The eminent industrialist Siddique Dawood (late) founded a number of modarabas which were named B.R.R. (Bismillah Hir Rah Manir Rahim) and thus he also registered his name as the pioneer of Sharia based financial institution in the country.
Later on all these modarabas were amalgamated a new name BRR International Modaraba emerged on April 14, 1988 with a paid-up capital of Rs 481.93 million making in the largest Modaraba in Pakistan in terms of equity.
The Modaraba offers lease financing to Corporate entities as well as credit worthy individuals. BRR International Modaraba also provides Musharaka, Morabaha finances and Equity Investments to cater to the requirements of trade and industry.
The Modaraba is unique among leasing companies and modarabas in offering building leases.
The Modaraba has a state of the art BRR security vault which is operating since 1989 housed in custom built fort like 4-storied building situated at Shahrah-e-Quaideen, Karachi.
JCR-VIS Credit Rating Agency has assigned BRR International Modaraba a medium to long-term entity rating "A-" (Single A Minus) and short-term rating of "A Two".
During 9M 2004-05, the period under review, the Modaraba generated gross revenue at Rs 448.76 million (9M 2003-04: Rs 401.05 million) registering 12.0% growth over the same period last year. But the net profit for the period went-down at Rs 69.23 million (9M 2003-04: Rs 75.65 million) by Rs 6.42 million. The decline in profitability has been attributed to the reduction in "other" income as well as increase in amortization charges. However the contribution of lease income to the profitability was on the higher side.
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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March 31 June 30
2005 2004
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Certificate Capital - Paid-up: 481.93 481.93
Reserves & Surplus: 358.62 289.40
Certificate Holders Equity: 840.55 771.33
Surplus on Revaluation of
Investments: 20.98 4.21
L.T. Debts: 326.87 313.57
Rentals Received in Advance: 10.18 9.22
L.T. Portion Customers'
Security Deposit: 163.79 150.01
Current Liabilities: 531.42 410.68
Fixed Assets Leased Out: 1,139.74 1,033.82
Fixed Assets in Own Use: 89.66 71.52
L.T Investments: 90.07 66.01
L.T Musharaka & Morabahas: 104.92 104.92
L.T Loans: 4.44 3.29
L.T Other Receivables: 90.42 69.74
L.T Deposits: 0.30 0.20
Investment in Property: 0.12 0.19
Current Assets: 374.12 309.33
TOTAL ASSETS: 1,893.79 1,659.02
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Profit & Loss A/c for Nine Months Ended
March 31 2005 2004
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Revenues:
Lease Rentals: 395.10 328.84
Income on Musharaka & Morabaha
Transactions 24.08 23.26
Income on Investments: 9.00 12.39
Income on Balances with Banks: 8.10 9.39
Other Income: 12.48 27.17
Gross Revenue: 448.76 401.05
Total (Expenditure) & Reversal
Provisions & Write Back: (371.84) 316.99
Modaraba Company's
Management (Fees): (7.69) (8.41)
Profit For The Period: 69.23 75.65
Earnings Per Certificate (Rs): 1.44 1.57
Modaraba Certificate Price
(Rs) on 21-06-05: 9.40 -
Price/Earning Ratio: 6.53 -
Book Value Per Certificate (Rs): 17.44 16.01
Current Ratio: 0.70 0.75
Lease Income/Total Income (%): 88.40 81.99
Net Profit/Total Income (%): 15.43 18.86
R.O.A. (%): 3.66 4.55
R.O.E. (%): 8.24 9.81
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COMPANY INFORMATION: Modaraba Company: BRR Investments (Private) Limited; Chairman: Rafique Dawood; Chief Executive: Safdar Rashid; Director: Majid Dawood; CFO: Naveed Altaf Hussain; Corporate Secretary: Not reported; Registered Office: Dean Arcade, Block-8; Kehkeshan, Clifton, Karachi-75600; Web address: www.brr.com.pk
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