First Elite Capital Modaraba : Transmission of Quarterly Report for the Period Ended September 30, 2023

FIRST ELITE CAPITAL MODARABA

CONTENTS

CORPORATE INFORMATION		4
DIRECTORS' REPORT		5
		6
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION	7
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS		8
CONDENSED INTERIM STATEMENT OF
COMPREHENSIVE INCOME		9
CONDENSED INTERIM STATEMENT OF CASH FLOWS		10
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY		11
NOTES TO THE CONDENSED INTERIM
FINANCIAL STATEMENTS	12-15

		FIRST ELITE CAPITAL MODARABA
CORPORATE INFORMATION
BOARD OF DIRECTORS OF MODARABA MANAGEMENT COMPANY
Mr. Muneeb Ahmed Dar	Chairman
Mr. Aamir Iftikhar Khan	Chief Executive
Dr. Sardar Ahmad Khan	Director
Mr. Ghazanfar Farrokh	Director
Mr. Muhammad Javed Amin	Director
Mrs. Rukhsana Javed Amin	Director
Mrs. Shahana Javed Amin	Director
AUDIT COMMITTEE
Mr. Ghazanfar Farrokh	Chairman
Mr. Muneeb Ahmed Dar	Member
Mrs. Shahana Javed Amin	Member
COMPANY SECRETARY
Mr. Muhammad Arif Hilal
LEGAL ADVISOR
International Legal Services
SHARIAH ADVISOR
Mufti Muhammad Umar
AUDITORS OF THE MODARABA
Ilyas Saeed & Co.
Chartered Accountants
BANKERS OF THE MODARABA
Bank Alfalah Limited
Bank Islami Pakistan Limited
Meezan Bank Limited
PRINCIPAL & REGISTERED OFFICE
50-A, Garden Block, New Garden Town,
Lahore - Pakistan.
Tel	:	[phone]-37
Fax	:	[phone]
E-mail	:	[e-mail]
Web	: www.fecm.com.pk
SHARE REGISTRAR
CorpTec Associates (Pvt.) Limited
503-E, Johar Town, Lahore.
Tel	: 042-35170336-7
Fax	:	042-35170338
E-mail : [e-mail]
4

FIRST ELITE CAPITAL MODARABA

DIRECTORS' REPORT

Valued Certificate Holders

The Board of Directors of Crescent Modaraba Management Company Limited, Manager of First Elite Capital Modaraba are pleased to present the unaudited financial statements of the Modaraba for the period ended September 30, 2023.

Operation's & Performance

Total Income

Depreciation of assets leased out Administrative and general expenses Financial charges

Total Expenses

Operating Loss

Management Fee

Loss before taxation

Taxation

Loss after taxation

Loss per certificate - basic and diluted

September

30, 2023

Rupees

9,485,553

6,402,245

3,857,364

4,652

10,264,261

(778,708)

-

(778,708)

(118,569)

(897,277)

(0.08)

September

30, 2022

Rupees

8,353,108

6,303,517

3,506,688

1,525

9,811,730

(1,458,622)

-

(1,458,622)

(104,414)

(1,563,036)

(0.14)

During the quarter, the Modaraba suffered a loss of Rs.897,277/= as compared to loss of Rs.1,563,036/= in the corresponding period of last year. The volatile capital market, rising inflation and political unrest in the country affected the results of the Modaraba.

Gross revenue was Rs.9,485,553/= in the first quarter of the year, which was mainly derived from Ijarah Financing and profit on investment in Mutual Funds. Loss per certificate is Re 0.08. The Management of the Modaraba expects that with improvement in the business environment in the country, the performance of the Modaraba will also improve.

The Board thanks the Regulatory Authorities for their continuous guidance and cooperation and places on record its appreciation of the services rendered by the staff members of their hard work.

On behalf of the Board

AAMIR IFTIKHAR KHAN	MUNEEB AHMED DAR
CHIEF EXECUTIVE	CHAIRMAN
Lahore
October 20, 2023

5

FIRST ELITE CAPITAL MODARABA
2022	2023
8,353,108	9,485,553
6,303,517	6,402,245
3,506,688	3,857,364
1,525	4,652
9,811,730	10,264,261
(1,458,622)	(778,708)
-	-
(1,458,622)	(778,708)
(104,414)	(118,569)
(1,563,036)	(897,277)
(0.14)	(0.08)
	2023	20
6

FIRST ELITE CAPITAL MODARABA

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2023

				Un-audited	Audited
				September	June
		Note	30, 2023		30, 2023
				Rupees	Rupees
ASSETS
Current assets
Cash and bank balances	4		2,779,509		2,398,266
Short term investments	5		10,758,717		8,607,942
Short term investments in Mutual Funds	6		16,938,476		20,239,036
Short term finances under musharakah	7		-
arrangements - Secured			-
Short term finances under murabahah	8		16,403
arrangements - Secured			16,403
Ijarah rentals receivable - Secured	9		2,369,640		1,859,248
Profit receivable - Secured	10		-		-
Advances, deposits, prepayments and	11		5,442,289
other receivables			5,097,343
Advance income tax	12		798,412		722,764
				39,103,446		38,941,002
Non-current assets

Assets leased out under ijarah contracts 13

Property and equipment14 Investment Property

TOTAL ASSETS
LIABILITIES
Current liabilities
Accrued and other liabilities	15
Security deposits	16
Unclaimed profit distribution
Non-current liabilities
Security deposits	16
Employees retirement benefits
Contingencies and commitments	17
TOTAL LIABILITIES
NET ASSETS
REPRESENTED BY
Authorized Certificate Capital
20,000,000 modaraba certificates of
Rs. 10 each
Issued, subscribed and paid-up capital	18
Reserves

103,931,713

1,552,456

23,533,287

129,017,456

168,120,902

1,426,013

6,640,726

8,486,021

16,552,760

46,938,972

11,591,679

58,530,651

-

75,083,411

93,037,491

200,000,000

113,400,000

(20,362,509)

93,037,491

98,797,049

1,626,196

23,533,287

123,956,532

162,897,534

1,344,966

5,906,805

8,486,021

15,737,792

43,326,769

11,291,679

54,618,448

-

70,356,240

92,541,294

200,000,000

113,400,000

(20,858,705)

92,541,294

The annexed notes from 1 to 22 form an integral part of these financial statements

For Crescent Modaraba Management Company Limited (Management Company of First Elite Capital Modaraba)

Chairman

Chief Executive

Director

Chief Financial Officer

7

FIRST ELITE CAPITAL MODARABA

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS FOR THE PERIOD ENDED SEPTEMBER 30, 2023 (UN-AUDITED)

September

30, 2023

Rupees

INCOME

September

30, 2022

Rupees

Income from ijarah financing

Profit on murabahah and musharakah financing Reversal of provision for doubtful receivable Return on investments

Other income

EXPENSES

8,251,829

-

38,000

1,127,819

67,905

9,485,553

7,754,942

-

91,951

280,740

225,475

8,353,108

Depreciation of assets leased out Administrative and general expenses Financial charges

Operating Loss

Management fee

Loss before taxation

Taxation

Loss after taxation

Loss per certificate - basic and diluted

6,402,245

3,857,364

4,652

10,264,261

(778,708)

-

(778,708)

(118,569)

(897,277)

(0.08)

6,303,517

3,506,688

1,525

9,811,730

(1,458,622)

-

(1,458,622)

(104,414)

(1,563,036)

(0.14)

The annexed notes from 1 to 22 form an integral part of these financial statements

For Crescent Modaraba Management Company Limited (Management Company of First Elite Capital Modaraba)

Chairman

Chief Executive

Director

Chief Financial Officer

8

FIRST ELITE CAPITAL MODARABA

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED SEPTEMBER 30, 2023 (UN-AUDITED)

Loss after taxation

Other comprehensive Income/(Loss)

Items that may be reclassified subsequently to profit or loss

Changes in fair value of available for sale financial assets

Re-classification adjustment for (gain)/loss included in profit or loss

Items that may not be reclassified subsequently to profit or loss

September

30, 2023

Rupees

(897,277)

1,393,473

-

1,393,473

-

September

30, 2022

Rupees

(1,563,036)

(231,927)

-

(231,927)

-

Total comprehensive Income/(Loss)	496,196		(1,794,963)

The annexed notes from 1 to 22 form an integral part of these financial statements

For Crescent Modaraba Management Company Limited (Management Company of First Elite Capital Modaraba)

Chairman

Chief Executive

Director

Chief Financial Officer

9

FIRST ELITE CAPITAL MODARABA

CONDENSED INTERIM STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED SEPTEMBER 30, 2023 (UN-AUDITED)

September

30, 2023

Rupees

CASH FLOWS FROM OPERATING ACTIVITIES

Loss before taxation

(778,708)

Adjustments for non-cash charges and other items:

September

30, 2022

Rupees

(1,458,622)

Depreciation

Depreciation of assets leased out under ijarah contracts

Loss/(Profit) on sale of investments Reversal of provision for doubtful receivable Provision for taxation

Gain on disposal of property and equipment Dividend income

Profit on bank deposits

Provision for employees retirement benefits Financial charges

(Increase)/decrease in current assets

Advances, deposits, prepayments and other receivables

Murabahah and Musharakah financing

(Decrease)/Increase in current liabilities

64,224

6,402,245

(11,580)

(38,000)

(118,569)

(20,084)

(1,116,239)

(47,821)

300,000

4,652

5,418,828

(930,986)

38,000

(892,986)

51,884

6,303,517

-

(91,951)

(104,414)

-

(280,740)

(225,475)

-

1,525

5,654,346

22,387,435

38,000

22,425,435

Creditores, accrued and other liabilities

Cash flow from operations

Financial charges

Receipt/(payment) of security deposits from lessees

Net cash inflow from operating activities

Cash flow from investing activities

81,047

3,828,181

(4,652)

4,346,124

4,341,472

8,169,653

(398,212)

26,222,947

(1,525)

(2,807,629)

(2,809,154)

23,413,793

Sale proceeds of investments Purchase of Investments

Proceeds from sale of property and equipment Dividend income

Profit on bank deposits Investment in lease finance net

Net cash outflow from investing activities

Cash flow from financing activities

288,507

2,266,330

29,600

1,116,239

47,821

(11,536,907)

(7,788,410)

-

141,427

-

280,740

225,475

(3,931,308)

(3,283,666)

Net Cash Outflow from financing Activities	-
Net increase/(decrease) in cash and
cash equivalents	381,243
Cash and cash equivalents at the
beginning of the period	2,398,266
Cash and cash equivalents at the end
of the period	2,779,509

-

20,130,127

15,851,128

35,981,255

The annexed notes from 1 to 22 form an integral part of these financial statements

For Crescent Modaraba Management Company Limited (Management Company of First Elite Capital Modaraba)

Chairman

Chief Executive

Director

Chief Financial Officer

10