Financial Statements of PIONEER INSURANCE COMPANY LIMITED

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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

16

22,510,625
45,666,106
54,079,765
7,745,166
130,001,662

14,090,555
30,142,284
33,766,143
2,005,684
80,004,666

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

Tk.

4,998,923
225,000
2,057,812
221,071
105,000
122,500
6,208,740
13,939,046

2,635,951
325,000
2,463,174
69,500
100,000
72,500
4,298,046
9,964,171

88,985,208
102,924,254

70,496,925
80,461,096

18

OTHER INCOME
PROFIT ON SALE OF MOTOR CAR

2008

2007

56,490,098

55,736,010

54,788

67,093

492,158

PROFIT/(LOSS) TRANSFERRED FROM
Fire Insurance Revenue Account
Marine Insurance Revenue Account
Motor Insurance Revenue Account
Misc. Insurance Revenue Account

Tk.

(8,037,818)
25,645,215
23,715,695
4,564,118
45,887,210
__________
102,924,254

(9,875,101)
24,224,685
10,469,056
(160,647)
24,657,993
__________
80,461,096

3,476,817
88,985,208

323,394
70,496,925

92,462,025

70,820,319

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.

Dhaka, April 05,2009

32,170,000
26,000,000
30,000,000
4,292,025
92,462,025

16,343,502
21,000,000
30,000,000
3,476,817
70,820,319

Balance brought forward from previous year

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

Grand Total

3,874,126
1,146,776
2,096,808
2,981,972
1,891,661
1,033,166
25,927,582
731,353
263,569
6,806,689
2,623,910
49,377,612

Cost
Adjustment
Addition
Total
During the year 31.12.2008

3,091,125

3,091,125

1,084,528
303,397
777,922
1,471,670
143,514
145,700
9,778,891
208,893
25,461
4,175,529
18,115,505

4,958,654
1,450,173
2,874,730
4,453,642
2,035,175
1,178,866
32,615,348
940,246
289,030
10,982,218
2,623,910
64,401,992

Rate

Depreciation
As on Adjustment During
01.01.2008
the year

10%
15%
15%
15%
15%
15%
20%
20%
20%
20%

1,858,019
816,605
1,243,045
1,189,107
993,515
513,949
10,545,653
449,589
197,500
4,227,764
22,034,746

2,083,283

2,083,283

Written down value
Total
As on
As on
31.12.2008 31.12.2008 01.01.2008

255,837 2,113,856 2,844,798
72,280
888,885
561,288
186,408 1,429,453 1,445,277
379,305 1,568,412 2,885,230
145,485 1,139,000
896,175
88,810
602,759
576,107
4,054,275 12,516,645 20,098,703
77,242
526,831
413,415
15,760
213,260
75,770
933,338 5,161,102 5,821,116
2,623,910
6,208,740 26,160,203 38,241,789

2,016,107
330,171
853,763
1,792,865
898,146
519,217
15,381,929
281,764
66,069
2,578,925
2,623,910
27,342,866

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