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BBR Halfyearly 2012.FH10

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BBR Halfyearly 2012.FH10 Un-Audited Financial Statements For The Half Year Ended December 31, 2012 B.R.R. Guardian Modaraba (An Islamic Financial Institution) Managed by: B.R.R. Investments (Private) Limited B.R.R. Guardian Modaraba (An Islamic Financial Institution) Managed by: B.R.R. Investments (Private) Limited Contents Page Corporate Information 02 Directors' Report 03 Auditors Report to the Certificate Holders on Review of Interim Financial Information 04 Shariah Advisor Report 05 Condensed Interim Balance Sheet 07 Condensed Interim Profit and Loss Account 08 Condensed Interim Statement of Comprehensive Income 09 Condensed Interim Cash Flows Statement 10 Condensed Interim Statement of Changes in Equity 11 Condensed Interim Notes to the Financial Statements 12 B.R.R. Guardian Modaraba (An Islamic Financial Institution) CORPORATE INFORMATION Modaraba Company B.R.R. Investments (Private) Limited Chairman Mr. Rafique Dawood Chief Executive Mr. Ayaz Dawood Directors Mr. Farouq Habib Rahimtoola Mr. Muhammad Shahid Murtaza Audit Committee Mr. Farouq Habib Rahimtoola - Chairman Mr. Rafique Dawood - Member Mr. Muhammad Shahid Murtaza - Member HR Committee Mr. Farouq Habib Rahimtoola - Chairman Mr. Rafique Dawood - Member Mr. Muhammad Shahid Murtaza - Member Shariah Advisor Mufti Syed Sabir Hussain Chief Financial Officer Syed Tariq Masood Company Secretary Mr. Tahir Mehmood Auditors Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountant Legal Advisor Rauf Ghaffar Law Associate Malik & Maliks Bankers Al -Baraka Bank (Pakistan) Limited Habib Metro Bank National Bank of Pakistan NIB Bank Limited Web-site E-mail: [email protected] Registered Office & 1900-B, Saima Trade Towers, Head Office I.I Chundrigar Road, Karachi-74000 PABX 32271875-80 37010960-65 37014641-4 Fax : 92-21-227-1912 Registrars F.D Registrar Services (SMC-Pvt.) Ltd 1705, 17th Floor, Saima Trade Towers, Tower A, I.I Chundrigar Road, Karachi-74000 Phone # 92-21-35478192-93 Fax # 92-21-32621233 Branch Offices Suit No. 210, 5th Floor, Siddiq Trade Centre, Main Boulevard, Gulberg - III, Lahore. Office No. 405, 4th Floor, Islamabad Stock Exchange Tower, Jinnah Avenue, Islamabad. Security Vault G-187 Block 2, Shahrahe-e-Quaideen, PECHS Karachi-75400 2 B.R.R. Guardian Modaraba (An Islamic Financial Institution) DIRECTORS REPORT Dear Certificate holders, The Board of Directors of B.R.R. Investments (Private) Limited, Manager of B.R.R. Guardian Modaraba (BRRGM), take pleasure in presenting the 2nd Quarter Financial statement of the Modaraba for the six months ended December 31, 2012. Operations and performance December 31, December 31, 2012 2011 . Rupees Total Income 187,663,609 182,819,411 Total Expenses 175,972,564 197,771,054 Operating Profit 26,184,336 14,684,366 Modaraba Company Management Fee 2,618,433 1,468,437 Profit for the Period 22,684,015 12,951,610 During the Six months period ended the Modaraba earned a profit Rs.22.68 million as compared to Rs 12.95 million profit in the same period of last year which shows the increase profit of 75.1%. During this review period the total income of Modaraba Slightly increased by 2.6% and Operating expenses remained under control and within the budget Your Modaraba has returned to it certificate holders 62% since June 30, 2012 including dividends, thus out performing the KSE index return of 29.6%. Further, the Certificate's Holder equity of Modaraba stand at 806.34 million and the break up value is Rs 10.33 per certificate which exceeds the par value. Inshallah your Modaraba will continue to be profitable so that the management is able to pay higher dividends to its valued certificate holders. On Behalf of the Board of Directors B.R.R. Investments (Private) Limited Karachi: February 27, 2013 Rafique Dawood Chairman 3 February 27, 2013 4 B.R.R. Guardian Modaraba (An Islamic Financial Institution) 5 B.R.R. Guardian Modaraba (An Islamic Financial Institution) February 27, 2013 6 B.R.R. Guardian Modaraba (An Islamic Financial Institution) Condensed Interim Balance Sheet As at December 31, 2012 (Un-audited) (Audited) December 31, June 30, 2012 2012 Note ------------- (Rupees) ------------- ASSETS Current assets Cash and bank balances 4 297,020,457 231,630,479 Musharaka finances 5 377,483,826 385,061,421 Short-term investments 6 500,317,378 467,242,582 Lease rental receivable 16,684,722 22,352,840 Loans, advances and prepayments 2,828,988 2,588,502 Accrued profit 7 54,499,841 84,579,105 Other receivables 8 6,758,207 9,311,552 Taxation refundable 6,550,340 5,910,372 Total current assets 1,262,143,759 1,208,676,853 Assets classified as held-for-trading 291,500 461,500 1,262,435,259 1,209,138,353 Non-current assets Long-term portion of musharaka finances 5 344,726,909 432,200,269 Long-term loans and deposit 14,116,510 13,942,253 Trading right entitlement / ordinary shares 9 7,750,000 - Fixed assets 10 734,529,239 728,508,897 Investment properties 642,842,197 659,761,987 Total non-current assets 1,743,964,855 1,834,413,406 Total assets 3,006,400,114 3,043,551,759 LIABILITIES Current liabilities Murabaha, musharaka and finance under mark-up arrangements 11 705,749,097 763,611,669 Current portion of diminishing musharaka based Term Finance Certificates 110,000,000 55,000,000 Current portion of customers' security deposits 14,778,530 8,954,899 Creditors, accrued and other liabilities 12 52,996,037 39,829,606 Accrued profit on borrowings 349,512,027 338,189,472 Profit payable 23,164,833 21,061,306 Total current liabilities 1,256,200,524 1,226,646,952 Non-current liabilities Diminishing musharaka based Term Finance Certificates 647,500,000 717,500,000 Long-term portion of murabaha, musharaka and finance under mark-up arrangements 11 204,400,000 220,700,000 Customers' security deposits 91,953,983 105,899,473 Total non-current liabilities 943,853,983 1,044,099,473 Total liabilities 2,200,054,507 2,270,746,425 NET ASSETS 806,345,607 772,805,334 REPRESENTED BY Certificate capital 780,462,550 780,462,550 Capital reserves 523,823,582 523,823,582 Accumulated loss (582,248,346) (590,884,036) Unrealised gain on available-for-sale investments - net 84,307,821 59,403,238 806,345,607 772,805,334 COMMITMENTS 13 The annexed notes from 1 to 22 form an integral part of these condensed interim financial statements. For B.R.R. Investments (Private) Limited (Management Company) Chief Executive Officer Director Director 7 B.R.R. Guardian Modaraba (An Islamic Financial Institution) Condensed Interim Profit And Loss Account For The Half Year And Quarter Ended December 31, 2012 (Un-Audited) Half year ended Quarter ended December 31, December 31, December 31, December 31, 2012 2011 2012 2011 Note ------------- (Rupees) ------------- ------------- (Rupees) ------------- INCOME Lease rentals 25,876,381 39,131,464 13,729,380 27,275,766 Musharaka finances 67,352,774 77,741,010 31,519,045 38,988,082 Profit on bank balances 13,661,158 6,373,179 6,218,106 3,275,081 Return on investments - net 14 36,436,053 13,683,072 29,065,935 4,379,575 Rental income 39,723,185 40,761,753 19,914,298 22,721,370 Other income 15 4,614,058 5,128,933 560,450 4,965,705 187,663,609 182,819,411 101,007,214 101,605,579 EXPENSES Amortisation on leased assets 7,892,530 14,904,270 3,633,987 6,917,795 Impairment loss on available- - for-sale investments - 2,140,408 2,256,657 2,140,408 Operating expenses 60,899,172 54,546,020 30,585,893 28,480,241 Financial charges 107,180,862 126,180,356 50,735,105 62,893,626 175,972,564 197,771,054 87,211,642 100,432,070 11,691,045 (14,951,643) 13,795,572 1,173,509 Reversal of provision for doubtful receivables - net 16 14,493,291 29,636,009 6,538,591 (326,756) 26,184,336 14,684,366 20,334,163 846,753 Modaraba Management Company's fee 2,618,433 1,468,437 2,033,416 84,675 Sales tax on Modaraba Management fee 418,949 - 325,347 - Provision for Workers' Welfare Fund 462,939 264,319 359,508 15,242 Profit before taxation 22,684,015 12,951,610 17,615,892 746,836 Taxation 18 - - - - Net profit for the period 22,684,015 12,951,610 17,615,892 746,836 Earnings per certificate - basic and diluted 0.29 0.17 0.23 0.01 The annexed notes from 1 to 22 form an integral part of these condensed interim financial statements. For B.R.R. Investments (Private) Limited (Management Company) Chief Executive Officer Director Director 8 B.R.R. Guardian Modaraba (An Islamic Financial Institution) Condensed Interim Statement of Comprehensive Income For The Half Year And Quarter Ended December 31, 2012 (Un-Audited) Half year ended Quarter ended December 31, December 31, December 31, December 31, 2012 2011 2012 2011 ------------------------------ (Rupees) ------------------------------ Profit after taxation 22,684,015 12,951,610 17,615,892 746,836 Other comprehensive income Unrealised gain / (loss) on available-for-sale investments - net 24,904,583 24,007,868 1,377,034 (9,806,896) Total comprehensive income / (loss) for the period 47,588,598 36,959,478 18,992,926 (9,060,060) The annexed notes from 1 to 22 form an integral part of these condensed interim financial statements. For B.R.R. Investments (Private) Limited (Management Company) Chief Executive Officer Director Director 9 B.R.R. Guardian Modaraba (An Islamic Financial Institution) Condensed Interim Cash Flows Statement For The Half Year Ended December 31, 2012 (Un-Audited) Half year ended December 31, December 31, 2012 2011 CASH FLOW FROM OPERATING ACTIVITIES ------------- (Rupees) ------------- Profit for the period 22,684,015 12,951,610 Adjustment of non-cash and other items Depreciation 23,153,999 21,076,024 Amortisation 7,892,530 14,904,270 Impairment
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