Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Nar-ne of O ie.-t
ASIA II\SURANCB LIMITED
for the year ended 31 Decembe r 2016
Pmfi,qs 6$t-'ttft
Pinaki & Company
AHSANDEL L, 2lA, Mymensingh Rood (2nd Floor), Shohbog, Dhoko-1000, Bonglodesh
Iel # 966-0944,966-5095, Fox # 88-02-9672726
E-moil : pinoki_co@yohoo,com
Fm-fr,qe (ml='ttft ChanEened Accountants
Pinaki & Company
AUDITORS'REPORT
TO THE SHAREHOLDERS OF ASIA INSURANCE LIMITED
We have audited the accompanying Financial Statements of Asia Insurance Limited which comprise of the
Statement of Financial position as at 31 December 2016, Profit and Loss Appropriation Account,
Statement of Profit or Loss and Other Comprehensive Income, the related Revenue Accounts, Statement
of Cash Flows aird Statement of Changes in Equrty for the year then ended and a summary of the
significant accounting policies and other explanatory information'
circumstances.
Auditors' ResponsibilitY
Our responsibility is to express an opinion on these Financial Statements based on our audit' We have
conducted our audit in accordance with the Bangladesh Standards on Auditing (BSAs). Those standards
require that we comply with relevant ethical requirements and plan and perform the audit in order to obtain
reasonable assurance about whether the Financial Statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
Financial Statements. The procedures selected depend on the Auditor's judgment, including the
assessment of the risk of material misstatement of the Financial Statements, whether due to fraud
or error.
In making those risk assessments; we consider internal control relevant to the entity's preparation and fair
presentation of the Financial Statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's Internal
Control. An audii also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the Financial Statements.
r;
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the Financial Statements prepared in accordance with the Bangladesh Financial Reporting
Standards (BFRSs), give a true and fair view of the Financial Position of Asia Insurance Limited as
at 31
December 2016 and the results of the Financial Performance and the Cash Flows for the year then ended
and comply with the Companies Act 1994, the Insurance Act 2010, lnsurance Rules 1958, the Securities
and Exchange Rules 1987 and the other applicable laws and regulations.
Amount in Taka
Canitnl and Liabilities Notes 2016 ll zots
Restated
Shnreholcler's Equity & Liabilities
Authorized Cnpital:
100,000,000 Ordinary Shares of Tk.10.00 each 2 1,000,000,000 1,000,000,000
Lease Liabilities
Current MaturitY
Long Term N'laturitY
{
Shahecn Abul Bashar Chol'dh ATam Yussuf ."\bdullah IIirrun, IiC,\
Director Vice Cl-rairman Chairman
Chie I Executive Ofllcer
Page-0 1
Asia Insurance Limited.
Statement of Financial Position
asat3l December20l6
Amount in Taka
Property and Assets Notes 2016 ll zots
Non-Current Assets:
Inveslment: l6
Statutory Deposit rvith Bangladesh Bank
(Governtrent TreasurY Bond)
Investnlent in Shares
17 204,646,718 38,426,916
Property, Plant and EquiPrrTent:
(At cost less depreciation)
Current Assets:
Interest, Diviclends & Rent
Outstanding:
18 22,184,794 25,098,508
Accrued Interest
19 261,324,511 210,441,61 8
Anrount due fi'otn other persoll or
bodies oarrying on iusurance busitress
20 48,997,6'72 48,412,672
Sundry Debtors
2l 229,193,751 349,831,479
Advance, Deposit and PrePaYments
22 2,274,293 2,224,293
Security Deposit
:\ Fixed Deposit rvith Banks 23 622,217,163 641 ,730,291
& Stamp 24 418,092 616,524
Stock of Printing, Stationery
,j\.
Cash and Cash Equivalents:
25 38,57 4,016 1 8,66 I ,3 84
Cash on Hand & with Banks
-n
NId. Imam Shahecn
%
Yussu f Abdulta.h I Iaru n, 6-CA
Director Chairnrarr
Chief ExecLrtive Offi cer
P,;^,U
Pinaki & CompanY
Date: 30 llarch 2017
Chartered Accountants
Dhaka
Page-02
Asia Insurance Limited.
Profit and Loss Appropriation Account
for the year ended 3l Decernber 2016
Taka
.Appropriation
Provision lbr l-axiitiort 24,861.34-1 20,834.803
I'rovision lbr Taxation Capital Cain (15%) )io <i?
Prtlvisiort lbr Dt'lcrrctl
'l'tx ( 1,286,798) 283.i71
Reservc fbr Exccptional l,osses 25,000,000 I 5,000.000
Ileserve 1br Cratuity 2,500,000
General I{eset ve 1,000,000
Cost of G'l'B Purchascs r,980,3 84
Dividend(Casli-20 I5 @ I 0%) 47,069,858 47,069,858
Balance translbrred to Balancc Sheet 48,655,747 17,528,812
Page-03
Asia Insurance Limited
Statement of Profit or Loss and Other Comprehensive Income
for the year ended 31 December 2016
Expenses of Management
(Not applicable to any particular Fund or Account )
8,801,660 7,528,715
Advertisement & Promotional Expenses
a trr8r4{Tur.4q
Audit Fee I r9s-s00 ll 143-750 I
F'ecs
Renerval
& Charges
& Registration Fee
II r,:ss,zor
2,486,4fi
llll +to,tot
1,567,6e6
I
|
f./rj
Yussuf Abdullah Harun, f,'CA
Chairman
Page-04
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ASIA INSURANCE LI1VIITED
Statement of Cash Flow
for the year ended 31 December 201 6
Amount inTaka
Dividend Received
18,661 51,931,737
E Opening Cash & Cash Eqrrivalent
anffiinar Chowtl
Director Chailmarr
Chiel Executive Ofllcer
Pagc- 1 2
ASIA INSURANCE LIMITED
ITAAII
FORM
Classified Summary of Assets
as at 3l December 2016
Amount in Taka
Class of assets Remarks
Page- I 3
ASIA INSURANCE LIMITED
Notes to the X'inancial Statements
for the year ended 3L December 2016
The Asia lnsurance Limited was incorporated as a Public Limited Company in Bangladesh on 30 April
2000 rurder the'Companies Acq 1994.The Company, within the stipulated lay down by Insurance Act
2010 and directives as received from Insurance Development & Regulatory Authorlty (IDRA) time to
time, provides Non-Life Insurance Business. The Company is listed with Dhaka Stock Exchange and
Chittagong Stock Exchange as Publicly Traded Company. The registered office of the Company is
located at T.K. Bhaban (7h floor), 13 Karwan Bazar, Dhaka -1215 and carried its Insurance activities
through twenty t\to (22) branches throughout the country.
The principal activity of the Company continued to be carrying on Insurance Business. There were no
significant changes in the nature of the principal activities of the Company during the year 2016 under
review.
As per the requirements of BAS l: "Presentation of Financial Statements" the Financial Statements
have been prepared on the basis of going-concem concept under generally accepted accounting
principles according to the historical cost convention. Requirements as to disclosure of financial
information warranted by the Insurance Act 2010 have been adhered to in presenting financial
statements. Such financial statements comprises the Balance Sheet, Profit and Loss Account and
Revenue Accounts for specific classes of insurance business in the form set forth in the first, second
and third schedule of the Insurance Act 1938 as amended 2010 in compliance with the Companies Act,
1994.
In addition, the Securities and Exchange rules, 1987 (as amended in 1997) requires the production of
Statement of Cash Flow and Statement of Changes in Shareholders' Equity as a part of the Annual
Report . The Bangladesh Securities and Exchange Commission (BSEC) of Bangladesh regulates
financial reporting practices of listed Companies. Listed Companies are required to comply with
BSEC's accounting and disclosure requirements. The Rules 1987 as amended n 1997, requires listed
Companies to follow Bangladesh Accounting Standards (BAS) Bangladesh Financial Reporting
Standards (BFRS) as adopted by the Institute of Chartered Accountants of Bangladesh (ICAB).
Pase 1.4
ASIA II\SURANCE LIMITED
l\otes to the Financial Statements
for the year encled 31 Decernb er 2016
As per Governurent decisiorr with etfective from lst April 1990, all the Public Seclor lnsr"trance
Busiuess is being underwritten jointly by Sadharan Birna Corporation and 45 other private sectot'
Irrsurance Cornpinies on Co-insurance basis. Out of totai general itrsrtrance business. 50% being
runderlvr.itten by Sadharan Bima Corporation and the balar-rce are shared eqLrally by 43 private sector
Ilsurance Cornpanies in the year 20 l3 and 45 plivate insttrancecompanies in the year 20 16.
Tlre Compaly's share of Public Sector Business is accounted for in the year in which the complete
statement of acconr1t frorn Sadharan Bima Corporation is received. As such the cornpany's share of
public sector insurance busirress has been considered and accounted for on the basis of certified
statemeut receivecl forrn Sadharan Bima Corporatiot-t lor the year 2015-2016.
Gross underwriting business as well as re-insurarrce thereof and claim settled etc. have been recorded
separate for each ilass of business and net underwriting results have been reflecled irr the revenue
accounts after due consideratiotl ofre-insurance ceded.
The financial staternepts are prepared and presented in Bangladesh Currency (Taka), which is the
company's functional currency. All financial information presented has been rounded off to the nearest
Taka except whele itidicated otherwise.
1.2.5 ReportingPeriod:
The financial period of tlre cornpany covers one year from 1st January to 3lst December and followed
consistentlY.
Accordipg I
to the Interlational Accounting Starrdard (lAS) as adopted by ICAB as BAS I
,'presentation of Financial Statements" the complete set ol fittancial statemeuts includes the follor'ving
cotnponettts:
In accordance rvitlt irrsurance Rules 1958 Balance Sheet and Profit and Loss Account have been
prepared instead of Statement of Financial Position and Statement o1' Compt'ehensive Incolre
cortsecutively.
Page 15
ASIA INSURANCE LIMITED
.,il:T:i::H;T11TT:*;:X1'#f;
I.2.7 GoingConcern:
The Company has adequate resources to continue its operation for the foreseeable future. For
this
reason, the directors continue to adopt going concern basis in preparing the accounts. The
-fund current
credit facilities and resources of the Company provides sufficient to meet the present
requirements of its existing business.
This financial statement has been authorized for by the Board of Directors of Asia Insurance Limited
on 6th April2}l7.
1.2.9 SegmentReporting:
Asia Insurance Limited now has 22 (Twenty two) branches with no overseim branch as of December
31,2016. Accounts of the branches are maintained at the head office from which these accounts
drawn
up.
1.3 PrincipalAccountingpolicies:
The accounting policies set out below have been applied in preparations of these financial
statements
and followed consistently.
Owned Assets:
Items of own property and equipments axe measured at cost less accumulated depreciation and any
accumulated impairment losses. The cost of an asset comprises its purchase price and directly
attributable cost bringing the assets to its working condition lor its inte;ded ,." u, per Bangladesir
Accounting Standard @AS I 6)"Property, plant and Equipments,,
Leasehold Assets:
Leasehold assets of which the company assumes substantially all the risk and rewards of ownership
are
accounted for as finance leases and capitalized at the inception of the lease at fair value of iease
Accounting Standard (BAS l7). The corresponding obligation under the lease is accounted for as
liability.
Page 16
ASIA INSURANCE LIMITED
Notes to the Financial Statements
for the year ended 3l December 2016
lroperty, plant and equipment including building (office Space) are measured at cost less accumulated
depreciation and impairment losses, if any. The'cost of an iiem of p.op.rty, pi*t
comprises its purchase price and any directly attributable inward rreigrrt, dufrLs
*A equipment
ano non-refundable
taxes.
On disposal of Property, Plant and Equipment, 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 ofthe assets and net sales proceeds.
Category Rate
Vehicle
20%
Office Decoration
10%
Telephone Installation & PABX System
20%
Fumiture & Fixture
t0%
Computer, Printer; Fax and Copier
30%
Office Equipment 15%
Air Condition 20%
Building (Office Space)
05%
The carrying amount of the Company's non financial asset other than deferred
tax assets are reviewed
at each reporting date to determine whether there is any indication of impairment.
indication exists, then the asset's recoverable amount is estimated. An impairment
If any such
loss is recognized if
the carrying amount of an asset or its cash generating unit exceeds its estimated recoverable
amount.
Impairment losses are recognized in Profit or Loss Aicount. Considering the present
condition of the
assets, management concludes that there is no such indication exists.
Pase 17
ASIA INSURANCE LIMITET)
Notes to the Financial Statements
for the year ended 31 December 2016
1.3.2 I nvestmcnts:
All investments oIAIL are initially recognized at cost, being the fair value of the corrsideratiot-t given
rvlrich inch,rcle transaction cost and these are classified in to the follolvirrg categories:
. Held to Maturity
. Held for Trading
. Available for sale
Iuvestrnepts with fixed maturity that the rnanagement has the inlent and ability to hold matLtrity are
classified as held to maturity and are initially lreasttred at cost'
These financial assets are acquired principally for the purpose of generating profit fi'orn sllort term
fluctuation in prices.
Available for sale investmeuts are those non-derivative investments that are designated as available for
sale or are 1ot classified in any other category. These are prirnarily those investments that are intended
to be held for an undefined period of time or may be sold in response to the need for the liquidity are
classified as available for sale. The Company follows trade date accounting for 'regular way purchase
and sales' of investmerrts.
Advances are initially measured at cost. After initial recognition advances are carried at cost less
clecluctiops, adjustments or charges to other account heads such as prepayment expenses 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 Accottrrt.
Cash On Hand aud Cash u,ith Banks have been cotisidered as the Cash and Cash equivalents for
pr.eparation of these financial statemeuts as there was insigttificant risk of changes in valite of these
crlrreut assets.
As per Para 6 of the,lth schedule, to meet the exceptional losses, Company sets aside ten (10) percellt
of tLe premiurl inconre of the year in u'hich it is set aside front the balance of the Profit to the Reset've
for Exceptiorral Losses.
Paqc 18
ASIA INSURANCE LIMITED
Notes to the Financial Statements
for the year ended 3l December 2016
These have been arrived at aftpr making provision for un-expired risks
@ 40% of net premium income
on all business except Marine Hull Insurance where provision has been lnade
@ l007o on net premium
income.
The leased tiatitity is considered as a Finance Lease as per BAS-17. As such, the interest expense on
Lease liability is charged to profit and loss account under finance cost.
Principal amounts of loans and borrowings are stated at their outstanding amount. Borrowings
repayable after twelve months from the reporting date are classified us nor-cri.nt liabilities where,L
the portion payable within twelve months, unpaid interest and other charges are classified as current
liabilities.
According to BAS 37: "Provision, Contingent Liabilities and Contingent Assets,, the Company
recognizes the provision in the balancg when the Company has a legal or constructive ottigation
theet
as a result of past event and it is probable that an outflow oficonomic benefit will be required
tolettle
the obligations.
BAS 12: 'olncome Taxes" and lncome Tax ordinance 1984 have been used for the calculation of
deferred tax and current tax expense respectively. Provision for income tax represents the sum ofthe
current tax expense and deferred tax expenses.
The Companies Income tax currently payable is based on taxable profit for the year. Taxable profit
differs from profit as reported in the profit and loss account because it excludes items of income or
expense that ate taxable or deductible in succeeding years and it further excludes items that are
never
taxable or deductibl". Company's liability for current tax is calculated using tax rates that have
T.
been enacted or substantively enacted on the balance sheet date.
B. Deferred Tax:
leferrgd tax is recognized on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and are
accounted for using the balance sheet liability method. Oefened tax liabilities are generally
recogrrized for all taxable temporary differences. Defened tax assets are generally recognized for ail
deductible temporary differences to the extent that it is probable that taxable p.ofitr wif be available.
against which such differences can be utilized. Deferred tax has been caliulated and charged
credited to profit and loss appropriation account.
Page 19
ASIA INSURANCE LIMITED
Notes to the Financial Statements
for the year ended 31 December 2016
The revenue is recognized after satisfuing all the conditions for revenue recognition as provided BAS
18: "Revenue" in compliance with BFRS 4 "Insurance Contract". Detailed income wise policy for
revenue recognition is given as under:
A. Premium Income
The income from premium is comprised of the total amount of premium eamed on various classes of
insurance business during the year, the gross amount of premium eamed against various policies, the
amount of re-insurance premium due to Private and Public Sector, the amount of re-insurance
commission eamed and the amount of claims less re-insurance settled during the year have all been
duly accounted for in the books of account of the Company. While preparing the final statement of
accounts, the effect of re-insurance accepted and re-insurance ceded as well as the effect of total
estimated liabilities in respect of outstanding claims at the end of the year, whether due or intimated
have also been duly reflected in order to arrive at the net underwriting profit for the year.
Premium is recognized when insurance policies are issued, but the premium of the company's share of
public sector insurance business (PSB) is accounted for in the year in which the statements of account
from Sadharan Bima Corporation are received. Up to 3lst December,2016 statements of account for
the period ls July,2015 to 30ft June,20l6 have been received and, accordingly, the Company's share
of PSB for that period has been recognized in this financial itatements.
B. Investment Income
Interest income on investments is recognized on accrual basis using effective interest rate as per BAS-
18 "Revenue". Portfolio gain on investments in shares is recognized as income and credited to
investment income in the profit and loss account as per BAS- 39 "Financial Instrument: Recognition".
Capital gain is recognized when it is realized and recognized as income and credited to investrnent
income in the profit and loss account as per BAS-39 " Financial Instrument: Recognition ". Capital
gain is recognized when it is realized.
Interest on Bangladesh Govemment Treasury Bond and FDRs are recognized on accrual basis. Interest
on STD/SND account, cash dividend on investment in share and other income are recognized as a
when the amount is credited to our account. For stock dividend that received by the company against
its investment, number of shares increased and average cost of investment decreased.
The Company calculates Eaming per Share (EPS) in accordance with BAS 33: Eaming per Share,
which has been shown on the face of Profit and Loss Account, and the computation of EPS is stated in
Note-35.
Page 20
ASTA INSURANCE LIMITED
Notes to the Financial Statements
for the year ended 3l Decemb er 2016
Basic Earnings:
'fhis represents earnings for the year attributable to ordinary shareholders. As there was no preference
dividend. rninority or extra ordinary iterns, the net profit after tax for the year has been considered as
fully attribLrtable to the ordinary shareholders.
Tl-ris represents the number of ordiuary shares outstanding at the beginning of the year plus the nutnbet'
of shares issued during the year rnultiplied by a time-weighting factor. The tirne weighting factor is the
nurnbers of days the specific sltares are outstanding as a proportion of the total number of days in the
year.
This has been calculated by dividing the basic earnings by the lveighled average nutnber of ordinary
shares oLttstanding for the year.
Statement of Cash Flows is prepared in accordance with BAS 7 "Statetnent of Cash Flols". The cash
flows frorn the operating activities have been presented under Direct Method as prescribed by the
Securities and Exchange Rules 1987 and corrsidering the provisions of Paragraph 18(b) of BAS-7
which provides that "Enterprises are encouraged to report Cash Flow from Operating Activities using
the Direct Method".
The preparation of financial statements in confonnity with tlre Bangladesh Accounting Standards
requires lnanagelnent to rnake estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of other information at tl-re date of the financial statemettts and reveni:es aud
expeltses during the period reporled. Actual results could differ froln those estitnates. Estirriates are
used for accourrtirrg of certain items such as depreciation on fixed assets, accrued expenses artd incotle
taxes.
Cerlain cornparative arnounts have been re-classified & rearranged to confirm with the current year's
presentation.
Pagc 21
ASIA INSURANCE LIMITED
Notes to the Financial Statements
for the year ended 31. December 2016
')
Asia Insurance Limited
'l'otal
J Issued, subscribcrl ct paid-up capitrtl [_4?,,rr8J8olt 4?tr6f858,,.l
4,70.69,858 ordinary, sharcs ofTk. l0r- eaclr
J Issued, subscribed & paid-up crpital Total f l:n.r,r&snolf -t:t)-(,rrtt,s8ol
70.(19,858 ordinary shares ofTk. l0/- each
Particulars 2016
No, of ok of No. of Shares
Category of Shareholders
Sharehnldino S h r reh oldi ng
f':
100001 ro 1000000
( General Putrlic
N"o. of ol, of
Class interval No. ofShare 7o of Total l'otal Paid
ahornhnlrlor
Sharcs holding up Capital
I'age-23
Asia Insurance Limited
st. Prrticulars
||
Less. AdjLrstnrcnt lor Current l-iability
Less. Transfer to Short'l-enn Lease Lrability (6,68s,813)ll $.292.218)l
l- 3J?rJasl f ?Jzg.6,10-1
** I)rior vear error as long lenrr lease finance has been rd.jr.rsted rvith secLrrity deposit according to BAS-8
Page-24
Asia Insurance Limited
Pa lticu lttrs
Marine I-lull
Motor
Misce llane ous
L,,,,,nll
I |
r.qoo.ssr |
e.,r4(,;
r ,)oz o:,
I
,
Fire Insurance br"rsiness
Marine Cargo Lrsura:rce business I s3,s96 3 12 I
l-----::;?61
I 49,167 3si I
lffiL-ffiil
Miscellaneous Insurance business
Excess Deposit
Stamp duty
This represents the arnount olpremium deposited rvith Cornpany against cover notes lor which no polices have becn issued
up to thc eud o1'the ),ear, And u'ill be adjusted alter issuancc ofpolicies.
Pagc-25
Asia Insurance Limited
Notes to the Financial Statements
as at 3l December 2015
sl. Particulars
Page-26
Asia Insurance Limited
Notes to the Financial Statements
as at 3 I December 201 6
ffi
sl. Pa rtic u Ia rs ffi
l5 Provision for Taration Total f JrJ-r8-4J6JlTl[-lrJ,J3sJtBI
Provision fbr Taxation 2007-08 (Pendinq in High Court) f-- ffiE r]lf-ffir:rrxl
Provision lor'f axation 2008-09 (Pendirrg in I Iigh Court) I s.rz r.zso | 8.+2l.li(,
| I
All investmcnts olAI[. are initialiv recognizsd at cost, bcing the fair value ol thc consideration given rvhich include
transactiorl cost and these are classificd in to the lbllorving categories:
' I Ield lbr Trading
l{eld to Maturity
t--rT--
I
zs,ooo.ooo I | 2s.ooo.ooo
-_l
I
Page-27
Asia lnsurance Limited
Notes to the Financial Statements
as at 3 I December 20 I 6
Sl. Particulnrs m
@
2016 2015
Fair Value (3 I Cost Price (31 Dilference (3 I Dilltrcnce (3 I
Name of the Listed Company
Dec.20l6) Dec.20 I 6) De c.20 l6) De c.2015 )
Page-28
Asia Insurance Limited
st. l'itrticulars
f--lrr6s,6{rl f ,4.r:l":s6 l
Accrued Interest ou Go\'1. trcasury Bond
Opening balance I- ele. rstl f-tl.)-r s2l
Accrued during the Perrod I z,sso,soo I 2,qeo.8oo I I
Page-29
Asia Insurance Limited
Notes to the Financial Statements
as at 31 December 2016
sl. Particulars
zors.ooo
llll ,-ii?rffi l
I roqooooll
II ll
Advancc against Solhvare ruro.ouul
lntcrcst on lnconre l'ax-2013 (2015-2016)
Advancc VAT Paymeul Notc-2 I (f) "i" ,,,)li[
rz.sroll
l
Advance
Advance
tax paid
tax paid
-
-
2009-2010
20 l 0-20 I I
II r:+.tsttsll
s.rzo.:r; ll s.r;0.:rz
,r44s'r5r
I
f
Advance
Advance
Advauce
Advance
tax paid
tax paid
tax paid
tax paid
-
-
-
-
2011-20lr2
2012-2013
2013-2014
2014-2015
I|
|
ll:;::::;
42,165,891
:+,or:.oso
llll iitlitfi
| | 37.t65,e0r
:z.oor.r rz
|
I
I I
I
Advance
Advance
tax paid
tax paid
-
-
2016-2017
2017 -2018 I l:.333.;;; ll zooooo'
I
Page-30
XA\
,r\ I \ Ul\
f,#l.r
' /.+
{g
Asia Insurance Limited
Notes to the Financial Statements
As at 31 December 2016
*Restated
Add. Nerv FDR Account open during the Period I rrz.qoo.ooo ll r4r,o4l,o8s I
Page-3 1
Asia Insurance Limited
st. Pa rtic ui a rs
28 'l'otr r6.s+ll
Pro{lt on Salc of Share I
t__7,rJ--r&,1[:_:_f
29 Capital Gain (l'rolit on Sale of Vehicles) Total T-lrrorrtl
Sale valuc ol'Vchicles I zs2lio2ll I
30 Agency Conrnrission
Frre f rofrsCI8ll-----r?ro1ril
lu{arine Cargo I :r.qrs.sos ll :r.sr+.:s., I
Total
3l Allocation of M
Particullls Gross Premiun 0/
M.Expenses l\{.Exnenses
2016 20I 5
:lre 206,6t t,228 43.25 5 8,8 5 7,23 s 54J29.544
\4arine Cargo t7 5,97 5.7 56 36.84 50, l 30,123 44.466.907
\4arine Hull 1,767,078 0.31 503,3 86 290,1 12
I']age-32
4sia Insur:rnce Liniited
Notes i;, ll:-. i'inan, i:rl Statements
for thcl,carcnd.: I'.','c.'rrhtr2iiiir
Si. Particulars
m
ffi
31.;\. i\lanaqcnrent Erpenses
[)age-33
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Asia Insurance Limited
Taka
st. I'a rticu la rs
Page-3 5
ASIA INSURANCE LIMITED
Notes to the Financial Statemcnts
as at 3 1 Decernber 2016
Particulars
Amount in Taka
Sl.No. I Xame of Banks
2016 ll ZOIS
Page-36
ASIA INSURANCE LIMITEI)
Notes to the Financial Statements
as at 3l December 2016
Particulars
Amount in Taka
Sl.No. I Name of Banks
2016 ll 201s
Page-37
ASIA INSURANCE LIMITED
Notes to the Financial Statements
for the year ended 3 I Decernber 2016
Pa rticula rs
Page-3 8
ASIA INSURANCE LIMITET)
Notes to the Financial Statements
lor the year ended 3 I December 20 I 6
st. Particula rs
Zakir Ahmed Khan Independent Bay Lcasing & Investnrent Ltd. Independent Director
Direclor
Page-39
ASIA INSURANCE LIMITED
Notcs to the Financial Statements
lbr the year ended 3 I December 20 l6
st. Particu la rs
Chairperson &
Sanruda Chemicals Conrplex Ltd
Dire ctor
Chairpcrson &
Sanruda Porver Linrited
Director
Sanruda Caustrc Lirlited
Chairperson &
jllrs. Farzana Afrozc Director
Director Chairperson &
Sarnuda Peroxide Limitsd
Director
Chairperson &
t\ Samuda Real Estate Limited
Director
;u Genrveb -2 Limited
Charrperson &
Dircctor
Modern Poly Industry Ltd. lJ irector
Page-40
Asia Insurance Limited
Notes to the Financial Statements
For the year ended 3l Dccernber 2016
f.{r*r-.r*;T^t.I
st. Particulars f ,016 --
38 [xcess V..\'f pa]'nlcnt fronr Contpanl,'s On,n Fund
((Audit 2012 (Julv)-20 I 5(.lunc)
Adr ancc ad.yustcd [xcess Vat pa]1ncnt lionl
Clonrpan)/s O*n Irund (Audit 20I2 (.1uly)-20I5(.1une))
Total Vat pal,Dtcllts
|
f----?5?.o+I
f
,,,,, ,,,
t{,6?8Jstl
I
(a) During the I'ear uuder revierv all anrourlt olTk. 605,625.00 rvas paid to the l)ircctors ofthe conrpany as Board lneeting
attendance fee (@ 5,000.00 per meeting.
(b) During the year under revierv no compensation rvas allor'ved by the Conrpany to tlie Chref Executive and Officcrs of the
Conrpany cxccpt thcir rcgtrlrr rcrnurrcr ation.
(c) No amount ofmoney was spent by the Corrpany for conrpensating any member ofthe Board for special service rendered
(d) No amount u,as due by the Directors (including Chief Executive Olficer) and Olficers of the Company or by associated
unde(aking and by any ofthem severally or.jointly rvith any other person.
(e) l'here u,as no contract for capital expenditure to be executed and not provided for.
I)age-4 I
Asia Insurance Limited
Notes to the Financial Statements
For the vear endcd 3 I Decernber 20l6
st. Pa rtic u la rs
45 Clainr Acknorvlcdgeurcnt
'l'he
re rvas no claim against tlre conrpany not ackuowledged as debt as on 3 I Deccmbcr 20 I 6.
Page-42
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