| Adamjee Insurance Co Ltd - 2002 |
================================================================================= BALANCE SHEET AS AT DECEMBER 31, 2002 ================================================================================= Note 2002 2001 (Rupees in '000) (Restated) ================================================================================= Share capital and reserves Authorised share capital 3 1,500,000 1,500,000 Paid-up share capital 3 624,682 543,202 Retained earnings 217,118 173,617 Reserves 4 306,825 213,123 523,943 386,740 TOTAL EQUITY 1,148,625 929,942 Underwriting provisions Provision for outstanding claims (including IBNR) 1,677,991 1,983,118 Provision for unearned premium 1,968,572 1,142,636 Commission income unearned 191,073 - Total underwriting provisions 3,837,636 3,125,752 Deferred liability Staff retirement benefits 5 12,333 8,984 Creditors and Accruals Premiums received in advance 171,458 184,757 Amounts due to other insurers / reinsurers 436,789 414,763 Accrued expenses 54,927 33,766 Other creditors and accruals 6 239,371 213,404 Taxation-provision less payments 54,359 71,624 956,904 918,314 Other liabilities Unclaimed dividends 8,407 8,538 TOTAL LIABILITIES 4,815,280 4,061,590 TOTAL EQUITY AND LIABILITIES 5,963,905 4,991,532 CONTINGENCIES 7 Cash and bank deposits 8 Cash and other equivalent 62,210 145,565 Current and other accounts 413,267 285,309 Deposits maturing within 12 months 191,900 149,676 667,377 580,550 Loans 9 To employees or agents 40,474 62,044 Others 3,785 7,949 44,259 69,993 Investments 10 2,108,867 2,109,477 Other assets Premiums due but unpaid 11 612,009 608,769 Amounts due from other insurers / reinsurers 11 287,169 208,311 Salvage recoveries accrued 11 27,870 30,301 Accrued investment income 12 19,117 43,778 Reinsurance recoveries against outstanding claims 11 720,551 953,559 Deferred commission expense 225,662 - Prepayments 13 774,689 289 Sundry receivables 14 274,221 187,943 2,941,288 2,032,950 Fixed Assets 15 Tangible & Intangible Buildings 45,916 46,598 Furniture and fixtures 22,660 23,560 Motor vehicles 54,387 63,364 Machinery and equipment 42,809 44,598 Computers and related accessories 30,608 20,442 Capital work in progress 1,944 - Intangible asset 3,790 - 202,114 198,562 TOTAL ASSETS 5,963,905 4,991,532 =================================================================================Certificate of the Directors and Principal Officer under Section 46(6) of the Insurance Ordinance, 2000. WE CERTIFY THAT (a) in our opinion the annual statutory accounts of the Company set out in the forms attached to the statement have been drawn up in accordance with the Ordinance and rules made thereunder; (b) the Company has at all times in the year complied with the provisions of the Ordinance and the rules made thereunder relating to paid-up capital, solvency and reinsurance arrangements; and (c) as at the date of the statement, the Company continues to be in compliance with the provisions of the Ordinance and the rules made thereunder relating to paid-up capital, solvency and reinsurance arrangements. =============================================================================================================================== PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2002 =============================================================================================================================== (Rupees in '000) =============================================================================================================================== Aggregate =============================================================================================================================== Marine, Motor Note Fire and Aviation and Account December December Property Transport Liability Others Treaty 31, 2002 31, 2001 (Restated) =============================================================================================================================== Revenue account Net premium revenue 437,762 747,395 1,271,457 193,240 165,111 2,814,965 2,931,778 Net claims (325,517) (202,430) (1,331,790) (204,394) (22,751) (2,086,882) (2,831,551) Expenses 16 (152,066) (158,226) (335,844) (62,388) (34,324) (742,848) (724,018) Net commission 33,280 (45,528) (79,003) 28,973 (53,799) (116,077) (262,220) Underwriting result -6,541 341,211 (475,180) (44,569) 54,237 (130,842) (886,011) Investment income 349,981 301,919 Rental income 446 322 Other income 17 206,607 153,608 426,192 (430,162) General and administration expenses 18 (158,425) (71,094) Profit/(Loss) before tax 267,767 (501,256) Provision for taxation 19 (49,084) (16,000) Profit/(Loss) after tax 218,683 (517,256) Profit and loss appropriation account Balance at the commencement of the year (Restated) 173,617 192,373 Profit/(Loss) after tax for the year 218,683 (517,256) Transfers (to)/from reserves General reserve - 498,500 Reserve for issue of bonus shares (93,702) - Issue of bonus shares (interim) (81,480) - Balance unappropriated profit at the end of the year 217,118 173,617 =============================================================================================================================== =======================================================================================================================================================================================
STATEMENT OF PREMIUMS FOR THE YEAR ENDED DECEMBER 31, 2002
=======================================================================================================================================================================================
(Rupees in '000)
Prepaid
Unearned premium reserve re-Insurance premium ceded Net premium revenue
Premiums Premiums Re-insurance Re-insurance December 31, December 31,
Class Written Opening Closing earned Ceded Opening Closing expense 2002 2001
=======================================================================================================================================================================================
Direct and
Facultativ Fire and property damage 1,631,102 232,332 864,902 998,532 1,132,704 - 571,934 560,770 437,762 545,815
Marine, aviation and transport 766,505 233,412 77,957 921,960 207,297 - 32,732 174,565 747,395 522,683
Motor Business 1,639,550 530,386 819,563 1,350,373 147,757 - 68,841 78,916 1,271,457 1,493,486
Miscellaneous 464,285 92,126 206,150 350,261 258,093 - 101,072 157,021 193,240 218,149
Total 4,501,442 1,088,256 1,968,572 3,621,126 1,745,851 - 774,579 971,272 2,649,854 2,780,133
Treaty Proportional 110,731 54,380 - 165,111 - - - - 165,111 151,645
Total 110,731 54,380 165,111 - - - - 165,111 151,645
Grand Total 4,612,173 1,142,636 1,968,572 3,786,237 1,745,851 - 774,579 971,272 2,814,965 2,931,778
=======================================================================================================================================================================================
=======================================================================================================================================================================================
STATEMENT OF CLAIMS FOR THE YEAR ENDED DECEMBER 31, 2002
=======================================================================================================================================================================================
(Rupees in '000)
Reinsurance and other recoveries
Outstanding claims in respect of outstanding claims Net claims expense
Reinsurance Reinsurance
Total and other and other
claims Claims recoveries recoveries December 31, December 31,
Class paid Opening Closing Expense received Opening Closing revenue 2002 2001
=======================================================================================================================================================================================
Direct and
Facultativ Fire and property damage 745,153 540,970 510,130 714,313 436,892 427,708 379,612 388,796 325,517 316,151
Marine, aviation and transport 329,595 372,907 240,142 196,830 133,715 269,366 130,051 -5,600 202,430 150,213
Motor Business 1,531,954 698,637 616,313 1,449,630 149,309 53,716 22,247 117,840 1,331,790 1,957,814
Miscellaneous 254,194 234,780 261,391 280,805 90,539 202,769 188,641 76,411 204,394 144,035
Total 2,860,896 1,847,294 1,627,976 2,641,578 810,455 953,559 720,551 577,447 2,064,131 2,568,213
Treaty Proportional 108,560 135,824 50,015 22,751 - - - - 22,751 263,338
Total 108,560 135,824 50,015 22,751 - - - - 22,751 263,338
Grand Total 2,969,456 1,983,118 1,677,991 2,664,329 810,455 953,559 720,551 577,447 2,086,882 2,831,551
=======================================================================================================================================================================================
========================================================================================================================================================================== STATEMENT OF EXPENSES FOR THE YEAR ENDED DECEMBER 31, 2002 ========================================================================================================================================================================== (Rupees in '000) Deferred Commission Net underwriting expense Other management Commissions Net commission expenses Underwriting Commissions December December Class paid or payable Opening Closing expense (Refer note 16) expense from reinsurers 31, 2002 31, 2001 ========================================================================================================================================================================== Direct and Facultative Fire and property damage 171,603 - 91,060 80,543 152,066 232,609 113,823 118,786 152,290 Marine, aviation and transport 95,695 - 8,798 86,897 158,226 245,123 41,369 203,754 224,148 Motor Business 202,861 - 101,761 101,100 335,844 436,944 22,097 414,847 503,943 Miscellaneous 54,405 - 24,043 30,362 62,388 92,750 59,335 33,415 59,051 Total 524,564 - 225,662 298,902 708,524 1,007,426 236,624 770,802 939,432 Treaty Proportional 53,799 - - 53,799 34,324 88,123 - 88,123 46,806 Total 53,799 - - 53,799 34,324 88,123 - 88,123 46,806 Grand Total 578,363 - 225,662 352,701 742,848 1,095,549 236,624 858,925 986,238 ==========================================================================================================================================================================Note: Commission from reinsurers is arrived at taking impact of opening and closing unearned commission. ================================================================================
STATEMENT OF INVESTMENT INCOME FOR THE YEAR ENDED DECEMBER 31, 2002
=================================================================================
December December
31, 2002 31, 2001
(Rupees in '000)
Income from non-trading investments (Restated)
=================================================================================
Available for sale
Return on government securities:
Held to maturity 105 88
Available for sale 112,675 78,164
Return on other fixed income securities and deposits 12,184 18,956
Dividend income 172,114 152,543
Gain on sale of available for sale investments 63,117 59,952
Gain on sale of non-trading investments 360,195 309,703
Less: investment related expenses -10,214 -7,784
Net investment income 349,981 301,919
=================================================================================
=================================================================================
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2002
=================================================================================
December December
31, 2002 31, 2001
(Rupees in '000)
=================================================================================
Opening Cash Flows
a) Underwriting activities
Premiums received 4,454,722 4,413,522
Reinsurance premiums paid (728,806) (528,924)
Claims paid (2,649,565) (3,396,858)
Surrenders paid (85,707) (47,200)
Reinsurance and other recoveries received 57,105 323,386
Commissions paid (506,972) (696,023)
Commissions received 13,950 53,109
Net cash flow from underwriting activities 554,727 121,012
b) Other operating activities
Income tax paid (66,350) (1,396)
General management expenses paid (810,811) (715,159)
Loans advanced (78,365) (91,018)
Loan repayments received 88,051 91,503
Other payments on operating assets (56,254) (995)
Other receipts in respect of operating assets 49,536 70,160
Net cash flow other operating activities (874,193) (646,905)
Total cash flow from all operating activities (319,466) (525,893)
Investment activities
Profit/return received 10,782 12,598
Dividends received 187,019 131,281
Rentals received 1,265 36
Payments for investments (69,756) (106,076)
Proceeds from disposal of investments 211,548 424,062
Fixed Capital Expenditure (39,077) (43,811)
Proceeds from disposal of fixed assets 12,378 11,812
Other income received 92,265 83,198
Total cash flow from investing activities 406,424 513,100
Financing activities
Dividends paid (131) (1,520)
Total cash flow from financing activities (131) (1,520)
Net cash inflow/outflow from all activities 86,827 (14,313)
Cash at the beginning of the year 580,550 594,863
Cash at the end of the year 667,377 580,550
Reconciliation to Profit and Loss Account
Operating cash flows (319,466) (525,893)
Depreciation expense (32,428) (33,892)
Profit on disposal of fixed assets 8,123 5,707
Increase/(decrease) in assets other than cash 827,959 -220,324
(Decrease)/increase in liabilities other
than running finance 29,942 -80,945
514,130 -855,347
Others
Profit on sale of investments 63,117 59,952
Amortisation expense (948) -
(Increase)/decrease in unearned premium (825,936) 77,854
Amortization of income on Government Securities 80,171 (28,075)
Provision for funded gratuity written back 79,551 -
Income tax paid 66,350 1,396
Bonus shares - 15,851
Dividend and other investment income 197,802 143,879
Other income 92,265 83,198
Rental income 1,265 36
-246,363 354,091
Profit or loss after taxation 267,767 -501,256
Definition of cash
Cash in hand and at banks, stamps in hand and
short term placements with banks.
Cash for the purposes of the Statement of Cash Flows consists of:
Cash and Other Equivalent
Cash in hand 62,210 145,565
Current and other accounts
Current accounts 326,367 280,189
Savings accounts 86,900 5,120
413,267 285,309
Deposits maturing within 12 months
Fixed and term deposits 191,900 149,676
667,377 580,550
=================================================================================NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 20023. SHARE CAPITAL 3.1. AUTHORISED SHARE CAPITAL =================================================================================
Number of Shares 2002 2001
2002 2001 (Rupees in '000)
=================================================================================
1,50,000,0001,50,000,000Ordinary shares of Rs.l0 each 1,500,000 1500000
=================================================================================3.2. PAID-UP SHARE CAPITAL=================================================================================
Number of Shares 2002 2001
2002 2001 (Rupees in '000)
=================================================================================
Issued, subscribed and fully paid:
250,000,000 250,000,000 Ordinary shares of Rs.10 2,500 2,500
each, fully paid in cash
62,218,256 54,070,222 Ordinary shares of Rs. 10 each, 622,182 540,762
including 8,148,034
(2001: 7,085,247) shares
issued, during the current year,
as fully paid bonus shares
62,468,256 54,320,222 624,682 543,202
=================================================================================4. RESERVES=================================================================================
Note 2002 2001
(Rupees in '000)
=================================================================================
Capital Reserves
Reserve for exceptional losses 4.1 22,859 22,859
Investment fluctuation reserve 4.2 3,764 3,764
26,623 26,623
Reserve for issue of Bonus Shares 93,702 -
120,325 26,623
Revenue Reserve
General Reserve
Balance brought forward from last year 186,500 685,000
Transfer from profit and loss appropriation account - -
Transfer to profit and loss appropriation account - -498,500
186,500 186,500
306,825 213,123
=================================================================================4.1. The reserve for exceptional losses represent amount set aside in prior years to avail the deduction thereof in computing taxable income, as allowed previously under the old Income Tax Act of 1922.After the introduction of repealed Income Tax Ordinance, 1979, which did not permit the said deduction, the company discontinued the setting aside of amounts thereafter as reserve for exceptional losses, set aside up to December 31, 1978. 4.2. This has been set aside in prior years to utilise the same against diminution in the value of investments. 5. STAFF RETIREMENT BENEFITS =================================================================================
2002 2001
(Rupees in '000)
=================================================================================
(a) Unfunded staff gratuity
Provision at the beginning of the year 8,984 10,166
Expense 6,040 773
Payments made -2,691 -1,955
Provision at the end of the year 12,333 8,984
================================================================================= (b) Funded staff gratuityGENERAL DESCRIPTION The company operates a funded gratuity scheme for its confirmed employees in Pakistan. The plan is a defined benefit final salary plan invested through an exempt trust fund. The latest actuarial valuation was conducted as at December 31, 2002, using the Projected Unit Credit method. The company has recognised the initial surplus and set the provision equal to the net surplus in the gratuity plan. As this is the first year, there are no gains or losses. In future, the company will amortise gains and losses over the expected remaining service of current members. ====================================================================
Note 2002
(Rupees in '000)
====================================================================
Charge for defined benefit plan
Current service cost 8,452
Interest cost 14,856
Expected return on plan assets (23,954)
Transitional asset recognized (72,905)
(73,551)
Movement of asset in the balance sheet
Receivable at the beginning of the year
Expense/(credit) (73,551)
Contributions (6,000)
Receivable at end of the year 14 (79,551)
Reconciliation of receivable from defined benefit plan
Plan assets (223,283)
Obligation 143,732
Surplus (79,551)
Unrecognised amounts -
Receivable (79,551)
Actual return on plan assets 23,954
====================================================================The principal actuarial assumptions used for the valuation of above mentioned scheme are as follows:--Discount rate 8.00% per annum --Expected rate of increase in salaries 5.94% per annum --Rate of return on investments 8.00% per annum 6. OTHER CREDITORS AND ACCRUALS =================================================================================
2002 2001
(Rupees in '000)
=================================================================================
Cash margin against performance bonds 66,134 59,077
Sundry creditors 31,582 8,126
Commission payable to agents 79,123 81,957
Federal insurance fee 6,869 6,640
Central excise duty 37,013 38,263
Payable to Employees' Provident Fund 85 29
Others 18,565 19,312
239,371 213,404
=================================================================================7. CONTINGENCIES7.1. During the year ended December 31, 2000, the Inspecting Additional Commissioner of Income Tax (IAC) enhanced the tax liability of the company for the assessment years 1994-95, 1995-96 and 1996-97 by an aggregate sum of Rs.41.774 million, under section 66A of the repealed Income Tax Ordinance, 1979. This was on account of the view the IAC took to the effect that the company was not entitled to avail the tax exemption on capital gains, it had previously benefited from, in respect of the above-referred assessment years. The company then filed an appeal with the Income Tax Appellate Tribunal (ITAT) against the ruling of the IAC, which was dismissed by the ITAT during the current year and the order under Section 66A, as a result thereof, was upheld. The company has subsequently filed an appeal with the Honourable High Court of Sindh against the order passed by the ITAT, which is currently pending therewith. The management is confident that the decision of the said appeal will be given in its favour and, hence, pending the outcome thereof, no provision has been made by the company in the financial statements for Rs.41.774 million. 7.2. In the company's original tax assessment, relating to the accounting year ended December 31, 1998, the net tax liability assessed was Rs.48.206 million against the related provision in the accounts of Rs. 11.00 million. The shortfall of Rs.37.206 (2001: Rs.37.206) million had arisen essentially due to the assessing officer (a) taxing the excess expenses of management under the amendment made in 1999 in Rule 5 of the Fourth Schedule to the repealed Income Tax Ordinance, 1979 and (b) taxing Dividend Income and Capital gains at the full rate of 33%. The company has filed a constitutional petition in the Honourable High Court of Sindh in respect of these matters, which is currently pending adjudication. In the event that this matter is decided against the company, the estimated tax liability to be provided for in respect of the above-referred accounting year would be equivalent to the above-referred shortfall of Rs.37.206 million. 7.3. During the current year, the tax assessment relating to the accounting year ended December 31, 1999 has been assessed by the tax authorities. The net tax liability assessed was Rs. 158.272 million against the related provision in the financial statements of Rs.77.00 million. The shortfall of Rs.81.272 million has arisen essentially due to the assessing officer (a) taxing the excess expenses of management under the amendment made in 1999 in Rule 5 of the Fourth Schedule to the repealed Income Tax Ordinance, 1979 and (b) taxing commission expenses. The company has filed an appeal with the Commissioner of Income Tax (Appeals) in respect of these matters, which is currently pending therewith. The management is confident that the decision of the said appeal will be given in its favour and, hence, pending the outcome of the appeal in question, no provision has been made by the company in the financial statements for the above referred shortfall of Rs.81.272 million. 7.4. Subsequent to the end of the current year, the tax assessment relating to the accounting year ended December 31, 2000 has been assessed by the tax authorities. The net tax liability assessed is Rs. 116.178 million against the related provision in the financial statements of Rs.65.800 million. The shortfall of Rs.50.378 million has arisen essentially due to the assessing officer (a) taxing the excess expenses of management under the amendment made in 1999 in Rule 5 of the Fourth Schedule to the repealed Income Tax Ordinance, 1979 and (b) taxing Capital gains at the full rate of 33%. The company is currently in the process of filing an appeal with the Commissioner of Income Tax (Appeals) in respect of these matters and, hence, pending the resolution of this matter, no provision has been made by the company in the financial statements for the above referred shortfall of Rs.50.378 million. The contingencies, as referred to in notes 7.1 to 7.4, in aggregate amount to Rs.210.630 (2001: Rs.78.974) million. 8. CASH AND BANK DEPOSITS =================================================================================
Note 2002 2001
(Rupees in '000)
=================================================================================
Cash and Other Equivalent
Cash in hand 62,210 145,565
Current and other accounts
Current accounts 326,367 280,189
Savings accounts 86,900 5,120
413,267 285,309
Deposits maturing within 12 months
Fixed and term deposits 8.1 191,900 149,676
667,377 580,550
=================================================================================8.1. Included herein are fixed deposits, amounting to Rs.71.415 (DHS 4.5 [2001: Rs.73.215 (DHS 4.5)]) million and Rs.8.413 (UK Pound Sterling 0.09 [2001: Rs.7.718 (UK Pound Sterling 0.09)]) million, deposited in accordance with the Insurance Regulations applicable in the United Arab Emirates and the United Kingdom, respectively, for the purposes of carrying on business in these territories.In addition, there are liens against cash deposits of Rs.47.039 (DHS 2.964 [2001: Rs.46.988 (DHS 2.888)]) million with banks outside Pakistan, Rs.2.015 (2001: Rs.2.265) million with banks in Pakistan, essentially in respect of guarantees issued by the banks on behalf of the company in respect of claims under litigation filed therewith. 9. LOANS =================================================================================
2002 2001
(Rupees in '000)
=================================================================================
Secured - Considered good
Executives 2,339 13,576
Employees 38,135 48,468
Others 3,785 7,949
44,259 69,993
=================================================================================The secured loans to executives and employees are for the purchase of vehicles and house building.These are granted in accordance with the terms of their employment and are recoverable in monthly installments over various periods. Loans for purchase of property carries interest @5% (2001: 5%) per annum and are secured against the title documents of the property purchased by employees. LOANS OUTSTANDING FOR PERIOD =================================================================================
2002 2001
(Rupees in '000)
=================================================================================
Exceeding three years 17,614 19,134
Others 26,645 50,859
44,259 69,993
=================================================================================10. INVESTMENTS10.1. AVAILABLE FOR SALE =================================================================================
2002 2001
(Rupees in '000)
=================================================================================
(a) Marketable securities 1,184,431 1,234,862
(b) Fixed income investments 923,961 873,790
2,108,392 2,108,652
=================================================================================10.2. HELD TO MATURITY=================================================================================
2002 2001
(Rupees in '000)
=================================================================================
(c) Government Securities 125 475
(d) Defence Saving Certificates (Deposited
with the State Bank of Pakistan) 350 350
475 825
Total Book value as at December 31 2,108,867 2,109,477
Total Market value of marketable securities as at
December 31 1,873,293 1,120,524
================================================================================= (a) MARKETABLE SECURITIES=================================================================================
2002 2001
NOTES (Rupees in '000)
=================================================================================
10.1.1 Quoted - associated undertaking 60,163 60,163
10.1.2 Quoted - others 917,619 912,752
10.1.3 Delisted 11,287 11,287
10.1.4 Debentures 120 120
10.1.5 Modaraba certificates 34,436 38,955
10.1.6 Term finance certificates 17,740 19,494
10.1.7 National Investment Trust units 64,365 110,250
10.1.8 Investment Corporation of Pakistan -
Mutual Funds certificates 78,701 81,841
1,184,431 1,234,862
================================================================================= (b) FIXED INCOME INVESTMENTS=================================================================================
2002 2001
(Rupees in '000)
=================================================================================
Defence Saving Certificates 923,961 873,790
=================================================================================10.1.1. QUOTED - ASSOCIATED UNDERTAKING=======================================================================================
No. of Shares/Certificate Face
2002 2001 Value Company's Name 2002 2001
Rs. Rupees in '000
=======================================================================================
109,807 109,807 10 Mehran Jute Mills Limited 1,150 1,150
[Equity held 3.58% (2001: 3.58%)]
2,520,879 2,291,709 10 Muslim Commercial Bank Limited 59,013 59,013
[Equity held 0.946% (2001: 0.946%)]
60,163 60,163
=======================================================================================10.1.2. QUOTED - OTHERS=====================================================================================================
No. of Shares/Certifates Face
2002 2001 Value Company's Name 2002 2001
Rupees in '000
=====================================================================================================
LEASING COMPANIES:
- 41,817 10 Asian Leasing Corporation Limited - 773
41,587 65,587 10 Pakistan Industrial & Commercial Leasing Limited 526 830
362,872 329,872 10 Saudi Pak Leasing Company Limited 8,978 8,788
INVESTMENT COMPANIES/BANKS:
647,345 598,424 10 Askari Commercial Bank Limited 10,248 9,683
23,625 23,625 10 Atlas Investment Bank Limited 418 418
970,845 809,038 10 Bank Al-Habib Limited 14,880 14,880
152,076 152,076 10 Crescent Investment Bank Limited 2,298 2,298
289,500 186,000 10 Faysal Bank Limited 5,870 4,730
- 43,125 10 Fidelity Investment Bank Limited - 426
- 28,183 10 Islamic Investment Bank Limited - 533
32,470 26,496 10 Jahangir Siddiqui & Company Limited 1,030 881
89,180 89,180 10 Jahangir Siddiqui Investment Bank Limited 2,755 2,755
42,692 37,124 10 Khadim Ali Shah Bukhari & Company 1,243 1,243
652,800 501,440 10 Metropolitan Bank Limited 9,850 9,221
162,000 153,500 10 Orix Investment Bank Limited 1,398 1,341
1,654,206 1,213,874 10 Pakistan Industrial Credit & Investment Corporati 18,203 18,203
111,877 97,285 10 Prime Commercial Bank Limited 2,164 2,164
798,593 614,303 10 Soneri Bank Limited 11,006 11,006
109,159 109,159 10 Union Bank Limited 1,941 1,941
INSURANCE:
58,289 58,289 10 Central Insurance Company Limited 659 659
196,666 196,666 5 Habib Insurance Company Limited 2,224 2,224
61,240 55,673 10 International General Insurance
Company of Pakistan Limited 1,254 1,254
1,987 1,728 5 New Jubilee Insurance Company Limited 21 21
3,554 3,554 100 Pakistan Re-Insurance Company
Limited (Formerly Pakistan Insurance Corporation 422 422
284,320 - 10 Pakistan Re-Insurance Company
Limited (Formerly Pakistan
Insurance Corporation) - (Bonus shares) - -
257,529 257,529 5 Premier Insurance Company of Pakistan Limited 1,543 1,543
TEXTILE SPINNING:
61,000 75,000 10 Accord Textiles Limited 609 748
25,490 25,490 5 Annoor Textile Mills Limited 573 573
119,200 119,200 10 Apollo Textile Mills Limited 1,301 1,301
142,833 142,833 10 Bilal Fibres Limited 1,754 1,754
- 20,000 10 Chakwal Spinning Mills Limited - 400
72,036 72,036 10 Dewan Khalid Textile Mills Limited 2,294 2,294
14,392 14,392 10 Dewan Mushtaq Textile Mills Limited 233 233
423 423 10 Dewan Textile Mills Limited 14 14
43,200 43,200 10 Din Textile Mills Limited 993 993
451,914 451,914 10 Fazal Cloth Mills Limited 5,475 5,475
- 500 10 Gulistan Spinning Mills Limited - 7
31,625 31,625 10 Gulshan Spinning Mills Limited 747 747
7,900 7,900 10 Ishtiaq Textile Mills Limited 110 110
22,500 31,000 10 J.A. Textile Mills Limited 269 370
79,500 100,000 10 Landmark Spinning Industries Limited 792 996
50,925 50,925 10 Paramount Spinning Mills Limited 1,711 1,711
320,600 320,600 10 Reliance Cotton Spinning Mills Limited 3,195 3,195
81,000 81,000 10 Sally Textile Mills Limited 897 897
78,000 78,000 10 Service Industries (Textile) Limited 1,388 1,388
3,000 4,140 10 Shaheen Cotton Mills Limited 112 154
124,200 124,200 10 Shahzad Textile Mills Limited 1,539 1,539
- 3,916 10 Sunshine Cotton Mills Limited - 59
171,267 171,267 10 Umer Fabrics Limited 3,299 3,299
TEXTILE WEAVING:
20,100 20,100 10 I.C.C. Textile Mills Limited 258 258
20,000 20,000 10 Yousuf Weaving Mills Limited 234 234
TEXTILE COMPOSITE:
25,200 25,200 10 Burewala Textile Mills Limited 1,250 1,250
442,485 442,485 10 Crescent Textile Mills Limited 7,470 7,470
93,078 93,078 10 Dawood Cotton Mills Limited 4,003 4,003
- 20,400 10 Ghazi Fabrics International Limited - 307
107,239 107,239 10 Gul Ahmed Textile Mills Limited 1,893 1,893
107,014 107,014 10 Hussain Industries Limited 1,886 1,886
105,151 110,651 10 Jubilee Spinning & Weaving Mills Limited 1,207 1,270
- 10,917 10 Kohinoor Industries Limited - 239
28,566 28,566 10 Kohinoor Textile Mills Limited 526 526
223,960 223,960 10 Mohammed Farooq Textile Mills Limited 3,801 3,801
551,447 551,447 10 Nishat Mills Limited 13,252 13,252
18,000 18,000 10 Shams Textile Mills Limited 540 540
- 2,095 10 Star Textile Mills Limited - 42
14,437 14,437 10 Zahur Textile Mills Limited 210 210
WOOLLEN:
124,600 124,600 10 Lawrencepur Woollen Mills Limited 3,193 3,193
- 4,760 10 Moonlite Pakistan Limited - 57
SYNTHETIC AND RAYON:
101,349 101,349 10 Bengal Fibre Industries Limited 1,463 1,463
971,856 971,856 10 Dewan Salman Fibres Limited 32,729 32,729
10,017 10,017 10 Dilon Limited 133 133
145,610 145,610 10 Gatron Industries Limited 6,189 6,189
88,750 88,750 10 Ibrahim Fibres Limited 1,227 1,227
311,400 311,400 10 Pakistan Synthetics Limited 3,114 3,114
36,837 36,837 5 Polypropylene Products Limited 387 387
44,500 37,500 10 Rupali Polyester Limited 2,321 2,151
- 20,400 10 Tristar Polyester Limited - 677
JUTE:
17,650 21,150 10 Amin Fabrics Limited 395 473
250,366 263,366 10 Crescent Jute Products Limited 4,842 5,093
52,204 52,204 10 Indus Jute Mills Limited 747 747
301,395 301,395 5 Thal Jute Mills Limited 2,660 2,660
SUGAR AND ALLIED:
- 31,700 10 Al-Asif Sugar Mills Limited - 373
95,726 95,726 10 Al-Noor Sugar Mills Limited 1,937 1,937
138,000 138,000 10 Ansari Sugar Mills Limited 1,375 1,375
- 84,163 10 Baba Farid Sugar Mills Limited - 1,168
154,352 154,352 10 Bawany Sugar Mills Limited 3,880 3,880
270,254 270,254 10 Crescent Sugar Mills & Distillery Limited 3,970 3,970
230,635 230,635 10 Dewan Sugar Mills Limited 7,454 7,454
86,996 86,996 10 Faran Sugar Mills Limited 1,625 1,625
- 38,874 10 Fecto Sugar Mills Limited - 477
241,077 241,077 5 Habib Sugar Mills Limited 3,806 3,806
6,456 6,456 10 Hamza Sugar Mills Limited (Formerly Hyesons Sugar 60 60
15,911 15,911 10 Husein Sugar Mills Limited 309 309
73,827 73,827 10 Mehran Sugar Mills Limited 2,293 2,293
146,236 146,236 10 Mirpurkhas Sugar Mills Limited 3,116 3,116
- 56 10 Noon Sugar Mills Limited - 1
- 3,300 10 Pangrio Sugar Mills Limited - 47
132,000 132,000 10 Sakrand Sugar Mills Limited 1,320 1,320
50,380 50,380 10 Sanghar Sugar Mills Limited 1,026 1,026
- 2,862 10 Shahmurad Sugar Mills Limited - 46
113,044 113,044 10 Shahtaj Sugar Mills Limited 2,626 2,626
100,000 100,000 10 Tandlianwala Sugar Mills Limited 998 998
26,418 26,418 10 Thal Industries Corporation Limited 618 618
24,000 24,000 10 United Sugar Mills Limited 466 466
CEMENT:
805,376 805,376 10 Cherat Cement Company Limited 11,437 11,437
25,750 25,750 10 Dadabhoy Cement Industries Limited 535 535
63,080 63,080 10 Dadex Eternit Limited 1,064 1,064
940,728 855,208 10 D.G. Khan Cement Company Limited 32,401 32,401
62,557 62,557 10 Essa Cement Industries Limited 1,544 1,544
239,750 299,250 10 Gharibwal Cement Limited 3,894 4,860
7,420 7,420 10 Javedan Cement Limited 102 102
80,900 80,900 10 Lucky Cement Company Limited 1,632 1,632
825,000 825,000 10 Pakland Cement Limited 8,250 8,250
100,000 100,000 10 Saadi Cement Limited 1,000 1,000
32,182 32,182 10 Zeal Pak Cement Factory Limited 1,188 1,188
TOBACCO:
139,221 116,018 10 Lakson Tobacco Company Limited 2,044 2,044
412,374 412,374 10 Pakistan Tobacco Company Limited 8,565 8,565
FUEL AND ENERGY:
1,461,500 994,500 10 Hub Power Company Limited 47,636 35,112
289,450 289,450 10 Karachi Electric Supply Corporation Limited 4,092 4,092
508,040 658,040 10 National Refinery Limited 5,572 7,218
220,565 266,365 10 Pakistan Oilfields Limited 10,006 12,084
279,501 283,501 10 Pakistan Refinery Limited 12,234 12,409
546,639 555,533 10 Pakistan State Oil Company Limited 27,790 33,890
24,750 24,750 10 Shell Gas LPG (Pakistan) Limited 533 533
167,857 191,057 10 Shell Pakistan Limited 14,132 16,085
76,000 132,000 10 Sitara Energy Limited 1,381 2,398
1,745,137 1,745,137 10 Sui Northern Gas Pipelines Limited 22,464 22,464
1,786,779 1,786,779 10 Sui Southern Gas Company Limited 22,342 22,342
ENGINEERING:
- 10,000 10 Abbas Engineering Industries Limited - 139
30,417 30,417 10 Crescent Steel & Allied Products Limited 375 375
167,252 167,252 10 International Industries Limited 3,485 3,485
116,220 116,220 10 KSB Pumps Company Limited 1,205 1,205
108,002 225,502 10 Metropolitan Steel Corporation Limited 1,648 3,441
AUTO & ALLIED ENGINEERING:
31,285 70,285 5 Agriautos Industries Limited 286 642
392,026 395,526 5 Al-Ghazi Tractors Limited 4,158 4,195
- 2,018 10 Allwin Engineering Industries Limited - 23
144,544 144,544 10 Exide Pakistan Limited 4,372 4,372
36,393 66,893 10 Ghandhara Nissan Limited 1,148 2,111
137,500 137,500 10 Indus Motor Company Limited 3,621 3,621
58,080 58,080 10 Millat Tractors Limited 2,552 2,552
13,500 51,500 10 Ghandhara Nissan Limited 336 1,280
193,200 193,200 10 Pak Suzuki Motor Company Limited 8,673 8,673
CABLE & ELECTRICAL GOODS:
- 1,050 10 Climax Engineering Company Limited - 19
40,481 42,981 10 Johnson & Phillips (Pakistan) Limited 714 758
43,261 43,261 10 Pakistan Cables Limited 1,308 1,308
126,346 176,346 10 Pak Elektron Limited 5,439 7,592
- 6,740 10 PEL Appliances Limited - 152
10,750 10,750 10 Pioneer Cables Limited 171 171
67,695 99,695 10 Refrigerators Manufacturing Company Pakistan Limi 1,310 1,929
235,830 273,330 10 Siemens (Pakistan) Engineering Company Limited 16,187 3,945
TRANSPORT & COMMUNICATIONS:
47,400 47,400 10 Pan Islamic Steamship Company Limited 457 457
260,000 257,000 10 Pakistan Telecommunication Company Limited 6,548 6,502
CHEMICAL & PHARMACEUTICAL:
538,640 - 10 Abbot Laboratories Pak Limited 24,371 -
417,805 348,171 10 BOC Pakistan Limited 5,615 5,615
10,000 10,000 10 Buxly Paints Limited 133 133
50,541 50,541 10 Clariant Pakistan Limited 1,150 1,150
110,270 110,270 5 Dynea Pakistan Limited (Formerly Dyno Pak Limited 974 974
1,744,611 1,993,611 10 Engro Chemical Pakistan Limited 68,479 78,252
193,000 193,000 10 FFC Jordan Fertilizer Company Limited 3,269 3,269
672,500 665,500 10 Fauji Fertilizer Company Limited 46,221 45,865
693 555 10 Ferozsons Laboratories Limited 6 6
361,323 377,323 10 Glaxo Wellcome (Pakistan) Limited 7,503 7,836
569,333 569,333 10 ICI Pakistan Limited 44,223 44,223
1,462,729 1,552,729 10 Pakistan PTA Limited 12,984 13,784
- 699,700 10 Knoll Pharmaceuticals Limited - 25,327
6,300 6,300 10 Pak Gum & Chemicals Limited 283 283
771,732 771,732 10 Reckitt Benckiser Pakistan Limited 34,570 34,570
57,575 57,575 10 Searle Pakistan Limited 1,233 1,233
- 56,411 10 Sind Alkalis Limited - 929
84,750 84,750 10 Sitara Chemicals Company Limited 3,318 3,318
- 300 10 Smith Kline & French of Pakistan Limited - 42
96,750 48,375 10 Wah Nobel Chemicals Limited 1,712 1,228
PAPER AND BOARD:
68,300 102,300 5 Balochistan Particle Board Limited 379 568
144,200 144,200 10 Cherat Papersack Limited 6,095 6,095
141,131 196,131 10 Crescent Board Limited 2,123 2,950
543,141 556,641 10 Packages Limited 41,538 25,335
118,292 118,292 10 Pakistan Papersack Corporation Limited 1,131 1,131
582,597 582,597 10 Security Papers Limited 10,632 10,632
VANASPATI AND ALLIED INDUSTRIES:
- 17,480 10 Associated Industries Limited - 1,134
12,200 12,200 10 Kakakhel Pakistan Limited 338 338
42,750 42,750 10 Wazir Ali Industries Limited 860 860
CONSTRUCTION:
50,000 50,000 10 Gammon Pakistan Limited 1,210 1,210
LEATHER AND TANNERIES:
57,884 57,884 10 Bata Pakistan Limited 991 991
18,350 18,350 10 Service Industries Limited (Shoes) 305 305
FOOD AND ALLIED:
161,700 107,800 10 Ismail Industries Limited 2,197 1,658
226,676 188,897 10 Murree Brewery Company Limited 5,607 5,607
32,583 32,583 10 Nestle Milk Pak Limited (Milkpak) 831 831
54,870 54,870 10 Rafhan Maize Products Limited (CPC Rafhan) 2,899 2,899
23,676 19,396 50 Unilever Pakistan Limited (Formerly Lever Brother 12,654 8,632
GLASS AND CERAMICS:
280,470 93,490 5 Baluchistan Glass Limited 2,230 1,295
23,482 68,482 10 Emco Industries Limited 559 1,630
62,000 100,000 10 Frontier Ceramics Limited 618 998
26,831 26,831 10 Medi Glass Limited 417 417
MISCELLANEOUS:
15,364 17,364 10 Hashimi Can Company Limited 187 212
- 4,587 10 Pakistan Services Limited - 79
- 60,000 10 Transpak Corporation Limited - 838
34,122 34,122 10 Treet Corporation Limited 516 516
83,424 83,424 10 United Distributors Pakistan Limited 2,382 2,382
- 1,644 10 Zulfiqar Industries Limited - 17
917,619 912,752
=====================================================================================================10.1.3. DELISTED=====================================================================================================
No. of Shares/Certifates Face
2002 2001 Value Company's Name 2002 2001
Rupees in '000
=====================================================================================================
211,315 211,315 10 Bankers Equity Limited 2,429 2,429
10,800 10,800 10 Indus Bank Limited 185 185
37,000 37,000 10 Mehran Bank Limited 1,251 1,251
41,720 41,720 10 Central Cotton Mills Limited 587 587
33,000 33,000 10 Naveed Textile Mills Limited 491 491
436,100 436,100 10 Dannemann Fabrics Limited 4,361 4,361
38,500 38,500 5 Madina Textile Mills Limited 193 193
100,000 100,000 5 Punjab Building Products Limited 931 931
3,601 3,601 10 Adamjee Paper & Board Mills Limited 44 44
31,676 31,676 5 Prince Glass Works Limited 815 815
11,287 11,287
=====================================================================================================10.1.4. DEBENTURES=====================================================================================================
No. of Shares/Certifates Face
2002 2001 Value Company's Name 2002 2001
Rupees in '000
=====================================================================================================
Tariq Cotton Mills Limited
12 12 10,000 (under liquidation) 120 120
120 120
=====================================================================================================10.1.5. MODARABA CERTIFICATES=====================================================================================================
No. of Shares/Certifates Face
2002 2001 Value Company's Name 2002 2001
Rupees in '000
=====================================================================================================
998,101 998,101 10 B.R.R. International Modaraba 12,381 12,381
123,653 123,653 10 First Crescent Modaraba 2,142 2,142
158,322 158,322 10 First Fidelity Leasing Modaraba 2,125 2,125
696,563 696,563 10 First Grindlays Modaraba 15,352 15,352
45,926 45,926 10 First Habib Bank Modaraba 548 548
38,052 38,052 5 First Habib Modaraba 204 204
- 388,368 10 First Professional Modaraba - 3,884
44,389 - 10 First Prudential Modaraba 336 -
- 27,918 10 Modaraba Al-Tijarah - 458
- 42,071 10 Second Prudential Modaraba - 513
68,600 68,600 10 Trust Modaraba 1,348 1,348
34,436 38,955
=====================================================================================================10.1.6. TERM FINANCE CERTIFICATES=====================================================================================================
No. of Shares/Certifates Face
2002 2001 Value Company's Name 2002 2001
Rupees in '000
=====================================================================================================
5 15 5,000 Gatron Industries Limited 500 1,498
22 30 5,000 Dewan Salman Fibres Limited 2,247 2,997
50 50 5,000 Nishat Mills Limited 4,998 5,000
50 50 5,000 Orix Leasing Pakistan Limited 4,997 4,999
50 50 5,000 Gulistan Textile Mills Limited 4,998 5,000
17,740 19,494
=====================================================================================================10.1.7. NATIONAL INVESTMENT TRUST UNITS=====================================================================================================
No. of Shares/Certifates Face
2002 2001 Value Company's Name 2002 2001
Rupees in '000
=====================================================================================================
4,912,540 8,412,540 N.I.T. Units (Refer note 10.3) 64,365 110,250
64,365 110,250
=====================================================================================================10.1.8. INVESTMENT CORPORATION OF PAKISTAN-MUTUAL FUNDS CERTIFICATES================================================================================
No. of Shares/Certifates Face
2002 2001 Value Company's Name 2002 2001
Rupees in '000
================================================================================
276,000 276,000 10 1st ICP Mutual Fund 2,982 2,982
189,500 189,500 10 2nd -do- 2,403 2,403
277,850 277,850 10 3rd -do- 3,512 3,512
308,999 308,999 10 4th -do- 3,779 3,779
80,350 80,350 10 5th -do- 986 986
295,900 295,900 10 6th -do- 3,036 3.036
99,350 99,350 10 7th -do- 1,201 1,201
1,083,000 1,083,000 10 8th -do- 11,532 11,532
911,500 1,022,500 10 9th -do- 9,434 10,583
481,300 541,800 10 10th -do- 5,196 5,848
860,000 860,000 10 11th -do- 9,272 9,272
479,500 479,500 10 12th -do- 4,861 4,861
229,000 229,000 10 13th -do- 2,478 2,478
247,600 247,600 10 14th -do- 3,138 3,138
37,600 37,600 10 15th -do- 637 637
14,700 14,700 10 16th -do- 252 252
76,900 76,900 10 17th -do- 1,215 1,215
95,800 95,800 10 18th -do- 1,661 1,661
47,600 47,600 10 19th -do- 869 869
66,300 66,300 10 20th -do- 1,225 1,225
- 14,000 10 21st -do- - 157
121,000 121,000 10 22nd -do- 2,063 2,063
- 20,500 10 23rd -do- - 189
- 9,000 10 24th -do- - 79
541,300 612,300 10 ICP (State Enterprises) Mutual 6,969 7,883
78,701 81,841
================================================================================10.2. HELD TO MATURITY===================================================================================================
No. of Shares/Certifates Face
2002 2001 Value Company's Name 2002 2001
Rupees in '000
===================================================================================================
(c) Government Securities
- 1 350,000 Sindh Loan 15-1/2% 2002 - 350
1 1 125,000 Sindh Loan 16% 2003 125 125
125 475
===================================================================================================10.3. 5,000 Units of Rs. 10 each of National Investment Trust (Units) are deposited with the Additional Session Judge, East, Karachi, as a security for release of a stolen vehicle.10.4. In order to comply, as far as possible, with the Accounting Regulations under the Insurance Rules, the company during the current year, disposed of impaired stocks/shares, valuing Rs.118.432 million and recorded a capital loss of Rs.19.60 million in these financial statements. At the end of the current year, the company's, investments in stocks/Modaraba certificates, etc. aggregated to Rs.1.184 billion, out of which stocks/Modaraba certificates etc., carrying a book value of Rs.265.00 million, suffered impairment to the extent of Rs. 131.036 million. Since diminution in values has been accumulated over a long period of time, accounting of such impairment in one year would cause considerable strain on the company's annual profit. In view of this position, the company intends to dispose of such stocks/shares within the next 3 to 4 years, as reported by the Board of Directors, last year and recognize the loss in the relevant year in which the shares/certificates are disposed off. 11. PREMIUMS DUE BUT UNPAID, AMOUNTS DUE FROM OTHER INSURERS/REINSURERS, SALVAGE RECOVERIES ACCRUED AND REINSURANCE RECOVERIES AGAINST OUTSTANDING CLAIMS These are unsecured and considered to be good. 12. ACCRUED INVESTMENT INCOME =================================================================================
2002 2001
(Rupees in '000)
=================================================================================
Return accrued on Government Securities 377 301
Return accrued on Term Finance Certificates 2,261 657
Dividend income 16,391 41,097
Others 88 1,723
19,117 43,778
=================================================================================13. PREPAYMENTS=================================================================================
2002 2001
(Rupees in '000)
=================================================================================
Prepaid reinsurance ceded 774,579 -
Others 110 289
774,689 289
=================================================================================14. SUNDRY RECEIVABLES=================================================================================
Note 2002 2001
(Rupees in '000)
=================================================================================
Secured
Current portion of long term loans to Employees 24,780 8,731
Unsecured
Advances to employees 14,144 11,669
Sundry debtors 4,353 7,629
Branch adjustment account 38,331 26,246
Interest accrued on tax refunds 14.1 82,263 82,263
Receivable from Staff Gratuity Fund 5 79,551 -
Stationery in hand 1,965 1,827
Long term security deposits 14,966 14,136
Miscellaneous 33,868 35,442
269,441 179,212
Less: Provision against uncollectibles 20,000 -
249,441 179,212
274,221 187,943
=================================================================================14.1. This represents interest accrued on tax refunds relating to the years up to December 31, 1989 and from 1992 to 1997 which had previously become due to the company but not been fully adjusted/received.Under the provisions of the repealed Income Tax Ordinance, 1979, if no payment was made by the Income Tax department within three months of the due date of refunds, compensation @ 15% of refunds due could be claimed by the assessee from the expiry of the three months. Consequently, the company claimed this compensation on the basis of the date of the relevant original assessment order (or revised assessment order, as appropriate) to December 31, 2000. 15. FIXED ASSETS =================================================================================
Note 2002 2001
(Rupees in '000)
=================================================================================
Tangible assets 15.1 196,380 198,562
Capital work in progress 15.2 1,944 -
Intangible asset 15.3 3,790 -
202,114 198,562
=================================================================================15.1. TANGIBLE ASSETS=====================================================================================================================================
DOWN
COST ACCUMULATED DEPRECIATION VALUE
As at As at As at As at As at
January 1, Additions/ Dec 31, January 1, For the (On disposals)/Dec 31, Dec 31,
2002 (Adjustments)*(Disposals) 2002 Rate 2002 year (Adjustments)* 2002 2002
(Rupees in '000) % (Rupees in '000)
=====================================================================================================================================
Buildings 51,488 1,600 - 53,227 5 4,890 2,244 - 7,311 45,916
139* 177 *
Furniture & fixtures 47,999 1,730 (685) 46,238 10 24,439 2,402 (304) 23,578 22,660
(2,806)* (2,959) *
Motor vehicles 170,654 9,617 (22,096) 139,878 20 107,290 12,426 (15,741) 85,491 54,387
(18,297)* (18,484) *
Machinery and
equipment 139,458 4,018 (2,216) 104,483 10 94,860 4,676 (1,409) 61,674 42,809
(36,777)* (36,453) *
Computers and related
accessories 69,758 21,158 (5,393) 75,401 30 49,316 10,680 -5,059 44,793 30,608
(10,122)* (10,144) *
December 31 2002 479,357 38,123 (30,390) 419,227 280,795 32,428 (22,513) 222,847 196,380
(67,863) (67,863) *
December 31 2001 456,130 43,811 (20,584) 479,357 261,383 33,892 (14,480) 280,795 198,562
=====================================================================================================================================Refer note 2.13.1 in respect of change in accounting estimate with regard to fixed assets.* These represent adjustments made during the current year as a result of reconciliation of the underlying subsidiary records. 15.1.1. DETAIL OF TANGIBLE ASSETS DISPOSED OFF DURING THE YEAR IS AS FOLLOWS: ======================================================================================================
Accumulated Book Sale Mode of
Description Cost Depreciation value Proceeds Disposal Particulars of purchaser
(Rupees in '000)
======================================================================================================
MOTOR VEHICLES
Mehran AAL-655 274 202 72 125 Co's Scheme S. Nizamuddin - Ex Executive
Honda Civic M-3922 450 303 147 325 Negotiation Azhar Ali Talpur, Hyderabad
Mehran Z-3527 196 163 33 100 Negotiation M. Amin, Karachi
Khyber 1995 AA-4050 270 182 88 115 Negotiation Zafar Ali, Mirpur Khas
Corolla Q-1704 636 529 107 160 Negotiation Feroze, Karachi
Margalla V-2705 332 287 45 267 Negotiation Salman Ali Khan, Karachi
Lancer U-5784 500 416 84 335 Negotiation M. Faheem Modi, Karachi
Honda Civic AAG-755 862 636 226 490 Negotiation Dr Fareed Akbar, Karachi
Margalla Z-1560 272 201 71 225 Negotiation Iqbal H. Qureshi, Karachi
Khyber AA-4832 200 134 66 144 Negotiation Ch. Naeem, Lahore
Sohni Coach CJ-1655 444 396 48 651 Negotiation Bashir Ahmed, Karachi
Civic AAF-492 848 626 222 525 Negotiation Tanzeem Quadri, Karachi
Corolla AA-4891 320 156 164 435 Negotiation Kashif, Karachi
Civic AAF-174 639 471 168 481 Negotiation Faisal, Karachi
Khyber AA-4831 175 103 72 140 Negotiation Yameen, Karachi
Khyber AB-5897 394 311 83 236 Negotiation Syed Zahid, Karachi
Margalla Z-1863 137 67 70 287 Negotiation Nadeem, Karachi
Mehran AAL-746 274 202 72 145 Negotiation Shakil Ahmed, Karachi
Corolla LOM-9464 115 56 59 275 Co's Scheme Qamar Ahmed - Ex Executive
Civic AB-7786 414 245 169 350 Co's Scheme Taimur Sehr - Ex Executive
Civic LOW-8108 400 144 256 376 Negotiation Raja Gul, Islamabad
Khyber LOX-6485 392 310 82 176 Negotiation Laique Ahmed, Karachi
Mehran LOU-2591 209 174 35 132 Negotiation Ishtiaq, Lahore
Mehran AB-5223 200 147 53 156 Co's Scheme Qamar ul Haq - Ex Executive
LOX-5696 481 378 103 312 Co's Scheme Muhammad Abbas - Ex Executive
Civic LOX-2246 694 548 146 398 Negotiation Ch. Sarfraz Masud, Lahore
Civic AAP-717 700 342 358 400 Co's Scheme Mohammed Saleem - Ex Executive
Civic AAL-112 455 222 233 475 Co's Scheme Mohammed Naseem - Ex Executive
Civic Z-3754 752 626 126 325 Negotiation Abdul Qadir, Lahore
Corolla V-6345 780 675 105 426 Negotiation Salahuddin, Karachi
Mehran AAL-658 278 205 73 110 Negotiation Haseeb ur Rehman, Karachi
Corolla Z-6241 152 55 97 256 Negotiation Aqil, Karachi
Khyber FDS-4861 390 308 82 9 Negotiation Ch. Naeem, Karachi
Khyber Z-6704 306 255 51 130 Negotiation Syed Zahid, Karachi
AB-6182 615 486 129 305 Negotiation Mohammed Azam, Karachi
Corolla Q-1709 250 122 128 344 Negotiation Mohammed Azam, Karachi
COMPUTERS
Various Computers 5,364 5,041 323 8 Negotiation Nadeem - Salvage Dealer
Computer 586-133 MZ 23 15 8 7 Co's Scheme Najib Nasir Syed - Ex Executive
FURNITURE
Carpets 54 40 14 5 Negotiation Burhani Disposal House
Cushion, Bedroom Set
and Tables 40 25 15 7 Co's Scheme Yousuf Hussain - Ex Executive
Bedroom Set 20 9 11 11 Co's Scheme Ramesh Mulraj - Ex Executive
Carpets, Curtains, Cushion 71 38 33 27 Co's Scheme Mohammed Saleem - Ex Executive
Furniture/Machinery Items 190 122 68 34 Co's Scheme A.G. Nawaz - Ex Executive
MACHINERY
Micro, TV, AC, Fridge, VC 84 60 24 24 Co's Scheme Syed Ausaf Ali - Ex Executive
Micro, TV, AC, Fridge, VC 172 117 55 55 Co's Scheme Ramesh M B - Ex Executive
Micro, TV, AC, Fridge, VC 105 85 20 10 Co's Scheme Yousuf Hussain - Ex Executive
Air Conditioner 51 42 9 10 Negotiation Temp Corner, Karachi
Mobile Phones 46 29 17 2 Co's Scheme Nadeem Ahmed - Ex Executive
Mobile Phones 33 25 8 1 Co's Scheme Mohammed Akram - Ex Executive
Air Conditioner 63 48 15 20 Negotiation City Centre, Lahore
Fax Machine 28 17 11 3 Negotiation Combine Comm, Lahore
TV, Mobile Phones,
Freezer, AC, etc 262 179 83 97 Co's Scheme Mohammed Saleem - Ex Executive
2 Air Conditioner 90 69 21 21 Negotiation Mohammed Umair, Karachi
Mobile Phones Set 8 2 6 6 Negotiation Nazir Ahmed, Karachi
AC and Mobile Phones 57 45 12 9 Co's Scheme Ashraf - Ex Executive
Cupboard 35 27 8 - Co's Scheme Haji Namdah Jan - Ex Executive
AC, TV, Deep Freezer etc. 166 89 77 76 Co's Scheme A.G. Nawaz - Ex Executive
Daikin Split AC 550 212 338 45 Negotiation Techno House, Karachi
======================================================================================================15.2. CAPITAL WORK-IN-PROGRESS=========================================================================
2002 Additions 2001
(Rupees in '000)
=========================================================================
Advance to a supplier in respect of vehicles 1,944 1,944 -
=========================================================================15.3. INTANGIBLE ASSET=======================================================================================================
Accumulated Accumulated Book
Cost at Cost at depredation depredationvalue at Rate
January 01, December 31 at January Depreciation at DecemberDecember per
Description 2002 Addition 2002 2002 for the year 31, 2002 31, 2002 annum
(Rupees in '000)
=======================================================================================================
Computer
Software - 4,738 4,738 - 948 948 3,790 20
=======================================================================================================16. EXPENSES=================================================================================
Note 2002 2001
(Rupees in '000)
=================================================================================
Salaries and wages 424,507 422,669
Rent, rates and taxes 68,389 64,079
Communication 42,076 46,111
Printing and stationery 14,880 14,178
Traveling and entertainment 30,968 30,064
Repairs and maintenance 104,641 109,272
Advertisement and sales promotion 18,696 15,986
Amortisation charge 15.3 948 -
Others 37,743 21,659
742,848 724,018
=================================================================================17. OTHER INCOME=================================================================================
2002 2001
(Rupees in '000)
=================================================================================
Administrative surcharge 69,105 70,701
Exchange gain - net 15,697 52,983
Gain on sale of fixed assets 8,123 5,707
Income from car repairs 10,560 11,169
Interest on loans to employees 950 872
Interest on reserve kept with the State Bank of Pakistan 411 501
Provision for funded gratuity written back 79,551 -
Miscellaneous 22,210 11,675
206,607 153,608
=================================================================================18. GENERAL AND ADMINISTRATION EXPENSES=================================================================================
Note 2002 2001
(Rupees in '000)
=================================================================================
Salaries and wages 18.1 92,493 25,398
Depreciation expense 15.1 32,428 33,892
Directors' fee 9 3
Legal and professional expenses 5,396 3,759
Auditors' remuneration 18.2 1,405 1,192
Donations 18.3 2,307 3,066
Provision against uncollectibles 20,000 -
Others 4,387 3,784
158,425 71,094
=================================================================================18.1. Included herein is a sum of Rs.24.449 (2001: Rs.21.304) million in respect of staff retirement benefits.18.2. AUDITORS' REMUNERATION =================================================================================
2002 2001
(Rupees in '000)
=================================================================================
Audit fee 595 595
Other certifications, and tax advisory services 697 508
Out-of-pocket expenses 113 89
1,405 1,192
=================================================================================18.3. Donations do not include any donee in whom any director or his spouse has any interest.19. PROVISION FOR TAXATION =================================================================================
2002 2001
NOTE (Rupees in '000)
=================================================================================
Current 19.1 -49,084 -16,000
=================================================================================The income tax assessments of the company have been finalized up to and including the assessment year 2001-2002, corresponding to the income year ended December 31, 2000 (refer note 7).DEFERRED Deferred tax asset arising from unassessed tax loss of Rs.640.220 million, as reported by the company in its return of income for the assessment year 2002-2003, has not been recognised in these financial statements as per the policy of the company. 19.1. RELATIONSHIP BETWEEN TAX EXPENSE AND ACCOUNTING PROFIT ====================================================================
2002
====================================================================
Profit before taxation 267,767
Tax at the applicable rate of 35% 93,719
Tax effect of expenses that may not be
deductible for tax purposes 7,000
Tax effect of dividend income taxed at lower rate (51,635)
Charge for the current year 49,084
====================================================================In prior year, there was loss for tax purposes and, hence, tax charge was provided for on the basis of turnover.Therefore, the relationship between tax expense and accounting profit, for the previous year, has not been presented in these financial statements. |