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NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

For the year ended June 30, 2020

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

33. CONTINGENCIES AND COMMITMENTS
33.1 Contingencies
33.1.1 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 242,353 198,853

Faisalabad Electric Supply Company (FESCO)
against supply of electricity. 70,414 70,414

Punjab Revenue Authority 11,533 8,033

State Bank of Pakistan 127,551 127,551

Total Parco Pakistan Ltd 3,000 –
1,015,784 951,920

33.1.2 Post dated cheques issued in favour of custom
authorities for release of imported goods 4,302,908 3,291,613

33.2 Commitments
Under letters of credit for:
Capital expenditure 156,690 1,275,725
Raw material 354,040 109,974
Stores and spares 16,855 136,399
527,585 1,522,098

34. SALES – NET
Export sales 34.1 33,828,233 33,978,768
Local sales 3,765,436 3,770,209
Gross sales 37,593,669 37,748,977

Less:
Sales discount (251,361) (206,793)
Sales tax (545,149) (31,122)
(796,510) (237,915)
36,797,159 37,511,062

34.1 It includes exchange gain amounting to Rs. 210.84 million (2019: Rs. 2,259.977 million).

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