COMPANY PROFILE SONTEC CO., LTD. Company Profile 2010. Sontec Co., LTD. ISO 9001.
AGRANIINSURANCE COMPANY LTD
73
AGRANII NSURANCE COMPANY LTD
Transcript of AGRANIINSURANCE COMPANY LTD
AGRANIINSURANCE COMPANY LTD
13-t.r"\ annua report 2012
_2ft ll;"J)c .. ., ,..1 'II~ ~filtl;15 AGRANIINSURANCE COMPANY LTD.
(r (r Y. \t L ~r ~1'~ \\., JJ \ IJ \ ,
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Notice of the Thirteenth Annual (jenera I Meeting
~ Thirteenth Annuoll Gener .. ' Mfttlng of
Agranl Insurance Comp,ny Limited will be 11K!
on Sund¥1. 23 June 20U ill 10:)0 lim al tht
Insutitulk)n of OIp~ EnglneefS, Bangl~'h.
16(WA. Kak .. ';, VIP Ro.ld, DIla.u. to (omld .... the
following bwness,
1. To conslde< .. nd ..:Iopl the Olo'ecton' &
Aud~(II!, Report .. nd Iht audlled fln.anclal
statements of the Company for the )'I!ar
ended 31 OecembE'r 2012.
2. To o:Ie<;l,re dividend fOf Ole yu. 201 2.
3. To elK! DlreclOfl,
4. To ajjpolnt At.ld ltofl fonlle yu. 201 1 "n.d Hx
I,," remuneration.
Sharif Mahmud (omP"IIJ~1irY
6Mq201l
Note>; :
• The "R"'aml Date' fixed on 8 Moy lOU. The
,h .. fhoId ... , whose n""",. wll;opf>Nf In me Regl.wof Me""""" ~.I""y Regl"e< on the Rec:Ofd Date wl i be eligible In ,,,end tile
me..d"9 iWld qualify lor dtvIdond.
• A membef .... tlt"-'d to attorn! _nd Y<)le >, me
Annu . 1 Gen",.1 Meedng ""'I' 'Pl'Olnl' pral)'
In hi. 'Iead. The proxy form. duly , tamped mu.t be deJlO<lted at !he 'pg'''ered offke 01
the Comp. ny not late. than 48 ho"" belOff
Ihe m<'I'dng.
Vision To be (l'{ognlzed as a professional and dl'peodable bmlm'\\ emily (ommlned to playa meaningful role In the development of Imuranee
Industry In Bangladesh and to Xlfl'gU3rd the legitimate IfllefellS of all
llakeholders. namely policy-holders. share-holders, reinsurers. employl'{'s and all othl'f business assoi:Lales/partnl'fs.
Mission To provide quality service and protection to Its dlerlll aiming at iKhleving a (I'spectable volume of business and be<:ome a prominent
player through good gOYem3fl(1' and sound professionalism flxuslng
to be<:ome a well-lmown and respe<:ted CorporalI' entity In the eyl's of Society and GoIII'fflml'flt.
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Reglstl'l'ro name of the Company
AGRANIINSURANCE COMPANY LTD. Registered Office 45, DIJoy N<lgar, (1 4th Floor), Dhaka-1 000, Bangl<ldelh
Phone: 8391 571 -4, F3X:88~2 -B391 575 E-mall:agranlln@l: lte(h.net
wvrn.3granllns.com ...... Dilte of Registration f10m the Chief Coolrolll'l" of Insurance
( a __ al_IIl"''' r I Llsllng with Dhaka Stock Exchange{DSE)
AuthorizlKl Capital 5,00,00,000 ordinary shares of
Paid-up Capital 2,19,61,500 ordinary shares of
5 are 0 mg Pattern SIruc:lure
Sponsor DlrectOfI
Sponsor Shareholders
Public: Shareholdlng
Chairman Rezaul Hoq Khan
Managing Dlr!'l:lOr Md. Anwar H(main
n. 10.00 each
n. 1 0.00 each
Company Secretary ShariOMhmtld
Statutory Auditor! MIS.Rtmon ~zH.!q Ho. froom'd A[(OIltrts
, .......... 05-Mar~5
500,000,000
219,615,000
"'" 68,933,590
15,943,840
5,168,020
Pnf)(ipal !lankerl [.stern Bank Ltd.
Jamuilil !lank Ltd.
Message
Our Sharehold .... :
A,sal. muallkum
II I, g,.a1 honour and prM\ege lor me to welcome
)'01J .11 to the 13th An ....... 1 GenNa' Mee~"9 of the
comp . oy. I MV. the pl •• ",,,, 10 P(I'SI'Ilt )'01J •
("pon of busl""" performance of the company fo< theye.,2012.
We .11 know tnat the ,..,..kl ecooomy, partkul.My
USA, Europe.nd Japan was In reces,1oo (or the , .. I
3 ye",~ The GO!' growth of robu,1 economy like.
Chlna. lndla . nd ilraIlI was ,'kling down. Now they
!lave 'taJlM Imp'''''''ng. Developing and .m ... gl"9 l'COnomk,.,e locusi,"] (Ill me dome,1k: 'OUf«'< 01 groWlh. B. ngl.de,h economy has ,hown "",III'm
gfOwth momentum In this tlme In It<; major .,,, ...
The global Impact of economk ,lowdown has It,
<efll'<tkln In our new In""'tml'llt RI'g. rdl .. , of all these 1.(fO(~ the (ompany !'a",1'd I profll of Tk.
65.41 m for me year 2012.
We are (()mm~ted to th. continuing growth of our Ofganl,.lIol\ . od w. med to ,hare our fln.I><I.1 succes, with you In a manne, thaI we Ie!'! pr()lj(j to
,leer 01JJ o"l.nlnloln together, Kl'I'plng this In mind the t,," rd of dl'l'<tor, 'l'<ommendl'd 10% ,rod dNidend fOf the )'1'"' 20 12.1 am optlmlstk that Agranl In,uran<:e will comrlbute to the ,oclo!'({)l\OJllk development of the (oumry and make a
dlfferen<:e In the l<Klety.
Befo re I mndude.1 wookl extend my gra~tude to all my mUe . gu", In the board (Of their umtlntl'd
suppo<t and co-operalioo al all tlme~ I woukl also
like to thank the ,lIareholdef, and mkehokle" 10< being with us In aur JoorJll')' tow.,d, a better
tomorrow.
M. y Almighty AII.h bles, lIS all
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Managing
Bismillahir Rahmanir Rahim
De., Shareholders, DIstinguished ladl.. and
Geml,men,
A,,,I.m,,, likum
00 behalf of the M.nagl'lll ..... n •• m, I . m ple .... d to
"port to yoo ttl>! Agranl I",,,,, nc:. Comp. ny ltd. pass.d Ih. y • ., 2()12 with nOlobl. 'UITes, on
different /rom, despite v" lou, challenges . nd Inten", rompelltloo.
The yea r 01 2012 wa s . yeO[ of Inter (""""ctlng
(onl,al lciall"" of <I' ''''gth acd a ,eaml." dyn.ml c network to grab th e potent l. ll ty .cd efft ( l!>nl
pe rformance. Th . ')<1I'<gl!ll( oulm me w" oose,Vl'd by m. 'nta lnln g sustaln .ble grawth In ",,",y lin e r:i bu~ n l'S' . ln the b.!(kdrop r:J p,.v.o llin g m ntrocrloo ory rooneury po lk:y, decll nn<J GDP g'<JNlh r:J n. l]o",,1 l'Cooomy, be,,11i1 " pital markelln g . nd d<>t",'oratl ng mOO lllon of world l'COoomy, we h.d to go forward very ca utl ou, 'y (onfro ntlng va ri oo, ,h . ll eng e, to
k .. p th e P''" of growth .
Review
During the y.a, 2012, the (()mp m y • .,ned a
premium ofllt n . 264.47m . nd k""n to K rompl,h
~, vI,lon to be """ of the top ,anklng Non-life
In""aoce comp"-'esln Oanglod .. h,
Yoo 'MIl be tlappy 10 know that OOf (omp ..... y tlas been wed os "A" by CRISl baS<.'d on the financial
,lateme,\IS 01 20 11.
Cllem, .,e the m. ln (ootrlbutll'>C} ' gent to OO(
SlJ(CI'ss. Sene'-qu . llty client "'fVICI' tn,ou9h Inte9J>tlon 01 mooem technology I, our motto. In
..-de< to dl'lwer beltI'J qu. llty ""vic .. to the dlent~
branches of Ollah. Cnlna9""'1- Khuln •. R' ngpu'. Sylhel OM,lon, have b ..... bmu9hl under Online
netwo,kln9 and the ,,,,,,. lnln9 b,aom .. will be
linked ,ho,dy.
no.lly. I would like to exp,ess my ,loCI''" ' pp,ecl . Uon to . 11 m"",be" of the bo.,ct "'a("""lde,~ 't.:lkeholde" 10. helpln9 lIS to m.ke 201 2 • SlJ(ces, .nd IoolOn91ofWam to ,ecelvlng thel,
"'1lPO'1 . nd ca--opeJOtioo In the days aheod.
Md.Anw .. Ho,saln
Company Profile
Agr~nl insurOll'lCe CoIllfWlY Ud., w~ In(orpotlItfd In
m. )'flr 2000 wkh a paid-up c~ plUl of Tk.60 million. ftMo preset'll ~uthorlzed CipIUI of lhe Comp~ny I!. n. 500 fl'ljlllOn while paId .... p caplUllusln(reued to n. l 19.6l M~Ion.
'-9"nl o'llu,jr\(e Is one of the Genefal Insuranrf
Companln of 81ngl3Oeih having a r>elWO! k d 31 bQ"'l>tIlitui ted II 1IIImpomnt pIa<:ei lhrou9i>out
8anglodelh employing a WOfkforce l boull9(\ pe(5011S.
II underw.l1es I II elas~s of Generil Insu ... nee and enjoys reputation second to none. Apan from the
tradltlOnll eewers such as, fi re. MoIo', Ma.lne Ilmport &
[>po.ts). LOSS of Profits, Personal AecH:ie-nt Group Hospltallu~on, WOfkmen's ComlX"'uUon, Bu<gl.1ry.
Cuh·ln·Silfeilrinslt etc. 1\ ilso tranue" I\Of>.
tradltlOnil cewers IUcI1 is t.\ad11ne<y 8Ieakclown iII"Id LOSs of Profits following Michlne<y Breakdown.
Contrition ..... Rlsl<s, [rectlOn ..... RIsb.
51"'. Its establlsllment, Iogrinl hiS progressed
o.moothly and steidl~. Itl grOIS prem....., In<orne
Increased from n. 14.37 milton In 2000 10 264.47
m~onln2012.
Rh.~ ........ t Insurar.:e being lhe !>Wr.ess of tr~nlfer d risk from
dlenllO Insure< II mble only II underwrite" ibilMy 10 prec isely usels the risk. Your companys Risk
MMug<'mtntipproa<h flO proflOont In ~tatlve
evaluation of rl~pr",ldIng .. rely ConIU~M"OC)' IOf loss reduction aod sU'l9""'ting ...... ,ures 10. risk
alleviation 10 "'"" dI"n".
Your com",,,,)" I. striving to d" ..... top fXjle<Ule In
a."a . of ri.k Id""Hfk:atlon. rI.k qua lrflcaOont rill<
control and .I.k .etentlon wIllch will help uS fn
offering v. lue added ..... vlce5 10 our tI~nU.
R.· lnsuratK. :
for hl ndllng Imuranc" of tethnologlcal and
mulH-<llmenslonll projec" and pllCEment of reo
ImUfa",e In the world markel. Imurer needs
support of multln.HoMI Imu .. r.:e Brok .. ~ The
comp3fl)' has Ilk"" out neces"/"f re·lnIUf3nce
JlfG!!'Ctlon from S~dh",.., 81m. Corporation it
home and lOme !Klier repu!fd ~n "Hnsurer!
for tile fun protection of ri.k of OUf cMenW
property ind Interest~
5 .0:100 ..... 1 of clai .. s: The com piny h.s th. trick ,,",onl aboul the
prompt 'ifttloment d d.Im. uo:! ...... e< oepudJ;otes
m. dilms on flimsy ground.
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PartiCulars
Financial Performances
""'- 11421
Net Premium 163.48 140.41 139.56 110.50 107.22
""- "'" Underwriting Profit 55.30 35.42 26.73 26.16 20.52
.... eAi,IiEiIt.OIIIer Income 2154
~t profit befOfE'TalC 65.41 43.82 47.68 34.53 "., NIt profit "'TIIt
,,., Share Capital
Paid-lJp Capital 219.61 199.65 18150 165.00 150.00 ,,,.., Assets
Investment in Shares & equity. N18 61.13 54.33 43.78 26.57 20.03
c.sh,FOR .... 8d ICe 20057
Advance against fIoof purchase 51.05 66.56 61.94 -- .... Total Assets 543.57 461.22 405.08 355.20 373.19
Financial Analysis
Dividend (%) ,.- ,.- "". ,.- ,.-,
&rr*Ig IW ShIN (EPS) '''10 • ,
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Credit Rating
AGRANIINSURANCE COMPANY LTD., has been rated by the
Credit Rating Information and Services Limited (CRISL)
as under
Claim paying Ability
Surveillance Rating 2011 A
Outlook Stable
Date of Raling 31 July2012
Based 00 III ftnan(lal statements ftx the year 2011 which Indicated very
high claim paying ability. good financial performance and wund solvency position of the comp,my.
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Graphical Presentation
Gross PremlOO1
2001 2CIOII ..,," 201 1 "'"
NeI a alm
2CIOII '''''" :.'" 21)12
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NelPmm""
Totll AUe!s
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Board of Directors 8. Sponsors
Rezaul Huq Khan Chairman
Chairman
Agranl DI<tgflOI!lC Centl'f l cd.
Managing Director
Silrb<Jn International ltd.
Silrban Import ltd.
Md. Mmtahldur Rahman VICt' Chairman
Managing Director 6HT Industries ltd. Poly 8ag ManufiKturlng (o.Ltd.
Muillplu\ Indmules ltd.
Mahmudul Hoque Director
Chairman MHC (Pvt.) ltd.
MHC App<u~\ (Pvt.) Ltd. MHC Fashions (Pvt.) Ltd.
MHC Texti le (Pvt.) lid.
Shilms DWears Ltd.
Shilms D Apparels Ltd.
OMAS PiKkaglng ltd.
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Md. Mustdfizur RahITldn Director
Chairman
BHT Industries ltd.
Poly Bag Manufacturing Co. ltd.
Multlplus Industries ltd.
Coo'rlllllll J. mll Eye & Ge ...... 1 Hmplu l Pa>lG"""roor lIoO! Club Inte",alloo. l. OI't·{)315Al Managing Dlrl!(lor Environment Brick, ... C . .. mic:, ltd.
DIrector Raymooo Glfment' Ltd. lA F .. hion ltd. Senior Parmer Ahmed Zaker ... Co.
Sdkhdwal HossdlO (Llntool Director
Chairman MCOTradlng Int. (Pvt.) ltd.
Managing DluK/or Sunny Feeds ltd. Sunny Breeders ltd. lS Energy ltd.
Proprleror Bangladesh CNG Filling Company So Petrol Pump
Milhbubur Rahman Dlfl'etor
HM Ibrilhlm Director
Managing Dlrecrar
Tung Hal SW<ersltd.
Tung Hal Knlnlng & Dying ltd.
N.N.Swe<ltersltd
Agranl Sweaters ltd.
M<:Inaging Dlrecror
Royal Dresses Int. (Pvt.) ltd.
Parmer Maritime Shippen & Traders
Millennium Shippers
Abdul Kader Khiln Director
Dlrwa Nar!ohlnqdl SIzIflC} &
finishing Mills ltd.
Dhaka Gas >erl'll:es ltd.
Chairman [ rwlmnmem B~[J(s &
Cer!ml(l ltd. , i • ~ "
Md.Shahbaz HOIXlIn Khan Director
DlreClor ROle Se<:urlHes Ltd.
Member Dhaka Stock E)((hange Ltd.
Advocare Bangladelh Supreme Court
A.Y.Shahidullllam Director
Chairman SartJan International Ltd.
Sarban Import ltd.
Dlreclor Agranl Dlagoostlc Centre Ltd.
Md.MahbubAlam Director
Chairman BarobiTexLtd.
Barobllmernatlonal Ltd.
S.M. Shamsul Arehn Director
Ahmed Jamal Director
Managing Director
Uttara finance So lnvestmenll Ltd.
(~epresentlng Uttara f inance ...
Investments lid.)
CIlIe(Executlve Offker
Allied Enterpj"lse
Director The Federation of Sangl<Klesh
Chambers of
Commerce So Industry (FBCCI)
KBM MOln Uddin ChillY Director
Director Islaml FlnarKe & Investment lid.
Founder & President
Victoria University of Bangladesh
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Managing OIrIK/or Skynet Worldwide Express lid. Skynet Fisheries & IIltl'gratl'd Complex PropriefOr DPEXWorldwlde Express
Md.Abdur Razzaque Khan Independent Drrector
Mir NaSir HOI'x'lln Spomor
~D#oc ...
(/lalrmen Razzak Group of lodumles Managing DIr(>(tor RazzakTextile Mills Ltd. Feb-Coo Textile Mills (Pvt.) lid. Premier ThreiKllld. Reliance Power Generation ( 0. Ltd. Proprleror Khan Enterpr ise Modern House
Po"Iff,n.1lI Mi r Aktt.,. Ho, .. in ltd Mi r (mm~ ltd . Mi rH oid ing ltd Mi rT,o.:om ltd.
Dirrctol
The Fodmtionof 8,"~,' (hoi mbt~ ri Corrn-.orc." ndU!1r)' (f9((11 Po",." ... tI",P",IidoIll SM RC ( hoi m bet- ci Corrn-.orc. " 1,.j",1r)'
Po" D5/Ii<t Go.wool E.J ". m I!,;ri l "d .
Lio", ( I ub i n'" rn.I" """' II O;!t. 03 I SA I I
Md Anwar Hossam Managing Dlfe<:tor
Board
w w
'" E E a U
E o u
ill ill
" E E 8 ±o U ~ «
J
Committee ________ _ The Ul'Cut'" CDmmlltee I, mmpfl"-'ll 01 the ("'lowing Soard Memb"" :
" . Md Mustahklur Rahman Mr. Rel a,,1 Huq KIlo" Mr. M. hmudul Koque
Mr.Zaker Ahmed. FCA Mr. Md. MustafizUf Rohma" Mr. Met Anwaf H",saln
Chairman
Member
Member Member Member
Member
The EX!'Cutlv. Commltt"" ,It, os and when required ((II ,""suring to Im~.mem the poIlc:le' and
guid eline thmugh the Ma"iK)I'mem aUOfdll><} to the term, 01 ,et",,,,,,, •• pp" .... d by the Boord.
The Claim, Committee Is mmPfl"-'ll of the following Iloard Membi>f, :
Mr. Md. MlISlahklu, Rahman Mr.Rezaul Huq Khan Mr. Mahmudul Hoque Mr.lak., Ahmed,FCA
Mr. Md. Mustafiz", Rahman Mr. Md. Anwar 1-10" . ln
ellalr"",n MMlbe, MMlbi', M"",be, MMlbe, MMlbe,
The Committee 'ppr"",es any (lalm eJ[cl'edI"'l Tk. S().OOO. How.v .... the Committee m. y.llit I, d ... med ne< ..... ,y 00 the basl, 01 g'.v~y 0( the mati." rei., to the Iloard The Managing DIrector 'h, 1I approve
any claim not e]((l'I.'d 1"'1 Tk. so. 000.
The Audit (ommltt"" I, comprlSi'd 01 the Iollowln9 Board member, :
Mr. R.llqu",'.m
Mr. A. Y SlIahldull<l.m
Mr. Md. ShahblZ Hossain Kh.n
Mr. Md. AIlwar Ha,,.ln
Cllalrman
Member
Member
Member
The Audit Commillee "ts time to time . 00 ope .. te, according 10 the \er"" 01 rel",,,,,,e 01 me
Committee approved by the Bo.,d The objectlv., 01 the Committee Ire to emure Pfol"'r Intern.1 control and provide Pfope-r 'luidellne to flnalln .. the annu. 1. qua rterly and h.,I·yearly O«Qunl!. The Committee alJ.O review, the Imernal .udlt report 01 d ille rent br.nc:h .... lhe Audit Committee u k.,
Il\ltIa~v., 10 keep me Company . w. y from .ny poJSlbie ml,hap.
The Committee Is comprl,ed of the loIlowlng Soard members :
Mr. Mahmudul Hoque
Mr. Sakhawat Ha,,.ln (llntoo)
Mr. S. M. Sh.mJUI Areftn
Mr.AhmedJam. 1
Mr. Md.Aowar HOSJ . 'n
Cllalrman
Member
Member
Member
Member
The Committee ,It' ~me to time lor dlve"llk:atlon ollnv.,tm""t 01 compar,,.., lund In drll .. em profltab~ ,,,,,lOr to eo", 'lood return.
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Management ~am ________________ __
, Md. ArwoIar Hossain Mana!;JhI;J Oi"ecIor , Md. A1horull5lam MdIlUd r.i<mITll Dncla , Hussain Ahmed _~CftcI:< , S. K. Noodl ~'IInV'\l_
5. Farad Uddin Bttiycn _~DncIor
6. Mohasin Siddquee _~~octa
7. Md. lmarnul Hossain .o..iJkrt ~ Di«<:Ior
8 . Sha1f Mcnmud
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PRoduCTS of AqRANi
Fire Insurance CI Fire InsurarKl' (Indudlng Allied Pt>rlll)
CJ Industrial All Risks liAR)
o Fife InSUr3rKI' Comequentlal Loss
CI Fife InSUr3rKe Dwelling. House and Conteflll
CJ Fife InsmarKl' HoiI'I Combined
Marine Cargo Insurance o Marine Cargo lno; ura ncl' transrt by Steaml'l' or POWl'l'ed Vess.e l llmporl/EXport)
o Marlne Cargo InsurarKe translt by Raii/lorryfTfUck (Impofl/Export)
CI Maline Calgo InsurarKl' lran<Jl by Inland Rail Of Ro<Kl Conveyance
CJ Mat1ne Cargo Insurance transit by In land Cargoes (water borne)
o Marlne Cargo InsurarKe translt by Air Cargo (Impofl/Export)
Marine Hull Insurance (TLO &, Te)
Engineering Insurance CJ Machinery Imurao(1' (MiKhln!'rY Breakdown)
o Oetl'floralloo of Stock (OOS)
CI Bollet and PH'SSUrl' Ves5eIIBPVI
CJ Elenronl( Equipment Imurane\' IEEI)
o Erection All Rlsk5 (EARl
CI (001l3ctOI'\ All Risks (CAR)
CJ Engineering 1fl\\lf3nCe Comequemlal Losl
o Cootractor 'll'Iam ... Madllnery Insurance ((PM)
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PRodUCTS of AqRANi
Motor Insurance (Comprehensive/Act Liability)
Q Motor Insuraroc:el for Comm!'rclal Vehicle
[J Motor Insurances for Private Vehicle
Q MotorlnSUfarlCeS for MOIO( (yde/Scooter
Q MotorTrade Policy
Miscellaneous & Accident Insurance
D Burglary & House Bfea~lf)!llf)SUfal)(e
D Cash In Safe (CIS)
a Calh 10 Transit (CIT)
D Cash 00 Counler (COCl
D People Per<;()flal Auidem (PPA)
a WoIkmeo '\ (ompeoXilloJ) (WC)
D BUllnesl Interruption
D Fidelity Guarantee 101ur30(e
a Health InSUf ao(e
D Pl'flonal Accident (PA)
D Tf3111'11mur30(1' (All kinds)
a Public Liability (Pl) I Third P<lrty lIabHlty
D Professional Liability
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EVENT H iqHliq~--ns
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ManagIng D/re<:/Of Md.Anwar Hmsaln
AddirlomJl Managing Dlff!( lar
Md.Azharullslam Hmsaln Ahmed
Oy. Managing Dlerrlor
S.K.Nilndl
Ani J ran I Maoogif19 Dlre<:[Of Far<Kl Uddin Bhulyan Mohasln Slddlql.le{!
Md.lmamul Hossain
Sr. ExtcUflve \lfce Prl'Sldent
Anwar Hmsaln Mumhl Enamul Haque S.M. Kamal Uddin
Exf!(urtve \lfa Pres/dear
Shalfullslam Drs.Mlah Feraz Md.Arlf Khan Mohammed Salim Md.Rtmom All (Ripon)
Sr. Vice President
Sharif Mahmud Md.GoIam Rabbanl Md.Humayun Kablr Abdul Malek Mlah NurulAmln Md.Harunar Rashid Ashlm Kumar Roy Mrs.Ayelha Mahmud MalUd·un·Nabi (Kuru)
Vice Prf!Sident Md.Gulam MurtuZil Jahanglr Hossain Khan Akhtaruzzaman Syed JuruJul Alam Khandaker Abdul Batl'f) Kazl Mful Hoque Sarwar-E·Alam Khan Jlbon KrIshna Saha Debaslsh RoyChowdhury Shaftqul Alam Abdul Hannan Md.lqbal Hmsaln Ishtlak Ahmed
Sr. AlJI.Vlce PresJdenr Dilip Kumar Ghosh Ahasanur Rahman Joarder Atul Chandra O<Is Sastlka Das MIZilnur Rahman
Allf. Vice Prl'Sldenr Md.Tarek All Badal Kantl Ghosh AnlSoUllslam Nilsrln Hashim (Nlp<I) Sayam A5iId Me-hbuba llI'9um Md.Mlzanur Rahman Polukesh Saha Rubel Hossain ChlmnoyGhosh Mohd. Osman Ganl Md.GoIam Kaye<; Md.S3druIHasan Md.AbdulWahed Trlshna Roy Md.NlharullsJam Syeda Tanjlna Hoque Sudeshna Nandi Humayun Kablr ChowdhUry K.M.Newaz Jesmln Rahman Khildlz3 llI'9um Shaikh Golam Rasul Mushfequr Rahman Mozammel Haque
Dhaka Dh'ision
WHERE WE ARE Brandl N_ & Locallo1l IIt:>d \If BraIlCh Oinlar! N ....
MOllj"""l B .... nrh Me. Md. Azharull$1am '" : S391~71-4 Saiharn Sky Vitw Tower Addl MD &. In- chary F;u: S391~7S . 5. B;;:"' 1IIpr (9dI floor~ DIrol:.l loo:J
Local~ Me. Md. I .... mullto.aio '" : S391~71-4 Sail...", Sky View To ... " AMD & In· dUlIEt F;u: S391~7S 4~. Bijoy Nagar (9th Fk>o<)
Dhaka 1000
Prlnctpa.1 Bra""h Me. hnod Uddin 8I1oi,.... 44 Dilkn$ha a A. I.Ihala AMD & In· d1Mtt F;u:9~5S959
Dllku ..... Brandl Me. hwor""" Mu .... 44 Dilkll$ha a A. I.Ihala SEVP&ln.~ F;u: 9566583
VIP Rood 8 .... " ... Mr. Abdus S:. bur At ....... T<'I .: 9~~S991 44 Dilkn$ha a A. J:.Ihal;> SPO & In· d""l:<' (CC) F;u: 9566583
88 A,·, nue B .... nrb Mr. Masud ·Un·Nabi(KlOIu) '" : S391~71-4 Sail...", Sky View To ... " SVP & In · charge F;U: S391~75 4~. Bijoy N_(16B~)
Dhaka 1000
8ij ... y Nagar 8ran<h Mr. Kazi Aritull1oqu~ ,., : S391~71-4 Saiharn Sky View Tow" VP & In· charte F;u: S391~75 45. Bijoy Nop( I6-B Floor)
Dl\aka 1000
83ru1nl Brrultb Mr. Asblm Kumar Roy Mob: 01716-I!6lSIl4 Ka·43. Bir Uuam. Rafoqull,lam SVP & In · charge T~I: 9855143 (Pmgari Sharoni) Shahzadpur Gul$han Dhaka· 1212
Ad;lmjee EPZ Branch ,., : S391~71-4 Sail1llIn Sky View Tow" F;u: S391~76 4~. Bijoy Nagar (16th Floor) Dl\aka 1000
ImamgonJ 8ran<h Mr. Abdul Wahtd Mob: 01911 -957495 Haji Yousuf Mansion. 2nd Floor AVP &. In·charge ,., : 73416J.l M. Mitfonl ROIId. ~ Bazar.Db.oLo.
N",",,)"all~nJ B .... nrb Mr. SllaiI\Jl lsJam Td: 7644982 33 SM Maid, Rmd (3r(! Floor) EVP& In<harge F;u: ""'" T""baz.ar. Nar<lJangonj
Manlk#OnJ B........,b Mr. Arif Kbad Tel .: 02_7711~92
H.ah Mansion (1$1 Floor) EVP & In· charS<' BuS Stand (Opposit~ Of WAPDA) Manil<gonj
, ! • ! n
, i • ! ~
Dhaka Division
Chittagong Dh'ision
Barisal
Dh'isiDn
Khulna
Dh'isioll
Brandl N""", & Localio1l
J .. ,.lpnc B ... ~c.
Medical Rood, Jam.lpur
T .. g.iI O ... nch Ye.,i. Super M""'",-Vi",,,, ... Road, I" Floor, T""I!.il
Forid".,O ... nclo
Zal<..-ia M"".ioo (2r<i FIc..,.-) S512 Mojib Sam>:, F..-idpur
My ...... ingb Brooch 36 Baro B.uM Mym .... ingh
Agr. b.d O ... nclo
Jibon Bim. Bhaban (4th Floor) 56 Agrabad a A. C1l1ttagong
"", ungonj BroMh 305 KhlIIungonj (2nd Floor)
Chinagong
J" bil~ Ro.d O ... nch Wazhico Tower (4th Floor) 263 lubi'.,., Road. Ch'nagOOlg
""'01 . .. ,,,11 Br .. ch
I. Postar P..-. DT Road DQniala Pan>. ChiltagQnS
M.ijd~Coo" Brooch Main Road. M. ijdee Coo.n
Noakhali
Bar".1 Br ••• b
104. Rashid PI","" (3rd FIe..,.-) Sadrr Road. F.b Bari, B..-ioal
Khl .. Bunch Chamber MaIUi<Jn. W, Floor 5. KDA CIA. Khulna
J ...., ... Bn nc.
7 G..-iH""'a Road. Jeuor.
K., hoi. Bronc.
9 B. C. Chaoerj .. Road.Kushtia
1IQC1 of Br.>otll Con""'1 No.
M •. Md. R"'omA~ (Ripoo) Tel. 1)981·64396
EVP & In_ <Iiarge
Mr. "hlil., Ro.m.n Moo: 01720-809503 SPO & In· charge
Mr. W.lid Bi. Osmon Tel .. 1)631· 6Sl76
SEQ & In-clw"ge (c q
M •. Shorif Ud di. MOO: 01711..,87787
SPO& In.cl=g. ,,' 1)91-66213
M •• SI\: Nondi Tel , 03 1_2512613
DMD 8:. In_ chaIg. Fax: OJ 1·2512613
M •• " . ... ;" A ...... Tel.. 031-612090 Add! MD& In_ d .... g. Fu: 031·2852084
M •. Mohshi. Siddiq." Tel. , 031· 2855149
' MO Fax: 011· 2859040
M •• Mohm .. '" Sali .. Tel .. 031· 721498 EVP& ln.charge Fax: 031·721499
Mr. Md. J . h'r Uddi. Tel.. 0321-63432 PO &: In· charge
Mr. Md. M ...... ur Rohm .. Tel . 0431-64095
AVP & ln·charge
Mr. Md. H ... " . r Il .. bid Tel .. 041· 811861 SVP &: In· drarg e
Mr. Sk. Gulo .. Ro, .1 Tel " 0421-62822
AVP & ln·charge
Mr. Nir •• j •• " ._or Mol .... Tel. 071·73407
APO & In- charge(CC)
Brandl N""", & Loca'io1I
Raj.bahi Bn nch Shabeb Bazar. MOIli Chanar
RajShllhi Raphahi
Division &gn Beonch NCC BonI: Building (5th FIQI;O"J -""",1OIa. Bogro
Rongptl e B ... nch Rangpur Pwa/"" CIwlI Amad Sari Division N.,.27. Rood· l
111ana.K"'o,,:ali. Rangpur
m .. jpoe B ... nclo S.",1 Plaza Mart .. St.nOll Road. K",ow.h DinaJpur
S)"lh.t B .... ch Sylman Complex (3m Floor) Barnth Kluma. East Zinda
Sylhet Bazar. Sylbet
Division S ... mgo.j Bn .c. Jamal C"",pI.x Old Bu> Stand Sunamgonj
lI",d of IIr;odCb
Me. Md. L. ,f .. e Rahm ..
PO & In_ chaIge
Me. GA KIIoo Cho,,"dba.,. SPO&In-charge
Me. Md. Iqba' H ..... i. VP&ln.charge
Me. ' stiok Ahmed VP&ln.charge
Me. Md. M .... mm.1 Ha'lae AVP&In-charge
Con.;oer NO.
Tel." 0721·770347
Mob; 01731·412057
Tel. 0521· 52306
'u 0521· 52306
TeL. 0821·2831215
Mob; 01717·093024
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Directors' Report 2012 ______ _
Dear Shareholders, ladies and Gentlemen
A".lamll AI.lkum.
It I, • 9ren ple .. ure . nd prlvlk>ge on the part of the board .00 me to pre,,,,,nhe Olfl'<\"'" R"'P"'t. t"9"lhI'r wllh the . udlted financial ,tatemel\1, 01 the company ('" the year 2012 ,00 the Audit"'" Report tI;e'l'On,l",
ronsld",atkm.
Bangladesh Economy
The year 2012 will be remembered as. year In which macfOt'Cooomic 'tability w .. ,estofed from . potential ,Ude In monetory, ftscal and exctlange rite developmem thai thre . tened the !'Conomy early In the year. In 2012 . Imoll all the macfOt'Conomk look.tors app.a,l'd to back on tfiKk. For l!\Stance,lnflation ,ale lell down
to .Ingle dk}!t, ba(an<:e 01 p. yme,,! recOfdl'd It' lurplU' and foreign exchange rale remalfled I.,gefy 'table.
Defying ,II ""peas and unc!'ll>lmy. the economy KIlIev", 6.3 2% GOP growth In fY 2011 -12. Although thl' growth ,ale wa, low", tllan that 01 prevloo, flsc. 1 but In comldi>fatioo 01 J ........ ed ai,,,, In USA and [ UfO
Zone. abo"" 6% GOP growth w .. quite ",tllf. Cfory.
Insurance Sector Review
Insll,anc. companle, a,. playing a 'IcJn~lc.nt ,01. In m. economk: dev.lopment of Bangladesh but benos. of ",me Impedlm.nt" Ilk., lock of public .w.,.n",~ poor ec"""mk: cond~lon. poor financial m.ngth of m.
mmpany, hlcJher m,t of bmlness, '>!:ope In non-traditional ,,-,<to,. ""vic. dlv .... "fk:.tIon,developm .... n of new
policy, lad of buslnes, .tllk:" It h .. fallOO to achieve ~, 9Oal.
With the Inten"on to ,<'InfOfc. m. ,.gulnory frame work and to make the Im.uran<:e Indllstry op .... tlonally
vlb,ant. IDRA hal t.ken "'~., of me"II'es to txlng p"'~Iv. change', like ,.mlctlon on violation of tariff, ,emlctlon Of) o.dlt business & meamllnlng the 'gl'Jl(Y commission, manag"",.nt ""p.nSl'S, .tc. We are
hopeful tllat If the policies .,e Implemented and monltorOO correcuy, 'lcJhl'; of the policy-hold"" and other
,.clplent' will be w.1I p"" .... v.d.
Business Results of the Company
Th. g'o" pr.mlum In<:om. ohh. company fonh. y • ., 2012 w. , Tk. 264.47m which was Tk. 286m In 2011. Th.
class-wts. fln. ndal ,.",IIS of th. compaoy du"ng m. y.a, oompa'OO to th. ye >J 2012 a", ",mma,'zed below:
Taka in million
Particu lars Fir. Mar;"" .-. Mil<. 2012 201 1
G'05' p,.mlllm !!8.76 108.18 33 .50 34.03 264A7 285.67
Re-ln\.Uran<:e p,.mlllm cl'ded 36.33 41.47 '" 20.66 IOOH9 145.27
N.t prl'ffilum In<:om. 52.44 ~" 30.97 13.37 163.48 'm~
Comml,~on •• rn Pd on Ri1 ceded 8.81 ,~ 0.75 ,.~ 17.52 14.28
Net dalm Incurr.d 13.12 <W 9.27 1.51 28.70 18.72
Man. g.ment .xpen"" 16.99 20.41 '" 6.54 ~" 49.52
Ag.nCj Commission 14.38 14.55 S.B 2.50 36.96 51.H
,r'rm"'dec"",. ,n .....prtd risk.."...,. 9.61 (0.31)
Und.rw"tlng profit 16.32 23.49 12.66 2.83 S5.30 35.42
Financial Result
The company earned net profit 01 n . 65.41 m In 2012 a, agalmtTk. 43.82m In the previous year.mmp,ratlve
poslUoo of whk:h I, furnl,hed below:
Part iculars
Underwriting proflt
Investment locome Other Income M.n>gement expen,e, (Not applkable to
any partkular fund Of A<mum)
Net profit before tn Reserve for e)«eptkmallo,,,,,
Provl,lon /or Inc:ome tn
Provl,lon /or defe"ed tn
Investment fluctu.tIon Fund
Propo,ed 'to<:k dividend Gene,,1 ",serve
Retained eamlng' car~ed to Balaoce Sheet
Assets
Taka in million
2012 2011
55.10 35M
20.74 15.14
'" 5.58
12.08 12.52 65.41 43.82
16.10 11 .00
20.09 11 .98
." ".~ ,W 0.70
21.96 19.96 ,.w
0.28 0.29
Total . "ets of the (ompany ,tood at Tk. 543.S7m as "'1"lostTk.461 .23m In the last year.
Credit Rating The (ompany ha, b""" rated "A" (Single A) by (redlt R.tlng Information & Servk:es Ltd. (CRI Sl) ba,ed OIl the flnaJ)(lal statemem, of 2011.
Internal Control Intemal Audit ,uppon, the mmp.ny to achieve It'; objectives by bringing, 'y,tematk dlsclpHned appr(}'}(h
to evalua", and Improve Ihe effectiveness of In rl'k management. In",r",,1 control and go""r""n<e
proce"es.The ma""9emen~ through Intern,l Audl~ mndoct' periorlkal and 'peclal audit of the braJ)(he, ,nd the departmem, 01 the he.d offke for review of the operallon.
Human Resources Development E)«ellenc:e workforce I, /oreseeable /or (ooUnual growth and SlJ(cess 01 the company and to achieve the
same we keep Impr""'lng the ,kill, knowledge and prodoctlvlty of the employees. The HR polky 01 the mmpany I, to emure ,usllinable growth In bu,lnes, .nd to (reale confidence ,nd v.l"" for our
'takeholder,. Agranl .lwaY' Judge the merit ollhe l'mployee, b.sed on their periormanc:e.
Information &Communkation Technology (ICTI The (ompany ha, (realed a mOl\<] platform through Its IT depaflrnem. Experlenc:ed leam of the department
I, (ooUnuoosly Involved them","'", In developing fT Infrastructure to update the recent cha""",. The IT expert< are con'lantly writing In-hou," progfim' to caler Ih. need, of the compony Inc:reaslng
requirement';. S"nc:he, of Dhaka, ChltlagOJllj. Knul"". Sylhet & Rangpur DlvI,lon have b""" brought under Onl ine Networking and remaining braoches will be linked ,honly.
Customer Service Agranl Inm,.n" I, a (ustomer centric organization. We Ofe Investing more In customer ,"rvk:e
Inf"SiJucrure. 'ystems and training to ensure that we have ~<Jht people In rlghl place to undersland eu'tomer, ' need, ond ""pond quk:kly and ",I"" (ustomers' Issue effklen~y. Agronl lostalled modern IT
equipment In order to ensure 'w~t ",rvk:e to the eu,tomers.
Acquisition of an office space
You will be h.ppy to note that w. ha", purcha,ed another offic. 'pac' mealUrlng 1350 ,ft lltuated at 16th
Iloor, SAl HAM SKY VI£WTOWEIt 45, ilIjoy Na<Jar, Dhaka, >I a prk. otTk. 1.75 core IExcilKllng r"}lmatkln ro,t)
during the y •• r, i\e,kles.. w. ha", .arll!>r p"rena!.ed two offk. 'pac" , 13,928 ,ft I, ,Ituated In a prim.
Joc:atkln at 'Oty C.ntr.", Motljheel CIA, Oh.k. and 6,564 !It I, lltuated at ' s"lnam Sky VIew Tower' , 45 ilIjoy
Na<Jar, Dhaka,
Branches
Th. romp""y I, now 0p"""ng 31 branc:h., throlJljnout m. rountry, Out 01 31 braoche" branc:h., ".mely
1l.1".n' Ima"'90og, Mym.n,lngh & Dlnajpur opened ml' year and pla"ned to oJl"" m",. braoches I" m.
mmlngday"
Board Meeting Attendance
During the y.ar 2012. 6 No" 01 board meetlng wa, held ,nd the attend.n(\' 01 the Directors I, ,nown 10
.n"exure-I .
Corporate Governance
Corporat. Gov.maoc. I, the 'Y'tMl mrough which mmpaol., . re dlrect.d, guided and (ootrolll'd by m. bo . rd wh ll. keeping 10 view 01 it, acmumability to the ,h . reholders, Acmrdlng~. the boam 01 directors mOllltut.d Ex.cutlv. Comml!! ... (lalm, (omml!! .. , Audit (omml!! .. and Flo.oc. & Irwestmem
Commlttee.Qurlng the preceding y.ar a 900d number of meeting' w.r. held.
I. I" the pr'p"fltlon of a"nu. 1 il(count,. the Imernatlonal A(countlng Standard as .ppllc:able In ilangladesh na, been Iollowl'd and tnat there h .. been no material deviation
II, Th. ""ectl'd il(coontlng poIlc:le' w ..... applied and the OIrectors made judgment' and ",tlm.r., that .re r •• sonable and prud.m so a, to glv. a true and lair view 01 the ,tat. 01 . ffalrs 01 m.
com)lo1ny a, at 31 OecMlber 2012 .nd the profit 01 the mmpany /or m. yea< .ndl'd 00 thn d't • .
III. Sufficient and appropriate care ha, b •• " t.ken to mal"taln adequate acmuntlng remrd, In acmrd . nc:. with the provllloo, 01 the act lor sal.guardlng the .. ,.I! 01 the rompany arod lor
pr""!'Jltlng and det.c~ng lralKl and omer Ir""lolafl!les..
Iv. Th. 'y".m 01 Internal mntrol I, sound In design .nd na, been .lIectlv.~ ImpiMlent.d and
monitored.
v. Th. anno,1 iI«(Oum, nave be." prep. red on a going conc: .... " ball,.
Key Operating 8. Financial Data
Th. key operating . nd financial data lor the lallllv. y.a" ar. shown at page No. 1 0
The Pattern of Shareholding
Th. pm.m of ,hareholdlng I, show" In annexure-IL
Corporate Governance Compliance Report
~ Acrordlng to the S£C Notffknlon No. S£CI(M RR(O{2006- 1 'i8/ 134/Admlnf44 datl'd 7 AlJIjull 2012; m. ! compliance ,UN, 01 the (orJlOrat. GoY .... ".nc:. I, ,hown In ann.rur.- III.
~ ~
Moving forward in 2013
Based"" ma rk!'! <lruatkln, we expen 2013 to he another ye" of con~nlJOU' Improveml'l1t and progre" of
our buslne". We are optlml,\:I( tnat we ,h.11 ,tay aheld throu9h our Innovatioo and ""e,.lIonal excellenc:e. Accordingly, we have fixed the gool for the year 2013 and taken ,tep, ro appoint effklent """htlng oftkers,
dlverslfkatlon of Inveltml'l1l and bUllneS! In Older ro pre'"nt ben., bUllne" reluiH before the
'horeholder< In the d.y, ahead.
Dividend
The boa,d rec:ommended 10 (Ten peKen~ ,rod dividend for the yea, 2012 ,ubjec:t to the approv.1 of the ,h.",holden It lhe Annu.1 Gen.,al Meeting.
Election of Directors
Pur!Wnt to lhe A!lkle, of A"'x:I. ~on aI the company. lhe 1<>Ilowlng ~,ec:to" will !etl", In the 13th Annual
General Meeting and being ellcJlble they off.,ed themselvel 101 ", ... lec:tioo:
Sponsor :A I . Mr.Zak., Ahmed,FCA
2. Mr. Abdul K.der Khan 3. Mr. A.Y. Shahidull,l.m
4. Mr. Md. Mahbub AI.m
Public: B 1. M,. Md.Aml,ull<lam, fCS, FCA
2. Mr. K. B. M. Moln Uddin Chl,ty
A nollfl<:atioo ha, been published In the new'paper lor election of director' from public: ,h.",hokllng but we h.ve oot received any ,espon,e from them.
AuditOfs
MI' Aallm.n Mustallz Huq & Co .. Chart",ed A(counUm" have (ompleted three yean 01 tenure and a, per regulation they are not l'Ilglble lor re·appolmml'l1t We nave received lene" allnterem from MI' Mk Kh.1ed & Co. G. Klbrla & Co • • nd Cnartered A((Ounl>m,. Con,iderlng the ove,all pO!ltIon, the boa,d ha,
recommended MI' Atlk Khaled & Co.. Chartered Ac(()umanH, as the external .OOlror /or the year 2013 and the Shareholders In the 131h AGM will appoint the new Audlro".
Management appreciation
"The board ,ec:ord with deep apprec:!alkm the conMbutlon.nd support 9lven by Ihe ,h.",holde,~ diem"
government "9"0(1e" re9ularory boIkieI and every one the (()mpany I, (onnected to In (()OOlKting It' bu,lne" and do look forward ro rec:elvlng their ulmost ,upport and (o-operallon In the days .head.
Allah fllfeI.
On behall 01 the Iloard 01 ~,ec:to"
-~ /~/--
Ruaul Huq Khan Chairman
27Ap,I12013
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Annexure- I
Directors' Attendance of Board Meeting held from 1 January 2012 to 31 December 2012
Name of Directors Position Meeting held Attended
Mr. Rezaul Huq Khan Chairman , , Mr. Md.Mustahldur Rahman Vice-Chairman , , Mr. Mahmudul Hoque Director , , Mr. Sakhilwat Hossain (limoo) Director , , Mr. Md. Mustaftzur Rahman Director , '" Mr. H.M.lbrahlm Director , , Mr. Mahbubur Rahman Director , , Mr.Zaxer Ahmed,FCA Director , , Mr. Abdul Kader Khan Director , , Mr. Md.Shahbaz Hossain Khan Director , , Mr. A.Y. Shahldullslam Director , , Mr. Md.Mahbub Alam Director , , Mr. Md. Amlrullslam. FCS. FCA Director , , Mr. S.M. Shamsul Arelln Director , , Mr. Ahmed Jamal Director , , Mr. KBM Moln Uddin Chlsty Director , Mr. Md. Abdur RazZilque Khan I ~~recror , , Mr. Raflqullslam I ~~recror , ,
Directors' Attendance of Audit Committee held f rom 1 January 20 12 to 31 December 20 12
Name of Directors Position Meeting held Attended
Mr. Raflqullslam Chairman , ;
Mr. A.Y. Shahldullslam "~"'" , ,
Mr. Md.Shahbaz Hossain Khafl "~"'" , ,
Mr. Md.Amlrullslam FCS.FCA "~"'" , ,
Annexu re-II
PattE!rn of sharE!holding 51.No 5lwe held by 'No. ohhilnll held' ' Perce~eof
5h.e ln g'
" Mr. Md. Mu,u flzu, R.hm. n 549.032 ,.~
" Mr.Md.Mu,nhklu, R.hm.n 549.{)l2 ,,~
" Mr. H.M.lbr.hlm 440.Il00 ,.-M Mr.M.llbubur R.hm.n 499.125 2.27%
~ Mr.M.llmudul Hoque 761.332 3A7%
~ Mr. Rez.ul Huq Kllon 512.732 2.34%
" Mr. S.khawat Ha,,,,ln (Untoo) ~M' 3.17%
~ Mr.Z. ke, Ahmed 499.125 ,,~
00 Mr. Abdul K.d .... Kh.n 440.418 ,.-'" Mr. Md. Sh.hbaz Ho".ln Khan 695.442 3.17%
" Mr. A. Y. Sh . hldullsl.m 453.750 ,,~
" Mr. Md.M.hbub AI.m 797.929 3.63%
Public Shareholding Directors :
" Mr. Ahmed J.mal 29.282 O.ll%
" Mr. K.8.M. Moln Uddin Chl,ty 9.504 0 .04%
" Bangl. d.,h Development Bank ltd 432.630 1.97%
M Uttara nJlance & Investment' ltd. 45.386 0 .21%
Sponsor Shareholders:
" Mr. Anw., Mirza 778.162 3.54%
" Mr. MI, N.sI, Ho".ln 816.222 3.72%
Independent Directors:
" Mr. R. flqull,lam '" " Mr. Abdur Razz.que Kllon Nil
Chief E)(I'(utlve Officer Nil
Comp. ny Secret.ry '" Chief nMnc:1a1 Officer '" Heod of Intern.1 Audit Nil
G) Executive< '" ") Gen ..... 1 Public: 12.956,955 59.00% ,
" Sharl'hold"l 10% (Te n pe<C""~ or more 1<l!1"l Intl'Jel1 In th e Co~," , Nil , i , l • , ~
" , i , I • • • ~
Annexure- III
StalUS of cc""p~. no. wilh tho condili"" i mpo",d by tho Com mission', Notification No. SECICMRRCDI1(106. I SI/ 114/AdminJ44 <!atod 07 AugusI10 I l i .... d u,do. ",clion leC of tho B.nglldt.h Sl<ur~io •• nd Enhango Drdin.n ... 1969:
Condkion 110. "'" eollphnce stitus
COllp lled Notcomplled
U Bou d . ~ze: , 18 Dirl'Cto"
U Ind. p.nd.m Di .. ccors:
LII~ One fifth 1115) 01' lhe tota l number 01' dlrl'ClO" , A. per An ,
1.2(1) . ) Shoo"ehoId lng prnltlon 01' Independe rl Dlrl'<t,.. , 1.2 11) b) Irdep<>rde nt Dirl'<tor ~ not 'pons<X;'" . nyt.o mlly member/f;l mlly
reI.:l~ort\oh lp olthe ,portSOr.
LII I) <1 Irdep<>rdent Dirl'<tor' do<>s nol have any other re ~lIo rt\oh ~ with lhe
<""'pony ,.. 11,' subsidiary " sod. ted wmpa rl l'S.
LII I) d) Irdep<>rde nt Dirl'<tor ~ not a membe<; direct,..,.. ofr.:l'r 01' . ny
sroc:kex< N nge.
LII I) _) Not • sharel1oldl'r. d ,,·<tor 01' oll'u>f oI' . ny member 01 ' tock exchange
or. n Intl'mll.'dlary ofthe " plta l m.1rkl't
LII I)I) Not • p.l rtnef,.. . n e""' UI" e,.. wa, nol. parml'r'" an exl'<JJtive
dLXlng the pren·,Jing] Ilh .... ) yea" 01 any Slarutory aud it nrm. , LII I) g) Not be an I~ndl'nt d rl'<to r In more tN n 3 ~ lvee) l lsted <o~Ie';
, 1.2( 1 ~ h) Not been wnvined by. allm 01' (ompl'lI' rI Jurlidttlon " . del. ulll'f
In payment 01' any loo n to a b. nk ,.. a NBF I. , 1.2 (I) ~ Not been <onvIned for . <rlm' ,,1 ,,",nee Invo ivlng mo r.o l turpltude. , LII I ~ Nom noll'd bylhe trn rd 01' dlrl'ClO" and approved by the
'ih.l reholde" In the NJM. ,
LI I Iv) Not reman VOI Gl nt br nuelN n 90 Irl nety) doY'. , 1.21'" Bo. rd 'ihal 11 . y down • <ode 01 mndli'.:! 01' . 11 Bo.I rd rnerrbI'r, ",j
. m ua l <omp h "", 01' lhe rode to be recorded.
1.21~) Tenure 01 <iIIc:_ ol . n Indepl'ndent dlrl'<tor 'ih.l 1I be for . peorlod 01
31th .... ) rem. wh ~ h m.:ry be exll'nded for I lone)lI' rm on~.
U Qu.lifiCilion of Indlpondlm Di.occo. liD)
131~ Kn<NIiedge 01' Irdep<>rde nt Dirl'<to" , 1311) Background ol lndl"pl'l'ldent Dirl'Ctor' , 13 (II) Specia l "''''' br quo llfln llon! '" "
Individu.1 Ch.irm.n of Iho B()Ird Ind CEO
" Th. Dil'Klo,,' Ropon to Sh . .. hold . .. :
U I~ Ird mry outlook . nd pos~ble IUlure deve bpmerm In the Ind u!1ry. , UIII Sl'gment-wI'ie or prodli'.:!-wlsl' p1'riorm.1r1:e , UIIII Ris.k, . nd <oneerns , UI"I Dl IDlIIion ri CoIl oI' Good, \Old.Grol ' ProfIt Mclrgn and N. t ProfIt MarlJ h ,
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. nyother<.
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for I PO. RPO. Rig ht Offl'f. D ' l'CI LI Un 9-
1.5 Ilxl ExpI . natlo n about ,"-" lft G011 "" lance ()((lm whe n OJa neriy
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Remunern~ o n ro director' Inc W I"llrdependent directors.
F. lr""" r:J FI N ncla1 Statemerl
Ma. nl'f'loY'l(' of proper 000ks of accou nts
Adop~on of approprlne . (countl1g po ll< ... and ",~m .te'
Followed lAS. BAS. FRS . nd BFRS In prepar.uloo of fi N ncla1 srntemerm
5ound""" r:J Interna l rontroi 'ynem
Abi lity to (o n~n ue " • go l"l aJn<l'fn
5Ig1 1ft G01t deviations from 111. ~ st Y"" opera~ ng re>eM'S
Key Dpl'f. tl"l . 00 flNncla1 dati of . t Ie. st prl'U'dng 5If"'1 )'1''''' Rea",,,, il r nold.darl'd d >'ldend
Number of board mee1:1"l' held dunng the)'B1r . oo an.ndanc.
pan.m of sha .. holding:
P. re nt/SUb,ldlary/A,sod . ted Compo n'" . nd other rel . ted f'I~'"
Directors. CEa Cs. CFa HIA and tr...r 'PO u,", . nd mi nor (h lldren
E>:l'CU ~ I'I"
I 0% or more votn g Int.""t
Appoimmlm/ ... ppoimmlm of di....:IO' : Resu"", r:J the director
Expertise n spec ific Iunctloo . 1 . rea<;
Hold ing r:J dlrectorlh lp and membeM lp of (ommlltel'S r:J the board
other tN n 1111, (ompany
Appoimmlm of CFO, HIA and CS.
Aul.'!"dana> of CFO . 00 C\ . tlhe meetl"l r:J the Boo rd r:J Director<.
Aud~ Committ ... : Coost ltullon of Audit Committee
A,<)Stlnc. r:J the Audit Comm ittee to Boo rd of Director<.
Re'POnslb llty r:J the AlJd lt Comm ittee
Constitution of thl Audit Committ ... At least J Itrreel member,
Appo .nm.nt of member< of 111 . AOOt Comm llll'e
Qua llfln l'oo r:J Aoo lt C<>rT'rTlnee member,
Collphnce sliItus
COllp lled Notcompled
, , ,
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, ........ l1U, Camp"lICf IItIlln
CDmpl" Hol complled
""" T trill of Sft .. ~ of AudK (OIIIml!lft membtr. , "M SecrOl.ry cI It.. Audn Ccnrnl!lft , l' fYll Quorum cltlle "'"d~ (.m",1IIft , ,., Cholrm.a" of th. Aud~ (o",",ln ..
3.2 al 8o.J rd of Dlrec:ta' '>h . 1I .. io(t the C~ I'n'lin wOO w ll be .
Independerl Dlrec:t<>" , 1.1 all Ch.lI rm . n ohhe .udlt (OI!YT'jtto!<! sha ll re!Y\an prHf<11 In the NJM , D ~ .... of Audit C""""k_
1.lGl ~!he ftIlOIKI" .. ponlng plOCftl , 3.3 GQ MOnIla choiCl'of ~o"ntlng poIlcle\.OO p'h(~ , l.J Gu) Manila IrlfmII (ontmlll,k IIIIOrwgetne!lt proeMS , """ Ovft_hl~"'I.rd Pflbmontfd _1\11 ~Itor. , UM IIPII_Ihf ."nu.1 ft .... r-.:I.llUternerls btlcllt submiHIDn 10 Ihr
boo,d b .pprCML , 1l!'tll fIN ow Ihe 1JIo1J!erly 1m hi ~ )'urly f111O,ocI.IIUtfr'nonl> bofu,o"
\ubml,.roo ro the oo.rd lor ' pp"""I. , 1.1 (YI I) Revr ... lh. adpquacy ol lnE"' .... audit fll' cllon , 1.1 Nl I~ Revr .... ' .. t!'lTll'nt ol.rg ,, 1I< . nt rel.lted PcI ' ty t ra nl3CtlOn, , 1.lOI(l FIeY1 ... M. nagem.m Lott'r'li\.eIte< of In\elM I Contml weakn""
II......J b)' !tiItut ory . Li3 ltor'!
3.100 Ohdo",,,, . bout me u'i'l/olppUc.tlonl(;ifunds ral Sfd
by If'OJIf'Oll'Ight h'iUe
" lItponing of iMAoodit ( ....... n.., 1,~ , 1 fIfponlng !Ott.. IInord of DI~ , 3.~ ,1(' ACt""''''' of Audt Committee
, l~.1(I)j) Confimo/ hlerestt , H,tllllll Materl.1 dl'fKt In the n"" ..... control sySI tm , H .!I I)c) Inlrlng tm..,1 rJ IJw5, rur; ,.., d 'equ ~lIo'\s , H.lII )dl ""yother matter , 1.~.2 Ro>pOrI lng ro the AUl horll" , H fI@port lngro lheSharl'lloldefl l ndGene'l1 r1wsrors , • EngogMMlll of EI<I ..... I/SIIIUlory Aud!IOf1,; .. Appr.Il\.i1 ",valulllon ...... m'" F\llmrss opinions , .. AIlOr",," lriormilion syI!mI!.deoiIgn Jnd Impltmfl'lt.;ltlon , ." 9ook.u..plng , •• BroR,-<fN!.' ""*'" , .., AauJrIol ~rvl<es ,
" • "'" InteNI Juett se-olm I
i "". Servlcos 11m tt... Aud~ (ommll!tt .'mlnos , , 4(Y11~
l Aud~ff'ms ""'1m hokh"l' ""'Ie oW>e co mpanythoy ludlt ,
• , ~
Condkion No.
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5~·1
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"', Subsidiary Company Corrpo.l~ on ofthe Boord olDl"l'Cror,
At least I lonel lnd~1 <t reetOf to the sub.kJ l"y (ompan)'
SLbm"ion to Mlnut", to the ho !dng "'"'pan)'
Revfew r:i MlrlJte. b'J' lhe hokJ lng company
Revfew r:i Fn. nclal Statement b'J' the ho !dng "'"'pan)'
6 Duti .. of Chi.! Ene"ti ... Offj"" and Chi.! Finandal Ofii",r. 6~)a1 Revfewed thatlhe /r"nc1a1 ,tatemelm do nol (Ontlln ' n)' mall'll. l ~
urll"" <tate .... rl.
, '" 7~ l l
Revfewed . boot ~lance 01 the iK(oorllng '1a'1da rd
Revfewed ,boot fraudulent ll ieg.l l Ofvkl~tion 01 tt.. COfrp.I ny"'
(00e ol,ondlJ(t
Rlport ing • nd Compli.nCl of COrp>l"atl Go ... m. nco otx. ln cl'l~I"'te .boot ~lan<l' 01 mnd ltion. 01 COffX) r.I1e
Governanc:. Guldei n ..
Annexure mached In the dlrecto,,· reporl
Compllilnce stitus
Col'lpled Notcomplled
'" '" '" '" '"
, I • ! "
, • ,
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Report of the Chairman, Audit Committee
The Audit Committee consist of the following members:
1. Mr. Raflqullslam 2. Mf.A.Y.5hahldull'olam
3. Mr. Md. Shahbaz Hossain Khan 4. Mr. Md.Amlrullslam,FCS, FCA
5. Mr. Md. Anwar HosXlln
Chairman
Member Member Member Member
Scope of the Audit Committee was defined as under:
•
•
•
•
•
•
•
Review the nnanclal and olher system and III reporting procedure;
Oversee the work of eXlemal audlnm,lndudlng matters o f dls<tgf!'€01em between
the Management and the external audltOls fel}ilfdlng ftnarKlal reporting;
OIKOI! majOllssues concerning 3noumlng pr inc iples and ftnaoc lal statemeots presentation;
(oodoc i audit (oocemlng male~al vlolaliOO by the Man<lgemem In carrylng 001 operation
of the Company;
Review reports Of) litlgallon and regulillOf)' compliance matler~
Review Imernal control and the policies related to liquidity man<tgement and capital 1ThIfl3gement;
Suspected fraud or Irregularity In the Internal cootrolsystem;
Activities during the year
• • • •
Reviewed the il(countlng princ ipiI's and ftnaf){lalltatements.
Reviewed the audit reports of 8raf){he'i/l"k><Kl O/ftces and other statutory r!'pOrtI. Examined the system of ftndf){l3l reporting
Reviewed the Imemal control system
Raflqullslam Chairman AudltCommlttee
Directors' Certificate ________ _
AI per re9ulalioOl coonlTl!'d In the AlIt Sl:h,,,,Me of the Imuraoce Ac~ 1938 and as per '>I'Ctkm 63 12) of Ifl'>l)rdO(e Act
2010
we cerUfy that 1. The value of Ifwestmeoll as shown In the Billa!)(\, She{!{ has wn ta~en at {OSt.
2. The values of all assell as shown In the Salilo(e5hi'et and as (lasslfled on Form "M" aOfll'xed have
bet>n duly reviewed as al31 Oe<:embi'r 2011 and In our bellef.lhe said assell have been set forth In the Balan(e Sheet at amOUfl!S not exceeding their r&llllab~ ()( market values under the several
headings as enumerated In theannexed moo.
3. All expenses of maflilgemem. whl'(l'ver Incurred and whether Incurred dlr!'(tly ()( Indlre<:1ly In felpe<1
of Flrl'. Marine, Motor and Mls(elianeoUl Insuraoce business have WI) duly debited to the related
Aeveoue Accounts and PfOnt & Loss Anoum.
~~!--. z ... ,'_.fCA 0;"",,,,
MdAnw" f~o"~n
M>n>gflg DinKtor
,
-, ! ! ~
RAHMAN MUSTAFIZ HAQ & CO. 85, Naya Paltan (3'~ Floor) Dhak.a - 1000 Tel: 9357324
CCJ"lificlile (Ill .... ollll)liance of c,umJil ions of Corren·3te Gn\'ernance. Guidelines uflhe Hling ladesb SeclI,'itics lind ExchHngc Cnmmisdon (BSEe) ur Agnni In sura nce Co. Ltd.
TO wno.," IT MA" CONCER~
This is to ccnify thallhc 1ll3.l1agement of IIgruni 1!l~lIran~e Co. Ltd. hils CQmplied with Ihe necCi;sary rC'lu in::menls of (":orporale Governance for the year end~d o.:ccmbcr 31. 211 12 iI~ po:r compliance requireme nt.> of Ihe condiliollS pa<;o;ed hy fI ~ngJ .. desh Securilies !tIld Exchans.: ('''llImission ~ NulificlUiOll No. SE<.:tCMRRCD':2006-158/ 134!Admill!44 daled Oi Augtlsi. 2012 issued u!Kler section lee {)fthe Sccuril it:S and Exchantte Ordinance 1969.
.. Charlcn:-d Accounlalla
u itors' crort & Financial Statements 2012
, ,
AUDITORS' REPORT TO THE SHAREHOLDERS OF AGRANI INSURANCE CO. LTD.
We have audltl'd the iKrnmpan~f)(j Sa!.Joce Sheet of the A9ranllfl5urarKe Co. ltd. as of December 31, 2012, the relatl'd Revenue Mmums ilS wl'll as the Profit & lo'i\ Ac{oon~ Plofn & l()5s Approprlatioo Mmum arK! Statement 0( GJ5h Flows /0( the year then endl>d The prepamioOl of Ihpo;e fiflolndal ltaleml'flt'; are the felopomlbliity of the Compm/s m"l"IdIfEfll!'Ilt OUr JelopOO!oIblllty Is to express an looependem 3plnloo on ml'Se ftnandailldtemems ba5ed 00 OUl aud~.
'"'" We mnduni'd oor .ud~ in <KW,d.fKe with Bangladesh Standards on AudlUng (85"1. Th= \taOOards Jl'!julre that we plan and perlorm the .0011 10 obtain re.sooabk> a\\UWKe .boot whether the flnafl(hlltOtl'ml'f\I1 are free from
matl'llal mlmatl'ml'fli. An aud~ Indude\ examining. on test ba51~ evldeoce '>IlpJIOfUflC] the amounts and dl5dosurel in the linaoclal \tawmef\1l. An audn also locludes al .... 5IJng the arrountlng prifl(lpJeI u\.l'd and lignlfli:ant eo;tlmates
made by manaqemen~ ill ~II as evaluating the lWerall fioalllJal IIOtemeflt presentatioll. We beI",ve tnat our audit provldt'S a rNlOOiIble balls f()( our oplololl.
OPINION
III our Oplllloo, floaoclalstawmeflts fl'ad In (olljurKtioll with our remar~s appended to the flOtes to the fioafl(lal
statemems .nd mbjen to our abme otM>ivatlofll give a true and fair view 01 the fillilfl(lal POSltioll of the Agranl losuraoce Co. Ltd. as of Deu'Inbei 31 , 2012, the res.ult 0( Ito; operation and Its CiI5h Roos for the year then eoded .nd that they (omply with the Companies Ac~ 1994, the Insurafl(e Act 19>8 (except se(fion 40C relallng to Ilmltalloo of maMgemeflt expenleSJ, the sewrnles .nd tl(haflge Ru~s, 1987, the Ilangladesh Ac(ounUog SlOndards (BSA) .nd other appll(able laws and rt>gulatiorl'i.
We il iso report thilt
I. We have obtaloed iliithe Inf()(malloo and explaoiltlons whk:h to the besl of our know~ and bellef wele fll'(essary for the purpOle of our audit and made due ve~fIcalloo theH.>o/;
II. 10 our opillion, proper books of <K(ount as required by law have beeo kept by the CompallY so for as 11 appeared fwm our examloatlon of those books and prop1'r reruros ildequate for the purpOle of our aoolt have beeo rel:l'Ived from brand\es oot vlllted by 01;
III The Compall(s llalaoce Sheel and Profn and loss Account 0100 Its c.sh flows dN~ with by the report are 10
oIgreemeflt w~h boo~s of a(wullts and retums;
IV. The expendllUfl' Ifl(uned WilS f()( the purposes of the Company's business;
V. As per Sel:tloll 4{).( (1) of the InlUrarKe An 1938 as ameoded, we (elUfy that to the bell of our ~J\Ow~.nd beI",f aod a((ord1fl9 to the Information am! explaoatl(lf)'; glveo to us, all expenst'S of maoagement wherever IrKUffed and whethe! IrKuned dlfe(tly or lool rel:tly, ln respect of Insur40ce business of the Company traol<Kted In llangladesh during the year uodel report have b1'el1 duly debited to the related Profit & loss Ac(oums of lhe Company; and
VI. As per rl'C]ulation 11 of part 1 of the third s(hedule of the losuraml' Ac~ 19>8 as amended,we (erUfythatlO the
Dest of our loformation and as showo by III books, du~ng the year uoder fl'P()(1 has oot paid any per\Ofl aoy mmmission In allY form outside llangladesh In res.pei:t of liS bullness fl' ·lmuraf\(e abroad.
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Statement of Cash Flow for the year ended 31st December, 2012
PartlOJ lars
A. C .. h now. ffomopon"ng "U ..... :
Prom..." eolloction I '" hof rocli pl'
'"')'m<"nt 01 oxpon'" 01 rT\JoNQO"IT1OOt. Ill>-~ OJ r>ne .. el>i m. eorrrn ~_ Ole
Not C,sh from opor .dng xUYI,'"
I. C .. h II.WI from In ... Ung xUYI,1oI:
Purdu!Oof ~.oo ,o",it '"
l~oo1>h ....
AcQO.i5l:ion oI fb1od ",01,
Dispo!~ oI fi J«<l ",01.
""'"""'lid PlY"""" tl r l oo rpudu ..
Notu.h UIOd by I..-tlng ."Mdo.
~t~ on >hort torm 10",
'>hort tOfm 10", ""Ii. od/p:oid
Notu.h Irorn ftn.ndng , ,,MUo.
L C. sh ,nd C .. h _',,'on, .. tho b"lllning of tho , .. r
F. C.sh.nd C .. h _',,'on, ,,,hoond.1 'ho y.or
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Notes to the Financ ia l Statements For the year ended December 31, 2012
1. LAgai for .. ofth. Company:
"g" nl I","" nee Corrpa ny Ltd . w" Incorpo ratl'd " • Publ ic limited Company on
14th day 01 March 2(XX). Th . Comp.!"'" obn ln<>d li cen,. from the Chref Co ntrol ler rl
Insu rance, Gover nment 01 tr.. Peop le', Republ l( 01 B.1ngladesh undef the I","" nee
Act. 1938 . nd Rule, 1958 on 3rd Ap" il lOOO.The Co mpany we nt Into Initi al Pu bli c Offer
IIPO) on Fl'bruary 10. 2005 . nd listed with Dh. k. s tock Ex( h. nge (DIE).Prln clp.1
pliKe 01 bUlln "" of the Comp.o ny [, at Sh. lham Sky VIew Towe< (14th Aoorl (S. BlJ oy
Nagar. ct.ak.- lOOO. Th e Comp. ny ls l'ng . gl'd In Non life rnu rance BIJ~ n .. ' with In
the meanhg r:i Insurance Act. 20 1 O.
1.01 Ba.i. of Presenting Aaounll Ind Significant Accounting Politi ... :
1.0l Ba.i. of Pr. senting AaOUIll> :
_) The fin.mla l statem l'f11S ofthi' Co mp. ny have be"" prepared 00 going (""ce rn coocepl
un d<> r tlsto rln l (0 11 (0","",,1100 and 00 <Kcru. 1 basi, In .((or<iana> wrth the general ly
'«epll'd iKcoo ntl ng ~In dpl .. and practice In Ba1glad<>I h ,
bl Th . B.1 1ana. S~ hal b;>"" p""p" l'd In "mrda nce with the r"}J ln lon ,o nta n l'd In
P ... t l ol th . Flrll Shed ule . nd a. P'" Fo rm "A" a! ",tlorth n part II olth . t «hed LJ • .
Profit & Los. A«oo nt ard Profi t & las. Appropriation Acroo nt h...., b;>"" prep.o rl'd In
",ord.nce with the reg ulatloo conta in ed In part I cl th e secord «hed ule and a, pe r
Fo rm "8" & "CO .... t fon h In pm II of that «hed ul. respectively . nd the Reve m",
Ac(()IJ nt . of . " h ,las, cl Imuranee 8us1n." has bee n p'epared In acrorcianc. wit h the
r"luln lons ,o nta lned In pm I cl the thl'd Sc:hed ule ard a, pe r Form "f " ,.t fort h th. In
part II cl that scnl'd LJ . of the In,,,,,ana. Act 101 O. Th . cI", lfi l'd ,cmml'fY of the ., .... 1>
I. prepared In " ,orda nce wit h form"AA"of p.! rHl of the First Sc:hed ule clthe !O ld Act
2. Significlnt Accounting Polices:
II Re ..... nu .. ""ognition
(II Prem ium I. rl'<og nlll'd 01 In com. whe n In, uro na. po ll c",! " . In su rl'd. OOt the
p'"", lum Incom. cl (ompa ny~ , hor. 01 pub li c •• ctor oo,ln .. , IPS81 I.
,,(oo ntl'd fo r In th . ye" In whl<h th . m"m. nt cl "'munt! .... r.ceM>d from
s.ma ra n 81m. Corpo"tlon , Up 10 Dl'<embl'f 31.1012 lIaterne nt. cl acroo ntlor
th. pl'flod Irom 01 Ju ly lO ll to Ju ne 30th.20 12 have been rl'<'lvl'd ard
,,(ordncJy. the mmpany~ !hare cl PS8 for the !O ld pe ri od hOI be"" rl'<"'l nlzl'd
In th ..... lln . ncla l .talemem. ,
nl) Inl .... e ll on Treasu ry Bond and FD R', or. recog nized on accru. 1 ba,ls. Int"''''t on
STD acco unt. d lvl dl.'rOJ on sh " ... gain 00 ,ale r:i sh " ., . nd ot h .... I",om. are
recog nized on cos h b . ~ ~
b) Bo lo",. of Fund and Actou nu :
n ",,, have be.n arrived making provl~oo lor un .xpl red rl"'" " 40% 01 net premum
Income r:i al l (Ia"., 01 bU l ln ." ')[(' pl Marin . Hu ll wh ..... provr~ oo has been made
I 00% on n.t premium In com • .
Managemenl ""pe",., r:i TI" 50.(29. 150 have bee n charged Into 33.56 % to Are for
Tk. 11'i,988,574.40.90 % to Ma rln . lor T\:. 2O.409.441'i, 1:2.67 % to Motor lor n . 6.487. 146
aro:J 12.87 % to Mlscel l. """", lorT\:.6.543.984 dur f1<J the yea r .
dl C"",pl ion,. of Loul Lows:
T"" fina ",laI ,tat l'fTll'l1ts h ..... been prep.Yed In compl l.nc. with Ih. req ulremenl, 01
the Co mpan ... Act. 1994. S'(JJ rltl ., . nd Exchange Rule, 1987. lnsu" nc. Ac t. 20 10
aro:J rnu ran<. Ru l., 1958 and ot h .... rel .va nt Loc. I l.aw~
. ) eo .. plian,. with Int. rnl1iono l "'counting SlIndards (lAS ):
T"" fi na",laI statements h.v. been pr.p".d a, on Decemb .... 3 1. 20 Illn ,ompl l. nce
wllh th . req uirements ollnt",nall"",,1 A(co untln g SUnd" d, liAS. Inl .... n.llo n. 1
Anan(I.1 Reporllng Slandard , IIF RS) approved by th e Int. rn atl on. 1 Acco unting
Sta ndard Boa rd IIASIl) . nd " adopt.d by t"" In, tlluted r:i Chart.red A(coontanU 01
Ba ng l.d.sh IICAB) a\ Ba ng lad., h A(co Unll ng surd,,&; IBASI and r"9 ul n lo",
app li ca ble In Bangladesh .
fl Reponing Cur""'Y'
T"" fi na",laI statements or. p""ented In Ba ng l. desh Curren cy [T. k.) whl( h have
been rounded r:if to lhe nearest taka whefe Indl" ted otherwise.
gl "'counting Pltriod:
Th . finan cl. 1 ye" 01 th e Comp • ...,. <0""" One y.ar fro m Jan uary 0 1. .10 12 to
Decem b .... 31.2012,
hi Find ", • .t.:
All FI ,.. d ., .. ts r:i the Company . oown In fin . n(\aI st.tements th at or. within the sco pe
r:i BAS·36. ar. In physica l exlstena> . nd va lued 00 more than their recoVl'fab le am olll t
Following Internati onal kcoo ntlng Standards . doptl'd by IICAB). d sclo'", with ""l " d,
to ' mpalrment r:i A"e(," a\ per BAS - 36 h. ve not: been con~defed """,,,ary.
I) Depi"ecln lon on Axed A"e(, : Deprecln loo on flxl'd a".'" h" been (harged on
red u<ln g balan<. method. t ral!>S varyi ng lrom 10% 10 30% deperd ln g o n t""
.,ttmted u .. lu l live, 01 Ih • .,.,eU . rd or. cono;lo;tenl ly . ppl led In rel.llon to
prevlo", yea r. No dep recln loo has been (h " ged on add ltl o", " wel l ., t""
dlspo,aI r:i a,""', during Ih. y.ar.
, i • ~ •
CI1. gory of As.MS: RM.of Dip.
Offic. D,,<oratim , ~
Furniture & A,rure , ~
Telep'1one n ,ta llatlon '" Ll bw y Arroo nt , ~
Office Equlpml'nt '" Mot",Ve hi<les ~
EIl'Ctrl< Equlpmenr , '" Air Cooo ltlonl'f -Mot'" Cycle ~
Computl'f ~
Ass,.,., acq ulrl'f:J by Ie .. " finance undl'f opl'fatl ng Ie.se are not uken In th . above li st of "sets
oftheCompal"Y)'.
jI Lu .. Fin.n<. :
The Comparl")' purc h"ed 4 1Foorj mot", vl'tldes undl'f operating Ie"e from Ba nk &
lea, lng m mpal"Y)' and have been m. lnulnl'f:J . nd prepared acco unt , ,, pl'f BAS 17
un der opl'fotlng lea", De1:. II , " e sn<1Nl"1 below:
Particular. Jan""", I ... Phon';x t.. •• ing Tot.1
Tota l lea,,, .".ount 5.700.00 0 3A50.000 9. 150, 00 0
Le.se depo ,lt 164.474 101.344 265.8 18
Mo nth ly Instl lrnl'ntlnd lXJ lng ntefl'St 164.474 101.344 265.8 18
Tota lrn mber ri Inm ll ""'nt' '" '" %
Tota l nsta ll ment amoont 7.894.752 4.864.512 11.759.264
Noo.rilnR. Irner1 poId ~ to J I. 12.20 11 " '" "' Amoont p. ld up to 31. 12.20 12 2.796,058 4.864.5 12 7.660,570
Nos.of ln m ll mentto be pa id " " B. I. nee aroourl to be paid 5.09M94 5.098,694
k) Sloo:kofStation • ..,.I-Form:
Stock of Statl onl'fY & Form, h. ve been v.o lul'f:J at <ost lowl'f ri Market pr l<e 1BAS·21
-,
1n<<IIlMTn :
The I .. (urrent ly pay.ble ~ b.o sed on u .. ble prrilts for Ihe year unde r . udlt Taxable
profits dlffe" from profits .. report l'f:J In th e prrill . nd loss ac(oo nl because It
Indud .. Items of 11""1<0"'" . nd e>;>en'es that " e t ... ble '" dedualble In Ihe fu ture
year. Com pa ny~ tax p. y. ble fOI: (ur" nt year I, (al<uln l'f:J u, lng tax rotes Ih . t have
bel'n l'naal'f:J the b. l. n,e , heet date.
D.Nrrtd Tn li.bi lity
Defl'frl'f:J la. I, re cogl zed on dlffl'fl'f"l(e between Ihe "rr~ ng .mount of a,,"", and
lI .bl litles In the ftn 'I""I<I. 1 SUternent .ro:J lhe <",respo nding t .. boses u,ed In Ihe
wm pumlon 01 taxab le profit Dell'fred t .. liab ilit ies are ge nl'f. lly recog nized lor. 1I
taxab le tl'fT1powy dlfll'f"" ffi Dele rred t .. l, ch.1nged or (redlted to Ih e profit & I""
",(o unt DI'i'l'fred tax lI .b llly I, sho.vn In oote 13
The loca l amoo nt of prem um earned on varlo u:s da,,", oll ns u" nce buslne" during
lhe year, the gross aroou nt 01 prem ium ea rn ed ag. ln st va rlou , poI l c l e~ t he amo unt
01 re- Ins ura nce premium p. ld, t he .mo",,! of re-m ura",e comm ission ea rn ed . nd
lhe .mo""t of d . lms Ie" re-Insu ra nce settled during the year h. ve al l be"" duly
",(o unted lor In the book, of .rroo nts 01 the comp.! ny .cd whil e pr"Parlng the
fin . ncl. 1 m tem""l<, the effect 01 r,,",n,,"ranee (eded as wel l " th e eflea of tou l
estlmatl'd lI .bl litles In re'pea 01 oo t<t . ndln g ( lalm , . t t he eOO olthe year, whether
d ue or Int lm . tl'd h. ve . Iso b<>e n du ly reflected In ord l'f to a rr ive at th e net
underwriting rl'SJJ lllor l he year.
01 Erwplol"'e'. B. n.tit Plan:
The Comp.! ny has IntrOOJ(ed l'fT1ployee" benefit schem e like Co ntri bu tory Pro,,(Jent
Fund (Ap plll'd for reglsmtl on), Gratuity, Gro up Ins u" nce etc.
pi Ea. ning p • • • h ... :
Th e Co mp.!ny has " Icul ated earning per ' hore (EPS) In a«((),d . nee with the
n tl'fnOllonai Acm unt ln g St. ndard , (lAS) -33 " Earning per Share" as . doptl'd by K:AB.
ql R . ... nfo . Exceptionai Lo .... :
Reser"... lor ""CI'pllon. ll o,,", of T .. 16.300,000 has be"" approprlatl'd oo t 01 ( urrent
year" profit before t .. as per 4th sched ule 01 In come T .. Ord lna nCl' 1984.
Int . ... t on FOR 1-5TD:
n tl'fest rl'Ce lved Irom Sri, on STD Arroo nt' ar<J FDA Account , h. ve been duly
ued ltl'd to th e Profit . nd Los, Arroo nt .
' 1 R . ... .... for lIn _npirod Ri. k:
Reser"... lor unexpired ,lsi:. has be"" provided 00 net premium " 40% 01 al l d."e, 01
bu:slnel ' exce pt Morin e Hu l lor whim " I 00% p rov~lo n has been m.de
3. Shar. C.pill l
3.01 AUlho. izod C.pitai Tk. 500,OOO,OOO
DlvIded Into 50,000,000 ord inary ' hores of T'<. I 0 e", h.
3.02 I •• uod Sub.crib. d I- Paid up C'pill l n , 219,6 15.ooo
DlvIded Into 21 ,961.500 ord ln ory sh ore, ofT .. I 0 e",h.
, • ,
i , ~ "
Thi. ba lan<. repre .. nu:
Catego.., No.of No.ofSha .. % oftOlai
Shar. hold.r P.ld ·u p-C~ IU I
;,00= " &487.743 38.65%
Gl'f"Il'I".1 Publ ic 4. 162 9.455.104 H05%
In<tltutlonai lnv",ror, IlndJ d lng 1(81 '" 4.0 18.653 18.30%
4~86 21,961,500 100.00%
el ... irKation of Sh ... hold . .. by holding:
No.ofHold ... Holding. No. olShar. TOlai Holding %
,,0; 00 1·500 277.783 1.26 ,., 50 1·5000 2.5 16.260 11.46
'" 500 ].1 0000 1.304.6 11 5.94
" I 000 I ·20000 1.398.441 6.37
" 2000 1·30000 1.038.092 03
" 3000 ].40000 1.777.182 "~
" 4000 1·50000 943.823 .. ~ n 5 000 ].1 00000 1.793.968 8.17
'" 100001·500000 4.756.0 15 21.65
0 5 00 00 ].I 00000o 6.155.325 28.03
4,286 21,961,500 100.00
4. R ... e .... For Ex<:eptional Los .... :Tk.65,256,314
A, per pa rag " p12 ol th. 4th « hed ule rl ln com. tax ord ln . n(e 1984. nOl: .x<.ed ln g 10% rl
th e net premium In (ome ha, been m nsferred to reserve lor exc.ptlon . 1 10"",. D.tall ,
oo lculn lon " under :
Particu la ..
Ba l. n(e a, on Ja nu .ry 0 I, 20 12
Add: R ..... rv. ma d. duri ng the y.a r
5. R ... .... for "' ..... tm. nt fIu<tu.tion fund n . 5,000,000
Particu la ..
Ba l. n(e .. on Ja nu .ry 01. 20 12
Add: R."rv. ma d. during the y.a r
IIl110unt (In Taka)
2012
(&956,3 14
16,300.000
65,256,314
2011
37.956,3 14
11.000.000
48,956,314
Amount l in Taka l
2012
2,200.000
2,800.0 00
,,'.=
2011
1,500. 00 0
700.00 0
2,200,000
Thl' amoo nt ere.ted oo t 01 profit ah er tn to mve r the 10" In lutu re II the 10" a rl ,", In Invellrnent In ,hare,.
6. PropoMd Stock DiYid. nd :11<. 21 ,961,500
Stock dlvld .rd ha , b •• n propm l'd II 10 % l • . on. !h.re ag. lo>! 10 nm. ol exlltlng ,1 ... ,,1'1. sub'""t to the apprOY. 1 of ,ha rl'hol d." In the ""xt ArnJ ai g.ner. 1 M •• tln g.
7. Profit a. Loss Appropriation Ale :11<. 28], 793
8. Blilne. of Funds Ind Accounts :11<. 65,772,28]
Panicul .. s Amount ( InTlu)
2012 2011
Fir. In, u" n(. Su,ln." A(w unl! 20.975.094 20,52&047
M ... I"" Ins u" n(. Bus.f"" " A(mu nts 27.061.386 lao4S,8f:6
Motor Ins u" n(l' Susl""" A(w unt 12.38& 128 14.61&108
MI,U'~ I ...... ous ns LXa",. SUs.fn .. , Acroo nt 5.346.675 1.970.230
TOll l 65,772,283 56,165,251
9. Pr_mium D.pos~:11<. 20, 1 59,886
The .bov. ba l. nU' repre,ents premium received aga ln ll (over n<x .. lor whl( h poI l(]e, h.v.
n<X b<>en Is,ued within Decem be r 31. 20 12. wtl l. the rls ,", agal"'t no n morln • • r<J morln .
hu ll have been m umed from the I,sua",. rl (Over not . rllk' aga l"'l morln . ca rgo has n<X
b<>en a" umed unt ll lHpment advl< ...... p rovided . nd .crordng~ poI l, l .. or. l,sul'd.
10. Bonk Onr Drift: Tk.3,669,084
The overd raft 1a<llIly w .. . 1I <1Nl'd by J. mu ,," Ba nk Ltd. MotIJh •• 1 B" n, h. CI'1. ka. Ag. ln lt
tCj, ov.,.d raf!. th.,.. ~ • li en 01 FDRs amoo ntln g to T~ 1.65 uor.
11 . E.ti ..... tod Lilbil ~J In ... plC! of oUlstlnding Cll im. wh.,h", du_ or Imiml,.d : 28,459,659
Thisi. mld_ uplsbMows:
Particul .. s Amount ( InTlul
2012 2011
", 7.099.84 1 10 • .l68.000
Ma rin . 11.1 40.000 9.6>6,405
Moto r 6.573.900 8.621U5O
3.645.918 3.535.217
28.459.65 9 32,168,972
i , l • "
, i , l • , ~
12 .. "-,ount ou. 10 other Persons Or Bodies c.rying On Insunn,. Busin ... : 35,629,188
Th . b .. ak up of th. above amount Is as undRr:
Partic:ulars Amount ( In Takll
2012 2011
Sa dh m n 81ma Corpo ration 33.234. 119 21.019.'196
11.>der. II ", u" n(e Corrpa ny Ltd 17.226 17.226
SiIf1C}adesh G""" " ll rtl u" nCl' Co. ltd . 314,628 314.628
Nlto l n", rance Co. ltd. 432.]53 432.753
Cenm ll ",u" n,. Co. Ltd. 11 8. 125 11 8.125
M . lrtl uranCl'Co. ltd. 419.509
SU nd " d Inlu " nceCo. Ltd. 165.375
Rep ubl l( In", ,, nce Co. Ltd . 389.813
Prime In, ura nce Co. lt d. 537.6>0 537.630
35,629,1l1li 23.-440.358
13. Sundry eroditors: n.15,791.os6
Th. bruk up of th. Ibo .... alnDunt is as under :
Particulars Amount ( In Takll
2012 2011
Audit Ie .. p.y. ble 432.350 332.350
nsu rance Starrps 00 DepOl lt Pre mium (.34 1.698 1.500.000
nc:orne Tax ded uct ed 'g. ln 't offke re nt 11.806 40.717
Cllent lncome Tn 195.068 100.562
Client VAT Payab le 647.350 290.613
Empl oye .. · ln(()meTn 104,768 103. 159
Re nt P.yable 957.670 957.670
Sa l. ry Pay.ble (.447.262 3.572.680
VAT Payab le 2.37).057 1.697.36 1
lil li , pay.ble 300.000 300.000
Tn ded ucted on . gency Comml'~on 251.837 2.566,872
P.F. co ntri bution 1.728. 190 336,492
1 5,791,1)56 11,798,.476
14. Provision For IntO .. . Tax: 57,154,985
partic:ulars Amount ( In Takl l
2012 2011
The .bove .mo unt ha, been " oved a, under:
B. I. nee " at I sr Ja nuary 20 12 37.066,816 37.308.719
Le,,:AdJuslment m. de dJ rl r<j the)'l' ' ' 12.2 19.208
37,066,816 25,089,521
Md: Provi, lon m. de d url r<j the)'l''' 20.088, 169 11.97].295
57,154,985 37,066,816
14.0 I A,,,,mnem h" been (ompleted up to the as""""""t ye;y: 20 I (}-20 II ""'"pt 2006-200 7
ar<J 200 7-2008 whl(h I, lyin g with th e ho noro ble 1-i <f1 coo n DIvI , lon of Suprem e Co urt
A,,,,,sm""t )'l'' ' 20 11-2012 I, layng wllh the trlbun . 1 . nd a"",,,,,,,,,1 yea r 2012-20 13 I, laying
with apP"alate dM ,lon.
1 S. DI!.rrod Tn LiobiWly: n . 1,021,212
Th ish .. b .. nmad. upasund.r :
",,"kul.s
"" I...-.:e " on 01.0 1.20 U
Add. Provi ,lon m. de <iJ rl ng lhe)'l' ' '
TOlll
16. Inns" ... nt : n . 61 ,130,9211
Th. brNk up of th. abo .... lI'IOunl is .. unde r:
",,"kul .. s
""estm e nt In Trea , ury Bo nd
""estm e nt In Share, (Note 16.011
Amount ( In Toul
2012
554,392
466.810
1,021 ,212
2011
459.057
95.335
554,392
Amount ( In Toul
2012
9.000.000
52. 130.928
2011
9.000.00 0
45330,9 14
54)30,914
, ,
i , ! "
, i ,
16.01 Investment In shires of listed securities
Name of Company
'" I ' ~m l B;o nk Ltd , ,
Trust B;o nkLtd
Nofo Shares
,. 51.900
Total Cost ... ..,
price Velue
,.
17. Inl ..... t, Divid.nd And RlnlO Acauing BUI Not Du. :Tk.S,026, 4-45
P",ticul ••
Arrrul'd In!!>res! on Flxl'd DI.>pos lt lFD RJ
Arrrul'd In!!>res! on Tre .. ury 8000
Amount ( In Tol<.ol
2012
5.0215,445
2011
5.658.344
765.000
6,423,34-4
18. Amount DUI From oth. , Pw.on. Or Bodi .. Cllrying On I.,uranc. Bu.i . . .. :Tk.19,274,717
Th. b,uk up of tho abo ..... .."ounl i, .. unde,;
"""kul ••
Sad hm n 81ma Corporati on
Re lanee ln su rar<:e Co. Ltd
City Genera l nsu rane. Co. Ltd.
Karnafu l ln su" nee Co. Ltd
Green DelIO Imu" n(e Co. LId.
Merc.a ntil e Imu" nee Co. Ltd .
Prog.~ Imu" na> Co. LId.
Sona r Bangia nsu ranee Co. Ltd.
~aml I",ura nee Co. Lt d.
B' nc} de, h Genera l m ura ne. Co. Ltd
T. k. fu ll ",ura nee Co. Ltd.
~o n .er m urane. Co. Ltd.
Sta nd ard In su" nce Co. Ltd .
Ea'tl . nd I",u" n(e Co. Ltd .
Provatl I", ura nee Co. Ltd.
~am l Commercia l nsuranee Co. Ltd.
~o n eer m urane. Co. Ltd .
Contlnenu ll ",u" nce Co. Ltd.
Amount ( In Tol<.o)
2012
35.926, 130
30 1.8(7
5.443
'19.508
165.1 14
O.~
88/i,735
16,310
40 1.446
22.837
1.101.235
133. 187
80,92 1
84.930
,~
30.5 I 5
39,274,717
2011
15.73.2.235
466,851
5.443
'19.508
165. 11 4
9.6 10
1.079.054
16,320
84.930
1.3 14.929
220837
,~
1.101.235
133. 187
80,92 1
)()'5 1S
20,351 ,649
, , i , l , "
! ! .,
19. Sundry Ofilta .. : (Induding Advlnc .. , d. pa.it Ind P"poym. nt l Tk. 68,851,510
panicul ...
Premium coI ll'(t lo n m ntral acroo nt
Adv. nce offi ce rem
lI'a,edepo~ t
Tax deducted al ",""elrom u.., Int",.,1 r:J FDA INcre - 19.011
Tn ded uaed al soorce lrom the Inle,.,,1 01 NIB
Tn deducted at ,oorcelrom th e Inte,.,st 01 STD
Adv. nce .g. ln st Salary
Adv. nce VAT aga lnsl appeal
Adv. nce . g. ln st Inmme Tn (Note - 19.021
Adv. nce Tox 00 Mutua l Fund
Adv. nce tn o n dividend
Adv. n( ed Again st Agency Comm.Tn
Adv. nced Comm l '~oo Fire
Adv. nced Comm l '~oo Marine
Adv. n( ed Comm l'~oo M"lne Hu ll
Adv. nced Comm l '~oo Motor
Adv. nced Comm l '~oo Mlse!'! l. n",,",
Adv. n( ed p. yment 01 Adv"'tl , emem
TOTAL
Amount I lnT.k' l
2012
13.908.652
2.035, 108
6.0 160679
229,500
145.3 15
593.09()
U13.123
3 1,092.842
7 16,640
1,998,54 1
568.279
5.625,576
30,889
268.430
107,936
.,20 1,920
68,852,520
2011
3L713.973
2.396,4 18
10U44
4.08L792
2.19,500
79,171
328.090
U13, I23
.16.086,400
99.000
544,140
1,000,000
10.3 10
306,73 1
1,035,000
159,324,992
' 9.01 Tn dod"aod at .OUl<. fran tho int . .... t ornod on FOR,STO & NIB account :6.l91 ,494
'fear .... break up r:J 1 .. deducted at ",""elrom the Interest on FOR. STD ard NIB '((0lX11 - Tn cMckKted Tn cMckKtod Tndoduc:tod TotafTaka onFDllhttmt 0" SIO Ac<ounts 001111 ..... 11
." 1,850.566 18,735 2.19,SOO 2.098.801
.," U03,889 21,571 1,325.(150
. " Ll1 U37 38,865 1,150,202
.U L750,887 /iIi, I44 1,8 17,03 1
15,016,679 145,115 229,500 15,391,494
Th e .bove . mount ha , ,..,1 been . dJu ,ted up W Dec:emb", 3 1,.1 0 12.
19.02 A<!vancl against incoml tax:fi. 31,092,842
This .,ad. up as undo. :
2010-20 11
2011·2012
2012·2013
2013·2014
20. Cash' Bank Balanco: fi.2l1 ,72 1,321
Tho brNk .... p of tho aboYi amount is as und.r:
paniculars
Cas h In h. nd
Short t l'l"m depol-lr
cu"""r dPpOl-It:<;
Flxed dPpOl-It
21. Fixod Assl is:
AI1OlI1t ( In Taka)
2012
9.3 13.645
8.952.046
10.827.15 1
2.000.000
31 ,09:2,14 2
2011
9.313.M5
7. 152.046
1.000.000
17,46 5,691
Amount ( InTaka)
2012
1 • .179.040
14.f:68.800
3.873.39 1
.I 11.900.(XX)
231 ,721 ,321
2011
2.792.242
19.779.680
4.538,889
15 1.500.00 0
178,610.811
Axed " .. 1< are <tated eo'lle" iKcumJ lated deprec:latl on. Detai l, ri fi xed a"ell ore sh <JNn
In the An nexure·A I
ll. AuditFH :Tk. 169,000
Parti cular.
smurory . uch I ..
Spl'<I. ' aL.d lt I ..
13. Di .. cta".' FH:fi.809,o00
Amount ( lnTaka)
2012
69.000
100.000
169.000
2011
60.000
100.000
160.000
Durin g th e)'l''' un dl'l" re"ew an amo unt 01 Tk. 809.00 0 was p. ,d to the d irectors ol the
compa ny as Bo"d/Com mlttee m .. tln g lee. Th e Boa rd 01 Dl reolors recl'Ived no
rem.me " tl"" from th e company oth l'l" tha n I .. , lor alIl.'f"ldng Bo.udICorrmlll"" meetin g.
, , ~ 1 , •
24. Inll .. "6 Divid. nd Income:Tk. 20,736.395
n.. b .. alHip of th o .bon .ntount is as under:
p .. tic:ulars
Interest on Fl<ed Deposit
Interest on Short Tl'fm Depol ll
DlvIdl'f1d Income
25. Oth.r Income :Tk.l ,447 ,110
n.. brnk up of the abo ... l/l'Iount is.s und. r :
p .. ticulars
Profit on Sale 01 Fl.>:ed Asset<;
Profit on 5a1e of Shore
26. P .. mium Incom. L.ss H. -insurant. :lL 163,481 ,12 5
n.. b .. ak up ofthe abOY<l amount is IS under :
Ciulof8us1nt!I GrollPmnium IIt-lnsurnf IIt-lnsurnf ..... ... Fire 88,763,947 36,326,213
Ma rin e 108,179.549 4 1,473. 166
Mot,.. 33504.708 .2.534,388
MIse" la""" ul 34.025,863 20,659, 175
264.474.267 loom942
27. Expen . .. of Mlnag. m. nl:Tk. 50,.429, 150
Th e b ... k up of 1M .boy. amount Is IS under:
p.niculars
Fire
Ma rin e
Mot,..
MIse" la""" u,
Pe .. entagtl (%)
33.56
40.90
12.67
12.87
Amount ( In T.u)
2012
19.235.742
601.654
898.999
20,7l6,395
2011
13.977.].(:6
403.051
957.78 1
15,338,198
Amount ( In T.u)
2012
U)96,884
350,226
1,447,11 0
.n NttPrtmkln
52,437,734
66,7 06,383
30,970,320
13,366.688
163.4' !r1l5
2011
Ll13.9 11
4.46(.(65
5,578,376
.n NtlPmnium
5U2O,117
45,12.2.164
36,545,272
7.425,575
140,(1).128
Amount (In Tak. )
2012 20 11
16,988,574 18,933,720
20,( 09.446 20, 101.529
MS], I46 6,339,305
6,543,984 4, 150,263
' M 50,.429, 150 49,525,817
28. Net Profit for th e )"lor ond its appropriat ions: 283,793
Particular.
BiIIan<e " on 01.0 1.20 12
Ne1: Profltlor the ye n
BiIIan<e . v. lI .ble for appropriat ion
lPs" Pr<NIsion for In come tax
Provl:llon for def",rl'd tax lI .bl ll ty
R .. erve for e""Ptlona ll o,,,,,
Propo,l'd stex kdlvldend
(;e n.,.. 1 r .... rve
Provl:llon for Inve'tment flu a uation fund
8010noo of P &- L Appropriation Ale a. on 31.12.2012
29. (onling.,1 Uobl ~y:
"mount (In Tako )
20.038.169
466.820
16.300.000
21.96I.SOO
3,8()().OOO
2.800.000
2012
291.843
65.4oa.439
65,700,2&2
65.416,489
233,791
There .... dispute, on Income tax amoontlng to Tk. 8.254. 188 aoo Tk. 22.(l93.097 for the
. " .. , ment year 2007·2008 and 2006-200 7 respea.lv"y wh ich h.ve not been .crn ll1l'd by
the comp.ny. The comp. ny filed writ aga ln 51 both ", .. In the Honourable Hig h Co urt
' galn'tth e verd la ofTrl bu n.I.Thll ~ und.,. , ub Judl(e In the Honourable High coo n . nd It
I, believed thotlt will oot moterla lly affea the finan(la l ,tatement.
30. cap~aI Expendilu .. Comroiuunt:
At present th e m mpany ha, r<l caplu l expend latu re <orrm ltment whl(h m. y mat.,.la ly
. ffeet the flna nc:I. 1 positi on .
11 . doim. ogoin.t Company n01 acknowledged .. Debt:
There wa, no (la lm aga inst the comp. ,..,.. whl<h w" not ackr<lwledgl'd " debt othe r thilf1
norm.1 (00'" of bu, ln .. , n the B. I. nce Sheet dote.
12. credil FIC~~ieo:
The re was no "l'd lt facility ava iled by th e (orrpa ny und.,. any (orm aa other than tro de
"l'd lt . v. lI .ble In the ( ou"e r:J busl""".
31. Earn iong ,,-, Share (EP5) :
The Co mpany Gilkul at .. Earn in g' Per Sha re IEPS I In a((ord.nce wi th BAS 33: E ... nl ng' p.,.
Share. whl(h hOI been shown on the face of th e Income stateme nt .00 thl ' has been
" Iculated by dl .. d lng th e ba,1c: earning' by the w,"g hted , v""'l" nurrbef r:J ord ln .ry
,I", .. ootsta ndlng for the yea r. Detal~ " Iul n lon, w.,.e as follows :. i , i • .,
, i ,
Paniculars
INet proft t after taxati on acd provllloni
Ord lr.ary Ih or .. or I , t J. nu ory
"orm 51m .. ~,"ed
W..rg htl'd Aver. ge num b<>r ri ord inary Slur ..
ootsta ndlng durin g the yeill
"~c earnings Per 51ure EilIn lngs p", 51",. In 201 I w.n,<- 1.}6 wh il e restating EPS ri 20 12 as per BAS 33, an adjustment ha, been gfven for 1.996.500 born, ,Iur .. In 20 12
34. Commission, B.o""rog _ or Discount ogainS! .01 .. :
Amount ( In Tou)
2012
37.91S,9S0
19,96S'(XXl
1,996.SOO
11,96 I,SOO 1.73
2011
27.171.(OS
18.IS O,000
1.815,0 00
19,96S,000 1.36
Comml,l/oo Wal Incurred or p. ld ill agents as p'" Insuran<e An . 20 IO oo t no brokerage or disco unt w" In<urred or pa id ag.lnst so l ...
35. S.oJ",onu R_porting
A, the re I, , Ing ", 001/""" . nd geog"p"/c 'eg ment wi thin the comp.ny ope rat .. ,.,., segnent repor~ng I, lelt nec:e"' ry.
36. Att.ndon<. Stltus of Board MHting of DirKtO"
DLX lng tt... period ftom 01 .01.20 11 ill 3 I. 12.2012. 06 Il lxl Boa rd Meeti ng were h .. d. The m end . nce mru, 01 . lI th. meeti ngs I, a, loI low, :
N~me of Directors Position Meeting Held Attended
Mr.Rezaul Huq Khan Chairman • • Mr. Md. Mustahldvr Rahman Vlce-{:halrmao • • Mr.Mahmooul Hoque Director • • Mr. Sakhawat H()';'i<lln (lIlltoo) Director • • Mr. Md. Mustaftzur Rahmao Director • NIII
Mr. H.M.ltxahlm Director • , Mr.Mahbubur Rahman Director • , Mr.Zakl'l Ahmed.FCA Director • , Mr. Abdul Kader Khao Director • • Mr. Md. Shahbaz HOI'i<lln Khan Director • , Mr.A Y.Shahldullll3m Director • • Mr. Md. Mahbub Alam Director • , Mr. Md.Amlrullllam. FCS.FCA Director • • Mr. S.M. Shamsul Areflo Director • • Mr. Ahmed Jamal Director • • Mr.KBM Molo UddloChllty Director • , Mr.Md.Abdur RaZZilque Khan I D~IlIfaCl' • , Mr. Rafiqullll3m I D~IlIfaCl' • ,
37. DisdosUl"<l as per requirellent of Schodule XI, Part II of th e CoInpany Act . 1984
a Disclosu ... IS per requirement of Sch edule XI, Part I~ Not e S of PIr. 3
a (il EmploY"'" engaged :
Th . tot.1 nu mber of . mpl oy ... a, on 31. 12 . .1011 was 28 1 . nd drawing monthly,a l.ry
ofTk. 3.000 ar-.J aboVl'.
Disdosu ... as per r"'luir"",. nt of Sch edul . XI, P'r1I~ Para 4
~I Period of payment of remlX"ll'rOllon to th. Director, II from 1!1 J. nu"y .10 1110 31
Dece mber· .lO l l .
~~ The aboVl' DIrectors olth. mmp . ny did oott . k •• ny benefit from th. m mparYf
oth .... tha n the rem un . ... tlon for mend in g So.1 rd Me.tln g.
a. Expense re!mbur<ed 10 th . ma n.gln g agent ·~ I
b. Com ml '~on or othe r rem un .... at ion paya bl. separot" y to a m. n. <J ng agent or
CI, " socln . · NII.
<. Comm~, lo n received or rec.lva bl. by the m. n. <J ng agent or hi' "sociat . "
se ili ng or buying . g. nt of oth .... (O nce rn , In r"'peet rl ( onlra<1S . nt .... ed InlO
su ch (one .... ", wi th the (omp. ny --NIl.
d The money ", Iu . of th e m nm m for the ,ale or pu rchas. rl go<>ds . nd
mOl .... la l, or , uppy of , .... vice, .• ntered InlO by th. mmp. ny with th e
m. n. gln g . g. nt or hi' ""ociate durin g th. fln . ncia l y.a r
•. M'f oth .... pe rqul ,lt ., or benefi t In c:a, h or In kin d lUting · NIl.
I. Other . lI ow. nce, and (omml'~on Inci oo ln g g"" " nt •• (Orrm ln lon . NIL
g. Pl'n~oo.et<. · N II
11 P.nslons · ~ I
21 GraHi tie, · Nil
31 Payment from Provident Fu rd . ~ I
41 Compensation for Ion rl offi ce · Nil
51 Con~deratl o n In co nn ection with reti rement fro m olft ee · NIl.
38. Subsequent Disdos",e of Eftnts af1.rth. BalalKe Sh .. t Dal . Und. r IO\S 10
Th ..... I, no non ·. dJu , tlng po,t b. l. nce , h •• t event rl ,ueh Im po rta"' • . non d l!Closure of
wh ich ""uld affect th e .bl ilty 10 th. u, .... , of th . fl na",la! stat""", nt, to prop .....
39. o\pprovai of the finalKi.1 .taterums :
Th .se fin . ncl. 1 ,tat"""",,, w ..... . uth orlzed to I,su. In a<mrd . nce with . resol ut ion of th.
m mpnay·' 81rd meeti ng ofth . Boud of DI rector! hed on 17.04.20 13
, ,
i , ! .,
a. Compar.tive .mounts
Whe reve r m"'ldered nl'Ces,ary prevfoo, ye,,·, fi gJ res have bee n remted. ln order to
conform the ( urrent ye. r·, presem.~ oo,.
b. P .... nlltion (urran t ,
Th e . mexed fin oncJ.1 >l.t l'fT1..,.,t , . re presen ted In B.ng l. de, hl ( urrenc:y [T. k' l.
wh ich have been roo nded off to the """esl Tak •.
40. Post BaI.nc_ Sh .. t.wnts :
There were no other m. terl. 1 ev..,.,tI betw .... n Ih e b. l. nce ' h .... t d.te .cd d.te 01
. uth orl zl ng thl' acco unts by the Bo"d of Dlrl'Ctors eXCPpt rl'Com merd.tl oo of ' toc k
dlvfde nd " 10 % from ( urrent )'l'm profit ).eJ,suance of l iO nel bo nu s , h"e lo r existing
every 10 [Tl'f1) ' h"es.Thh dl'Cllioo was taken by the Bo"d 01 Director, In II> m .... tl ng held
00 27.04.2013 .
41 . lnt.m.1 Control
The lo llowl ng , tep' h.ve bee n t.ken for Im pleme nt orloo 01 . n effl'Ctivl' Intern. 1 (ootro
procl'dJ re ol the Com p.o ny :
A moog Inte rn . 1 cont ro l . nd compl l.nc:e dl .. ll00 ha, be..,., formed with . view to em ll ish
• wel l dellg nn ed system of Intern. I reg ul" review r:J Inte rn . 1 .ed lt repon, with . vfew to
Im plement th e suggestl oo r:J Intern . 1 . udltors In r",pect If to emlll! h . n effl'Cllve
ma n' ge m..,.,t system th n Inc:lude, pla nnin g. org . nlzlng . nd , upervfllng cultu re In th e
org. n "'tl on.
42.Gen.ral Co.-runts and Obs ..... tions
Prevfoo, pe ri od ·, fi gure have b .... n reg rooped/rl'CI" lI ned whereve r co",ldered necemry
to (""firm th e " ... rent pe riod ·, fi nanc:laI st.teme nt,.
AI shores have be..,., fu lly " li ed . nd paid up.
Audlto!' " e p.o ld oo ly m tutory aud it f .... ' .
No fore!g n exchange rl'fT1 llled to th e releva nt , h"..rnIde" durin g the period under . udll.
No . moo nt r:J ITlOf1l'Y w" expended by the (omp . ny for (ompen s;o tlng . ny ml'fT1 be" 01
the Board fo r 'pl'CI. 1 servl" rl.'f"ldefed.
here w" no ba nk gJar. nt .... I,sued by th e mrrpa ny 00 beha lf of Director,.
M.naglng Director
>. Dl"l'Cto r
>. Director Ch. lrm . n
'" ) 1'1 ~ f ~
N • ~ " 0 • 0 • , _
~ • -_ ;;
_ 01 • • ~ 0 • 0 , t ~ ~ - • ~ j .. ~ • ~ • ", • 0
• • N " -•
~
0
'" ~ "'I • ! N • 0 0
~ ~ ~ • ~ 0
_ _ 0
_
'" ;, -, 0
0 -- _ i • • • • ~ • ~ o ,
_ • -, 0 • • • • • - -,
Q) .0 E Q) u Q)
0 -
<i.'i;~ ~ ~ ~ · - . • . , ~
~ • .: ,
~ i • ~ 0 ~ • • _
;;; ~ ~ • _
• • ig'i - , N • , ; ;;; 0 , "'
0 --, • N • • Q 0 N ~ U.
<J) ~
"" -a
_0 ~ " ~ • • • • • " ! ~ • "t 0
i • • _ _
0 , ~ • • • " -- ~ - • -, , N • N •
_ "
0 N :; , • - 0 -. N -Q) -a c
•• ~ ~ ~ ~ • • • < < ~ ~ • ~ p " " Q) ~
CO Q) :>.
t'I :;; ~ N N 0
~ • N ( 0 • • 0 i 8 ;;; III N 0 0 • • • ,
~ , ,
" , a i .. i 3 ~ • " •
0
" ~ • 0
0 • " • , N 0 • -g )Q .!! •
Q) .c -~ .E
-, ~ ~ • 'i~c," "
~!9~:t. • 0 ::--1; • •
.l!l Q) <J) <J)
«
• ~ i ~ ~ ~ • ~ ~ u -. • B _ - • • ~ • ~'
~P _
• • - • • .' •
-a Q) x u..
N N 0 0 0
E2 • i 0 ~ 0 N ( • • • ~
0 i! i ~ , • ~ ~ ~ , t , ~ • • ~ • " - 0 0 -. • • - • - " i • • -0
Q)
::l -a Q) .c u
Cf)
• • ! • If , • •
~ • " ,
I l' • , - ~ • ~ • _
~
_ • • ,
~ • ,
• • • ~ • ! • • u u , - • • •
~ ~ 1 i ,
~ • • ~ ~ • ~ ~ • , < " a • - -•
d - N N • 0 • _ - 0 0
" "' - • • z ! -! ~
! ! ro
FORM"AA" CLASSIFIED SUMMARY OF THE ASSETS, AGRANIINSURANCE COMPANY LIMITED
ASAT31ST DECEMBER '2012
PARTICULARS BOOKVALUE
Ir.tutory Depo<lt 9.000,000
Inve llrnent In 5ha ,,,, 52.130.928
Flxl'd DPpOSIt 211, 000.000
Bank Balan<e 1&542,28 1
c. sh In Hard U79.040
Int ", .. t.Dlv1dPrd .cd Rl'nl OUlstaroJ lng 5.026,445
l undryDebror, 68,852,520
Amo unt duelrom olhl'f perlo", or bOO", ca rryfng on Insur.",. b", 'n .. " 39.274.737
FlxPd A".r. ln mst I .. , d<>prl'CiOllon" 135,504.576
stoc k rl m lOOl'fY & lUmp 2,063A33
Total 543,573,960
--U'4--~ l>kOr~f(A
0""' 01"
MARKET VALUE
9,000,000
360659.2 10
211, 000.000
1&542,28 1
U79.040
5.026,445
68,852,520
39.274.737
135,504,576
2,(l63A33
528, 102,242
REMARKS
Re. llzab l.V. lue
Ma rket Vai u.
Re. llzab l.V. lue
Re. lrzab l.V. lue
Re. llza bl .V. lue
Re. llzab l.V. lue
Re. llzab l.V. lue
Real izable Val ue
Wrlll!>n down V. lue
Md..o.nw ... f«),"; n
M"""Il<>ll DnKto r
SIb;octto our""' ..... " "'!Xl " c(....., d>t.
AGRANIINSURANCE COMPANY LTD. R'g;'rr.d Off",,: s.ihom SkyVitw Tow ... , n4t' floor. 4~ i A' ~,ot.. kil- 1000. i~>h
PROXY FORM
~.------------------------------------------
"-----------------------------------_________________ ~ng a member 01 kj r.o nlln<IJrana> Comp;l ny
llmltl'd dohereby.ppoInt MrJM". ___________________ _
"------------------------ .. "'/OLX pro>:y to vote h mel", 00 my/ou r
b<>h.o ll oK the 13th .orou.o l G<>ne r.o l Mel'l l"l 01 the Com p.o'l to be ,eId 00 Sl.o hy 23 JJ oe 201 3 at 1 030 , m , t
t"~ll.l On r:J Dlplarrn E"l 'n "",,- B.I "liad<>sh. 1 6IJ/A K.!K r.o II.VP Road.CI'laka ard any adpu-n"""'l1ho.>rt>r:J.
SlC1""'"d t' ~ d.!yr:J 2013.
Sk./mrure of Proxy Soo.No. _________ _
N.I.:IMPORTANT:
Rev,-",,,, Stamp
(Tk.201-)
Signature of Shafeookl .. ('1 B.O. No. ______________ __
I. Thll from ri proxy. ciJly ,~~t!"d . rrust be deposited , t Iealt 48 holx, t..(ore tile """'~"l , t the Com~" Re:Jlltered Orrb. Proxy II ",, !oj II not ,g,ed "oj ~~" explained , oo,.e
2 Sg-.,nxe ri t ile Sr.",noKlef.-,d tho Proxy ,no ulj "lrte wl h the Spec""'" SkJrliKUre reglll , rtd "t ' tho '~,"y.
3. A, fl'r Moo 01 A'\OC~t kln ri the mmp.o ny. Proxy (O n be glloen only to t" pe.,..on w'o ~ a m. mber (SharehoId "I ri t lie ' ''''4'' ny.
~---------------------------------------------- - -, AGRANIINSURANCE COMPANY LTD. R'g;'rr.d Off",,: s.ihom SkyVitw Tow .... n4t' floor. 4~ i A' ~,ot..kil- 1000. ~
Attendance Slip
I hPreby record my an.oo.nc:. at the 1 31 h An nual Gl'ne r.o l Mee~ng ri th e mmp.o ny to be held 00 Sund.!y 23 Ju ",,2013.
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SI 9 nature of Share h ° Ide r('l/PJoxy N.B. Plea,e ",bmlt this ,'ip at the recepUoo de'"
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