The principal place of business of this Modaraba is at Adam Arcade Bahadurabad Karachi. It is managed by Allied Management Services (Pvt) Ltd a wholly owned subsidiary of Allied Bank of Pakistan Ltd.
The 10-rupee certificate of ABL Modaraba is trading below par value of Rs 7.00. Although the market value of the certificate appreciated substantially but it still remained below par value during the last one year.
During the 9 months period under review, the Modaraba registered gross revenue at Rs 5.13 million as against Rs 21.52 millions in the same period last year. But its net profit for the period by far exceeded its gross revenue due to write back of provision. Hence the profit of the period ie cumulative 3 quarters, was booked at Rs 7.78 millions.
But the scenario changes sharply when looking at the P&L Account for the 3rd Quarter only when the Modaraba had to register a net loss of Rs 14.23 million whereby accumulated losses increased from Rs 180.64 in June 2003, to Rs 191.14 million on March 31, 2004.
The loss during the 3rd quarter was mainly due to additional provisioning Rs 20.22 millions, although the realisable value of liquid assets held against such finances is higher than its outstanding liability but the same could not be taken as deductible security due to prudential regulations.
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Performance Statistics (Million Rupees)
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Balance Sheet -As At-
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March 31 June 30
2004 2003
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Certificate Capital-Paid-up: 350.00 350.00
Statutory Reserves: 75.29 75.29
Accumulated (Loss): (191.14) (180.64)
Certificate Holders Equity: 234.15 244.65
Surplus on Revaluation
of Securities: - 0.65
L.T. Musharika Finance: 51.44 100.00
L.T. Security Deposit: 11.05 10.49
Deferred Liability: - 0.22
Deferred Income: 72.20 74.40
Current Liabilities: 58.26 58.23
Fixed Assets Tangible: 0.55 0.31
Net Investment in Lease
Finance: 29.82 26.75
L.T Musharika Finance: 0.56 0.89
Investment Available for Sale: 196.32 200.72
L.T Deposit: 0.10 0.20
Current Assets: 199.75 259.77
Total Assets: 427.10 488.64
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Profit & Loss A/c
For Nine Months Ended March 31 2004 2003
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Revenues
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Profit on Musharika: 0.55 2.92
Lease Income: 3.49 12.99
Return on TFC & Bank Deposit: 0.37 1.13
Sale of Investment: - 0.27
Other Income: 0.72 4.21
Gross Revenue: 5.13 21.52
Operating (Expenses): (4.09) (7.51)
Financial (Charges): - (12.01)
(Provision) For Doubtful Debts: 0.96 (9.31)
(Provision) For Diminution
in Value of Investment: 5.78 2.97
Total (Expenditure & Provisions): 2.65 (25.86)
Profit For the Period: 7.78 (4.34)
Earning Per Certificate (Rs): 0.22 (0.12)
Modaraba Certificate
Price (Rs) on 01-07-04: 7.00 -
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Financial Ratios
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Price/Earning Ratio: 31.82 -
Book Value Per Certificate (Rs): 6.69 6.99
Debt/Equity Ratio: 18:82 28:96
Current Ratio: 3.43 4.46
Lease Income/Total Income (%): 68.03 60.36
Net Profit/Total Income (%): 151.66 (20.16)
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COMPANY INFORMATION: Modaraba Company: Allied Management Services; Chairman: Bilal Mustafa; Chief Executive: Sharique Umar Farooqi; Director: Zia Ijaz; Company Secretary: Maqsood Elahi; Principal Place of Business: 23-Adam Arcade Bahadurabad, Karachi-74800.
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