First Tri-Star Modaraba
HALF YEARLY REPORT
DECEMBER 31, 2024 (Un-audited)
Managed by:
A.R.T. Modaraba Management (Pvt) Ltd.
First Tri-Star Modaraba | Half Yearly Report 2024
Company Information
Board of Directors: | Mr. Ahmed Khizer Khan | Non-Executive Chairman / Independent Director |
Mr. Asad Ahmad | Chief Executive | |
Ms. Marium Ahmad | Non-Executive Director | |
Auditors: | M/s. Crowe Hussain Chaudhury & Co. | |
Chartered Accountants | ||
Audit Committee: | Mr. Ahmed Khizer Khan | Chairman |
Ms. Marium Ahmad | Member | |
Mr. Asad Ahmad | Member | |
Shariah Advisor: | Alhamd Shariah Advisory Services (Pvt) Ltd. | |
Bankers: | Al Baraka Bank (Pakistan) Ltd. | |
Bank Al-Habib Ltd. | ||
Habib Bank Ltd. | ||
National Bank of Pakistan | ||
Registered Office: | A/33, Central Commercial Area, | |
Block 7/8, KCHSU, | ||
Karachi. | ||
Management Company: | A.R.T. Modaraba Management (Pvt) Ltd. |
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First Tri-Star Modaraba | Half Yearly Report 2024
Directors' Report of
A.R.T. Modaraba Management (Pvt) Ltd.,
For the half year ended December 31, 2024
The un-audited accounts of First Tri-Star Modaraba for the half year ended December 31, 2024 are presented herewith.
Alhamdulillah, Modaraba continued generating revenue through running an educational institution. We are optimistic of achieving better results in years to come.
On behalf of the Board | |
Asad Ahmad | Marium Ahmad |
Chief Executive | Director |
Place: Karachi. | |
Dated: February 25, 2025 |
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First Tri-Star Modaraba | Half Yearly Report 2024
INDEPENDENT AUDITOR'S REVIEW REPORT
To The Certificate holders of FIRST TRI-STAR MODARABA
Report on Review of Interim Financial Statements
Introduction
We have reviewed the accompanying condensed interim statement of financial position of First Tri-StarModaraba ("the Modaraba"), as at December 31, 2024 and the related condensed interim profit and loss account and other comprehensive income, condensed interim statement of changes in equity, condensed interim statement of cash flows, and notes to the condensed interim financial statements for the six-months period then ended (here-in-after referred to as the "interim financial statements"). The Modaraba Management Company is responsible for the preparation and presentation of these condensed interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for condensed interim financial reporting. Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statement consists of making inquiries, primarily of persons responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements as at and for the half year ended December 31, 2024 is not prepared, in all material respects, in accordance with approved accounting and reporting standards as applicable in Pakistan for interim financial reporting.
Other Matters
The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the three months period ended December 31, 2024 and December 31, 2023 have not been reviewed, as we are required to review only the cumulative figures for the six months period ended December 31, 2024.
The engagement partner on the review resulting in this independent auditor's review report is Imran Shaikh.
sd/-
Crowe Hussain Chaudhury & Co. Chartered Accountants
Place: Karachi
Date: February 25, 2025
UDIN No: RR2024102070dmIGWLQJ
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First Tri-Star Modaraba | Half Yearly Report 2024
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2024
December 31, | June 30, | ||
2 0 2 4 | 2 0 2 4 | ||
(Unaudited) | (Audited) | ||
Note | --------Rupees-------- | ||
ASSETS | |||
NON-CURRENT ASSETS | |||
Fixed assets - tangible | 4 | 5,450,099 | 5,760,284 |
Right of use asset | 5 | 6,211,503 | 8,282,004 |
Long term deposit | 58,500 | 58,500 | |
Long term investments | 7 | 480,145,695 | 480,130,937 |
Total non-current assets | 491,865,797 | 494,231,725 | |
CURRENT ASSETS | |||
Short term investments | 8 | 542,283 | 394,252 |
Advance and deposits | 9 | 73,945,107 | 68,670,931 |
Other receivables | 8,578 | 400,417 | |
Cash and bank balances | 10 | 3,110,932 | 1,609,357 |
Total current assets | 77,606,900 | 71,074,957 | |
TOTAL ASSETS | 569,472,697 | 565,306,682 | |
CAPITAL AND RESERVES | |||
Authorised Capital | 400,000,000 | 400,000,000 | |
40,000,000 (2024: 40,000,000) Modaraba Certificates of Rs. 10 each | |||
Issued, subscribed and paid-up certificate capital | 11 | 211,631,040 | 211,631,040 |
Reserves | 12 | 161,431,286 | 199,102,738 |
Certificate holders' equity | 373,062,326 | 410,733,778 | |
Surplus on revaluation of investments | 35,113,395 | 35,067,696 | |
NON CURRENT LIABILITIES | |||
Security deposits | 2,860,000 | 2,280,000 | |
Non-current portion of lease liability | 6 | 2,828,446 | 5,418,884 |
Deferred tax liability | 13 | 15,291,828 | 15,472,913 |
20,980,274 | 23,171,797 | ||
CURRENT LIABILITIES | |||
Creditors, accrued and other liabilities | 14 | 31,599,912 | 29,509,594 |
Current portion of lease liability | 6 | 4,705,766 | 4,052,655 |
Provision for taxation | 1,849,750 | 447,145 | |
Unclaimed dividend | 8,054,502 | 8,054,502 | |
Unpaid dividend | 15 | 94,106,771 | 54,269,514 |
Total current liabilities | 140,316,702 | 96,333,411 | |
TOTAL LIABILITIES | 161,296,976 | 119,505,208 | |
Contingencies and Commmitments | - | - | |
TOTAL LIABILITIES AND EQUITY | 569,472,697 | 565,306,682 | |
The annexed notes form an integral part of these financial statements.
For A.R.T. Modaraba Management (Private) Limited
(Management Company)
Chief Executive | Director | Director | Chief Financial Officer |
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First Tri-Star Modaraba | Half Yearly Report 2024
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE SIX MONTH AND QUARTER ENDED DECEMBER 31, 2024
Six months ended | Quarter ended | |||||||
December 31, | December 31, | December 31, | December 31, | |||||
2024 | 2023 | 2024 | 2023 | |||||
----------------------------- | Rupees------------------------------- | |||||||
Revenue | 22,561,750 | 15,883,000 | 336,250 | 93,000 | ||||
Administrative expenses | (23,924,636) | (14,881,335) | (13,924,045) | (8,976,302) | ||||
(1,362,886) | 1,001,665 | (13,587,795) | (8,883,302) | |||||
Other income | 7,859,476 | 469,489 | 7,811,244 | 58,484 | ||||
Financial charges | (737,404) | (426) | (344,430) | (229) | ||||
Profit /(loss) before levy and taxation | 5,759,186 | 1,470,728 | (6,120,981) | (8,825,046) | ||||
Levy | (1,402,605) | - | - | - | ||||
Profit /(loss) before taxation | 4,356,581 | 1,470,728 | (6,120,981) | (8,825,046) | ||||
Taxation | 298,176 | (321,491) | 575,995 | (78,041) | ||||
Profit/(loss) for the period | 4,654,757 | 1,149,237 | (5,544,987) | (8,903,088) | ||||
Earnings/(loss) per certificate | 0.22 | 0.05 | (0.28) | (0.42) | ||||
The annexed notes form an integral part of these condensed interim financial statements.
For A.R.T. Modaraba Management (Private) Limited
(Modaraba Management Company)
Chief Executive | Director | Director | Chief Financial Officer |
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First Tri-Star Modaraba | Half Yearly Report 2024
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE SIX MONTH AND QUARTER ENDED DECEMBER 31, 2024
Six months ended | Quarter ended | ||||||
December 31, | December 31, | December 31, | December 31, | ||||
2024 | 2023 | 2024 | 2023 | ||||
------------ Rupees ------------ | ------------ Rupees ------------ | ||||||
Profit/(loss) for the period | 4,654,757 | 1,149,237 | (5,544,987) | (8,903,088) | |||
Other comprehensive income | |||||||
Items that will not be reclassified subsequently to | |||||||
profit or loss account | |||||||
Deficit on revaluation of investments classified as at fair value | 45,699 | 103,669 | 38,930 | 35,961,127 | |||
through other comprehensive income' - net | |||||||
Total comprehensive income / (loss) for the period | 4,700,455 | 1,252,906 | (5,506,057) | 27,058,039 | |||
The annexed notes form an integral part of these financial statements. |
For A.R.T. Modaraba Management (Private) Limited
(Modaraba Management Company)
Chief Executive | Director | Director | Chief Financial Officer |
6
First Tri-Star Modaraba | Half Yearly Report 2024
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE SIX MONTH PERIOD ENDED DECEMBER 31, 2024
Six months ended
December 31, | December 31, |
2 0 2 4 | 2 0 2 3 |
------------Rupees------------
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxation
Adjustments for non-cash and other items:
Depreciation - PPE
Depreciation - ROUA
Dividend income
Other income
Financial charges - ROUA
Changes of Working Capital:
(Increase) / decrease in current assets Advance and deposits
Other receivables
Increase / (decrease) in current liabilities Creditors, accrued and other liabilities Unpaid dividend payable
Income tax paid
Net cash generated from operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditure incurred
Dividend income received
Other Income
Sale proceeds from disposal of investments
Net cash outflow from investing activities
CASH FLOW FROM FINANCING ACTIVITIES
5,759,186
466,185
2,070,501
(7,456,294)
-
729,072
(4,190,536)
1,568,650
(4,154,000)
391,839
(3,762,161)
2,090,318
-
2,090,318
(1,120,177)
(1,223,369)
(156,000)
7,456,294
-
-
7,300,294
1,470,728
556,732
-
(469,489)
-
87,243
1,557,971
(43,055,948)
-
(43,055,948)
18,491,781
64,696,091
83,187,872
(5,948)
41,683,947
-
-
469,489
35,886,000
36,355,489
Long term deposits | 580,000 | ||
Lease Rental paid | (2,666,399) | ||
Dividend paid | (2,488,951) | ||
Net cash outflow from financing activities | (4,575,350) | ||
Net (decrease)/increase in cash and cash equivalents during the year | 1,501,575 | ||
Cash and cash equivalent at the beginning of the year | 1,609,357 | ||
Cash and cash equivalent at the end of the year | 3,110,932 | ||
The annexed notes from 1 to 36 form an integral part of these financial statements.
For A.R.T. Modaraba Management (Private) Limited
(Management Company)
330,000
-
(84,652,416)
(84,322,416)
(6,282,979)
7,163,718
880,739
Chief Executive | Director | Director | Chief Financial Officer |
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First Tri-Star Modaraba | Half Yearly Report 2024
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE SIX MONTH PERIOD ENDED DECEMBER 31, 2024
Capital Reserve | Revenue Reserve | Surplus / Deficit on | |||
Certificate | |||||
Statutory | General | Accumulated | Revaluation of | Total | |
Capital | |||||
Reserve | Reserve | Loss / Profit | Investments | ||
------------------------------------------------------- | Rupees------------------------------------------------------- |
Balance as at July 01, 2023
Profit for the year
Other comprehensive income
Total comprehensive income for the year
Final dividend for the year ended June 30, 2023
Balance as at December 31, 2023
Balance as at July 01, 2024
Profit for the year
Other comprehensive income
Total comprehensive loss for the year
Final dividend for the year ended
211,631,040 | 92,659,929 | 10,000,000 | 221,759,681 | (3,347,588) | 532,703,062 | ||||
- | - | - | 1,149,237 | - | 1,149,237 | ||||
- | - | - | - | 103,669 | 103,669 | ||||
- | - | - | 1,149,237 | 103,669 | 1,252,906 | ||||
- | - | - | (84,652,416) | - | (84,652,416) | ||||
211,631,040 | 92,659,929 | 10,000,000 | 138,256,502 | (3,243,919) | 449,303,552 | ||||
211,631,040 | 92,992,280 | 10,000,000 | 96,110,458 | 35,067,696 | 445,801,474 | ||||
- | - | - | 4,654,757 | - | 4,654,757 | ||||
- | - | - | - | 45,699 | 45,699 | ||||
- | - | - | 4,654,757 | 45,699 | 4,700,455 |
June 30, 2024 | (42,326,208) | (42,326,208) | ||||
Balance as at December 31, 2024 | 211,631,040 | 92,992,280 | 10,000,000 | 58,439,006 | 35,113,395 | 408,175,721 |
The annexed notes form an integral part of these financial statements.
For A.R.T. Modaraba Management (Private) Limited
(Management Company)
Chief Executive | Director | Director | Chief Financial Officer |
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First Tri-Star Modaraba | Half Yearly Report 2024
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)
FOR THE SIX MONTH PERIOD ENDED DECEMBER 31, 2024
-
LEGAL STATUS AND NATURE OF THE BUSINESS
First Tri-Star Modaraba was formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed thereunder and is managed by A.R.T. Modaraba Management (Private) Limited. It is a perpetual, multipurpose and multidimensional Modaraba. The Modaraba is listed on Pakistan Stock Exchange Limited. The registered office of the Modaraba is situated at A/33, Central Commercial Area, Block 7/8, KCHSU, Main Shahrah-e- Faisal, Karachi.
The Modaraba is engaged in the following activities: - Investments
- Running an educational institution
- BASIS OF PREPARATION
-
Statement of compliance
These condensed interim financial information of the Modaraba for the six months period ended December 31, 2024 has been prepared in accordance with the requirements of the International Accounting Standard 34 - "Interim Financial Reporting" and provisions of and directives issued under the Modaraba Companies and Modarabas (Floatation and Control) Ordinance, 1980, the Modaraba Companies and Modaraba Rules, 1981 and Prudential Regulations for Modarabas.
In case where requirements differ, the provisions of or directives issued under the Modaraba Companies and Modarabas (Floatation and Control) Ordinance, 1980, the Modaraba Companies and Modaraba Rules, 1981 and Prudential Regulations
for Modarabas have been followed.
The disclosures made in this condensed interim financial information have been limited, based on the requirements of International Accounting Standard 34 - "Interim Financial Reporting". These condensed interim financial information do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the financial statements of the Modaraba for the year ended June 30, 2024. - BASIS OF MEASUREMENT
This condensed interim financial information has been prepared under the "historical cost convention" except for the revaluation of certain financial assets which are stated at fair value in accordance with the requirements of IFRS 9. This condensed interim financial information has been prepared following accrual basis of accounting except for cash flow statement.
3 MATERIAL ACCOUNTING POLICIES
The accounting policies adopted and methods of computation followed in the preparation of this condensed interim financial information are same as those applied in the preparation of annual financial statements for the year ended June 30, 2024.
-
Standards and amendments to published approved accounting standards which are effective during the half year ended December 31, 2024.
There are certain amendments and interpretations to the accounting and reporting standards which are mandatory for annual accounting period which began on July 1, 2024.
However, the application of such standards do not have any significant impact on the Modaraba's financial reporting and, therefore, have not been presented in these condensed interim unconsolidated financial statements. - Significant accounting estimates and judgements
The preparation of condensed interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Modaraba's accounting policies and key sources of estimation of uncertainty are the same as those that were applied to the financial statements for the year ended June 30, 2024.
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