7 oe ATT ores Allied Rental Modaraba Managed by: Allied Engineering F = Management Company (Private) Limited Annual Report 2019 atIntroduction At Allied Rental Modaraba we recognize the importantrelationship between corporate culture, employee commitment, and commercial success. Ittakes thousands of individuals; hundreds of business partners and a whole chain of professionals from various walks and fields to flavilessly run @ company, to build up, to support its roots and to see it grow. We have always endeavoured to be the partner of choice for ourvalued stakeholders. We strive to make this bond everContents Mission Dione Human Resoutee Madaiaba Analysis atARM Infermation ‘Product Profilo 2nd Shell FAP GetTooether Chcket Tournament KeyFmancal Summary of Value Balance sheet Verte Bata Cash Flows Added Compostion Analyst Statement Horsntal FinancialSumrmaty Annual Review Notice of Annual Shaviah Analysis ata Glance Meeting 2018 Review Meeting Rewew Report Revew Report Report eat : ofCDC & Physical Helaing Pat Tradingin Gerifcates, Shee ne CreditRating Awards Human Resauress TT Steering Audit Cammitiae Recoondian & Remuneration Commits oe Commétes Statement of RewewRepot to Auilitoes Report Compliance the Cettficate Holders theCertificate Holders Financials 68 69 Statement of Statement of Comprehensive Cash Flows Bffees aa Across Pakletan Cat Seated Statement of Changes in Equity Sap SAG ah 71 Notesto and FormingPart of the Financial Statements Proxy wildSupport and Guidance Through discussion and dialogue, and through the brilliance and insight of our board of directors and advisors, who bring tothe table their years of experience as industry stalwarts, the Company has grown from strength to strength by overcoming challenges and breaking new grounds. Annual Report 2019 | 5“ Acknowledging teamwork As Allied Rental Modaraba em barks ona journey of upgrade and innovation; we pause to acknowledge our people and the teamwork that got us to this point whereby we look beyond to new opportunities and ventures with the knowledge that we are backed by tremendous support. Annual Report 2019 js o7oa\ Allied Rental ModarabaTeamwork is about trust and reliability. It is about understanding needs and being ready to get the task done. To have a reliable team who has your back in every situation; One that you turn to knowing that they know their job and are always by your side. Annual Report 2019 | 0e Vision To be the market leader through innovative and reliable equipment rental solutions of Caterpillar range of products. Annual Report 2019 I "a\, Allied Rental ModarabaMission To provide best value to our customers through innovative and reliable power generation, earth moving and material handling equipmentrental solutions. To maintain the market leadership in power generation equipment rental through continuous growth of rental fleet. To continuously strive for Modaraba Certificate holders value by aggressively pursuing growth and profit op portunities that leverage our engineering and financial services expertise. To pursue profitable growth opportunities in Caterpillar earth moving, material handling and other equipmentrental solutions, diversifying our portfolio to other areas of equipmentrental solutions. To provide its countrywide workforce with an environment that stimulates innovation, teamwork, continuous learning and improvement. Jorctnio iCore Values No document Allied Rental Mociaraba haz published is more important than our Code of Carduct From time te time we may reviee te worlsto reilect ourcenstartly evelving entarprise, butthe cede's basic principle OUR INTEGRITY hae never chara Modarabe's reputation for integrity & our most valuable asset, Integrity arcompasses all that defines and sustains us as a Modaraba -the valuss we believe in the high ethical standlords we five by, our honesty and behavior in dealing with others; andl our commitment to deliver on the promises we make to customers, Cerificateholdersand each other. Business thie: ‘As Modaraba employs, we botiovein the importance of worki and living according to storg ethical vakias, as a company a indivicuals; whole ourselves to the highest standard of integrity and ethical behavior Weems always tellthe tnth, Hurran Relationship, Modarabs's continued success requires that we continually seck ays to do our jobs and wake our products and services better, Using our individual stlts and talents, we must each take personal responsability lor meeting our shated goak and keeping our cotmmitmerts. We must always consider an “enterpiise point of -view'that promotes the best resuisfor ou Modaraba as avihoke, Business Practices ‘We know that wecan achieve longterm business success only when everyane involved behaves honeetly and responeibly Vie guide o business practices by this princle and expect everyane who does business with us to de thesame, Social Responsibility Wherever wa conduct business or invest our resources, we know that our commitmert to financial success must also take into ‘account social, economic. poltical and environmental pritities. We balieve that our success should also contribute to the quality of life and the prosperity of communitins where ive work and live Living by the Code With the commitment of all Modaraba employees to guide their professional and personal behavior according to our Code of Cordluct its principles become only words. Each of us must accept personal responsibilty to read theCode, understand what it means, and apply & consistently rvlionsiilDuPont Analysis ByAbid At Profit and Loss Account (Re.in Million) leh 3,821 a, for Shareholders: ae ‘Saat | rants 3 ‘Saat | 4.29% [3 na bal m0 — ten 1 on Eyuity: tus n lea x 9731% =e = Aaieay b} 542 : 2019 2018 ity ui Return on Eajity (9) 731-805 NetProftMarain(%) «19.02 1069 5,334 AssetTumover(Times) 043. O42 FinancialLeverage (Times) 1.70177 inatiedetfieHuman Resource Evolution from Transactional Management to Business Leadership and Strategy e\ Allied Rental ModarabaaeHuman Resource at Allied Rental Modaraba ‘OUR HR BUSINESS PARTNER'S: We ilaboration with differen USAID acu a lertad ang iden finding and discovering Tostay inths \d, wetarget optimum perfornat ake holders ie @ 7. a AMAN ===" ALLIED RENTAL MODARABA in line with ts commimert to develop & rmined pi and axcelle Ignite spark amana youth Busine Human potental knows that its future ‘nals internally and extemal #8 cur talent in the be Out Objective ts pasuble manner by postioning them where thay aun responsibilites along with delivering values HIGHLIGHTS: 4% are ENGINEERS AND HOLDERS TECHNICAL DIPLOMA 159% are BUSINESS GRABLIATES. 75% RETENTION RATE of Emoloyens Collaboranen between ARM, FOAP and NHMP. for Drivers Training Insitute (@round 100 Drivers arevraned every Month) ARM Partnership with UND? and TUSDEC for Youth Skits Develepment and Employment. (More than 100 candidates attended traning Pragram and HIRED) FUTURE Around 490 students wil be tested for emerging 'talent program this your INDUCTION AND RETENTION OF TALENT: We stnve ta ratain and develop our emplayses and 20\ Allied Rental Modaraba fenaute that vie maintain a pipeline of an sngaged talented worklorce, which ie dyverze and rewarded on mere To move forward on thie objective; we have Ineroduced Engmeenng and Management programe where patential talent fram fof Pakistan yere taken through compiehenave Assessment drive (canaising of aptitude and personality assessment, group diacusaons, case audiex and sudtured panel narviews) Retaining Quality talent 19 the major performance benchmark for HR because we beliave thatthe eminence Gf our business plans has @ diract link to the quality of human resource that we hire CAMPUS DRIVES & INTERNSHIP PROGRAM: Aled Rental Modaraba has started an exten ave Campus Drivers & internship program, where it engages with businesses and engineering students by offering them meaningful traming and. a learning environment Emphasis is laid on developma the candidate's profesaonal undorstanding of the conporsta world andhelps them in identifying and aligning thaw careers in the long run. We are proud to facilitate Trainea/ interns fram all tho loading univer in Pakistan SUCCESSION PLANNING: Allied Rental Modarabs believes in the progress and career development of its employees With thie fact ARM is planning to formulate 2 well-cefne strategy to Identify within the exizing talent pool the resources which are high potential and route through 2 process Wheraby their inaligence and behavioral patterns can be sees through exercises The oute cmprehensive ment canto ne of the assozements will be Incarparated mta the? box matrix apprasch ta earmark the boast talent available intemally and to train thern far impartary strategic posit onsin the future, New hires wall also be pouted thraugh ths process in ardey io enaus that human resource intake s appropriate and can Kt Into future leadership roles PERFORMANCE MANAGEMENT: Qur objectives toed lectively align the performance of our tears and individuals towards the organizational goals This year we will witness further improvement n our performance management process by introducing effective and resul-orentad measures and practices We.designed our gystems to deliver transparancy and fares at all lavale Our managers wil ba introduced to naw taols and processes to have fair appraisals which dimmush tha chances of organwational bias and prejudice, At ARM we beleve that far sustainable and Consistert growth we neadtoraward cur Emplayees nat only for their perfarmance but also fer ther behaviors that ara aligned with the Organizations care values and the performance managsment sytem SALARY SURVEY: Allied Rental Modsraba participate in multiple salary urveysta slign seolf with the market and stand aut a2 3 compottiveemployer Salary Survey berchmarksnat only suppartusta dently gap: to align aur remuneration gackegos with tha market but alse provide a guidelme t2 bring about Internal exquity within the eraarization INDUSTRIAL RELATIONS: We recognize the importance of good industnal relations management and appreciate the hard work of labor as they are the kay force bahind the execution cf our dayto-day operations There are dedicated IR managers in the crgangaion whose principal fesponsibilty Isto ensure industrial peace by ensuring fair labor practices, effective and eficiert grievance handling and safeguarding labor related comaliance with the statutes. The conflict Resolution team and HR. ‘pparimentn the Head Office playsa very crtcal partin, harmonizing labor and emalayee relations They concihate and arbitrate all the issues and: ensure 3 winwin situation CSR & ENGAGEMENT ACTIVITES: We believe in fciitating people ti healthy: ARM activities fer cur amployaes sc they caman engage and ep them fit and rranged several CSR & engagement help each othar for mutual banefi ioninnlModaraba Information Board of Director: Syed Feil Al Charman Me Murtaza Ahmed At Chief Executve Me khwajs Ahad Rahman Non- Executwe Drecter Mc Rages. Khan Non Executive Drector Mr Ali Akbar Non - Executwe Drecter Mr Hassan Shehead Abt Non - Executive Diecter ‘Mr Abdul Rahim Surya Independent) Non -Executwe Dracter ‘Audit Committe Mi; Abdul Rahim Surya independent) Charman Syed Feieal Al Motnber Mr Ali Akbar Mamber Chief Financial Offcor Me Muhammad Sad ‘Compony Secretary Me Muzearnmil Tana, Head of intemal Auditand Secrotary to Audit Committes Mr Abid Altaf Human Resource and Remuneration Committee Mr Abdul Rahim Surya( indepen dere) Charman Syed Feleal ll Mamber Me Muttaza Ames Ab Member ‘Strategie Management Syed Zulgarnain defi Business Uni Head -Power Mr Ali Absan, Business Unit Head -Logisies & MHE Me Rashid Jehang Businase Unt Head -Machines and Cranes Me Ali Arrenar Buses Adminstrator n\ Allied Rental Modaraba Mr Muhammad Azar Sideliqus Hoad oflumanRescource and Adminieertian Mi MuhatumadFarcoq, Head ofinformaton Technology (slamie Banke, idamic Window of Commorcial Banke & Lending Institutions Askan Banke Lnted Habib Bank Lmted BankAlolah Linited, National Bank of Pakistan Linted ‘Standard Chartered Bank (Pakisian) Lented. Bankslary (Pakistan) Lnited, Faysal Bank Lite Soar Bank Lint Habib Metropolitan Bank McBilstame Bark Limtedd United Bark Lirited (One Medea First Habib Modaraba Moezan Bank Limited AlBaraka Bark Limited ‘Dubai larnicBanik Bank Al Habib Limited Aled Bank Lnted ‘Aulitors KPMG Taseer Hachi& Co Chatered Accountants (Credit Rating Appraizer JOR-VIS Ceaitsting Company Lmted ShaiahAdvizor Muli shad Ahmad Allez Legal Advicor Mc hall Ahmed Siddiqui Advocate Rogistered & Head office 2403 Sector 2 Koranglindustrial Area Karach- 74900 LIAN! (021) 111.250.250 Website: wwnearmn com pk Registrar & Cortficats Transfer Office WAFS Regetrar Serviceo(Pavate) Linwted 407-408, Al Amoora Centra, Shabrah-2-ieaq, Sadar, Korach. Tel: 021-3565 2023-28 Fax: 021-35221192Organogram Board of Directors Audit Strategy Chief IT Steering HR Committee Comm ites Executive Officer Committee Committee Chef Information Hunan Fanci Technology Resource Officer Machines Power Logistics & Cranes &MHE 2.2 i i | ' \ 1 sales Buss Operations an Maiienanca JoniProduct Profile Crane Services ‘Ouir cranes fleet comprises of diverse equipment to maich unique and customized requiremert of superior cane services by our customers Out stlled workforce and brand new canes of world renowned crane manufacturer 'SANY: take us unique afd tusted kippl er for quality cane rental solutionsanda pretfored choice for deployment at most critica stes requinng jaotsus compliance. safety and quality standards Our tuck cranes fuet consiét of ‘equipment ranges from 20> 160t6ns Out specially des red dual purpose 19% |2tons self loading ticks nat Only Ii load but also transport the (cad to deured location providing one window solution for both liking and transportation jobs: Logistics Business Inocund and cutbound logistesisa vital part of any companys supply chain process Once goad ie produced it must be transponed to if. final Aesbnation jn cost efficent manner. Cansden equipment quality ssuesand huge market potental inlocallogisesbusness, ARM hasentered ito this busines segment by iniroduction of new and qualty 2quioment from warld famous brands The combination of excellent equiorent and skied operators qves us the abilty to offer a high leval of service AAl af our equipment s carefully mamntanedk to. manufacturer standards and is thirchparty inspaciad cn a ragular basis to ensure safe and smosth operation 2a\ Allied Rental ModaabaInbound Logistics / Material Handling Solutions The essence of aur MHE services solution is “Total Outsaurcing Concept’ where all aspacts of equipment ownership. apersicn maintenance and managemant are handled through one window. esping in view customers unique and customized requirement thusreievingthe customer to concentrate on hie core business actity The reault 12 the maximum aficiency and peace of mnd or our customers forall oftheir inbound |agisie= Our MHE fact campriges of forklits, reach trucks. pawer pallets talehandlers, kid steerloaclorsand ther materal handing equipment with flenilty of diezel, LPG or battery as fuel depending an aur custaners unique requirements, Trucking Logistics Solution We olfer a wide array of freight senices and logistics solutions depending ‘onthe spec herequrerent of aur valundcustomars ARM offers bath Rigid Trucks and Prime Mavars with Semi Trailers for Long or Shaxt hauling. Customized design and Vehicle selection is Halimark of our Logsiics busness Our dedicated workforce continuously strives for on-time delivery inthe mast ‘cog efficient mannar. Cur professional teams can evaluate logistics requirements and recommend the optimal strategy for business and. time frames All of our trucks have state of the att satplite eauipment which allows complete ) tracking of freieet fforn the tire it is loaded until it reaches the final destination. Strict compliance ts toad laws requiationsand fim adherence to:safety standards give us an ‘unraled repatation inthe markt Concrete Pumps Be tt constuction of majer infrastructure projeds like - roads, bndges, railways - & commercial and residental buildings Including. skyscrapers hotals offices warehouse shopping complex etc. for round tha clock high vouria pumping of i ncrets pours, we have gat you covered through aur world renowned and globally recognized SANY Concrete Pump. High maneuverability, sutabilty for confined areas, cost/performan: value & long reach an high-rise are some ‘of the benfits that make our purnpe the most desrable concrete pumping solution in the inelustiy JoneLighting Tow Oiiklighting towers aio'a quick fer ¢olution pertaining thmiporary lighting problems st various ates and stustiana The uilty ofthis equipment spans to. process industnas event management sondruction sfes oll and gas fields, autdacr games exhibition shopping malls otc Ease of zetup and mobility iz kay featurs of aur plug and play, mobile units The use of Caterpillar engine in these lighting towers evuires reliabilty, performance and Sohanced safety nan anvirarimont fiendly manner Solar |ihting tiwers are 8 new addition to out lighting solutions primarily powered by fos renewable enoray From tye sun thus providing a Cost effective aperation m an erviranment frenclly manne. Power Generation Equipment The lifeblond of any business 1s reliable * Haare peor alta bona oes = A) Wide fange of Caterpillar power Rese shocks Dour rerio , valool pec fappleatine Ouran feet compnaing Gan Detl and HO a fred Generaters ranging from 100 2450 kVA, olfers the widest power range In the industyy Qur Generators can be rentedon daily, weekly monthly or yearly basisiwidh Mexible pricing options depending on specific requirement of our customere ARM al tarm BOT (Build, Operate and Transfer) solutions where equipment is suppl offersiong d and operated by ARM for a cenain perlad oftime and ownership is transferred to the customer at the entd of the contract tenure Load Banks Whether you are commissioning newly installed generators Performing maintenance fesung an equipment, testing your mission crtical UPS oryou'ra in nead of portable load fartesting of yaur emergency power systems we provide Load Banks of up to 1959 \WVtomeet al your load testing requirements # Opération and Mamtenan eer 1noving appl 4 construct sr 0 a Sag = “a Allied Rental Modarap feels great pride in announcingthe gr = induction of 15 tons CAT Forklift Truck in our Material + Handi .g Equipment (MHE) Rental fleet. Ourtotal MHE fleet zize has now crassed over 200 equipment with combined i ‘acity of 600+ tons.WY,ree ey Pe wins the 2nd ui FOAP Cricket TaKey Financial Data To Total Assats feMilicn 299.045 seN 7211 9388357 Current Assets ReMilion = 2483200) 1.867 eat? Currant Liabilties: Re Million 1,981 1708 1,533 1,631 1,390 1,256 Paid-up capital Re Million 220 2.900 1.755 1755 14463 1219 Rocorvwe ReMilion «3.138 «3.151 2.908 26272281800 Stodhdlders equity ReMilicn “$3345.14 SH A382 3708319 Gross Pratt Fe Miler a5 7 ae Netra. fe Mitien 35 ee ee Profit after Tax Ratio * 10.02 10.69 WS W 5s 26 Ratu on Asset % 429 454 6 4 7 13 tum on Equity % 7.30 805 10 7 12 24 enum on Capstal employed % 6 5 7 5 9 16 Eepanee Rabo * es eet ea 78 70 Debt /Equity Rio * SHR 25:75 21:79 a5 ADHD 28:72 Current Rat times AND 1231 LOR Oe OMe Ose Pres Eaming Rao times rar ee Earning per certfiate- - basic and diluted Rs. Va 1.89 2.61 176 289. 552 Dividend yield Ratio * e & 6 4 s 5 Dividend Pay out ratio *% a 53 7 7 69 5a Cath dividend * 10 10 is 10 2 20 stock dividend % ° 10 o ° ° ° Cash divdend percertitene Re 4.00 100180 .09 2.00 3.00 Book Valuepercertifene RS i TS hea maT 8328 MarketValue per cartficate RE 300171) 2890.00 ag BD x\ Allied Rental MedarabaSummary of Cash Flows Profit for the year ‘Adjustments For Non Cath And Other items Decrease (ncresse)in operating assots Irerease /(dacrease} in operating lattes Cash generated fom operations Cash Flows From Operating Adtivties Cash Flows From investing Actes (Cash Flows Fromm Finanting Actes Not Cach inereaco/ (dacreaéa) dunngthe period Cashandcash equwalerts at beginning of the period Cash endeash equivalerts at end ofthe period oo o1g | 2017 Ee 2015 | 2014) 3ees4 395124 A577 29A3A7 403.529 651,455 795578 1.069877 891677 736102 7IDODA OB ABA TSIM (IA TOO}] TALSTAEY] SPAIN] hse SOs] —(e2I2O aigras | s6s32 | (oraas)] 292920] (7 ssi} (ars 136] (9185) (677568) (518231) (105200) (145.688) (497.456) VASR2AT 787. B51505 925251 1 og7eas 757.480 (379.205) (1.212319) (1.327.805) (1.625419) (1.154 505) (1592.817) (ean.628) z0%678 (49506) (216.208) yi23y) 307439 GS 91231 745586 250086 57353 307439 201s (7asay 7asc7 57.353 153159 26480 48.027 507 75.312 (157,022) 205,089 48,027 AnniValue Added Statement ‘Gupeesin'00, Rapes n'000) Ce VALUE ADDED Revenue trom Operation 3,821,667 97% 3.696145 100% Less: Operating Expense (1.486.463) (1,182,425) Other income 194897 3% 13710 co 2480107 0%. 2527430 100% VALUE ALLOCATED Te Employees As Remuneration, yos70 43% 34a027 3m Te Providers of Finanice As arab Rentals 0 O% 9.935 04% As Prafe on Diminishing Musharakshy 277619 11.2% 203787 ca Te Modarib ‘Ag Madarslsa Management Fee 14000 oan 19909 4% To Cerificate Holders ‘AsProfe on Modaralsa Certificates 200000 ee 263.250 10% Rotamedin the Business AsDepredation 748918 30% 944598 37% As Reserve and Retained Earrings ye2953 78% 131,873, 52% 2,480,104 100% 2527490 10096 Value Expl a5 I sieplojons ome onde ofFinancetanh Rtas mm Fondo offnaice- Ta AE aa renders offinarce= Frat nM EB FrondersolFna Modataba Management Fee Mh estoaba Vanagorent Fee Bi confene odes Retard asDepreciton B. Ketired ss epreanion Retaned ac Rasen and ieuiredeainags 7a i RetiredabReseve ard faninedeamnge — SR Confeate Holder a\ Allied Rental MedarabaBalance Sheet Composi C 25% Pat Assets MiTotal Current Accots Wi Petal Curran Assote IM Total Non- Current Assets otal Non - Current Assets beh Equity & Liabilities WW Total Current Laabilities ME Total Current Liabilities WW Total Log Term Liabilities @ Tetal Long Term Liabilities I Cortifeate Holders’ Equity | Certificate Holders’ Equity AnnualReport 2019 fsVertical Analysis BALANCE SHEET ASSETS Cureentazsote Cazhand bank batane Ujarah rentals recenabie Operation and marterance income receivable Advances deposits propayments andotherrezevable Spare parts Lengterm secumy denosgs Dominahng Musharatah financing -eecured Fued avetsn own use -tanable jreangibie aseetsin-own se jaa aes Cerrentliabitties Creditors accrued and other hbolt Bai Muagal - unearned! Payable tothe Modarabsa Management Company Chitent portion af Dimming ‘Musharakah fiminsing payable Current portion af mcurty depoats Noncumert habiite: Diminishing Musharakah financing payable Deferred labiities Other longterm employes bunatts Securty dep oats FINANCED BY : CAPITAL AND RESERVES fesued suibscnbed and paid-up certfcate capital Premium an asue of right certiicstes Statutory (mandatory) reserve Unappropaated proft PROFITANDLOSSACCOUNT yaa rwnna ‘Gperatisn and maintenance income Other income Gos Revenue Operating expenses Aumniarobve and dievibuaion expends Provision agana potental farah losses andaperation ind mairtenance income Workers wallare nd Modlratsa Mariagumunt Company’ Sindh Sales Tax on Managémart Company" Proft Margin 26\ Allied Rental Medaraba ERE 1% 1s 1% 1% 10% I 10% Be 2 Of om cs oe om es &s F4 1% v% 2 ie 1% 1s in, ae Te DOE. Te Fe OF 1 oF = 1% oy on oo =m 1% 1 1% ts os oe oo 73% a 1 ase 1% 136 &% 1% 7% TPE Be we os a 7 Toe Fe = 0% ox % 1s oe om os om om ox oe oO oe ine 10% ie 16% 1 15. i oe om oe Oo Ze Te Tee Be Be 15 Te BE = T= Te 13 1% 1% 1% om o os os o % 0s 1% 1% oe Ea Ws we i 1a ie ae aE i 1a Ws 16% ES 1 1% 188 208 33 3 38 7 oe Be oe = Tos Tore Tove Toa Taos T0o ry 73% 7 W% Te a 6 8% 6 5% a 3% = x 1s oe t% is 7% * 5x Es os 0% oF oe om ox 1% Os Be = BE ase os o%. ox ox oe om i os = ox oe = T= T= T= T=Horizontal Analysis BALANCE SHEET TE ns [zor [zoe | aor [aon] aors | 20a) eer sits ard bankbatances =) =| @) =) =| = {aah rertlerecratie m= | se) se) soe | tex | as Gpecatonardimartenance incomerecevable | aa | ie | te | ax | ox | ops ‘Adunees dhpouts propaynents, ndathertecoveble wx) me) se] oe] oe] 2 squrepars soe] TS | tie Late Lads UL nso, = ae ae = ae ‘Non-currout arsets Langterm zezunty depos: 7 i oe aie Be ‘Deminshing Musharabah fnanaing -seaured 100% ees | lone Finedarseiein aun use -tangible os 23% im im Intangible astetsin own use st 18% 62% jyarah assess os We om lo aos Capea warkinprogiess ae ar see a7 43%, ae a oe oe Te agumes ‘Corrortiabiltios Creditors accrusdand aher kabieves si a ie we = ae Bia Musial emcured oe | tox om tao om om Payabletothe Madaraba Management Company | 92% wm ose sts as Curent pertian af Dimanehig Mutharakah frananapayabie = m% 1% Ase 15% 63% Curent partion of xunty deposts ces 55, ae ere 21% 2: Te Te “ THe TH 7 Non-curreut kabilities ‘Deninishing Musharakah financing payable t= 1 We Libitvesagaine asets subjectto finance laase od o% oe Deferred lableien Be 238 me Other ongtem employee beneits 1% 18% 0% Secunty depoats os de 7s T= Ta a FINANCED BY’: CAPITALAND RESERVES lscued wubscabed and paid-up cereficae captal Te WE % TE Fremnum ona ofright certiicates oe Nis o% bm Statutory (mandatoy)jresarve EA 1a 1 os Unappropniatedproft 13%. 24% a5 17% oe We e 1 PROFITAND LOSS ACCOUNT hata rereale = FE Tee TE = = ‘Qpecatian and maintenince meame an om 136 om ay 28% Oher scame 85% ae || sxe “re ave [L126 Gross Revenue oe 18% 1 ve sE me Opecating expenses = ae 7 =e Adbniwsrauve and dbaiibuton eipendes 1a 7% 2% Promsion aganst potertisharah loz and operstion andmaireanance nceme 18% aim | em 117% 5t% oe Finance code 17% ass 208 3m 268 758 Workers wellare find oR ox || -100% 27% 26% 3% ToralEmencer 7 ae = TE BE Modirabsa Managemant Company’ rariunrition om of 1m 18 som a Sindh Sales Tax on Management Comesny"s remuneration | oe Profit Margin = AnnualReport 2019 J: 37