Page 248 - InterloopAnnualReport2020

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

For the year ended June 30, 2020

18.1 This represent the subsidy receivable from Government of Pakistan (GoP) and Sui Northern Gas Pipelines
Limited (SNGPL) against sui gas consumption amounting to Rs. 90.4 million and Rs. 2.18 million respectively.
The GoP has fixed weighted average gas tariff of US $6.5 per million British Thermal Unit (mmBtu) to zero–
rated industry and announced subsidy to the units bearing higher rate than fixed one, whereas SNGPL
allowed 50% system gas adjustment capped at initial contractual load.

2020 2019
Note (Rupees ‘000) (Rupees ‘000)
18.2 Receivables from related parties
include receivables from:

IL Bangla Limited – Unquoted associate 18.5 88,562 82,766
Interloop Welfare Trust – 1,214
88,562 83,980

18.3 The maximum aggregate amount of receivable due from related parties at the end of any month during the
year was Rs. 88.56 million (2019: Rs. 83.98 million).

18.4 At June 30, 2020, receivables aggregating to Rs. 88.56 million (2019: Rs. 83.98 million) were past due but
not impaired. The ageing analysis of these receivables is as follows:

2020 2019
(Rupees ‘000) (Rupees ‘000)

Upto 1 month 5,796 7,154
More than 1 year 82,766 76,826
88,562 83,980

18.5 This represents balance receivable against payments made on behalf of IL Bangla Limited. Interest is
charged at effective rate of 7.53% per annum.

2020 2019
(Rupees ‘000) (Rupees ‘000)

19. ACCRUED INCOME
Interest on loan to Metis International (Pvt) Limited 1,633 10,441
Profit on term finance certificates (TFCs) 606 –
2,239 10,441

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