Page 193 - InterloopAnnualReport2020

NOTES TO THE UNCONSOLIDATED

FINANCIAL STATEMENTS

For the year ended June 30, 2020

47. TRANSACTIONS WITH RELATED PARTIES
Related parties include subsidiary company, associated companies and undertakings, entities under common
directorship, directors, major shareholders, key management personnel, employees benefit trust and post employment
benefit plans. The Company in the normal course of business carries out transactions with various related parties.
Amounts due from and to related parties are shown under the relevant notes to the financial statements. Remuneration
to directors and key management personnel is disclosed in note 46. Detail of transactions with related parties, other
than those which have been specifically disclosed elsewhere in these financial statements are as follows:
2020 2019
Name Nature of transaction (Rupees ‘000) (Rupees ‘000)
IL Bangla Limited Sale of yarn 468 –
Interest on receivables 5,796 5,796
IL Apparel (Pvt) Limited Yarn dyeing services provided 865 382
Sale of yarn and spare parts 5,559 4,433
Sale of assets 6,300 4,171
Investment in share capital 345,000 499,000
Toll manufacturing charges 25,917 –
Share deposit money paid – 200,000
Interloop Holdings Expenses paid on behalf of associate – 200
(Pvt) Limited Finance management services received 84,825 7,500
Sale of assets 7,904 22,323
Loan obtained during the year – 3,000,000
Loan repaid during the year 1,400,000 1,600,000
Mark up expense on loan from 10,109 83,651
Interloop Limited ESOS Payment received on behalf of ESOS
Management Trust Management Trust – net – 838
Dividend 45 –
Interloop Welfare Trust Sale of assets – 1,214
Texlan Center (Pvt) Limited Sale of assets – 58,100
Sale of yarn 826,606 644,549
Sale of spare parts and packing material 49,808 –
PrintKraft (Pvt) Limited Sales of asset 485 –
Momentum Logistics (Pvt) Limited Transportion services received 2,001 –
Global Veneer Trading Limited Selling commission 573,728 884,278
Eurosox Plus BV Sale of socks 660,364 693,658
Reimbursement of expenses – 5,129
Interloop Employees Contribution to the fund 42,542 32,619
Provident Fund
Key management personnel Sale of vehicle – 5,551
and other related parties House building finance loan – 25,750
Mark up on house building finance loan 471 923
Repayment of loan 3,633 146,573
Issuance of bonus shares – 5,587,323
Rent expenses 1,169 1,062
Issuance of ordinary shares – 3,000
Dividend paid 2,064,819 1,400,733
47.1 Following are the related parties with whom the Company has entered into transactions or have arrangements
/ agreements in place.

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