Page 247 - InterloopAnnualReport2020

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

For the year ended June 30, 2020

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

17. LOANS AND ADVANCES
Considered good:
Loans
Current portion of loans to employees – Secured 12.1 46,488 53,683
Current portion of loan to director – Secured 12.2 6,090 3,100
Metis International (Pvt) Limited – Secured 17.1 6,777 9,560
Advances
Advances to suppliers 17.2 430,726 1,002,980
Advances to employees 17.3 3,815 7,401
493,896 1,076,724

17.1 This loan was given in foreign currency amounting to US $ 275,000 at rate of 15% per annum (the amount in
US $ 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.

17.2 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.

17.3 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)
18. DEPOSIT, PREPAYMENT AND OTHER RECEIVABLES
Deposit
L/C margin – 73,295
Prepayment
Insurance premium 12,989 40,522
Other receivables
Subsidy on gas 18.1 92,581 –
Receivables from related parties 18.2 88,562 83,980
194,132 197,797

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