asiains annual 2013

Annual Report 2013

Annual Report2013

Annual Report 20134

Annual Report 2013 5

Asia Insurance Limited

Annual Report 2012

Md. Atique Ullah MajumderCompany Secretary

Annual Report 2013

Annual Report 20138

Our Objectives


Corporate Information

Annual Report 201310

Key InformationAsia Insurance Limited

Annual Report 2012


Stock SummaryAsia Insurance Limited

Annual Report 2012


Corporate Structure


PREMIUM INCOMETotal Premium Earned Tk. 34,14,83,179

INVESTMENT MAXTotal Investment Tk. 100,90,78,425

NET CLAIM PAID

RESERVE

Statutory Deposit 2,69,80,384(10 years Security Bond) Share 25,80,41,428Fixed Deposit 57,81,99,933Floor Purchase 14,58,56,480

NET PROFIT

Misc Account 4,92,65,103Marine Account 13,77,09,063Fire Account 13,20,97,538Motor Account 2,24,11,475


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Honble Board of Directors in 13th Annual General Meeting (AGM)


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Annual Report 2013


PARTICULARS NotesAmount in Taka

2013 2012Capital & LiabilitiesAuthorised Share Capital 15.00 1,000,000,000 1,000,000,000 Issued, Subscribed and Paid up Capital 16.00 448,284,370 426,937,500 Share Premium 138,703,130 160,050,000

Reserve or Contingency Account 234,180,969 190,407,257 Reserve for exceptional losses 17.00 160,273,532 142,954,417 General Reserve 18.00 3,771,100 3,771,100 Profit & loss appropriation account 70,136,337 43,681,740

Lease Liabilities 9,467,870 11,156,370 Current Maturity 2,014,312 1,688,500 Long Term Maturity 7,453,558 9,467,870

Balance of Fund & Account 69,401,821 74,833,440 Fire insurance business 21,277,482 17,902,871 Marine insurance business 33,635,162 43,124,821 Marine hull insurance business 208,938 Motor insurance business 7,910,665 8,372,274 Miscellaneous insurance business 6,369,574 5,433,474

Premium Deposit 19.00 29,104,408 24,143,768 Liabilities & Provisions 222,762,710 273,789,384 Estimated liability of outstanding claims whether due or intimated 20.00 57,761,153 160,460,233 Amount due to other persons carrying on insurance business 21.00 165,001,557 113,329,151 Sundry Creditors-Including provision for taxation 22.00 290,861,457 218,937,473 Total Liabilities and shareholders equity 1,442,766,735 1,380,255,192


PARTICULARS NotesAmount in Taka

2013 2012

Investment 285,021,812 289,416,508 Government Treasury Bond 2.00 26,980,384 10,975,080 Investment in shares 3.00 258,041,428 278,441,428

Outstanding Premium 4.00 - 11,627 Interest, Dividend Receivable 5.00 28,528,828 23,901,268 Amount due from others persons Carrying on Insurance Business 6.00 150,863,567 97,341,000

Sundry Debtors 7.00 42,783,715 56,599,711 Advance, Deposit and Prepayments 8.00 280,457,892 234,013,735 Fixed Deposit with Bank 9.00 578,199,933 590,137,763 Cash in Hand and at Bank 10.00 41,078,749 52,856,027 Stamps in Hand 11.00 321,750 337,862 Others Account 35,510,489 35,639,691

Fixed assets (At Cost Less Depreciation) 12.00 33,851,965 33,992,755 Printing and stationery in hand 13.00 537,177 525,589 Security deposit 14.00 1,121,347 1,121,347

Total properties and assets 1,442,766,735 1,380,255,192

The annexed notes form an integral part of this financial statement

Signed as per annexed report on even date

Date: June 08, 2014 Dhaka


Particulars NotesAmount in Taka

2013 2012

Expenses of management 41,996,792 49,756,634 (Not Applicable to any particular fund or Account)Promotional Expenses 2,178,728 2,201,926 Legal & Professional Fees 97,500 150,600 Directors Fees 380,000 265,000 Audit Fees 92,000 80,000 AGM & Conference Expenses 2,083,584 2,149,531 Donation & Subscription 1,500,000 329,130 Depreciation 12.00 6,307,400 6,303,845 Finance Cost 1,852,640 1,329,209 Advertisement & Publicity 1,284,089 672,981 Employers Contribution P.F 2,229,295 1,862,992 Insurance Premium 1,634,908 1,290,999 Registration Renewal Fee 1,567,800 1,122,273 Provision for Incentive 4,500,000 3,000,000 Provision for Loss on Share 16,288,848 28,998,148 Profit for the year transferred to profit & Lossappropriation account 133,264,640 107,364,710

175,261,432 157,121,344

Interest and other Income 23.00 91,585,832 86,675,107 (Not Applicable to any particular fund or Account)Profit or (loss) transferred from 83,675,599 70,446,236 Fire Revenue Account 13,849,871 8,312,199 Marine Revenue Account 56,351,762 51,954,680 Marine Hull Revenue Account (272,219)Motor Revenue Account 6,369,227 7,431,585 Miscellaneous Revenue Account 7,376,960 2,747,772

175,261,432 157,121,344



Date: June 08, 2014Chartered Accountants Dhaka


Particulars Notes Amount in Taka2013 2012

Reserve for exceptional losses 17.00 17,319,115 18,708,360

Provision for Taxation 46,797,178 37,343,823

Dividend (Cash 2012-10% and 2011-15%) 42,693,750 55,687,500 Dividend (Stock 2011-15%) - 55,687,500

Balance transferred to Balance sheet 70,136,337 43,681,740

176,946,380 211,108,923

Balance brought forward from last year 43,681,740 103,744,213

Net profit for the year( Transferred from profit and loss account) 133,264,640 107,364,710

176,946,380 211,108,923

Earning Per Share 1.93 1.56






Claim under policies less re-insurance 21,767,464 43,553,643 Paid during the year 124,466,544 115,568,370 Total estimated liability in respect of outstanding claim-at the end of the year whether due or intimated 57,761,153 160,460,233 Less : outstanding at the beginning of the year 160,460,233 232,474,960

Agency commission 43,610,142 42,580,290 Expenses of management 24.00 76,049,298 67,797,761 Balance of account at the end of the year 69,401,821 74,833,440 (Reserve for un-expired risk for the year)

Profit transferred to profit & loss account 83,675,599 70,446,237 Fire insurance revenue account 13,849,871 8,312,199 Marine cargo insurance revenue account 56,351,762 51,954,680 Marine hull insurance revenue account (272,219) - Motor insurance revenue account 6,369,227 7,431,585 Miscellaneous insurance revenue account 7,376,960 2,747,772

294,504,325 299,211,370

Balance of account at the beginning of the year 74,833,441 77,852,211

Premium less re-insurance 173,191,146 187,083,601

Commission on re-insurance ceded 46,479,738 34,275,559

294,504,325 299,211,370






Claim under policies less re-insurance 12,183,364 12,183,395 Paid during the year 97,577,755 73,634,227 Total estimated liability in respect of outstanding claim-at the end of the year whether due or intimated 29,090,743 114,485,134

Less : outstanding at the beginning of the year 114,485,134 175,935,966

Agency commission 20,537,858 16,903,872

Expenses of management 24.00 34,517,098 24,502,969

Balance of account at the end of the year 21,277,482 17,902,871 (Reserve for unexpired risks)

Profit transferred to profit & loss account 13,849,871 8,312,199

102,365,673 79,805,306




Total 102,365,673 79,805,306












134,458,204 160,469,543




134,458,204 160,469,543




ASIA INSURANCE LIMITEDMarine Insurance Revenue Account

for the year ended December 31, 2013



Claim under policies less re-insurance - - Paid during the year - - Total estimated liability in respect of outstanding claim-at the end of the year whether due or intimated - -

Less : outstanding at the beginning of the year - -

Agency commission 138,753 -

Expenses of management 24.00 297,147 -

Balance of account at the end of the year 208,938 - (Reserve for unexpired risks)

Loss transferred to profit & loss account (272,219) -

372,619 -

Balance of account at the beginning of the year -

Premium less re-insurance 208,938

Commission on re-insurance ceded 163,681

372,619 -




ASIA INSURANCE LIMITEDMarine Hull Insurance Revenue Accountfor the year ended December 31, 2013









28,762,278 32,173,173



Commission on re-insurance ceded 613,342 589,550

28,762,278 32,173,173







Less : outstanding at the beginning of the year 2,370,630 400,000





Total 28,545,551 26,763,349




28,545,551 26,763,349





Amount in Taka2013 2012

A Cash flow from Operatiing Activites:Collection from Premium Income & Others Income 320,870,981 308,034,267 Less: Payment for cost and Expenses 265,289,809 159,752,718 Management Expenses 88,535,174 73,618,785 Claim Paid 127,745,406 43,553,643 Commission Paid 43,610,142 42,580,290 Others Operating Expenses 5,399,087 -

Net cashflow from operating activies 55,581,172 148,281,549

B Cash flow from Investing ActivitesInvestment in Bond (16,005,384) - Term Loan - 4,500,000 Acquisition of Fixed Assets (6,166,609) (5,514,945)Advance Tax & others (38,820,014) (31,652,887)Sale Proceds of share 20,400,000 - Advance for Floor Purchases - (9,410,107)

Net Cash flow from Investing Activites (40,592,007) (42,077,939)

C Cash flow from Financial ActivitesDividend Paid (38,704,273) (54,169,117)

Net Cash flow from Financial Activites (38,704,273) (54,169,117)

D Net Increase In Cash & Cash Equivalent (A+B+C) (23,715,108) 52,034,493

E Opening Cash & Cash Equivalent 642,993,790 590,959,297

F Cash & Cash Equivalent at the end of the year 619,278,682 642,993,790 Net operating cash flow per share ( NOCFS) 1.23 3.47

Chartered Accountants Date: June 08, 2014Dhaka


Part

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Ret

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Acc

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Balan

ce at

1st

Janu

ary,

2013

426,9

37,50

0 16

0,050

,000

142,9

54,41

7 3,

771,1

00

43,68

1,740

77

7,394

,757

Bonu

s Sha

re fo

r 201

2 21

,346,8

70

(21,3

46,87

0) -

Cash

Divi

dend

for 2

012

- -

(42,6

93,75

0) (4

2,693

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Net P

rofit

for t

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ear 2

013

133,2

64,64

0 13

3,264

,640

Rese

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r Exc

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- (1

7,319

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- Pr

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on fo

r tax

ation

-

- -

(46,7

97,17

8) (4

6,797

,178)

Balan

ce at

Dec

. 31,

2013

448

,284

,370

1

38,7

03,1

30

160

,273

,532

3

,771

,100

7

0,13

6,33

7 8

21,1

68,4

69

Balan

ce at

Dec

. 31,

2012

426,9

37,50

0 16

0,050

,000

142,9

54,41

7 3,

771,1

00

43,68

1,740

77

7,394

,757

Date

: Jun

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2014

Char

tered

Acc

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D

haka


entity and the cost of the item can be measured reliably. All other costs are recognized in the income statement as an expense as incurred.

1.3.1.2 Disposal of Fixed Assets

On disposal of fixed assets, the cost and accumulated depreciation are eliminated and gain or loss on such disposal is reflected in the income statement, which is determined with reference to the net book value of the assets and net sales proceeds.

1.3.1.3 Depreciation on Fixed Assets

Depreciation is recognized in profit and loss account on diminishing balance method. Depreciation on fixed assets has been charged for 6 (six) months at the time of asset purchased and disposal during the year.

Rates of depreciation on various classes of fixed assets are as under:

Category Rate Vehicle 20% Office Decoration 10% Telephone Installation & PABX System 20% Furniture & Fixture 10% Computer, Printer, Fax and Copier 20%Office Equipment 15%Air Condition 20%

1.3.2 InvestmentsInvestments are reported at Cost and Market Price whichever is lower. Unrealized gains are not recognized in the Profit and Loss Account. But provisions for diminution in value of Investments are provided in the Financial Statements which Market Price is below the Cost Price of Investment as per BAS-39.

1.3.3 Advance, Deposits and PrepaymentsAdvances are initially measured at cost. After initial recognition advances are carried at cost less deductions, adjustments or charges to other account heads such as PPE or inventory etc.

Deposits are measured at payment value.

Prepayments are initially measured at cost. After initial recognition prepayments are carried at cost less charges to Profit and Loss Account.

1.3.4 Cash and Cash EquivalentsCash in hand and cash at banks have been considered as the cash and cash equivalents for preparation of these financial statements as there was insignificant risk of changes in value of these current assets.

1.3.5 Reserve for ContingenciesReserve for Exceptional Losses

As per Para 6 of the 4th schedule, to meet the exceptional losses, Company sets aside ten (10) percent of the premium income of the year in which it is set aside from the balance of the Profit to the Reserve for Exceptional Losses.


Amount in Taka2.00 Ten Years Government Treasury Bond 2013 2012

26,980,384 10,975,080 26,980,384 10,975,080

3.00 Cost and Market Value of Investment as on 31.12.2013 as follows

Investment in shares

ParticularsNo. of

CompanyMarket Price 2013 Cost Price 2013 Cost Price 2012

Listed Securities 6 164,244,432 258,041,428 278,441,428

Listed SecuritiesInvestment has been recorded at cost and adequate provission for probable future losses. Market value of securities has been determined on the basis of the value of securities at the last trading day of the year.

Sector wise investmentListed Securities Sector No. of

CompanyMarket Price 2013 Cost Price 2013 Cost Price 2012

Bank 4 108,948,432 168,474,748 168,874,748 Mutual Fund - - 20,000,000 Manufacturing & others 2 55,296,000 89,566,680 89,566,680

Total 6 164,244,432 258,041,428 278,441,428

Listed Share Market Price 2013 Cost Price 2013 Cost Price 2012Southeast Bank Ltd. 63,369,600 102,803,400 102,803,400 Exim Bank Ltd. 8,599,932 16,824,348 16,824,348 Prime Bank Ltd. 36,976,500 48,843,000 48,843,000 ICB Islamic Bank Ltd. 2,400 4,000 404,000 Bay Leasing & Investment Co. Ltd.

24,288,000 53,004,600 53,004,600

Laferage Cement. 31,008,000 36,562,080 36,562,080 Southeast Bank 1st Mutual Fund

- - 20,000,000

Total 164,244,432 258,041,428 278,441,428


3.01 Market price of investment those prices were decreased as on 31.12.2013

Name of the Company Cost Price 2013 Market Price 2013 Differences (provission to be required)

Southeast Bank Ltd. 102,803,400 63,369,600 (39,433,800)Exim Bank Ltd. 16,824,348 8,599,932 (8,224,416)Prime Bank Ltd. 48,843,000 36,976,500 (11,866,500)ICB Islamic Bank Ltd. 4,000 2,400 (1,600)Bay Leasing & Investment Co. Ltd.

53,004,600 24,288,000 (28,716,600)

Laferage Cement. 36,562,080 31,008,000 (5,554,080)Total 258,041,428 164,244,432 (93,796,996)Provision maintained Tk.9,37,96,996/- Note -22

Amount in Taka4.00 Outstanding Premium 2013 2012

Public sector Business (PSB) - 11,627 - 11,627

5.00 Interest ,Dividend RecovarableF.D.R. interest 27,935,280 23,901,268 Govt.Treasury Bond Interest 593,548 -

28,528,828 23,901,268

6.00 Amount due from other persons or bodies carrying on insurance business

Receivable from SBC 149,455,044 96,566,953 Co-Insurance share of premium Recevable 1,408,523 774,047

150,863,567 97,341,000

7.00 Sundry DebtorsDeposit clearing 42,783,715 56,599,711

42,783,715 56,599,711

The deposit clearing represents the amount of cheques in hand which was subsequently collected.

Financial Statements



8.00 Advance, deposit and prepaymentsTax deducted at source(AIT) 34,413,318 25,543,545 Advance salaries 2,349,798 2,502,523 Advance office rent 3,156,012 4,231,393 Advance tax paid - 2006 5,447,700 5,447,700 Advance tax paid - 2007 4,689,053 4,689,053 Advance tax paid - 2008 6,137,721 6,137,721 Advance tax paid - 2009 -2010 9,016,577 9,016,577 Advance tax paid - 2010 -2011 11,449,226 11,449,226 Advance tax paid - 2011 -2012 17,646,901 17,646,901 Advance tax paid - 2012 -2013 24,898,896 - Advance against floor purchases 145,856,480 145,856,480 Advance against Car Purchases 1,470,000 1,470,000 Advance VAT Payment 13,921,118 - Receivable from BLI Securities Ltd. 5,092 22,616

280,457,892 234,013,735

9.00 Fixed deposit with banksAgrani Bank Ltd. 3,500,000 3,000,000 Arab Bangladesh Bank Ltd. 35,053,838 26,097,938 Al-Arafah Islami Bank Ltd. 75,369,463 61,114,000 Basic Bank Ltd. 9,855,550 9,500,000 Bay Leasing & Investment Ltd. 79,565,000 69,565,000 Bangladesh Commerce Bank Ltd. 1,000,000 1,000,000 Bangladesh Krishi Bank Ltd. 1,600,000 2,600,000 Bank Asia Ltd. 22,700,000 19,200,000 Bank Al Falah Ltd. - 1,000,000 Dhaka Bank Ltd. 19,155,900 18,600,000 Dutch Bangla Bank Ltd. 4,507,193 3,507,193 Eastern Bank Ltd. 1,500,000 1,000,000 Exim Bank Ltd. 15,192,000 14,692,000 First Security Bank Ltd. 500,000 - Farmers Bank Ltd. 500,000 - HSBC Limited - 1,000,000 IFIC Bank Ltd. 24,811,150 18,700,000 IDLC 4,143,438 -




Islami Bank Bangladesh Ltd. 6,400,000 5,900,000 Jamuna Bank Ltd. 7,720,770 8,000,000 Janata Bank Ltd. 1,500,000 2,000,000 Midland Bank Ltd. 500,000 - Marcentile Bank Ltd. 4,900,000 5,400,000 Modhumoti Bank Ltd. 2,161,100 - Mutual Trust Bank Ltd. 3,900,000 1,900,000 National Bank Ltd. 11,500,000 11,000,000 NCC Bank Ltd. 5,581,000 2,400,000 One Bank Ltd. 5,300,000 5,300,000 Oriental Bank Ltd. - 406,000 Phoenix Finance & Investment - 1,000,000 Premieer Bank Ltd. 2,500,000 5,917,450 Prime Bank Ltd. 8,303,101 8,303,101 Pubali Bank Ltd. 5,600,000 4,800,000 Rupali Bank Ltd. 1,500,000 1,000,000 Southeast Bank Ltd. 154,444,231 229,744,231 Standard Bank Ltd. 6,400,000 5,400,000 Social Investment Bank Ltd. 13,200,000 13,335,300 Shahjalal Islami Bank Ltd. 8,236,200 5,655,550 South Bangla Agricultural & Commerce Bank Ltd. 3,000,000 - Sonali Bank Ltd. 500,000 2,500,000 Trust Bank Limited 4,800,000 4,300,000 United Commercial Bank Ltd. 21,300,000 15,300,000

578,199,933 590,137,763

10.00 Cash in hand and at bank Short Term Deposit Note-10.01 36,384,821 47,676,483 Current Deposit Note-10.02 1,980,201 2,222,464 Cash In Hand Note-10.03 2,713,727 2,957,080

41,078,749 52,856,027 10.01 Short term deposit A/C.

AB Bank Ltd. Kakrail Branch 4,667 6,025 AB Bank Ltd. Madabdi Br, Narshingdi 11,288 82,902 Agrani Bank Ltd.Khulna Branch 10,033 2,903 Al-Arafa Islami Bank Ltd, Barisal Branch 28,587 15,887 Al-Arafa Islami Bank Ltd, Comilla Branch 408,609 312,008




Al-Arafa Islami Bank Ltd, Moulvi Bazar Branch 419,402 529,233 Bangladesh Krishi Bank, Haluaghat Branch 170,057 251,177 Bank Asia Ltd, Mitford Branch 39,004 93,698 Bank Asia Ltd, Paltan Branch 27,997 21,463 Basic Bank Ltd.Jubilee Road Branch 116,672 881,181 Basic Bank Ltd.Narshingdi Branch 469,025 194,973 Dhaka (Basic) Bank Ltd.Sylhet Branch 80,623 73,118 Dhaka Bank Limited, Imamgonj Branch 1,464,746 3,140,627 Dutch Bangla Bank, Baburhat Br.Narsingdhi 29,088 29,319 Eastern Bank Ltd, Khatungonj Branch 5,205 8,378 Exim Bank Ltd.-Jessore Branch 307 307 Exim Bank Ltd.-Mymensing Banch Branch 511,011 HSBC, Kawran Bazar Branch 606,325 98,535 ICB Islamic(Oriental) Bank Ltd, Imamganj Branch 47,315 47,895 IFIC Bank Ltd, Khatungonj Branch 339,700 107,346 IFIC Bank Ltd, Sheikh Mujib Road Branch 9,235 9,569 Islami Bank BD. Ltd. Jessore Br. Branch 305,502 372,127 Islami Bank BD. Ltd. Farmgate Branch 176,244 246,019 Islami Bank BD. Ltd. Sadarghat Branch 162,625 235,800 Jamuna Bank Ltd, Dhanmondi Branch 28,929 28,929 Jamuna Bank Ltd, Dilkushal Branch 1,496 2,564 Janata Bank Ltd. Sylhet Branch 198,765 325,484 Mutual Trust Bank Ltd.Sylhet Branch 458,590 494,841 National Bank Ltd, Khulna Branch 997,749 915,015 National Bank Ltd, Mymensing Branch 24,516 572,375 National Bank Ltd, Bhaluka Br.,Mymensing 171,860 85,454 NCC Bank Ltd. Jessore Branch 93,064 249,015 One Bank Ltd,Principal Branch 12,678 189,421 One Bank Ltd,Laldighirpar Branch 8,888 Prime Bank Ltd. Sylhet Branch 57,504 58,375 Pubali Bank Ltd, Sadarghat Branch, Ctg. 43,419 43,379 Pubali Bank Ltd,Kawran Bazar Branch 676 34,058 Pubali Bank Ltd,Narsingdi Branch 87,299 475,876 Pubali Bank Ltd, Dargagate Branch,sylhet. 38,486 Shajhalal Islami Bank Ltd. Mymensing Branch 46,013 272,429 Shajhalal Islami Bank Ltd. Kawran Bazar Branch 1,434,242 2,645,743




Shajhalal Islami Bank Ltd. Faridpur Branch 178,843 Sonali Bank Ltd, Station Road Br.Comilla 2,694 2,694 Southeast Bank Ltd.Dilkusha Branch 1,959,496 Southeast Bank Ltd.Islami Banking Br. Motijheel 1,614,200 526,889 Southeast Bank Ltd, Bangshal Branch 1,326,824 870,237 Southeast Bank Ltd, Barisal Branch 335,288 148,277 Southeast Bank Ltd, Imamgonj Branch 86,450 290,728 Southeast Bank Ltd, JRB Branch, Ctg. 482,270 126,460 Southeast Bank Ltd, Khatungonj Branch 947,884 2,690,599 Southeast Bank Ltd, Principal Branch 3,899,074 2,373,438 Southeast Bank Ltd,Agrabad Branch 1,098,026 936,023 Southeast Bank Ltd,Kawran Bazar Branch 11,992,627 20,440,016 Southest Bank,Elephant Road Branch 210,406 1,014,635 Standard Bank,Topkhana Branch 566,730 749,457 Standard Chartered Bank 2,064,726 3,917,042 UCB Limited Naryangonj Branch 440,806 405,477 Uttara Bank Limited Mymensing Branch 31,036 31,065

36,384,821 47,676,483 10.02 Current deposit account

Southeast Bank Ltd. Principal Branch 942,503 1,691,089.74 Southeast Bank Ltd. Khatungonj Branch 70,178 84,737.85 Southeast Bank Ltd.Agrabad Branch 161,908 161,847.00 Southeast Bank Ltd.Motijheel Branch 126,904 25,152.68 Southeast Bank Ltd.Elephant Road Branch 167 - Southeast Bank Ltd.Jubilee Road Branch 18,168 15,357.30 Standard Bank. Paltan Branch 1 1,071.00 Dhaka Bank .Imamgonj Branch 639,108 494.00 ICB Islamic (Oriental) Bank Ltd.Imamgonj Branch 1,001 1,001.00 Al-Arafah Islami Bank Ltd.Comilla Br. 17,807 21,340.00 Southeast Bank Ltd.Bangshal Br. - 21,834.00 Shajhalal Bank Limited,Kawran Bazar Br. 1,191 158,867.50 UCBL Naryangonj branch 448 8,407.00 National Bank Ltd. Mymensing Branch - 30,189.00 National Bank Ltd. Khulna Branch 10 476.00 Basic Bank Ltd. Narsingdi Br. 1 0.65 Exim Bank Ltd 15 - NCC Bank Ltd.Jessore 638 Mutual Trust Bank Ltd. Sylhet Branch 154 599.00

1,980,201 2,222,464



10.03 Cash in hand Head Office 1,684,133 1,769,029 Local office 47,608 36,254 Bangshal Branch 50,205 50,206 Khatungonj Branch 125,731 113,840 Imamgonj Branch - - Comilla Branch 34,699 31,949 Agrabad Branch 78,428 82,480 Motijheel Branch 45,813 150,050 Barisal Branch 30,473 36,860 Palton Branch 125,393 125,394 Narayangonj Branch 129,421 129,421 Elephant Road Branch 38 100,000 Narsingdi Office 75,000 75,000 Jubilee Road Branch 13,682 11,037 Mymensing Branch 117,872 90,328 Jessore Branch 20,000 20,000 Sylhet Branch 80,000 80,000 Khulna Branch 55,231 55,233

2,713,727 2,957,080 11.00 Stamps in hand

Opening balance 337,862 170,305 Add: stamps purchase 14,000,000 12,500,000

14,337,862 12,670,305 Less : Consumption 14,016,112 12,332,443

321,750 337,862

12.00 Fixed AssetsVehicles 16,852,582 21065727.5Office Decoration 8,612,100 6047665.5Telephone Inst. & PABX System

242,453 233323

Furniture & Fixture 2,173,710 2361305Computer, Printer, Fax and Copier 1,719,786 1895708Office Equipment 2,132,271 1477479Air Conditioner 2,119,063 911547

33,851,965 33,992,755


Amount in TakaFor further details please refer to Annexed-A 2013 2012

13.00 Stock of printing and stationery Opening balance 525,589 563,728 Purchase during the year 1,509,868 1,333,559

2,035,457 1,897,287 Less : used during the year 1,498,280 1,371,698

537,177 525,589 14.00 Security deposit

Against Office Rent 752,633 752,633 Against Telephone 58,714 58,714 Against Electricity 10,000 10,000 Security Deposit(CDBL) 300,000 300,000

1,121,347 1,121,347 15.00 Authorised capital

100,000,000 ordinary shares of Tk. 10/- each 1,000,000,000 1,000,000,000

16.00 Issued, subscribed & paid-up capital4,48,28,437 ordinary shares of Tk. 10/- each 448,284,370 426,937,500

448,284,370 426,937,500

17.00 Reserve for exceptional lossesThe above amount is arrived at as under :Opening balance 142,954,417 124,246,057 *Add : reserve made during the year 17,319,115 18,708,360

160,273,532 142,954,417 *Reserve for exceptional losses is appropriated out of current year profit about 10% of premium earned during the year. The above amount is eligible for tax relief under the 4th schedule of ITO 1984.

18.00 General reserve 3,771,100 3,771,100

19.00 Premium Deposit 29,104,408 24,143,768 This represents the amount of premium deposited with Company against cover notes for which no polices have been issued upto the end of the year. And will be adjusted after issuance of policies.

29,104,408 24,143,768



20.00 Estimated liability in respect of outstanding claimwhether due or intimatedFire - Claim intimated, cos portion. 29,090,743 114,485,134 Marine cargo -Claim intimated, cos portion. 23,229,708 41,929,632 Motor - Claim intimated, cos portion. 3,219,101 1,674,837 Miscellaneous Claim intimated, cos portion. 2,221,601 2,370,630

57,761,153 160,460,233 21.00 Amount due to other persons or bodies

carrying on insurance businessAmount of re-insurance premium payable to SBC

164,841,583 113,329,151

Co-Insurance Payable 159,974 - 165,001,557 113,329,151

22.00 Sundry CreditorsLiability for expenses - Audit fees 165,575 165,575 Deferred tax 1,303,779 1,670,965 Provision for taxation-2006 to2007 18,259,273 18,259,273 Provision for taxation-2008 8,421,256 8,421,256 Provision for taxation-2009 11,728,117 11,728,117 Provision for Taxation 2010 22,567,336 22,567,336 Provision for Taxation 2011 16,800,000 16,800,000 Provision for Taxation 2012 37,230,000 37,230,000 Provision for Taxation 2013 47,164,364 - Employees P.F Payable 571,034 494,711 Employeers Contribution P.F 571,034 494,711 Provision for Gratity Fund 4,914,734 5,123,882 Provision for Incentive 4,500,000 3,000,000 Refund Warrant Payable(IPO) 1,231,595 1,387,598 IPO deffered Income 446,416 446,416 VAT payable 2,981,358 2,352,584 Stamp payable 727,303 Deposit against Car Purchases 1,260,264 531,252 Refund Warrant Payable(Right) 216,640 236,640 Dividend Payable 13,999,556 9,874,079 Salary & Allownce Payable 1,272,600 644,930 Provision for Loss on Share 93,796,996 77,508,148 Others Payable 732,227 -

290,861,457 218,937,473



A Calculation of Provision for Deferred Tax Carrying Value of Fixed Asset 33,851,965 34,792,755 Tax Base 30,784,249 30,861,073 Taxable Temporary Defference 3,067,716 3,931,682 Tax rate 42.50% 42.50%Deferred Tax Liability 1,303,779 1,670,965

Deferred Tax has been calculated for the period ended December 31, 2013 in compliance to BAS - 12.

B Deffered Tax Expenses /Income with arrived as:Closing Deferred Tax Liability 1,303,779 1,670,965 Opening Deferred Tax Liability 1,670,965 1,557,142 Deferred Tax Expenses (367,186) 113,823

23.00 Interest ,Dividend & Rents:Interest on STD A/C 2,786,732 3,313,311 Interest on FDR A/C 74,654,397 73,236,996 Interest on Govt Treasury Bond A/C 2,616,348 1,054,800 Dividend on Share 7,506,000 9,070,000 Profit on Sale of Share 3,854,750 Misc Income 167,606

91,585,832 86,675,107

Premium IncomeGross Premium

Class of business Direct Govt.Total2013

Total2012

Fire 129,004,369 3,093,169 132,097,538 115,486,827Marine cargo 97,124,177 13,872,681 110,996,858 139,650,150 Marine hall 871,550 681,131 1,552,681 - Motor 20,590,897 1,820,578 22,411,475 23,245,851 Miscellaneous 26,337,228 22,927,875 49,265,103 41,160,014 Total 273,928,221 42,395,434 316,323,655 319,542,842


24.00 Expenses of ManagementParticulars Direct Business PSB Total (2013) Total (2012)

Fire 34,285,110 231,988 34,517,098 24,502,969 Marine Cargo 25,812,406 1,040,451 26,852,857 29,629,728 Marine Hull 231,629 65,518 297,147 Motor 5,472,382 136,543 5,608,925 4,932,098 Miscellaneous 6,999,567 1,773,704 8,773,271 8,732,966 Total 72,801,094 3,248,204 76,049,298 67,797,761

Management expenses has been charged on revenue account presents approximately @ 24% on gross premium of Tk. 316,323,655 /- (Including Public Sector Business)


Salary & Allowances and Wages 45,549,956 42,619,452 Office Rent 8,644,339 6,592,068 Car Allowance 3,048,161 2,931,492 Car Maintenance 528,084 484,098 Conveyance Allowance 364,644 315,892 Cookaries & Cutlaries 93,844 1,890 Bank Charge 755,218 602,483 DSE,SEC & CDBL Charge 362,734 363,256 Entertainment 188,210 184,323 Festival Bonus 3,974,960 3,736,197 Fuel & Lubricant 381,318 538,248 Gas, Water & Electricity 1,053,737 875,356 Incentive Bonus 1,599,481 759,618 Internet, Fax ,E mail Expenses 442,611 349,648 Leave Encashment 135,825 - Levy on premium income 100,000 100,000 News Paper & Periodicals 62,485 49,687 Office Equipement Maintenance 417,361 173,158 Office Maintenance 623,969 443,816 Postage, Stamp & Courier 421,837 344,457 Printing & Stationery 1,498,280 1,371,698 PSB- Expenses (Management & Business ) 3,248,204 2,717,429 Sign Board & Holding - 15,577 Service Charge (Co-Ins) 66,013 - Staff Tea & Refreshment 372,242 288,838 Stamp duty consumed 206,140 193,512 TA/DA Allowance 515,676 473,273 Telephone Bill 1,278,465 1,247,197 Training Fee 59,500 3,500 Inspection Fee 56,005 21,598

Total 76,049,298.47 67,797,761



25.00 Earnings Per Share (EPS)Net Profit after Tax (Numerator) 86,467,462 70,020,887 Number of Ordinary Shares Outstand-ing (Denominator)

44,828,437 44,828,437

Earnings Per Share (EPS) 1.93 1.56

26.00 Tax Assessment Position Income Tax Assessment has been completed up-to assessment year 2006- 07. Income Tax suit for the Assessment Year 2007-2008, 2008- 2009, 2009-2010, 2010-2011,2011-2012 are yet to be finalized due to Appeal and Assessment Year 2012-2013 & 2013-2014 is under consideration of DCT.

27.00 CompensationNo compensation was allowed to the Chief Executive Officer of the Company or any member of the Board for any special services rendered except as Expenses of Management.

28.00 Regarding Related Party TransactionDuring the year under review, the Company carried out a number of transactions with related parties in the normal course of business and arms length basis. The name of related parties, nature of these transactions and their value have been set out below in accordance with the provision of BAS 24 Related Party Disclosure. Details are shown in Annexure -B

29.00 Directors Interest in other Companies

Name Designation with AIL Entities where they have Interest Position

Yussuf Abdullah Harun FCA ChairmanIncontrad Managing PartnerIncontrade Limited Chairman

Mohammed Jamal Ullah Vice-Chairman

Bismillah Store ProprietorSilver Dal Mills LimitedSilver Dal Mills Ltd.

M.D.

Ishfar Oil Mills Limited M.D.Rupali Soap & Chemical M.D.Silver Coconut Oil Mills Limited M.D.

Abul Bashar Chowdhury Director

Mashud & Brothers ProprietorModern Hatchery Ltd. ChairmanModern Poly Industry Ltd. ChairmanMutual Shipping Ltd ChairmanRuby food Products Ltd. ChairmanModern Fiber Industries Ltd. ChairmanHappy Enterprise Proprietor

Alamgir Kabir FCA Director Southeast Bank Ltd. Chairman


Md. Jahangir Alam Director

M.I Cement Factory Ltd. ChairmanMetal Marketing (Pvt.) Ltd. M.D.Indo Steel Re-Rolling Ind. Ltd. M.D.Chittagong Capital Ltd. M.D.Premier Cements Mills Ltd. DirectorJahangir & Others Limited M.D.GPH Ispat Ltd. M.D.GPH Power Generation Ltd. M.D.Crown Power Generation Ltd. ChairmanPremier Power Generation Ltd. Director

Mahbubul Alam Director Alam Trading Corporation Proprietor

Mrs. Khaleda Begum Director

Bengal Mines Development Corporation DirectorRangapani Tea Estate DirectorN.R. Steel Galvanizing Plant Limited DirectorSamuda Containers Limited DirectorProgressive Containers Limited DirectorT.K. Gas & Gas Cylinder Limited DirectorMarshal Oil Limited DirectorSuper Coconut Oil Limited DirectorT.K. Particle Board Mills (Pvt.) Limited DirectorPapya Chemical Industries Ltd. DirectorBengal Sack Corporation Ltd. DirectorShabnam Vegetable Oil Industries Ltd. DirectorRiff Leather Ltd. DirectorT.K. Chemical Complex Ltd. DirectorPolytex Yarn Product Ltd. DirectorChing Hung Fibers Ltd. Director

Mrs. Farzana Afroze Director Samuda Chemical Complex Ltd. ChairmanMohammad Mustafa Haider Director Samuda Chemical Complex Ltd. M.D.

30.00 Credit FacilityNo credit facility availed by the company under any contract other than bank credit facility and trade credit which are in the ordinary course of the business.

31.00 Number of Employees EngagedThe number of employees engaged for whole year who received a total remuneration of TK. 36,000 and above per annum was 263.

32.00 Capital Expenditure Commitment No Capital Expenditure contracted or incurred provided for as at December 31, 2013. There was no material capital expenditure authorized by the Board or contracted for as at December 31, 2013.

33.00 Claim Acknowledgement There was no claim against the Company not acknowledged as debt as on December 31, 2013.


Partic

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Rate

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4,41

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557,8

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225,8

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4,78

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3,41

8,154

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4,96

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2,84

3,341

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7,64

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- 31

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5

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1,96

5


Name of the Related PartyNature of

RelationshipNature of

Transaction Amount of

transactionsBalance

Southeast Bank Limited Common Directorship Premium & Claim 30,067,718 NillBay Leasing & Investment Ltd. Common Directorship Premium & Claim 534,386 NillIncontrade Common Directorship Premium & Claim 1,909,224 NillPremier Cement Mills Ltd. Common Directorship Premium & Claim 7,391 NillT.K. Group Common Directorship Office Rent 3,221,712 NillFloor Space of Yunus Center Common Directorship Office Rent 2,442,500 NillT.K. Group Common Directorship Office Rent 410,400 NillBay Leasing & Investment Ltd. Common Directorship Car Loan 12,500,000 9467870Southeast Bank Limited Common Directorship FDR 154,444,231 154,444,231 Bay Leasing & Investment Ltd. Common Directorship FDR 79,565,000 79,565,000 BLI Securities Limited Common Directorship B/O Account 5,092 5,092 Southeast Bank Limited Common Directorship C/D Account 1,319,828 Southeast Bank Limited Common Directorship STD Account 23,952,545


Class of assets Amount in Taka2013 2012

Govt.Treasury Bond 26,980,384 10,975,080 Investment in share 258,041,428 278,441,428 In Fixed Deposit with Bank 578,199,933 590,137,763 In STD A/c with Bank 36,384,821 47,676,483 In CD A/c with Bank 1,980,201 2,222,464 Accrued Interest 28,528,828 23,901,268 Outstanding Premium

- 11,627

Cash in Hand 2,713,727 2,957,080 Amount due from other persons or bodies carrying on insurance business 150,863,567 97,341,000

Other assetsFixed Assets 33,851,965 33,992,755 Sundry Debtors 42,783,715 56,599,711 Advance, deposit and pre payments

280,457,892 234,013,735

Security Deposit 1,121,347 1,121,347 Stock of Stationery 537,177 525,589 Stamps in Hand 321,750 337,862

1,442,766,735 1,380,255,192



Chartered Accountants Date: June 08, 2014Dhaka

Annual Report 2013

Photographs

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NOTES

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