Hallmark Insurance Company Limited’s financial results for half year ended June, 30 2011
Karachi: We have to inform you that the Board of Directors of our Company in their meeting held on August 26, 2011 at 10:00 AM at Office No. 1001, 10th floor, Uni center I.I. Chundrigar Rood, Karachi, declared the following;
The financial results of the Company are as follows:
| Business Conducted | Nil |
| Loss before taxation | Rs. (62,110) |
| Taxation | Nil |
| Loss after taxation | Rs. (62,110) |
| Loss per shore | Rs. (0.12) |
For your consideration, Income Statement for the half year ended June, 30 2011 and Auditors’ Review report have been enclosed.
The Share Transfer Books of the Company will not be closed and all transfers received will be treated in time for the purpose of the transter.
Hallmark Insurance Company Limited
Condensed Interim Profit And Loss Account for the quarter and halt year ended June 30, 2011 (Unaudited)
|
(all amounts in PKR) |
||||||
| Quarter
Fire and Aviation and Motor |
Marine,
Including |
Others | Ended
June 30, |
Ended
June 30, |
||
| Revenue Account | Note | Property | Transport | Miscellaneous | 2011 | 2010 |
| Net premium revenue | – | – | – | – | – | – |
| Less: Net claims | – | – | – | – | – | – |
| Less: Expenses | – | – | – | – | – | – |
| Less: Net commission | – | – | – | – | – | – |
| Underwriting Result | – | – | – | – | – | – |
| Operating Expenses | ||||||
| General and administration expenses | – | – | – | – | (10,000) | (12,465) |
| (Loss) before Taxation | – | – | – | – | (10,000) | (12,465) |
| Taxation | – | – | – | – | – | – |
| (Loss) after taxation | – | – | – | – | (10,000) | (12,465) |
| (Loss) Per Share | – | – | – | – | (0.02) | (0.02) |
|
Half Year Half Year |
||||||
| Marine,
Fire and |
Others
Aviation and Motor Including |
Ended
June 30, |
Ended
June 30, |
|||
| Revenue Account | Note | Property | Transport | Miscellaneous | 2011 | 2010 |
| Net premium revenue | – | – | – | – | – | – |
| Less: Net claims | – | – | – | – | – | – |
| Less: Expenses | – | – | – | – | – | – |
| Less: Net commission | – | – | – | – | – | – |
| Underwriting Result | – | – | – | – | – | – |
| Operating Expenses | ||||||
| General and administration expenses | – | – | – | – | (62,110) | (64,224) |
| (Loss) before Taxation | – | – | – | – | (62,110) | (64,224) |
| Taxation | ||||||
| Taxation | – | – | – | – | – | – |
| (Loss) after Taxation | – | – | – | – | (62,110) | (64,224) |
| Profit and Loss Appropriation Account | ||||||
| Balance at the commencement of the period | – | – | – | – | (4,885,316) | (4,400,341) |
| (Loss) after taxation tor | ||||||
| the period | – | – | – | – | (62,110) | (64,224) |
| Balance Inappropriated (loss) at the end of the period | – | – | – | – | (4,947,426) | (4,464,655) |
| (Loss) Per Share | (0.12) | (0.13) | ||||
Review Report to the Members
We have reviewed the accompanying:
(i) Condensed interim balance sheet;
(ii) Condensed interim profit and loss account;
(iii) Condensed interim statement of comprehensive income;
(iv) Condensed interim statement of changes in equity;
(v) Condensed interim cash flow statement;
(vi) Condensed interim statement of premiums;
(vii) Condensed interim statement of claims;
(viii) Condensed interim statement of expenses; and
(ix) Condensed interim statement of investment income
Of The Hallmark Insurance Company Limited as at June 30, 2011 together with the notes forming part thereof (here-in-after referred to as the condensed interim financial information) for the half year then ended.
Management is responsible for the preparation and presentation of this interim financial information in accordance with approved accounting standards as applicable in Pakistan, for interim financial reporting. Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of Review
We conducted our review in accordance with the international Standards on review engagements 2410. “Review of interim financial information performed by the independent auditor of the entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
During the course of our review on these financial statements we are concerned on the following matters:
• The Insurance Ordinance, 2000 has enhanced the requirement of minimum capital to Rs. 300 million upto end of the year 2010; the Company does not find itself in a position to increase its paid up capital; and does not comply with the solvency requirements.
• The Company could not reconcile its accounts with Pakistan Insurance Corporation Limited (PICL): and the amount due to insurer and reinsurer of Rs. 1,448,238 and sundry receivables of Rs. 265,666 are not supported by any documents.
• The commercial operations of the Company were suspended from January, 1, 2003, thus substantiating the company’s inability to continue as a going concern.
• Due to discontinued operations, depreciation for the 2nd quarter ended June, 30 2011 amounting to Rs. 28,033 has not been charged in these condensed interim financial statements. If the depreciation would have been charged the net loss offer tax in the 2nd quarter would have increased to Ps. 90,143.
Conclusion
Based on our review, and subject to the facts stated above, we are unable to conclude that the accompanying condensed interim financial information is prepared, in all material respects, in accordance with approved accounting standards as applicable in Pakistan, for interim financial reporting.
Other Matters
The figures for quarter ended June 30, 2011 and June 30, 2010 in the condensed interim profit and loss account, condensed interim statement of premium, condensed interim statement of claims, condensed interim statement of expenses and condensed interim statement of investment income have not been reviewed and we do not express a conclusion on them.
For more information, contact:
Hallmark Insurance Company Limited
Suite #1001, 10th floor,
Uni center I.I. Chundrigar Rood
Karachi.
Tel: 021-32414419
Fax: 021-32416288
Email: hallmark@bizcorei.com