First Fidelity Leasing Modaraba : 3RD QTR 31 MARCH 2022

CONTENTS

CORPORATE INFORMATION ......................................................................... 02

DIRECTORS' REPO..R. T .................................................................................. 03

BALANCE SHEET ........................................................................................... 05

PROFIT AND LOSS ACCO.UNT ...................................................................... 06

STATEMENT OF COMPREHENSIVE INCOME ....................................... 07

CASH FLOW STATEMENT ............................................................................... 08

STATEMENT OF CHANGES IN EQUITY ......................................................... 09

NOTES TO THE ACCOUNTS .......................................................................... 10

Board of Directors

Fidelity Capital Management (Private) Limited.

Human Resource & Remuneration Committee

Chairman

Mr. Noor ud Din Ahmed

Members

Mr. Muhammad Farooq Abid Tung Siyyid Tahir Nawazish

Secretary

Mr. Muhammad Younas Chaudhry

Legal Advisor

Salim & Baig (Advocates)

Bankers

MCB Bank Limited Meezan Bank Limited

Registered Office

93, B-1 Canal Park, Gulberg -II, Lahore. Tel: 0 4 2 - 3 5 7 1 3 4 6 1 - 6 4

Fax: 0 4 2 - 3 5 7 5 9 1 2 2 Email:[e-mail]:www.fidelitymodaraba.com

Registrars

Corptec Associates (Private) Limited 503-E, Johar Town Lahore.

Tel: 0 4 2 - 3 5 1 7 0 3 3 6 - 7 Fax: 0 4 2 - 3 5 1 7 0 3 3 8

Email:[e-mail]

Chairman	Siyyid Tahir Nawazish
Chief Executive	Mr. Wasim-ul-Haq Osmani
Directors	Mr. Noor-ud-Din Ahmed
Mr. Muhammad Farooq Abid Tung
Company Secretary / CFO	Mr. Ijaz Fazal
[e-mail]
Auditors of Modaraba	CROWE HUSSAIN CHAUDHURY & CO.,
Chartered Accountants
Audit Committee
Chairman	Mr. Muhammad Farooq Abid Tung
Members	Siyyid Tahir Nawazish
Mr. Noor ud Din Ahmed
Secretary	Mr. Muhammad Ilyas Shafiq
Credit Committee
Chairman	Siyyid Tahir Nawazish
Members	Mr. Wasim-ul-Haq Osmani
Mr. Muhammad Younas Chaudhry

DIRECTORS' REPORT

Directors of Fidelity Capital Management (Pvt.) Limited, the management company of First Fidelity Leasing Modaraba are pleased to present un-audited condensed interim financial information of the Modaraba for the nine months period ended March 31, 2022.

The Modaraba during the nine months ended March 31, 2022, earned profit of Rs. 2.113 million, as compared to profit of Rs. 1.55 million sustained in the corresponding nine months period. The operations of the Modaraba have resulted in marginal profit, and its potential profitability depends on recovery of its major investment in the corporate tower- a project of Enplan (Pvt.) Limited. As more elaborately explained in the June 30,2021 Annual Report, the Modaraba was vigorously contesting legal cases against Enplan (Pvt.) Limited, in the relevant court of laws. One of the cases filed in the Modaraba Tribunal has been decided in favor of the Modaraba. Although against the decision of tribunal, Enplan management has preferred an appeal in the Lahore High Court, in the absence of any stay order granted by the court the execution proceedings are in progress. The decision on the other major case filed against Enplan in the Lahore High Court is pending. Modaraba management and its legal team is confident that Modaraba has meritorious grounds to have the case decided in its favor. The resultant recovery of amounts along with due markup shall provide much needed liquidity and profitability in future periods.

The management will remain cautions prudent and selective for its investment. We always strive to keep special emphasis on customer satisfaction and ensuring in the process that we follow the Islamic Shariah Principals in all our business transactions.

The nine months period ended March 31, 2022 accounts can also be accessed atwww.fidelitymodaraba.com.

The Board wish to place on record their thanks to the certificate holders, regulatory authorities for their valuable support, guidance and cooperation extended to the Modaraba and look forward to their continued patronage in future. The dedication and hard work put in by the officers and staff of the Modaraba is also acknowledged.

For and on behalf of the Board of Directors

Lahore:

April 27, 2022

202227