First Al Noor Modaraba : Transmission of Quarterly Report for the Period Ended 2023-09-30

1ST QUARTERLY REPORT

September 30, 2023

(Un-audited)

FIRST AL-NOOR MODARABA

(An Islamic Financial Institution)

CONTENTS

Company Information	2
Directors' Report (English)	3
Directors' Report (Urdu)	4
Condensed Interim Statement of Financial Position	5
Condensed Interim Profit and Loss Account	6
Condensed Interim Statement of Other Comprehensive Income	7
Condensed Interim Statement of Cash Flow	8
Condensed Interim Statement of Changes in Equity	9
Notes to the Condensed Interim Financial Statements	10

FIRST AL - NOOR MODARABA

page 1

QUARTERLY REPORT 2023-24

COMPANY INFORMATION

BOARD OF DIRECTORS

Non Executive Directors

Chairman

Mr. Zia Zakaria

Directors

Mr. Abdul Aziz Ayoob Mr. Noor Zakaria

Mr. Abdul Rahim Suriya, Independent Mr. Tausif llyas, Independent

Dr. Irum Saba, Independent

Executive Directors

Chief Executive

Mr. Zainuddin Aziz

Chief Financial Officer

Mr. Umair Rafiq

Company Secretary

Mr. Roofi Abdul Razzak

Board Audit Committee - Chairman

Mr. Abdul Rahim Suriya	- Chairman
Mr. Tausif llyas	- Member
Mr. Zia Zakaria	- Member
HR & Remuneration Committee
Mr. Tausif llyas	- Chairman
Mr. Zainuddin Aziz	- Member
Mr. A. Aziz Ayoob	- Member

Bankers

AI-Baraka Bank (Pakistan) Limited

Askari Bank Limited, Islamic Banking

Faysal Bank Limited, Barkat Islamic Banking

Habib Bank Limited, Islamic Banking

MIB Bank Limited, Islamic Banking

Meezan Bank Limtied

National Bank of Pakistan

Auditors

Grant Thornton Anjum Rahman

Chartered Accountants

Shariah Advisor

Al Hamd Shariah Advisory Services (Pvt.) Ltd.

Legal Advisor

Mr. Sufyan Zaman

Advocate High Court

Share Registrar (Share Registration Office)

M/s FAMCO Associates (Private) Limited

8-F, Near Hotel Faran, Nursery, Block-6

P.E.C.H.S, Shahra-e-Faisal, Karachi

Tel: [phone]

Fax: [phone]

Registered Office

96-A, Sindhi Muslim Cooperative Housing Society, Karachi

Contact Details

Telephone	:	34558268; 34552943; 34553067
Fax	:	34553137
Webpage	:	www.fanm.co
Email	:	[e-mail]

FIRST AL - NOOR MODARABA

page 2

QUARTERLY REPORT 2023-24

REPORT OF THE DIRECTORS OF MODARABA COMPANY

For the 1st Quarter Ended September 30, 2023

On behalf of Board of Directors of Al-Noor Modaraba Management (Private) Limited, the "mudarib/management company" of First Al-Noor Modaraba (FAM), we are pleased to present the Un-Audited Financial Statements of the Modaraba for the first quarter ended September 30, 2023:

Financial Results	For the Quarter Ended
	September	September
	30, 2023	30, 2022
	-----Amount in Pak. Rupees-----
Profit before taxation	(366,120)	4,236,002
Taxation	(258,577)	(825,320)
Profit after Taxation	(624,697)	3,410,682
Components of Other Comprehensive Income	-	-
(Deficit)/Surplus transferred to accumulated losses	-	-
Transfer to Statutory Reserve	-	-
Unappropriated profit/(loss) brought forward	(52,593,310)	(52,413,130)
Unappropriated profit/(loss) carried forward	(53,218,007)	(49,002,448)

During the quarter compared to last year's period, the revenue decreased by over 38%, translating into a net loss of Rs. 0.625 million or 0.03 per certificate.

The management anticipates better after-tax profit in the remainder of the current financial year ending June 30, 2024.

On behalf of the Board

sd/-

Zainuddin Aziz

Chief Executive/Director

Dated : October 24, 2023

Place : Karachi

FIRST AL - NOOR MODARABA

page 3

QUARTERLY REPORT 2023-24

		2023
FIRST AL - NOOR MODARABA	page 4	QUARTERLY REPORT 2023-24

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

As at September 30, 2023 (Un-audited)

		(Un-Audited)	(Audited)
		Sep 30,	June 30,
	Note	2023	2023
		.… Rupees ….
ASSETS
Current assets
Cash and bank balances	4	122,163,030	23,150,626
Short term investments	5	7,609,254	28,490,983
Musawammah recievable	6	-	-
Stock In Trade		8,824,293	111,377,444
Profit receivable		2,196,752	1,290,909
Diminishing musharakah receivable		2,360,649	7,012,720
Advances, deposits, prepayments and other receivables		7,573,668	3,031,307
Taxation		3,705,191	3,528,462
Non - current assets		154,432,837	177,882,451
Long term deposits		3,848,260	3,842,911
Long term investments	7	77,702,465	48,693,011
Diminishing musharakah financing	8	27,361,559	31,837,755
Deferred tax		1,278,667	1,278,667
Fixed assets	9	1,524,198	1,729,956
		111,715,149	87,382,300
TOTAL ASSETS		266,147,986	265,264,751
CERTIFICATE HOLDERS' EQUITY
Authorised certificate capital		400,000,000	400,000,000
Issued, subscribed, and paid - up certificate capital	10	231,000,000	231,000,000
Reserves	11	77,284,721	77,284,641
Accumulated losses		(52,968,007)	(52,343,230)
		255,316,714	255,941,411
Deficit on revaluation of investments	12	(1,723,988)	(2,215,042)
LIABILITIES AND CERTIFICATE HOLDERS' EQUITY
Non - current liabilities
Deferred Liability-Staff Gratuity		4,355,239	4,931,967
Current liabilities
Creditors, accrued and other liabilities		2,680,374	1,098,427
Provision for custom duty & surcharge		4,398,842	4,398,842
Unclaimed profit distributions		1,109,146	1,109,146
Charity Payable		11,660	-
		8,200,022	6,606,415
TOTAL LIABILITIES		12,555,261	11,538,382
TOTAL LIABILITIES AND CERTIFICATE HOLDERS' EQUITY	266,147,987	265,264,751
Contingencies and commitments	13	-	-

The annexed notes from 1 to 18 form an integral part of these condensed interim financial statements.

For Al-Noor Modaraba Management (Private) Limited

(Management Company)

sd/-	sd/-	sd/-	sd/-
Chief Executive Officer	Chief Executive Officer	Director	Director

FIRST AL - NOOR MODARABA

page 5

QUARTERLY REPORT 2023-24

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT

For the 1st Quarter Ended September 30, 2023 (Un-audited)

		Sep 30,	Sep 30,
		2023	2022
	Note	.… Rupees ….
Loss from trading operations	14	(4,635,543)	-
Income on Diminishing Musharakah		2,765,630	4,009,683
Income from investments	15	8,479,860	6,712,307
		6,609,947	10,721,990
Administrative and operating expenses		(6,870,191)	(6,610,104)
Reversal of provision against non performing loan		300,000	1,650,000
Financial and other charges		(2,694)	(176)
		(6,572,884)	(4,960,280)
Operating profit / (loss)		37,063	5,761,710
Other income		213,538	622,109
		250,601	6,383,819
Unrealised (loss) / gain on re-measurement of
investments at fair value through profit or loss		(616,722)	(1,498,004)
Share of profit from associates		-	-
		(366,120)	4,885,815
Management co's remuneration		-	(488,581)
Sales Tax on management co's remuneration		-	(97,716)
Workers welfare fund		-	(63,516)
Profit before taxation		(366,120)	4,236,002
Income tax expense		(258,577)	(825,320)
Profit after taxation		(624,697)	3,410,682
			Restated
Earning per certificate -		(0.03)	0.15
(Including bonus certificates)

The annexed notes from 1 to 18 form an integral part of these condensed interim financial statements.

For Al-Noor Modaraba Management (Private) Limited

(Management Company)

sd/-	sd/-	sd/-	sd/-
Chief Executive Officer	Chief Executive Officer	Director	Director

FIRST AL - NOOR MODARABA

page 6

QUARTERLY REPORT 2023-24

CONDENSED INTERIM STATEMENT OF

OTHER COMPREHENSIVE INCOME

For the 1st Quarter Ended September 30, 2023 (Un-audited)

		Sep 30,	Sep 30,
		2023	2022
	Note	.… Rupees ….
Profit/(Loss) after taxation		(624,697)	3,410,682
Components of other comprehensive income
reflected in equity
Items that will not be reclassified subsequently
profit and loss account
Remeasurement of net defined benefit liability		-	-
Share of other comprehensive income of
associate -incremental depreciation		-	-
Gain realised from sale of available for
sale investments		-	-
Other comprehensive loss		-	-
Total comprehensive income / (loss) for the
period transferred to equity		(624,697)	(1,417,308)
Equity investments at FVOCI - change in fair
value during the period		-	(75,087)
Impact of deferred tax	12	-	177,998
Total comprehensive (Loss) / Income		(624,697)	(1,492,395)

The annexed notes from 1 to 18 form an integral part of these condensed interim financial statements.

For Al-Noor Modaraba Management (Private) Limited

(Management Company)

sd/-	sd/-	sd/-	sd/-
Chief Executive Officer	Chief Executive Officer	Director	Director

FIRST AL - NOOR MODARABA

page 7

QUARTERLY REPORT 2023-24

CONDENSED INTERIM STATEMENT OF CASH FLOW

For the 1st Quarter Ended September 30, 2023 (Un-audited)

		(Un-Audited)(Un-Audited)
		Sep 30,	Sep 30,
		2023	2022
	Note	.… Rupees ….
CASH FLOWS FROM OPERATING ACTIVITIES
Cash from operations after working capital changes	17	3,242,017	(9,599,565)
Long term deposits		-	4,395
Reversal of provision against non performing loan		1,650,000	1,650,000
Income tax paid		(258,577)	(825,320)
Financial charges paid		(2,694)	(13,024)
Gratuity Paid		(4,180,000)	-
Net cash generated from operating activities		450,746	(8,783,515)
CASH FLOWS FROM INVESTING ACTIVITIES
Net Investments made		8,127,725	30,756,261
Placement in sukuuk		10,000,000	-
Maturity of TDR's Placements		-	90,000,000
TDR Placements		(97,000,000)	(75,000,000)
Purchase of Stock in Trade		-	-
Sale proceeds on disposal of Stock in Trade		102,553,151	613,166
Net cash generated from / (used in) operations		23,680,876	46,369,427
Net increase in cash and cash equivalents		24,131,623	83,955,338
Cash and cash equivalents at the beginning of the period	98,031,407	14,076,069
Cash and cash equivalents at the end of the period	4	122,163,030	98,031,407

The annexed notes from 1 to 18 form an integral part of these condensed interim financial statements.

For Al-Noor Modaraba Management (Private) Limited

(Management Company)

sd/-	sd/-	sd/-	sd/-
Chief Executive Officer	Chief Executive Officer	Director	Director

FIRST AL - NOOR MODARABA

page 8

QUARTERLY REPORT 2023-24

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

For the 1st Quarter Ended September 30, 2023 (Un-audited)

	Issued,		Reserve
	subscribed,	Statutory	General	Accumulated		Total
	and paid-up	Subtotal	Total
	certificate	reserve	reserve	losses		reserves
	capital
				Rupees
Balance as at July 01, 2022	210,000,000	98,177,730	250,000	(52,413,130)	(52,163,130)	46,014,600	256,014,600
Issue of bonus shares	21,000,000	(21,000,000)	-	-	-	(21,000,000)	-
Profit for the year				534,553	534,553	534,553	534,553
Other comprehensive loss	-	-	-	1,272,775	1,272,775	1,272,775	1,272,775
Total comphrensive income for the year				1,807,328	1,807,328	1,807,328	1,807,328
Deficit transferred to accumulated loss				(1,880,517)	(1,880,517)	(1,880,517)	(1,880,517)
Transfer to statutory reserve	-	106,991.00		(106,991)	(106,991)	-
Balance as at June 30, 2023	231,000,000	77,284,721	250,000	(52,593,310)	(52,343,310)	24,941,411	255,941,411
Balance as at July 01, 2023	231,000,000	77,284,721	250,000	(52,593,310)	(52,343,310)	24,941,411	255,941,411
Loss for the period	-	-	-	(624,697)	(624,697)	-	(624,697)
Balance as at Sep 30, 2023	231,000,000	77,284,721	250,000	(53,218,007)	(52,968,007)	24,941,411	255,316,714

The annexed notes from 1 to 18 form an integral part of these condensed interim financial statements.

For Al-Noor Modaraba Management (Private) Limited

(Management Company)

sd/-	sd/-	sd/-	sd/-
Chief Executive Officer	Chief Executive Officer	Director	Director

FIRST AL - NOOR MODARABA

page 9

QUARTERLY REPORT 2023-24