Karachi: We have to inform you that the Board of Directors of our Company in their Meeting held on Wednesday 24th August, 2011 at 3:00 p.m. at Head Office Lahore recommended the following:
(1) 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
(2) 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
(3) 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.
(4) Any Other Entitlement / Corporate Action ( Not Applicable )
And/ Or
(5) Any Other Price – Sensitive Information (Not Applicable)
And/ Or
The financial results of Company are enclosed herewith
The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on 15th September, 2011
The Share Transfer Books of the Company will be closed from 16th September, 2011 to 23rd September, 2011 both days inclusive). Transfers received at the Registered & Head Office: Silver Star House, 5-Bank Square. Lahore at the closure of business on 15th September, 2011will 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.
Yours Sincerely,
For Silver Star Insurance Company Limited (SSIC)
Nazir Ahmed Khan
Company Secretary
Condensed Interim Profit and Loss Account (Unaudited for the Half Year Ended June 30, 2011
Quarter ended June 30, 2011
| Fire and Property Damage Rupees | Marine, Aviation & Transport Rupees | Motor Rupees | Miscellaneous Rupees | Quarter ended June 30, 2011 Aggregate Rupees | Quarter ended June 30, 2010 Aggregate Rupees | |
| Note | ||||||
| Revenue account | ||||||
| Net premium revenue | 35,200,033 | 9,420,004 | 5,084,735 | 5,880,533 | 55,585,306 | 35,436,134 |
| Net claims | (8,296,308) | (298,258) | 600,105 | (2,020,335) | (10,014,796) | (5,658,121) |
| Management expenses | (9,495,620) | (2,672,123) | (1,593,200) | (806,881) | (14,567,824) | (11,513,098) |
| Net commission | (2,246,193) | (1,252,939) | (405,583) | (1,144,381) | (5,049,096) | (1,271,136) |
| ———- | ——— | ——— | ——— | ———- | ———- | |
| Underwriting results | 15,161,912 | 5,196,684 | 3,686,058 | 1,908,936 | 25,953,590 | 16,993,779 |
| Investment income | 1,846,778 | 1,545,577 | ||||
| Rental income | 113,587 | 107,344 | ||||
| other income | 1,519,081 | – | ||||
| General and administration expenses | (8,188,044) | (4,643,320) | ||||
| ———- | ———- | |||||
| Profit / (loss) before tax | 21,245,262 | 14,003,380 | ||||
| Provision for taxation | (1,809,541) | (1,271,940) | ||||
| Current | (1,809,541) | (1,271,940) | ||||
| Deferred | (325,410) | (1,204,500) | ||||
| ———- | ———- | |||||
| Profit/ (loss) before tax | 19,110,311 | 11,526,940 | ||||
| ———- | ———- | |||||
| Basic earning per share | 0.66 | 0.40 | ||||
Six months ended June 30, 2011
| Fire and Property Damage Rupees | Marine, Aviation & Transport Rupees | Motor Rupees | Miscellaneous Aggregate Rupees | Quarter ended June 30, 2011 Aggregate Rupees | Quarter ended June 30, 2010 Rupees | |
| Note | ||||||
| Revenue account Rupees | ||||||
| Net premium revenue | 77,489,708 | 23,758,739 | 16,304,421 | 18,040,447 | 135,593,315 | 101,392,681 |
| Net Claims | (13,866,319) | (2,911,709) | (1,028,295) | (2,880,391) | (20,686,714) | (12,561,268) |
| Management expenses | (16,868,392) | (5,171,935) | (3,549,237) | (3,927,145) | (29,516,709) | (20,777,530) |
| Net commission | (8,781,106) | 1,003,059 | (1,911,645) | (2,175,275) | (11,864,970) | (7,503,740) |
| ———- | ———- | ———- | ———- | ———– | ———– | |
| Underwriting results | 37,973,891 | 16,678,154 | 9,815,244 | 9,057,633 | 73,524,922 | 60,550,143 |
| Investment income | 1,118,316 | 3,916,555 | ||||
| Rental Income | 240,535 | 214,688 | ||||
| Other income | 2,986,442 | – | ||||
| General and administration expenses | (14,488,241) | (8,725,649) | ||||
| ———– | ———– | |||||
| Profit/ (loss) before tax | 63,381,974 | 55,954,737 | ||||
| Provision for taxation | ||||||
| current | (2,575,319) | (3,623,040) | ||||
| Deferred | (395,232) | (1,407,610) | ||||
| ———– | ———– | |||||
| Profit/ (lass) after Tax | 60,411,423 | 50,924,087 | ||||
| ———– | ———– | |||||
| Profit and Loss Appropriation Account | ||||||
| Balance at commencement | 76,305,671 | 91,592,527 | ||||
| Amortizaiton of Surplus on revaluation | 49,747 | 104,731 | ||||
| Profit after tax for the period | 60,411,423 | 50,927,087 | ||||
| ———– | ———– | |||||
| Profit available for appropriation | 136,766,841 | 142,621,345 | ||||
| Bonus shares issued | (37,968,750) | (47,187,500) | ||||
| Transfer to general reserve | (13,150,000) | (10,600,000) | ||||
| ———– | ———– | |||||
| Balance un-appropriated profit at end of period | 85,648,091 | 89,833,845 | ||||
| ———– | ———– | |||||
| Basic earning per share | 2.08 | 1.75 |
Certificate
We the statutory auditors of M/s Silver Star Insurance Company Limited, hereby confirm and certify as required by Rule 6 (iii) of Companies (Issue of Capital) Rates.1996 that the paid-up capital of the company after issuance of’ proposed bonus shares of Rs 14,554,688/- (Rupees fourteen million five hundred fifty four thousunds six hundred and eighty eight only) will be increased to Rs.305,648,438/- (Rupees three hundred and five million six hundred forty eight thousand four hundred and thirty eight only) as at August 24, 2011. It is also confirm that free reserves exceed 25% of the increased paid up capital as at August 24, 2011.
For more information, contact:
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