Page 175 - InterloopAnnualReport2020
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NOTES TO THE UNCONSOLIDATED
FINANCIAL STATEMENTS
For the year ended June 30, 2020
2020 2019
Note (Rupees ‘000) (Rupees ‘000)
16. LOANS AND ADVANCES
Considered good:
Loans
Current portion of loans to employees – Secured 11.1 46,488 53,683
Current portion of loan to director – Secured 11.2 4,527 3,100
Metis international (Pvt) Limited – Secured 16.1 6,777 9,560
Advances
Advances to suppliers 16.2 424,874 989,598
Advances to employees 16.3 3,264 7,401
485,930 1,063,342
16.1 This loan was given in foreign currency amounting to US$ 275,000 at rate of 15% per annum (the amount
in $ to be converted in PKR in accordance with conversion rate given at www.oanda.com). 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 up to a maximum of 20%. The loan is secured through an irrevocable lien/charge on total
assets of the Metis International (Pvt) Limited.
16.2 It includes advance payment of Rs. 0.189 million to Texlan Center (Pvt) Limited – a related party. The
maximum aggregate amount of receivable due from related party at the end of any month during the year
was Rs. 0.189 million (2019: Rs. 0.189 million). At June 30, 2020, amount due from related party was past
due but not impaired. The balance is outstanding for more than one year.
16.3 Advances to employees are given to meet business expenses and are settled as and when expenses are
incurred.
2020 2019
Note (Rupees ‘000) (Rupees ‘000)
17. DEPOSIT, PREPAYMENT AND OTHER RECEIVABLES
Deposit
L/C margin – 70,338
Prepayment
Insurance premium 12,039 40,226
Other receivables – considered good
Subsidy on gas 17.1 92,581 –
Receivables from related parties 17.2 88,562 83,980
194,815 204,985
17.1 This represent the subsidy receivable from Government of Pakistan (GoP) and SNGPL against sui gas
consumption amounting Rs. 90.4 and 2.18 million respectively. The GoP has announced subsidy to zero–
rated industry at a flat rate of $6.5 per million British Thermal Unit (mmBtu) and SNGPL allows 50% system
gas adjustment capped at initial contractual load.
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