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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