Particulars Notes CAPITAL & LIABILITIES: Share Capital: Authorized Share Capital : 2,00,00,000 Ord. Shares of Tk. 10/ each 20 200,000,000 200,000,000 Issued, Subscribed and Paid up: 1,88,16,000 Ord.Shares of Tk.10/ each 21 188,160,000 168,000,000 Reserve or Contingency Accounts : 22 113,187,455 96,543,931 Retained Earnings 25,164,469 23,575,042 Reserve for Exceptional Losses 85,522,986 70,468,889 Investment Fluctuation Reserve 2,500,000 2,500,000 Total Shareholders' Equity 301,347,455 264,543,931 Balance of Funds and Accounts: 23 120,659,617 77,908,473 Fire Insurance Revenue Account 44,337,806 41,680,511 Marine Cargo Insurance Revenue Account 61,546,916 17,520,223 Marine Hull Insurance Revenue Account 378,067 109,975 Motor Insurance Revenue Account 13,319,660 17,762,992 Miscellaneous Insurance Revenue Account 1,077,168 834,772 Premium Deposits Account 24 15,893,474 6,788,828 Liabilities & Provisions: 136,030,286 102,950,900 Sundry Creditors-Including Provision for expenses and Taxes 25 65,639,888 64,124,750 Amount due to other persons or bodies carrying on Insurance Business 26 3,769,639 5,561,814 Deferred Tax Liability 27 97,506 111,092 Estimated Liabilities in Respect of Outstanding claims whether due or intimated 28 66,523,253 33,153,244 Total Share holders' Equity & Liabilities 573,930,832 452,192,132 PROPERTY & ASSETS: Investment: 24,008,756 26,671,355 Investment - At cost ( BGTB) 29 9,000,000 9,000,000 Investment in Shares 30 15,008,756 17,671,355 Interest Accrued but not Due 31 10,587,447 12,832,167 Amount Due from other persons or Bodies carrying on Insurance Business 32 36,744,197 36,316,188
Sundry Debtors-Including Advances, Deposits & Prepayments 33 120,987,984 55,626,262 Cash and Bank Balances including FDR'S 34 340,210,823 279,900,102 Other Accounts : 35 41,391,625 40,846,058 Fixed Assets (At Cost Less Depreciation) 40,333,180 39,833,244 Stock of Printing & Stationery 1,058,445 1,012,814 Total Property and Assets 573,930,832 452,192,132 sd/ sd/ sd/ sd/ _____________________ Dated: 28th April, 2013 Place: Dhaka, Bangladesh The notes are integral part of the Financial Statements PROVATI INSURANCE COMPANY LIMITED Amount in Taka 31-12-2012 31-12-2011 STATEMENT OF FINANCIAL POSITION AS AT 31ST DECEMBER, 2012 Chartered Accountants Chartered Accountants Approved and authorized for issue by the board of directors on 28-04-2013 and signed for and on behalf of the Board. __________________ Rahman Mustafiz Haq & Co. Nurul Azim & Co. MANAGING DIRECTOR DIRECTOR DIRECTOR CHAIRMAN As per our report of even date. 02 Rahman Mustafiz Haq & Co. Nurul Azim & Co. Chartered Accountants Chartered Accountants Particulars Notes Expenses of Management-Not Applicable to any particular Fund or Account Meeting Fees 473,800 496,800 Meeting Expenses 700,790 789,375 Legal Fees 353,072 254,955 Statutory Fees for Licence & Annual Registration 999,417 974,137 Advertisement & Publicity 480,291 543,822 Subscription & Donation 244,664 1,022,025 Depreciation 35.01 7,556,361 7,225,882 Professional Fees except Legal Fees 240,375 187,500 Net Income Transferred to Profit & Loss App. Account 58,109,706 47,310,959 Total 69,158,476 58,805,455 Miscellaneous Income 36 919,074 830,453 Interest on FDR, STD and NIB 37 29,134,738 20,926,891 Profit on Investment in Shares (1,385,197) (3,492,409) Profit/(Loss) Transferred from : 40,489,861 40,540,520 Fire Insurance Revenue Account (51,865,198) (6,157,045) Marine Cargo Insurance Revenue Account 69,845,434 20,097,128 Marine Hull Insurance Revenue Account (99,421) (5,084) Motor Insurance Revenue Account 23,121,418 28,272,754 Miscellaneous Insurance Revenue Account (512,372) (1,667,233) Total 69,158,476 58,805,455 Earning Per Share (EPS) 44 2.13 1.63 Price Earning Ratio (PER) 15.55 29.35 _______________ __________ _______________ _____________________ Dated: 28th April, 2013 Place: Dhaka, Bangladesh PROVATI INSURANCE COMPANY LIMITED STATEMENT OF COMPREHENSIVE INCOME Amount in Taka 31-12-2012 31-12-2011 __________________ Nurul Azim & Co. Chartered Accountants Rahman Mustafiz Haq & Co. Chartered Accountants As per our report of even date. MANAGING DIRECTOR DIRECTOR DIRECTOR CHAIRMAN Approved and authorized for issue by the board of directors on 28-04-2013 and signed for and on behalf of the Board. The notes are integral part of the Financial Statements FOR THE YEAR ENDED 31ST DECEMBER, 2012 02 Rahman Mustafiz Haq & Co. Nurul Azim & Co. Chartered Accountants Chartered Accountants Particulars Notes Balance brought forward from last year 23,575,042 23,688,238 Net Profit for the year before Tax 58,109,706 47,310,959 Total 81,684,748 70,999,197 Reserve for Exceptional Losses 22.01 15,054,097 12,162,889 Income Tax Expenses: 18,032,303 14,755,659 Current Tax 18,045,889 14,833,869 Deferred Tax (13,586) (78,210) Provision for Prior Years Income Tax Adjustment 3,273,879 2,505,607 Dividend Paid 20,160,000 18,000,000 Retained Earnings Transferred to Statement of Financial Position 25,164,469 23,575,042 Total 81,684,748 70,999,197 Earning Per Share (EPS) 44 2.13 1.63 Price Earning Ratio (PER) 15.55 29.35 _____sd/__________ _____sd/________ ____________ sd/ _____________ sd/ _____________________ Dated: 28th April, 2013 Place: Dhaka, Bangladesh Approved and authorized for issue by the board of directors on 28-04-2013 and signed for and on behalf of the Board. The notes are integral part of the Financial Statements FOR THE YEAR ENDED 31ST DECEMBER, 2012 PROVATI INSURANCE COMPANY LIMITED Amount in Taka 31-12-2012 31-12-2011 INCOME APPROPRIATION ACCOUNT _________________ As per our report of even date. MANAGING DIRECTOR DIRECTOR DIRECTOR CHAIRMAN Chartered Accountants Chartered Accountants Nurul Azim & Co. Rahman Mustafiz Haq & Co. 04 Rahman Mustafiz Haq & Co. Nurul Azim & Co. Chartered Accountants Chartered Accountants Particulars Notes Claims under the Policies Less Re-insurance : Paid during the year 91,009,436 99,944,236 Total estimated liability in respect of outstanding claims at the end of the year whether due or intimated 28 66,523,253 33,153,244 157,532,689 133,097,480 Less : Outstanding claims at the end of the previous year 33,153,244 46,087,596 124,379,445 87,009,884
Agency Commission 57,790,006 37,212,067 Expenses of Management 38 57,670,778 44,975,807 Reserve for Un-expired Risks of Premium Income of the year 120,659,617 77,908,473 Profit Transferred to statement of Comprehensive Income 40,489,861 40,540,520 Total 400,989,707 287,646,751 Balance of Account at the beginning of the year 77,908,473 72,423,606 Premium Less Re-Insurance 301,081,942 194,606,220 Commission on Re-Insurance ceded 21,999,292 20,616,925 Total 400,989,707 287,646,751 sd/ sd/ _______________ sd/ _______________ sd/ _____________________ Dated: 28th April, 2013 Place: Dhaka, Bangladesh FOR THE YEAR ENDED 31ST DECEMBER, 2012 PROVATI INSURANCE COMPANY LIMITED CONSOLIDATED ALL BUSINESS REVENUE ACCOUNT Amount in Taka 31-12-2012 31-12-2011 The notes are integral part of the Financial Statements Approved and authorized for issue by the board of directors on 28-04-2013 and signed for and on behalf of the Board. As per our report of even date. __________________ Rahman Mustafiz Haq & Co. Nurul Azim & Co. Chartered Accountants Chartered Accountants MANAGING DIRECTOR DIRECTOR DIRECTOR CHAIRMAN 08 Rahman Mustafiz Haq & Co. Nurul Azim & Co. Chartered Accountants Chartered Accountants Particulars Notes Claims under the Policies Less Re-insurance : Paid during the year 83,661,633 78,872,987 Total estimated liability in respect of outstanding claims at the end of the year whether due or intimated 28 59,458,228 20,327,299 143,119,861 99,200,286 Less : Outstanding claims at the end of the previous year 20,327,299 24,474,605 122,792,562 74,725,681 Agency Commission 22,938,550 21,465,489 Expenses of Management 38 28,431,209 25,449,794 Reserve for Un-expired Risks being 40% of Premium Income of the year 44,337,806 41,680,511 Profit Transferred to statement of Comprehensive Income (51,865,198) (6,157,045) Total 166,634,929 157,164,430 Balance of Account at the beginning of the year 41,680,511 39,791,412 Premium Less Re-Insurance 110,844,516 104,201,278 Commission on Re-Insurance ceded 14,109,902 13,171,740 Total 166,634,929 157,164,430 sd/ sd/ _______________ sd/ _______________ sd/ _____________________ Dated: 28th April, 2013 Place: Dhaka, Bangladesh MANAGING DIRECTOR DIRECTOR DIRECTOR CHAIRMAN As per our report of even date. __________________ Rahman Mustafiz Haq & Co. Nurul Azim & Co. FOR THE YEAR ENDED 31ST DECEMBER, 2012 FIRE INSURANCE REVENUE ACCOUNT Amount in Taka 31-12-2012 The notes are integral part of the Financial Statements Approved and authorized for issue by the board of directors on 28-04-2013 and signed for and on behalf of the Board. 31-12-2011 Chartered Accountants Chartered Accountants PROVATI INSURANCE COMPANY LIMITED 08 Rahman Mustafiz Haq & Co. Nurul Azim & Co. Chartered Accountants Chartered Accountants Particulars Notes Claims under the Policies Less Re-insurance : Paid during the year 1,604,870 14,615,645 Total estimated liability in respect of outstanding claims at the end of the year whether due or intimated 28 3,576,556 7,121,865 5,181,426 21,737,510 Less : Outstanding claims at the end of the previous year 7,121,865 12,088,417 (1,940,439) 9,649,093 Agency Commission 26,119,095 6,176,819 Expenses of Management 38 21,161,102 8,252,721 Reserve for Un-expired Risks being 40% of Premium Income of the year 61,546,916 17,520,223 Profit Transferred to statement of Comprehensive Income 69,845,434 20,097,128 Total 176,732,108 61,695,984 Balance of Account at the beginning of the year 17,520,223 12,935,649 Premium Less Re-Insurance 153,867,290 43,800,557 Commission on Re-Insurance ceded 5,344,595 4,959,778 Total 176,732,108.00 61,695,984 sd/ sd/ _______________ sd/ _______________ sd/ _____________________ Dated: 28th April, 2013 Place: Dhaka, Bangladesh MANAGING DIRECTOR DIRECTOR DIRECTOR CHAIRMAN Amount in Taka 31-12-2012 31-12-2011 __________________ Rahman Mustafiz Haq & Co. Nurul Azim & Co. Chartered Accountants Chartered Accountants MARINE CARGO INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2012 Approved and authorized for issue by the board of directors on 28-04-2013 and signed for and on behalf of the Board. PROVATI INSURANCE COMPANY LIMITED As per our report of even date. The notes are integral part of the Financial Statements 08 Rahman Mustafiz Haq & Co. Nurul Azim & Co. Chartered Accountants Chartered Accountants Particulars Notes Claims under the Policies Less Re-insurance : Paid during the year 24 - Total estimated liability in respect of outstanding claims at the end of the year whether due or intimated 28 - - 24 - Less : Outstanding claims at the end of the previous year - - 24 - Agency Commission 128,700 121,275 Expenses of Management 38 187,281 158,182 Reserve for Un-expired Risks being 100% of Premium Income of the year 378,067 109,975 Profit Transferred to statement of Comprehensive Income (99,421) (5,084) Total 594,651 384,348 Balance of account at the beginning of the year 109,975 180,894 Premium Less Re-Insurance 378,067 109,975 Commission on Re-Insurance ceded 106,609 93,479 Total 594,651 384,348 ______sd/_______ __sd/_______ _______________ sd/ _______________ sd/ _____________________ Dated: 28th April, 2013 Place: Dhaka, Bangladesh MANAGING DIRECTOR DIRECTOR DIRECTOR CHAIRMAN The notes are integral part of the Financial Statements Approved and authorized for issue by the board of directors on 28-04-2013 and signed for and on behalf of the Board. Amount in Taka Chartered Accountants Chartered Accountants PROVATI INSURANCE COMPANY LIMITED MARINE HULL INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2012 31-12-2012 31-12-2011 As per our report of even date. __________________ Rahman Mustafiz Haq & Co. Nurul Azim & Co. 08 Rahman Mustafiz Haq & Co. Nurul Azim & Co. Chartered Accountants Chartered Accountants Particulars Notes Claims under the Policies Less Re-insurance : Paid during the year 5,509,022 6,410,811 Total estimated liability in respect of outstanding claims at the end of the year whether due or intimated 28 3,349,763 5,423,494 8,858,785 11,834,305 Less : Outstanding claims at the end of the previous year 5,423,494 9,373,944 3,435,291 2,460,361 Agency Commission 4,994,872 6,663,135 Expenses of Management 38 6,190,900 7,838,026 Reserve for Un-expired Risks being 40% of Premium Income of the year 13,319,660 17,762,992 Profit Transferred to statement of Comprehensive Income 23,121,418 28,272,754 Total 51,062,141 62,997,268 Balance of Account at the beginning of the year 17,762,992 18,589,787 Premium Less Re-Insurance 33,299,149 44,407,481 Total 51,062,141 62,997,268 sd/ sd/ _______________ sd/ _______________ sd/ _____________________ Dated: 28th April, 2013 Place: Dhaka, Bangladesh Chartered Accountants Chartered Accountants As per our report of even date. __________________ Rahman Mustafiz Haq & Co. Nurul Azim & Co. The notes are integral part of the Financial Statements Approved and authorized for issue by the board of directors on 28-04-2013 and signed for and on behalf of the Board. MANAGING DIRECTOR DIRECTOR DIRECTOR CHAIRMAN Amount in Taka 31-12-2012 31-12-2011 PROVATI INSURANCE COMPANY LIMITED MOTOR INSURANCE REVENUE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 2012 08 Rahman Mustafiz Haq & Co. Nurul Azim & Co. Chartered Accountants Chartered Accountants PARTICULARS 31.12.2012(TK) 31.12.2011(TK) Claims under the Policies Less Re-insurance : Paid during the year 233,887 44,793 Total estimated liability in respect of outstanding claims at the end of the year whether due or intimated 28 138,706 280,586 372,593 325,379 Less : Outstanding claims at the end of the previous year 280,586 150,630 92,007 174,749 Agency Commission 3,608,789 2,785,349 Expenses of Management 38 1,700,286 3,277,084 Reserve for Un-expired Risks being 40% of Misc. and accident Premium Income of the year 1,077,168 834,772 Profit Transferred to statement of Comprehensive Income (512,372) (1,667,233) Total 5,965,878 5,404,721 Balance of Aaccount at the beginning of the year 834,772 925,864 Premium Less Re-Insurance 2,692,920 2,086,929 Commission on Re-Insurance ceded 2,438,186 2,391,928 Total 5,965,878 5,404,721 sd/ sd/ _______________ sd/ _______________ sd/ _____________________ Dated: 28th April, 2013 Place: Dhaka, Bangladesh - - Chartered Accountants Chartered Accountants As per our report of even date. __________________ Rahman Mustafiz Haq & Co. Nurul Azim & Co. MANAGING DIRECTOR DIRECTOR DIRECTOR CHAIRMAN The notes are integral part of the Financial Statements Approved and authorized for issue by the board of directors on 28-04-2013 and signed for and on behalf of the Board. FOR THE YEAR ENDED 31ST DECEMBER, 2012 PROVATI INSURANCE COMPANY LIMITED MISCELLANEOUS INSURANCE REVENUE ACCOUNT 08 Rahman Mustafiz Haq & Co. Nurul Azim & Co. Chartered Accountants Chartered Accountants Share Capital Reserve for Exceptional Losses Investment Fluctuation Reserve Retained Earning Reserve Total Shareholders Equity 168,000,000 70,468,889 2,500,000 23,575,042 264,543,931 - - 58,109,706 58,109,706 20,160,000 - (20,160,000) - - - (21,306,182) (21,306,182) - 15,054,097 (15,054,097) - 188,160,000 85,522,986 2,500,000 25,164,469 301,347,455 sd/ sd/ sd/ sd/ sd/ Dated: 28th April, 2013 Place: Dhaka, Bangladesh Provision for Income Tax Transferred to Reserve for exceptional losses At the end of the year Chartered Accountants As per our report of even date. __________________ Nurul Azim & Co. Chartered Accountants _____________________ Rahman Mustafiz Haq & Co. MANAGING DIRECTOR DIRECTOR DIRECTOR CHAIRMAN PROVATI INSURANCE COMPANY LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST DECEMBER, 2012 Dividend Paid At the beginning of the year Net Profit for the Year Particulars Approved and authorized for issue by the board of directors on 28-04-2013 and signed for and on behalf of the Board. The notes are integral part of the Financial Statements 11 Rahman Mustafiz Haq & Co. Nurul Azim & Co. Chartered Accountants Chartered Accountants Particulars Cash Flows from Operating Activities: Cash Receipts from Insurers and Others 287,758,425 238,244,424 Cash Paid for Claims and Management Expenses (202,299,171) (198,409,841) Cash Generated from Operations 85,459,254 39,834,583 Income Tax Paid & Deducted at Source (19,112,335) (12,485,756) (19,112,335) (12,485,756) Net Cash Generated from Operating Activities 66,346,919 27,348,827 Cash Flows from Investing Activities : Investment in Bonds / Shares 2,662,599 5,609,280 Acquisition of Property, Plant & Equipments etc. (8,199,924) (1,990,892) Disposal of Property, Plant and Equipments etc. 143,626 1,300,000 Net Cash used in Investing Activities (5,393,699) 4,918,388 Cash Flows from Financing Activities Share Money (Return)/Deposited (642,499) (388,462) Net Cash Generated/ (Used) in Financing Activities (642,499) (388,462) Net (Decrease)/Increase in Cash and Bank Balances 60,310,721 31,878,753 Cash and Bank Balances at the Beginning of the Year 279,900,101 248,021,348 Cash and Bank Balances at the End of the Year 340,210,822 279,900,101 Net Operating Cash Flows per Shares 3.53 1.63 ____sd/_________ __sd/_____ __________ sd/ MANAGING DIRECTOR DIRECTOR DIRECTOR ________________ Dated: 28th April, 2013 Rahman Mustafiz Haq & Co. Place: Dhaka, Bangladesh Chartered Accountants __________________ Chartered Accountants As per our report of even date. Nurul Azim & Co. The notes are integral part of the Financial Statements Approved and authorized for issue by the board of directors on 28-04-2013 and signed for and on behalf of the Board. sd/ DIRECTOR Amount in Taka 31-12-2012 31-12-2011 FOR THE YEAR ENDED 31ST DECEMBER, 2012 PROVATI INSURANCE COMPANY LIMITED STATEMENT OF CASH FLOWS 12