First Equity Modaraba — Interim / Quarterly Report 2025

Apr 30, 2025

FIRST EQUITY MODARABA

Quarter and Nine Months Reports For the period ended March 31, 2025

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Managed by PREMIER FINANCIAL SERVICES (PVT) LTD

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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 : 021-35672815-18 Tel : 021-32446020-3 Fax : 021-35686116 Fax : 021-32446024 e-mail: info@firstequitymodaraba.com.pk website: firstequitymodaraba.com.pk

Contents

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, 2025

Financial Results

Loss for the nine months ended March 31, 2025 amounted to Rupees 2.64 million as compared to loss of Rupees 9.056 million for the same period last year. The loss per certificate as at March 31, 2025 was Rs 0.051 as against loss of Rs. 0.173 per certificate last year. The break up value, per modaraba certificate, stands at Rs 11.49 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. 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 April 28, 2025

Adil A Ghaffar Chief Executive Officer

Page 3

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Page 4

FIRST EQUITY MODARABA CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT MARCH 31, 2025

AS AT MARCH 31, 2025
			Audited
		March 31	June 30,
		2025	2024
	Note	Rupees	Rupees
EQUITY AND LIABILITIES
Capital & Reserves
Authorised capital
60,000,000 (June 30, 2024: 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	56,530,793	59,180,043
Remeasurement of define benefit liability - Actuarial gain		2,873,713	2,873,713
Unrealised loss on re-measurement of investments		18,925,539	(24,749,991)
Certificate holders' equity		602,730,045	561,703,765
Non-current liabilities
Deferred liabilities		7,170,120	7,170,120
Securitydeposit		575,000	200,000
Total non-current liabilities		7,745,120	7,370,120
Current liabilities
Creditors, accrued and other liabilities		13,670,906	19,473,557
Unclaimedprofit distributions		31,116,073	31,116,073
Total current liabilities		44,786,979	50,589,630
Total liabilities		52,532,099	57,959,750
Total equity and liabilities		655,262,144	619,663,515

Page 5

FIRST EQUITY MODARABA CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT MARCH 31, 2025

		Audited
	March 31	June 30,
	2025	2024
Note	Rupees	Rupees

ASSETS

Non - current assets

Non - current assets
Fixed assets
- tangible		1,819,683	2,288,587
- intangible		-	-
		1,819,683	2,288,587
Long term investments	4	420,481,356	418,239,233
Investment property		781,667	871,667
Advances		2,510,000	2,510,000
Deposits		1,750,000	1,750,000
Total non-current assets		427,342,706	425,659,487
Current assets
Short term investments		109,235,279	77,664,074
Advances- Considered goods		14,045,024	12,425,130
Trade deposits and prepayments		17,215,014	15,311,748
Other receivables		63,538,810	72,057,555
Cash and bank balances		23,885,312	16,545,521
Total current assets		227,919,438	194,004,028
Total assets		655,262,144	619,663,515

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

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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

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FIRST EQUITY MODARABA CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE QUARTER AND NINE MONTHS ENDED MARCH 31, 2025

	March 31 March 31 2025 2024 Rupees Rupees Quarter ended	Nine months ended
		March 31 March 31 2025 2024 Rupees Rupees
Income
	1,959,114 603,776	16,198,189 7,234,169
Expenditure
Operating expenses	(7,162,601) (4,676,199)	(18,040,224) (15,713,904)
Operating profit/(Loss) Taxation	(5,203,487) (4,072,423) (1,821) -	(1,842,035) (8,479,735) (807,215) (576,592)
(Loss) /Profit for theperiod	(5,203,487) (4,072,423)	(2,649,250) (9,056,327)
(Loss)/Earnings per certificate	(0.099) (0.078)	(0.051) (0.173)

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

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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, 2025

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	March 31 March 31 March 31 March 31 2025 2024 2025 2024 Rupees Rupees Rupees Rupees (5,203,487) (4,072,423) (2,649,250) (9,056,327) Nine Months ended Quarter ended
Profit/ (Loss) for the period Other comprehensive income
Unrealised gain / (loss) on re-measurement investments	(4,320,914) (5,014,189) 57,081,704 39,629,116 (4,709,114) 2,267,450 (15,657,959) (5,319,894)
Gain / (loss) realised on disposal of investments
	(9,030,028) (2,746,739) 41,423,745 34,309,222 - - 2,251,785 9,862,460
Unrealized gain on remeasurement of investment held at fair value through other comprehensive income
Other comprehensive loss	(9,030,028) (2,746,739) 43,675,530 44,171,682
Total comprehensive income loss	(14,233,515) (6,819,162) 41,026,280 35,115,355

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, 2025

	March 31	March 31
	2025	2024
	Rupees	Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/ (Loss) for the period	(1,842,035)	(9,056,327)
Adjustments for non cash/non operating items:
Depreciation	673,427	645,421
Dividend income	(4,039,200)	(3,843,947)
	(3,365,773)	(3,198,526)
Operating profit/ (loss) before working capital changes	(5,207,808)	(12,254,853)
(Increase) / decrease in current assets
Advances	(666,801)	474,312
Trade deposits and prepayments	(1,903,265)	27,399
Other receivables	8,417,995	(14,448,595)
	5,847,929	(13,946,884)
(Decrease) / increase in current liabilities
Creditors, accrued and other liabilities	(5,701,903)	(945,868)
Dividendpaid	-	(11,799)
	(5,061,782)	(27,159,404)
Security deposit	375,000	-
Advance tax paid	(1,760,330)	(906,021.00)
Net cash used in operating activities	(6,447,112)	(28,065,425)
CASH FLOW FROM INVESTING ACTIVITIES
Investments	9,862,201	32,907,873
Dividends received	4,039,200	3,843,947
Purchases of tangible assets	(114,500)	(84,500)
Net cash (use in)/generated from investing activities	13,786,901	36,667,320
Net increase / (decrease) in cash and cash equivalents	7,339,789	8,601,895
Cash and cash equivalents at the beginningof theperiod	16,545,523	11,122,553
Cash and cash equivalents at the end of theperiod	23,885,312	19,724,448
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, 2025

	Certificate Special Certificate General Total Capital reserve premium reserve account Unrealised gain / (loss) on re- measurement of available for sale ~~i~~ Un appropriated profit / accumulated loss Remeasurem ent of define benefit liability
	Rupees Rupees Rupees Rupees Rupees Rupees Rupees ~~nvestments~~
Balance as at July 1, 2023 Total comprehensive income for the period	524,400,000 164,334,210 131,100,000 17,321,036 1,688,143 (74,207,492) (234,139,225) 530,496,672 - - - - - - - 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
Balance as at July 01, 2025 Total comprehensive income for the period	524,400,000 164,334,210 131,100,000 17,321,036 2,873,713 (24,749,991) (253,575,203) 561,703,765 - - - - - - - 43,675,530 (2,649,250) 41,026,280
Balance as at March 31, 2025	524,400,000 164,334,210 131,100,000 17,321,036 2,873,713 18,925,539 (256,224,453) 602,730,045

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

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Chief Financial Officer Chief Executive Officer Director Director

Page 10

FIRST EQUITY MODARABA NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2025

1 Legal Status and Nature of Business

First Equity Modaraba (the Modaraba) was formed in 1991 under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed thereunder and is managed by Premier Financial Services (Private) Limited (Modaraba Management Company), a Company incorporated in Pakistan.

The Modaraba is a perpetual, multi purpose modaraba and is able to undertake a variety of fund and fee based activities. These include trading, manufacturing, equity investment and their financing and facilitation.

The Modaraba is listed on Pakistan Stock Exchanges Ltd

The Modaraba is holding two Trading Right Entitlement certificates of Pakistan Stock Exchange Ltd and is currently operating its brokerage activities in Karachi.

The modaraba is holding Equity Textiles Ltd, Capital Financial Services (Pvt) Ltd and Apex Financial Services (Pvt) Ltd inancial Services (Pvt) Ltd as a wholly owned subsidiary companies

2 General

• 2.1 These financial statements are unaudited and are being submitted to certificate holders as required by Rule 10 of the Modaraba Companies and Modaraba Rules, 1981.

• 2.2 The accounting policies adopted for the preparation of these unaudited financial statements are the same as those applied in preparation of the audited published financial statements of the Modaraba for the year ended June 30, 2024

• 2.3 The Modaraba Company's management fee, statutory reserve @ 20% to 50 %, provisions and profit Distribution will be determined at the year end.

• 2.4 These financial statements are in compliance with the disclosure requirements of International Accounting Standard (IAS)-34 "Interim Financial Reporting".

		March	June
		2025	2024
		Rupees	Rupees
**3 **	Reserves
	Capital reserve	295,434,210	295,434,210
	Revenue reserve	(238,903,417)	(236,254,167)
		56,530,793	59,180,043
**4 **	Investments
	Unlisted Securities	70,481,356	68,239,233
	Whollyowned subsidiary	350,000,000	350,000,000
		420,481,356	418,239,233

• 5 These financial statements were authorized for issue in accordance with a resolution of the Board of Directors on April 28, 2025

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.

EQUITY TEXTILES LIMITED

Wholly Owned Subsidiary of First Equity Modaraba nine months ended March 31, 2025

Page 12

EQUITY TEXTILES LIMITED BALANCE SHEET AS AT MARCH 31, 2025

ASSETS NON CURRENT ASSETS Property, plant and equipment Operating fixed assets Intangibles Deferred Taxation Long Term Investment Long Term Deposit Stores and spares Stock in trade Trade debts Loans and advances Trade deposits and short term prepayments Other receivables Tax refund due from government Tax - net Cash and bank balances TOTAL ASSETS Authorized share capital 25,000,000 shares of Rs. 10/- each Issued, subscribed and paid-up share capital Unrealized Loss on Remeasurement of investment Unappropriated Profit Surplus on revaluation of fixed assets Liabilities against asset subject to finance lease Deferred taxation Trade and other payables Current portion of GIDC Payable Accrued Markup Short term borrowings Current portion of lease liability TOTAL EQUITY AND LIABILITIES CURRENT LIABILITIES SHARE CAPITAL AND RESERVES CURRENT ASSETS EQUITY AND LIABILITIES NON CURRENT LIABILITIES	Un-Audited March 2025 Rupees 1,048,577,258 7,578,622 49,859,769 8,672,822 6,660,800 1,121,349,271 46,846,327 67,218,759 4,945,131 1,539,234 104,158,592 28,469,021 124,014,098 4,615,617 7,903,791 389,710,570 1,511,059,841 250,000,000 250,000,000 (3,570,234) 4,523,499 953,265 250,953,265 384,193,852 - - - 496,018,023 294,911,570 11,835,446 60,865,621 12,282,064 875,912,724 1,511,059,841	Audited June 2024 Rupees
		1,109,637,442 8,193,104 - 9,320,554 6,660,800
		1,133,811,900
		63,849,439 343,303,062 79,285,180 4,625,533 102,710,100 178,358,383 21,813,739 14,245,016 2,858,597
		811,049,049
		1,944,860,948
		250,000,000
		250,000,000
		(2,922,502) 114,340,502
		111,418,000
		361,418,000 416,785,158
		7,304,667 12,774,144
		20,078,811
		609,490,094 294,173,782 17,092,518 210,530,033 15,292,552
		1,146,578,979
		1,944,860,948

TOTAL EQUITY AND LIABILITIES

CHIEF EXECUTIVE

DIRECTOR

Page 13

EQUITY TEXTILES LIMITED PROFIT AND LOSS ACCOUNT FOR THE NINE MONTHS ENDED MARCH 31, 2025

Sales Cost of Sales Gross profit Administrative and general expenses ` Distribution and selling expenses Operating Profit / (loss) Financial charges Other income Profit / (Loss) before taxation Provision for taxation Current - Minimum tax differental Prior Deferred Profit / (Loss) after taxation Profit / (Loss) per share - basic and diluted	March 2025 Rupees 369,803,353 (509,302,955) (139,499,602) (47,187,892) (3,701,181) (190,388,675) (20,059,605) (20,059,605) (210,448,280) 10,024,205 (200,424,075) (4,618,148) - 62,633,913 58,015,765 (142,408,309) (5.696)	March 2024 Rupees 4,544,093,252 (4,550,314,443)
		(6,221,191) (55,860,851) (90,320,777)
		(152,402,819)
		(81,218,614)
		(81,218,614)
		(233,621,433) 6,602,373
		(227,019,060)
		(55,728,892) (2,470,915) 109,610,275
		51,410,468
		(175,608,591)
		(7.024)

CHIEF EXECUTIVE

DIRECTOR