Trust Modaraba : Financial Results for the Quarter Ended March 31, 2023.

CONDENSED INTERIM BALANCE SHEET AS AT MARCH 31, 2023

(Un-audited)	(Audited)
March 31, 2023	June 30, 2022

ASSETS	Note	-----------------Rupees-----------------
Current assets
Cash and bank balances		9,359,769	7,690,515
Short term investments	4	23,919,716	32,908,149
Advances, deposits, prepayments and other receivables	5	9,287,086	28,291,113
Short term murabaha finances	6	33,868,608	30,990,535
Ijarah rental receivables	7	4,118,673	4,048,929
Current portion of long term murabaha finances	8	64,962,524	79,992,821
Short term musharakah finances (secured - considered good)	9	8,126,499	23,689,845
Current portion of long term diminishing musharakah finances	10	13,753,446	1,704,637
Income tax refundable		2,490,222	3,072,891
		169,886,543	212,389,435
Assets classified as held for sale		8,625,000	8,625,000
Total current assets		178,511,543	221,014,435
Non-current assets
Murabaha finances	8
Diminishing musharakah finances	10	44,717,400	2,773,749
Deferred taxation		1,160,917	1,160,917
Deposits		602,962	1,106,562
Long term investments	11	6,673,385	7,281,478
Fixed assets	12	153,744,145	163,055,963
Total non-current assets		208,657,882	194,573,999
Total assets		387,169,425
LIABILITIES
Current liabilities
Unclaimed profit distributions		12,831,607	12,834,792
Creditors, accrued and other liabilities	13	620,824	11,361,125
Current portion of deferred income on murabaha		3,085,369	6,698,560
Current portion of customers' security deposits		6,292,145	8,810,600
Current portion of lease liabilities against right of use assets		1,158,012	430,555
Due to director		-	5,000,000
Total current liabilities		23,987,957
Non-current liabilities
Deferred income on murabaha		1,523,411	2,366,206
Customers' security deposits		43,854,468	45,071,713
Lease liabilities against right of use assets		1,643,633	1,964,011
Total non-current liabilities		47,021,512	49,401,930
Total liabilities		71,009,469	94,537,562
NET ASSETS		316,159,956	321,050,872
REPRESENTED BY
CAPITAL AND RESERVES
Certificate capital		298,000,000	298,000,000
Reserves		24,195,102	28,579,554
Total equity
Unrealized loss on revaluation of investments	14	(6,035,146)	(5,528,682)
		316,159,956	321,050,872
Contingencies and commitments	15

The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

TRUST MODARABA Quarterly Report March, 31, 2023

6

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2023

		Nine Months ended	Quarter Year Ended
		March 31,		March 31,
	Note	2023	2022	2023	2022
		------------------------------Rupees---------------------------------
Income from ijarah	16	13,077,146	11,683,868	3,750,171	2,861,959
Profit on murabaha finances		5,653,210	8,314,571	1,138,790	2,645,366
Profit on musharakah/diminishing musharakah finances		8,987,584	4,866,315	3,297,401	1,457,753
Income/(loss) from investments - net	17	342,978	553,028	(460,763)	5,273
Other income	18	1,973,873	44,426,107	627,615	955,977
		30,034,791	69,843,889	8,353,214	7,926,328
(Provision)/reversal for doubtful receivables		(747,114)	(10,010,482)	-	-
Bad debts written off		-	(1,072,849)	-	-
Unrealized loss on revaluation of held-for-trading
investments		(3,870,915)	(11,912,987)	(1,705,560)	(2,006,754)
		25,416,762	46,847,571	6,647,654	5,919,574
Operating expenses	19	(28,715,314)	(28,047,010)	(8,951,525)	(8,122,539)
		(3,298,552)	18,800,561	(2,303,871)	(2,202,965)
Modaraba management company's fee		-	(1,880,056)	-	220,297
Sindh worker welfare fund		-	(338,410)	-	39,653
(Loss)/profit before taxation		(3,298,552)	16,582,095	(2,303,871)	(1,943,015)
Taxation		(1,085,900)	(3,905,631)	(266,402)	(26,215)
Net (loss)/profit for the period		(4,384,452)	12,676,464	(2,570,273)	(1,969,230)
Earnings per certificate - basic and diluted	20	(0.15)	0.43	(0.09)	(0.07)

The annexed notes from 1 to 24 form an integral part of these condensed interim financial statements.

For Al-Zamin Modaraba Management (Private) Limited

(Modaraba Management Company)

CHIEF EXECUTIVE

DIRECTOR

DIRECTOR

CHIEF FINANCIAL OFFICER

7	TRUST MODARABA Quarterly Report March, 31, 2023