www.unicapmodaraba.com
DIRECTOR'S REPORT
Dear Certificate holders,
The Board of Directors of Map Out Management Company (Private) Limited, Managers of UNICAP Modaraba (UCAPM) take pleasure in presenting the Quarterly Financial Statements of the Modaraba for the first quarter ended September 30, 2022.
Operating expenses of the Modaraba have remained within budget.
The Modaraba will continue with its strategy of business growth by booking of productive assets and development of new products and services in future.
The Registrar Modaraba, SECP passed an Order bearing Serial No.SC/M/MS/Unicap/46/2022/75 dated March 28,2022 stating that the accumulated losses of the Modaraba have exceeded more than 50% of the total amount subscribed by the Modaraba Certificate Holders and it may be wound up in public interest by filing an application of Winding Up before the Modaraba Tribunal Lahore. Unicap Modaraba filed a Writ Petition the Order in the Lahore High Court challenging the Order passed by SECP and the Honorable Lahore High Court, on August 03, 2022 suspended the operations of the impugned order dated March 28 ,2022 passed by SECP
The Board thanked the sponsors for continuous corporate guidance and financial support since taking over of the Management of the Modaraba by Map Out Management Company Pvt Limited. The Board also acknowledges the patronage of certificate holders of the Modaraba for their continued trust and support.
The Board also appreciates dedication and hard work of the employees of the Modaraba.
The enclosed financial statements depict that the plans Map Out Management Company (Private) Limited, Managers of UNICAP Modaraba (UCAPM) and efforts put in by the employees to revive the Modaraba and to make it an active business concern are going in the right direction and begin to bear success.
On Behalf of the Board of Directors
Map Out Management Company (Private) Limited
---Sd---
_________________________
Director
7 October 2022
Lahore
BALANCE SHEET
AS AT SEPTEMBER 30, 2022
Notes
ASSETS
Property & Equipment
Cash In Hand
Advance Tax
Investments - Stock In Trade
LIABILITIES
Accrued and other liabilities
Long term security deposit
Payable to management company
Provision for taxation
REPRESENTED BY:
CERTIFICATE CAPITAL
Authorized
24,000,000 Modaraba Certificates of Rs.10/- each
Issued, subscribed and paid up certificates
Discount on Issuance of Shares
Share Deposit Money
RESERVES
Statutory reserve
Accumulated losses
CONTINGENCIES
September 30
2022
Rupees
75,087
38,621
88,792
58,260,727
58,463,227
1,303,242
-
2,150,000
901,489
4,354,731
54,108,496
240,000,000
236,400,000
(50,000,000)
25,421,593
8,738,973
(166,452,070)
54,108,496
September 30
2021
Rupees
103,287
69,714
88,816
56,900,000
57,161,817
1,211,242
-
425,000
901,489
2,537,731
54,624,086
240,000,000
236,400,000
(50,000,000)
25,421,593
8,738,973
(165,936,480)
54,624,086
---Sd---
CHIEF EXECUTIVE
---Sd---
DIRECTOR
PROFIT AND LOSS ACCOUNT
FOR THE QUARTER ENDED SEPTEMBER 30, 2022
Quarter Ended | |
September 30 | September 30 |
2022 | 2021 |
Notes
- - - - - - - - - - - - - - - Rupees - - - - - - - - - - - - -
Ijarah Rental Income
Financial Advisory
Un-realized Gain on Investment
Gain on Sale of Fixed Assets
Reversal of Mark-up
Profit on Bank Account
Expense
Administrative Expenses Impairment in Value of Investment
Profit (Loss) before Management Fee
Modaraba Company's Management Fee
Profit (Loss) before Taxation
Taxation
-
-
-
-
-
-
-
441,056
441,056
(441,056)
(441,056)
-
-
-
-
-
-
-
-
570,004
570,004
(570,004)
(570,004)
-
Profit (Loss) after Taxation Earning per Certificate
---Sd---
CHIEF EXECUTIVE
(441,056) | (570,004) | |
(0.024) | (0.024) |
---Sd---
DIRECTOR
STATEMENT OF COMPREHENSIVE INCOME
FOR THE QUARTER ENDED SEPTEMBER 30, 2022
Quarter Ended | |||||
September 30 | September 30 | ||||
2022 | 2021 | ||||
Notes - - - - - - - - - - - | - - - - Rupees - - - - - - - - - - - - - | ||||
Profit (Loss) after Taxation | (441,056) | (570,004) | |||
Other Comprehensive income /(loss) | |||||
Total Comprehensive (loss) | (441,056) | (570,004) | |||
---Sd--- | ---Sd--- |
CHIEF EXECUTIVE | DIRECTOR |
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Unicap Modaraba published this content on 06 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 February 2023 04:39:06 UTC.