,404,510 |
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5,260,378 |
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#REF! |
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796,271,406 |
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39,051,473 |
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35,125,015 |
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| TOTAL
EQUITY |
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#REF! |
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1,246,272,126 |
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| Underwriting Provisions |
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Investments |
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1,905,189,745 |
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1,905,189,745 |
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| - Provision for outstanding claims |
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817,742,697 |
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582,267,377 |
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| (including IBNR) |
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| -
Provision for unearned premium |
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0 |
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1,373,762,924 |
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Other Assets |
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817,742,697 |
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1,956,030,301 |
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Amount due from persons and bodies carrying on
insurance business |
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1,104,728,990 |
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995,789,533 |
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| Deferred Liability |
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| Staff retirement benefits |
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124,539,288 |
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119,189,138 |
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Deposits held by ceding
companies |
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39,576,643 |
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6,375,255 |
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Profit, dividend and return
accrued/outstanding |
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83,953,275 |
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83,664,267 |
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| Creditors
and Accruals |
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Other Receivable |
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177,084,369 |
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113,863,220 |
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| Amount due to other
persons and bodies carrying on insurance business |
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Prepaid reinsurance ceded |
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0 |
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712,046,362 |
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552,432,273 |
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694,526,732 |
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Advance for taxation less
provision |
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52,361,166
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102,883,538 |
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| Deposits retained/received
from other Companies |
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73,151,835 |
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71,452,250 |
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Stock
of stationary |
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213,775 |
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396,800 |
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1,457,918,218 |
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2,015,018,975 |
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| Advances
and deposits |
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12,580,441 |
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7,093,537 |
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| Sundry
creditors |
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16,722,498 |
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21,440,741 |
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| Provision for taxation |
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155,300,000 |
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| Retention
money payable |
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6,364,985 |
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6,479,441 |
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Fixed Assets |
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816,552,032 |
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800,992,701 |
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Tangible and Intangible Assets |
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| Other liabilities |
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Land and building,
furniture, fixture, office equipment, vehicles books and computers |
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96,414,555 |
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104,001,279 |
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| Dividend
payable |
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655,654 |
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655,654 |
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| Proposed
dividend |
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67,500,108 |
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67,500,108 |
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Intangible Assets |
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1,789,417 |
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1,789,417 |
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| Surplus
profit payable |
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1,351,799 |
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1,351,799 |
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Assets related to Bangladesh |
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- |
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- |
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69,507,561 |
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69,507,561 |
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| TOTAL
LIABILITIES |
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1,828,341,578 |
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2,945,719,701 |
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| CONTINGENT LIABILITIES |
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#REF! |
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4,191,991,827 |
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3,822,470,302 |
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4,191,991,827 |
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| The
annexed notes form an integral part of these financial statements. |
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| Naheed Hyder |
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Maj (R) Mohammad Fazal
Durrani |
__________ |
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__________ |
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Chief Executive |
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Director |
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Director |
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| Karachi, August, 20 2003 |
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