Page 135 - Interloop Annual Report 2018-2019

NOTES TO THE UNCONSOLIDATED NOTES TO THE UNCONSOLIDATED

FINANCIAL STATEMENTS FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2019 FOR THE YEAR ENDED JUNE 30, 2019

2019 2018 2019 2018
Note Rupees in ‘000 Note Rupees in ‘000

14. TRADE DEBTS 16. DEPOSIT, PREPAYMENT AND OTHER RECEIVABLES
Considered good: Deposit
L/C margin 70,338 -
Foreign Prepayment
- Secured 14.1 4,250,501 3,154,733 Insurance premium 40,226 25,167
- Unsecured 3,564,083 3,809,375 Other receivables - considered good:
Receivables from related parties 16.1 83,980 86,760
7,814,584 6,964,108 Accrued interest on loan to Metis International (Pvt) Limited 10,441 2,401
Others - 65,536
Local
- Unsecured 433,156 328,900 204,985 179,864
8,247,740 7,293,008
16.1 Receivables from related parties include receivables from:
14.1 It includes receivables from following related parties;
IL Bangla Limited - Unquoted associate 16.4 82,766 76,970
IL Bangla Limited 44,280 40,366 IL Apparel (Pvt) Limited - Unquoted subsidiary - 8,017
Texlan Center (Pvt) Limited 352,636 84,944 Interloop Holdings (Pvt) Ltd - an associated undertaking - 1,273
-
Eurosox Plus BV 293,422 112,511 Interloop Welfare Trust 1,214 500
Interloop Limited ESOS Management Trust
-
690,338 237,821
83,980 86,760
14.2 The maximum aggregate amount of receivable due from related parties at the end of any month during the year was Rs. 1,052.51 million (2018: Rs. 16.2 The maximum aggregate amount of receivable due from related parties at the end of any month during the year was Rs. 83.98 million (2018: Rs.
319.60 million). 86.76 million ).
16.3 At June 30, 2019, receivables aggregating to Rs. 83.98 million (2018: Rs. 86.76 million) were past due but not impaired. The ageing analysis of these
receivables is as follows:
14.3 At June 30, 2019, trade debts due from related parties aggregating to Rs. 298.17 million (2018: Rs. 163.99 million) were past due but not impaired.
The ageing analysis of these trade debts is as follows:
Upto 1 month 7,153 5,274
More than 1 month 76,827 81,486
Not yet due 392,170 73,828 83,980 86,760
Upto 1 month 119,452 108,536
More than 1 month 178,716 55,457
16.4 This represents balance receivable against payments made on behalf of IL Bangla Limited. Interest is charged at effective rate of 7.53% per annum.
690,338 237,821
17. TAX REFUNDS DUE FROM GOVERNMENT
15. LOANS AND ADVANCES
Duty drawbacks 646,486 1,054,370
Considered good: Sales tax refundable 401,608 532,070
Income tax refundable 877,345 865,366
Loans 1,925,439 2,451,806
Current portion of loans to employees - Secured 10.1 53,683 47,749
Current portion of loan to director - Secured 10.2 3,100 -
Metis international (Pvt) Limited - Secured 15.1 9,560 33,414
Advances
Advances to suppliers 989,598 536,580
Advances to employees 15.2 7,401 -
1,063,342 617,743

15.1 This loan was given in foreign currency amounting to US$ 275,000 at rate of 15% per annum. Upon lapse of payment date, additional mark up at
the rate of 2.5% will be charged on monthly mark up installment due for each day of delay upto a maximum of 20%. The loan is secured through an
irrevocable lien/charge on total assets of the Metis International (Pvt) Limited.
15.2 Advances to employees are given to meet business expenses and are settled as and when expenses are incurred. 2018 - 19
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