Page 204 - Interloop Annual Report 2018-2019

NOTES TO THE CONSOLIDATED NOTES TO THE CONSOLIDATED

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

9. INTANGIBLE ASSET 11.2 Loan to director
Computer Software Opening balance - -
Add: disbursement made during the year 11.2.1 33,250 -
Cost: 33,250 -
Opening balance 98,196 92,619
Addition during the year 36,854 5,899 Less: amount received during the year - -
Deletion during the year - (322) 33,250 -
135,050 98,196 Less: receivable within twelve months (3,100) -
Amortization: 30,150 -
Opening balance 55,785 45,415
For the year amortization 9,182 10,427 11.2.1 This represents loan paid to the directors as per house building finance policy. Under the policy, home ownership grant of Rs. 2.5 million and mortgage
Adjustment on disposal - (57) assistance of Rs. 30.75 million is disbursed during the year. Tenure of both the home ownership grant and mortgage assistance is for a period of six
64,967 55,785 years. Mortgage assistance is repayable in 60 equal monthly installments along with mark up thereon.

Net book value 70,083 42,411
12. LONG TERM DEPOSITS
Amortization rate 20% 20%
Security deposits - unsecured 33,120 24,817
Lease key money - 238
10. LONG TERM INVESTMENTS
33,120 25,055
Un-quoted associate - at equity method
13. STORES AND SPARES
IL Bangla Limited 10.1 93,540 115,456
Stores 235,586 185,234
10.1 Investment in associated company - under equity method Spares 654,818 593,964
890,404 779,198
Opening balance 115,456 152,437
Share of (loss)/profit for the year (58,485) (53,032)
Exchange gain 36,569 16,051 14. STOCK IN TRADE
(21,916) (36,981) Raw material 3,735,355 3,166,265
Work in process 597,562 471,276
Closing balance 93,540 115,456 Finished goods 1,965,058 1,484,177
6,297,975 5,121,718
11. LONG TERM LOANS 15. TRADE DEBTS
Considered good - Secured Considered good:
Loans to employees 11.1 43,112 60,747 Foreign
Loan to director 11.2 30,150 - - Secured 15.1 4,276,821 3,154,733
73,262 60,747 - Unsecured 3,564,083 3,809,375
7,840,904 6,964,108
11.1 Loans to employees
Local
Opening balance 108,496 92,647 - Unsecured 433,158 328,900
Add: disbursement made during the year 11.1.1 78,870 69,149 8,274,062 7,293,008
187,366 161,796
Less: amount received during the year (90,571) (53,300) 15.1 It includes receivables from following related parties;
96,795 108,496 IL Bangla Limited 44,280 40,366
Less: receivable within twelve months (53,683) (47,749) Texlan Center (Pvt) Limited 352,636 84,944
43,112 60,747
Eurosox Plus BV 293,422 112,511
690,338 237,821
11.1.1 These loans are given to employees as per approved policy of the Company and are secured against employees retirement benefits.
15.2 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. 2018 - 19
319.60 million).
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