for the period endedMarch 31, 2015 (Un-Audited)

For Long Term ‘BBB’

For Short Term A-3

Out Look - Positive

By JCR VIS Credit Company

CONTENTS

(An Islamic Financial Institution)

First Paramount Modaraba

Mission & Vision

Corporate Information

Directors Report

Shari’ah Advisor’s Report

Balance Sheet

Pro!t and Loss Account

Cash Flow Statement

Statement of Changes in Equity

Notes to the Interim Financial Information (unaudited)

01

02

03

04

05

06

07

08

09

It is our firm commitment tooperate the Modaraba activities inaccordance with Islamic Shariawith Its true spirit.

To employ the Modaraba funds inbest possible way and to promotethe human talents, to maximizethe profit for certificate holders.

It is our mission to constantlyendeavour for excellence in allspheres of business activity,maintain its eminent marketpos i t i on , p romote l as t i ngrelationship with our customersand other stakeholders, andconstruct a durable and vibrantPakistan.

1.

2.

3.

STATEMENT OF ETHICS AND BUSINESS PRACTICES

We believe a complete code of ethics is a prerequistefor all Directors and employees of Frist ParamountModaraba. We endeavour to t h e philosophy behind thecode of ethics to carry out honestly activities assignedto them. Our aim is to have highest standard ofexecllence for the product and the betterment for allthose involved directly or indirectly with our Modaraba.

Mission & Vision

01

02

Corporate Information

MODARABA COMPANY

MANAGED BY: PARAMOUNT INVESTMENTS LIMITED

BOARD OF DIRECTORS

Mr. Tanveer Ahmed Magoon Chairman Mr. Syed Wajih Hassan Chief Executive Officer Mr. Pir Muhammad Kalia Director Mr. Abdul Razzak Jandga Director Mr. Nadeem Iqbal Independent Director Mr. Humayun Mazhar Qureshi Director Mr. Khalid Rehman Director

AUDIT COMMITTEE

Mr. Nadeem Iqbal Chairman

Mr. Pir Muhammad Kalia Member

Mr. Humayun Mazhar Qureshi Member

HUMAN RESOURCE COMMITTEE

Mr. Tanveer Ahmed Magoon Chairman

Mr. Pir Muhammad Kalia Member

Mr. Nadeem Iqbal Member

Mr. Syed Wajih Hassan Member

CHIEF FINANCIAL OFFICER / COMPANY SECRETARY

Mr. Abdullah Khan

SHARIAH ADVISOR Mufti Muhammad Najeeb Khan

CREDIT RATING

Long term BBB

Short Term A-3

Out Look Positive

By JCR Credit Rating Company

AUDITORS OF THE MODARABA M/s Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants

03

04

First Paramount ModarabaBalance Sheet (Unaudited)For the period ended March 31, 2015

Note 53"Octej 52"Lwpg4237 4236CUUGVU

PQP"/"EWTTGPV"CUUGVU

Property, plant and equipment 7 78.743.975"""""" 82.3::.299""""""

Long term portion of murabaha receivable 8 76.395.46:"""""" 74.983.52:""""""

Long term portion of diminishing musharika financing 9 7.683.39:"""""""" 35.842.4:5""""""

Long Term Mushrikah Investment ; 67.772.222"""""" 32.266.222""""""

Loan to employees 545.897""""""""""" 488.88:"""""""""""

Long term deposit 6:5.96;""""""""""" 427.64:"""""""""""

384.735.824"""" 359.2:7.986""""

EWTTGPV"CUUGVU

Current portion of musharika finance ; 35.4;9.794"""""" 37.83:.8:8""""""

Cash and bank balances 57.784.399"""""" 63.853.6:5""""""

Current portion of long term murabaha receivable 92.;2;.4;3"""""" 8;.294.338""""""

Current portion of long term diminishing musharika financing 36.438.268"""""" 35.752.768""""""

Current portion of loan to employees 453.;;8""""""""""" 322.222"""""""""""

Shot-term musharika finance 32 3:.222.222"""""" /"""""""""""""""""""

Short-term murabaha receivable : 43.232.638"""""" 39.:;4.5:2""""""

Advances against morabaha 49.:26.25:"""""" 36.622.2:2""""""

Stores and spares 4.27;.397"""""""" 3.768.9;4""""""""

Trade debtors 37.47;.798"""""" 5.497.297""""""""

Accrued Profit 69.;44""""""""""""" 848.945"""""""""""

Receivable from Modaraba Management Company - a related party /""""""""""""""""""" 33.874"""""""""""""

Advances, prepayments and other receivables 7.729.:83"""""""" 33.792.772""""""

445.;28.292"""" 3:;.498.2:5""""

VQVCN"CUUGVU 5:8.63;.895"""" 548.583.:69""""

GSWKV["CPF"NKCDKNKVKGU

ECRKVCN"CPF"TGUGTXGU

Egtvkhkecvg"Ecrkvcn

Authorised

25,000,000 (30 June 2012: 25,000,000) certificates of Rs. 10 each 472.222.222"""" 472.222.222""""

Issued, subscribed and paid-up ;4.452.44;"""""" :5.:67.885""""""

Capital reserves 78.29;.243"""""" 86.685.7:9""""""

Unappropriated profit 52.;;9.326"""""" 53.3:4.997""""""

39;.528.575"""" 39;.6;4.247""""NKCDKNKVKGU

PQP"EWTTGPV"NKCDKNKVKGU

Deferred income 9.322.3;4"""""""" :.524.498""""""""

Certificates of musharaka 339.929.722"""" 93.722.375""""""

346.:29.8;4"""" 9;.:24.64;""""""

EWTTGPV"NKCDKNKVKGU

Creditors, accrued and other liabilities 35.937.:38"""""" 34.994.;56""""""

Certificates of musharaka 59.432.222"""""" 44.5:5.493""""""

Deferred income 3:.479.85:"""""" 43.477.976""""""

Payable to Modaraba Management Company - a related party 3.3;6.4;4"""""""" /"""""""""""""""""""

Unclaimed profit distribution 33.;49.::3"""""" 32.877.656""""""

:4.527.849"""""" 89.289.5;5""""""

VQVCN"GSWKV["CPF"NKCDKNKVKGU 5:8.63;.895"""" 548.583.:69""""

05

""""""""""""Ejkgh"Gzgewvkxg Fktgevqt Fktgevqt

First Paramount ModarabaProfit and Loss Account (Unaudited)for the Period ended March 31, 2015

Note

Lwn{/Octej Lwn{/Octej Lcp/Octej Lcp/Octej

4237 4236 4237 4236

Operating income 33 7;.6;;.6:4""""" 40,879,089 46.8:5.223""""" 14,033,424

Qrgtcvkpi"equvu

(Provision) reversal for doubtful recoveries 485.7;7"""""""""" 297,066 /"""""""""""""""""" 60,497

Operating expenses 5;.:5;.4:3""""" 25,480,486 3:.39:.476""""" 8,300,934

*62.324.:98+"""" (25,777,552) *3:.39:.476+"""" (8,361,431)

3;.5;8.828""""" 15,101,537 8.726.969""""""" 5,671,992

Other income 34 4.3;2.494""""""" 1,337,831 4;2.432"""""""""" 402,565

43.7:8.:9:""""" 16,439,368 8.9;6.;79""""""" 6,074,558

Financial charges *;.43;.539+"""""" (3,454,938) *6.462.;7;+"""""" (1,425,988)

Provision for worker's welfare fund *469.573+""""""""" (259,689) *73.2:2+""""""""""" (92,971)

34.342.432""""" 12,724,741 4.724.;3:""""""" 4,555,598

Modaraba company's management fee *3.627.;66+"""""" (1,476,070) *4;2.55:+""""""""" (528,449)

Profit for the period 32.936.487""""" 11,248,671 4.434.79;""""""" 4,027,149

Earnings per certificate 3038""""""""""""""""" 1.34 2046""""""""""""""""" 0.39

Nine months period ended Three months period ended

06

""""""""""""Ejkgh"Gzgewvkxg Fktgevqt Fktgevqt

Hktuv"Rctcoqwpv"OqfctcdcEcuj"Hnqy"Uvcvgogpv"*Wpcwfkvgf+Hqt"vjg"rgtkqf"gpfgf"Octej"53."4237

53"Octej 52"Lwpg

4237 4236

Rtqhkv"hqt"vjg"{gct """""""32.936.487" 12,387,610

Cflwuvogpvu"hqt<

Depreciation on tangible fixed assets """""""""4.5:8.8;7" 3,185,975

Depreciation on intangible assets """"""""""""""6:.742" 90,307

Provision for worker's welfare fund """"""""""""469.573" 285,982

Provision for doubtful recoveries """"""""""""485.7;7" 289,584

Financial charges """"""""";.43;.539" 6,445,625

Gain / Loss on sale of assets in own use """"""""""""879.;79" 12,079

Operating profit before working capital changes """""""45.759.922" 22,697,162

(Increase) / decrease in assets

-Diminishing musharakah receivable - net """""""""9.695.827" (4,720,476)

- Stores and spares """""""""""*734.5:5+ (863,455)

- Long term deposits """""""""""*49:.543+ 3,000

- Trade debtors """"""*33.;:6.723+ (2,015,654)

- Receivable from Modaraba's management company - a related party """"""""""""""33.874" 154,413

- Advances, prepayments and other receivable """""""""8.674.769" (10,094,576)

Increase / (decrease) in liabilities

- Creditors, accrued and other liabilities """"""""""""8;7.753" 7,059,675

- Payable to Modaraba Management Company. """""""""3.3;6.4;4"

Net cash from operations """""""48.7;2.344" """"34.442.2:;"

Financial charges paid *;.43;.539+""""""" (6,445,625)

Pgv"ecuj"*wugf"kp+"1"htqo"qrgtcvkpi"cevkxkvkgu 39.592.:27""""""" 7.996.686""""""

/"""""""""""""""""""Ecuj"hnqyu"htqo"kpxguvkpi"cevkxkvkgu

Murabaha receivable - net *32.:52.;68+""""" (714,831)

Advance against murabaha *35.625.;7:+""""" (13,737,080)

Capital expenditure including capital work in progress *8.9;4.587+""""""" (11,147,911)

Investment - net /""""""""""""""""""" 2,053,047

Sale proceeds of assets in own use 9.587.678""""""""" 232,849

Musharaka arrangements *73.3:6.::8+""""" (18,220,382)

Pgv"ecuj"htqo"kpxguvkpi"cevkxkvkgu *96.:68.8;;+""""" (41,534,308)

Ecuj"hnqyu"htqo"hkpcpekpi"cevkxkvkgu

Musharaka financing - net 83.256.298""""""" 47,848,459

Profit distributed *;.849.6:;+""""""" (7,577,106)

Pgv"ecuj"wugf"kp"hkpcpekpi"cevkxkvkgu 73.628.7:9""""""" 40,271,353

Pgv"*fgetgcug+"1"kpetgcug"kp"ecuj"cpf"ecuj"gswkxcngpvu *8.28;.529+""""""" 4,511,509

Ecuj"cpf"ecuj"gswkxcngpvu"cv"dgikppkpi"qh"vjg"{gct 63.853.6:5""""""" 37,119,973

Ecuj"cpf"ecuj"gswkxcngpvu"cv"gpf"qh"vjg"Swctvgt 57.784.399""""""" 41,631,483

The annexed notes 1 to 13 form an integral part of these financial statements

07

""""""""""""Ejkgh"Gzgewvkxg Fktgevqt Fktgevqt

Hktuv"Rctcoqwpv"Oqfctcdc

----------------------- CAPTAL REVENUE

Share Merger Statutory Unrealised gain Unappropriated Total

Capital Reserve Reserve on revaluation of available Profit

for sale Investment

BALANCES AS AT JULY 1, 2013 76,223,330 1,935,160 67,673,238 182,374 29,657,252 175,671,354

Profit distribution for the year ended - - - (8,384,566) (8,384,566)

30 June 2013 @ Rs. 1.10 per certificate

Issuance of Bonus Certificate 10% 7,622,333 (7,622,333) -

Profit for the year 12,387,610 12,387,610

Transferred to Statutory Reserve 2,477,522 (2,477,522) -

Unrealised gain on revaluation of available

for sale Investment (182,374) - (182,374)

BALANCES AS AT JUNE 30 2014 83,845,663 1,935,160 62,528,427 - 31,182,774 179,492,024

Profit distribution for the year ended (10,899,936) (10,899,936)

30 June 2014 @ Rs. 1.30 per certificate

Issuance of Bonus Certificate 10% 8,384,566 (8,384,566) -

Total comprehensive income for the period 10,714,265 10,714,265

ended March 31, 2015

BALANCES AS AT MARCH 31, 2015 92,230,229 1,935,160 54,143,861 - 30,997,104 179,306,353

The annexed notes 1 to 13 form an integral part of these financial statements

STATEMENT OF CHANGES IN EQUITY (Unaudited)

for the Period ended March 31, 2015

08

""""""""""""Ejkgh"Gzgewvkxg Fktgevqt Fktgevqt

1. LEGAL STATUS AND OPERATIONS

1.1

2. STATEMENT OF COMPLIANCE

3. SIGNIFICANT ACCOUNTING POLICIES

New / Revised Standards, Interpretations and Amendments

IAS 19 – Employee Bene�ts – (Amendment) - De�ned Bene�t Plans: Employee Contributions

IAS 32 – Financial Instruments: Presentation – (Amendment)

– O�setting Financial Assets and Financial Liabilities

IAS 36 – Impairment of Assets – (Amendment)

– Recoverable Amount Disclosures for Non-Financial Assets

IAS 39 – Financial Instruments: Recognition and Measurement – (Amendment)

– Novation of Derivatives and Continuation of Hedge Accounting

IFRIC 21 – Levies

4. FINANCIAL RISK MANAGEMENT

This condensed interim financial information 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 Companies Ordinance, 1984, Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980,

Modaraba Companies and Modaraba Rules, 1981 and directives issued by the Securities and Exchange

Commission of Pakistan (SECP). In case where requirements differ, the provisions of / or directives issued under

the Companies Ordinance, 1984, Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980,

Modaraba Companies and Modaraba Rules, 1981 and directives issued by the SECP have been followed.

The condensed interim financial information does not include all the information and disclosures required in the

annual financial statements and should therefore be read in conjunction with the financial statements of the

Modaraba for the year ended June 30, 2014.

The accounting policies adopted in the preparation of these condensed interim financial statements are

consistent with those of the previous financial year except as follows:

The Modaraba has adopted the following amendments and interpretation of IFRSs which became

effective for the current period:

The adoption of the above amendments to accounting standards and interpretations did not have any

effect on the condensed interim financial statements.

The financial risk management objectives and policies are consistent with those disclosed in the

annual financial statements of the Modaraba for the year ended June 30, 2014.

F I R S T P A R A M O U N T M O D A R A B A

N O T E S T O T H E C O N D E N S E D I N T E R I M F I N A N C I A L S T A T E M E N T S (U N A U D I T E D )

F O R T H E H A L F P E R I O D E N D E D M A R C H 3 1 , 2 0 1 5

First Paramount Modaraba (the Modaraba) is a multi-purpose, perpetual and multi-dimensional Modaraba floated

under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed

there under and is managed by Paramount Investments Limited, a company incorporated in Pakistan. The

Modaraba is listed on the Karachi and Islamabad Stock Exchanges. The registered office of the Modaraba is

situated at Karachi. Modaraba's principal activities includes deployment of funds on murabaha and musharika

arrangements and generator rental and sale project under the name "AL-BURQ Associates" (formerly known as

Advance Trading Corporation), weaving business under the name of "FPM Weaving", electrical maintenance and

troubleshooting services' business under the name of "FPM Solutions".

The financial information is presented in Pakistan rupees, which is the modaraba's functional and

presentation currency. Figures have been rounded off to the nearest rupee, unless stated otherwise.

09

5. RNCPV"CPF"GSWKROGPV Octej"53 Lwpg"52

4237 4236

*Wpcwfkvgf+ *Cwfkvgf+

Plant and equipment 76.:49.55;"""""""""""""" 59,087,888

Capital Work in progress - Advance to suppliers /""""""""""""""""""""""""""" 639,647

Intangible assets 3.744.837"""""""""""""""" 288,743

Generator marked for sale 393.9;;""""""""""""""""""" 171,799

Rupees 78.743.975"""""""""""""" 60,188,077

5.1 Equv

Opening balance 93.;78.285"""""""""""""" 60,723,846

Addition / (disposal) - net *6.;9:.6:8+""""""""""""""" 11,072,712

Rupees 88.;99.799"""""""""""""" 93.9;8.77:""""""""""

Ceewowncvgf"fgrtgekcvkqp

Opening balance 34.9;2.385"""""""""""""" 9,556,136

For the period - net of disposal *85;.;47+"""""""""""""""""" 3,152,534

Rupees 34.372.459"""""""""""""" 12,708,670

Written down value 76.:49.55;"""""""""""""" 59,087,888

6. NQPI"VGTO"OWTCDCJC"TGEGKXCDNGU"/"Ugewtgf

Considered good - secured 347.2:4.75;"""""""""""" 121,833,424

Considered doubtful - secured 5.258.66;"""""""""""""""" 2,954,388

34:.33:.;::"""""""""""" 124,787,812

Provision for doubtful recoveries *5.258.66;+""""""""""""""" (2,954,388)

347.2:4.75;"""""""""""" 121,833,424

Receivable within one year shown under current assets *92.;2;.4;3+""""""""""""" (69,072,116)

Rupees 76.395.46:"""""""""""""" 52,761,308

7. NQPI"VGTO"RQTVKQP"QH"FKOKPKUJKPI

OWUJCTCMCJ"HKPCPEKPI"/"ugewtgf

Considered good 3;.899.446"""""""""""""" 27,150,829

Current portion of long term diminishing musharika financing *36.438.268+""""""""""""" (13,530,546)

Rupees 7.683.39:"""""""""""""""" 13,620,283

8. UJQTV"VGTO"OWTCDCJC"TGEGKXCDNGU

Considered good-secured 43.232.638"""""""""""""" 17,892,380

Considered doubtful - secured /""""""""""""""""""""""""""" 31,294

43.232.638"""""""""""""" 17,923,674

Provision for doubtful recoveries /""""""""""""""""""""""""""" (31,294)

Rupees 43.232.638"""""""""""""" 17,892,380

9. NQPI"VGTO"OWUJCTKMC"HKPCPEGU

Musharika for Fabric 1,044,000 1,044,000

Musharika for Garments 13,297,572 15,618,686

Musharika for food products 6,000,000 6,000,000

Musharika for printing 3,000,000 3,000,000

Musharika for UPS system 15,506,000 -

Musharika for dry fruits, spices & herbs 20,000,000 -

58,847,572 25,662,686

Current portion of long-term musharika financing (13,297,572) (15,618,686)

Rupees 67.772.222"""""""""""""" 32.266.222""""""""""

10

Octej"53 Lwpg"52

4237 4236

*Wpcwfkvgf+ *Cwfkvgf+

10. UJQTV"VGTO"OWUJCTKMC"HKPCPEGU

Musharika for water treatment 15,000,000 -

Musharika for school stationery 3,000,000 -

- -

Rupees 3:.222.222"""""""""""""" /"""""""""""""""""""""""

11. QRGTCVKPI"KPEQOG"

53"Octej 31 March 53"Octej 31 March

4237 2014 4237 2014

Profit on murabaha Receivable 39.9;;.25:"""""""""""""" 18,302,713 7.;7:.2:7""""""""""""" 5,892,965

Profit on diminishing musharaka 5.8:7.2:7"""""""""""""""" 2,511,700 3.435.:52""""""""""""" 796,503

Rental income of DM - /"""""""""""""""""""""""""""" -

Income from Musharika Projects 34.36:.474"""""""""""""" 1,176,807 6.669.7;7""""""""""""" 547,663

Income from Generator Project :.232.275"""""""""""""""" 10,511,696 3.;59.623""""""""""""" 3,256,365

Income from Weaving Project 7.67:.3:6"""""""""""""""" 6,388,948 3.7:3.;95""""""""""""" 2,234,317

Income from Solution Project 34.5;:.:92"""""""""""""" 1,987,225 ;.766.339""""""""""""" 1,305,611

Rupees 7;.6;;.6:4"""""""""""""" 40,879,089 46.8:5.223""""""""""" 14,033,424

12. QVJGT"KPEQOG

53"Octej 31 March 53"Octej 31 March

4237 2014 4237 2014

Gain on sale of fixed assets *879.;79+"""""""""""""""""" (12,079) /"""""""""""""""""""""""""""" -

Profit on Islamic Bank deposits 3.394.3;5"""""""""""""""" 476,131 429.379"""""""""""""""" 247,234

Income on modaraba certificate /""""""""""""""""""""""""""" - /"""""""""""""""""""""""""""" -

Income on COIs 626.683""""""""""""""""""" 2,640 65.5;6"""""""""""""""""" (231,070)

Modaraba's management fee 3;7.46;""""""""""""""""""" 292,274 44.79;"""""""""""""""""" 101,784

Rental income from patel hospital /""""""""""""""""""""""""""" - /"""""""""""""""""""""""""""" -

Other income 3.298.548"""""""""""""""" 578,866 39.2:2"""""""""""""""""" 284,618

Rupees 4.3;2.494"""""""""""""""" 1,337,831 4;2.432"""""""""""""""" 402,566

13. FCVG"QH"CWVJQTKUCVKQP"HQT"KUUWG

The financial statements were authorised for issue on 28th April, 2015 by the Board of Directors of the Modaraba Management Company

The year should be 2015

""""""""""""Ejkgh"Gzgewvkxg Fktgevqt Fktgevqt

Pkpg"oqpvju"rgtkqf"gpfgf Vjtgg"oqpvju"rgtkqf"gpfgf

////////////////////////////"*Wpcwfkvgf+"/////////////////////////////

Pkpg"oqpvju"rgtkqf"gpfgf Vjtgg"oqpvju"rgtkqf"gpfgf

////////////////////////////"*Wpcwfkvgf+"/////////////////////////////

11