Equity Modaraba First : Transmission of Quarterly Report March 31 2023

FIRST EQUITY MODARABA

Quarter and Nine Months Reports

For the period ended

March 31, 2023

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

The 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, 2023.

Financial Results

Loss for the nine months ended March 31, 2023 amounted to Rupees (14.08) million as compared to profit of Rupees 2.07 million for the same period last year. The loss per certificate as at March 31, 2023 was Rs (2.68) as against profit of Rs. 0.039 per certificate last year. The break up value, per modaraba certificate, stands at Rs 10.36 at the end of the period.

Prospects

Further to our views expressed in our previous reports during the current financial year on the state of economy, trade, finance and industry, we believe that capital market will respond accordingly, after the political and economic uncertainties are settled and supply chain restored

	For and on behalf of Board
Karachi	Adil A Ghaffar
April 28, 2023	Chief Executive Officer

Page 3

FIRST EQUITY MODARABA			Page 4
CONDENSED INTERIM BALANCE SHEET (UN-AUDITED)
AS AT MARCH 31, 2023
			Audited
		March 31	June 30,
		2023	2022
	Note	Rupees	Rupees
EQUITY AND LIABILITIES
Capital & Reserves
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	86,886,078	100,961,990
Remeasurement of define benefit liability - Actuarial gain	1,364,966	1,364,966
Unrealised loss on re-measurement of	investments	(69,242,551)	(69,376,755)
Certificate holders' equity		543,408,493	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		8,115,291	13,872,554
Unclaimed profit distributions		31,127,871	31,139,886
Total current liabilities		39,243,162	45,012,440
Total liabilities		45,340,821	51,110,099
Total equity and liabilities		588,749,314	608,460,300