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Trust Modaraba — Interim / Quarterly Report 2025
Apr 25, 2025
72475_rns_2025-04-25_1646de8d-1110-4160-a23b-49391ef04f4b.pdf
Interim / Quarterly Report
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March 31, 2025
CONTENTS
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4 CORPORATE INFORMATION
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5 DIRECTOR’S REPORT
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6 DIRECTOR’S REPORT (URDU)
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7 CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
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8 CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS
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9 CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
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10 CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
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11 CONDENSED INTERIM CASH FLOW STATEMENT
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12 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS
DIRECTORS’ REPORTCORPORATE INF MATION
The Board of Directors of Al-Zamin Modaraba Management Company (Private) Limited, the management company of Modaraba Company Trust Modaraba are pleased to present the financial statements of Trust Modaraba for the period ended on 31st March, AL-Zamin Modaraba Management (Private) Limited 2024.
Board of Directors
Mr. Mian Sheikh Arshad Farooq Chairman ECONOMIC OUTLOOK Mr. Basheer Ahmed Chowdry Chief Executive At the heart of the challenges facing Pakistan today are basically three interconnected issues, namely Politics, Economics Mr. Syed Shahnawaz Ahmed Rizvi Director Mr. Syed Etrat Hussain Rizvi and the Climate Change. These challenges require a holistic strategy to bring all these elements together to put the country Director Mr. Mohammad Yasin on a sustainable trajectory of growth and development. On the economic front, positive outcome of revival efforts aimed Director Mr. Muhammad Sami Ullah Director at boosting the activity across the sectors is visible. The real sector is experiencing growth leading to a positive market Dr. Mrs. Namoos Baquar Director response and signs of recovery. The Pak Rupee has stabilized and Pakistan Stock Exchange has shown performance
improvement reflecting a conducive environment for economic activity. Though the pace of overall expansion is slow, Management nevertheless, improvement in major indicators signify an optimistic outlook for the forthcoming period,Mr. Basheer Ahmed Chowdry Chief Executive Ms. Hamida Aqeel However, the positive outlook is contingent upon sustainable implemChief Operating Offic e r/Company Secretaryntation of sound economic policies entailing Mr. Shiraz Butt interalia, prudent fiscal management, strategic investment, and measures to enhance export competitiveness and Chief Financial Officer
diversification while safeguarding the economy against inflation and debt defaults.
Audit Committee
Mr. Syed Etrat Hussain Rizvi Chairman PERFORMANCE REVIEW Mr. Mian Sheikh Arshad Farooq Member Mr. Muhammad Sami Ullah It is encouraging to report that Trust Modaraba maintained a steady trend of growth in business operations and profitability Member Mr. Mohammad Yasin Member during the period under consideration as all the key performance indicators registered appreciable increase as compared to Ms. Hamida Aqeel Secretary to the committee the previous comparable period. Income from core business operations stood at Rs.44.37million during the first three
quarters of the current financial year ended on 31st March, 2024 translating into an increase of 60% from the previous Human Resource Committee comparable period. The aforesaid increase in income was achieved through effective utilization of financial resources, Mr. Muhammad Yasin Chairman improvement in the risk profile of the clients, meticulous follow-up of recoveries and operating efficiencies. During the Mr. Syed Etrat Hussain Rizvi Member period, PSX also witnessed appreciable performance with the index crossing 67,000 points at one point in time. Dr. Mrs. Namoos Baquar Member Mr. Basheer Ahmed Chowdry Appreciation in the stock market index and consequential increase in the share prices provided unrealized gain of Rs.13.6 Member Ms. Hamida Aqeel million which, taking into account loss on sale of shares (Rs.6.39 million) contributed a net gain of Rs.7.23 million during Secretary to the committee
the period. Dividend income of Rs. 625,654 was also realized. As a prudent portfolio risk management policy, provision Internal Auditors coverage was enhanced to Rs.1.38 million against certain accounts. The period under consideration also witnessed a decline UHY Hassan Naeem & Co. in the operating expenses (Rs.27.05 million) by 6% compared to the preceding period despite high inflationary pressures on Chartered Accountants costs across the board. Profit before management fee worked out to be Rs.21.90 million as against loss of Rs.3.30 million
Auditors of the Modaraba shown for the previous comparable period. As a result of enhanced profitability, management company earned a fee of Rs.2.19 million for the period ended on 31st March, 2024. Profit after tax stood at Rs.16.05 million increasing the earnings Grant Thornton Anjum Rahman. Chartered Accountantsper certificate to Rs.0.54. Asset base of your Modaraba as at 31st March, 2024 increased to Rs.399.96 million from Rs.388.76 million as at 30th June, 2023. Banker Moving forward your management aims to maintain the momentum of growth based on sound business norms and Meezan Bank Limited practices to achieve further growth in its operations and profitability.
Legal Advisors
Holscott International EARNINGS PER CERTIFICATE S&B Durrani Law Assoicates Earnings per certificate for the period under review stood at Rs.0.54 as against loss of Rs.0.15 of the previous comparable
period. Registered Office/Principal Place of Business
104-106, Kassam Court, BC-9, Block-5, Clifton, Karachi-75600 Telephone: 021-35876651, 35876652, 35873373, 35873369, 35867102 ACKNOWLEDGMENT Fax: 021-35870408 Web: trustmodaraba.com The Board wishes to put on record its appreciation for the continued support of the SECP, certificate holders, valuable Email: [email protected] guidance of the members of the Board and commitment of the staff members for achieving positive performance.
Regional Office
320, 3rd Floor, Garden Heights, 8-Aibak Block, New Garden Town, Lahore Telephone: 042-35941957-8 Fax: 042 35866513
Registrars
Hameed Majeed Associates (Private) Limited 1st Floor, H.M. House, 7-Bank Square, Lahore Telephone: 042- 37235081-2 Fax: 042-3735881726th April, 2024. Mr. Basheer A. Chowdry Mr. Mian Sheikh Arshad Farooq Chief Executive Chairman
TRUST MODARABA Half Yearly Report March, 31, Quarterly Report March 31, 20 2 5024
DIRECTORS’ REPORT
The Board of Directors of Al-Zamin Modaraba Management (Private) Limited, the management company of Trust Modaraba is pleased to present financial statements of Trust Modaraba for the period ended on 31st March, 2025.
ECONOMIC OUTLOOK
As Pakistan’s economy progresses into second half of the fiscal year, strengthened economic fundamentals well position the country for a continued growth momentum throughout FY 2025. Sound macro-economic management, effective inflation control and enhanced fiscal and external account stability has been the main factors supporting positive economic outlook.
The external sector saw marked improvement in remittance inflows along with resilient export performance contributing to a substantial improvement in the current account balance. Effective monetary policy measures have played a crucial role in alleviating inflationary pressures fostering a more stable macro-economic environment. The government has also taken measures to reform the fiscal sector by broadening the tax base, and ensuring long term debt sustainability. The decline in inflationary pressures, easing policy rates, and stable commodity prices have created a favorable environment for investment and private sector led expansion. Macro economic stabilization reflected in sharp interest rate cuts and a stable PKR enabled PSX equity market valuations to bounce back to record levels.
However, the path to sustained growth is not without its challenges. Geo-political uncertainties, global inflationary pressures and potential rise in oil prices could drive up inflation increasing costs for consumers and businesses alike. Overcoming these challenges will be essential for maintaining growth potential.
PERFORMANCE REVIEW
It is encouraging to report that Trust Modaraba maintained a steady trend of growth in business operations and profitability during the period under consideration as all the key performance indicators registered increase as compared to the previous comparable period. Gross income from business operations stood at Rs.57.0 million for the first three quarters of the current financial year ended on 31st March, 2025 translating into an increase of 39% from the previous comparable period. The aforesaid increase in income was achieved through effective utilization of financial resources, and careful selection of clients to minimize delays in re-payments. During the period, PSX also witnessed appreciable performance with the index crossing 113,000 points at one point in time. Notable feature of performance during the period was capital gain and dividend income earned on the equity portfolio which contributed 9% to the gross revenue in contrast to loss during the previous comparable period. Appreciation in the stock market index and consequential increase in the share prices provided unrealized gain of Rs.3.12 million. As a prudent portfolio risk management policy, provision coverage was enhanced to Rs.1.10 million against certain accounts. Due to inflationary impact on costs, operating expenses increased but remained within the budgetary allocation for the period. Profit before management fee worked out to be Rs.23.70 million as against Rs.21.90 million shown for the previous comparable period. Management company earned a fee of Rs. 2.37 million for the period ended on 31st March, 2025. Profit after tax stood at Rs.17.77 million increasing the earnings per certificate to Rs.0.60. Asset base of your Modaraba as at 31st March, 2025 stood at Rs. 401 million.
Moving forward your management aims to maintain the momentum of growth based on sound business norms and practices to achieve further progress in operations and profitability of your Modaraba.
EARNINGS PER CERTIFICATE
Earnings per certificate for the period under review stood at Rs.0.60 as compared to Rs.0.54 of the previous comparable period.
ACKNOWLEDGMENT
The Board wishes to put on record its appreciation for the continued support of the SECP, certificate holders, valuable guidance of the members of the Board and commitment of the staff members for achieving positive performance.
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22[nd] April, 2025.
Mr. Basheer A. Chowdry Dr. Mrs. Namoos Baquar Chief Executive Director
TRUST MODARABA Quarterly Report March 31, 2025
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TRUST MODARABA Quarterly Report March 31, 2025
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2025
| , ASSETS Note Current assets Cash and bank balances Short term investments 3 Advances, prepayments and other receivables 4 Murabaha finances - secured 5 Ijarah rental receivables - secured 6 Current portion of long term murabaha finances 7 Musharakah finances (secured - considered good) 8 Current portion of diminishing musharakah finances 9 Income tax refundable Total current assets Non-current assets Murabaha finances 7 Diminishing musharakah financing 9 Deposits Long term investments Fixed assets given on lease / ijarah - tangible 10 Fixed assets in own use 11 Intangible asset 12 Deferred taxation - net Total non-current assets Total assets EQUITY AND LIABILITIES LIABILITIES Current liabilities Unclaimed profit distributions 13 Creditors, accrued and other liabilities 14 Charity payable 15 Current portion of deferred income on murabaha Current portion of customers' security deposits Current portion of lease liabilities against right of use assets Total current liabilities Non-current liabilities Deferred income on murabaha Customers' security deposits Lease liabilities against right of use assets Total non-current liabilities Total liabilities NET ASSETS REPRESENTED BY CAPITAL AND RESERVES Certificate capital Reserves Total equity Unrealized loss on revaluation of investments Contingencies and commitments 16 |
(Un-audited) (Audited) 31-Mar-25 30-Jun-24 -----------------Rupees----------------- |
(Un-audited) (Audited) 31-Mar-25 30-Jun-24 -----------------Rupees----------------- |
|---|---|---|
| 7,509,321 11,973,800 14,030,644 25,380,000 3,455,773 42,313,678 9,553,000 68,901,059 5,920,282 |
10,384,061 20,970,987 11,365,248 25,400,000 3,788,925 41,708,561 13,395,756 45,244,359 3,997,069 |
|
| 189,037,557 | 176,254,966 | |
| 8,393,943 139,976,548 294,662 - 36,121,154 25,505,361 643,444 911,425 |
6,109,160 129,420,831 294,662 2,284,801 74,450,750 22,948,196 948,940 1,639,122 |
|
| 211,846,537 | 238,096,462 | |
| 400,884,094 | 414,351,428 | |
| 13,697,088 4,853,813 12,884 2,563,200 7,063,622 2,166,769 |
12,828,131 10,266,832 269,532 2,272,786 11,660,170 1,799,923 |
|
| 30,357,376 | 39,097,374 | |
| 1,356,850 11,539,368 8,467,212 |
907,964 24,338,468 6,142,142 |
|
| 21,363,430 | 31,388,574 | |
| 51,720,806 | 70,485,948 | |
| 349,163,288 | 343,865,480 | |
| 298,000,000 51,163,288 |
298,000,000 49,737,575 |
|
| 349,163,288 - |
347,737,575 (3,872,095) |
|
| 349,163,288 | 343,865,480 | |
The annexed notes from 1 to 23 form an integral part of these condensed interim financial information.
For Al-Zamin Modaraba Management (Private) Limited
(Modaraba Management Company)
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DIRECTOR
CHIEF FINANCIAL OFFICER
CHIEF EXECUTIVE
DIRECTOR
TRUST MODARABA Quarterly Report March 31, 2025
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS (UN-AUDITED)
FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025
| Note Income from ijarah - net 19 Profit on murabaha finances Profit on diminishing musharakah/musharakah finances Dividend income on equity investments Gain/(loss) on sale of short term investments Other income 20 Provision for doubtful receivables Loss on disposal of assets classified as held for sale Operating expenses 19 Modaraba Management Company's fee Workers' Welfare Fund Profit before taxation Taxation Net profit for the period Earnings per certificate - basic and diluted 20 Unrealized gain on revaluation of financial assets at fair value through profit or loss |
2025 2024 ----------Rupees---------- March 31, Nine Months Ended |
2025 2024 1,523,382 3,108,137 863,306 820,975 12,644,251 11,411,165 350,000 88,750 1,227,154 53,086 262,350 1,636,270 ----------Rupees---------- March 31, Quarter Ended |
|---|---|---|
| 6,123,844 10,589,272 2,970,230 3,363,727 37,784,570 30,415,988 779,000 625,654 4,437,455 (6,394,502) 4,895,003 2,225,199 |
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| 56,990,102 40,825,338 (1,075,589) (1,381,730) - (4,125,000) 3,116,701 13,628,087 |
16,870,443 17,118,383 (750,000) - (4,125,000) (274,782) (700,683) |
|
| 59,031,214 48,946,695 (35,338,269) (27,047,384) |
15,845,661 12,292,700 (12,087,516) (8,832,539) |
|
| 23,692,945 21,899,311 (2,369,295) (2,189,931) (426,473) (394,188) |
3,758,145 3,460,161 (375,815) (346,016) (67,647) (62,283) |
|
| 20,897,177 19,315,192 (3,125,394) (3,261,672) |
3,314,683 3,051,862 (789,778) (553,533) |
|
| 17,771,783 16,053,520 |
2,524,905 2,498,329 |
|
| 0.60 0.54 |
0.08 0.08 |
The annexed notes from 1 to 23 form an integral part of these condensed interim financial information.
For Al-Zamin Modaraba Management (Private) Limited
(Modaraba Management Company)
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CHIEF EXECUTIVE
DIRECTOR
DIRECTOR
CHIEF FINANCIAL OFFICER
TRUST MODARABA Quarterly Report March 31, 2025
CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME (UNAUDITED) FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2025
| Note rofit for the period Other comprehensive income: t e m s t h a t w i l l n o t b e r e c l a s s i f i e d t o p r o f i t a n d l o s s a c c o u n t Net change in fair value of investments classified as 'fair value through other comprehensive income - net of tax Other comprehensive income for the period otal comprehensive income for the period |
2025 2024 2025 2024 17,771,783 16,053,520 2,524,905 2,498,329 Nine Months Ended Quarter Ended ------------------Rupees------------------- March 31, March 31, |
2025 2024 2025 2024 17,771,783 16,053,520 2,524,905 2,498,329 Nine Months Ended Quarter Ended ------------------Rupees------------------- March 31, March 31, |
2025 2024 2025 2024 17,771,783 16,053,520 2,524,905 2,498,329 Nine Months Ended Quarter Ended ------------------Rupees------------------- March 31, March 31, |
2025 2024 2025 2024 17,771,783 16,053,520 2,524,905 2,498,329 Nine Months Ended Quarter Ended ------------------Rupees------------------- March 31, March 31, |
|---|---|---|---|---|
| 17,771,783 | 16,053,520 | |||
| 2,676,246 | 2,838,702 | - | 482,872 | |
| 2,676,246 | 2,838,702 | - | 482,872 | |
| 20,448,029 | 18,892,222 | 2,524,905 | 2,981,201 |
The annexed notes from 1 to 23 form an integral part of these condensed interim financial information.
For Al-Zamin Modaraba Management (Private) Limited
(Modaraba Management Company)
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CHIEF EXECUTIVE
DIRECTOR DIRECTOR CHIEF FINANCIAL OFFICER
TRUST MODARABA Quarterly Report March 31, 2025
| CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) | FOR THE NINE MONTHS ENDED MARCH 31, 2025 | Total Total Revenue reserves Certificate Capital reserves |
Statutory reserve Accumulated losses reserves equity capital Particulars |
--------------------------------------------------- (Rupees)--------------------------------------------------- | Balance as at June 30, 2023 298,000,000 83,785,844 (55,279,395)28,506,449 326,506,449 |
Profit for the period - - 16,053,520 16,053,520 16,053,520 |
Other comprehensive income for the period - - - - - |
Total comprehensive income for the period - - 16,053,520 16,053,520 16,053,520 |
Balance as at March 31, 2024 298,000,000 83,785,844 (39,225,875) 44,559,969 342,559,969 |
Balance as at June 30, 2024 298,000,000 88,032,069 (38,294,494) 49,737,575 347,737,575 |
Profit for the period - - 17,771,783 17,771,783 17,771,783 |
Other comprehensive (loss) for the period - - (1,446,070) (1,446,070) (1,446,070) |
Total comprehensive income for the period - - 16,325,713 16,325,713 16,325,713 |
Transactions with owners | Profit distribution for the year ended June 30, 2024 | @ Rs. 0.50 per certificate - - (14,900,000) (14,900,000) (14,900,000) |
Balance as at March 31, 2025 298,000,000 88,032,069 (36,868,781) 51,163,288 349,163,288 |
The annexed notes from 1 to 23 form an integral part of these condensed interim financial information. | For Al-Zamin Modaraba Management (Private) Limited | (Modaraba Management Company) | CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR DIRECTOR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
TRUST MODARABA Quarterly Report March 31, 2025
CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)
FOR THE NINE MONTHS ENDED MARCH 31, 2025
| CASH FLOWS FROM OPERATING ACTIVITIES Note Cash generated from operations Cash generated from operations 21 Decrease / (Increase) in non-current assets: - Long term murabaha finances - Long term musharakah finances (Decrease) / Increase in non-current liabilities: - Deferred income on murabaha - Customers security deposits Purchase of ijarah assets Proceeds from disposal of ijarah assets Income tax paid / deducted Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of owned assets Purchase of intangible assets Proceeds from disposal of owned assets Disposal of investments - net Dividends received Net cash generated from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Payment made against lease liability Profit distributed to certificate holders Net cash used in financing activities Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period |
March 31, | March 31, |
|---|---|---|
| 2025 2024 22,597,885 57,567,194 (3,037,417) 13,242,857 (35,283,478) (91,738,577) 739,300 (1,580,202) - (7,474,145) - (1,100,000) 10,012,256 10,311,209 (4,571,132) (3,457,273) ----------Rupees---------- |
||
| 22,597,885 (3,037,417) (35,283,478) 739,300 - - 10,012,256 (4,571,132) |
||
| (9,542,586) | (24,228,937) | |
| (712,478) - 2,379,240 22,262,895 - 779,000 |
(800,352) (1,022,000) - 4,500,000 22,519,457 (800,000) 615,654 |
|
| 24,708,657 . |
25,012,759 | |
| (4,009,768) (14,031,043) |
(1,166,400) (2,123) |
|
| (18,040,811) | (1,168,523) | |
| (2,874,740) 10,384,061 |
(384,701) 7,403,438 |
|
| 7,509,321 | 7,018,737 |
The annexed notes from 1 to 23 form an integral part of these condensed interim financial information.
For Al-Zamin Modaraba Management (Private) Limited
(Modaraba Management Company)
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DIRECTOR
DIRECTOR
CHIEF FINANCIAL OFFICER
CHIEF EXECUTIVE
TRUST MODARABA Quarterly Report March 31, 2025
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION
FOR THE NINE MONTHS ENDED MARCH 31, 2025
- 1 LEGAL STATUS AND NATURE OF BUSINESS
Trust Modaraba (the Modaraba) was formed in Pakistan under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed thereunder and is managed by Al-Zamin Modaraba Management (Private) Limited (AZMML). The Modaraba commenced its business operations from November 12, 1991. It is listed on Pakistan Stock Exchange Limited. The principal place of business and registered office is located at 104-106, Kassam Court, BC-9, Block-5, Clifton, Karachi - 75600 while regional office is located at 320, 3rd Floor, Garden Heights, 8-Aibak Block, New Garden Town, Lahore.The Modaraba is perpetual, multi-purpose and multi-dimensional, engaged in the business of Murabahas, Musharakahs, Ijarah, investment in marketable securities, trading and other permissible businesses. The affairs, activities and transactions performed by the modaraba during the period comply with the rules and principles of Islamic Shariah in accordance with the guidelines and directives given by the Shariah advisor, Registrar (Modaraba) and the Securities & Exchange Commission of Pakistan.
2 BASIS OF PREPARATION
2.1 Statement of compliance
These condensed interim financial information have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
-
International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017;
-
Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as notified under the Companies Act, 2017; and
-
Provisions of and directives issued under the Companies Act, 2017, Modaraba Companies and Modarabas (Flotation and Control) Ordinance, 1980, Modaraba Companies and Modaraba Rules, 1981 and Modaraba Regulation 2021 issued by the Securities and Exchange Commission of Pakistan (hereinafter referred to as the relevant laws).
Where the provisions of relevant laws differ with the requirements of IAS 34, IFASs and Companies act, 2017, the provisions of and directives of relevant laws have been followed.
2.2
The disclosures in these condensed interim financial information do not include the information reported for full annual financial statements and should therefore be read in conjunction with the annual financial statements of the Company for the year ended June 30, 2024. Comparative condensed interim statement of financial position is extracted from annual financial statements as at June 30, 2024, whereas comparative condensed interim statement of profit or loss, condensed interim statement of profit or loss and other comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows are extracted from un-audited condensed interim financial statements of the Company for the nine month period ended March 31, 2024.
2.3 These condensed interim financial information are un-audited and are being submitted to the members as required under Section 237 of the Companies Act, 2017 and the listing regulations of the Pakistan Stock Exchange. These condensed interim financial statements for the nine month period ended March 31, 2025 has been subjected to limited scope review by the auditors.
2.4 Critical accounting estimates and judgments
The preparation of these condensed interim financial information in conformity with the approved accounting standards as applicable in Pakistan requires the management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, income and expenses. It also requires the management to exercise judgments in application of the Modaraba's accounting policies. The estimates, judgments and associated assumptions are based on the management's experience and various other factors that are believed to be reasonable under the circumstances. These estimates and assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both the current and future periods. In preparing these condensed interim financial statements, the significant judgments made by the management in applying the Modaraba's accounting policies and the key sources of estimation of uncertainty were the same as those that were applied in the annual published audited financial statements for the year ended June 30, 2024.
2.5 Functional and presentation currency
These condensed interim un-audited financial statements are presented in Pak Rupees, which is the Modaraba's functional and presentational currency. All the figures have been rounded off to the nearest rupees, unless otherwise stated.
TRUST MODARABA Quarterly Report March 31, 2025
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED MARCH 31, 2025
(Un-audited) (Audited) March 31 June 30 2025 2024 Note ----------Rupees----------
| 3 SHORT TERM INVESTMENTS Financial assets at fair value through profit or loss: NIT Islamic Equity Fund Shares of listed companies 3.1 3.1 Shares of listed companies Unless otherwise stated, the holdings are in fully paid ordinary shares of Rs. 10 each. |
814 20,970,173 |
|
|---|---|---|
| - 11,973,800 |
||
| 11,973,800 | 20,970,987 | |
| 4 | Name of Investee Number of shares |
March 31, 2025 June 30,2024 (Un-audited) (Audited) |
March 31, 2025 June 30,2024 (Un-audited) (Audited) |
March 31, 2025 June 30,2024 (Un-audited) (Audited) |
March 31, 2025 June 30,2024 (Un-audited) (Audited) |
|---|---|---|---|---|---|
| Mar-25 June-24 - 40,000 Fauji Cement Company Limited 250,000 100,000 Cnergyico Pk Limited - 120,000 Hascol Petroleum Limited - 30,000 Pakistan Petroleum Limited - 15,000 Shell Pakistan Limited - 25,500 Nishat Mills Limited - 10,000 Netsol Technologies Limited - 10,000 Oil & Gas Development Company - 10,000 Unity Foods Ltd 19,500 10,000 - 5,000 - 4,000 40,000 20,000 Engro Polymer & Chemical Limited - 20,000 Fauji Foods Limited 20,000 10,000 Hub Power Company - 20,000 Maple Leaf Cement Limited - 25,000 Pakistan International Bulk Terminal 10,000 25,000 Pakistan Refinery Limited - 11,000 Pakistan State Oil Company Limited - 6,086 Sui Northern Gas Pipelines Limited - 20,000 TPL Properties Limited 30,000 - Flying Cement Company Limited 50,000 - K-Electric Limited 30,000 - Octopus Digital Limited 50,000 - Sui Southern Gas Company Limited Loans to / receivable from employees - considered good Prepayments Advance against lease Advance against expenses Accrued profit (secured - considered good) Trade receivables - considered good (secured) Legal suits' charges receivable (secured - considered good) Receivable against sale of Faisalabad Property Sundry receivables (unsecured - considered good) Century Paper and Board Mills The Searle Company Limited Attock Refinery Limited ADVANCES, PREPAYMENTS AND OTHER RECEIVABLES |
Market Value Average Cost Market Value - - 888,863 916,400 2,117,416 2,065,000 1,092,241 385,000 - - 1,622,511 742,800 - - 3,563,730 3,513,300 - - 2,427,483 2,011,500 - - 2,488,379 1,806,675 - - 1,372,309 1,357,600 - - 1,377,431 1,353,700 - - 327,977 301,500 790,112 495,300 498,164 299,500 - - 294,629 285,600 - - 1,509,564 1,406,360 1,707,262 1,508,400 959,374 898,400 - - 220,678 177,400 2,539,403 2,926,400 1,632,763 1,630,800 - - 756,280 760,000 - - 163,098 154,250 391,675 368,300 822,742 580,000 - - 1,968,341 1,828,310 - - 434,668 386,278 - - 231,678 174,800 865,490 834,000 - - 271,725 219,500 - - 1,968,391 1,725,900 - - 1,888,352 1,831,000 - - --------------------Rupees-------------------- |
||||
| - 2,117,416 - - - - - - - 790,112 - - 1,707,262 - 2,539,403 - - 391,675 - - - 865,490 271,725 1,968,391 1,888,352 |
- 2,065,000 - - - - - - - 495,300 - - 1,508,400 - 2,926,400 - - 368,300 - - - 834,000 219,500 1,725,900 1,831,000 |
||||
| 12,539,826 | 11,973,800 | 24,652,903 | 20,970,173 | ||
| Note 4.1 4.2 4.3 |
(Un-audited) (Audited) March 31 June 30 2025 2024 302,000 344,500 5,683,385 4,128,226 - 962,000 22,222 550,000 3,103,189 2,527,683 - - 2,316,076 2,311,076 - - 2,603,772 541,763 ----------Rupees---------- |
||||
| 302,000 5,683,385 - 22,222 3,103,189 - 2,316,076 - 2,603,772 |
|||||
| 14,030,644 | 11,365,248 |
TRUST MODARABA Quarterly Report March 31, 2025t
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED MARCH 31, 2025
4.1 Trade receivables
| 4.2 Legal suits' charges receivable 4.3 Receivable against sale of Faisalabad Property 5 MURABAHA FINANCES - SECURED Note Considered good Considered doubtful: - Regular parties - Parties under litigation Provision for doubtful receivables 6.1 Opening balance Expenses incurred Opening balance Gross amount Allowance for doubtful trade receivables Closing balance Write off due to settlement Gross amount Allowance for doubtful legal suits' charges receivables Closing balance Opening balance Provision made during the period Closing balance |
100,000 | 100,000 |
|---|---|---|
| 100,000 (100,000) |
100,000 (100,000) |
|
| - | - | |
| 2,718,002 5,000 - |
2,675,852 102,150 (60,000) |
|
| 2,723,002 (406,926) |
2,718,002 (406,926) |
|
| 2,316,076 | 2,311,076 | |
| 549,000 (549,000) |
549,000 (549,000) |
|
| - | - | |
| (Un-audited) (Audited) March 31, June 30 2025 2024 ----------Rupees---------- |
||
| - 33,800,000 |
- 33,800,000 |
|
| 33,800,000 (8,420,000) |
33,800,000 (8,400,000) |
|
| 25,380,000 | 25,400,000 |
5.1 These represent receivables from 3 (June 30, 2024: 3) customers under Murabaha finance. Legal proceedings against these customers are in process in the Honorable Courts of Law (Banking court of Lahore). The Courts have awarded decree in favor of Modaraba in 3 (June 30, 2024: 3) cases for recovery of Rs. 39.727 million (June 30, 2024: Rs. 39.727 million).
| 2024: 3) cases for recovery ofRs. 39.727million (June 30, 2024: Rs. 39.727 million). | ||
|---|---|---|
| 6 IJARAH RENTAL RECEIVABLES - SECURED Note Considered good 6.1 Parties under litigation - considered doubtful Suspended ijarah income - considered doubtful Provision for doubtful ijarah rental receivables |
(Un-audited) (Audited) March 31, June 30 2025 2024 534,382877,656 5,026,2125,026,107 (843,499) (843,499) (1,261,322) (1,271,339) ----------Rupees---------- |
|
| 534,382 5,026,212 (843,499) (1,261,322) |
||
| 3,455,773 | 3,788,925 |
6.1 These are secured against ijarah assets and personal guarantees. In some ijarahs, additional collateral is also obtained in the form of mortgaged property. The Modaraba is entitled to repossess and sell the ijarah assets in case of default by the customers.
TRUST MODARABA Quarterly Report March 31, 2025
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED MARCH 31, 2025
| 7 Note Considered good Considered doubtful 7.2 Provision for doubtful long term murabaha finances Current / overdue portion shown under current assets MURABAHA FINANCES - SECURED |
(Un-audited) (Audited) March 31 June 30 2025 2024 21,332,214 16,579,718 36,728,930 37,912,999 (7,353,523) (6,674,996) ----------Rupees---------- |
(Un-audited) (Audited) March 31 June 30 2025 2024 21,332,214 16,579,718 36,728,930 37,912,999 (7,353,523) (6,674,996) ----------Rupees---------- |
|---|---|---|
| 21,332,214 36,728,930 (7,353,523) |
||
| 50,707,621 (42,313,678) |
47,817,721 (41,708,561) |
|
| 8,393,943 | 6,109,160 |
8,393,943 6,109,160 |
8,393,943 6,109,160 |
8,393,943 6,109,160 |
|---|---|---|
| 7.1 (Un-audited) (Audited) March 31 June 30 2024 2024 7.2 Break up of considered doubtful Murabaha Note finances Considered doubtful 38,251,664 39,511,777 Suspended income 7.2.1 (1,522,734) (1,598,778) 7.2.2 36,728,930 37,912,999 7.2.1 Suspended income Opening balance 1,598,778 1,710,508 Reversal during the period / year (76,044) (221,600) Suspension made during the period / year - 109,870 Closing balance 1,522,734 1,598,778 7.2.2 (Un-audited) (Audited) March 31 June 30 2025 2024 7.3 Provision for doubtful long term murabaha finances Note Opening balance 6,674,996 5,511,015 Provision for the period / year 750,000 1,430,395 Reversal for the period / year (71,473) (266,414) Closing balance 7,353,523 6,674,996 8 MUSHARAKAH FINANCES - SECURED Considered good Provision for Musharakah finances 9,553,000 13,716,817 Closing balance 8.1 - (321,061) 9,553,000 13,395,756 8.1 Provision for Musharakah finances Opening balance (Reversal) / provision for the period / year 321,061 820,474 Closing balance (321,061) (499,413) ~~-~~ ~~321,061~~ Considered good 213,340,569 178,400,012 Current / overdue portion (68,901,059) (45,244,359) Provision for Diminishing Musharakah finances (4,462,962) (3,734,822) Closing balance 139,976,548 129,420,831 9 DIMINISHING MUSHARAKAH FINANCING - SECURED ----------Rupees---------- The doubtful murabaha finances include receivables from 5 (June 30, 2024: 6) customers under murabaha finance which is under litigation. Legal proceedings against these customers are in process in the Courts of Law. The Courts have awarded decree in favor of Modaraba in 2 (June 30, 2024: 2) cases for recovery of Rs. 54.002 million (June 30, 2024: Rs. 54.002 million). The Modaraba has sold goods under murabaha arrangements whereby payment is deferred along with specified profit margin. These finances are secured by way of hypothecation stocks, mortgage of properties, demand promissory notes, charge on assets and personal guarantees. ----------Rupees---------- |
(Un-audited) (Audited) March 31 June 30 2024 2024 38,251,664 39,511,777 (1,522,734) (1,598,778) is deferred along with specified profit properties, demand promissory notes, ----------Rupees---------- |
|
| 38,251,664 (1,522,734) |
||
| 36,728,930 | 37,912,999 | |
| 1,598,778 (76,044) - |
1,710,508 (221,600) 109,870 |
|
| 1,522,734 | 1,598,778 | |
| 6,674,996 750,000 (71,473) |
||
| 7,353,523 | 6,674,996 | |
| 9,553,000 - |
13,716,817 (321,061) |
|
| 9,553,000 | 13,395,756 | |
| 321,061 (321,061) |
820,474 (499,413) |
|
| ~~-~~ | ~~321,061~~ | |
| 213,340,569 (68,901,059) (4,462,962) |
178,400,012 (45,244,359) (3,734,822) |
|
| 139,976,548 | 129,420,831 |
TRUST MODARABA Quarterly Report March 31, 2025
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED MARCH 31, 2025
| FIXED ASSETS GIVEN ON LEASE/IJARAH - TANGIBLE Note 10.1 10.1 Operating fixed assets given on lease (ijarah) - tangible Opening written down value Additions during the period / year Disposals during the period / year Depreciation charge for the period / year 11 FIXED ASSETS IN OWN USE Fixed assets in own use 11.1 Right of use assets 11.2 11.1 Fixed assets in own use Opening written down value Additions during the period / year 11.1.1 Disposals during the period / year 11.1.2 Depreciation charge for the period / year 11.1.3 11.1.1 Additions during the period / year Office equipment Furniture and fixtures Electrical equipment 11.1.2 Disposal during the period / year Vehicle Book Value 11.1.3 Book value at the end of period / year Land 11.1.4 Furniture and fixtures Office equipment Vehicles Electrical equipment Operating fixed assets given on lease (ijarah) - tangible 10 |
(Un-audited) (Audited) March 31, June 30, 2025 2024 36,121,154 74,450,750 74,450,750 123,427,562 - 1,100,000 (25,499,611) (15,870,113) ----------Rupees---------- |
(Un-audited) (Audited) March 31, June 30, 2025 2024 36,121,154 74,450,750 74,450,750 123,427,562 - 1,100,000 (25,499,611) (15,870,113) ----------Rupees---------- |
|---|---|---|
| 36,121,154 74,450,750 - (25,499,611) |
||
| 48,951,139 (12,829,985) |
108,657,449 (34,206,699) |
|
| 36,121,154 | 74,450,750 | |
| 13,740,854 11,764,507 |
13,979,664 8,968,532 |
|
| 25,505,361 | 22,948,196 | |
| 13,979,664 712,478 (216,000) |
14,105,600 1,096,652 (136,792) |
|
| 14,476,142 (735,288) |
15,065,460 (1,085,796) |
|
| 13,740,854 | 13,979,664 | |
| 712,478 - - |
591,652 23,000 482,000 |
|
| 712,478 | 1,096,652 | |
| 216,000 | 136,792 | |
| 216,000 | 136,792 | |
| 10,728,400 452,650 1,130,997 573,044 855,763 |
10,728,400 512,482 744,922 1,004,417 989,443 |
|
| 13,740,854 | 13,979,664 |
11.1.4 It represents a piece of land measuring 10 Kanals, costing Rs. 10,728,400 situated at Mauza Amer Sidhu, Lahore Cantt. acquired through settlement of certain Murabaha facilities. The subject land is presently in the possession of Defence Housing Authority, Lahore (DHA). The Modaraba has filed legal suit in the Civil Court, Lahore for possession of land. The management and legal counsel of the Modaraba are confident that Modaraba has valid claim against DHA because title and sale deed is in the name of the Modaraba and accordingly no loss has been recorded against such land. Management is also making efforts to achieve out of court settlement and next date of hearing is April 12, 2025 for further processing of the case.
TRUST MODARABA Quarterly Report March 31, 2025
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION
FOR THE NINE MONTHS ENDED MARCH 31, 2025
| 11.2 Right of use assets Note Opening balance Additions during the period / year Depreciation charge for the period / year Closing balance Lease term Depreciation rate |
(Un-audited) (Audited) March 31, June 30, 2025 2024 8,968,532 2,240,663 5,731,851 8,584,347 14,700,383 10,825,010 (2,935,876) (1,856,478) 11,764,507 8,968,532 1-5years 1-5years 20% 20% ----------Rupees---------- |
(Un-audited) (Audited) March 31, June 30, 2025 2024 8,968,532 2,240,663 5,731,851 8,584,347 14,700,383 10,825,010 (2,935,876) (1,856,478) 11,764,507 8,968,532 1-5years 1-5years 20% 20% ----------Rupees---------- |
|---|---|---|
| 8,968,532 5,731,851 |
||
| 14,700,383 (2,935,876) |
10,825,010 (1,856,478) |
|
| 11,764,507 | 8,968,532 | |
| 1-5years | 1-5years | |
| 20% | 20% |
11.2.1 There are no variable lease payments in the lease contracts. There were no leases with residual value guarantees or leases not yet commenced to which the Modaraba is committed.
- 11.2.2 All assets are geographically located in Pakistan.
| 12 INTANGIBLE ASSET Cost Balance at beginning of the period / year Additions during the period / year Closing balance Accumulated amortisation Balance at beginning of the period / year Charged during the period / year Closing balance Written down value Rate % |
(Un-audited) (Audited) March 31, June 30, 2025 2024 2,272,000 1,250,000 - 1,022,000 2,272,000 2,272,000 1,323,060 1,094,448 305,496 228,612 1,628,556 1,323,060 643,444 948,940 33% 33% ----------Rupees---------- |
(Un-audited) (Audited) March 31, June 30, 2025 2024 2,272,000 1,250,000 - 1,022,000 2,272,000 2,272,000 1,323,060 1,094,448 305,496 228,612 1,628,556 1,323,060 643,444 948,940 33% 33% ----------Rupees---------- |
|---|---|---|
| 2,272,000 - |
||
| 2,272,000 1,323,060 305,496 |
2,272,000 1,094,448 228,612 |
|
| 1,628,556 | 1,323,060 | |
| 643,444 | 948,940 | |
| 33% | 33% |
13 UNCLAIMED PROFIT DISTRIBUTIONS
Management has maintained funds of Rs. 4,385,201 (June 30, 2024: Rs. 5,003,881) against unclaimed profit distribution of Rs. 13,769,269 (June 30, 2024: Rs. 12,828,131) resulting in shortage of funds of Rs. 9,384,068 (June 30, 2024: Rs. 7,824,250). This shortage of funds relates to unclaimed profit distribution when modaraba was managed by Trust management services (previous management company) from incorporation till 2009 when change of management took place through appointment of administrator by registrar under section 19 and 20 of Modaraba Companies and Modarabas (Flotation and Control) Ordinance, 1980. Modaraba has maintained complete funds for unclaimed profit distribution after acquisition by Al-Zamin Management Company Limited in 2009 till date.
14
| Note Provision for Workers' Welfare Fund Accrued expenses Other liabilities 16.1.5 CREDITORS, ACCRUED AND OTHER LIABILITIES Payable to Modaraba Management Company (Related party) |
(Un-audited) (Audited) March 31, June 30, 2025 2024 2,369,295 2,956,102 476,436 582,061 631,606 760,802 1,376,476 5,967,867 4,853,813 10,266,832 ----------Rupees---------- |
(Un-audited) (Audited) March 31, June 30, 2025 2024 2,369,295 2,956,102 476,436 582,061 631,606 760,802 1,376,476 5,967,867 4,853,813 10,266,832 ----------Rupees---------- |
|---|---|---|
| 2,369,295 476,436 631,606 1,376,476 |
||
| 4,853,813 | 10,266,832 |
15 CHARITY PAYABLE
It represents the amount of profits earned on unclaimed dividends held in Meezan bank (dividend account) which shall be utilized for charitable causes. The funds are maintained in pursuant to the regulations outlined in Section 244 of the Companies Act 2017.
TRUST MODARABA Quarterly Report March 31, 2025
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION
FOR THE NINE MONTHS ENDED MARCH 31, 2025
-
16 CONTINGENCIES AND COMMITMENTS
-
16.1 Contingencies
-
16.1.1 Notice was served to Trust Modaraba dated 28 August 2018, along with certain other modarabas, by Sindh Revenue Board (SRB) for the recovery of tax under Sindh Sales Tax on Services Act, 2011 amounting to Rs. 38.52 million comprising allegedly unpaid sales tax on services rendered in Sindh from years 2011-12 to 2017-18.
The Modaraba along with other Modarabas has filed a petition in Honorable Sindh High Court (SHC) on September 1, 2018 challenging the demand of Sindh Revenue Board (SRB) on the grounds of non-applicability of sales tax. A stay order in this regard has been granted by the SHC stating that no adverse order in respect of the proposed treatment shall be made against the Petitioners. The management of the Modaraba based on its discussions with its legal counsel is of the view that in light of the stay order of the Court and the merits of the matter involved, the impugned charge of sales tax will be quashed and favorable outcome is expected. Therefore, no provision for any sales tax liability on rentals of lease financing has been made in the financial statements. The expected date of hearing is 20th February, 2025 for further processing of the case.
-
16.1.2 The Assistant commissioner Inland Revenue (ACIR) has issued order dated June 30, 2022 by creating demand under subsection 161 of Rs 1,038,285 along with default surcharge of Rs 809,862. The tax payer has filed appeal against said order on July 16, 2022 before commissioner Inland Revenue (CIR). During the year, CIR remanded back the case to (ACIR) and taxpayer being aggrieved by the order of CIR filed appeal before Appellate Tribunal Inland Revenue (ATIR). The ATIR annulled the findings of ACIR and remit the matter to officer of Inland Revenue (OIR). As at period end, the matter is pending before the OIR and no reassessment order is issued to date.
-
16.1.3 The Deputy commissioner Inland Revenue (DCIR) has issued order dated August 31, 2021 by creating demand under subsection 122 (1) of the Income Tax Ordinance, 2001 for Rs 5,776,892. The Modaraba had filed appeal against said order before Commissioner Inland Revenue - Appeals (CIRA), who vide order dated 24-Jan-2022 remanded the case with directions to pass a speaking order by going through the relevant record. Opportunities of hearing were provided. During the year, DCIR passed the order dated June 24, 2024 by creating a demand of Rs. 5,776,892 and taxpayer being aggrieved by the order of DCIR filed appeal before CIRA, which is pending for adjudication. The management, in consultation with its tax advisor, has determined that favorable outcome is expected.
-
16.1.4 The Deputy commissioner Inland Revenue (DCIR) issued notices dated August 18, 2023 by confronting amount of Rs. 143,347 and Rs. 732,850 against tax years 2020 and 2021 respectively under sub-section 221(2) of the Income Tax Ordinance, 2001. These demands pertain to the adjustment of refunds against the admitted tax liabilities. The Modaraba has submitted a detailed response to the DCIR, accompanied by comprehensive documentary evidence. Decision is pending but the management, in consultation with its tax advisor, has determined that favorable outcome is expected.
-
16.1.5 On December 06, 2022, Sindh Revenue Board (SRB) issued a notice under Section 73 of the Stamps Act, 1899 to several modaraba companies for inspection of the records regarding stamp duty applicability. The Modaraba responded on December 22, 2022 that the Modaraba is a non-banking financial institution and Stamps act, 1899 is not applicable. However without prejudice to the rights and remedies and only as a matter of cooperation, the management partially complied.
On December 12, 2023 the Modaraba received a demand from Sindh Revenue Board (SRB) against stamp duty of Rs. 280,509 and Rs. 108,900 applicable on purchase orders and promissory notes respectively, covering the period July 01, 2020 to March 03, 2023. The Modaraba responded on January 08, 2024 that Article 15(b) of the stamps act, 1899 deals with the manufacturing concerns or business which undertake cartage of stores and materials and as such it is not applicable to NBFCs and Modarabas involved in Shariah compliant asset financing. The matter is being dealt at the association level.
Regarding the stamp duty on promissory note under Sec 2(22) of Article 28 of the Stamps Act 1899, the management acknowledged its application and has recognized a provision for the period of July 01, 2022 to June 30, 2024 in Note 16 amounting to Rs. 145,800
16.2 Diminishing Musharakah / Ijarah commitments
The Modaraba has entered into diminishing musharakah arrangements for vehicles. These arrangements have remaining terms of less than five years. Such arrangements also include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions. Future diminishing musharakah payments due under these arrangements at the year end are as follows:
| arrangements at the year end are as follows: | ||
|---|---|---|
| (Un-audited) | (Audited) | |
| 31-Mar | June 30, | |
| 2025 | 2024 | |
| ----------Rupees---------- | ||
| Disbursement to be made | - | 18,118,000 |
TRUST MODARABA Quarterly Report March 31, 2025
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED MARCH 31, 2025
| 17 INCOME FROM IJARAH - NET Note Income from leasing and Ijarah operations Less: depreciation on fixed assets given on ijarah Less: insurance on ijarah assets 18 OTHER INCOME Gain on disposal of ijarah assets Gain on disposal of owned fixed assets Profit on deposit and saving accounts with banks Processing, documentation charges Miscellaneous income 19 OPERATING EXPENSES Salaries, allowances and other benefits Fees and subscription Depreciation on right of use assets 12.2 Unwinding of lease liabilities Vehicle running Rent, rates and taxes Legal and professional charges Electricity, gas and water Telephone, postage and courier Advertisement Printing and stationery Traveling and conveyance Entertainment Insurance Auditors' remuneration Newspaper and periodicals Repairs and maintenance Depreciation on own assets 11.1 Amortization on intangible assets 12 Bank charges and commission Sales tax Zakat Office supply Miscellaneous 20 Profit for the period Rupees Weighted average number of certificates Number Earnings per certificate Rupees EARNINGS PER CERTIFICATE - BASIC AND DILUTED |
2025 2024 March 31, Nine Months Ended |
2025 2024 March 31, Nine Months Ended |
2025 2024 5,001,673 11,911,455 (3,455,241) (7,918,038) (23,050) (885,280) Quarter Year Ended March 31, |
2025 2024 5,001,673 11,911,455 (3,455,241) (7,918,038) (23,050) (885,280) Quarter Year Ended March 31, |
|---|---|---|---|---|
| 20,368,771 (12,829,985) (1,414,942) |
40,078,274 (26,814,825) (2,674,177) |
|||
| 6,123,844 | 10,589,272 | 1,523,382 | 3,108,137 | |
| 1,908,293 2,163,240 308,816 413,700 100,954 |
424,791 - 328,358 557,900 914,150 |
- - 29,305 126,700 17,759 |
424,791 - 111,529 192,700 907,250 |
|
| 4,895,003 | 2,225,199 | 173,764 | 1,636,270 | |
| 15,200,988 3,620,130 2,935,876 2,023,033 2,080,778 1,544,415 278,000 936,018 1,249,503 110,483 621,297 405,218 512,672 125,154 118,800 11,260 1,751,649 735,288 305,496 16,560 63,747 9,812 227,941 454,151 |
13,537,982 2,743,887 892,836 281,262 1,563,119 541,900 115,000 910,953 955,857 38,435 682,379 437,513 579,243 174,874 84,700 10,750 1,961,060 810,385 126,778 11,517 78,831 - - 508,123 |
5,325,579 1,645,046 1,056,397 687,683 710,193 318,000 128,000 196,851 454,159 - 151,605 95,950 40,741 36,783 - 4,020 629,105 251,787 101,832 8,193 26,109 9,812 136,621 73,050 |
4,529,982 999,316 297,612 82,220 494,950 186,000 60,000 187,216 371,929 - 240,094 67,990 131,427 58,314 - 3,630 529,616 282,129 76,777 3,350 30,160 - - 199,827 |
|
| 35,338,269 | 27,047,384 | 12,087,516 | 8,832,539 | |
| 17,771,783 | 16,053,520 | 2,524,905 | 2,498,329 | |
| 29,800,000 | 29,800,000 | 29,800,000 | 29,800,000 | |
| 0.60 | 0.54 | 0.08 | 0.08 |
20.1 There is no dilution effect on the basic earnings per certificate of the Modaraba.
TRUST MODARABA Quarterly Report March 31, 2025
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION FOR THE NINE MONTHS ENDED MARCH 31, 2025
| 21 CASH GENERATED FROM OPERATIONS Profit before taxation Note Adjustments for non-cash and other items: - Depreciation: Under ijarah 17 In own use 11.1 Right of use assets 11.2 - Amortization on intangible assets 12 - Provision for doubtful receivables - Gain on disposal of ijarah assets - Gain on disposal own assets - (Gain) on sale of long term investment - (Gain) /loss on sale of short term investment - Unrealized (gain) on revaluation of held for trading investment - Unwinding of lease liabilities - Workers' Welfare Fund - Dividend income Operating profit before working capital changes Decrease / (increase) in current assets - Advances, deposits, prepayments and other receivables - Short term murabaha finances - Short term musharakah finances - Ijarah rental receivables Increase / (decrease) in current liabilities - Charity payable - Creditors, accrued and other liabilities Cash generated from operations |
2025 2024 (Un-audited) (Un-audited) 20,897,177 19,315,192 March 31, |
2025 2024 (Un-audited) (Un-audited) 20,897,177 19,315,192 March 31, |
|---|---|---|
| 20,897,177 | ||
| 12,829,985 735,288 2,935,876 305,496 1,075,589 (1,908,293) (2,163,240) (797,752) (4,437,455) (3,116,701) 2,023,033 (426,473) (779,000) |
26,814,825 810,385 892,836 126,778 1,381,730 (424,791) - 4,125,000 - 6,394,502 (13,628,087) 281,262 (394,188) (625,654) |
|
| 6,276,353 | 25,754,598 | |
| 27,173,530 | 45,069,790 | |
| (2,665,396) 20,000 3,842,756 323,135 (256,648) (5,839,492) |
(2,989,455) 7,136,596 7,938,870 (1,400,823) 92,577 1,719,639 |
|
| (4,575,645) | 12,497,404 | |
| 22,597,885 | 57,567,194 |
TRUST MODARABA Quarterly Report March 31, 2025
NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION
FOR THE NINE MONTHS ENDED MARCH 31, 2025
| 22 | TRANSACTIONS WITH RELATED PARTIES | TRANSACTIONS WITH RELATED PARTIES | TRANSACTIONS WITH RELATED PARTIES | Nine months period ended | Nine months period ended | Quarter ended | Quarter ended |
|---|---|---|---|---|---|---|---|
| March 31, | March 31, | ||||||
| Transactions during the period | 2025 | 2024 | 2025 | 2024 | |||
| Related party | **Relationship ** | Nature of transaction | ------------------------Rupees----------------------- | ||||
| Al-Zamin | Modaraba | Management fee and others | 2,369,295 | 2,189,931 | 375,815 | 346,016 | |
| Modaraba | Management | ||||||
| Management | Company | ||||||
| Office rent | 1,488,000 | 624,000 | 288,000 | - | |||
| Electric bill | 312,465 | 129,113 | - | - | |||
| Employees' | Associated | Contribution for the period | 740,175 | 738,619 | 253,010 | 246,205 | |
| Provident Fund | undertaking | ||||||
| Associated | Loan given during the period | 200,000 | - | - | - | ||
| Executives | person | ||||||
| persons | Repayment of loan received | 127,000 | - | 51,000 | - | ||
| Executives | Associated | Gain on disposal | 2,163,240 | - | - | - | |
| person |
| (Un-audited) | (Audited) | |||
|---|---|---|---|---|
| March 31, | June 30, | |||
| 2025 | 2024 | |||
| Outstanding Balance as at the | period end | -------------Rupees------------- | ||
| Related party | Relationship | Nature of transaction | ||
| Al-Zamin | Modaraba | Payable against management fee and others | 2,369,295 | 2,956,102 |
| Modaraba | Managemnt | |||
| Management | Company | Payable to Management Company as advance | - | - |
| Executives | Associated | Loan receivables | 283,000 | 210,000 |
| person |
23 AUTHORIZATION OF FINANCIAL STATEMENTS
These condensed interim financial information are approved and authorized for issuance by the Board of Directors of the 22[nd] April, 2025 Management Company in its meeting held on ___.
For Al-Zamin Modaraba Management (Private) Limited
(Modaraba Management Company)
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DIRECTOR
CHIEF FINANCIAL OFFICER
CHIEF EXECUTIVE
DIRECTOR
TRUST MODARABA Quarterly Report March 31, 2025
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KARACHI
Principal Place of Business: 104-106, Kassam Court, BC-9, Block-5, Clifton, Karachi-75600, Pakistan. Tel: +92 (021) 35876651, 35876652, 35873373, +92 (021) 35873369, 35867102 Fax: +92 (021) 3587 0408 E-mail: [email protected]
LAHORE
320, 3rd Floor, Garden Heights, 8-Aibak Block, New Garden Town, Lahore, Pakistan. Tel: +92 (042) 3594 1957 +92 (042) 3594 1958 Fax: +92 (042) 3586 6513