Equity Modaraba First : Transmission of Quarterly Report March 31 2023
April 28, 2023 at 07:33 am
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FIRST EQUITY MODARABA
Quarter and Nine Months Reports
For the period ended
March 31, 2023
Managed by
PREMIER FINANCIAL SERVICES (PVT) LTD
Page 1
FIRST EQUITY MODARABA
CORPORATE INFORMATION
Modaraba Company : Premier Financial Services (Pvt) Ltd
Board of Directors
Mr Nadeem Maqbool
Mr Qaiser Ahmed Magoon
Ms Alizeh Bashir
Mr Adil A Ghaffar - Chief Executive Officer
Audit Committee
Hunam Resourse Committee
Mr Qaiser Ahmed Magoon
Mr Qaiser Ahmed Magoon
Ms Alizeh Bashir
Mr Nadeem Maqbool
Mr Nadeem Maqbool
Mr Adil A Ghaffar
Registerd and Business address
B-1004 Lakson Square Building # 3
Room No 503-504
Sarwar Shaheed Road
Karachi Stock Exchange Building
Karachi
Karachi
Tel : 021-35672815-18
Tel : 021-32446020-3
Fax : 021-35686116
Fax : 021-32446024
e-mail: info@firstequitymodaraba.com.pk
website: firstequitymodaraba.com.pk
Contents
Corporate information
1
Report of the Directors
2
Balance sheet
4
Profit and loss account
6
Statement of comprehensive income
7
Cash flow statement
8
Statement of changes in equity
9
Notes to the financial statements
10
Equity Textile Ltd-Balance Sheet
12
Equity Textile Ltd-Profit & Loss A/c
13
Page 2
FIRST EQUITY MODARABA
DIRECTORS REPORT
The Directors of Premier Financial Services (Private) Ltd, the management company of FIRST EQUITY MODARABA, are pleased to present their report and the un-audited financial statements of the Modaraba for the nine months and quarter ended March 31, 2023.
Financial Results
Loss for the nine months ended March 31, 2023 amounted to Rupees (14.08) million as compared to profit of Rupees 2.07 million for the same period last year. The loss per certificate as at March 31, 2023 was Rs (2.68) as against profit of Rs. 0.039 per certificate last year. The break up value, per modaraba certificate, stands at Rs 10.36 at the end of the period.
Prospects
Further to our views expressed in our previous reports during the current financial year on the state of economy, trade, finance and industry, we believe that capital market will respond accordingly, after the political and economic uncertainties are settled and supply chain restored
For and on behalf of Board
Karachi
Adil A Ghaffar
April 28, 2023
Chief Executive Officer
Page 3
FIRST EQUITY MODARABA
Page 4
CONDENSED INTERIM BALANCE SHEET (UN-AUDITED)
AS AT MARCH 31, 2023
Audited
March 31
June 30,
2023
2022
Note
Rupees
Rupees
EQUITY AND LIABILITIES
Capital & Reserves
Authorised capital
60,000,000 (June 30, 2022: 60,000,000) modaraba
certificates of Rs. 10 each
600,000,000
600,000,000
Certificate capital
524,400,000
524,400,000
Reserves
3
86,886,078
100,961,990
Remeasurement of define benefit liability - Actuarial gain
1,364,966
1,364,966
Unrealised loss on re-measurement of
investments
(69,242,551)
(69,376,755)
Certificate holders' equity
543,408,493
557,350,201
Non-current liabilities
Deferred liabilities
5,897,659
5,897,659
Security deposit
200,000
200,000
Total non-current liabilities
6,097,659
6,097,659
Current liabilities
Creditors, accrued and other liabilities
8,115,291
13,872,554
Unclaimed profit distributions
31,127,871
31,139,886
Total current liabilities
39,243,162
45,012,440
Total liabilities
45,340,821
51,110,099
Total equity and liabilities
588,749,314
608,460,300
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First Equity Modaraba published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 11:32:17 UTC.
First Equity Modaraba is a Pakistan-based perpetual and multipurpose modaraba. The Company is capable of undertaking a variety of fund and fee-based activities. These include trading, manufacturing, equity investment and their financing and facilitation. The Company operates through four segments: Musharaka facility, Brokerage operation, Capital market and Others. The Company is operating its brokerage activities at Karachi. Its subsidiaries include Equity Textiles Limited, Capital Financial Services (Private) Limited and Apex Financial Services (Private) Limited. The Company, through its subsidiary, Equity Textiles Limited, is engaged in the manufacturing and sale of textile products. Its subsidiaries, Capital Financial Services (Private) Limited and Apex Financial Services (Private) Limited, act as a member/broker of the Pakistan Stock Exchange, and are engaged in the business of brokerage services in stock and shares, among others.