| ADAMJEE INSURANCE COMPANY LIMITED |
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|
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| 36TH
ANNUAL REPORT |
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| FOR
THE YEAR ENDED 31ST DECEMBER, 1996 |
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| insurance |
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|
| BOARD
OF DIRECTORS |
|
| MOHAMED
HANIF ADAMJEE |
Chairman |
|
| ABDUL
HAMID ADAMJEE |
Director |
|
| ABDUL
RAZAK ADAMJEE |
Director |
|
| ABDUL
GAFFAR ADAMJEE |
Director |
|
| IQBAL
ADAMJEE |
|
Director |
|
| I.
A. RAFIQUI |
|
Director |
|
|
| MOHAMMED
CHOUDHURY |
Managing Director & |
|
|
Chief Executive |
|
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| General
Managers |
|
| I.A.
RAHQUI |
|
| A.
K. ALAVI, A.C.I.I. (London) |
|
| M.
U. MOHAMMADI |
|
| MOIEZ
M.SHAIKHALI |
|
| SULTAN
A. SIDDIQI, B.A. |
|
| MOHAMMED
NASEEM, A.C.I.I. (London) |
|
| F.
T. SABOOWALA |
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| SYED
ZIAUDDIN AHMED, M.Com., F.C.A. |
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| JABBAR
AKHTAR, M. A., LL.B., F.C.I.I. (London) |
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| MIRZA
ALI MAHMOOD, B.E. (Mech. & Elec.) |
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| SALIM
RAFIK SIDIKI, B.A. (Hons), M.A. (Eco.) |
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| KHAWAJA
KHALID MUSTAFA, M.A. |
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| CAPT.
MAHMOOD SULTAN, Master Mariner, |
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| F.I.C.S.
(London), F.C.I.I. (London) |
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|
| General
Manager (Car Clinic) |
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| MOHAMMED
SALEEM |
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|
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| Joint
General Managers |
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| SYED
BASIT HUSSAIN, B.Com. |
|
| TAHIR
AHMED, B.E. (Met.), M.B.A., A.C.I.I. (London), Chartered Insurer |
|
| JAMEEL
KHAN, M.A., LL.B. |
|
| AHSAN
MAHMOOD ALVI, F.C.A. (England & Wales) |
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| SYED
MOHAMMAD NAZIM KAZMI, B.A., Chartered Insurer |
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| M.
JAHANGIR CHUGHTAI, M.A. |
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| ABDUL
HAMID, B. COM, EC.I.I. (London), Chartered Insurer |
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|
| Joint
General Managers |
|
| (Development) |
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| ABDUL
RAZAK RAHIMTULLAH BRAMCHARI |
|
| ABDUL
AZIZ KHADELI, B.Com. |
|
| SHAMSUL
ARFEEN QURESHI, B.Com. |
|
|
| Secretary
/ Joint |
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| General
Manager |
|
| A.
AZIZ CHASHMAWALA, B.Com., LL.B. |
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| AUDITORS |
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| FORD,
RHODES, ROBSON, MORROW |
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| Chartered
Accountants, Karachi. |
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|
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| HEAD
OFFICE |
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| Adamjee
House |
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| P.O.
Box No.4850 |
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| I.
I. Chundrigar Road, Karachi |
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| Phone
:PABX 2412623 (4 Lines) |
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| Fax
:(92-21) 2412627 |
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| Telex
: 21594 & 29719 AIC PK |
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| Cable:
ADAMJINSUR |
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|
| DEPUTY
GENERAL MANAGERS |
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| SYED
KHADIM ALI, B.Com., LL.B. |
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| NASIMUDDIN,
M. A., A. C. I. I. (London) |
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| SHAMSUL
HAQUE, A. C. I. I. (London) |
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| IQBAL
MOHAMMAD, B. A. |
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| M.
IQBAL VAKIL, B.Com. |
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| S.
M. M. RIZVI, B. A. |
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| T.
A. ABBASI, B.Com. |
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| AUSTEN
B. FREITAS |
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| M.
QASIM KAZMI, B.A. |
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| MOHAMMED
EUSOPH JAMAL, M. B. A. |
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| EDRIS
H.M. GOAWALA, B. Com., A.C.I.I. (London), Chartered Insurer |
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| SAEED
JAN AWAN, M.Com. |
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| SYED
AGHA HAIDER, M.A. |
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| TINKU
I. JOHNSON, B.E. (MECH.), M.B.A. |
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| DEPUTY
GENERAL M-ANAGERS |
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| (DEVELOPMENT) |
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| ALTAF
A. KARIM, B. A. |
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| MAZHAR
SALEEM |
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| JEHANGIR
ANWAR, B. Com. |
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| MAHMOOD
A. WAHAB, B.A. |
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| ZERSIS
RUSTOM BIRDIE |
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| ALI
MUHAMMAD DADA |
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| ASST.
GENERAL MANAGERS |
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| SHEIKH
NASIR MAHMOOD, B.A. |
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| S.
ARIF MAJEED, B.Com. |
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| MUHAMMAD
YOUSUF, B.Com. |
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| SYED
ABDUL KHALIQUE, M.A. (Eco.) |
|
| RAMESH
MULRAJ BHERWANI, B.A. |
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| SALEEM
TARIQ AHMED |
|
| NAQI
ZAMIN ALI, B.Sc. (Hons.) |
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| MUHAMMAD
FATEH ALl SHAH |
|
| MOHAMMED
HANIF |
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| SULTAN-UZ-ZAFAR
KHAN, M.A. |
|
| ATEEQ
AHMED KHAN, M.Sc. (Agri. Eco.) |
|
| SYED
KAISER ABBAS |
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| MOHAMMED
ANWAR ABDULLAH, A.C.I.I. (London) |
|
| A.
RAHIM A. GHANI, B. Com. |
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| A.G.
NAWAZ |
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| ABDUL
HAMEED BHURI |
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| WAJIH
AHMED KHAN, B.A. |
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| M.
BASHIR SEJA, B.Com. |
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| A.
SATTAR MOHAMMADI, B.A. |
|
| GHULAM
ABBAS |
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| JALALUDDIN
ALVI, M.A. |
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| CAPT.
SALEEM AHMED, Master Mariner |
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| M.I.C.S.
(London), M.C.I.T (London), A.C.I.I. (London) |
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| PARVAIZ
SIDDIQ, M.B.A., F.C.I.I. (London), Chartered Insurer |
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| BURHANUDDIN
KHAN, B.Com. |
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| SYED
FARHAT HUSSAIN RIZVI, B.A., A.C.I.I. (London) |
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|
| ASST.
GENERAL MANAGERS |
|
| (DEVELOPMENT) |
|
| ABDULLAH
HAMID |
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| A.W.
KAR1M |
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| SYED
ALl JAFFERY |
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| ABDUL
KARIM WAQAR, B.Com. |
|
| ARSHAD
HUSSAIN |
|
| ABDUL
SATTAR AHMED |
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|
| NOTICE
OF THE THIRTY-SIXTH ANNUAL GENERAL MEETING |
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| NOTICE
is hereby given that the Thirty-sixth Annual General Meeting of the Company
will be held at the auditorium of |
|
| the
Institute of Chartered Accountants of Pakistan, G-31/8, Kehkashan, Clifton,
Karachi on Saturday, the 28th June, 1997 at |
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| 11.00
a.m. to transact the following business:-- |
|
|
| 1.
To receive and adopt Directors' and Auditors' Reports and Statement of
Accounts for the year ended |
|
| 31
st December, 1996. |
|
|
| 2.
To approve the final dividend recommended by the directors. |
|
|
| 3.
To consider and if thought fit to pass the following resolution as Ordinary
Resolution: |
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| RESOLVED:-- |
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| i)
"That a sum of Rs.62,459,470 out of the Company's Reserve for issue of
Bonus Shares be capitalised and |
|
| applied
in paying up in full to issue at par 6,245,947 fully paid Ordinary Shares of
Rs. 10 each to be allot- |
|
| ted
as Bonus Shares to and amongst the holders of the Ordinary Shares of the
Company whose names |
|
| appear
in the Register of Members of the Company at the close of business on 16th
June, 1997 in the pro- |
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| portion
of one Ordinary Share for every four Ordinary Shares held and that such new
shares shall rank pari |
|
| passu
as regards future dividends and in all other respects with the existing
Ordinary Shares of the |
|
| Company." |
|
|
| ii)
"That all fractions of Bonus Shares arising on such allotment be
consolidated and sold through the |
|
| Company's
broker and that the net proceeds thereof be distributed pro-rata to the
members entitled |
|
| thereto." |
|
|
| iii)
"That for the purpose of giving effect to the foregoing, the directors
be and are hereby authorised to give |
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| such
directions as may be necessary and to settle any questions or difficulties
that may arise in regard to the |
|
| distribution
of the Bonus Shares or the sale proceeds of the fractions as the directors in
their discretion shall |
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| deem fit." |
|
|
| 4.
To appoint Auditors and fix their remuneration. |
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|
|
By Order of the Board |
|
|
A.Aziz Chashmawala |
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|
Secretary |
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| Notes: |
|
| (a)
The Share Transfer Books of the Company will remain closed from 17th June,
1997 to 1 st July, 1997 (both |
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| days
inclusive). |
|
|
| (b)
A member entitled to attend and vote at the General Meeting is entitled to
appoint another member as a |
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| proxy
to attend and vote instead of him. |
|
|
| (c)
The instrument appointing a proxy must be received at the Registered Office
of the Company not less than |
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| 48
hours before the time appointed for the Meeting. A member shall not be
entitled to appoint more than |
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| one
proxy. If a member appoints more than one proxy and more than one instruments
of proxy are deposit- |
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| ed
by a member with the Company, all such instruments of proxy shall be rendered
invalid. |
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|
| THIRTY-SIXTH
REPORT OF THE DIRECTORS |
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| FOR
THE YEAR ENDED DECEMBER 31, 1996 |
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|
| THE
SHAREHOLDERS |
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| ADAMJEE
INSURANCE COMPANY LIMITED |
|
|
|
| We
have great pleasure in presenting to you the Accounts |
|
| of
your Company for the year 1996, along with the 36th |
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| report
of the Directors on its operational results for the |
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| year
under review. As reported last year, the economic |
|
| conditions
of the country continued to remain unstable |
|
| which
adversely affected all sectors of the economy. |
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| Despite
difficult times, your Company as per its tradi- |
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| tions,
managed to show good results as may be observed |
|
| from
the following figures of its income, outgo and final- |
|
| ly
the profits:- |
|
|
1996 |
1995 |
|
|
Rupees |
Rupees |
|
|
| Gross
direct premium |
|
2,855,830,930 |
2,458,224,824 |
|
| Premium
retained |
|
1,894,000,473 |
1,536,852,798 |
|
| Net
Claims paid and outstanding |
|
1,077,709,628 |
812,146,077 |
|
| Commission
and discount |
|
105,554,622 |
104,993,526 |
|
| Expenses
of Management |
|
375,572,597 |
319,549,315 |
|
| Premium reserve strain (net
charge) |
|
147,211,818 |
128,772,606 |
|
| Profit
before taxation |
|
295,372,528 |
274,552,059 |
|
| Profit
after taxation |
|
221,872,528 |
186,552,059 |
|
|
| UNDERWRITING
PERFORMANCE |
|
| The
gross direct premium income rose to Rs. 2.855 billion |
|
| against
Rs. 2.458 billion in the last year, thus registering a |
|
| satisfactory
growth of 16%. The retained premium |
|
| income,
as will be noticed, recorded significant growth |
|
| and
increased to Rs. 1.894 billion during the year from |
|
| Rs.
1.536 billion in 1995, or 23% higher than the preced- |
|
| ing
year. The higher retention of premium reflects |
|
| Company's
ability and capacity to accept increased risks |
|
| because
of its large financial and technical reserves. The |
|
| incurred
claims, however, were up from 53% of the |
|
| retained
premium in 1995 to around 57% in 1996. The |
|
| outgo
on account of management expenses and commis- |
|
| sion/discount
together, was contained at 25% of the |
|
| retained
premium as against 27% in 1995. Because of |
|
| continued
growth in retained premium, the premium |
|
| reserve
strain (net charge) accounted for around 8% of the |
|
| retained
premium as last year. |
|
| It
is a matter of satisfaction that despite higher claims |
|
| ratio,
the increased retained premium and some economy |
|
| in
the management expenses/commission/discount, corn- |
|
| pared
to the last year enabled your Company to post an |
|
| underwriting
profit of Rs. 295 million during the year |
|
| 1996
against Rs. 274 million earned in 1995, i.e., an |
|
| increase
of Rs. 21 million over the previous year. |
|
|
| FIRE
BUSINESS |
|
| The
gross direct premium income increased to Rs. 754 |
|
| million
during the year against Rs. 647 million last year, |
|
| registering
16% growth over the preceding year. The |
|
| retained
premium, however, rose significantly from |
|
| Rs.
315 million in 1995 to Rs. 407 million in 1996 or an |
|
| improvement
of around 29% over the previous year. |
|
| Happily,
for the last two years, the fire claims ratio, in |
|
| comparison
with other classes of business, has been |
|
| lower
at around 43% of the retained premium. The man- |
|
| agreement
expenses along with commission/discount stood |
|
| at
last year's level of 20% of the retained premium. |
|
| Consequently,
your Company was enabled to produce |
|
| satisfactory
underwriting profit of Rs. 131 million during |
|
| the
year compared to Rs. 95 million earned during 1995. |
|
|
| MARINE
BUSINESS |
|
| The
marine business consists of marine cargo and marine |
|
| hull.
In the aggregate it remained at last year's level of |
|
| Rs.
617 million of which Rs. 466 million pertains to |
|
| marine
cargo and the rest of Rs. 151 million to marine |
|
| hull
business. Because of the adverse claims experience |
|
| in
the marine hull business, the Company has become |
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| selective
in its acceptance and underwrites such business |
|
| only
as is offered at economical rates. The overall |
|
| retained
premium income under marine business at |
|
| Rs.
466 million showed an increase of 15% over the pre- |
|
| vious
year which is satisfactory. The claims in the aggre- |
|
| gate,
however, accounted for around 54% of the retained |
|
| premium
in 1996 compared to 48% in the preceding year |
|
| which
resulted in the slightly lower underwriting profit of |
|
| Rs.
101 million in 1996 compared to Rs. 104 million in |
|
| 1995. |
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|
| MOTOR
BUSINESS |
|
| As
reported last year, the motor business continues to be |
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| the
largest portfolio of the Company. It grew to Rs. 904 |
|
| million
in 1996 compared to Rs. 751 million last year or |
|
| 20%
increase over 1995. Losses on account of car |
|
| snatching/thefts
could not be contained due to little |
|
| improvement
in the law and order situation in the coun- |
|
| try.
The overall claims ratio both on account of thefts etc. |
|
| and
accidents accounted for 60% of the retained premi- |
|
| um
in 1996 against 52% only in 1995. But for the good |
|
| rate
of recovery of the stolen cars by our Car Recovery |
|
|
| Cell,
the claim experience could have been still worse. |
|
| Consequently,
there was a decline in the profitability of |
|
| the
motor business, producing a profit of Rs. 22 million |
|
| during
the year compared to Rs. 27 million earned in |
|
| 1995. |
|
|
| MISCELLANEOUS
BUSINESS |
|
| All
other classes of business, namely engineering busi- |
|
| ness,
bonding and surety, banker's policy, contractor's all |
|
| risk,
personal accident etc. are grouped together under the |
|
| head
'miscellaneous business'. We are happy to report |
|
| that
like motor business miscellaneous business contin- |
|
| ued
to grow significantly. It increased significantly to |
|
| Rs.
579 million during the year compared to Rs. 444 mil- |
|
| lion
or 30% higher than 1995. The claims ratio being |
|
| 75%,
continues to be adverse although it has improved as |
|
| compared
with the last year when it was..85%. |
|
| Fortunately,
since there was substantial growth of 39% in |
|
| the
volume of retained premium during the year, the |
|
| underwriting
profit increased satisfactorily to over Rs. 42 |
|
| million
against Rs. 22 million earned in 1995. |
|
|
| OVERSEAS
OPERATIONS |
|
| We
are happy to report that your Company's overseas |
|
| operations
continue to show steady growth from year to |
|
| year.
The Middle Eastern branches, Dubai and Sharjah in |
|
| the
U.A.E., underwrote a premium of Rs. 342 million in |
|
| 1996
against Rs. 327 million in 1995 or an increase of |
|
| Rs.
15 million. As in the previous year, the marine and |
|
| motor
business contributed the highest not only to the |
|
| overall
business but also to the profitability. The fire busi- |
|
| ness,
however, sustained heavy losses because of some |
|
| large
claims during the year. The management expenses |
|
| together
with commission/discount amounted to Rs. 38 |
|
| million
compared to Rs. 63 million in 1995, thus |
|
| contributing
considerably to the overall profit of Rs. 77 |
|
| million
during the year compared to Rs. 49 million |
|
| in 1995. |
|
|
| The
Company continued to face very severe competition |
|
| from
a large number of insurance companies operating in |
|
| the
Kingdom of Saudi Arabia, in the procurement of busi- |
|
| ness.
Despite difficult conditions, your Company man- |
|
| aged
to underwrite an increased premium income of |
|
| Rs. 92
million in 1996 against Rs. 88 million in previous |
|
| year.
The retained premium showed modest growth dur- |
|
| ing
the year and stood at Rs. 33 million compared to |
|
| Rs.
31 million in 1995. The incurred claims were higher |
|
| at
63% of the retained premium. Similarly, the manage- |
|
| ment
expenses during the year accounted for 33% of the |
|
| retained
premium compared to 26% in 1995. |
|
| Nevertheless,
because of satisfactory commission earn- |
|
| ings
on its reinsurance operations, the Company was able |
|
| to
make an overall profit of Rs. 14 million in 1996 com- |
|
| pared
to Rs. 8 million in 1995. |
|
|
| INVESTMENTS
AND INVESTMENT INCOME |
|
| The
sentiments of the stock market continued to be bear- |
|
| ish
during the year. Broadly speaking, the Company, |
|
| therefore,
largely confined its investments to subscription |
|
| to
the right shares of ICI, ICP Mutual Funds and the |
|
| Government
Securities, namely Defence Savings |
|
| Certificates.
The net addition to the Company's invest- |
|
| ment
(including bonus shares received) amounted to |
|
| Rs.
152 million during the year, compared to Rs. 130 mil- |
|
| lion
in 1995 or around 17% increase over the previous |
|
| year. |
|
|
| It
is rightly said that stock exchange is the barometer of |
|
| any
economy. Because of the poor economic conditions |
|
| of
the country, the stock exchange remained depressed |
|
| for
most part of the year. Consequently, the market value |
|
| of
the Company's investments in stocks/shares (including |
|
| NIT
Units and ICP Mutual Funds) at the stock market |
|
| stoodatRs.
l.637 billion as at December 31,1996 against |
|
| the
book value of Rs. 1.165 billion as at December 31, |
|
| 1996
indicating an appreciation of Rs. 472 million only. |
|
| The
investment income which includes interest on fixed |
|
| deposits,
dividend income, capital gains, bonus shares |
|
| etc.
stood at the last year's level, i.e., Rs. 191 million |
|
| which,
in the aforesaid circumstances, appears to be sat- |
|
| isfactory.
Because of the continued uncertainty and |
|
| depressed
conditions at the stock exchange for some |
|
| years,
the Company has started placing fresh investments |
|
| in
fixed income securities, that is, Defence Savings |
|
| Certificates
etc. |
|
|
| CASH
AND BANK DEPOSITS |
|
| The
insurance companies in general and your Company |
|
| in
particular believes in being sufficiently liquid, so that |
|
| in
the event of unforeseen large claims, it could meet its |
|
| obligation
promptly. One reason, probably of your |
|
| Company's
enjoying the position of the largest insurance |
|
| company
in the country is and has been its ability to set- |
|
| tle
the claims promptly. The Company's liquid funds con- |
|
| tinue
to grow satisfactorily from year to year. The overall |
|
| funds
increased from Rs. 526 million in 1995 to Rs. 646 |
|
| million
in 1996. Of this, a sizeable amount of Rs. 388 |
|
| million
was held in the Company's overseas bank |
|
| accounts
to meet claims and other obligations in respect |
|
| of
its Middle East business operations. |
|
|
| PROFIT
FOR THE YEAR |
|
| The
growth in profit in 1995 over 1994 was quite modest. |
|
| In
1996, however, the Company's operational results |
|
| showed
much improved performance over 1995. As will |
|
| be
noticed, the pre-tax profait for the year under review |
|
| increased
to Rs. 295 million compared to Rs. 274 million |
|
| in
1995. Similarly, the after-tax profit in 1996 was signif- |
|
| icantly
higher at Rs. 221 million compared to Rs. 186 |
|
| million
in 1995 or around 19% increase over the previous |
|
| year. |
|
|
| ALLOCATION
OF PROFIT |
|
| The
profit (inclusive of Rs.75,673 being the balance of |
|
| profit
brought forward from last year) for the year, |
|
| amounted
to Rs. 221,948,201 after making all provisions |
|
| under
the law and also for providing sufficiently in |
|
| respect
of income tax, staff bonus, depreciation, employ- |
|
| ees'
old-age benefits etc. The directors of your Company |
|
| propose
to appropriate the above profit in the manner set |
|
| out
there under:- |
|
|
|
Rupees |
|
| i)
Interim dividend (already paid) @ 15% |
|
37,475,682 |
|
| ii)
Proposed final dividend @ 20% |
|
49,967,576 |
|
| iii)
Reserve for issue of bonus shares in the |
|
| ratio
of 1 ordinary share for every 4 |
|
| ordinary
shares |
|
62,459,470 |
|
| iv)
General Reserve |
|
72,000,000 |
|
| v)
Balance to be carded forward |
|
45,473 |
|
|
---------- |
|
| Total: |
|
221,948,201 |
|
|
========== |
|
|
|
| PAID-UP
CAPITAL AND RESERVES |
|
| As
reported last year, the continued growth in the volume |
|
| of
business both at home and abroad, calls for appropri- |
|
| ate
increase in the paid-up capital and Free Reserves of |
|
| the
Company. Consequently, over the years your |
|
| Company
has been endeavouring hard to enlarge its cap- |
|
| itel-base
through the issue of bonus share to develop |
|
| business
activities. Accordingly, the paid-up capital of |
|
| the
Company increased from Rs. 199.870 million in 1995 |
|
| to
Rs. 249.837 million during the year under report. In |
|
| order
to build up the confidence of the insureds, in par- |
|
| ticular,
in the financial soundness of your progressive |
|
| Company
as a matter of policy, the Free Reserves are |
|
| being
increased every year. The General Reserve accord- |
|
| ingly,
was increased to Rs. 484 million in 1996 compared |
|
| to
Rs. 412 million last year or 17% increase over the pre- |
|
| ceding
year. Consequent upon the capitalisation by way |
|
| of
bonus shares and allocation of appropriate profit to the |
|
| Free
Reserves, the overall position of the shareholders' |
|
| equity
and financial/technical reserves emerges as |
|
| under:- |
|
|
1996 |
1995 |
|
|
Rupees |
Rupees |
|
| a)
Paid-up Capital: |
|
| i)
Initial Capital |
|
2,500,000 |
2,500,000 |
|
|
|
|
|
|
|
| ii)
Capitalisation through issue |
|
|
| of
bonus shares |
|
247,337,880 |
197,370,300 |
|
|
---------- |
---------- |
|
|
249,837,880 |
199,870,300 |
|
|
========== |
========== |
|
|
|
|
| b)
Reserves: |
|
|
|
| i)
FINANCIAL RESERVES |
|
|
|
| Reserve
for issue of |
|
|
|
|
62,459,470 |
49,967,580 |
|
|
484,000,000 |
412,000,000 |
|
|
|
|
| Reserve for Exceptional Losses |
22,859,514 |
22,859,514 |
|
|
3,763,625 |
3,763,625 |
|
| Unappropriated
profit carried |
|
|
|
|
45,473 |
75,673 |
|
|
---------- |
---------- |
|
| Sub Total (i) |
|
573,128,082 |
488,666,392 |
|
|
---------- |
---------- |
|
|
|
|
| ii)
TECHNICAL RESERVES |
|
| Premium
Reserve |
|
767,653,191 |
620,441,373 |
|
|
| Reserve for Outstanding Claims |
376,255,296 |
306,990,211 |
|
|
---------- |
---------- |
|
| Sub
Total (ii) |
|
1,143,908,487 |
927,431,584 |
|
|
---------- |
---------- |
|
| Total
Reserves b (i+ii) |
|
1,717,036,569 |
1,416,097,976 |
|
|
---------- |
---------- |
|
| Grand
Total (a+b) |
|
1,966,874,449 |
1,615,968,276 |
|
|
========== |
========== |
|
|
|
|
| Messrs.
Ford, Rhodes, Robson, Morrow, Chartered |
|
|
| Accountants,
our auditors, continued to extend their full |
|
|
| cooperation
in the finalisation of audit work of your |
|
|
| Company.
We are, indeed, grateful to them for complet- |
|
|
| ing
the audit work within the stipulated time. As their |
|
|
| appointment
is made on yearly basis, they retire and |
|
|
| being
eligible, offer themselves for reappointment to be |
|
|
| auditors
of your Company for the year 1997. |
|
|
|
|
|
| We
are extremely grateful to executives, officers, field |
|
|
| officers,
staff and agents for their continued hard work, |
|
|
| efficiency
and loyalty without which the achievement of |
|
