Financial Year 2012-13 (27 MB) - The New India Assurance Co. Ltd.

Leadership and BeyondTHE NEW INDIA ASSURANCE COMPANY (SIERRA LEONE) LIMITEDREPORT OF THE DIRECTORSThe directors present their annual report together with the financial statements for the year ended 31 December 2012.STATEMENT OF DIRECTORS’ RESPONSIBILITIESCompany law requires the directors to prepare financial statements for each year which give a true and fair view of the stateof affairs of the Company and of the profit or loss of the Company for the period. In preparing those financial statements, theDirectors are required to:• select suitable accounting policies and then apply them consistently;• make judgements and estimates that are reasonable and prudent;• state whether applicable accounting standards have been followed, subject to any material departures disclosed andexplained in the financial statements;• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company willcontinue in business.The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time thefinancial position of the Company and to enable them to ensure that the financial statements comply with the Sierra LeoneCompanies Act 2009. They are also responsible for safeguarding the assets of the Company and hence for taking reasonablesteps for the prevention and detection of fraud and other irregularities.PRINCIPAL ACTIVITYThe principal activity of the Company continued to be that of carrying on insurance business. However, the Company hasceased business operations with effect from 1 January 2003.The liabilities include ‘Dues to Insurance Companies’ which is due to New India in Mumbai as the reinsurer of the company’soperations in certain areas.DIRECTORSThe directors as at 31 December 2012, and their interests in the Share Capital of the Company were as follows:Shares of Le2.00 eachEnd of yearBeginning of yearS. Mishra - -M Vasanatha Krishna - -AUDITORSThe auditors Messrs PKF retire at the forth-coming Annual Genera) Meeting. A resolution For the re-appointment of PKF. asAuditors of the Company is to be proposed at the forthcoming Annual General Meeting.TRADING RESULTSThe results for the year and other key indicators arc set out in the attached financial statements. The Company made a profitfor the financial year of Le 35.070.218 after tax. thus turning the operations into a accumulated profit of Le 54.678.088.The Directors do not recommend the payment of dividend for the year.LONDON08.04.2013BY ORDER OF THE BOARDSecretaryANNUAL REPORT293