M.A. MALEK SIDDIQUI WALI & Co.
Chartered Accoutants
PIONEER INSURANCE COMPANY LIMITED
Dhaka.
Balance Sheet as at December 31, 2008
CAPITAL & LIABILITIES
NOTES
AUTHORISED CAPITAL
2,000,000 Ordinary Shares of Tk. 100 each
ISSUED, SUBSCRIBED & PAID-UP CAPITAL
1,500,000 Ordinary Shares of Tk. 100 each
03
SHARE PREMIUM
RESERVE OR CONTINGENCY ACCOUNTS
Reserve for Exceptional Losses
General Reserve
Profit & Loss Appropriation Account
BALANCE OF FUND & ACCOUNTS
Fire Insurance Business Account
Marine Insurance Business Account
Motor Insurance Business Account
Misc. Insurance Business Account
2008
2007
200,000,000
200,000,000
PROPERTY AND ASSETS
NOTES
2008
2007
INVESTMENT :
Statutory Deposit with Bangladesh
Bank (National Investment Bond)
Investment in Shares
12
13
9,000,000
179,274,730
188,274,730
9,000,000
138,805,558
147,805,558
INTEREST, DIVIDENDS & RENTS
ACCRUED BUT NOT DUE
14
30,154,637
29,517,814
121,844,167
173,509,269
270,650,561
38,878,126
966,117
310,494,804
259,469,775
37,750,737
294,628
297,515,140
38,241,789
1,266,148
400,957
39,908,894
27,342,866
1,224,760
115,460
28,683,086
_________
690,677,232
_________
677,030,867
150,000,000
150,000,000
04
31,500,000
31,500,000
SUNDRY DEBTORS
15
05
105,622,048
4,500,000
4,292,025
114,414,073
73,452,048
4,500,000
3,476,817
81,428,865
CASH & BANK BALANCES
Fixed Deposit with Banks
Cash at Bank
Cash in hand
OTHER ACCOUNTS
Fixed Assets (At cost less dep.)
Printing & Stationery in hand (at cost)
Insurance stamps in hand
06
17
ESTIMATED LIABILITY IN RESPECT OF OUTSTANDING
CLAIMS WHETHER DUE OR INTIMATED
07
27,378,910
30,214,134
AMOUNT DUE TO OTHER PERSONS OR BODIES
CARRYING ON INSURANCE BUSINESS
08
37,755,717
44,416,060
PREMIUM DEPOSIT
09
45,012,329
37,462,066
SUNDRY CREDITORS
10
124,614,541
192,005,076
PROPOSED DIVIDEND
11
30,000,000
690,677,232
30,000,000
677,030,867
Tk.
Tk.
Dhaka, April 05,2009
For M.A. MALEK SIDDIQUI WALI & CO.
Chartered Accountant
M.A. MALEK SIDDIQUI WALI & Co.
Chartered Accoutants
PIONEER INSURANCE COMPANY LIMITED
Dhaka.
Profit & Loss Account For the year ended December 31, 2008
Notes
EXPENSES
(Not applicable to any particular fund or account)
Advertisement & Publicity
Directors' Fee
Fees & Forms
Legal Expenses
Audit fees
Subscription
Depreciation
2008
2007
Notes
INVESTMENT INCOME
(Not applicable to any particular fund or account )
PROFIT TRANSFERRED TO PROFIT
& LOSS APPROPRIATION ACCOUNT
Note: All expenses of management wherever incurred whether directly or indirectly in respect of fire, marine and miscellaneous insurance business
transacted in Bangladesh have been fully debited in the respective revenue accounts as expenses .
Profit & Loss Appropriation Account For the year ended December 31, 2008
Reserve for exceptional losses
Provision for Income Tax
Proposed Dividend @ 20 %
Balance transferred to Balance Sheet
Tk.
Profit for the year transferred
from profit and loss account
Tk.
For M.A. MALEK SIDDIQUI WALI & CO.
Chartered Accountant
M.A. MALEK SIDDIQUI WALI & Co.
Chartered Accoutants
PIONEER INSURANCE COMPANY LIMITED
DHAKA
Consolidated Revenue Account For the year ended December 31, 2008
2008
2007
CLAIMS UNDER POLICIES LESS REINSURANCE:
103,522,316
Paid during the year
63,125,571
Total estimated liability
in respect of
outstanding claims at
2008
BALANCE OF ACCOUNTS
AT THE BEGINNING
OF THE YEAR:
Reserve for
Unexpired Risks
the end of the year
2007
80,004,666
58,119,040
323,080,245
195,370,563
84,098,650
50,279,256
___________
__________
487,183,561
303,768,859
PREMIUM LESS
whether due or intimated
27,378,910
130,901,226
30,214,134 REINSURANCE
93,339,705
Less : Outstanding at
COMMISSION ON
the end of previous year
30,214,134
COMMISSION
EXPENSES OF MANAGEMENT
27,795,860 REINSURANCE CEDED
100,687,092
65,543,845
116,851,768
66,267,108
93,755,829
67,295,247
45,887,210
24,657,993
(Notes - 19)
PROFIT & LOSS ACCOUNT
BALANCE OF ACCOUNTS AT THE
END OF THE YEAR AS SHOWN
IN BALANCE SHEET
Reserve for unexpired
risks being 40% of the Net
Premium income of the year
(100% of Hull )
Tk.
Dhaka, April 05,2009
130,001,662
80,004,666
487,183,561
303,768,859
Tk.
For M.A. MALEK SIDDIQUI WALI & CO.
Chartered Accountant
M.A. MALEK SIDDIQUI WALI & Co.
Chartered Accoutants
PIONEER INSURANCE COMPANY LIMITED
DHAKA
Fire Insurance Revenue Account For the year ended December 31, 2008
2008
2007
CLAIMS UNDER POLICIES LESS REINSURANCE:
46,975,723
Paid during the year
40,138,137
Unexpired Risks
the end of the year
PREMIUM LESS
7,183,438
12,498,967 REINSURANCE
54,159,161
52,637,104
12,498,967
14,934,237 REINSURANCE CEDED
41,660,194
37,702,867
COMMISSION
49,737,045
25,562,056
EXPENSES OF MANAGEMENT
33,047,823
19,845,208
PROFIT & LOSS ACCOUNT
(8,037,818)
(9,875,101)
22,510,625
14,090,555
138,917,869
87,325,585
Less : Outstanding at
2007
14,090,555
11,065,117
56,276,563
35,226,387
68,550,751
41,034,081
_________
_________
138,917,869
87,325,585
BALANCE OF ACCOUNT
AT THE BEGINNING
OF THE YEAR:
Reserve for
Total estimated liability
in respect of
outstanding claims at
whether due or intimated
2008
COMMISSION ON
the end of previous year
BALANCE OF ACCOUNT AT THE
END OF THE YEAR AS SHOWN
IN BALANCE SHEET
Reserve for unexpired
risks being 40% of the Net
Premium income of the year
Tk.
Dhaka, April 05,2009
Tk.
For M.A. MALEK SIDDIQUI WALI & CO.
Chartered Accountant
PIONEER INSURANCE COMPANY
M.A. MALEK SIDDIQUI WALI & Co.
Chartered Accoutants
LIMITED
DHAKA
Marine Insurance Revenue Account For the year ended December 31, 2008
2008
2007
CLAIMS UNDER POLICIES LESS REINSURANCE:
25,319,485
Paid during the year
4,117,972
2008
BALANCE OF ACCOUNT
AT THE BEGINNING
OF THE YEAR:
Reserve for
Total estimated liability
in respect of
outstanding claims at
Unexpired Risks
the end of the year
PREMIUM LESS
whether due or intimated
4,445,725
29,765,210
2007
5,388,922 REINSURANCE
30,142,284
23,714,020
112,241,355
70,913,719
12,315,866
5,743,227
9,506,894
Less : Outstanding at
COMMISSION ON
the end of previous year
5,388,922
24,376,288
2,828,832 REINSURANCE CEDED
6,678,062
COMMISSION
33,782,753
19,828,044
EXPENSES OF MANAGEMENT
25,229,143
19,497,891
PROFIT & LOSS ACCOUNT
25,645,215
24,224,685
BALANCE OF ACCOUNT AT THE
END OF THE YEAR AS SHOWN
IN BALANCE SHEET
Reserve for unexpired
risks being 40% of the Net
Premium income of the year
(100% of Hull)
Tk.
Dhaka, April 05,2009
45,666,106
30,142,284
154,699,505
100,370,966
Tk.
_________
_________
154,699,505
100,370,966
For M.A. MALEK SIDDIQUI WALI & CO.
Chartered Accountant
M.A. MALEK SIDDIQUI WALI & Co.
Chartered Accoutants
PIONEER INSURANCE COMPANY LIMITED
DHAKA
Miscellaneous Insurance Revenue Account For the year ended December 31, 2008
MOTOR
MISC.
2008
2007
CLAIMS UNDER POLICIES LESS REINSURANCE:
27,769,463
Paid during the year
3,457,645
31,227,108
18,869,462
MOTOR
Unexpired Risks
the end of the year
PREMIUM LESS
14,077,223
41,846,686
1,672,524
5,130,169
15,749,747
12,326,245 REINSURANCE
46,976,855
31,195,707
12,326,245
10,032,791 REINSURANCE CEDED
Less : Outstanding at
2008
2007
BALANCE OF ACCOUNTS
AT THE BEGINNING
OF THE YEAR:
Reserve for
Total estimated liability
in respect of
outstanding claims at
whether due or intimated
MISC.
33,766,143
2,005,684
35,771,827
23,339,903
135,199,413
19,362,914
154,562,327
89,230,457
3,232,033
3,232,033
3,501,948
COMMISSION ON
the end of previous year
9,064,003
32,782,683
3,262,242
1,867,927
34,650,610
21,162,916
COMMISSION
28,128,229
5,203,741
33,331,970
20,877,008
EXPENSES OF MANAGEMENT
30,259,184
5,219,679
35,478,863
27,952,148
PROFIT & LOSS ACCOUNT
23,715,695
28,279,813
10,308,409
4,564,118
BALANCE OF ACCOUNTS AT THE
END OF THE YEAR AS SHOWN
IN BALANCE SHEET
Reserve for unexpired
risks being 40% of the Net
Premium income of the year
Tk.
Dhaka, April 05,2009
54,079,765
7,745,166
61,824,931
35,771,827
168,965,556
24,600,631
193,566,187
116,072,308
Tk.
_________
________
_________
_________
168,965,556
24,600,631
193,566,187
116,072,308
For M.A. MALEK SIDDIQUI WALI & CO.
Chartered Accountant
M.A. MALEK SIDDIQUI WALI & Co.
Chartered Accoutants
Pioneer Insurance Company Limited
Dhaka.
Cash Flow Statement For the year ended December 31, 2008
Cash flows from operating activities :
Collection from Premium & Other Income
Management Expenses, Commission ,Reinsurance & Claims
Income-tax paid
Cash flows from investing activities :
Purchase of Fixed Assets
Disposal of Fixed Assets
Trading of Share
Cash flows from financing activities :
Dividend paid
Net cash inflows/ (outflows) for the year
Opening cash and bank balance
Closing cash and bank balance
Dhaka, April 05,2009
2008
2007
720,948,546
(617,141,174)
(24,442,445)
79,364,927
445,831,300
(357,008,551)
(15,918,845)
72,903,904
(18,115,505)
1,007,842
(19,277,600)
(36,385,263)
(11,842,323)
1,628,691
8,614,768
(1,598,864)
(30,000,000)
(30,000,000)
12,979,664
41,305,040
297,515,140
310,494,804
256,210,100
297,515,140
For M.A. MALEK SIDDIQUI WALI & CO.
Chartered Accountant
Pioneer Insurance Co. Ltd.
Dhaka.
M.A. MALEK SIDDIQUI WALI & Co.
Chartered Accoutants
Statement of change in equity for the year ended 31st December 2008
Particular
Share
Capital
Share
Premium
Equity as at January 01,2008
150,000,000
31,500,000
General
Reserve
4,500,000
Reserve for
exceptional losses
73,452,048
Net Profit for this year
Retained
Earnings
Total
3,476,817
262,928,865
32,985,208
32,985,208
(after adjustment of tax and dividend )
Transfer to Reserve
for exceptional loses
Equity as at 31st Dec.,2008
150,000,000
31,500,000
4,500,000
32,170,000
(32,170,000)
105,622,048
4,292,025
295,914,073
For M.A. MALEK SIDDIQUI WALI & CO.
Dhaka, April 05,2009
Chartered Accountant
M.A. MALEK SIDDIQUI WALI & Co.
Chartered Accoutants
Pioneer Insurance Company Limited
10, Dilkusha C/A, Dhaka-1000.
FORM--AA
Classified Summary of the Assets in Bangladesh as at December 31, 2008
Assets
2008 (Book Value)
Taka
Statutory Deposit with Bangladesh Bank
(National Investment Bond)
2007 (Book Value)
Taka
9,000,000
9,000,000
Investment with Shares
179,274,730
138,805,558
Fixed Deposit with Banks
STD A/C with Banks
Current A/C with Banks
Cash in hand
Stamp in hand
Interest,dividend and Rents accrued but not due
Other Assets:
Sundry Debtors
Printing & Stationery
Fixed Assets
270,650,561
259,469,775
36,989,350
37,116,879
1,888,776
966,117
400,957
30,154,637
633,858
294,628
115,460
29,517,814
121,844,167
1,266,148
38,241,789
173,509,269
1,224,760
27,342,866
690,677,232
677,030,867
Total
For M.A. MALEK SIDDIQUI WALI & CO.
Chartered Accountant
Dhaka, April 05,2009
Pioneer Insurance Co. Ltd.
Head Office
10, Dilkusha C/A, Dhaka.
Schedule of Fixed Assets as at 31st December, 2008
Schedule A-1
Particulars
As on
01.01.2008
Furniture & Fixtures
Office Machineries
Air Conditioner
Computer
Telephone Installation
Electric Equipment
Motor Vehicle
Signboard
Crokeries
Office Decoration
Flat