| New Jubilee Insurance Company Limited |
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| Annual
Report 1999 |
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| Company
Information |
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| Chairman
of the |
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| Board
of Directors |
Towfiq H. Chinoy |
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| President
& Managing Director |
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| (Chief
Executive) |
Masood Noorani |
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| Directors |
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Akbarali Hashwani |
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|
Augustine John Hatch |
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|
Brian Vincent Wilson |
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|
Khurshid A. Minhas |
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|
Kurbanali K. Poonawala |
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|
Mahmood Faruque |
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|
Sadruddin Hashwani |
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| Company
Secretary |
Syed Masood Hussain |
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| Auditors |
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Ford, Rhodes, Robson,
Morrow |
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|
Chartered Accountants |
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|
(A member firm of Ernst
& Young |
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|
international) |
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| Legal Advisors |
|
Liaquat Merchant
Associates |
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| Share
Registrar |
THK Associates (Pvt.)
Ltd. |
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|
Ground Floor |
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Shaikh Sultan Trust
Building No. 2 |
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|
Beaumont Road, Karachi. |
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Tel: 5609021, 5606658 |
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| Head
Office/Registered Office |
2nd Floor, Jubilee
Insurance House |
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I. I. Chundrigar Road, |
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Karachi, Pakistan. |
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Tel: (9221) 2416022-26 |
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Fax: (9221) 2416728 |
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2438738 |
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E-Mail: nji@cyber.com.pk |
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Internet:
http://www.nji.com.pk |
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| Notice
of Annual General Meeting |
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| Notice
is hereby given that the 47th Annual General Meeting of New Jubilee Insurance
Company Limited will be held |
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| on
Friday, 26th May, 2000 at 11:00 a.m. at Raffia Choudri Memorial Centre,
Ground Floor, Sidco Avenue Centre, 264- |
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| R.A.
Lines, Karachi, to transact the following business'. |
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| ORDINARY
BUSINESS |
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| 1.
To confirm the Minutes of the Annual General Meeting held on 25th June, 1999. |
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|
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| 2.
To consider and adopt the Audited Accounts together with the Auditor's and
Directors' Report for the year ended |
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| December
3-1, 1999. |
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|
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| 3.
To approve the payment of cash dividend of 30% as recommended by the
Directors. |
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| 4.
To appoint auditors and fix their remuneration. |
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| SPECIAL
BUSINESS: |
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| 5.
Issue of Bonus Shares |
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| To
consider and approve the following resolutions: |
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| Resolved
that a sum of Rs.29,079,455 out of the Company's Reserve for the issue of
bonus shares be capitalised |
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| and
applied for the issue of 5,815,891 ordinary shares of Rs. 5/- each and
allotted as fully paid bonus shares |
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| to
those members of the Company whose names appear in the Register of Members of
the Company on 26th |
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| May,
2000 in the ratio of One (1) bonus share for every Five (5) shares held, and
that such new shares shall |
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| rank
pari passu as regards future dividends and in all other respects with the
existing ordinary shares of the |
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| Company. |
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| Further
resolved that the aggregate of the fractions of a share of Rs. 5/- each
arising on such allotment be |
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| sold
and the net proceeds thereof be distributed prorata to the members entitled
thereto. |
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| Further
resolved that for the purpose of giving effect to the above resolutions, the
Managing Director be arid |
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| is
hereby authorised to give such directions as may be necessary and to settle
any questions or difficulties |
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| that
may arise in regard to the distribution of the bonus shares or in the payment
of the sale proceeds of the |
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| fractions
as he may in his discretion deem fit. |
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| A
statement under section 160 of the Companies Ordinance, 1984 pertaining to
the special business is being sent |
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| to
the shareholders with this notice, |
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By the Order of the Board |
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|
S. MASOOD HUSSAIN |
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| Karachi:
April 19, 2000 |
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Secretary |
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| Statement
under Section 160 of the Companies Ordinance, 1984. |
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| 1.
It is proposed that a sum of Rs. 29,079,455 out of the Company's profit for
the year 1999 be capitalised by |
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| issuing
5,815,891 fully paid bonus shares of Rs. 5/- each. These shares shall be
issued to those members |
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| whose
names appear in the register of members on 26th May, 2000. The bonus shares
shall be issued in proportion |
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| of
One (1) share for every Five (5) shares held by a member. After the issue of
these bonus shares, the paid- |
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| up
capital of the Company would increase from Rs. 145,397,275 to Rs.
174,476,730. |
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| NOTES: |
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|
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| 1.
The Share Transfer Books of the Company will be remain closed from 18th May,
2000 to 31st May, 2000 (both |
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| days
inclusive) to determine the entitlement for dividend and bonus shares. No
application for transfer of shares |
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| will
be accepted during this period. |
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| 2.
A member entitled to attend and vote at the Meeting may appoint another
member as his/her proxy to attend |
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| and
vote on his/her behalf. The proxy, in order to be effective, must be received
at the Registered Office of |
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| the
Company not less than 48 hours before the lime of the Meeting. |
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| 3.
For Attending the Meeting and Appointing Proxies CDC Account Holders will
further have to follow the guidelines |
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| as
laid down in Circular 1 dated January 26, 2000 issued by the Securities and
Exchange Commission of Pakistan. |
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| A
copy of the said circular is being send to them herewith. |
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| 4.
Members are requested to immediately inform the Company of any change in
their address. |
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| Directors'
Report |
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| We
have pleasure to present the Annual Report and Accounts of the Company for
the year ended 31st December, 1999. |
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| Board
of Directors |
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| At
the 46th Annual General Meeting held on 25th June 1999, Towfiq Chinoy,
Akbarali Hashwani, Arif Hashwani, Sadruddin |
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| Hashwani,
Brian Wilson; Augustine John Hatch, Mahmood Faruque, Khurshid Minhas, Masood
Noorani and Kurbanali |
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| Poonawala
were elected unopposed. In August 1999, Mr. Arif Hashwani resigned from the
Board. |
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|
| Mr.
Abdul M. Jaffer who had served as a Director of the Company for a continuous
period of 19 years since June |
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| 1980,
did not offer himself for re-election. The Board wishes to record its
appreciation for the valuable contribution |
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| made
by Mr. Jaffer as a Director of the Company. |
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|
| Review
of Overall Results |
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| The
unsatisfactory political and economic situation which prevailed in the
country in 1999 is well known. |
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| Inspire
of the difficult scenario, NJI achieved good results, as evident from the
following key data: |
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|
1999 (Rs.) |
1998 (Rs.) |
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|
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| Gross Premium |
|
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|
611,808,837 |
533,843,203 |
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| Net Premium |
|
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|
292,153,273 |
271,915,645 |
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| Underwriting
Profit |
|
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|
51,315,125 |
34,705,964 |
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| Investment
Income |
|
|
|
86,517,137 |
73,163,200 |
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| Capital
Gains realized |
|
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|
8,051,520 |
11,818,994 |
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| Profit
before Tax |
|
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|
125,678,622 |
99,675,978 |
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| Profit after Tax |
|
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|
77,440,865 |
76,631,641 |
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| Besides
achieving good growth in premium revenue, the underwriting profit also shows
substantial increase, mainly |
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| due
to a turn around in the motor insurance account, which gave a profit of over
Rs. 14 million in 1999 as against |
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| a
loss of Rs. 5.71 million in the previous year. The profitability of the
Marine insurance business also improved, while |
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| the
results of Fire insurance business deteriorated. |
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| Investment
Income and Asset Values |
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| Inspire
of the difficult economic conditions prevailing in the country and the
substantial reduction in yields on Government |
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| treasury
bills and bank deposits our investment income increased by 18%. |
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| Our
investment portfolio besides yielding a high return, is also a source of
great strength for the Company, its shareholders |
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| and
policyholders. The market value of the portfolio of shares and corporate
bonds at end of 1999 was over Rs. 228 |
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| million
against the book value of Rs. 148 million; and the conservative valuation of
our real estate holdings is Rs.212 |
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| million,
against the book value of Rs. 9.92 million. |
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|
| Profits |
|
| The
pretax profit for the years 1999 at Rs. 125,678,622 is 26% higher than the
previous year's figure of Rs. 99,675,978. |
|
| However,
this growth has been negated by the taxes imposed by the Government in the
Finance Act 1999. After a |
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| struggle
of nearly 20 years the Supreme Court of Pakistan finally ruled in June 1997
that the taxation of dividend |
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| income
of insurance companies at the rate applicable to ordinary business income is
incorrect. However, the discriminatory |
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| tax
on dividend income of insurance companies has been reimposed by the
Government through the Finance Act 1999, |
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| which
is clearly arbitrary, unjustified and against the spirit of the Supreme Court
judgment. Furthermore, the Finance |
|
| Act
1999 also increased the corporate tax rate from 30% to 33% The effect of
these two tax measures has increased |
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| our
tax liability by Rs. 7,840,976 for the current year and Rs. 6,197,070 for the
previous year. |
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|
| Additional
Dividend for the year 1998: |
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| At
the last AGM, a cash dividend at the rate of 25% (Rs. 1.25 per share) was
approved. However, in the Finance Act |
|
| 1999
it was stipulated that the public listed companies which fail to distributor
at least 40% of their after tax profit |
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| to
the shareholders will have to pay an additional tax of 10% on free reserves
which exceed 50% of the Company's |
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| paid
up capital. In our case the amount paid as dividend at the rate of 25% was
equal to 39.52% of our after tax |
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| profit. |
|
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| Although
this taxation measure does not appear to be applicable to insurance
companies, however, our of abundant |
|
| caution
the Directors decided to pay an additional dividend of 5%, for the year 1998,
in order to avoid the possibility |
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| of
having to pay tax on the excess reserves and unappropriated profit. |
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| Allocation
of 1999 Profits |
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| The
amount available for appropriation is Rs. 84,057,666/-, which we recommend be
appropriated in the following |
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| manner: |
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|
Rupees |
|
|
| Payment
of cash dividend at 30% |
|
43,619,183 |
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| Issue
of bonus shares at 20% |
|
29,079,455 |
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| Carry forward |
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|
11,359,028 |
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|
------------------ |
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|
84,057,666 |
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|
========== |
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| Appointment
of Auditors: |
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| Messers
Ford, Rhodes, Robson, Morrow have audited the accounts for the year 1999, and
have offered themselves |
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| for re-relection. |
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| Pattern
of Shareholding |
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| The
information is given on Page 30, and forms a part of this report. |
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| Future
Developments: |
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| It
is expected that a new insurance Law will be introduced very soon to replace
the Insurance Act, 1938 which presently |
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| governs
insurance companies in the private sector. The proposed new law will
eliminate a. lot of detailed regulations |
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| and
introduce a higher requirement of capital and solvency margins. The emphasis
will also be on prudential management |
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| and
higher standards of market conduct to protect the interest of the
policyholders. The new law, will have a far reaching |
|
| impact
on the conduct of insurance business in Pakistan and should in the long run
strengthen the domestic insurance |
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| sector. |
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|
| Prospects
for the Current Year |
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| In
the present uncertain scenario and difficult economic conditions, it is
difficult to forecast the prospects for the current |
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| year.
The immediate impact of the introduction of the new insurance legislation is
also unpredictable. We hope and |
|
| pray
that the economic situation will soon improve, and assure our shareholders
that we will continue our efforts to |
|
| strengthen
the Company, so that it can meet all the challenges of an uncertain future. |
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|
| Acknowledgement |
|
| We
thank our client for their patronage and the confidence they have placed in
the Company, the State Bank of Pakistan |
|
| as
well as the Controller of Insurance and his Department for their cooperation,
and the Pakistan Insurance Corporation |
|
| and
all other reinsurers for their support. |
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|
| The
executives, officers and staff members of the Company are our most valuable
asset. With their dedication and |
|
| hard
work, the Company has achieved its present position as on of the leading
insurance companies of Pakistan. We |
|
| record
with pleasure our appreciation for their efforts and achievements. |
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|
On behalf of the Board |
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|
Towfiq H. Chinoy |
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| Karachi:
April 19, 2000 |
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Chairman |
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| FORD,
RHODES, ROBSON, MORROW |
*Finlay House, |
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* Telephone H.O.: (92-21)
241 5582 |
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| Chartered
Accountants |
|
I.I. Chundrigar Road, |
Branch : (92-21) 240 1081 |
|
|
P.O. Box 4719, |
|
Telefax : (92-21) 241 9592 |
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|
Karachi 74000, |
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E Mail : frm@cyber.net.pk |
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|
Pakistan. |
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|
|
| AUDITORS'
REPORT TO THE MEMBERS |
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|
| We
have audited the annexed Balance Sheet of New Jubilee Insurance Company
Limited as at |
|
| December
31, 1999, the Fire, Marine and Miscellaneous Business Revenue Accounts,
Profit and |
|
| Loss
Account, Profit and Loss Appropriation Account and Cash Flow Statement,
together with the |
|
| notes
forming part thereof, for the year ended on that date and we state that we
have obtained all |
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| the
information and explanations which to the best of our knowledge and belief
were necessary |
|
| for
the purposes of our audit and, after due verification thereof, we report
that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the Company as
required by |
|
| the
Companies Ordinance, 1984; |
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|
|
|
|
| (b)
in our opinion: |
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|
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| (i)
the Balance Sheet, the Fire, Marine and Miscellaneous Business Revenue |
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| Accounts,
Profit and Loss Account and Profit and Loss Appropriation Account |
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| together
with notes thereto have been drawn up in conformity with the provisions |
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| of
the Insurance Act, 1938 and are in agreement with the books of account and |
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| are
further in accordance with accounting policies consistently applied; |
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the Company's |
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| business; and |
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|
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| (iii)
the business conducted, investments made and the expenditure incurred during |
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| the
year were in accordance with the objects of the Company; |
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|
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| (c)
we have verified the cash and bank balances and the securities relating to
the |
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| Company's
loans and investments by actual inspection or by the production of
certificates |
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| from
the loanee, custodians of investments and Company's bankers; |
|
|
| (d)
in our opinion and to the best of our information and according to the
explanations given |
|
| to
us and as shown by the books of the Company, the annexed Balance Sheet, the
Fire, |
|
| Marine
and Miscellaneous Business Revenue Accounts, Profit and Loss Account and |
|
| Profit
and Loss Appropriation Account together with the notes forming part thereof,
give |
|
| the
information required by the Insurance Act, 1938, in the manner so required,
and the |
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| Balance
Sheet, Profit and Loss Account and Cash Flow Statement respectively give a |
|
| true
and fair view of the Company's affairs as at December 31, 1999, and its
profit and |
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| cash
flows for the year then ended; and |
|
|
| (e)
in our opinion zakat deductible at source under the Zakat and Ushr Ordinance,
1980 was |
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| deducted
by the Company and deposited in the Central Zakat Fund established under |
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| section
7 of that Ordinance. |
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| Karachi: |
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| April
19, 2000 |
|
Chartered Accountants |
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|
| Balance
Sheet as at December 31, 1999 |
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|
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
| Share Capital |
|
|
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| Authorised |
|
|
|
| 50,000,000
(1998: 30,000,000) |
|
|
|
| ordinary
shares of Rs. 5 each |
|
|
250,000,000 |
150,000,000 |
|
|
|
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| Issued
and subscribed |
|
|
|
| 420,000
ordinary shares of Rs. 5 each |
|
|
| fully
paid in cash |
|
|
2,100,000 |
2,100,000 |
|
| 28,659,455
(1998: 23,812,879) ordinary shares |
|
|
| of
Rs. 5 each issued as fully paid |
|
|
| bonus shares |
|
|
143,297,275 |
119,064,395 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
145,397,275 |
121,164,395 |
|
|
|
|
| Reserve
for issue of bonus shares |
|
|
29,079,455 |
24,232,880 |
|
| Exceptional
losses reserves - note 1 (b) |
|
|
| Fire insurance |
|
|
4,555,800 |
4,555,800 |
|
| Marine
insurance |
|
|
2,838,600 |
2,838,600 |
|
| Miscellaneous
insurance |
|
|
1,989,400 |
1,989,400 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
9,383,800 |
9,383,800 |
|
| Revenue
reserves |
|
|
|
| General reserve |
|
|
160,000,000 |
160,000,000 |
|
| unappropriated
profit |
|
|
11,359,028 |
13,886,662 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
171,359,028 |
173,886,662 |
|
| Balances
of Accounts - note 1 (c) |
|
|
|
| Fire
insurance account |
|
|
20,398,703 |
17,038,694 |
|
| Marine
insurance account |
|
|
19,475,256 |
16,532,189 |
|
| Miscellaneous
insurance account (including |
|
|
| motor
insurance Rs. 40,323,726; 1998: Rs. 38,304,132 |
|
76,987,350 |
75,195,375 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
116,861,309 |
108,766,258 |
|
| Liabilities
and provisions |
|
|
|
| Provision
for doubtful balances |
|
|
27,650,000 |
27,650,000 |
|
| Estimated
liability in respect of outstanding claims |
|
|
| whether
due or intimated |
|
|
79,123,633 |
72,694,948 |
|
| Amounts
due to other persons or bodies carrying |
|
|
|
|
| on
insurance business |
|
|
47,498,361 |
72,959,385 |
|
| Taxation-Provision
less Payments |
|
|
14,264,320 |
(24,796,725) |
|
| Sundry
creditors (including outstanding and accrued expenses) |
|
82,575,512 |
98,414,084 |
|
| Premiums,
rents in advance and deposits |
|
|
13,675,033 |
8,546,188 |
|
| Outstanding
dividends |
|
|
33,380,857 |
30,273,039 |
|
| Proposed
final dividend |
|
|
43,619,183 |
30,291,099 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
341,786,899 |
316,032,018 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
813,867,766 |
753,466,013 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| Loans |
|
| On
mortgage of property within Pakistan |
|
|
-- |
2,000,000 |
|
|
|
|
| Investments
- holes 1 (g) and 4 |
|
|
|
| Deposited
with State Bank of Pakistan - at cost |
|
|
| Rs. 130,700 11 3/4%
Pakistan Loan 2002 |
|
|
130,700 |
130,700 |
|
| Rs.
177,500 11 1/2% Pakistan Loan 2000 |
|
|
175,241 |
175,241 |
|
| Rs.
53,000 Federal Investment Bonds of Government of Pakistan |
|
53,000 |
53,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
358,941 |
358,941 |
|
|
|
|
| Government
of Pakistan securities |
|
|
110,000,000 |
117,656,900 |
|
| Shares
of companies incorporated in Pakistan, ordinary shares - |
|
| at
book value (market value: Rs. 228,120,487, |
|
|
| 1998
Rs. 141,564,209) |
|
|
148,535,866 |
124,581,541 |
|
| Term
Finance Certificates |
|
|
47,843,475 |
41,797,182 |
|
| Certificates
of Investment |
|
|
40,000,000 |
40,000,000 |
|
| Leasehold
lands and buildings in Pakistan |
|
|
9,922,294 |
9,882,323 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
356,301,635 |
333,917,946 |
|
|
|
|
| Furniture,
office equipment and vehicles - |
|
|
| at
cost less depreciation |
|
|
31,332,778 |
24,374,763 |
|
|
|
|
|
| Current Assets |
|
|
|
| Agents'
balances and outstanding premiums |
|
|
128,913,010 |
138,212,693 |
|
| Interest,
return on deposits, dividends and rents: |
|
|
| Outstanding |
|
|
6,375,583 |
6,422,455 |
|
| Accuring
but not due |
|
|
6,328,080 |
7,251,156 |
|
| Amounts
due from other persons or bodies carrying |
|
| on
insurance business |
|
|
40,055,152 |
54,278,742 |
|
| Advances,
deposits and prepayments |
|
|
15,165,597 |
4,315,394 |
|
|
|
|
| Cash
and bank balances |
|
|
|
| At
banks on deposit accounts |
|
|
47,670,000 |
54,655,000 |
|
| At
banks on current and savings accounts, in transit and in hand |
|
181,366,990 |
127,678,923 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
425,874,412 |
392,814,363 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
813,867,766 |
753,466,013 |
|
|
|
|
|
========== |
========== |
|
|
| We certify that: |
|
|
| 1.
The investments shown in the Balance Sheet have been valued as indicated
therein at cost or at book value, and the market values of the investments |
|
| have
been ascertained, wherever applicable, from published quotations as on
December 31, 1999. |
|
|
| 2.
The values of all the assets have been reviewed as at December 31, 1999 and
in our belief, such assets set forth in the Balance Sheet, are shown in |
|
| the
aggregate at the amounts not exceeding their realisable or market value under
the several headings given therein. |
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
Ford, Rhodes, Robson, Morrow |
|
| Karachi:
April 19, 2000 |
|
Chartered Accountants |
|
|
|
Towfiq H. Chinoy |
|
Kurbanali K. Poonawala |
|
Masood Noorani |
|
S. Masood Hussain |
|
|
Chairman |
|
Director |
|
Managing Director |
|
Executive Vice President |
|
|
|
|
|
(Chief Executive) |
|
(Finance) |
|
|
|
| Profit
and Loss Account |
|
| for
the year ended December 31, 1999 |
|
|
|
|
|
|
|
|
1999 |
1998 |
|
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| Provision
for taxation |
|
|
|
| - current |
|
|
33,048,455 |
16,467,236 |
|
| - prior years |
|
|
6,197,070 |
(2,499,964) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
39,245,525 |
13,967,272 |
|
|
|
|
| Expenses
of .management (Not applicable to any |
|
|
| particular
fund or account) |
|
|
4,854,395 |
3,732,666 |
|
|
|
|
| Bonus
to staff - note 1 (e) |
|
|
7,069,164 |
5,687,552 |
|
| Charitable
donations |
|
|
282,130 |
171,560 |
|
| Contribution
to staff gratuity fund - note 1 (d) |
|
|
500,000 |
|
| Provision
for retirement benefits |
|
|
700,000 |
1,200,000 |
|
| Depreciation
on investments |
|
|
2,602,208 |
4,076,633 |
|
| Depreciation
on furniture, office equipment and vehicles |
|
6,457,427 |
5,170,084 |
|
| Zakat
deducted at source |
|
|
46,742 |
204,831 |
|
| Balance
for the year carried down to appropriation account |
|
77,440,865 |
76,631,641 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
138,698,456 |
111,342,239 |
|
|
|
|
|
========== |
========== |
|
|
| Interest/return
on deposits, dividends and net rents |
|
| (not
applicable to any particular fund or account) |
|
|
86,517,137 |
73,163,200 |
|
| Less:
Income Tax deducted thereon |
|
|
(8,992,232) |
(9,077,065) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
77,524,905 |
64,086,135 |
|
| Profit
on sale of investments - net |
|
|
8,051,520 |
11,818,994 |
|
| Profit
on disposal of furniture, office equipment |
|
|
