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First Equity Modaraba Annual Report 2025
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Annual Report
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First Equity Modaraba
B-1004, 10th Floor, Lakson Square Building # 3, Sarwar Shaheed Road, Karachi, 74200, Pakistan. Tel: (92-21) 35672815-8 Fax: (92-21) 35686116 Tix 21028 MAMB PK E-mail: [email protected]
Managed by Premier Financial Service (Private) Limited
Ref. No.: OO-196/2025
October 06, 2025
The General Manager Pakistan Stock Exchange Limited Stock Exchange Building Karachi:
FINANCIAL RESULTS FOR THE YEAR ENDED JUNE 30, 2025
Dear Sir.
We have to inform you that the Board of Directors of Premier Financial Services (Pvt.) Ltd the management company of FIRST EQUITY MODARABA in their meeting held on today at Karachi, recommended the following:
CASH DIVIDEND
A Cash Dividend for the year ended June 30, 2025, at Rs NIL per share i.e. NIL%
BONUS SHARES
RIGHT SHARES
The financial results of the Modaraba and Consolidated are enclosed, along with the Auditors' Report.
Material Information
Due to economic uncertainties, Board of Directors of our wholly owned subsidiary, Equity Textiles Ltd is currently evaluating the divestment of its assets.
The Annual Review Meeting of the Certificate holders of the Modaraba will be held on Wednesday December 10, 2025 (tentative).
The certificate transfer book of the Modaraba will be closed from Thursday December 04 2025 to Wednesday, December 10 2025 (both days inclusive). Transfer received at THK Associates (Pvt), Plot # 32C, 2 Jami Commercial Street 11, D.H.A. Phase 7, Karachi, the close of the business on Wednesday, December 03 2025 will be treated in time.
Kindly acknowledge receipt.
Yours truly Company Secretar
Encl: a/a
NIL
NIL
FIRST EQUITY MODARABA STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | Rupees | ||
| EQUITY AND LIABILITIES | |||
| Authorized certificate capital | 600,000,000 | ||
| 60,000,000 Modaraba certificates of Rs. 10 each | 600,000,000 | ||
| Certificate holders' equity | 5 | 524,400,000 | 524,400,000 |
| Issued, subscribed and paid-up certificate capital | 6 | 50,895,891 | 59,180,043 |
| Reserves Remeasurement of defined benefit liability - actuarial gain |
4,013,719 | 2,873,713 | |
| Unrealized gain / (loss) on remeasurement of investment | 33,504,577 | (24,749,991) | |
| Total certificate holders' equity | 612,814,187 | 561,703,765 | |
| Non-current liabilities | 7,552,903 | 7,170,120 | |
| Deferred liability | 7 | 575,000 | 200,000 |
| Security deposit | 8,127,903 | 7,370,120 | |
| Total non-current liabilities | |||
| Current liabilities | |||
| Creditors, accrued and other liabilities | 8 | 13,139,512 | 19,473,557 |
| Unclaimed profit distribution | 31,116,073 | 31,116,073 50,589,630 |
|
| Total current liabilities | 44,255,585 | ||
| 665,197,675 | 619,663,515 | ||
| Total equity and liabilities | |||
| 9 | |||
| Contingencies and commitments |
For Premier Financial Services (Private) Limited (Modaraba Management Company)
Gazi Obaid Ullah RATIONAL PROPERTY Chief Financial Officer /
//Private) Limited
Director Premier Financial Services (Private) Limited
Director Premier Financial Services (Private) Limited
$\frac{1}{6}$
Adil A. Ghaffar Chief Executive Officer Premier Financial Services
$2/\nu$
FIRST EQUITY MODARABA STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | Rupees | ||
| ASSETS | |||
| Non-current assets | |||
| Fixed assets | |||
| -tangible | 10 | 1,631,066 | 2,288,587 |
| -intangible | 11 | ||
| Investment property | 12 | 751,667 | 871,667 |
| Long term investments | 13 | 422,119,707 | 418,239,233 |
| Advances - considered good | 2,510,000 | 2,510,000 | |
| Deposits | 1,750,000 | 1,750,000 | |
| Total non-current assets | 428,762,440 | 425,659,487 | |
| Current assets | |||
| Short term investments | 15 | 122,411,132 | 77,664,074 |
| Advances - considered good | 16 | 13,482,335 | 12,425,129 |
| Trade deposits and prepayments | 17 | 15,618,316 | 15,311,748 |
| Other receivables | 18 | 65,996,924 | 72,057,555 |
| Bank balances | 19 | 18,926,528 | 16,545,521 |
| Total current assets | 236,435,235 | 194,004,028 | |
| Total assets | 665,197,675 | 619,663,515 | |
The annexed notes 1 to 40 form an integral part of these financial statements.
For Premier Financial Services (Private) Limited (Modaraba Management Company)
Of Obaid Ullah Mief Financial Officer
Adil A. Ghaffar Chief Executive Officer Premier Financial Services (Private) Limited
Director
Premier Financial Services (Private) Limited
Director Ň Premier Financial Services (Private) Limited
$3/16$
STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | -- Rupees - | ||
| INCOME | 20 | 21,492,675 | 8,879,342 |
| (29,043,230) | (27,484,072) | ||
| Operating expenses | 21 22 |
(6, 345) | (899) |
| Financial charges | (29,049,575) | (27, 484, 971) | |
| Operating loss | (7,556,900) | (18,605,629) | |
| Other income | 23 | 164,035 | 146,063 |
| Loss before income tax and levy (final & minimum tax) | (7, 392, 865) | (18, 459, 566) | |
| Final taxes | 24.3 | (610, 730) | (771, 864) |
| Minimum taxes | 24.4 | (267, 117) | (164, 212) |
| Loss before income tax | (8, 270, 712) | (19, 395, 642) | |
| Income tax | |||
| For the year Current |
(13, 439) | (40, 337) | |
| Prior year | (13, 439) | (40, 337) | |
| Loss after income tax | (8, 284, 151) | (19,435,979) | |
| Loss per certificate - basic and diluted | 26 | (0.16) | (0.37) |
| . |
For Premier Financial Services (Private) Limited (Modaraba Management Company)
Sazi Obaid Ullah
Chief Financial Officer
Adil A. Ghaffar Righlef Executive Officer Premier Financial Services (Private) Limited
Director Premier Financial Services (Private) Limited
Director
Premier Financial Services (Private) Limited
| BOULD AND STATE CONTINUES. | ||
|---|---|---|
| CONTROLLY MARKET CONTROLLY AND RESERVED TO A PROPERTY CONTROLLY AND RESERVED TO A PROPERTY CONTROLLY AND RESERVED | STATEMENT OF CHANGES IN EQUITY |
| ł, | ĭ. |
|---|---|
| JUNE 30, 2023 | |
| ENDFD1 | |
| YEAR1 | |
| يا آ ł, |
|
| ĔÕ | |
| Total | 530.496.672 |
|---|---|
| --------------------------------------- I remeasurement Unrealized gain I of investments ិត |
(CDV) |
| Remeasurement $1$ of defined $\begin{bmatrix} 1 \end{bmatrix}$ |
$\begin{bmatrix} 1 \ 1 \ 2 \ 3 \ 4 \end{bmatrix}$ |
| Total reserves | |
| Accumulated losses |
|
| oremium / General reserve Reserves |
|
| Certificate account |
|
| reserve* utory ------------ stat |
|
| ificate dh-piet capital ssued |
| capital | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| ----- Rupees ---- | |||||||||
| 64,334,210 | 131,100,000 | $17,321,036$ $(234,139,225)$ | 78,616,021 | 1,688,143 | (74, 207, 492) | 530,496,672 | |||
| Balance as at July 01, 2023 | 124,400,000 | $(19,435,979)$ $(19,435,979)$ | 1,185,570 | 49,457,501 | (19, 435, 979) 50,643,071 |
||||
| Loss for the year ended June 30, 2024 | |||||||||
| Other comprehensive income for the year | 164,334,210 | 131,100,000 | 17,321,036 | (253, 575, 203) | 59,180,043 | 2,873,713 | (24,749,991) | 561,703,765 | |
| Balance as at June 30, 2024 | 524,400,000 | (8,284,151) | (8,284,151) | (8, 284, 151) | |||||
| Loss for the year ended June 30, 2025 | 1,140,006 | 58,254,568 | 59,394,574 | ||||||
| Other comprehensive income for the year | 50.895,891 | 4,013,719 | 33,504,577 | 612,814,187 | |||||
| 524,400,000 | 164,334,210 131,100,000 | 17,321,036 (261,859,355) | |||||||
| Balance as at June 30, 2025 | the way of the after thay profits to statutory reserve until the |
th accordance with the Prudential Regulations for Modarabas, the Modaraba is required to transfer an amount not less than 20% and not more than 50% of its after tax profits to statutory reserve until the the accordance wit
The annexed notes $\mathbb 1$ to 40 form on integral part of these financial statements.
Architecture
For Premier Financial Services (Private) Limited (Modaraba Management Company)
Premier Financial Services (Private) Limited Chief Executive Officer Adil A. Ghaffar
Karacı
Fina
$\sum_{i=1}^n$
Director
Director Premier Financial Services (Private) Limited
Premier Financial Services (Private) Limited
$4/16$
$51/16$
FIRST EQUITY MODARABA STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | --- Rupees ---- | ||
| ASHFLOWS FROM OPERATING ACTIVITIES | |||
| oss before income tax and levy (final & minimum tax) | (7,392,865) | (18, 459, 566) | |
| Adjustments for non-cash and other items: $\dot{\phantom{a}}$ | |||
| Depreciation on tangible assets | 771,981 | 782,102 | |
| Depreciation on investment property | 120,000 | 120,000 | |
| Provision for gratuity | 1,522,789 | 1,575,363 | |
| Dividend income | (4,071,537) | (5, 145, 758) (2,668,293) |
|
| (1,656,767) | |||
| Cash used in operations before working capital changes | (9,049,632) | (21, 127, 859) | |
| Working capital changes: | |||
| Decrease / (increase) in operating assets | 41,290 | ||
| Advances | 10,780 (306, 568) |
(18, 281) | |
| Trade deposits and prepayments | 6,060,631 | (14, 102, 709) | |
| Other receivables | 5,764,843 | (14,079,700) | |
| (Decrease) / increase in operating liabilities | 375,000 | ||
| Security Deposit Received | (6,334,045) | 9,232,898 | |
| Creditors, accrued and other liabilities | (5,959,045) | 9,232,898 | |
| (11,798) | |||
| Dividend paid | (1,412,638) | ||
| Tax paid | (1,959,272) (11, 203, 106) |
(27, 399, 097) | |
| Net cash used in operating activities | |||
| CASHFLOWS FROM INVESTING ACTIVITIES | |||
| Investments - net | 9,627,036 | 27,781,507 | |
| Dividend received | 4,071,537 | 5,145,758 | |
| Purchase of tangible assets | (114, 460) | (105, 200) | |
| Net cash generated from investing activities | 13,584,113 | 32,822,065 | |
| Net increase in cash and cash equivalents | 2,381,007 | 5,422,968 | |
| 16,545,521 | 11,122,553 | ||
| Cash and cash equivalents at beginning of the year | |||
| Cash and cash equivalents at the end of the year | 18,926,528 19 |
16,545,521 | |
The annexed notes 1 to 40 form an integral part of these financial statements.
For Premier Financial Services (Private) Limited (Modaraba Management Company)
Gazi Obaid Ullah Chief Financial OfficeP $\tilde{\tilde{\alpha}}$
Adil A. Ghaffar Chief Executive Officer Injere Premier Financial Services $\mathbb{Z}$ [Private) Limited
Director
Premier Financial Services
(Private) Limited
Director Premier Financial Services (Private) Limited
Baker Tilly Mehmood Idrees Qamar Chartered Accountants 4th Floor, Central Hotel Building, Civil Lines, Mereweather Road, Karachi - Pakistan
T: +92 (021) 35644872-7 F: +92 (021) 35644873
[email protected] www.bakertilly.pk
INDEPENDENT AUDITOR'S REPORT TO THE CERTIFICATE HOLDERS OF FIRST EQUITY MODARABA
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Qualified Opinion
We have audited the annexed financial statements of FIRST EQUITY MODARABA (the "Modaraba"), which comprise the statement of financial position as at June 30, 2025, and the statement of profit and loss and other comprehensive income, the statement of changes in equity, the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information, and we state that we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of the audit.
In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion section of our report, and to the best of our information and according to the explanations given to us, the statement of financial position, the statement of profit and loss and comprehensive income, the statement of changes in equity and the statement of cash flows together with the notes forming part thereof conform with the accounting and reporting standards as applicable in Pakistan and give the information required by the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980), in the manner so required and respectively give a true and fair view of the state of the Modaraba's affairs as at June 30, 2025 and of the loss and other comprehensive income, the changes in equity and its cash flows for the year then ended.
Basis for Qualified Opinion
Modaraba has charged unrealized gain of Rs. 54.37 million, in respect of investment classified as financial asset at fair value through profit and loss, in other comprehensive income instead of profit and loss account as required under IFRS - 9.
Baker Tilly Mehmood Idrees Qamar, Chartered Accountants trading as Baker Tilly is a member of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities.
Had the Modaraba charged the unrealized gain to the statement of profit and loss, its profitability for the year would have been increased by Rs. 54.37 million and other comprehensive income would have been decreased by Rs. 54.37 million.
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Pakistan. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Modaraba and First Equity Modaraba Management Limited (Modaraba Company) in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants as adopted by the Institute of Chartered Accountants of Pakistan (the Code) and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matter(s)
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
| S. No. | Key Audit Matters | How the matter was addressed in our audit |
|---|---|---|
| 1. | Revenue recognition | |
| Refer notes 4.5 and 20 to the financial revenue statements relating to recognition. The Modaraba generates revenue from brokerage services, Dividend Income through portfolio investment, Rental and other income. Where Brokerage represents 10%, Investment portfolio Income represents 68%, corporate finance and rental and other services represents 21% of the total revenue. |
Our procedures included: We obtained an understanding of, assessed and tested the design and implementation of key internal controls over the recording of revenue; We assessed the appropriateness of the Modaraba's accounting policies for revenue recognition and compliance of those policies with applicable accounting standards; |
|
Following is the Key audit matter:
| S. No. | Key Audit Matters | How the matter was addressed in our audit |
|---|---|---|
| As detailed in Basis of Qualified Opinion, if the unrealized income classified under FVTPL is recognized in statement of profit or loss, it would have been the substantial portion of the entire income. We identified revenue recognition as key audit matter as it is one of the key performance indicators of the Company and because of the potential risk that revenue transactions may not being recognized in the appropriate period. |
We have tested the identified automated application controls, which are critical to the revenue recognition process. Our testing procedures included the testing of system logics, automated calculations validations, testing and of system information, generated system configuration; We checked invoices and related documents, on a sample basis for brokerage money market transactions recorded during the current year to assess whether the related revenue was recognized in accordance with the requirement of applicable accounting standard; |
|
| We checked the valuation of equity securities and compared the market prices prevailing as on the date of statement of financial position; and We compared, on a sample basis, specific |
||
| revenue transactions recorded before and after the reporting date with underlying documentation to assess whether revenue has been recognized in the appropriate accounting period. |
Information Other Than the Financial Statements and Auditor's Report Thereon
Management is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Board of Directors of the Modaraba Company for the Financial Statements
Management of the Modaraba Company is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting and reporting standards as applicable in Pakistan and the requirements of Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980) and for such internal control as management of the Modaraba Company determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management of the Modaraba Company is responsible for assessing the Modaraba's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management of the Modaraba Company either intends to liquidate the Modaraba or to cease operations, or has no realistic alternative but to do so.
Board of directors of the Modaraba Company are responsible for overseeing the Modaraba's financial reporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurances about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs as applicable in Pakistan will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs as applicable in Pakistan, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Modaraba's internal control;
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management of the Modaraba Company;
Conclude on the appropriateness of the management of the Modaraba Company's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Modaraba's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Modaraba to cease to continue as a going concern; and
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with the board of directors of the Modaraba Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the board of directors of the Modaraba Company with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the board of directors of the Modaraba Company, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
$\overset{\mathcal{U}/\mathcal{R}}{\mathbf{}}$ bakertilly
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
Based on our audit, we further report that in our opinion:
- proper books of account have been kept by the Modaraba Company in respect of the $a)$ Modaraba as required by the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980);
- b) the statement of financial position, the statement of profit and loss and other comprehensive income, the statement of changes in equity and the statement of cash flows together with the notes thereon have been drawn up in conformity with the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980) and are in agreement with the books of account;
- c) business conducted, investments made, expenditure incurred and guarantees extended during the year by the Modaraba were in accordance with the objects, terms and conditions of the Modaraba; and
- d) zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the Modaraba and deposited in the Central Zakat Fund established under section 7 of that Ordinance.
- e) the Modaraba business segment was in compliance with the requirements of section 78 of the Securities Act, 2015 and the relevant requirements of Securities Brokers (Licensing and Operations) Regulations, 2016 as at the date on which the statement of financial position was prepared.
The engagement partner on the audit resulting in this independent auditor's report is Muhammad Aqeel Ashraf Tabani.
Baker Tilly Mehmood Idrees Qamar Chartered Accountants
Karachi
اممن
Date:
UDIN:
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT JUNE 30, 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | ---------------- Rupees ------------- | ||
| EQUITY AND LIABILITIES | |||
| Authorized certificate capital | |||
| 60,000,000 Modaraba certificates of Rs. 10 each | 600,000,000 | 600,000,000 | |
| Certificate holders' equity | |||
| Certificate capital | 5 | 524,400,000 | |
| Reserves | 6 | (66, 179, 002) | 524,400,000 124,347,917 |
| Remeasurement of defined benefit liability - actuarial gain | 4,013,719 | 2,873,713 | |
| Surplus on revaluation of fixed assets | 7 | 674,639,525 | 416,785,158 |
| Unrealised loss on remeasurement of investments | 5,614,015 | (68,059,803) | |
| Total certificates holders' equity | 1,142,488,257 | 1,000,346,985 | |
| Non-current liabilities | |||
| Liability against assets subject to finance lease | 8 | 7,304,667 | |
| Deferred liabilities | 9 | 112,248,316 | 19,944,264 |
| Security deposit | 575,000 | 200,000 | |
| Total non-current liabilities | 112,823,316 | 27,448,931 | |
| Current liabilities | |||
| Short term borrowings | 11 | 52,883,893 | 210,530,034 |
| Current portion of long term liabilities | 12 | 298,707,437 | 309,466,334 |
| Creditors, accrued and other liabilities | 13 | 457,030,473 | 631,282,616 |
| Accrued mark up | 14 | 14,804,653 | 17,092,518 |
| Unclaimed profit distribution | 31,116,072 | 31,116,072 | |
| Total current liabilities | 854,542,528 | 1,199,487,574 | |
| Total equity and liabilities | 2,109,854,101 | 2,227,283,490 | |
| Contingencies and commitments | |||
| 15 | |||
| اکٹن دن |
Szzi Gbaid Ullah
Shief Financial Office
Adil A. Ghaffar Chief Executive Officer Premier Financial Services (Pvt.) Ltd.
Director Premier Financial Services (Pvt.) Ltd. Director Premier Financial Services (Pvt.) Ltd.
$13/16$
$t_{t}$ /16
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT JUNE 30, 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | Rupees ----------------- | ||
| ASSETS | |||
| Non-current assets | |||
| Fixed assets | |||
| - tangible | 16 | 1,450,478,890 | 1,117,579,973 |
| - intangible | 17 | 17,373,793 | 18,193,103 |
| Investment property | 18 | 751,667 | 871,667 |
| Long term investments | 19 | 82,719,823 | 77,559,787 |
| Advances ® | 2,510,000 | 2,510,000 | |
| Deposits | 1,750,000 | 8,410,800 | |
| Total non-current assets | 1,555,584,173 | 1,225,125,330 | |
| Current assets | |||
| Stores and spares | 20 | 38,896,486 | 63,849,439 |
| Stock in trade | 21 | 42,633,230 | 343,303,062 |
| Trade debts | 22 | 79,285,180 | |
| Short term investments | 23 | 173,363,666 | 119,995,949 |
| Advances - considered good | 24 | 5,921,702 | 4,793,955 |
| Trade deposits and prepayments | 25 | 74,949,921 | 118,021,850 |
| Other receivables | 26 | 138,856,285 | 204,981,174 |
| Tax refund from government authorities Taxation - net |
27 | 34,014,098 | 21,813,739 |
| Cash and bank balances | 28 | 19,215,894 | 26,509,062 |
| Total current assets | 29 | 26,418,646 | 19,604,750 |
| 554,269,928 | 1,002,158,160 | ||
| Total assets | 2,109,854,101 | 2,227,283,490 |
The annexed notes from 1 to 46 form an integral part of these consolidated financial statements.
Adil A. Ghaffar Chief Executive Officer Premier Financial Services (Pvt.) Ltd.
Director Premier Financial Services (Pvt.) Ltd. Director Premier Financial Services (Pvt.) Ltd.
$15/16$
CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | --------------- Rupees --------- | ||
| Income - net | 30 | (141, 162, 214) | (275, 730, 698) |
| Expenditures | |||
| Operating expenses | 31 | (92, 927, 931) | (103,089,348) |
| Distribution and selling expenses | 32 | (3,349,690) | (24, 653, 159) |
| (96, 277, 621) | (127, 742, 507) | ||
| Operating loss | (237, 439, 835) | (403, 473, 205) | |
| Financial charges | 33 | (23, 434, 736) | (115, 922, 490) |
| Other income | 34 | 10,028,349 | 8,946,328 |
| Other charges | 35 | (4,943,967) | |
| Loss before income tax and levy (final & minimum tax) | (255,790,189) | (510, 449, 367) | |
| Final taxes | (719, 648) | (7,881,337) | |
| Minimum taxes | (6, 111, 687) | (55, 766, 518) | |
| Loss before income tax | (262, 621, 524) | (574,097,222) | |
| Income tax For the year Current |
|||
| Prior year | (7,064) | (3,326,227) | |
| Deferred tax | 30,423,153 | 163,328,084 | |
| 30,416,089 | 160,001,857 | ||
| Loss after income tax | (232, 205, 435) | (414,095,365) | |
| Loss per certificate - basic and diluted | 37 | (4.43) | (7.90) |
Oazi Obaid Ullah
Chyer Financial Officer
Adil A. Ghaffar Chief Executive Officer Premier Financial Services (Pvt.) Ltd.
Director Premier Financial Services (Pvt.) Ltd.
Director Premier Financial Services (Pvt.) Ltd.
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FIRST EQUITY MODARABA |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| FOR THE YEAR ENDED JUNE 30, 2025 | ||||||||||
| Remeagurement | Surplus on | Unrealised loss ្តុ |
||||||||
| Certificate | Statutory | Certificate premium |
General reserve | Accumulated | Total reserves | of defined | revaluation of fixed assets |
remeasurement | Total | |
| Capital | reserve* | account | loss | beneft liability | of investments | |||||
| Rupees | ||||||||||
| 164,334,210 | 131,100,000 | 17,321,036 | 179,378,574 | 492,133,820 | ,688,143 | 463,094,620 | (135, 380, 982) | 1,345,935,601 | ||
| Balance as at June 30, 2023 | 524,400,000 | (414,095,365) | (414,095,365) | 67,321,179 | (414,095,365) 68,506,749 |
|||||
| Profit for the year | 185,570 | |||||||||
| Incremental depreciation on revaluation Other comprehensive loss for the year |
46,309,462 | 46,309,462 | (46,309,462) | |||||||
| surplus net off deferred tax | (188, 407, 329) | 124,347,917 | 1,873,713 | 416,785,158 | (63, 059, 803) | 1,000,346,985 | ||||
| Balance as at June 30, 2024 | 524,400,000 | 164,334,210 | 131,100,000 | 17,321,036 | (232, 205, 435) | |||||
| [232, 205, 435] | (232, 205, 435) | 140,006 | 73,673,818 | 74,813,824 299,532,883 |
||||||
| Other comprehensive loss for the year Loss for the year |
299,532,883 | |||||||||
| Revaluation surplus during the year | 41,678,516 | 41,678,516 | (41, 678, 516) | |||||||
| Incremental depreciation on revaluation surplus net | 5,614,015 | 1,142,488,257 | ||||||||
| off deferred tax | 131,100,000 | 17,321,036 | (378, 934, 248) | (66, 179, 002) | 4,013,719 | 674,639,525 | ||||
| Balance as at lune 30, 2025 | 524,400,000 | 164,334,210 | ||||||||
| h accordance with the Prudential Regulations for Modaraba, the Modaraba is required to transitie an amount not less than 20% and not more than 50% of its after tax profits to statutory reserve until the reserve funds equa | ||||||||||
| certificate capital. Thereafter, a sum not less than 5% of the after tax profits is required to be transferred to the statutory reserve. | ||||||||||
| The annexed notes from 1 to 46 form an integral part of these consolidated financial statements. | ||||||||||
| Adil A. Ghaffar | Director | Director | ||||||||
| ancial Officer afi Opidy ibah |
Chief Executive Officer | Premier Financial Services | Premier Financial Services (Private) Limited |
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| Premier Financial Services |
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