Page 63 - InterloopAnnualReport2020
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Subsidiary Company Corporate And Financial
Reporting Framework
IL Apparel (Private) Limited is a wholly owned subsidiary
of the Company which looks after the Knitwear business
of the Company. There is no change in the nature of the The Company Management is fully cognizant of its
relationship with the subsidiary during FY20. The Company responsibility as recognized by the Companies Act, 2017,
has also annexed consolidated financial statements along the Listed Companies (Code of Corporate Governance)
with stand-alone financial statements in accordance with the Regulations, 2019 issued by the Securities and Exchange
requirements of International Financial Reporting Standards Commission of Pakistan (SECP) and the Rule Book of
Pakistan Stock Exchange (PSX).
and the Companies Act, 2017.
The following comments are acknowledgement of
Employee Stock Option Scheme Company’s commitment to high standards of Corporate
(ESOS) Governance and continuous improvement:
1. The financial statements, prepared by the Management
We consider our employees to be our most important of the Company, fairly present its state of affairs, the
stakeholder and firmly believe in providing them with results of its operations, cash flows and changes in
conducive work environment and a sense of security. The equity
Company operates an equity settled stock option scheme
called ‘Interloop Limited - Employees Stock Option Scheme, 2. Proper books of account of the Company have been
2016’ duly approved by the Securities and Exchange maintained
Commission of Pakistan (SECP). The Compensation 3. Appropriate accounting policies have been consistently
Committee evaluates the performance and other criteria applied in preparation of the financial statements and
of the employees and recommends to the Board for grant accounting estimates are based on reasonable and
of options. The Board on the recommendation of the prudent judgment
committee, on its discretion, grants recommended options 4. International Financial Reporting Standards, as
to employees. These options vest after a specified period applicable in Pakistan, have been followed in
subject to fulfillment of certain conditions as defined in preparation of financial statements and any departure
the scheme. Annual Performance Report on Offer and from there has been adequately disclosed
Administration of the Employees Stock Option Scheme
(ESOS) - Interloop Limited, as at Jun 30, 2020, along with 5. A Mission statement, Vision and overall Corporate
the summary of the options granted till date, is annexed with Strategy for the Company is prepared, adopted and
this report. reviewed as and when deemed appropriate by the
Board
It is pertinent to mention here that the scheme is not in 6. The system of internal control is sound in design and
operation since listing of the Company on PSX, and any has been effectively implemented and monitored
further allocation of shares under the scheme has been
put on hold till its amendment, in accordance with the 7. There are no significant doubts on the Company’s
Listed Company scenario. For such purposes, the subject ability to continue as a going concern
proposal is under review and pending approval from the 8. There has been no material departure from the best
shareholders of the Company in the upcoming AGM, and practices of Corporate Governance, as detailed in the
subsequently from SECP. listing regulations
9. A summary of key operating and financial data of the
Company is annexed
10. The Company operates a contributory provident fund
scheme for employees and defined benefit gratuity
fund scheme for its management/non-management
employees. The value of investments based as at Jun
30, 2020, are as follows:
Provident Fund Rs. 146.815 million
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