Karachi: We have to inform you that the Board of Directors of our company in their meeting held on March 8, 2012 at 11:00 a.m. at Federation House, Clifton, Karachi, recommended the following:
i. Cash Dividend
A final Cash Dividend for the year ended December 31, 2011 at Rs.4.00 per share i.e.
ii. Bonus Shares
It has been recommended by the Board of Directors to issue Bonus Shares in the proportion of 20 share(s) for every 100 share(s) held i.e. 20%.
iii. Right Shares
The financial results of the Company are attached.
The Annual General Meeting of the Company will be held on April 10, 2012 at 3:00 pm at Registered Office of the Company, situated at 3- Bank Square, Sharah-e-Quaid-e-Azam, Lahore.
The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on April 3, 2012.
The Share Transfer Books of the Company will be closed from April 4, 2012 to April 10, 2012 (both days inclusive). Transfers received at company’s share Registrar Office, M/s. Hameed Majeed Associates, H. M. House, 7 – Bank Square, Shahrah-e-Quaid-e-Azam, Lahore at the close of business on April 3, 2012 will be treated in time for the purpose of above entitlement to the transferees.
We will be sending you 300 copies of printed accounts for distribution amongst the members of the Exchange 21 days before the date of AGM.
Review report issued by the auditor(s) regarding status of free reserve after the issue of bonus shares is enclosed.
Atlas Insurance Limited
Profit and Loss Account
For the Year Ended December 31, 2011
|Note||(Rupees in thousand)|
|Net premium revenue||115,457||240,959||198,482||36,391||–||591,289||530,269|
|General and administration expenses||24||(24,955)||(22,536)|
|Profit before taxation||400,084||327,130|
|Provision for taxation||25||(98,916)||(84,472)|
|Profit after taxation||301,168||242,858|
|Profit and loss appropriation account|
|Balance at commencement of the year||243,218||190,340|
|Profit after taxation for the year||301,168||242,658|
|Final dividend for 2010 @ Rs. 4 per share (2009: Rs.4 per share)||(147,646)||(134,224)|
|Transfer to general reserve||(21,000)||(22,000)|
|Transfer to reserve for issue of bonus shares||(73,823)||(33,556)|
|Balance Un-appropriated profit at the end of the year||301,917||243,218|
|Basic and diluted earning per share –|
The annexed notes 1 to 36 form an integral part of these financial statements.
Review Report to Chief Executive
We have reviewed the accompanying computation of the free reserves of Atlas Insurance Limited (the Company) in term of Rule 6 (iii) of the Companies (issue of Capital) Rules, 1996 (the Rules). This computation is the responsibility of the Company’s management. Our responsibility is to issue a report on this computation based on our review.
The above referred free reserves have been worked out by the management on the basis of the audited financial statements of the Company for the year ended 31 December 2011.
We conducted our review in accordance with international Standard on Review Engagements 2410. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the computation of free reserves is free of material misstatement a review is limited primarily to inquire of the Company’s personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying computation of the free reserves is not presented fairly, in all material respects, in accordance with the method for such computation as prescribed by the institute of Chartered Accountants of Pakistan in line with the Rules.
This report is being issued on the request of the company for submission to the Securities and Exchange Commission of Pakistan and all Stock Exchanges of Pakistan for the purpose of issue of bonus shares of the Company and should not be used for any other purposes:
Calculation of free Reserves
|Reserves as per Balance Sheet||265,064|
|Investments Fluctuation Reveres||3,000|
|Reserves for issue of Bonus Shares||88,588|
|Reserves available after issue||169,808|
|Less: Proposed dividend||(177,175)|
|Retained earnings after proposed dividend||124,742|
|Free Reserves (A)||294,550|
|Ordinary paid up capital||442,938|
|Add: Proposed bonus issue||88,588|
|Increased Share capital||531,526|
|Minimum retend earnings required being 25% of A||132,881|
For more information, Contact:
Atlas Insurance Limited
Lahore – 5400, Pakistan
Ph: +92 (42) 3732 0542- 3
Fax: +92 (42) 3732 4742