Equity Modaraba First : Transmission of Quarterly Report for the Period Ended September 30 2022

Quarterly Report

For the period ended

September 30, 2022

FIRST EQUITY MODARABA

Managed by :

PREMIER FINANCIAL SERVICES (PVT) LTD

Page 1

FIRST EQUITY MODARABA

CORPORATE INFORMATION

Modaraba Company : Premier Financial Services (Pvt) Ltd

	Board of Directors
Ms Alizeh Bashir	Mr Qaiser Ahmed Magoon
Mr Nadeem Maqbool	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	Pakistan 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	3
Profit and loss account	5
Statement of comprehensive income	6
Cash flow statement	7
Statement of changes in equity	8
Notes to the financial statements	9
Equity Textile Ltd-Balance Sheet	11
Equity Textile Ltd-Profit & Loss A/c	12

Page 2

FIRST EQUITY MODARABA

DIRECTORS REPORT

The Directors of Premier Financial Services (Pvt) Ltd, the management company of FIRST EQUITY MODARABA, present their report and the un-audited financial statements of the Modaraba for the three months ended September 30, 2022

Financial Results

Loss for the quarter ended September 30, 2022 amounted to Rs (2.3) million as against profit of Rs 12.06 million, for the same period last year.

The loss per certificate as at September 30, 2022 stood at Rupees (0.04) while the earnings for the same period last year was Rupees 0.23. The Breakup value as of September 30 2022 was Rupees 10.57 per certificate.

Prospects

Our last year's annual report expressed our view on the state of economy, trade, finance and industry. We trust that once the political and economic uncertainty is settled, the capital market will further show a bullish trend.

	For and on behalf of Board
Karachi	Adil A Ghaffar
October 26, 2022	Chief Executive Officer

			Page 3
FIRST EQUITY MODARABA
CONDENSED INTERIM BALANCE SHEET (UN-AUDITED)
AS AT SETEMBER 30, 2022
			Audited
		September	June 30,
		2022	2022
	Note	Rupees	Rupees
EQUITY AND LIABILITIES
Capital and reserves
Certificate capital
Authorised capital
60,000,000 (June 30, 2022: 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	98,659,477	100,961,990
Remeasurement of define benefit liability - Actuarial gain	1,364,966	1,364,966
Unrealized loss on re-measurement of	investments	(70,213,142)	(69,376,755)
Certificate holders' equity		554,211,301	557,350,201
Non-current liabilities
Deferred liabilities		5,897,659	5,897,659
Security Deposit		200,000	200,000
Total non-current liabilities		6,097,659	6,097,659
Current liabilities
Creditors, accrued and other liabilities		13,784,858	14,564,189
Unclaimed profit distributions		30,448,251	30,448,251
Total current liabilities		44,233,109	45,012,440
Total liabilities		50,330,768	51,110,099
Contingencies & Commitments
Total equity and liabilities		604,542,069	608,460,300

`

			Page 4
FIRST EQUITY MODARABA
CONDENSED INTERIM BALANCE SHEET (UN-AUDITED)
AS AT SETEMBER 30, 2022
			Audited
		September 30	June 30,
		2022	2022
	Note	Rupees	Rupees
Non - current assets
Fixed assets
- tangible		3,640,373	3,948,441
- intangible		-	-
Investment property		1,081,667	1,111,667
Investments	4	402,655,228	402,655,229
Advances		2,510,000	2,510,000
Deposits		1,750,000	1,750,000
Total non-current assets		411,637,268	411,975,337
Current assets
Morabaha / musharaka receivables - secured		9,794,143	9,560,623
Short term investments		94,408,150	96,471,948
Advances- Considered		11,773,030	11,560,807
Trade deposits and prepayments		16,469,800	16,440,954
Other receivables		50,016,611	51,774,690
Cash and bank balances		10,443,067	10,675,941
Total current assets		192,904,801	196,484,963
Total assets		604,542,069	608,460,300

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

Qazi Obaid Ullah	Adil A Ghaffar
Chief Financial Officer	Chief Executive	Director	Director
	Premier Financial	Premier Financial	Premier Financial

Services (Private) Ltd. Services (Private) Ltd. Services (Private) Ltd.