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Rahman Mustafiz Haq & Co. Nurul Azim & Co.

Chartered Accountants Chartered Accountants


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