You are requested to analyze the financial statements of Emaan Modaraba putting yourself in the shoes of investment manager Amina Ali and make your recommendations to the CEO for further actions.

1- Ratio of interest-bearing debt-to-total assets had to be less than 37 per cent

2- Ratio of non-compliant investments to total assets had to be less than 33 per cent

3- Ratio of non-compliant income to total revenue had less than 5 per cent.

4- Ratio of illiquid assets to total assets had to be least 25 per cent.

5- Market price per share had to be equal to or grater than net liquid assets per share

(2) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help Page 17 9B21N010 15.1 = As at June 30, 2020, the Company holds TDRs carrying profit rates ranging between 7% and 9.40% per annum (2019: 13.50% and 15% per annum). The TDRs are due to mature maximum by July 16,2020 . Balances in TDRs include an amount of Rs10,000 million (2019: Rs8,500 million) held with Habib Metropolitan Bank Limited, a related party. 15.2= These securities have varying maturities ranging from July 30,2020 to November 5,2020 . The yield on these securities is 7.01% to 12.48% per annum (2019: 12.57% to 12.75% per annum). 15.3= This security carries a markup at the rate [of] 8.92% per annum and will mature by April 18,2029 . Source: Toyota, Indus Motor Company Ltd. 2020 Annual Report, accessed June 12, 2021 (2) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) (2) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) (2) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help Home Tools Emaan Modaraba: ... EXHIBIT 4 (CONTINUED Statement of Cash Flows for the Year Ended June 30, 2020 Pakistani Rupees in "000 (A) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help Home Tools Emaan Modaraba: ... EXHIBIT 4 REPORT (CONTINUED) (2.) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help Statement of Financial Position as at June 30.2020 2) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help EXHIBIT 2 (CONTINUED) FINAL RE-COMPOSITION LIST - ALL SHARE ISLAMIC INDEX FOR THE PERIOD ENDED DECEMBER 2019 (COMPLETE RATIOS) Source: "Re-Composition of PSX-KMI All Share Islamic Index of Pakistan," Pakistan Stock Exchange Limited, July 10,2020, accessed February 13, 2021, w.w.psx.com.pk/psw/themes/ps//uploads/Notice-with-List-incoming-outgoing-KMI-ALLShares-July-01-2019-Dec-31-2019.pdf. EXHIBIT 3: INDUS MOTOR COMPANY STOCK PRICE IN 2020 (2) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help Page 17 9B21N010 15.1 = As at June 30, 2020, the Company holds TDRs carrying profit rates ranging between 7% and 9.40% per annum (2019: 13.50% and 15% per annum). The TDRs are due to mature maximum by July 16,2020 . Balances in TDRs include an amount of Rs10,000 million (2019: Rs8,500 million) held with Habib Metropolitan Bank Limited, a related party. 15.2= These securities have varying maturities ranging from July 30,2020 to November 5,2020 . The yield on these securities is 7.01% to 12.48% per annum (2019: 12.57% to 12.75% per annum). 15.3= This security carries a markup at the rate [of] 8.92% per annum and will mature by April 18,2029 . Source: Toyota, Indus Motor Company Ltd. 2020 Annual Report, accessed June 12, 2021 (2) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) (2) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) (2) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help Home Tools Emaan Modaraba: ... EXHIBIT 4 (CONTINUED Statement of Cash Flows for the Year Ended June 30, 2020 Pakistani Rupees in "000 (A) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help Home Tools Emaan Modaraba: ... EXHIBIT 4 REPORT (CONTINUED) (2.) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help Statement of Financial Position as at June 30.2020 2) Emaan Modaraba: Islamic Finance and the Real Economy (SECURED) - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help EXHIBIT 2 (CONTINUED) FINAL RE-COMPOSITION LIST - ALL SHARE ISLAMIC INDEX FOR THE PERIOD ENDED DECEMBER 2019 (COMPLETE RATIOS) Source: "Re-Composition of PSX-KMI All Share Islamic Index of Pakistan," Pakistan Stock Exchange Limited, July 10,2020, accessed February 13, 2021, w.w.psx.com.pk/psw/themes/ps//uploads/Notice-with-List-incoming-outgoing-KMI-ALLShares-July-01-2019-Dec-31-2019.pdf. EXHIBIT 3: INDUS MOTOR COMPANY STOCK PRICE IN 2020