| PAKISTAN REINSURANCE COMPANY LIMITED |
| BALANCE
SHEET AS AT DECEMBER 31, 2004 |
|
|
|
2004 |
|
2003 Restated |
|
2004 |
|
2003 Restated |
| |
Note |
Rupees |
|
Rupees |
|
|
Note |
Rupees |
|
Rupees |
|
|
|
|
|
| Share
Capital and Reserves |
|
|
|
|
|
Cash and Bank deposits |
|
|
| Authorized
Share Capital |
|
Cash and other equivalent |
|
83,229 |
|
81,822 |
| 100,000,000 ordinary
shares of Rs. 10/- each |
|
1,000,000,000 |
|
1,000,000,000 |
|
Current and other accounts |
|
313,010,953 |
|
547,828,512 |
|
|
|
|
|
Deposits maturing within 12 months |
|
1,700,000 |
|
1,700,000 |
| Issued, subscribed and paid
up share capital |
|
450,000,720 |
|
450,000,720 |
|
314,794,182 |
|
549,610,334 |
|
|
|
|
|
|
|
| Exceptional
Losses Reserve |
|
281,000,000 |
|
281,000,000 |
|
Loans (Considered good) |
|
|
|
| General
Reserve |
|
877,419,085 |
|
677,419,085 |
|
to employees |
|
29,895,694 |
|
31,405,599 |
| Retained
earnings |
|
148,183,586 |
|
135,148,020 |
|
to others |
|
5,145,366 |
|
5,302,359 |
|
|
1,306,602,671 |
|
1,093,567,105 |
|
35,041,060 |
|
36,707,958 |
| TOTAL
EQUITY |
|
1,756,603,391 |
|
1,543,567,825 |
|
|
|
|
|
|
|
|
|
| Liabilities against assets
subject to finance lease |
|
1,253,061 |
|
3,278,023 |
|
|
|
|
|
|
|
|
|
Investments |
|
2,719,943,952 |
|
1,885,976,104 |
| Underwriting Provisions |
|
|
|
|
|
|
| - Provision for outstanding claims |
|
866,888,000 |
|
798,072,019 |
|
Invetsment property |
|
61,983,142 |
|
66,650,078 |
| (including IBNR) |
|
|
|
|
|
|
|
|
| -
Provision for unearned premium |
|
2,838,490,000 |
|
2,833,894,174 |
|
Other Assets |
|
|
|
| - Provision for unearned commission |
|
68,139,897 |
|
74,762,995 |
|
|
|
|
|
|
|
3,773,517,897 |
|
3,706,729,188 |
|
Amount due from persons and bodies carrying on
insurance business |
|
|
|
|
|
|
|
|
|
|
1,169,694,766 |
|
1,308,047,882 |
| Deferred Liability |
|
|
|
|
Deposits held by ceding
companies |
|
98,146,570 |
|
22,364,521 |
| Staff retirement benefits |
|
118,720,297 |
|
114,824,743 |
|
Profit, dividend and return
accrued/outstanding |
|
32,029,946 |
|
133,294,085 |
|
|
|
|
|
Other Receivable |
|
187,659,144 |
|
161,286,650 |
| Long term deposit |
|
16,330,096 |
|
15,161,097 |
|
Prepaid reinsurance ceded |
|
1,389,470,000 |
|
1,486,829,396 |
|
|
|
|
|
Prepaid commission |
|
511,351,371 |
|
494,333,310 |
| Creditors
and Accruals |
|
|
|
|
|
Advance for taxation less
provision |
|
58,811,713 |
|
43,329,355 |
| Amount due to other
persons and bodies carrying on insurance business |
|
|
|
|
|
Stock
of stationary |
|
942,093 |
|
321,125 |
|
847,879,124 |
|
700,912,549 |
|
|
3,448,105,603 |
|
3,649,806,324 |
| Deposits retained/received
from other Companies |
|
58,082,027 |
|
101,142,051 |
|
|
|
|
| Current Maturity of lease
liability |
|
2,024,960 |
|
1,879,083 |
|
Fixed Assets |
|
|
|
| Sundry
creditors |
|
30,391,390 |
|
29,519,411 |
|
Tangible and Intangible Assets |
|
|
|
| Retention
money payable |
|
6,414,257 |
|
6,375,953 |
|
Land and building |
|
26,689,697 |
|
28,643,170 |
|
|
944,791,758 |
|
839,829,047 |
|
Furniture, fixture, books and office
equipment |
|
0 |
|
0 |
|
|
|
|
|
|
2,645,887 |
|
1,356,497 |
|
|
|
|
|
Vehicles |
|
4,109,410 |
|
5,063,764 |
| Other liabilities |
|
|
|
|
|
33,444,994 |
|
35,063,431 |
|
|
|
|
|
|
|
|
| Dividend
payable |
|
1,628,737 |
|
788,460 |
|
Assets related to Bangladesh |
|
- |
|
- |
| Surplus
profit payable |
|
767,696 |
|
828,791 |
|
|
|
|
|
|
2,396,433 |
|
1,617,251 |
|
Intangible Assets |
|
- |
|
1,192,945 |
| Total liabilities |
|
4,857,009,542 |
|
4,681,439,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contingent liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total equity and liabilities |
|
6,613,612,933 |
|
6,225,007,174 |
|
Total assets |
|
6,613,312,933 |
|
6,225,007,174 |
|
|
|
| The
annexed notes form an integral part of these financial statements. |
|
|
|
|
|
|
| Naheed Hyder |
|
Maj (R) Muhammad Fazal
Durrani |
__________ |
|
__________ |
|
|
|
Chief Executive |
|
Director |
|
Director |
|
|
|
|
|
|
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|