QUARTERLY ACCOUNTS FOR THE 1ST QUARTER ENDED September 30, 2012 (UN-AUDITED) Managed by: Royal Management Services (Pvt.) Limited FIRST PAK MODARABA If undelivered please return to : First Pak Modaraba Registrar Mehersons Estate, 1st floor, Block-E, Talpur Road, Karachi. Tel : PABX 32429632-4 Fax : 32420015 E-mail : [email protected] BOOK - POST Printed Matter
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QUARTERLY ACCOUNTSFOR THE 1ST QUARTER ENDED
September 30, 2012(UN-AUDITED)
Managed by:
Royal Management Services (Pvt.) Limited
FIRSTPAK
MODARABA
If undelivered please return to :First P
ak Modaraba
Registrar
Mehersons E
state, 1st floor, Block-E
,Talpur R
oad, Karachi.
Tel : PAB
X 32429632-4
Fax : 32420015E
-mail : first.pakm
odaraba@hotm
ail.com
BO
OK
- PO
ST
Printed M
atter
Managers of First Pak Modaraba
CORPORATE INFORMATION
BOARD OF DIRECTORS Mr. Abdul Hameed Khan (Chairman)Mr. Muhammad Akhtar I. Pathan (Director)Mr. Mohammad Musharraf Khan (Director)
AUDIT COMMITTEE Mr. Muhammad Akhtar I. Pathan (Chairman)Mr. Abdul Hameed Khan (Member)Mr. Mohammad Musharraf Khan (Member)
HUMAN RESOURCE Mr. Abdul Hameed Khan (Chairman)AND REMUNERATION Mr. Muhammad Akhtar I. Pathan (Member)COMMITTEE Mr. Mohammad Musharraf Khan (Member)
SHARIAH ADVISOR Mufti Muhammad Ibrahim Essa
COMPANY SECRETARY Mr. Mohammad Musharraf Khan
BANKERS Burj Bank LimitedHabib Bank Ltd. (Islamic Banking)Albaraka Bank (Pakistan) Ltd.Faysal Bank LimitedBank Al-Fallah LimitedSummit Bank Ltd.
AUDITORS M. Yousuf Adil Saleem & Co.Chartered Accountants
LEGAL ADVISOR Mandviwalla & Zafar Advocates
MANAGEMENT COMPANY M/s Royal Management Services (Pvt.) Limited
REGISTERED OFFICE Office No. 54, Ground Floor, Beverley Centre,56-G, Blue Area, Islamabad
SHARE REGISTRAR Shares & Corporate Services (Pvt.) Limited, Mehersons Estate, 1st Floor, Block–E,Talpur Road, Karachi– 74000Tel: 32429632-4 , Fax 32420015
1
FIRST PAK MODARABA
2
FIRST PAK MODARABA
CHAIRMAN’S REVIEW
Quarter ended
(Rupees in millions)
30.09.201130.09.2012
IslamabadDated: October 31, 2012
Chairman
1,076,532 239,329
74,496 352,850
- 1,743,207
(212,400)
- 1,530,807
(55,883) (666,819) (722,702)
808,105
- 808,105
- 808,105
-
808,105
0.06
1,553,357 534,792 204,126 535,594
- 2,827,869
(107,294)
- 2,720,575
(139,520) (783,598) (923,118) 1,797,457
- 1,797,457
- 1,797,457
-
1,797,457
0.14
30-Sep-12Rupees
INCOME
Return on term deposit receipts and PLS accountsGain on sale of investmentsIjarah rentalsDividend incomeOther income
Unrealised loss on remeasurement of held for trading investmentsImpairment (losses) and reversal against doubtful receivables
EXPENDITURE
Depreciation on ijarah assetsAdministrative expenses
Profit for the period
Modaraba company's management feeProfit before taxation
Provision for taxationProfit after taxation
Other Comprehensive income
Surplus on revaluation of available for sale investment
Total income for the period
Earnings per certificate
30-Sep-11Rupees
PROFIT AND LOSS ACCOUNT (UN-AUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2012
4
FIRST PAK MODARABA
The annexed notes form an integral part of these financial statements
These financial statements have been signed by three directors instead of chief executive officerand two directors as procedure of appointment of chief executive officer is under process.
DIRECTOR DIRECTOR DIRECTORDIRECTOR DIRECTOR DIRECTOR
BALANCE SHEET (UN-AUDITED)AS AT SEPTEMBER 30, 2012
3
FIRST PAK MODARABA
Sep 30,2012
(Unaudited)(Rupees)
June 30,2012
(Audited)(Rupees)
Note
The annexed notes form an integral part of these financial statements
These financial statements have been signed by three directors instead of chief executive officer andtwo directors as procedure of appointment of chief executive officer is under process.
A. CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustments for non-cash changes and other items:Gain on sale of investmentsDividend incomeUnrealised loss on remeasurement ofheld for trading investmentsDepreciation on ijarah assetsDepreciation-owned
Cash flows before movements in working capital
(Increase) / decrease in operating assetsMusharika and morabaha finance Ijarah rentals receivableAdvances, prepayments and other receivablesAccrued profit
(Decrease) / increase in operating liabilitiesLong term ijarah depositsAccrued and other liabilities
Cash (used in) / generated from operations
Income tax adjustment / (paid)Net cash (used in ) / generated from operating activities
B. CASH FLOWS FROM INVESTING ACTIVITIES
Dividend receivedInvestments (made) / encashed -netNet cash (used in) / generated from investing activities
C. CASH FLOWS FROM FINANCING ACTIVITIESProfit distributionNet cash used in financing activities
Net (decrease) / increase in cash and cash equivalents (A+B+C)
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the period
5
FIRST PAK MODARABA
808,105
(239,329) (352,850)
212,400 55,884 15,612
(308,283) 499,822
- (49,664)
(532,796) 72,631
(509,829)
- 56,944 56,944 46,937
(17,482) 29,455
352,850 2,632,370 2,985,220
(1,047) (1,047)
3,013,628
9,086,062
12,099,690
1,797,457
(534,792) (535,594)
107,294 139,520
15,612 (807,960)
989,497
- -
(1,305,296) (1,255,965) (2,561,261)
- (635,942) (635,942)
(2,207,706)
(2,022) (2,209,728)
524,544 31,114
555,658
(34,540) (34,540)
(1,688,610)
19,292,322
17,603,712
30-Sep-12Rupees
30-Sep-11Rupees
CASH FLOW STATEMENT (UN-AUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2012
The annexed notes form an integral part of these financial statements
These financial statements have been signed by three directors instead of chief executive officerand two directors as procedure of appointment of chief executive officer is under process.
DIRECTOR DIRECTOR DIRECTOR
6
FIRST PAK MODARABA
STA
TEM
EN
T O
F C
HA
NG
ES
IN E
QU
ITY
(UN
-AU
DIT
ED
)F
OR
TH
E Q
UA
RT
ER
EN
DE
D S
EP
TE
MB
ER
30,
201
2
DIR
EC
TO
RD
IRE
CT
OR
DIR
EC
TO
R
Bala
nce
at J
uly
1, 2
011
Prof
it fo
r the
yea
r end
ed J
une
30, 2
012
Oth
er c
ompr
ehen
sive
inco
me
for t
he y
ear e
nded
Jun
e 30
, 201
2Tr
ansf
er to
sta
tuto
ry re
serv
eD
istri
butio
n @
4 %
dec
lare
d fo
r the
yea
r end
ed J
une
30, 2
011
Bala
nce
at J
une
30,2
012
Prof
it fo
r the
per
iod
ende
dSe
ptem
ber 3
0, 2
012
Oth
er c
ompr
ehen
sive
inco
me
for t
he p
erio
d en
ded
Sept
embe
r 30,
201
2Tr
ansf
er to
sta
tuto
ry re
serv
eBa
lanc
e at
Sep
tem
ber 3
0,20
12
......
......
......
......
......
......
. Rup
ees.
......
......
......
......
......
......
.
Cer
tific
ate
capi
tal
Sta
tuto
ryR
eser
ve*
Unr
ealiz
ed lo
ss o
n av
aila
ble
for
sal
e in
vest
men
ts
Sub
Tota
lTo
tal
Rev
enue A
ccum
ulat
edLo
ss
Cap
ital
Res
erve
s
The
anne
xed
note
s fo
rm a
n in
tegr
al p
art o
f the
se fi
nanc
ial s
tate
men
ts.
Thes
e fin
anci
al s
tate
men
ts h
ave
been
sig
ned
by th
ree
dire
ctor
s in
stea
d of
chi
ef e
xecu
tive
offic
er a
nd tw
o di
rect
ors
as p
roce
dure
of a
ppoi
ntm
ent o
f chi
ef e
xecu
tive
offic
eris
und
er p
roce
ss.
Open-end Mutual FundsNational Investment Trust Limited
Oil and gasNational Refinery LimitedPakistan Petroleum LimitedPakistan Oilfields LimitedPakistan State Oil Company Limited
ChemicalsEngro Corporation LimitedFauji Fertilizer Bin Qasim LimitedFauji Fertilizer Company LimitedICI Pakistan LimitedLotte Pakistan PTA Limited
Construction and materialsD.G. Khan Cement Company LimitedLucky Cement LimitedAkzo Nobel Pakistan Limited
Food ProductsEngro Foods
General IndustrialsPackages Limited
1. THE COMPANY AND ITS OPERATIONS
First Pak Modaraba (the Modaraba) was formed on August 15, 1991 under the ModarabaCompanies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framedthere under, having its registered office at Office No. 54, Ground Floor, Beverley Centre, 56-G, Blue Area, Islamabad and is managed by Royal Management Services (Private) Limited,a company incorporated in Pakistan under the Companies Ordinance 1984, and registeredwith the Registrar of Modaraba Companies and Modaraba under the Modaraba Companiesand Modaraba (Floatation and Control) Ordinance 1980. The certificates of Modaraba arelisted on the Karachi, Lahore and Islamabad Stock Exchanges.
The Modaraba is a multipurpose and perpetual Modaraba and is mainly engaged in thedeployment of funds on murabaha and musharika arrangements, lease financing and is alsoinvolved in trading of listed marketable securities.
2. BASIS OF PREPARATION
These financial statements have been prepared in accordance with the requirements ofModaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, ModarabaCompanies and Modaraba Rules, 1981 and the directives issued by the Securities andExchange Commission of Pakistan (SECP) [The Modaraba Regulations] together withapproved Accounting Standards as applicable in Pakistan to Modarabas. Approved AccountingStandards comprise of such International Accounting Standards (IASs) as notified under theprovisions of the Companies Ordinance, 1984 and made applicable to Modarabas.Wherever,the requirements of the Modaraba Regulations differ from these standards, the requirementsof the Modaraba Regulations take precedence.
These financial statements have been prepared in accordance with the requirements of theInternational Accounting Standard 34 "Interim Financial Reporting" as aplicable in Pakistan.
3. ACCOUNTING POLICIES
The accounting policies adopted and method of computation followed in the preparation ofthese financial statements are the same as those of the preceding annual financial statementsfor the year ended June 30, 2012.
NOTES TO THE FINANCIAL STATEMENTS (UN-AUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2012
7
FIRST PAK MODARABA
8
FIRST PAK MODARABA
30-Jun-1230-Sep-12Number of Shares
Prudential Securities LimitedCostLess: Fair value adjustments
4,875,000 (3,037,125)
1,837,875
Unquoted securities
4,875,000 (3,037,125)
1,837,875
5.2 Held for trading at fair value through profit or loss accountUnless stated otherwise, the holdings are in the fully paid ordinary shares /certificates / units of Rs 10/- each.
30-Jun-12
487,500
30-Sep-12
487,500
Name of company
100,809
5,000 - -
1,000
9,700 52,500
- 4,000
40,000
3,000 1,000 -
-
2,000
30,000
3,500 3,500 2,000
-
- 57,500
4,000 1,700
35,000
3,000 2,000 1,396
6,000
-
901,501
823,235 615,755 866,720
-
2,054,475 447,080 278,698 248,500
150,900 266,280 125,249
420,240
-
3,050,480
1,156,950 - -
235,840
987,848 2,143,050
- 524,280 281,200
118,140 115,390
-
-
199,400
Number of Certificates/Shares/Units
Note
4. CASH AND BANK BALANCES
Cash in hand 2,430 2,735Cash at banks
Current accounts 2,543,074 2,534,170Saving accounts 9,554,186 6,549,157
12,097,260 9,083,327 12,099,690 9,086,062
30-Sep-12Rupees
30-Jun-12Rupees
30-Jun-12Rupees
30-Sep-12Rupees
Quoted securities
Number of Certificates/Shares
Quoted securities
10
FIRST PAK MODARABA
30-Jun-12Rupees
30-Sep-12Rupees
9
FIRST PAK MODARABA
Personal GoodsNishat (Chunian) Limited
Pharma And bio techGlaxoSmithKline Pakistan Limited
Fixed Line TelecommunicationPakistan Telecommunication Company Limited
ElectricityThe Hub Power Company LimitedKot Addu Power Company Limited
Suspended / Delisted CompanyPrudential Investment Bank LimitedPakistan Industrial & CommercialLeasing Limited
-
213,497
-
562,560-
- -
7,974,690
115,644
192,504
34,225
502,680 247,500
- -
9,905,131
30-Jun-12
6,650
3,044
2,500
12,000 5,500
120,000 279,749
30-Sep-12
-
3,100
-
12,000-
- -
Name of company
7. IJARAH RENTALS RECEIVABLE
Considered good 49,664 -Considered doubtful 119,542 119,542
169,206 119,542Less: Provision for doubtful receivables (119,542) (119,542)
49,664 -
8. ADVANCES, PREPAYMENTS AND OTHER RECEIVABLES
Considered good
Advance tax 475,173 457,691 Current portion of advance to staff 104,000 117,000 Deposit 1,000,000 1,000,000 Prepayments 180,893 140,830 Receivables
Against sale of shares 12,488,170 11,969,938 Others 902,408 902,408
15,150,644 14,587,867Less: Provision for doubtful receivables - -
15,150,644 14,587,867
30-Sep-12Rupees
30-Jun-12Rupees
Note
Note30-Jun-12Rupees
30-Sep-12Rupees
FIRST PAK MODARABA
11. ACCRUED AND OTHER LIABILITIES
Workers welfare fund 451,154 451,154Auditors' remuneration 310,000 310,000Charity fund payable 79,526 63,548Other payables 893,890 852,924
1,734,570 1,677,626
12. CONTINGENCIES AND COMMITMENTS
No contingencies and commitments exist at balance sheet date.
13. DATE OF AUTHORISATION OF ISSUE
These financial statements has been authorised for issue on 31-10-2012 by the Board ofDirectors of the Royal Management Services (Private) Limited.
14. FIGURES
Figures have been rounded off to the nearest Rupee.
30-Sep-12Rupees
30-Jun-12Rupees
12
DIRECTOR DIRECTOR DIRECTOR
11
FIRST PAK MODARABA
9. P
RO
PE
RTY
AN
D E
QU
IPM
EN
T -IJ
AR
AH
10. P
RO
PE
RTY
AN
D E
QU
IPM
EN
T - O
WN
Acc
umul
ated
at J
uly
1, 2
012
6
68,8
08
668,
808
Vehi
cles
at
July
1, 2
012
1,3
28,0
00
1,3
28,0
00
Cos
t ......
......
......
......
......
......
....R
upee
s....
......
......
......
......
......
......
atS
ep. 3
0, 2
012
1,3
28,0
00
1,3
28,0
00
For
the
peri
od /
(on
disp
osal
s)
55,
883
55,
883
Acc
umul
ated
at
Sep
tem
ber
30, 2
012
7
24,6
91
724
,691
Car
ryin
g va
lue
atS
epte
mbe
r 30
, 201
2
492
,309
492
,309
Rat
e%
20-3
3.33
Dep
reci
atio
n
Impa
irm
ent
Cha
rge
for
the
peri
od
111,
000
111
,000
Acc
umul
ated
at J
uly
1, 2
012
3
32,2
88
76,
917
57,
070
466
,275
Offi
ce e
quip
men
t
Furn
iture
and
fixt
ures
Mot
or v
ehic
les
at
July
1, 2
012
360
,794
96,
295
82,
400
539
,489
Cos
t ......
......
......
......
......
......
....R
upee
s....
......
......
......
......
......
......
atS
ep. 3
0, 2
012
36
0,79
4
96,
295
82,
400
539
,489
For
the
peri
od /
(on
disp
osal
s)
9,0
31
2,4
27
4,1
54
15,
612
Acc
umul
ated
at
Sep
tem
ber
30, 2
012
3
41,3
19
79,
344
61,
224
481
,887
Car
ryin
g va
lue
atS
epte
mbe
r 30
, 201
2
19,
475
16,
951
21,
176
57,
602
Rat
e%
33.3
3 10 20
Dep
reci
atio
n
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