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Deficient management leads INDITEX on the verge of fail
BUCHAREST,
ROMANIA - Zara wants to cover losses from theft with employees’
money.
The management, theft and losses give headaches to the Spanish
group INDITEX, the owner of the ZARA chain. Only 10 months before, on
July 25th, 2011, the publication Ziarul Financiar
announced the fact that “INDITEX takes the manager from the
Douglas perfumeries” pointing at Paul Cuza, who previously had
the function of General Manager for Parfumerie Douglas SRL.
Currently, the Romanian INDITEX group performs salary and structural
changes without precedent, which the management team from Bucharest doesn’t want to explain.
The problem of the clothes theft is a known phenomenon, especially
when it comes to expensive brands such as ZARA or Massimo Dutti. The
phenomenon was publicly recognized even by the management of the
INDITEX Group Romania, two years before. Probably worried by this
fact, Mihai Cioltea, the development manager of the INDITEX Group
from Romania, also named by the press as “the Zara man”,
stated in 2010 for the economic website InCont the following: “They
steal a lot. Only for the stores in Bucharest we have 10 cases of
stealing per day, which we discover and, depending on the severity,
we call the police”.[...]
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FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report for six month period ending: / / (a)
or fiscal year ending: 12/31/97 (b)
Is this a transition report? (Y/N) N
-----
Is this an amendment to a previous filing? (Y/N) N
-----
Those items or sub-items with a box "/X/" after the item number should be
completed only if the answer has changed from the previous filing on this
form.
1. A. Registrant Name: American Maturity Life Separate Account AMLVA
B. File Number: 811-7761
C. Telephone Number: (866) 843-6394
2. A. Street: PO Box 2999
B. City: Hartford C. State: CT D. Zip Code: 06104 Zip Ext: 2999
E. Foreign Country: Foreign Postal Code:
3. Is this the first filing on this form by Registrant? (Y/N) Y
-----------------
4. Is this the last filing on this form by Registrant? (Y/N) N
-------------------
5. Is Registrant a small business investment company (SBIC)? (Y/N) N
------------
[If answer is "Y" (Yes), complete only items 89 through 110.]
6. Is Registrant a unit investment trust (UIT)? (Y/N) Y
-----------------------
[If answer is "Y" (Yes) complete only items 111 through 132.]
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UNIT INVESTMENT TRUSTS
111. A. Depositor Name: American Maturity Life Insurance Company
---------------------------------------------------
B. File Number (If any):
----------------------------------------------
C. City: Simsbury State: CT Zip Code: 06089 Zip Ext.:
------------- ---- -------- ---------
Foreign Country: Foreign Postal Code:
---------------- ------------
111. A. Depositor Name:
---------------------------------------------------
B. File Number (If any):
----------------------------------------------
C. City: State: Zip Code: Zip Ext.:
------------- ---- -------- ---------
Foreign Country: Foreign Postal Code:
---------------- ------------
112. A. Sponsor Name: American Maturity Life Insurance Company
-----------------------------------------------------
B. File Number (If any):
----------------------------------------------
C. City: Simsbury State: CT Zip Code: 06089 Zip Ext.:
------------- ---- -------- ---------
Foreign Country: Foreign Postal Code:
---------------- ------------
112. A. Sponsor Name:
-----------------------------------------------------
B. File Number (If any):
----------------------------------------------
C. City: State: Zip Code: Zip Ext.:
------------- ---- -------- ---------
Foreign Country: Foreign Postal Code:
---------------- ------------
|
113. A. Trustee Name:
-----------------------------------------------------
B. City: State: Zip Code: Zip Ext.:
------------- ---- -------- ---------
Foreign Country: Foreign Postal Code:
---------------- -------------
113. A. Trustee Name:
-----------------------------------------------------
B. City: State: Zip Code: Zip Ext.:
------------- ---- -------- ---------
Foreign Country: Foreign Postal Code:
---------------- -------------
114. A. Principal Underwriter Name: Hartford Securities Distribution
Company, Inc.
---------------------------------------
B. File Number: 8-48097
-----------------------------
C. City: Hartford State: CT Zip Code: 06104 Zip Ext.: 2999
------------- ---- -------- ---------
Foreign Country: Foreign Postal Code:
----------------- -------------
114. A. Principal Underwriter Name:
---------------------------------------
B. File Number: 8-
-----------------------------
C. City: State: Zip Code: Zip Ext.:
------------- ---- -------- ---------
Foreign Country: Foreign Postal Code:
----------------- ------------
115. A. Independent Public Accountant Name: Arthur Andersen & Company
-------------------------------
B. City: Hartford State: CT Zip Code: 06104 Zip Ext.: 2999
------------- ---- -------- ---------
Foreign Country: Foreign Postal Code:
----------------- ------------
115. A. Independent Public Accountant Name:
-------------------------------
B. City: State: Zip Code: Zip Ext.:
------------- ---- -------- ---------
Foreign Country: Foreign Postal Code:
----------------- ------------
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116. Family of investment companies information:
A. Is Registrant part of a family of investment companies?
(Y/N) N
----------------------------------------------------- ----
Y/N
B. Identify the family in 10 letters:
-- -- -- -- -- -- -- -- -- --
(NOTE: In filing this form, use this identification consistently
for all investment companies in family. This designation
is for purposes of this form only.)
117. A. Is Registrant a separate account of an insurance company?
(Y/N) Y
------------------------------------------------------- ----
Y/N
If answer is "Y" (Yes), are any of the following types of contracts funded
by the Registrant?:
B. Variable annuity contracts? (Y/N) Y
--------------------------- ----
Y/N
C. Scheduled premium variable life contracts? (Y/N) N
------------ ----
Y/N
D. Flexible premium variable life contracts? (Y/N) N
------------ ----
Y/N
E. Other types of insurance products registered under the Securities
Act of 1933? (Y/N) N
------------------------------------------ ----
Y/N
118. State the number of series existing at the end of the period that had
securities registered under the Securities Act of 1933 1
----------------
119. State the number of new series for which registration statements
under the Securities Act of 1933 became effective during the period
0
---------
120. State the total value of the portfolio securities on the date of
deposit for the new series included in item 119 ($000's omitted)
$ 0
---------------------------------------------------------- ----------
121. State the number of series for which a current prospectus was in
existence at the end of the period 1
------------------------------------
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122. State the number of existing series for which additional units were
registered under the Securities Act of 1933 during the current period
0
----------------------------------------------------------------------
123. State the total value of the additional units considered in answering
item 122 ($000's omitted) $ 0
-------------------------------------- ------
124. State the total value of units of prior series that were placed in
the portfolios of subsequent series during the current period (the
value of these units is to be measured on the date they were placed
in the subsequent series) ($000's omitted) $ 0
--------------------- ------
125. State the total dollar amount of sales loads collected (before
reallowances to other brokers or dealers) by Registrant's principal
underwriter and any underwriter which is an affiliated person of the
principal underwriter during the current period solely from the sale
of units of all series of Registrant ($000's omitted) $ 0
---------- ------
126. Of the amount shown in item 125, state the total dollar amount of
sales loads collected from secondary market operations in Registrant's
units (include the sales loads, if any, collected on units of a prior
series placed in the portfolio of a subsequent series.) ($000's
omitted) $ 0
------------------------------------------------------- ------
127. List opposite the appropriate description below the number of series
whose portfolios are invested primarily (based upon a percentage of
NAV) in each type of security shown, the aggregate total assets at
market value as of a date at or near the end of the current period of
each such group of series and the total income distributions made by
each such group of series during the current period (excluding
distributions of realized gains, if any):
|
Number of Total Assets Total Income
Series ($000's Distributions
Investing omitted) ($000's omitted)
----------- -------------- ------------------
A. U.S. Treasury direct issue $ $
--------- --------- ---------
B. U.S Government agency $ $
--------- --------- ---------
C. State and municipal tax-free $ $
--------- --------- ---------
D. Public utility debt $ $
--------- --------- ---------
E. Brokers or dealers debt or debt of
brokers' or dealers' parent $ $
--------- --------- ---------
F. All other corporate intermed. & long-
term debt $ $
--------- --------- ---------
G. All other corporate short-term debt $ $
--------- --------- ---------
H. Equity securities of brokers or dealers
or parents of brokers or dealers $ $
--------- --------- ---------
I. Investment company equity securities $ $
--------- --------- ---------
J. All other equity securities $7,732 $42
--------- --------- ---------
K. Other securities $ $
--------- --------- ---------
L. Total assets of all series of registrant $7,732 $42
--------- --------- ---------
|
128. Is the timely payment of principal and interest on any of the
portfolio securities held by any of Registrant's series at the end of
the current period insured or guaranteed by an entity other than the
issuer? (Y/N) N
[If answer is "N" (No), go to item 131.] Y/N
129. Is the issuer of any instrument covered in item 128 delinquent or in
default as to payment of principal or interest at the end of the
current period? (Y/N)
[If answer is "N" (No), go to item 131.] Y/N
130. In computations of NAV or offering price per unit, is any part of the
value attributed to instruments identified in item 129 derived from
insurance or guarantees? (Y/N)
Y/N
131. Total expenses incurred by all series of Registrant during the current
reporting period ($000's omitted) $17
132. List the "811" (Investment Company Act of 1940) registration number
for all Series of Registrant that are being included in this filing:
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
811- 811- 811- 811- 811-
This report is signed on behalf of the registrant (or depositor or trustee).
City of: Simsbury State of: CT Date: 2-27-98
Name of Registrant, Depositor or Trustee: American Maturity Life Separate
Account AMLVA
By (Name and Title): Witness (Name and Title):
George R. Jay Cynthia J. McNickle
Controller Assistant Director
</TABLE>
Arthur Andersen LLP
To American Maturity Life Insurance Company
Separate Account AMLVA:
In planning and performing our audit of the financial statements of American
Maturity Life Insurance Company Separate Account AMLVA (the Account) for the
period from inception, March 17, 1997, to December 31, 1997, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Account is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
/s/ Arthur Anderson LLP
----------------------------
Hartford, Connecticut
February 16, 1998
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