PROVATI INSURANCE COMPANY LIMITED $ An ISO 9001:2000 Certified Company
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PROFILE OF
PROVATI INSURANCE COMPANY LIMITED
OUR VISION To establish the strong security in the field of Commerce & Industries of the Country. To becomes the best General Insurance Company with technical support to clients at a maximum benefits with minimum costs. Constant pursuit of suitable strategies has made the Company the leading insurer of Bangladesh for over two decade.

OUR MISSION To maximize Shareowner Values, increase premium volume, maximize our long term cash flows and improving economic profit. The motto is to earn the integrity and credibility to the clients by providing sincere service.

CORPORATE INFORMATION

Registration Number
 : C-30207(1433)/96
Date of Incorporation
 : 31st day of January, 1996
Date of Commencement of Business
 : 25th day of March, 1996
Date of Registration from the Controller of Insuran
 : 31st day of March, 1996
Date of underwriting operations
 : 2nd April 1996 (Licence Received on 25th June 1996)

ADDRESS

Mailing Address
:
Khan Mansion, 11th Floor, 107, Motijheel C/A, Dhaka.
E-mail Address
 : info@provati-insurance.com
Web Address
 :  www.provati-insurance.com
Phone Number
 :
02-9559561-3
Fax Number
 :
02-9564455

SHARE RELATED INFORMATION

Listing with DSE
 : Under Process
Listing with CSE
 : Under Process
Prospectus Issued for Public floatation of Shares

 : 3rd September, 2009
Opening date of Subscripthares

 : 15th November, 2009
Closing date of Subscription of Shares

 : 19th November, 2009
Closing date For Subscription of Shares for NRB Applicant
 : 28th November, 2009

PRINCIPAL ACTIVITIES
General Insurance Businesses as per Insurance Act, 1938
BOARD OF DIRECTORS

Joarder Nowsher Ali, FCA
: Chairman
Alhaj Mojir Ahmed
: Vice-Chairman
Md. Ruhul Amin, FCA
: Director
Mohammad Ali Talukder
 : Director
Alhaj Mohammad Ali
 : Director
Alhaj Shahadat Hossain
 : Director
Shah Md. Tofazzal Hossain
 : Director
Md. Shahjahan Kabir
 : Director
Md. Shakhawat Hossain Mamun
 : Director
Maroof Sattar Ali
 : Director
Mohammad Mohsin Kauser
 : Director
Abdur Rahman Ansary
 : Director
Md. Shafayet Hossain Masum 
: Director
Md. Shahadat Hossain Ali
 : Director
Mr. Md. Ataur Rahman Mazumder
 : MANAGING DIRECTOR
SPONSOR SHAREHOLDERS
  Alhaj Muksud Ali  
  Joarder Nowsher Ali, FCA  
  Mr. Md. Ruhul Amin, FCA  
  Mr. Mohammad Ali Talukder  
  Alhaj Mofizur Rahman  
  A.F.M. Jahangir  
  Alhaj Habibur Rahman  
  Mr. Md. Abdur Rashid  
  Mr. Badrul Ahsan  
  Babu Shatandra Nath Roy  
AUDITORS’

A. HOQUE & CO
Chartered Accountants
Khan Mansion (11th Floor)
107, Motijheel C/A, Dhaka-1000

&

G.KIBRIA & CO.
Sadaran Bima Sadan(5th Floor)
24-25, Dilkusha C/A,
Dhaka-1000

MEMBERSHIP

Bangladesh Insurance Association
SPECIAL ATTAINMENT

ISO 9001:2000 from Moody International, UKAS
INFORMATION OF BRANCH OFFICES
Date of first Branch opening
:
2nd April 1996
Number of Branches
 : 47 Branches (at present)
ESTABLISHED RULES

1.       Service Rules
2.       P.F Rules
COMMITTEES

1.       Claims Committee
2.       Finance Committee
3.       Purchase & Sales Committee
4.       Co-ordination Committee
5.       Anti Money laundering Committee
6.       Audit & Monitoring Committee
7.       ISO 9001:2000 Management Committee
FINANCIAL INFORMATION AS PER ACCOUNTS, 2008
Paid-up Capital
 : Tk. 6,00,00,000.00
Shareholder’s equity
 : Tk. 10,57,75,807.00
Total Assets  
: Tk. 23,25,92,958.00
Current Assets
: Tk. 18,35,66,634.00
NIB, Cash & FDR’s With Bank
 : Tk. 12,94,64,362.00
Fixed Assets (At Cost less Dep.)
 : Tk.  3,97,19,324.00
Value per Share (against tk.100)
 : Tk.  176.29
Earning per Share     
: Tk. 15.38 (as per IAS, 33-20.29)
Net Profit before Tax
 : Tk. 1,67,74,849.00
Claims Paid
 : Tk. 6,36,24,478.00
Premium Income
: Tk. 19,87,23,797.00
% Claims Paid against Premium Income
 : 32%
CREDIT RATING INFORMATION AS PER ACCOUNTS, 2008
Name of the Company
 : Credit Rating Agency of Bangladesh Ltd.
Long term Rating
 : BB-1
Short Term Rating
 : ST-4  
Date of Rating
: 18 May 2009
EMPLOYEES RECORD

The company has a good number of dedicated and highly professional employees supported by the qualified experienced & technical sound executives. The managing director of the company Mr. Md. Ataur Rahman Mazumder has long experience in Insurance & reinsurance. Prior he was the Controller of Insurance govt. of the people’s republic of Bangladesh. Addl. Managing director Mr. M. A. Salam & Mr. Shakawat Hossain Mamun have also long experience in Insurance & Reinsurance.    

There were 699 employees of different categories at the end of the year, 2008 which are as follows:

Sl. No.
Particulars
No. of Employees
1 Managing Director 1
2 Adviser 1
3 Additional Managing Director 2
4 Deputy Managing Director 7
5 Assistant Managing Director 5
6 General Manager cum Company Secretary 1
7 General Manager 25
8 Senior Deputy General Manager 2
9 Deputy General Manager 20
10 Assistant General Manager 64
11 Officers 430
12 Other Employees 141
Total 699

EMPLOYEES SERVICE BENEFITS


1. Contributory provident fund.
2. Gratuity.
3. Personal Accident Insurance Policy.
4. Maternity, Casual, Earn & Medical leaves.
ENLISTED BANKS

We have been enlisted with all the major local and foreign Banks operating in Bangladesh to underwrite their clients Insurance Business with us.
COMPANY’S BANKERS

Mainly:
Bank Asia Limited.
Southeast Bank Limited.

We also operate our Bank Accounts with all National & International Banks in Bangladesh.
SETTLEMENT OF CLAIMS

The Company’s pride prompt settlement of claims and providing technical advice & guidance of the highest order to its clients. That is how it ensures complete safety & security.

Few settled claims each above 20 lacs are as under:

Sl.No.

Name of Party

                 Taka

1

Dong Bong Textile Ltd

         58,500,000.00

2

Shohagpur Textile Ltd.

         49,946,003.00

3

Saad Musa Fabrics Ltd.

         17,606,461.30

4

Dong Bong Textile Ltd.

         17,479,560.00

5

Berlin Knitwear Ltd.

         16,618,140.00

6

Mondol & Co.

         15,905,177.00

7

Gooryong (BD) Textile Ltd.

         14,112,645.00

8

King Sweaters Ind. Ltd.

         12,455,702.00

9

Dhaka Match Industries Co. Ltd.

         12,191,710.00

10

Raz Cold Storage (Pvt.) Ltd

          7,348,992.81

11

Bengal Footwere Ltd.

          7,029,032.65

12

Reliable Fabrics Ltd.

          6,249,150.00

13

Ajax Sweaters Ltd.

          6,200,000.00

14

Dong Bong Textile

          6,059,458.00

15

Super Delux

          6,000,000.00

16

Dimond Multi Trade (Sales Centre)

          5,866,170.00

17

Shahid & Brothers

          4,609,820.00

18

Al-Riyad Auto Rich Mills

          4,490,000.00

19

Jilani Tea House Ltd.

          4,169,060.00

20

Greenland Traders (Pvt.) Ltd

          4,133,767.00

21

King Fashions Ltd

          3,611,266.00

22

Swan Industries Ltd.

          3,562,872.00

23

Mokbul Synthetics (Pvt.) Ltd

          3,478,884.36

24

Mir Silk & Fabrics Mill Ltd.

          3,388,617.00

25

Wahab Jute Trading Co. Ltd

          3,313,579.22

26

Abrar Trade Agencies

          3,288,528.00

27

Anowar Trading

          3,248,343.00

28

Bengal Agencies

          2,789,960.00

29

Saba Trade Corporation

          2,560,455.00

30

Shohagpur Textile Mills Ltd.

          2,000,000.00

   308,213,353.34

REINSURANCE ARRANGEMENTS

For handling insurance of technological and multi-dimensional projects and for reinsurance placement in the world market a direct insurer needs support of insurance brokers. We have a good working relationship with reinsurance brokers of Sadharan Bima Corporation.

We have a proper treaty arrangement with Sadharan Bima Corporation such as Fire, Marine, Motor, Miscellaneous, Engineering and also catastrophe coverage with SBC.
MOST REPUTED CLIENTS OF THE COMPANY


The company has been honored to provide insurance protection for the most reputed business house such as:

Sl. No.

Name of the Company

Sl. No.

Name of the Company
1. 

G. M. G. Air Lines

22.

BSRM Steel Industries Ltd.
2. 

Newzeland Dairy & Foods.

23.

Modern Steel Industries Ltd.
3.

Chung-Hua Aluminum Industries Ltd.

24.

S.L. Steel Industries Ltd.
4. 

Potanga Footwear (Pvt.) Ltd.

 

 
5. 

Dye-tex Group of Industries

25.

Delta Spinning Mills Ltd.
6. 

Hypoid Group of Industries

26.

Saad Musa Fabrics Ltd
7. 

Stylo Group of Industries     

27.

Tomizzuddin Textile Mills Ltd.
8. 

Calico Garments

28.

Hajee Hashem Spinning Mills Ltd.

 

 

29.

Azharul Spinning Mills Ltd.

9. 

BD. Foods

30.

Rahima Garments
10. 

Abul Khair Group

31.

Jobeda Textile Mills Corp.
11. 

Bengal Agency

 

 
12. 

One Group.

32.

Ifat Motor’s
13. 

Ranel Group

33.

H. N. S. Automobiles
14. 

Shema Group

34.

Howlader Shipping Lines
15. 

Rahmat Group

35.

Yeasin Enterprise
16. 

A.K.H.Group

36.

A. K. Board & Chemical Industries
17.

Kabir Group

37.

G.M. International
18. 

Lina Group

 

 
19. 

Union Group

 

 
20. 

B.N.S.Group

 

 
21. 

Alhaj Moazzam Hossain Group

 

 
           
 
 
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