Trust Modaraba : Transmission of Quarterly Report of TM for the Period Ended March 31, 2022.

CONTENTS

• 3 CORPORATE INFORMATION

• 4 DIRECTOR'S REPORT

• 5 DIRECTOR'S REPORT (URDU)

• 6 CONDENSED INTERIM BALANCE SHEET (UN-AUDITED)

• 7 CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

• 8 CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

• 9 CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

• 10 CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

• 11 SELECTED NOTES TO INTERIM FINANCIAL STATEMENT (UN-AUDITED)

CORPORATE INFORMATION

MODARABA COMPANY

AI-Zamin Modaraba Management (Private) Limited

BOARD OF DIRECTORS

Mr. Mian Sheikh Arshad Farooq Mr. Basheer Ahmed Chowdry Mr. Syed Shahnawaz Ahmed Rizvi Mr. Syed Etrat Hussain Rizvi

Mr. Mohammad Yasin

Mr. Sohail Ansar

Dr. Mrs. Namoos BaquarChairman Chief Executive Director Director Director Director Director

MANAGEMENT

Mr. Basheer Ahmed Chowdry Chief ExecutiveMs. Hamida Aqeel Mr. ljaz Ahmed Khan

Chief Operating Officer/Company Secretary Chief Financial Officer/Regional Head

AUDIT COMMITTEE

Mr. Syed Shahnawaz Ahmed Rizvi Chairman Mr. Mian Sheikh Arshad Farooq MemberMr. Syed Etrat Hussain Rizvi Mr. Sohail Ansar

Member Member

HUMAN RESOURCE COMMITTEE Mr. Syed Etrat Hussain Rizvi

Mr. Syed Shahnawaz Ahmed Rizvi Mr. Basheer Ahmed Chowdry Mr. Muhammad Yasin

Chairman Member Member

Member

INTERNAL AUDITORS UHY Hassan Naeem & Co. Chartered Accountants

AUDITORS OF THE MODARABA

Grant Thornton Anjum Rahman. Chartered Accountants

BANKER

Meezan Bank Limited

LEGAL ADVISORS Holscott International

S&B Durrani Law AssoicatesREGISTERED OFFICE/PRINCIPAL PLACE OF BUSINESS 104-106, Kassam Court, BC-9, Block-5, Clifton, Karachi-75600 Telephone: [phone]

Fax: [phone] Web: trustmodaraba.com Email:[e-mail]

REGIONAL OFFICE 301 & 320, 3rd Floor, Garden Heights, 8-Aibak Block, New Garden Town, Lahore Telephone: [phone] Fax: [phone]

REGISTRARS

Hameed Majeed Associates (Private) Limited

1st Floor, H.M. House, 7-Bank Square, Lahore Telephone: [phone] Fax: [phone]

DIRECTORS' REPORT

The Directors of Al-Zamin Modaraba Management (Private) Limited, the management company of Trust Modaraba are pleased to present the un-audited financial statements of Trust Modaraba for the period ended 31st March, 2022 representing three quarters of the current financial year.

ECONOMIC REVIEW

During first three quarters of the current financial year indicators have mostly signaled positive economic momentum with continued improvement in tax collections, foreign remittances, large scale manufacturing and exports. On the production side agricultural output mainly rice, sugarcane and sunflower also increased due to favorable weather conditions, improved input availability of seeds, pesticides and increased agricul-ture credit disbursements. However, inflation witnessed upward trend driven by surging global commodity prices and weaker exchange rate. The recent geo-political tensions in particular the Ukraine crises present significant external risk factor. On the other hand, prevailing intense political polarization is also building internal risks. All the stakeholders need to address the said challenges on priority basis as any further escala-tions to these risks could seriously jeopardize the positive outlook for the economy and may lead to protract-ed macroeconomic imbalances.

PERFORMANCE

The performance of your Modaraba during the period under review remained impressive as most of the performance indicators registered substantial increase over the previous corresponding period. The Modara-ba achieved total income of Rs.69.8 million during July-March period of the current financial year registering more than two folds increase as compared to the previous comparable period. Gain on settlement achieved from a long outstanding case in litigation provided healthy contribution to the income and resource base of the Modaraba. However, on equity portfolio targeted returns could not be achieved due to depressed perfor-mance of the stock market as a result of which unrealized loss of Rs.11.9 million had to be recorded in the books of accounts. In line with our prudent portfolio management policy, provisions of Rs.10.0 million were made against certain classified accounts. Fresh disbursements of Rs.141 million were made during the period as compared to Rs.94 million of the previous comparable period. After accounting for all the expenses, your Modaraba achieved profit before tax of Rs.16.6 million as compared to Rs.5.5 million of the previous period registering three times increase comparatively.

Asset base of your Modaraba increased from Rs.378 million to Rs.424 million as at 31st March, 2022. Likewise, total equity also increased from Rs.316 million to Rs.324 million after incorporating unrealized loss on revaluation of investments of Rs.4.4 million.

Whilst various plans are in offing to increase the resource base of your Modaraba, recovery from the litigated portfolio has always remained a focused area of the Management for which every effort is being made to expedite matters to final conclusion.

EARNING PER CERTIFICATE

Earning per certificate of your Modaraba has increased to Rs. 0.43 for the period ended 31st March, 2022 as compared to Rs. 0.18 for the previous corresponding period.

Your management is making all out efforts to achieve further growth in the operations of the Modaraba for the benefit of all the stakeholders.

27th April, 2022.

For and on behalf of Trust Modaraba

DIRECTOR

CHIEF EXECUTIVE