Page 207 - 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

15.3 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. 2019 2018
The ageing analysis of these trade debts is as follows: Note Rupees in ‘000
18. SHORT TERM INVESTMENTS
2019 2018
Note Rupees in ‘000 Mutual Funds - Fair value through profit or loss: 18.1 & 18.2
Not yet due 392,170 73,828 Alfalah GHP Income Multiplier Fund - 56,657
Upto 1 month 119,452 108,536 Alfalah GHP Alfa Fund 17,306 20,740
More than 1 month 178,716 55,457 Alfalah GHP Sovereign Fund 58,944 -
690,338 237,821 Meezan Islamic Fund 34,795 45,978
Meezan Sovereign Fund
7
7
NAFA Financial Sector Income Fund 909 -
16. LOANS AND ADVANCES NAFA Islamic Energy Fund - 24,040
NAFA Stock Fund 16,986 -
Considered good: NAFA Money Market Fund 1,555 -
UBL Growth And Income Fund - 3
Loans UBL Government Securities Fund 394 -
Current portion of loans to employees - Secured 11.1 53,683 47,749 130,896 147,425
Current portion of loan to director - Secured 11.2 3,100 -
Metis international (Pvt) Limited - Secured 16.1 9,560 33,414 Term Deposit Receipts (TDRs) - Amortized cost: 18.3
The Bank of Punjab 150,347 -
Advances
National Bank of Pakistan 790,908 -
Advances to suppliers 941,255 -
Advances to employees 16.2 1,002,980 536,580
7,401 -
1,076,724 617,743 Sales Tax Refund Bonds - Amortized cost: 18.4
16.1 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 FBR Refund Settlement Company (Private) Limited 135,100 -
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 irrevo- 1,207,251 147,425
cable lien/charge on total assets of the Metis International (Pvt) Limited.
18.1 Detail of Investment in Mutual Funds
16.2 Advances to employees are given to meet business expenses and are settled as and when expenses are incurred.
Number of
17. DEPOSIT, PREPAYMENT AND OTHER RECEIVABLES Name of the investee shares / units Average Cost Fair value Remeasurement loss
as at June 30, 2019 as at June 30, 2019 as at June 30, 2019 as at June 30, 2019
Deposit
L/C margin 73,295 - No. of units '000 Rupees in ‘000
Prepayment
Insurance premium 40,522 25,211 Alfalah GHP Alfa Fund 308.8077 22,272 17,306 (4,966)
Other receivables
Receivables from related parties 17.1 83,980 78,743 Alfalah GHP Sovereign Fund 554.0604 61,221 58,944 (2,277)
Accrued interest on loan to Metis International (Pvt) Limited 10,441 2,401 Meezan Islamic Fund 725.9510 45,978 34,795 (11,183)
Others - 65,536
208,238 171,891 Meezan Sovereign Fund 0.1371 7 7 -
NAFA Financial Sector Income Fund 86.5028 924 909 (15)
17.1 Receivables from related parties include receivables from: NAFA Stock Fund 1,416.4747 19,307 16,986 (2,321)
IL Bangla Limited - Unquoted associate 17.4 82,766 76,970 NAFA Money Market Fund 157.5662 1,563 1,555 (8)
Interloop Holdings (Pvt) Ltd - an associated undertaking - 1,273 UBL Government Securities Fund 3.7222 411 394 (17)
Interloop Welfare Trust 1,214 -
Interloop Limited ESOS Management Trust - 500
83,980 78,743
Total 3,253.2220 151,683 130,896 (20,787)
17.2 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. 78.74
million). 18.2 Fair values of these investments are determined using quoted market / repurchase price.
17.3 At June 30, 2019, receivables aggregating to Rs. 83.98 million (2018: Rs. 78.74 million) were past due but not impaired. The ageing analysis of these 18.3 Short term investment in TDRs earned interest at effective rate of 11.55% to 12.05% per annum.
receivables is as follows:
18.4 By virtue of enactment of section 67A in the Sales Tax Act, 1990, Sales Tax Refunds claimant have been given option to receive their refunds in shape
Upto 1 month 7,154 1,773 of Sales Tax Refund Bonds which have been directly credited to the Corporate Investor Account maintained with CDC (Central Depository Company of
More than 1 month 76,826 76,970 Pakistan Limited) .
83,980 78,743 The bonds so issued have a maturity period of three (3) years and shall bear simple profit at the rate of 10% per annum. The bonds are freely tradable 2018 - 19
Interloop Limited 17.4 This represents balance receivable against payments made on behalf of IL Bangla Limited. Interest is charged at effective rate of 7.53% per annum. collateral security. After period of maturity, the Company shall return the bonds to the Board and the Board shall make the payment of amount due under Annual Report
in Pakistan’s secondary markets and shall be approved security for calculating the statutory liquidity reserve and shall be acceptable by the banks as
the bonds, along with profit due, to the bond holders.
The bonds shall be redeemable before maturity only at the option of the Board along with simple profit payable at the time of redemption in the light of
general or specific policy to be formulated by the Board.
204 The management intend to trade and redeem these bonds in near future, therefore, these are grouped in short term investments. 205