Page 185 - InterloopAnnualReport2020

NOTES TO THE UNCONSOLIDATED

FINANCIAL STATEMENTS

For the year ended June 30, 2020

2020 2019
Note (Rupees ‘000) (Rupees ‘000)

31. CURRENT PORTION OF NON CURRENT LIABILITIES
Long term financing 25 361,383 1,247,191
Lease liabilities 26 17,536 –
Deferred income – Government grant 27.2 24,568 –
403,487 1,247,191
32. CONTINGENCIES AND COMMITMENTS
32.1 Contingencies
32.1.1 Bank guarantees issued by various banks on
behalf of the company in favour of:
Sui Northern Gas Pipelines limited against
supply of gas. 560,933 547,069
The Director, Excise and Taxation, Karachi against
imposition of infrastructure cess 240,853 197,853
Faisalabad Electric Supply Company (FESCO)
against supply of electricity. 70,414 70,414
Punjab Revenue Authority against imposition
of infrastructure cess 11,533 8,033
State Bank of Pakistan 127,551 127,551
Total PARCO 3,000 –
1,014,284 950,920
32.1.2 Post dated cheques issued in favour of custom
authorities for release of imported goods 4,284,124 3,291,613

32.1.3 Corporate guarantees given to banks on behalf
of IL Apparel (Pvt) Ltd – subsidiary company 1,750,000 1,130,000

32.2 Commitments
Under letters of credit for:
Capital expenditure 153,815 1,275,725
Raw material 354,040 109,974
Stores and spares 16,855 136,399
524,710 1,522,098

33. SALES – NET
Export sales 33.1 33,326,780 33,941,213
Local sales 3,765,833 3,775,022
37,092,613 37,716,235
Less:
Sales discount (246,720) (206,792)
Sales tax (543,099) (31,122)
(789,819) (237,914)
36,302,794 37,478,321

33.1 It includes exchange gain amounting to Rs. 204.841 million (2019: Rs. 2,258.645 million).

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