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༉ ཇི་ཨའི་སི་འབྲུག་སླར་བཅོལ་ཚད་འཛིན།།

GIC-Bhutan Reinsurance Company Ltd.

Reinsurance with Professionalism, Trust & Reliablity

Bhutan Flag

2013

 

GIC-Bhutan Re Ltd

Thimpu Bhutan

Balance Sheet

As at 31st December 2013

PERTICULARS Schedule Nu
SOURCE OF FUND:-
Capital 1 30,00,00,000.00
Reserves & Surplus 2 -10,85,331.31
Total 29,89,14,668.69
APPLICATION OF FUND:-
FIXED ASSETS 3
Gross Block 5,73,227.00
LESS- Depreciation 49,622.80
Net Block 5,23,604.20
CURRENT ASSETS, LOANS & ADVANCE:-
Investments 4 22,00,00,000.00
Cash and Bank Balances 5 4,71,91,840.80
Loans & Advance 6 3,01,61,110.00
Other Assets 7 25,59,631.37
29,99,12,582.17
LESS: CURRENT LIABILITIES AND PROVISIONS
Current Liabilities 8 15,21,517,68
NET CURRENT ASSETS 29,83,91,064.49
Total 29,89,14,668.69
For & on behalf of,
M.P Sureka & Co.
Chartered Accountants
FRN No: 322097E
Place:
Date:
Mazhar Bhati
Partner
Membership No. 300367

GIC-Bhutan Re Ltd

Thimpu Bhutan

Profit & Loss Account

For the year ended 31st December 2013

Schedule Dec-13
Nu
INCOME :
Net Insurance Premium 9 3,93,131.84
Income from Investment 9,86,301.37
13,79,433.21
EXPENDITURE:
Administrative, Selling & other expenses 10 16,28,471.72
Depreciation 49,622.80
Pre-Operative Expenses 7,86,670.00
24,64,764.52
Profit before Tax -10,85,331.31
Corporate Tax
Profit after Taxation -10,85,331.31
APPROPRIATION:
Proposed Dividend
Balance carried forward
to Balance Sheet -10,85,331.31
For & on behalf of,
M.P Sureka & Co.
Chartered Accountants
FRN No: 322097E
Place:
Date:
Mazhar Bhati
Partner
Membership No. 300367

Schedule to Accounts

Schedule: 1 Dec 2013
Nu
Share Capital
Authorized Capital 50,00,00,000.00
Issued, Subscribed & Paid up capital of 3,000,000 shares of Face Value Nu. 100 each 30,00,00,000.00
30,00,00,000.00
Schedule : 2
RESERVE AND SURPLUS
Transfer for the year -10,85,331.31

 

Schedule to Accounts

Schedule : 4
Dec 2013
Investments Nu
Long Term Investment in Nubri Captal Ltd – 2 years 10,00,00,000.00
Long Term Investment in Druk PNB Ltd – 2 years 10,00,00,000.00
Short Term Investment in Nubri Capital Ltd – 91 days 2,00,00,000.00
22,00,00,000.00
Shedule : 5
CASH AND BANK BALANCE
Cash and Cheques in hand 9,959.00
On Current Accounts –
– With Bank of Bhutan 2,00,00,000.00
– With Druk PNB 2,71,81,881.80
4,71,91,840.80
Schedule : 6
LOANS AND ADVANCES
Retention Money 3,00,00,000.00
Advance to Outsiders 1,110.00
Misc Advance 60,000.00
Temporary Advance (CEO) 1,00,000.00
3,01,61,110.00
Schedule : 7
Other Assets
STI interest accrued till 31st Dec 2013 1,23,287.67
LTI interest accrued till 31st Dec 2013 8,63,013.70
Pre-operative expenses carried forward 15,73,330.00
25,59,631.37
Schedule : 8
CURRENT LIABILITIES
Insurance Premium 14,36,916.52
Telephone, Fax & Internet 8,440.16
Electricity Charges 1,161.00
Audit Fees 75,000.00
15,21,517.68

Schedule to Accounts

Schedule : 9 Dec 2013
INCOME Nu
Gross Insurance Premium 56,54,688.42
Less: Retroceeded 52,61,556.58
Net Insurance Premium 3,93,131.84
Schedule : 10
ADMINISTRATIVE, SELLING AND OTHER EXPENSES
Salaries & Wages Link Sheet 6,81,500.00
Application Fee 2,00,000.00
Office Stationery 21,481.00
Staff Welfare Expenses Link Sheet 4,614.00
Electricity Charges 5,544.00
License Fees 12,100.00
Bank Charges 5,575.00
Advertisement & Publcty 47,350.00
Audit Fees 75,000.00
Travelling and Conveyance 1,37,226.00
Repairs to Office Buildiing 11,805.00
Inauguration Expenses 2,20,907.00
Telephone, Fax Internet Charges 25,068.16
Entertainment Expenses 32,817.56
Repairs to Offce Equipment 7,818.00
Office Rent 1,05,000.00
Vehicle Hire Charges 6,300.00
General Expenses 6,230.00
Postage & Telegraph 1,200.00
16,28,471.72

LINK SHEET 2013

A/C Description Dec 2013
Nu
SALARY & WAGES
Salary, Wages & Allowances – Salary 5,85,500.00
Salary, Wages & Allowances – Wages 6,000.00
Salary, Wages & Allowances – Communication Allowance
Salary, Wages & Allowances – Sitting Fees 90,000.00
6,81,500.00
STAFF WELFARE EXPENSES
Employee’s Welfare expenses – Medical expenses 500.00
Employee’s Welfare expenses – Misc. 4,114.00
4,614.00