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Auditors'Report

Nar-ne of O ie.-t
ASIA II\SURANCB LIMITED
for the year ended 31 Decembe r 2016

Pmfi,qs 6$t-'ttft
Pinaki & Company
AHSANDEL L, 2lA, Mymensingh Rood (2nd Floor), Shohbog, Dhoko-1000, Bonglodesh
Iel # 966-0944,966-5095, Fox # 88-02-9672726
E-moil : pinoki_co@yohoo,com
Fm-fr,qe (ml='ttft ChanEened Accountants
Pinaki & Company

AUDITORS'REPORT
TO THE SHAREHOLDERS OF ASIA INSURANCE LIMITED

We have audited the accompanying Financial Statements of Asia Insurance Limited which comprise of the
Statement of Financial position as at 31 December 2016, Profit and Loss Appropriation Account,
Statement of Profit or Loss and Other Comprehensive Income, the related Revenue Accounts, Statement
of Cash Flows aird Statement of Changes in Equrty for the year then ended and a summary of the
significant accounting policies and other explanatory information'

Management's Responsibility for the Financial Statements


Management of Asia Insurance Limited is responsible for the preparation and fair presentation of these
Financial Statements of the Insurance Company in accordance with the Bangladesh Financial Reporting
Standards (BFRSs), the Companies Act 1994, the Insurance Rules 1958, Insurance Act 2010, the
Securities and Exchange rules 1987, Rules and Regulations issued by the Insurance Development &
Regulatory Authority (IDRA) and other applicable laws and regulations. Those responsibilities include
designing, implementing and maintaining internal control relevant to the preparation and fair presentation
of financial staternents that are free from material misstatements, whether due to fraud or error; selecting
and applying appropriate accounting policies; and making lc.counting estimateithat are reasonable in
the

circumstances.

Auditors' ResponsibilitY
Our responsibility is to express an opinion on these Financial Statements based on our audit' We have
conducted our audit in accordance with the Bangladesh Standards on Auditing (BSAs). Those standards
require that we comply with relevant ethical requirements and plan and perform the audit in order to obtain
reasonable assurance about whether the Financial Statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
Financial Statements. The procedures selected depend on the Auditor's judgment, including the
assessment of the risk of material misstatement of the Financial Statements, whether due to fraud
or error.
In making those risk assessments; we consider internal control relevant to the entity's preparation and fair
presentation of the Financial Statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's Internal
Control. An audii also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the Financial Statements.

r;

AHSANDELL, 2,/A, Mymensingh Rood (2nd Floor), shohbog, Dhoko-1000, Bonglodesh


Iel#966-0944,966-5095,E-ioil:pinoki-co@yohoo.com Fox#88-02-9672726,Mobi|e#01711-364850,01211-106302
Fmfr qs mtsttft Chantened Accountants
Pinaki & Company

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.

Opinion
In our opinion, the Financial Statements prepared in accordance with the Bangladesh Financial Reporting
Standards (BFRSs), give a true and fair view of the Financial Position of Asia Insurance Limited as
at 31
December 2016 and the results of the Financial Performance and the Cash Flows for the year then ended
and comply with the Companies Act 1994, the Insurance Act 2010, lnsurance Rules 1958, the Securities
and Exchange Rules 1987 and the other applicable laws and regulations.

We further report that:


a. We have obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purpose of our audit and made due verification thereof;
b. In our opinion, proper books of accounts as required by law have been kept by the Company so far
as it appeared from our examination of those books and proper returns adequate for the purpose of
our audit have been received from the branches not visited by us;
c. The Company's Statement of Financial Position, Profit and Loss Appropriation Account, Statement
of Profit or Loss and Other Comprehensive Income and Cash Flows dealt with by the report are in
agreement with the books of accounts and returns;
d. The expenditures incurred were solely for the purpose o{the Company's business;
'arnended,
e. As per Section-63(2) of the lnsurance Act2010 as we certiff that to the best of our
knowledge and belief and according to the information and explanations given to us, all expenses of
management wherever incurred and whether incurred directly or indirectly, in respect of insurance
business of the Company transacted in Bangladesh during the year under report have been duly
debited to the related revenue accounts and the Profit or Loss Account of the Company; and
f. As per Regulation-1l of Part-l of the Third Schedule of the Insurance Act i938 as amended in
2010, we certiff that to the best of our information and as shown by its books, the Company during
the year under report has not paid any person any commission in any form outside Bangladesh in
respect of its business re-insurance abroad.
g. The information and explanations required by us have been received and found to be satisfactory;
h. The Company has complied with relevant laws and regulations pertaining to reserves'

Date : 30th March 2017


?r*,*u
PINAKT & COMPANY
Chartered Accountants

AHSANDELL, 2/A, Mymensingh Rood (2nd Floor), shohbog, Dhoko-l000, Bonglodesh


Iel # 966-0944,966-5095, E-moil : pinoki-coQohoo.com Fox # 88O2-9672726, Mobile # O1711-364850,
0l7l 1-106302
Asia Insurance Limited.
Statement of Financial Position
as at 31 December 2016

Amount in Taka
Canitnl and Liabilities Notes 2016 ll zots
Restated
Shnreholcler's Equity & Liabilities
Authorized Cnpital:
100,000,000 Ordinary Shares of Tk.10.00 each 2 1,000,000,000 1,000,000,000

Issued, Subscribed & Paid up Capital: 470,698,580 470,698,580

47,069,858 Ord. Shares of l'k. 10.00 each


I 16,288,920 r 16,288,920
Share premiurn

Reserve for ContingencY Accounts: 253,700,379 226,573,444


200,273,532 17 5,273
,532
Reserve lor E,xceptional l-osses 5

General I{eserve 6 4,77 | ,100 3,771,100

Profit & Loss Appropriation Account 7 48,655 ,7 47 47,528,812

Lease Liabilities
Current MaturitY
Long Term N'laturitY

Balancc of Fund & Accounts: 128,602,168 123,421,407

Fire lnsurance Revenue Account 44,er r,o8e ll :r,s+r,r+t


Marine Cargo lnsttrance Revenue Account ss,427,983 ll St,ZSZ,itS
Marine l-lull Insurance Revenue Account 1 ,247 .e t4 ll zs l.++ a

j: N,lotor lnsurance Revenue Accoutlt 16,244,92211 11,165,962

Misc. Itrsurance Revenue Accottllt 10.770.261 ll t+.za;.ls t

Liabilities & Provisions:


Estimated Liability in respect of l0 68,548,851 68,564,073

outstanding claims whether due or intimated


Amount due to other Persolls or 1t 217,059,559 220,127,361

bodies carryir.rg ott insurance business


l2 70,323,463 59,3 79,560
Deposit Premium
13 63,006,41 9 4t ,001,143
Sundry Creditors
14 381,603 1,668,401
Deferred Tax
Provision for Taxation 15 2t8,456,218 193,33s,3 l8

Signed us per unne;g/ report on even date

{
Shahecn Abul Bashar Chol'dh ATam Yussuf ."\bdullah IIirrun, IiC,\
Director Vice Cl-rairman Chairman
Chie I Executive Ofllcer

Date: J0 )larch 2017


?rr**u,
Pinahi & ComPanY
Chartered Accountants
Dhaka

Page-0 1
Asia Insurance Limited.
Statement of Financial Position
asat3l December20l6

Amount in Taka
Property and Assets Notes 2016 ll zots

Non-Current Assets:

Inveslment: l6
Statutory Deposit rvith Bangladesh Bank
(Governtrent TreasurY Bond)
Investnlent in Shares

17 204,646,718 38,426,916
Property, Plant and EquiPrrTent:
(At cost less depreciation)

Current Assets:
Interest, Diviclends & Rent
Outstanding:
18 22,184,794 25,098,508
Accrued Interest
19 261,324,511 210,441,61 8
Anrount due fi'otn other persoll or
bodies oarrying on iusurance busitress
20 48,997,6'72 48,412,672
Sundry Debtors
2l 229,193,751 349,831,479
Advance, Deposit and PrePaYments
22 2,274,293 2,224,293
Security Deposit
:\ Fixed Deposit rvith Banks 23 622,217,163 641 ,730,291
& Stamp 24 418,092 616,524
Stock of Printing, Stationery

,j\.
Cash and Cash Equivalents:
25 38,57 4,016 1 8,66 I ,3 84
Cash on Hand & with Banks

Signed us per annexed report on even dule

-n
NId. Imam Shahecn
%
Yussu f Abdulta.h I Iaru n, 6-CA
Director Chairnrarr
Chief ExecLrtive Offi cer

P,;^,U
Pinaki & CompanY
Date: 30 llarch 2017
Chartered Accountants
Dhaka

Page-02
Asia Insurance Limited.
Profit and Loss Appropriation Account
for the year ended 3l Decernber 2016

Particulars Notes ll arount in Taka


2ot6 ll zots

Balance brought Ibrrvard liom previous )'ear 47.528.812 54.5,13,02.1

Capital Gain on Sale of Irixcd Asscts 29 t,730,379


Net Profit during the ycar 98,800,516 78,1 5,1,004

(tlrought lbrrvard liorr Prolit & l.oss Acoount)

Taka

.Appropriation
Provision lbr l-axiitiort 24,861.34-1 20,834.803
I'rovision lbr Taxation Capital Cain (15%) )io <i?
Prtlvisiort lbr Dt'lcrrctl
'l'tx ( 1,286,798) 283.i71
Reservc fbr Exccptional l,osses 25,000,000 I 5,000.000
Ileserve 1br Cratuity 2,500,000
General I{eset ve 1,000,000
Cost of G'l'B Purchascs r,980,3 84
Dividend(Casli-20 I5 @ I 0%) 47,069,858 47,069,858
Balance translbrred to Balancc Sheet 48,655,747 17,528,812

Earnings per share (EPS) 1.63 t.2t


Weighted average No. of outstanding shares. 47,069,858 47,069,858

Sigted as per anneted reporl on even dale

Date: 30 i\Iarch 2017


?,**U
Pinaki & Company
Dhaka Chartered Accountants

Page-03
Asia Insurance Limited
Statement of Profit or Loss and Other Comprehensive Income
for the year ended 31 December 2016

Particulars Notes Amount in Taka


2016 ll 20rs
Interest & Dividends
(Not-applicable to any particular Fund or Account)
Interest dividend & Rent 26 60,937,378 73,6t0,626
Misce. Income 27 82,751 58,230
Profit on Sale of Share 28 7,227,285 236,s43

Profi t/(Loss)transferred from : 64,462,782 42,134,165


Fire Insurance Revenue Account 'Do.l
Marine Cargo Insurance Revenue Account I zz sos.ssr ll 6t.ijs.7or I

Marine Hull Insurance Revenue Account


Motor Insurance Revenue Account
II tr,t,oo,rll
7,40r,899 ll
raz,re
2,932,2s3
I

Misce. Insurance Revenue Account I r+,zzr,oss ll s,s+o,osz I

'otal Taka ll 132.710,196

Expenses of Management
(Not applicable to any particular Fund or Account )
8,801,660 7,528,715
Advertisement & Promotional Expenses
a trr8r4{Tur.4q
Audit Fee I r9s-s00 ll 143-750 I

Legal Fee I zrs.eso ll +:s.ooo I

Directors Fee I aos.ezs ll 48l.loo I

Donation & Subscription I rqs.roo ll 4s5.ooo I

F'ecs
Renerval
& Charges
& Registration Fee
II r,:ss,zor
2,486,4fi
llll +to,tot
1,567,6e6
I
|

Lease Finance Cost I ll


r.sos-r ro 2.213.s4s I

AGM & Cont-erence Expenses I oro,oso ll sqa,qtq I

Depreciation 13,883,408 7,0s3,711


Adiustment of VAT payments 14,678,159
Provisior-r for Incentive 8,500,000 2,500,000
Provision fbr diminution value of Shares (1 1,953,547) 20,803,133
Net Profrt (Transferred to Profit & Loss
98,800,516 78,154,004
Account

Signed as per annexed report on even dale

f./rj
Yussuf Abdullah Harun, f,'CA
Chairman

Date: 30 March 2017


P^-o*
Pinaki & Company
Dhaka Chartered Accountants

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ASIA INSURANCE LI1VIITED
Statement of Cash Flow
for the year ended 31 December 201 6

Amount inTaka

Cash florvs From Operating Activities


5lT,896,s20 532,240,735
Clollection ll'ont Pretnir.ttl lncome & Othcrs lncomc
448,468,002 460,003,370
l-ess: Payntcnt fbr Clost and Ilxpenscs
l 86.208.559 160,363,483
Managemcnt Expenscs
r 47,899,83 8 r52.438.633
Claim Paid
7 4.1t2,693 69.79,i.120
Cornmission Paid
6,192,237 24,075,8i 6
Advatrce against N{irnagement expense
ol"fax and VA'[ 33 ,7 54,615 53.3i 1
Payment

Net Cash flows Frotr Operating Activities 69.428.518 12,237,365

Cash Florvs From Investing Activities


19,5 12,528 (33,5s7,1 l6
lnvestment in Irixcd Deposit Accor"tnt
(5.464,813 ) (33,875,3 l9
lnvestmcnt in Shai'es
(3 5,045,053) (10,0s 1.587)
Acquisition of l)roperty, Plant and liquipment
(6,5 5 8,01 o (3,204,006)
Ile-payment of Lease Loan
2,900,000 7,975,000
Loan fi'otn L,ease f inancing
Sale Proceeds of Vchicles 2,s28,702
Sale Proceeds of Shares
7 ))1 )9,\ 4,630,618

Dividend Received

Net Cash Florvs From Investing Activitics


(2.445,968) (58,437'860)

Cash Florv From Financial Activities


l)ividend Paid l- (4?-ijr$s8rf (4?-{6rs58)l

Net Cash flow from Financial Activities


(47,069,858) (47,069'858)

Net Increase In Cash & Cash Equivalent (A+B+C) 19,912,692 (33,270'353)

18,661 51,931,737
E Opening Cash & Cash Eqrrivalent

F Closing Cash & Cash [i,quivalent 38.574.076 I 8,661


'38{

Nct opcrating Cash llorvs pcr sharc(NOCFS) L48 1.53

Sigted as per annexed report on even dale

anffiinar Chowtl
Director Chailmarr
Chiel Executive Ofllcer

Date: 30 March 2017


?,,**u
Pinaki & CompanY
Chartered Accountants
Dhaka

Pagc- 1 2
ASIA INSURANCE LIMITED
ITAAII
FORM
Classified Summary of Assets
as at 3l December 2016

Amount in Taka
Class of assets Remarks

Bangladesh Govt.Treasttry Bond 25,000,000 Realizable valtre


Investment in share of listed securities 191,992,359 Realizable value
In Fixed Deposit rvith Bank 622,217,763 Cash
Cash on l-land & With Banks 38,574,076 Cash
Accrued Interest 22,184,794 Realizable valLre
Aurount due fronr other persons or bodies carrying
261,324,511 Realizable valLre
on insurance business
Fixed Assets 204,646,718 At cost less depreciation
Sundry Debtors 48,997,672 Realizable value
Advance, deposit and pre payments 229,193,751 Realizable value
Security Deposit 2,274,293 Realizable value
Stoc in+furg ,Stationery & Insurance Stamp ..:'418.092 At cost
t--il

Clrief Executive Vice Chairman

Abul Bashar Ch Harun, FCA


Director Chairman

Date: 30 March 2017


Qu-o,
Pinaki & Company
M
Dhaka Chartered Accountants

Page- I 3
ASIA INSURANCE LIMITED
Notes to the X'inancial Statements
for the year ended 3L December 2016

I. SIGNIFICANT ACCOUNTING POLICIES AND OTHER MATERIAL INFORMATION:

1.1 Status of the Reporting Entity:

1.1.1 Legal Status:

The Asia lnsurance Limited was incorporated as a Public Limited Company in Bangladesh on 30 April
2000 rurder the'Companies Acq 1994.The Company, within the stipulated lay down by Insurance Act
2010 and directives as received from Insurance Development & Regulatory Authorlty (IDRA) time to
time, provides Non-Life Insurance Business. The Company is listed with Dhaka Stock Exchange and
Chittagong Stock Exchange as Publicly Traded Company. The registered office of the Company is
located at T.K. Bhaban (7h floor), 13 Karwan Bazar, Dhaka -1215 and carried its Insurance activities
through twenty t\to (22) branches throughout the country.

1.1.2 Nature of business:

The principal activity of the Company continued to be carrying on Insurance Business. There were no
significant changes in the nature of the principal activities of the Company during the year 2016 under
review.

t.2 Basis of Preparation:

t.2,1 Statement of Compliance:

As per the requirements of BAS l: "Presentation of Financial Statements" the Financial Statements
have been prepared on the basis of going-concem concept under generally accepted accounting
principles according to the historical cost convention. Requirements as to disclosure of financial
information warranted by the Insurance Act 2010 have been adhered to in presenting financial
statements. Such financial statements comprises the Balance Sheet, Profit and Loss Account and
Revenue Accounts for specific classes of insurance business in the form set forth in the first, second
and third schedule of the Insurance Act 1938 as amended 2010 in compliance with the Companies Act,
1994.

In addition, the Securities and Exchange rules, 1987 (as amended in 1997) requires the production of
Statement of Cash Flow and Statement of Changes in Shareholders' Equity as a part of the Annual
Report . The Bangladesh Securities and Exchange Commission (BSEC) of Bangladesh regulates
financial reporting practices of listed Companies. Listed Companies are required to comply with
BSEC's accounting and disclosure requirements. The Rules 1987 as amended n 1997, requires listed
Companies to follow Bangladesh Accounting Standards (BAS) Bangladesh Financial Reporting
Standards (BFRS) as adopted by the Institute of Chartered Accountants of Bangladesh (ICAB).

Pase 1.4
ASIA II\SURANCE LIMITED
l\otes to the Financial Statements
for the year encled 31 Decernb er 2016

1.2.2 Public Sector Business:

As per Governurent decisiorr with etfective from lst April 1990, all the Public Seclor lnsr"trance
Busiuess is being underwritten jointly by Sadharan Birna Corporation and 45 other private sectot'
Irrsurance Cornpinies on Co-insurance basis. Out of totai general itrsrtrance business. 50% being
runderlvr.itten by Sadharan Bima Corporation and the balar-rce are shared eqLrally by 43 private sector
Ilsurance Cornpanies in the year 20 l3 and 45 plivate insttrancecompanies in the year 20 16.

Tlre Compaly's share of Public Sector Business is accounted for in the year in which the complete
statement of acconr1t frorn Sadharan Bima Corporation is received. As such the cornpany's share of
public sector insurance busirress has been considered and accounted for on the basis of certified
statemeut receivecl forrn Sadharan Bima Corporatiot-t lor the year 2015-2016.

1.2.3 Undenvriting Business:

Gross underwriting business as well as re-insurarrce thereof and claim settled etc. have been recorded
separate for each ilass of business and net underwriting results have been reflecled irr the revenue
accounts after due consideratiotl ofre-insurance ceded.

1,2,4 F'unctional and presentational currcncy and level of precision:

The financial staternepts are prepared and presented in Bangladesh Currency (Taka), which is the
company's functional currency. All financial information presented has been rounded off to the nearest
Taka except whele itidicated otherwise.

1.2.5 ReportingPeriod:

The financial period of tlre cornpany covers one year from 1st January to 3lst December and followed
consistentlY.

1.2.6 Components of the Financial Statements:

Accordipg I
to the Interlational Accounting Starrdard (lAS) as adopted by ICAB as BAS I
,'presentation of Financial Statements" the complete set ol fittancial statemeuts includes the follor'ving
cotnponettts:

i) Staternent of Financial Position;


ii) Stateurent of Profit or Loss aud other Comprehensive Incotne;
iii) Statement of Changes in Equity;
iv) Statcment of Cash Florvs and
v) Notes to the Financial Statenlents.

In accordance rvitlt irrsurance Rules 1958 Balance Sheet and Profit and Loss Account have been
prepared instead of Statement of Financial Position and Statement o1' Compt'ehensive Incolre
cortsecutively.

Page 15
ASIA INSURANCE LIMITED

.,il:T:i::H;T11TT:*;:X1'#f;
I.2.7 GoingConcern:

The Company has adequate resources to continue its operation for the foreseeable future. For
this
reason, the directors continue to adopt going concern basis in preparing the accounts. The
-fund current
credit facilities and resources of the Company provides sufficient to meet the present
requirements of its existing business.

1.2.8 Date of Authorization:

This financial statement has been authorized for by the Board of Directors of Asia Insurance Limited
on 6th April2}l7.

1.2.9 SegmentReporting:

A business segment is a distinguishable component of the Company that is engaged in providing


services that are subject to risks and returns that are different from thbse of otheririsiness segmentsl
The Company accounts for segment reporting of operating results using the classes of business.
The
performance of segments is evaluated on the basis of underwriting iesults of each segment.
The
Company has five primary business segments for reporting purposis namely Fire, Marine Cargo,
Marine-Hull, Motor and Miscellaneous.

1.2.10 Branch Accounting:

Asia Insurance Limited now has 22 (Twenty two) branches with no overseim branch as of December
31,2016. Accounts of the branches are maintained at the head office from which these accounts
drawn
up.

1.3 PrincipalAccountingpolicies:

The accounting policies set out below have been applied in preparations of these financial
statements
and followed consistently.

1.3.1 Property, Plant and Equipment:

Owned Assets:

Items of own property and equipments axe measured at cost less accumulated depreciation and any
accumulated impairment losses. The cost of an asset comprises its purchase price and directly
attributable cost bringing the assets to its working condition lor its inte;ded ,." u, per Bangladesir
Accounting Standard @AS I 6)"Property, plant and Equipments,,

Leasehold Assets:

Leasehold assets of which the company assumes substantially all the risk and rewards of ownership
are
accounted for as finance leases and capitalized at the inception of the lease at fair value of iease

Accounting Standard (BAS l7). The corresponding obligation under the lease is accounted for as
liability.

Page 16
ASIA INSURANCE LIMITED
Notes to the Financial Statements
for the year ended 3l December 2016

1.3.1.1 Recognition and Measurement:

lroperty, plant and equipment including building (office Space) are measured at cost less accumulated
depreciation and impairment losses, if any. The'cost of an iiem of p.op.rty, pi*t
comprises its purchase price and any directly attributable inward rreigrrt, dufrLs
*A equipment
ano non-refundable
taxes.

The Company recognizes in the carrying amount of an item of property, plant


and equipment the cost
of replacing part of such an item when that cost is incurred if it is proUuUt. that ihe future
economic
benefits embodied within the item will flow to the entity and the cost of the item
can be measured
reliably. All other costs are recognized in the income staternent as an expense as
incurred.

1.3.1.2 Disposal of Property, plant and Equipment:

On disposal of Property, Plant and Equipment, the cost and accumulated depreciation
are eliminated
and gain or loss on such disposal is reflected in the income statement, which
is determined with
reference to the net book value ofthe assets and net sales proceeds.

1.3.1.3 Depreciation on Property, ptant and Equipment:

Depreciation is recognized in profit and loss account on diminishing balance method.


Depreciation on
Property, Plant and Equipment has been charged from the tir4e- of aiset purchased
and disposal during
the year.

Rates ofdepreciation on various classes offixed assets are as under:

Category Rate
Vehicle
20%
Office Decoration
10%
Telephone Installation & PABX System
20%
Fumiture & Fixture
t0%
Computer, Printer; Fax and Copier
30%
Office Equipment 15%
Air Condition 20%
Building (Office Space)
05%

1.3.1.4 Impairment of Assets:

The carrying amount of the Company's non financial asset other than deferred
tax assets are reviewed
at each reporting date to determine whether there is any indication of impairment.
indication exists, then the asset's recoverable amount is estimated. An impairment
If any such
loss is recognized if
the carrying amount of an asset or its cash generating unit exceeds its estimated recoverable
amount.
Impairment losses are recognized in Profit or Loss Aicount. Considering the present
condition of the
assets, management concludes that there is no such indication exists.

Pase 17
ASIA INSURANCE LIMITET)
Notes to the Financial Statements
for the year ended 31 December 2016

1.3.2 I nvestmcnts:

All investments oIAIL are initially recognized at cost, being the fair value of the corrsideratiot-t given
rvlrich inch,rcle transaction cost and these are classified in to the follolvirrg categories:
. Held to Maturity
. Held for Trading
. Available for sale

L3.2.1 Hcld to Maturity

Iuvestrnepts with fixed maturity that the rnanagement has the inlent and ability to hold matLtrity are
classified as held to maturity and are initially lreasttred at cost'

1.3.2.2 I'lclf for Trading

These financial assets are acquired principally for the purpose of generating profit fi'orn sllort term
fluctuation in prices.

1.3.2.3 Available for Sale

Available for sale investmeuts are those non-derivative investments that are designated as available for
sale or are 1ot classified in any other category. These are prirnarily those investments that are intended
to be held for an undefined period of time or may be sold in response to the need for the liquidity are
classified as available for sale. The Company follows trade date accounting for 'regular way purchase
and sales' of investmerrts.

1.3.3 Advance, Deposits and Prepayments:

Advances are initially measured at cost. After initial recognition advances are carried at cost less
clecluctiops, adjustments or charges to other account heads such as prepayment expenses or inventory
etc. Deposits are measured at payment value. Prepayments are initially measured at cost. After initial
recognition prepayments are carried at cost less charges to Profit and Loss Accottrrt.

1.3.4 Cash and Cash Equivalents:

Cash On Hand aud Cash u,ith Banks have been cotisidered as the Cash and Cash equivalents for
pr.eparation of these financial statemeuts as there was insigttificant risk of changes in valite of these
crlrreut assets.

1.3.5 Reserve for Contingencies:

Reserve for ExcePtional Losses

As per Para 6 of the,lth schedule, to meet the exceptional losses, Company sets aside ten (10) percellt
of tLe premiurl inconre of the year in u'hich it is set aside front the balance of the Profit to the Reset've
for Exceptiorral Losses.

Paqc 18
ASIA INSURANCE LIMITED
Notes to the Financial Statements
for the year ended 3l December 2016

1.3.6 Balance of X'und and Accounts:

These have been arrived at aftpr making provision for un-expired risks
@ 40% of net premium income
on all business except Marine Hull Insurance where provision has been lnade
@ l007o on net premium
income.

1.3.7 Lease Liability:

The leased tiatitity is considered as a Finance Lease as per BAS-17. As such, the interest expense on
Lease liability is charged to profit and loss account under finance cost.

1.3.8 Loans and Borrowing:

Principal amounts of loans and borrowings are stated at their outstanding amount. Borrowings
repayable after twelve months from the reporting date are classified us nor-cri.nt liabilities where,L
the portion payable within twelve months, unpaid interest and other charges are classified as current
liabilities.

1.3.9 Provision for Liabilities:

According to BAS 37: "Provision, Contingent Liabilities and Contingent Assets,, the Company
recognizes the provision in the balancg when the Company has a legal or constructive ottigation
theet
as a result of past event and it is probable that an outflow oficonomic benefit will be required
tolettle
the obligations.

1.3.10 Provision for Income Tax:

BAS 12: 'olncome Taxes" and lncome Tax ordinance 1984 have been used for the calculation of
deferred tax and current tax expense respectively. Provision for income tax represents the sum ofthe
current tax expense and deferred tax expenses.

A. Current Tax Expenses:

The Companies Income tax currently payable is based on taxable profit for the year. Taxable profit
differs from profit as reported in the profit and loss account because it excludes items of income or
expense that ate taxable or deductible in succeeding years and it further excludes items that are
never
taxable or deductibl". Company's liability for current tax is calculated using tax rates that have
T.
been enacted or substantively enacted on the balance sheet date.

B. Deferred Tax:

leferrgd tax is recognized on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and are
accounted for using the balance sheet liability method. Oefened tax liabilities are generally
recogrrized for all taxable temporary differences. Defened tax assets are generally recognized for ail
deductible temporary differences to the extent that it is probable that taxable p.ofitr wif be available.
against which such differences can be utilized. Deferred tax has been caliulated and charged
credited to profit and loss appropriation account.

Page 19
ASIA INSURANCE LIMITED
Notes to the Financial Statements
for the year ended 31 December 2016

1.3.11 Revenue Recognition:

The revenue is recognized after satisfuing all the conditions for revenue recognition as provided BAS
18: "Revenue" in compliance with BFRS 4 "Insurance Contract". Detailed income wise policy for
revenue recognition is given as under:

A. Premium Income

The income from premium is comprised of the total amount of premium eamed on various classes of
insurance business during the year, the gross amount of premium eamed against various policies, the
amount of re-insurance premium due to Private and Public Sector, the amount of re-insurance
commission eamed and the amount of claims less re-insurance settled during the year have all been
duly accounted for in the books of account of the Company. While preparing the final statement of
accounts, the effect of re-insurance accepted and re-insurance ceded as well as the effect of total
estimated liabilities in respect of outstanding claims at the end of the year, whether due or intimated
have also been duly reflected in order to arrive at the net underwriting profit for the year.

Premium is recognized when insurance policies are issued, but the premium of the company's share of
public sector insurance business (PSB) is accounted for in the year in which the statements of account
from Sadharan Bima Corporation are received. Up to 3lst December,2016 statements of account for
the period ls July,2015 to 30ft June,20l6 have been received and, accordingly, the Company's share
of PSB for that period has been recognized in this financial itatements.

B. Investment Income
Interest income on investments is recognized on accrual basis using effective interest rate as per BAS-
18 "Revenue". Portfolio gain on investments in shares is recognized as income and credited to
investment income in the profit and loss account as per BAS- 39 "Financial Instrument: Recognition".
Capital gain is recognized when it is realized and recognized as income and credited to investrnent
income in the profit and loss account as per BAS-39 " Financial Instrument: Recognition ". Capital
gain is recognized when it is realized.

8.1 Interest and Dividend:

Interest on Bangladesh Govemment Treasury Bond and FDRs are recognized on accrual basis. Interest
on STD/SND account, cash dividend on investment in share and other income are recognized as a
when the amount is credited to our account. For stock dividend that received by the company against
its investment, number of shares increased and average cost of investment decreased.

1.3.12 Earnings Per Share (EPS):

The Company calculates Eaming per Share (EPS) in accordance with BAS 33: Eaming per Share,
which has been shown on the face of Profit and Loss Account, and the computation of EPS is stated in
Note-35.

Page 20
ASTA INSURANCE LIMITED
Notes to the Financial Statements
for the year ended 3l Decemb er 2016

Basic Earnings:

'fhis represents earnings for the year attributable to ordinary shareholders. As there was no preference
dividend. rninority or extra ordinary iterns, the net profit after tax for the year has been considered as
fully attribLrtable to the ordinary shareholders.

Weighted ayerage number of ordinary sharcs outstanding during thc ycar:

Tl-ris represents the number of ordiuary shares outstanding at the beginning of the year plus the nutnbet'
of shares issued during the year rnultiplied by a time-weighting factor. The tirne weighting factor is the
nurnbers of days the specific sltares are outstanding as a proportion of the total number of days in the
year.

Basic Earnings per Share:

This has been calculated by dividing the basic earnings by the lveighled average nutnber of ordinary
shares oLttstanding for the year.

1.3.13 Statement of Cash Flows:

Statement of Cash Flows is prepared in accordance with BAS 7 "Statetnent of Cash Flols". The cash
flows frorn the operating activities have been presented under Direct Method as prescribed by the
Securities and Exchange Rules 1987 and corrsidering the provisions of Paragraph 18(b) of BAS-7
which provides that "Enterprises are encouraged to report Cash Flow from Operating Activities using
the Direct Method".

1.3.14 Uncertainties for use of estimates in prcparation of Financial Statenrents:

The preparation of financial statements in confonnity with tlre Bangladesh Accounting Standards
requires lnanagelnent to rnake estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of other information at tl-re date of the financial statemettts and reveni:es aud
expeltses during the period reporled. Actual results could differ froln those estitnates. Estirriates are
used for accourrtirrg of certain items such as depreciation on fixed assets, accrued expenses artd incotle
taxes.

1.3.15 Comparative Amounts:

Cerlain cornparative arnounts have been re-classified & rearranged to confirm with the current year's
presentation.

1.3.16 Related Party Disclosure:


Asia Insurance Lirnited, in riorrlal course of business. carried out a number of transactious rvith otlier
entities that fatlrvithin the definition of related party contained in Bangladesh Accoltnting Standard 24:
Relatecl Parly Disclosures. All transactious involving related parties arising in nonral collrse of
business are conducted on an arm's length basis at commercial rates on tlie sante tertns and conditions
as applicable to the third parlies. Detailof the related party disclosures have been given in Note 37.

Pagc 21
ASIA INSURANCE LIMITED
Notes to the Financial Statements
for the year ended 31. December 2016

1.3.I7 Event after the reporting period:


Proposed Dividend:
The proposed dividend is not recognized as a liability in the Balance Sheet in accordance with the
BAS-10 Events after the Reporting Period. Dividend payable to the Company's shareholders are
recognized as a liability and deducted from shareholders equity in the period in which the shareholders
right to receive payment is established. The Company has disclosed the same in the notes to the
financial statements in Note-41.
[.4 Status of Compliance of Bangladesh Accounting Standards and Bangladesh Financial Reporting
Standards:
In preparing Financial Statements, we applied following BAS and BFRS.

Name of the BAS BAS Status of


No. Annlication
Presentation of Financial Statements I Apo ied
lnventories 2 Aoo ied
Cash flow Statements 7 App ied
Accounting Policies . Chanees on accountins estimates and errors 8 App ied
Event after Balance sheet date 0 App ied
Construction Contacts I N/A
Income Tax 2 App ied
Prooerty. Piant & Equipments 6 Applied
Leases 7 Applied
Revenue Recognition 8 Applied
Employee Benefits 9 Applied
Accounting for Govt. Grants and Discloser of Govt. Assistants 20 N/A
The effects of Changes in Foreign Exchange Rates 21 Aptr ied
Borrowing Costs 23 App ied
Related Party Disclosures 24 App ied
Accountin g for Investments 25 App ied
Consolidated Financial Statements and Accounting for Investrrrent in 27 N/A
subsidiary
Accounting for Investment in Associates 28 N/A
Interests in Joint Venture 3l N/A
Earnings Per Share JJ App icd
Provisions. Contingent Liabilities and Continsent Assets 3'7 App ied
Intaneible Assets 38 App ied
Financial Instruments : Recognition & Measurement 39 App ied
lnvestment ProperW 40 N/A
Agriculture 40 N/A
First Adoption of BFRSs I NIA
Share based paylnent 2 NIA
Business Combinatiorr J N/A
hrsurance Contracts 4 Applied
Non-Current assets Held for Sales and Discontinued Operations 5 N/A
Explorations for and Evaluation ol Mineral Resources 6 N/A
Financial hrstrurnents: Disclosure 7 Applied
Operating Segrnents 8 Applied

')
Asia Insurance Limited

Notes to the Financial Statements


as at 3 1 December 2016
Sl. Particulars
@
.\uthorizcd Capital
ffi
100,000.000 ordiuarl,shares of 'l'k. l0/- each Total f r-rrjj--tJr)0-r]f r-i00000Jl0rtl

'l'otal
J Issued, subscribcrl ct paid-up capitrtl [_4?,,rr8J8olt 4?tr6f858,,.l
4,70.69,858 ordinary, sharcs ofTk. l0r- eaclr
J Issued, subscribed & paid-up crpital Total f l:n.r,r&snolf -t:t)-(,rrtt,s8ol
70.(19,858 ordinary shares ofTk. l0/- each
Particulars 2016
No, of ok of No. of Shares
Category of Shareholders
Sharehnldino S h r reh oldi ng

l. Sponsors & Directors (Croup-A) I 9,563,788 41.56


2. (lcncral l'ublio (Croup-ll) 27.506.070 58.44
Total: ,17,069,858 100.00

Classilication of shareholders as per Sharcholdings-2016

No, of Share %o ofTotal % of 'l'otal Ptid


Sharcs holding up Crpital

f':

100001 ro 1000000

( General Putrlic
N"o. of ol, of
Class interval No. ofShare 7o of Total l'otal Paid
ahornhnlrlor
Sharcs holding up Capital

Less thcn 500 slrarr 2145 362 491 I.12 0.77


501 to 5 3 086 4 44). O04 l6 l5 944
5001 to 1000( ,'l Q r .65S.3 14 6.0ti 3.5 3
I 000 I to 20000 66 I ? t4 218 441 ? 58
2000 I to 3000( 31 807 285 2.91 1.',72

3000 I to 4000( l5 548. I 99 1.99 1.16


4000 t to f )).4 0R\ 0 R1 048
50001 to 10000t 27 I 846. 6.7 | 3.1)2
100001 to 1000000 23 6.6 19.9 l 6 24 07 11.06
1000001 to I 5 9 782 t5 s6 20'78
TO'ti\L <R61 )1 <$G at1fi | 00.00 58.JJ

I'age-23
Asia Insurance Limited

Notes to the Financial Statements


as at 3l Decernber 2016

st. Prrticulars

Sharc Prenriunr 'r'orrr flr6J8s9rll [-jr,Js&ero I

Restn e or Contingcncv ,\ccount (5+6+7) To r a I I--J-J-J Joo J?9 I filr,"s?J Jfil


Rescrve for exceptional losscs
'lhe above anrount is arrived at as under:
l-2fi ,J?i--JJ2ll--rr-r-r?ErJsrl
Opcning balance
t'?ir?r.-jrr'lt-'r,rrJ?rsrt-l
Add : Rcscrve madc during thc,vear | 25 000.000 ll 15.0,r0.uu0 |
Reservc fbr exceptional iosscs is appropriatcd out 01- crirrcnt 1'car prolit about I 0% of prernir.rnr
eamed during the ycar. 'fhe above amount rs eligiblc for tax reliclundcrtlre4th schcdule of't'lO 1984.

Generll rrserve [-r,zz',rtrolf--,zzr,ru{,1


Opcning balance
,Add .liescrve nradc during the year [--ffilr--3Jrl.g
7 Profit & I-oss i\ppropriation Account f-4&CsJ4tlf 4?"srs$'I

8 [,ease Liabilities Totar f-rJ5?J68.lffi


Opcning balanoc(Currcnt Maturity)
I o.zezltz ll 3,204,006 |
Pa)'ment fbr Current Liability | (6.2e2,278)ll (3,204,006)l
Transttr lronr long ternr Maturity I o,e ss,e rr I I
6.zs2.ziy I

Currcnt Maturity f 6.68s$Rlf----elrra7s1


Opening balance(Non-Current Maturity)
Long Ternr Maturit), ** fr-rA6oo ll- 6J3rsr6l
Add. Nerv Lease Finaucc
I ll 0.2e0.748)l
z.eoo.ooo
(26s.732)ll
7.e7s.ooo I

||
Less. AdjLrstnrcnt lor Current l-iability
Less. Transfer to Short'l-enn Lease Lrability (6,68s,813)ll $.292.218)l
l- 3J?rJasl f ?Jzg.6,10-1

** I)rior vear error as long lenrr lease finance has been rd.jr.rsted rvith secLrrity deposit according to BAS-8

9 Balancc of Fund & Account '[otal 128,602,1 68 123,421,107


Fire Insurance business 44,9 I 1,089 39,849,(r,11
Nlarirrc Citrgo lnsrrr ntrcc brrsincss 55,427 .983 57 ,262.315
Mlrirre Ilull Iusulancc husiucss I,247,914 2i9.448
M(,t()r Insurancc bttsirtcss \6,244.922 I 1.7 65,()62
Miscellaneous lnsurancc business t0.77 0.261 1.1.283.981

Page-24
Asia Insurance Limited

Notes to the Financial Statements


as at 3 I December 201 6

Pa lticu lttrs

IO Estintatcd lirbilitl in rcspect of outstanding clailn r'orAr f 68"s{&8sllf- 6s-56{n?J I

rvhtther due or intiurated


Fire f rr8oooTl
Marine Cargo I s.lov.:oo ll j2,471.501 I

Marine I-lull
Motor
Misce llane ous
L,,,,,nll
I |
r.qoo.ssr |
e.,r4(,;
r ,)oz o:,
I

ll r\nrount dur to othcr prrsons or bodies


carrf ing on insurance busincss Total fJJtl-J2?J(,tl
Opcning balance l-- ,finfi]tf- 16143710 l
Paid during thc 1,ear I t::,zz:,;rzrll (r2.lre.oqutl
Sadharan Binra Corporation f t8?soJJ4{ lf-- ro+-50{,:ool
Add, Payable to SBC (Ri Ccdcd prerniunr during the ycar-2O I 6) T s?,r3o&flf-rj"zz3,t6al
Sadlraran Bima Coqroration 245,433,98s 220,727,361

Aurount ofre-insurance prenriuur payablc to Protcction Rc. 5,907,3 5 7 5, I 63.s26


Paid to Protection Re (4,281,783 (5, I 61,5 26
1,625,574
Anrount ofre-insurance prcnrium payablc to Green delta Ins. & Co. 2339 461
Arnount of re-insurance Service charge payable to Green delta Ins. & Co. 78,406
Paid to creen Delta Insurance Ltd (2.4ll7.470

l2 Dcposit Prenrium Total

,
Fire Insurance br"rsiness
Marine Cargo Lrsura:rce business I s3,s96 3 12 I
l-----::;?61
I 49,167 3si I

lffiL-ffiil
Miscellaneous Insurance business
Excess Deposit
Stamp duty

This represents the arnount olpremium deposited rvith Cornpany against cover notes lor which no polices have becn issued
up to thc eud o1'the ),ear, And u'ill be adjusted alter issuancc ofpolicies.

Pagc-25
Asia Insurance Limited
Notes to the Financial Statements
as at 3l December 2015

sl. Particulars

13 Sundry Creditors rotar f--;*r*ttll .***tl


M/s.Pinaki & Company
M/s,KM Hasan & Company
Employees Contribution of Provident Fuud
Employers Contribution of Provident Fund
mslPl
I ll lll:l:: ffiili I

Provident Fund Loan recovery (Principal)


Provident Fund Loan recovery (lnterest)
Dividend payable
Refund Warrant (lPO)
Refund Warrant (Right share)
Deposit against Car Lease
|II ll
ll
ll
'',,i,iil
zro.o+o
z.e+s.rzr
'i:tz:*til
uo.oqo
z.osq.tot
I

IPO Dillered lncome


Provision lor Agent cornrnission
Provision for Office rent
I aao'+ro
ll -1i;1'r\l

Provision fbr hrcentive


Provision for Cratuity
Provision for expenses
I-iability for Salary & Allowance | :,;::'::: ll 'trtriil
Ldm
VAT December-2016
VAT (Deduction at source)
TAX(Deduction at source)
VAT payable
lnsurance Starnp Payable

11 Calculation of Provision for Deferred Tax


A. Provision lbr Deferred fax on Property, Plant & Equipment (Fixed Assets)
Carry,1rt Value olProperty, Plant & Equipment (Fixed Assets) @tTf 38426.e161
Tax Base olProperty, Plant & Equipment (Fixed Assets) I zor.rsz,zro ll v,zsspn
l-J-ffidilf---t-mod5l
I

Taxable Tcmporary Dcference


'['ax rate
Deferred Tax Liability | 1,381,603 ll 1,668,401 |

B.Provision for Defe rred Tax on Provision for Gratuity


Canying Value of Provision for Gratuity
Tax Base of Provision for Cratuity
Tax rate
Dcfcrrcd Tax
PIFI
--
I_rrrJ_0d]i.-l
Delerred Balance

Closing Deferred Tax I- 38 r.eo3-l l-r-668l0i1


Opening Delened Tax Liability I rr,oos.+orlll r.rss,zro I

Delerred Tax adjust during the year. t-ii-.,5-6;r8lt-;irl


** Deferred Tax has been oalculated for the year ended 31 December 2016 in compliance to BAS - 12.

Page-26
Asia Insurance Limited
Notes to the Financial Statements
as at 3 I December 201 6

ffi
sl. Pa rtic u Ia rs ffi
l5 Provision for Taration Total f JrJ-r8-4J6JlTl[-lrJ,J3sJtBI
Provision fbr Taxation 2007-08 (Pendinq in High Court) f-- ffiE r]lf-ffir:rrxl
Provision lor'f axation 2008-09 (Pendirrg in I Iigh Court) I s.rz r.zso | 8.+2l.li(,
| I

[)rovision ltrr 'l'axation 2009- I 0 (I'}cnding in IIigh Court) I rr.z:r.ru ll Il.72B.u7 l

Provision for 'faration 20 I 0- I I (Pcnding in I.ligh Court) I zz sr,l.:;r, ll 21.s67.ii6 |

I to goo ooo I i6.8oo.u,ru


II :;:t*: llll itlltH
Prtrvision tbr'l'axation 20 | l - 17 (Pcnding rn Appcllate Division) I I

Provision lor Taxation 2012-13 (l)cnding in l{igh Court)


Provision lor'l'aration 20 Il-I1 (Pending in lligh Court) I

Provision for 'l'axation 20 I 4- I5 (Pending in Appellate Division) ro.::u.roo rrr llr).16') I

Provision for Taxalion 20 I 5- I 6 (Assessnrent lJnder Process) I 20.8i-r.8ol ll 2u,8ll,8u.i I

Provision fbr Taxation 2016-11 I zs.rzo.voo I

t6 I nvcstmcnt 'r'otar TJl-6-rrrjsrl f trr.J?d$ool

All investmcnts olAI[. are initialiv recognizsd at cost, bcing the fair value ol thc consideration given rvhich include
transactiorl cost and these are classificd in to the lbllorving categories:
' I Ield lbr Trading

l{eld to Maturity
t--rT--
I
zs,ooo.ooo I | 2s.ooo.ooo
-_l
I

' Availablc for sale l- rrr,rlz.$rlf r?{s?{oool

I6.l lleld for Trading


These financial assets are acquircd principally for thc purpose ofgenerating profit lrour short tenn fluctuation in prices

16.2 llcld to }laturit)'


lnvestrncuts rvith fixcd ntatr.rrity that the managenrcnt has 1he intent and ability to hold rnatunty are classified as hcld to
maturity and arc initially nieasured at cost
Tcn Ycars Govcrnnrcnt'I'reasury Bond
Clost o[ Purchases
f 2rooo^ooolf JJoooJ,oril

Page-27
Asia lnsurance Limited
Notes to the Financial Statements
as at 3 I December 20 I 6

Sl. Particulnrs m
@

l(r.l Avail:rble lirr Srlc (Fair lvlarket Vaiue) f


rrt,rrz;s, I flr-rsTtJ,otrl
Available lbr sale iuvesturerlts ilrc those ntu-dcrivative in\.estnlents that are dcsrgnaled as availablc for sale or are not
-Ihcse
classified itt anv other oatcgory. are primarily thosc iltvcslnrents that are rntende'd Io bc held lbr an undefincd pcriod ol
tinte or ma1' be sold in respr)nse to tlle necd lilr the liquidity are classilied as available lbr sale. The Conrpanv lirllorts trade
clate accounting lor 'regular rvav purchase and sales' of investmcnts.
Company designated thc lbllorving shares as available lor salc. Details Cost and Markct Value of Invcstnlent as on 3 l. I 2.20 I 6
are as flollo\vs :

2016 2015
Fair Value (3 I Cost Price (31 Dilference (3 I Dilltrcnce (3 I
Name of the Listed Company
Dec.20l6) Dec.20 I 6) De c.20 l6) De c.2015 )

Southeast Ilank Ltd. 70.(r86.000 105.662.504 ( 31.976.s01 (39. ll4,504l


xim Bank I.td. 9.(r75,900 I 6,826.00 1 (7,t50,r01 (9,7 l3,80 r l
I)nrr.re Bank I-td. 2(r.284.500 48.843,000 (22.5 5 8.500 (2 r .964.s001
ICB Islarnic Barik l-td
IDLC
Bav Leasing & lnvesturcnt Co. Ltd. 48,4 12,000 80,059,222 (31,647 .222 (39.946.422
National Life Insurancc Co. Ltd. I 8,009,000 I 8,0 14,873 5.873 652.627
Delta Life Insurance Co. Ltd 12,575,000 2t,88],426 (9,308,4261 (6,608,426
ACME Laboratorv Ltd 6,319,959 5.464.8 t3 885,146
191,992,359 296,7s3,839 (104,76 t,4801 I 16,715,026
__l
16.4. Changcs in lair valuc of the shrres available for salc: T--1016----l[ rtrr,5
Fair value of the lnvestment I tqt.qqz.:sq Il r74.ji l.oou I

Less. Cost price of the Invcstment I zso.zsl.srq ll 2er.2Ee.or6 I

Fair value rescrve at 3 I Decernber 20 I 6 I troq,zor,rsorll (r r6.7rs,oro)l


I-ess.Frir value rescrve opening 0 I January 20 I 6
Provision lor Fair value adjustnrent during the year 20 I 6
II rro.zrs.ozo
ll
l.9s3.s1i ll
I
ei,eu 8,1
(20 803 1i1)l
I

I 6.5 Fair value adjustnrcnt


Fair value rescrve opening 0 I January 20 I 6 [rft-rr5sr;l[--rstilr%l
Provision lor Fair value adjustrnent during the year 201 6 I o t.csr,srzll I 2o.8o3,rJJ I

r\nncxurc-B Totrl t---r o-ii,,'lfol t_--iGrn, x,]

Page-28
Asia Insurance Limited

Notes to the Financial Statements


as at 3 I Decertber 20 I 6

st. l'itrticulars

t7 Propcrtl', PIant ct Erluipmcnts f 2 0rt {.


{- 6-{r-- 7 ltl f J-c J 2 fi 9 t r,l
Vehicles f-roi{si,r]t ,ilBi+:sl
Ofllce Decoration
'fclephone Inst. & I']AI]X Svstcrn || 834r.r2ell
288.82'{ |
e.1646601
I
266.()-15
I z.:zz.lur ll 2,Ju3,.t8t
|

["urniture & Fixturc I

Conrputer. I'rirtlcr. Ius lnd C opicr I zzo:.rzqll 2.27s.6r51


Ol1ice Ecpriprnent I zq.r:ssoll 2.067.(,61t
Air Conditioncr I I.soz.+unll l,slrlul
Building I trrrr:-lz.qor I

l7.l Cost of Propcrty, Plant & Equipments


Openrng Ilalancc 87,372,589 77.976,002
Add. Addition during the 1,ear.2016 I 80,90 1,533 I 1,52 1.587
l.css. Disposal During thc Ycar 20 I 6 (4,213,0C)0 (2. I 25.000)

Total Cost 264,031,122 87,372,589


Lcss: :\ccuntulatetl Depreciatiorr
Opening Balance 48,915,673 42,494,9,1,,t
Add. Charge during thc year.20 l 6 13,8 83,40 8 7,053,71t
Lcss. Adjustnient of Disposal During lhe Year 20 1 6 (3.444.677 (602,982)
'fotal Accunrulatcd Depreciation 59.384,404 48,945,673
Written dorvn value 244,646,718 38,4?6,916
** Schedule ofPropcrty, Plant & Equipmcnts has been givcn in Annexure-A

l8 Intrrcst, Dividend, Rcnt outstanding Torar l-* 1,2JuJr||fJJ^o98"sosl


Accnred Interest on IrDR
Opening balance [-rl,r?rri6lf rB,6?rJtrI
Accrued dLrring the year
Interest receivcd during the Period
|| (47,00e,694)l
++,oos.ero l u,ozs l
| (63,40s,0e3)l
58.e I

f--lrr6s,6{rl f ,4.r:l":s6 l
Accrued Interest ou Go\'1. trcasury Bond
Opening balance I- ele. rstl f-tl.)-r s2l
Accrued during the Perrod I z,sso,soo I 2,qeo.8oo I I

Interest rcceived during the year I tz,sqo,eoorl I (z,eeo,8oorl


f-rl9.Ctlf---l'rJsrl
19 Anlorrnt due from othcr pcrsons or bodies Totar f 26t,324,stTlfJr0t4t,6tsl
carrfing on insurance busiucss
Opening balance fJrc-14 L6rn l n5J---ro;r6 l
Add. Receivable against PSB Account during the ycar
Add. Reccivablc against outstanding olaints during the year
Add.Co-lnsurance share olpreurium Reccivable-
|
I
,:::gt::l; ll
ll
i llitll
zel67s5|
I

lrom Progati lnsurance Ltd


Received lronr Progati Insurancc Ltd I ,r.,,u,r,,l| I

Sundry Dcbtors rorar l-48nn.6ilf {&{?rJ'e


Opening balance (Deposit Clearing) l---4sAlr.67;-tf 'o6rl
Add during the i'ear (N'larine Ilull Btrsiness) I szs.ooo | -rr-roq
is.o:6 q',2,1 |

Page-29
Asia Insurance Limited
Notes to the Financial Statements
as at 31 December 2016

sl. Particulars

2l Advance, dcposit and prrpavnrcnts Total f JJ-r-r93-asrl[-J.r-i-JJr&1r,{?tl


r\dvance Salaries
I--?qrsll- r7r+-l
Advance Officc rent
Advance tax paynlcnts - 2007-2008 to-20 I 7-20 I 8 Note-2 I (a)
I
I
ll
i.e22.827
179 8J(, l l l ll tJ(r
s.s75.e6i
lijll 779
I
I

Advance tax Car Note-2 I (b) I r.rss.ooo I I r. r55.r)0, I

Advancc tax S'l'D A/c


Advancc tax FDR A/c Nore-21(c)
II sru.;zo
17.(U
ll
I.021 | |
+oz.u.r+
t;. l7+..1: t
|

Advancc tax Dividend A/c Note-2 I (d) I n.olo.s+: ll 1.i4,).r65


Advance tax Ded at sourcc Note-2 I(c) I r;.qqs.lzsll t3.ous.12'1|
I

Advancc Procurenrent Provider (Calcndar)


Advance against Floor purchascs
Advance Of'fi ce Decoration
II sooooo

zors.ooo
llll ,-ii?rffi l

I roqooooll
II ll
Advancc against Solhvare ruro.ouul
lntcrcst on lnconre l'ax-2013 (2015-2016)
Advancc VAT Paymeul Notc-2 I (f) "i" ,,,)li[
rz.sroll
l

Rcceivable fiom Bl-l Securitics Ltd. +.osul

2l(a) Advance'I'ax Pa1'rncnt Total T-r ?rs{6,1 il flrcsr&?r, I


r

Advance tax paid - 2007-2008


l- sJrz.?oo-lt- s.r.l?-?oE
Advance tax paid - 2008-2009 I 4,e2s.0s3 ll 4.q2s.051 I

Advance
Advance
tax paid
tax paid
-
-
2009-2010
20 l 0-20 I I
II r:+.tsttsll
s.rzo.:r; ll s.r;0.:rz
,r44s'r5r
I

f
Advance
Advance
Advauce
Advance
tax paid
tax paid
tax paid
tax paid
-
-
-
-
2011-20lr2
2012-2013
2013-2014
2014-2015
I|
|
ll:;::::;
42,165,891
:+,or:.oso
llll iitlitfi
| | 37.t65,e0r
:z.oor.r rz
|
I

I I
I

Advance tax paid - 2015-2016 s.ooo.ooo I 8.ooo,oor) I

Advance
Advance
tax paid
tax paid
-
-
2016-2017
2017 -2018 I l:.333.;;; ll zooooo'
I

2l(b) Advance tax Car rorat fl+rssoool T


'.r.isffil
r-Hffit-----q"l
Advance tax Car 20 l 3
Advance tax Car 20 l 6 (20 1 7-20 1 8)

2l(c) Advancc tar FDR A/c Torar fr;-g.tt-oxll- r3-l:-t,41 |


Advance tax FDR A/c
Advance tax FDR A/c 20 I 6(20 I 7-20 1 8)
l--1'?r4rll-
| ll
4.766.602
n::,t4u1
I

2l(d) Advance tax Dividcnd r\/c rorat l---6,o3rs{tlfJ"s{r.rr'{l


Advance tax Dividend A/c (20I6-2011) I-- lJ4rJElfJ-3J4rJ6) I
Advance tax Djvidend A/c (20 I 7-20 I 8) I z qqo.ozs I

2l(c) Advancc tax Drd at soulcc Torarf j^t--u99&{29lf r-J--j98J2rl


Advancc tax Ded at source 20 I 2 (20 1 3-20 I 4)
Advancc tax Ded at source 20 I 3 (20 I 5-20 I 6)
[--
|
5r18556
8.86e.77i
lt-5rr&G6
| | 8.86e.i71
I
|

2l(c) Advancc YA'l' Pal,nrcnt - 13,921,r 18


As per last account f rJ-e2i--LII8lf L-Ttt2Tr-r,il
Less: Pn1,n19111 durirrg the 1'ear I r..,q:r.rrs I

Page-30
XA\
,r\ I \ Ul\

f,#l.r
' /.+
{g
Asia Insurance Limited
Notes to the Financial Statements
As at 31 December 2016

st" Partic ula rs

)) Security deposit Torat @1f- rrar224ael


Against Office Rent flr2-ooo l-r, I 1 62,000 I
Against Telephone I ss.zr+ ll s8,714 |

Against Electrioity I roooo ll lo.ooo I

Car Settlernent * I osr,szs ll 6%s7s I

Security Deposi(CDBL) I loo.ooo | | roo.ooo I

*Restated

!'ixed deposit rvith banks rotar @1t 6.ttJ3opell


Opening balance I o+t.zro.zst ll 608,173,t75 |

Add. Nerv FDR Account open during the Period I rrz.qoo.ooo ll r4r,o4l,o8s I

l-ess. Encashment during the Period I tnz.qp..szslll (roz.+sr,qoqll


Stock of Printing ,Stationery
Printing
Stationery I-TIItrl
Totar f-4tJpe2ll---6i6,5141

25 Cash in hand and at bank Totar l-JJs74.o%l ftJs6t,Js4 I


Current Deposit I t.qcc.stzll ts.:s+.t tsll
STD SND SB Account rvith bank I $.ozt.zfi ll 22,s0s;70 |
Cash In Hand I z.ror.qrz ll r)qq.tzq I

Page-3 1
Asia Insurance Limited

Notes to the Financial Statements


For the year ended 3l December 2016

st. Pa rtic ui a rs

26 Intcrcst, Dividcnd cQ Rents:


II1ICTCSI ON STD A/C f tJlr"oTilf -t-T,'lrl-oxl
Interest on IrDR AiC I zz.r:0.::s ll 3{.73r.6(,e I

Iuterest on I-oan A/C


Interest on Gor.t Treasury Bond A/C
Dividcnd on Share
l,,fililll,,lillll
I ll
r2.l5l,3cu e,64+.550 |

Accrued lntercst ol1 FDI{ A/C I zr.zo:.oazll 2r.r7q.35r,


qrq.rszll ,,t,,t:zl
I

Accruecl Interest on Covt'i'reasury llond


'l'otal
II oo.rrz.-lzs ll 7J.('l0.616 I

27 i\lisc. Inconrc 'l'otal


t_----E ,rsl I[:_::.snt, I

28 'l'otr r6.s+ll
Pro{lt on Salc of Share I
t__7,rJ--r&,1[:_:_f
29 Capital Gain (l'rolit on Sale of Vehicles) Total T-lrrorrtl
Sale valuc ol'Vchicles I zs2lio2ll I

' Written Dorvnvaluc ol Vehiclcs I rzqs.:z:tl

30 Agency Conrnrission
Frre f rofrsCI8ll-----r?ro1ril
lu{arine Cargo I :r.qrs.sos ll :r.sr+.:s., I

Marine I'lull I zrs.szsll 82.st(rl


Motor I sztq qtz ll 4)422i0 I

lvl iscell aneous I s.zr+.aor ll 6.r50.36r


ro(ar [-]i"r,ps lt t,rffl.r:ill
I

Total

3l Allocation of M
Particullls Gross Premiun 0/
M.Expenses l\{.Exnenses
2016 20I 5
:lre 206,6t t,228 43.25 5 8,8 5 7,23 s 54J29.544
\4arine Cargo t7 5,97 5.7 56 36.84 50, l 30,123 44.466.907
\4arine Hull 1,767,078 0.31 503,3 86 290,1 12

Vlotor 4 1,196,840 6.OZ I | ,735 ,723 8.973,7 t6


\,1 isccllaneous 52.t39.402 10.91 t4.852.925 I 6,5 1 6.5 59
fotal 477,690,303 100.00 I 36.079.392 124,577,433

I']age-32
4sia Insur:rnce Liniited
Notes i;, ll:-. i'inan, i:rl Statements
for thcl,carcnd.: I'.','c.'rrhtr2iiiir

Si. Particulars
m
ffi
31.;\. i\lanaqcnrent Erpenses

Ilank Charge 348.917 786,4 85


Branch opening exp. I 25.384
Business Expcrrses (PSB) 40,000 40.000
Iloard Meeting Exp 49,986 l t t,313
Convcy,ance bill o)) )/.(\ 7 84.727
Car Alloriance 1,282.394 7.709.t70
Electric & Olficc Equipment Maintcnallce 658.710 6)O )'7 \
Entertainurent 652.430 +.1 l. I 36
Iixpenscs ol Managenrent(1,Sts) 3,1 84,502 2,84 1.3 I 0
lixcisc duty 56 8,026
Fucl & LLrbricant 68 5,062 464.717
Fcstival []onus 7.507,182 7,624,5s0
Ccnerator Fuei 66,57 6 7(r.;183
Cas. Water & Electricity 2,897,876 I,794,329
Incentive Bonus 40,078
lnsurance Prcmiunr 45 1,656 45 I ,661
Croup & Ilospitality Insurancc I,043,076 1,03 0,6 85
Inteniet. Fax,E nrail & Website Expcnscs 297,619 lii rii
Leave Encashntent I 34,8s0 33,714
Mobile Bill 1.00 r ,928 1,0s9. I s9
Office Rent 16.612.6s4 15,020,3'17
Provident Fund (Enrploycr's Contribution) 3,23 t,112 3,076,5 t3
Prc-lnspection Fec 95,996
Pcnalty 40,000 700,000
Printing & Stationery (consunrption) 3,146,323 2,639,466
Postrge, Stanrp & Currier 506 1qs 45 8,43 5
I)aper & Periodicals 94,622 78,000
Procurcnrent Provider 3,179,108 5,238,050
Repair & Nlaintenance 53,478 5,500
Soltrvare N{aintenance t,423,390 I03,465
Scrvice Charge (Co-lns.) 433,825 73.932
StaflTea & Rcfreshnrent 508.40 I
Salary & Allorvances & lVages 78, I 54,025 ?0.409.451
Stationery lt2.t9l
Telephone Bill 309,980 :s r,oos
TA/DA Allog'ance - Olficials 302,756
Training Fee
'f otal I 36.079.392 124-577.432

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(h
al *
Asia Insurance Limited

Notes to the Financial Statements


For the year ended 31 December 20 I 6

Taka
st. I'a rticu la rs

J5 llarnings Per Share


Nct profit betbre'fax (raka) l-loo,s3o,sr5ll- ?&r54oo4l
l-ess. Prrrviston lor Currenl 'faration (raka) I tzs,rzo,soolll (20,834,801)l
Prt-rvision lor Deltrrcd
-fax (Taka) I r.zae.zsa ll (283.171)l
f ?6-6r6Jfl fJJ-T?.oJ6"oJol
No. of Share .l 7.069.85 8 4 7,069,8 58

IiPS(Earnings I'er Share) 1.63 t.2l

(Basic canrings per sharc at par vahle Tk. l0 each)

35. I Calculation of Ne t Assets Valuc per Share


_l
(Based on financial staterlcnt lor the year ended 3 I Deceurber 20[6) l- R*t"t"t
J'o1al Assets (Taka) Tr-i,-r-s2dotll--i-JJ--rto?fi ssl
Total Current t.iabilities
Nct,\sscts
(Taka) I soo.r:o.r+s ll 72r.sr6 74r I

(Taka) f-8ro-6r?s8o I t__j r "*,rr-


r
|

No. ol Shares 47,069,858 47,069,8 58

Net Assets Per Share I 7.86 17.28

Date: 30 March 2017


Dhaka

Page-3 5
ASIA INSURANCE LIMITED
Notes to the Financial Statemcnts
as at 3 1 Decernber 2016

Particulars

36 Fixed deposit with banks

Amount in Taka
Sl.No. I Xame of Banks
2016 ll ZOIS

The balance is made up as follows :

I Agrani Bank Ltd. 5,500.000 6,000,000


2 AB Bank Ltd. 26.555.900 39,055,900
3 Al-Arafah Islami Bank Ltd. 48,155,463 51,655,463
4 Basic Bank Ltd. 9,000,000 9,000,00c
5 Bay Leasing & Investrnent Ltd. 84,565,000 79,565,000
6 Bangladesh Cornrnerce Bank Ltd. 1,500,000 1,500,000
7 Bangladesh Krishi Bank Ltd. 1,600,000 1,600,000
8 Bank Asia Ltd. 20,000,000 23,000,000
9 Bank Al-Falah Ltd 4,000,000 3,000,000
l0 City bank Ltd 2,000,000
ll Dhaka Bank Ltd. 9,200,000 14,900,000
12 Dutch Bangla Bank Ltd. 10,007,193 9,007,1 93
l3 Eastern Bank Ltd. 1,000,000 1,ooo,o0o
t4 Exim Bank Ltd. 22,692,000 20,392,000
15 First Security Bank Ltd. 1,000.000 s00,000
t6 Farrners Bank Ltd. 2,500,000 1,500,000
17 IFIC Bank Ltd. 66,492,150 65,492,150
18 IDI,C 1,500,000 1,802,028
19 ICB Islarnic Bank Ltd 500,000
20 Islami Bank Bangladesh Ltd. 9,400,000 9,400,000
7,110,270 q ))o 770
2t .lamuna Bank Ltd.
22 Janata Bank Ltd. 1,000,000 1,000,000
23 Midland Bank Ltd. 10,000,000 14,000,000
24 Marcentile Bank Ltd. 9,400,000 6,900,000
25 Meghna Bank Ltd 4,000,000
26 Modhumoti Bank Ltd. 500,000
27 MutualTrust Bank Ltd. 7,900,000 3,400,000
28 National Bank Ltd. 9,500,000 9,000,000
29 NCC Bank Ltd. 7,700,000 7.900,000
30 NRB Cornrnercial Bank Ltd. 4,000,000 2,900,000
il NRB Global Bank Limited
One Bank Ltd. 8,41 1,805 9.41 I ,805
33 Premier Bank Ltd. 5,000,000 3,000,000

Page-36
ASIA INSURANCE LIMITEI)
Notes to the Financial Statements
as at 3l December 2016

Particulars

36 Fixed deposit with banks

Amount in Taka
Sl.No. I Name of Banks
2016 ll 201s

The balance is made up as follows :

34 Prime Bank Ltd. 7,go3,l o l 9,003,101


35 Pubali Bank Ltd. 4,100,000 4,600,000
36 Peoples Leasing & Investment Ltd 500,000 500,000
37 Rupali Bank Ltd. 1,000,000 1,000,000
38 Southeast Bank Ltd. 150,044,231 162,344,231.
39 Standard Bank Ltd. 5,700,000 9,200,000
40 Social Islami Bank Ltd. 15,700,000 12,700,000
4l Shahjalal Islami Bank Ltd. 8,080,650 5,680,650
42 South Bangla Agricultural & Commerce Bank Ltd. 3,000,000 3,500,000
43 Sonali Bank Ltd. 500,000 500,000
44 Trust Bank Limited 4,800,000 4,300,000
45 United Commercial Bank Ltd. 20,800,000 22,300,000
46 Union Bank Limited 500.000
Total _622217J63 641,730"294

Page-37
ASIA INSURANCE LIMITED
Notes to the Financial Statements
for the year ended 3 I Decernber 2016
Pa rticula rs

J7.00 Rcgarding Ilclated Partl' I'ransaction


During the 1'ear under revierv, the Conrpany carried out a nurnber ol transactions rvith related parties in the
norntalcourseol'businessandanls'lengthbasis.Thenanreolrelatcdparties.natureolthesetransactionsand
thcir value havc bcen set out bclo\\' in accordance rvtth thc provisron of Ur\S 2;l "Related Prrty Disclosure".
Dctails arr shorvn in .{.nnexurc -C

J7(,\) f)irectors Interest in other Conrpanies:


Name Dcsignation Entities rvhcre thcy hnvc Intcrest Position
rvith i\lL

Incontrad Managine Partncr


Yussuf r\bdullah
Chairman Incontrade Linritcd Chairnran
I-Ilrun FCA
Gnldcract I Ioldinos Linritld Chairnran

Alam l'rading Corporatiotr Proprietor


Dimond Lifc Insurtrncc l-inrited Chairnian
Nlahbubul Alam Vice Chairman Stare Inliastructure Devolopntent Cornpany Drrector
Linited
Ibadah Baneladcsh [,irnited MI')

M.lCement Factory Ltd. Chairnran


Indo Steel Re-Rolling Ind. Ltd. M.D.
Chittagong Capital Ltd. M.D.
Prenrier Cements Mills l,td. Director
Jahangir & Others l-imited M,D,
GPI-I Ispat Ltd. M,D.
CPH Porver Ceneration Ltd. M.D.
Md, Jahangir Ahm Director
Crolvn Porver Generation Ltd. Chairrnan
Premier Power Generation Ltd. Director
Crorvn Polynrer Bagging Lirnited Chainran
Crown Mariners Lirrited Chairman

Crorvn Transportation & Logistics Lirnited Chairnran

Chartered Life Insurance I"td Dircctor

Mashud & Ilrothcrs Proprietor


Mutual Shipping Ltd Chairnran
Ruby {bod Products Ltd. Chairman & MD
Happy Enterprise Proprietor
I3.K Capital Managernent Ltd Director
B.K Propertics Ltd MD
BSN{ Basic ProdLrcts Ltd Chairman & MD
BSNI Esscntials l-td Chainlan & MD
Abul Bashar
Director
Chorvdhury BSM Food Products Ltd Chairman & MD

IISM Tcxtilcs Mills Ltd Chairnran


lafsa Nazir Ind.Complex
I Chairnran
Isnrail Caryet Ind.Ltd Director
Modern Inrport & Export Proprietor
Moqbular Rahntan Jute lvlills Ltd Chairman & MD
Panchagar Udayan Sangstha Director
Prr.rrirrnr Ac\Pt< I td Chairrrrrn & MF)

Southeast Bank I-td. Chairnran


Alamgir Kabir FCA Director
National l-rfe InsLrrancc Co. Ltd. enrndenl f)ireclor

Page-3 8
ASIA INSURANCE LIMITET)
Notes to the Financial Statements
lor the year ended 3 I December 20 I 6
st. Particula rs

37(A) Directors Interest in other Companies:

Namc Designation Entities where thcy have Interest Position


rvith AIL
Bismillah Stote Proprictor
lllohammed Jamal Silver Dal Mills Limited M.D,
Dircctor
Ullah Ishfar Oil Mills Limited N4.D,

Maksons Spinning N4ills Ltd. M.D.


Metro Spinning l.td. M,D.
It{ohammad Ali
Director Cocval 'l'extile Ltd M.D & CEO
Khokon
Lamoni apparels MD
Meksnrrrr:ino I inrited MI)

Iarik Su.iat Director tsfly l-casing & Invcstnrcrrt Ltd. Dircctor

Dr.Zaidi Sattar Director Southeast Bank Ltd Dircctor

Zakir Ahmed Khan Independent Bay Lcasing & Investnrent Ltd. Independent Director
Direclor

Bengal Mines Developrlcnt Corporation Dire ctor

Rangapani Tea Estate Dire ctor


N.R. Steel Galvanizing Plant Limited Director
Sanruda Containers Limited Director
Progressive Containers Limited Director
T.K. Gas & Cas Cylinder Limited Director
Marshal Oil Limited Director
Super Coconut Oil Limited Director
Super Formica & Lanrination Ltd Director
T.K. Particle Board Mills (Pvt.) Limited Diroctor
Papya Chernical Inciustries Ltd. Director
Bengal Sack Corporation Ltd. Director
Shabnam Vegetable Oil Industries Ltd. Dire ctor
Mrs. Khalcda Bcgunr Director Riff Leathcr Ltd. Director
T,K. Chenrical Complcx Ltd, Director
Polytex Yarn Product Ltd. Director
Ching Hung Frbers Ltd. Director
T.K Oil Re finery Limited Dire ctor
T.K Re-Rolling Mills Lirnited Director
T.K Steel Industries Linrited Director
I--arhana Oil Mills Linrited Dire ctor
'I.K. Polypropl'lene ProdLrcts Liniited Director
T.K. Plastic Products Linrited Director
T.K. Agro l'roducts Linritcd Director
Shiblcc Vanaspati Products Linrited Director
Cominrpax Wood Cemair Linrited Director
Sanruda Bcverage Lirnitcd Dire ctor
Samuda Oil Re finerv Linrited Dire ctor

Page-39
ASIA INSURANCE LIMITED
Notcs to the Financial Statements
lbr the year ended 3 I December 20 l6
st. Particu la rs

Directors Intcrest in other


Name Designation Entities where thcy have Intercst Positiou
with AIl.

I Samuda Porver Limited Direclor


t" T.K. Drurr IndLrdustries Lrmited Director
T.K. Shares and Securities Lintited Dircctor
Karnafulll Galv. [,lills t-inrited Director
Minhaz Spinning, Weaving and l:inishirrg D ircclor
I-i nr i ted
Mrs. Khaleda Begum Dircctor' Farzana Stills N4ills l.irnitcd Director
Modcrn I-latchery Ltd. Dire ctor
Modcrn Fabric Industries Ltd. Dircctor
B.K. Propcrtics Limited Director
I
Ilalia Nazir lnclustrial Conrplex (Pvt.) Ltd. Director
Aryan Stevcdore [.inritcd Dircctor
Modern Poly Industry Ltd. Direckrr
Ali Tanncn,Limited Direelor

Chairperson &
Sanruda Chemicals Conrplex Ltd
Dire ctor
Chairpcrson &
Sanruda Porver Linrited
Director
Sanruda Caustrc Lirlited
Chairperson &
jllrs. Farzana Afrozc Director
Director Chairperson &
Sarnuda Peroxide Limitsd
Director
Chairperson &
t\ Samuda Real Estate Limited
Director
;u Genrveb -2 Limited
Charrperson &
Dircctor
Modern Poly Industry Ltd. lJ irector

Samuda Chenrical Cornplex Ltd. M.D. and Director


Samuda Porver Limited M.D. and Director
Samuda Caustic Limited M.D. and Director
Sanruda Peroxide Lirnitcd M.D. and Director
Sarnuda Real Estate Limited M.D. and Director
Gcnweb -2 Lintited M.D. and Director
Mohammad Mustafa Modern Poly Indusrrl Ltd. M.D. and Director
Director Modern Porvcr l-in.rited M.D. and Director
Haider
Prenrie r Cements Mills Ltd. M.D. and Director
I)renricr Pou'cr Ccneration Ltd. M.D. and Dircctor
National Cerrent Mrlls Liuritcd M.D. and Director
Rohnoor Navigation Lirlited M.D. and Director
Modern IIatchery [-td. lvl.D. hnd Director
BSM Essentials Linrited M.D. and Director
Super Petrochcnrical (Pvt.) Limited M.D. and Director

Page-40
Asia Insurance Limited
Notes to the Financial Statements
For the year ended 3l Dccernber 2016

f.{r*r-.r*;T^t.I
st. Particulars f ,016 --
38 [xcess V..\'f pa]'nlcnt fronr Contpanl,'s On,n Fund
((Audit 2012 (Julv)-20 I 5(.lunc)
Adr ancc ad.yustcd [xcess Vat pa]1ncnt lionl
Clonrpan)/s O*n Irund (Audit 20I2 (.1uly)-20I5(.1une))
Total Vat pal,Dtcllts
|
f----?5?.o+I

f
,,,,, ,,,
t{,6?8Jstl
I

39 P.\Y]\'IEN'IS'TO DIITECTORS / O}-FICTiRS:


'['he aggregate
amount paid / prcx,idcd to the Chicf Executivc Ofllccr and Ollicers up to Manager Level, during the 1'ear
having taxable income is given belorv:
2016
Anrount in Taka
Chief Executive Officers up to
Officer Nlanagcr Levcl

Managing Drrcctor's (CEO) emolument 2,400,000


Salary-Ol'licers 30,47 6,203
Company's Contribution to Provident lirnd I ,806,2 1l
Bonus 400.000 3,7 60.7 67
House rent 720,000 15.238,101
Medical Allorvance 240,000 I ,523,8 I 0
Conveyance & Other Allorvance 600 000 7 .421.680
4.360.00i 60,226,774
10 Othcr relevant infornration's :

(a) During the I'ear uuder revierv all anrourlt olTk. 605,625.00 rvas paid to the l)ircctors ofthe conrpany as Board lneeting
attendance fee (@ 5,000.00 per meeting.

(b) During the year under revierv no compensation rvas allor'ved by the Conrpany to tlie Chref Executive and Officcrs of the
Conrpany cxccpt thcir rcgtrlrr rcrnurrcr ation.

(c) No amount ofmoney was spent by the Corrpany for conrpensating any member ofthe Board for special service rendered

(d) No amount u,as due by the Directors (including Chief Executive Olficer) and Olficers of the Company or by associated
unde(aking and by any ofthem severally or.jointly rvith any other person.

(e) l'here u,as no contract for capital expenditure to be executed and not provided for.

I)age-4 I
Asia Insurance Limited
Notes to the Financial Statements
For the vear endcd 3 I Decernber 20l6

st. Pa rtic u la rs

{I Evcnt rltcr the Ilcportirq Period


The Board of f)irectors in its I 2 I nreeting hcld on 6th April 20 I 7 ilccicled to rcconrnrcnd paynrcnt ol' I 0% Cash 6rvidcnd lor
the year 20 I 6.
12 Crcdit Facilitv
No credrt lacility availed by the conrpanl'undcr anv coltract (rrher than bank crcdit facilit-v and traclc credrt u,hrch are in rhe
ordinary course ofthe lrusincss.

{3 Number of [)rnployees Iingaged


The nttrnbcr olemployccs engaged lor rvlrole ycar ivho received a total rclrulcration ol'fK. 16,000 and above pcr slllllnt was
799.

4d Capital Expe nditure Comnritrnent


o No capital lixpcnditure, co]ltracted or incurred provictcd lbr as at 3 I Dccenrbcr 2016.
rTltcre rvasnoniatcrial capital cxpcnditureauthorizedbytheBoardorcoDtractcdforasatsl Deccntber20l6.

45 Clainr Acknorvlcdgeurcnt
'l'he
re rvas no claim against tlre conrpany not ackuowledged as debt as on 3 I Deccmbcr 20 I 6.

46 Crcdit rating report


Credit Rating Iufomtatron and Services Linrited(CRISL) has reassigned tl-re clairn paying ability (CPA)rating of the Company,
to A+ (Pronounced as A plus) based on audited financial statenrcnts up to 3 i Dccember 201 5.

Interim Financial Statements


Asia lnsrtrance Linrited publishes its interim financial stateulents quarterly as required by the Bangiadesh Securities and
Exchange Cornrnission.

Page-42
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