Silver Star Insurance Company Limited’s financial results for the year ended December 31, 2011

Karachi: Kindly refer to our letter it S 2789/12 dated 31-03-2012 (copy enclosed) with subject reference

“Financial Results for the year ended December 31, 2011″.

Please note in item “(II)” with heading “BONUS SHARES” there has been an inadvertent typognphical error in the sentence formation wifich may kindly be read as under:

“Please note that inter/rn Bonus Shares have a/ready been issued in the proportion of ONE share for every TWENTY shares held i.e. @ 5%, as recommended by the Board of Directors of the Company, during their meeting held on Wednesday 24th August, 2011.”

Attached is the amended letter being duly faxed, e-mailed and couriered to you.

Copy of our letter ref. # S/8759/11 dated 24-08-2011 is also enclosed for further clarity in this regard.

The error is sincerely regretted.

Financial Results for the Year Ended December 31, 2011

We have to inform you that the Board of Directors of our Company in their Meeting held on Saturday, 31th March, 2012 at 12:30 p.m. at Head Office Lahore recommended the following:

(i) Cash Dividend (Not Applicable)    NIL

And/ Or

(ii) Bonus Shares (Not Applicable)    NIL

And/ Or

(iii) Right Share (Not Applicable)    NIL

“Please note that interim Bonus shares have already been issued in the proportion of ONE share for even’ TWENTY shares held i.e. @ 5%, as recommended by the Board of Directors of the Company, during their meeting, held on Wednesday 24th August, 2011.”

(iv) Any Other Entitlement (Not Applicable)  NIL

And/ Or

(v) Any Other Price-Sensitive Information (Not Applicable)

Copy of profit and Loss is enclosed herewith.

The Annual General Meeting of the Company will be held on April 30, 2012 at 10:30 a.m. at the company Head Office, Silver Star House 5-Bank Square, Lahore

The Share Transfer Books of the Company will be closed from April 20, 2012 to April 30, 2012 (both days inclusive). Transfers received at the Registered and Head Office: Silver Star House, 5-Bank Square, Lahore at the closure of business on April 19, 2012 will be treated as in time.

Profit and Loss Account

Financial Year ended December 31, 2011

 

Fire Marine Motor Others 2011 2010
and Aviation and
Property Transport (Aggregate) (Aggregate)
Rs. Rs. Rs. Rs. Rs. Rs.
Revenue Account
Net premium revenue 110,557,881 32,631,823 22,579,980 22,659,704 188,429,388 154,114,266
Net Claims (11,455,977) (4,398,951) (2,398,951) (15,247,186) (33,999,091) (40,902,613)
Expenses (37,213,541) (10,983,800) (7,600,372) (7,627,207) (63,424,920) (50,373,417)
Underwriting results (15,452,035) (945,697) (2,465,622) (2,320,537) (21,183,892) (11,935,579)
———– ———– ———– ———– ———– ———–
46,436,328 15,805,349 10,115,035 (2,535,226) 69,821,486 50,891,657
———– ———– ———– ———– ———– ———–
Investment Income / (loss) 3,493,357 8,997,130
Rental income 415,552 429,376
Other Income 4,808,536 1,266,905
———– ———–
8,717,445 10,693,411
General and administrations expenses (30,401,583) (22,851,782)
———– ———–
Profit before tax 48,137,343 38,733,306
Taxation – net 317,046 (1,442,125)
———– ———–
Profit after tax 48,454,394 37,291,181
———– ———–
Profit and Loss Appropriation Account
Balance at Commencement of year 76,305,671 91,592,527
Amortization of surplus on revaluation 222,310 209,463
Profit after tax for the year 48,454,394 37,291,181
———– ———–
Profit available for appropriation 124,982,375 129,093,171
Appropriation
Issuance of bonus shares for the year 2011 5% per share or Rs. 10 each (2010:15% per shares of Rs. 10 each) (52,523,440) (42,187,500)
Transfer to general reserve (13,150,000) (10,600,000)
———– ———–
(65,673,440) (52,787,500)
———– ———–
Balance Unappropriate profit at the end of the year (59,308,935) 76,305,671
———– ———–
Earnings/ (Loss) per share of Rs. 10 each basic and diluted 1.59 1.22

 

Financial Results for the Year Ended December 31, 2011

We have to inform you that the Board of Directors of our Company in their Meeting held on Saturday, 31th March, 2012 at 12:30 p.m. at Head Office Lahore recommended the following:

(i) Cash Dividend (Not Applicable)    NIL

And/ Or

(ii) Bonus Shares (Not Applicable)    NIL

And/ Or

(iii) Right Share (Not Applicable)    NIL

“Please note that interim Bonus shares have already been issued in the proportion of ONE share for even’ TWENTY shares held i.e. @ 5%, as recommended by the Board of Directors of the Company, during their meeting, held on Wednesday 24th August, 2011.”

(iv) Any Other Entitlement (Not Applicable)  NIL

And/ Or

(v) Any Other Price-Sensitive Information (Not Applicable)

Copy of profit and Loss is enclosed herewith.

The Annual General Meeting of the Company will be held on April 30, 2012 at 10:30 a.m. at the company Head Office, Silver Star House 5-Bank Square, Lahore

The Share Transfer Books of the Company will be closed from April 20, 2012 to April 30, 2012 (both days inclusive). Transfers received at the Registered and Head Office: Silver Star House, 5-Bank Square, Lahore at the closure of business on April 19, 2012 will be treated as in time.

Financial Results for the Half Year Ended June 30, 2011

We have to inform you that the Board of Directors of our Company in their Meeting held on Saturday, 24th August, 2012 at 3:00 p.m. at Head Office Lahore recommended the following:

(i) CASH DIVIDEND (NOT APPLICABLE)

An interim cash Dividend for the half year ended NIL at Rs NIL per share i.e. NIL %. This is in addition to interim Dividend (s) already paid at Rs. NIL per share i.e. NIL %.

AND/OR

(ii) BONUS SHARES

It has been recommended by the Board of Directors to issue Bonus Shares in the proportion of ONE share for every TWENTY shares held i.e. @5%.

AND/OR

(iii) RIGHT SHARES (NOT APPLICABLE)

The Board has recommended to issue NIL % Right Shares at par/at a discount/ premium of Rs. NIL per Share in proportion of NIL share (s) for every NIL share (s). The entitlement of right shares being declared simultaneously will be / will not be applicable on Bonus Shares declared as above.

And/ Or

(iv) Any Other Entitlement/ Corporate Action (Not Applicable)

AND/OR

(v) Any Other Price-Sensitive Information (Not Applicable)

The financial results of Company are enclosed herewith.

The above entitlement will be paid to the shareholders, whose name will appear in the Register of Members on 15th September, 2011.

The Share Transfer Books of the Company will be closed from April 20, 2012 to April 30, 2012 (both days inclusive). Transfers received at the Registered and Head Office: Silver Star House, 5-Bank Square, Lahore at the closure of business on April 19, 2012 will be treated as in time.

For more information, contact:
Nazir Ahmed Khan
Company Secretary
Silver Star Insurance Company Limited
Silver Star House,
5-Bank Square,
P. O. Box 2533
Lahre-54000 (Pakistan)
PABX: +92-42-3732 4488,
Telefax: +92-42-3722 9965

Leave a Reply