Equity Modaraba First : Transmission of Quarterly Report for the Period Ended March 31 2024

FIRST EQUITY MODARABA

Quarter and Nine Months Reports

For the period ended

March 31, 2024

Managed by

PREMIER FINANCIAL SERVICES (PVT) LTD

Page 1

FIRST EQUITY MODARABA

CORPORATE INFORMATION

Modaraba Company : Premier Financial Services (Pvt) Ltd

	Board of Directors
Mr Nadeem Maqbool	Mr Qaiser Ahmed Magoon
Ms Alizeh Bashir	Mr Adil A Ghaffar - Chief Executive Officer
Audit Committee	Hunam Resourse Committee
Mr Qaiser Ahmed Magoon	Mr Qaiser Ahmed Magoon
Ms Alizeh Bashir	Mr Nadeem Maqbool
Mr Nadeem Maqbool	Mr Adil A Ghaffar

Registerd and Business address

B-1004 Lakson Square Building # 3	Room No 503-504
Sarwar Shaheed Road	Karachi Stock Exchange Building
Karachi	Karachi
Tel : [phone]	Tel : [phone]
Fax : [phone]	Fax : [phone]

e-mail: [e-mail]
website: firstequitymodaraba.com.pk
Contents
Corporate information	1
Report of the Directors	2
Balance sheet	4
Profit and loss account	6
Statement of comprehensive income	7
Cash flow statement	8
Statement of changes in equity	9
Notes to the financial statements	10
Equity Textile Ltd-Balance Sheet	12
Equity Textile Ltd-Profit & Loss A/c	13

Page 2

FIRST EQUITY MODARABA

DIRECTORS REPORT

TheThe Directors of Premier Financial Services (Private) Ltd, the management company of FIRST EQUITY MODARABA, are pleased to present their report and the un-audited financial statements of the Modaraba for the nine months and quarter ended March 31, 2024..

Financial Results

Loss for the nine months ended March 31, 2024 amounted to Rupees (9.056) million as compared to loss of Rupees (14.08) million for the same period last year. The loss per certificate as at March 31, 2024 was Rs (0.173) as against loss of Rs. (0.268) per certificate last year. The break up value, per modaraba certificate, stands at Rs 10.79 at the end of the period

Prospects

Further to our views expressed in our previous reports for the current financial year on the state of economy, trade, finance and industry. During the review period, the stock market performed well, on one or the other pretext. However, the new government is yet to settle down with a lot of pending issues, we anticipate that once the political and economic indecisiveness is settled, the capital market will again show a bullish trend.

For and on behalf of Board

Karachi	Adil A Ghaffar
April 26, 2024	Chief Executive Officer

Page 3

FIRST EQUITY MODARABA			Page 4
CONDENSED INTERIM BALANCE SHEET (UN-AUDITED)
AS AT MARCH 31, 2024
			Audited
		March 31	June 30,
		2024	2023
	Note	Rupees	Rupees
EQUITY AND LIABILITIES
Capital & Reserves
Authorised capital
60,000,000 (June 30, 2023: 60,000,000) modaraba
certificates of Rs. 10 each		600,000,000	600,000,000
Certificate capital		524,400,000	524,400,000
Reserves	3	69,559,697	78,616,021
Remeasurement of define benefit liability - Actuarial gain	1,688,143	1,688,143
Unrealised loss on re-measurement of	investments	(30,035,810)	(74,207,492)
Certificate holders' equity		565,612,030	530,496,672
Non-current liabilities
Deferred liabilities		6,780,327	6,780,327
Security deposit		200,000	200,000
Total non-current liabilities		6,980,327	6,980,327
Current liabilities
Creditors, accrued and other liabilities		9,294,791	10,240,659
Unclaimed profit distributions		31,116,072	31,127,871
Total current liabilities		40,410,863	41,368,530
Total liabilities		47,391,190	48,348,857
Total equity and liabilities		613,003,220	578,845,529

FIRST EQUITY MODARABA			Page 5
CONDENSED INTERIM BALANCE SHEET (UN-AUDITED)
AS AT MARCH 31, 2024
			Audited
		March 31	June 30,
		2024	2023
	Note	Rupees	Rupees
ASSETS
Non - current assets
Fixed assets
- tangible		2,494,572	2,965,489
- intangible		-	-
		2,494,572	2,965,489
Long term investments	4	418,364,466	408,502,006
Investment property		901,667	991,667
Advances		2,510,000	2,510,000
Deposits		1,750,000	1,750,000
Total non-current assets		426,020,705	416,719,162
Current assets
Short term investments		67,126,655	65,725,306
Advances- Considered goods		12,461,903	12,030,194
Trade deposits and prepayments		15,266,068	15,293,467
Other receivables		72,403,442	57,954,847
Cash and bank balances		19,724,448	11,122,553
Total current assets		186,982,515	162,126,367
Total assets		613,003,220	578,845,529

The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah	Adil A Ghaffar		Nadeem Maqbool	Qaiser Ahmed Magoon
Chief Financial Officer	Chief Executive Officer	Director	Director
	Premier Financial	Premier Financial	Premier Financial
Services (Private) Ltd.	Services (Private) Ltd.	Services (Private) Ltd.

Page 6

FIRST EQUITY MODARABA

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE QUARTER AND NINE MONTHS ENDED MARCH 31, 2024

	Quarter ended		Nine months ended
	March 31	March 31		March 31	March 31
	2024	2023	2024	2023
	Rupees	Rupees		Rupees	Rupees
Income	603,776	1,119,582	7,234,169	3,710,727
Expenditure
Operating expenses	(4,676,199)	(6,281,845)	(15,713,904)	(17,023,500)
Operating profit/(Loss)	(4,072,423)	(5,162,263)	(8,479,735)	(13,312,773)
Taxation	-	(12,730)	(576,592)	(763,138)
(Loss) /Profit for the period	(4,072,423)	(5,174,993)	(9,056,327)	(14,075,911)
(Loss)/Earnings per certificate	(0.078)	(0.099)	(0.173)	(0.268)

The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah	Adil A Ghaffar	Nadeem Maqbool	Qaiser Ahmed Magoon
Chief Financial Officer	Chief Executive Officer	Director	Director
Premier Financial	Premier Financial	Premier Financial
Services (Private) Ltd.	Services (Private) Ltd.	Services (Private) Ltd.

Page 7

FIRST EQUITY MODARABA

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

FOR THE QUARTER AND NINE MONTH ENDED MARCH 31, 2024

	Quarter ended		Nine Months ended
	March 31	March 31		March 31	March 31
	2024	2023	2024	2023
	Rupees	Rupees		Rupees	Rupees
Profit/ (Loss) for the period	(4,072,423)	(5,174,993)	(9,056,327)	(14,075,911)
Other comprehensive income
Unrealised gain / (loss) on
re-measurement investments	(5,014,189)	(1,585,908)	39,629,116	6,146,349
Gain / (loss) realised on disposal of	2,267,450	-	(5,319,894)	(6,280,553)
investments
	(2,746,739)	(1,585,908)	34,309,222	(134,204)
Unrealized gain on remeasurement of
investment held at fair value through other
comprehensive income	-	-	9,862,460	6,210,929
Other comprehensive loss	(2,746,739)	(1,585,908)	44,171,682	6,076,725
Total comprehensive income loss	(6,819,162)	(6,760,901)	35,115,355	(7,999,186)

Qazi Obaid Ullah	Adil A Ghaffar	Nadeem Maqbool	Qaiser Ahmed Magoon
Chief Financial Officer	Chief Executive Officer	Director	Director
	Premier Financial	Premier Financial	Premier Financial
Services (Private) Ltd.	Services (Private) Ltd.	Services (Private) Ltd.

Page 8

FIRST EQUITY MODARABA

CONDENSED INTERIM STATEMENT OF CASH FLOWS STATEMENTS

FOR THE NINE MONTHS ENDED MARCH 31, 2024

	March 31	March 31
	2024	2023
	Rupees	Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/ (Loss) for the period	(9,056,327)	(13,312,773)
Adjustments for non cash/non operating items:
Depreciation	645,421	1,015,959
Dividend income	(3,843,947)	(5,087,588)
	(3,198,526)	(4,071,629)
Operating profit/ (loss) before working capital changes	(12,254,853)	(17,384,402)
(Increase) / decrease in current assets
Morabaha / musharaka receivables	-	3,914,625
Advances	(431,709)	(1,357,949)
Trade deposits and prepayments	27,399	819,460
Other receivables	(14,448,595)	3,447,103
	(14,852,905)	6,823,239
(Decrease) / increase in current liabilities
Creditors, accrued and other liabilities	(945,868)	(5,757,263)
Dividend paid	(11,799)	-
	(28,065,425)	(16,318,426)
Net cash used in operating activities	(28,065,425)	(16,318,426)
CASH FLOW FROM INVESTING ACTIVITIES
Investments	32,907,873	19,331,321
Dividends received	3,843,947	5,087,588
Purchases of tangible assets	(84,500)	(265,900)
Net cash (use in)/generated from investing activities	36,667,320	24,153,009
Net increase / (decrease) in cash and cash equivalents	8,601,895	7,834,583
Cash and cash equivalents at the beginning of the period	11,122,553	10,675,941
Cash and cash equivalents at the end of the period	19,724,448	18,510,524

The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah	Adil A Ghaffar	Nadeem Maqbool	Qaiser Ahmed Magoon
Chief Financial Officer	Chief Executive Officer	Director	Director
Premier Financial	Premier Financial	Premier Financial
Services (Private) Ltd.	Services (Private) Ltd.	Services (Private) Ltd.

Page 9

FIRST EQUITY MODARABA

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED MARCH 31, 2024

	Certificate	Special	Certificate	General	Remeasure	Unrealised	Un appropriated	Total
	Capital	reserve	premium	reserve	ment of	gain / (loss)	profit /
			account		define	on	re- accumulated loss
				benefit	measurement
					liability	of available
							for sale
						investments
	Rupees	Rupees	Rupees	Rupees			Rupees	Rupees	Rupees
Balance as at July 1, 2022	524,400,000	164,334,210	131,100,000	17,321,036	1,364,966		(69,376,755)	(211,793,257)	557,350,200
Total comprehensive income for
the period	-	-	-		-		134,204	(14,075,911)	(13,941,707)
Balance as at March 31, 2023	524,400,000	164,334,210	131,100,000	17,321,036	1,364,966		(69,242,551)	(225,869,168)	543,408,493
Balance as at July 01, 2023	524,400,000	164,334,210	131,100,000	17,321,036	1,688,143		(74,207,492)	(234,139,225)	530,496,672
Total comprehensive income for								-	-
the period	-	-	-	-	-	44,171,685	(9,056,327)	35,115,358
Balance as at March 31, 2024	524,400,000	164,334,210	131,100,000	17,321,036	1,688,143		(30,035,807)	(243,195,552)	565,612,030

The annexed notes from 1 to 5 form an integral part of the condensed interim financial information.

Qazi Obaid Ullah	Adil A Ghaffar	Nadeem Maqbool	Qaiser Ahmed Magoon
Chief Financial Officer	Chief Executive Officer	Director	Director
	Premier Financial	Premier Financial	Premier Financial
	Services (Private) Ltd.	Services (Private) Ltd.	Services (Private) Ltd.