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.