Page 123 - InterloopAnnualReport2021
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NOTES TO THE
FINANCIAL STATEMENTS
For the year ended June 30, 2021
2021 2020
Note (Rupees ‘000) (Rupees ‘000)
15. LOANS AND ADVANCES
Considered good:
Loans
Current portion of loans to employees 10.1 110,941 46,488
Current portion of loan to director 10.2 4,616 4,527
Metis International (Pvt) Limited 15.1 6,398 6,777
Advances
Advances to suppliers 15.2 911,211 424,874
Advances to employees 15.3 1,670 3,264
1,034,836 485,930
15.1 This loan was given in foreign currency amounting to US $ 275,000 at the rate of 15% per annum ( 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 and is repayable on demand.
15.2 It includes advance payment of Nil (2020: 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 Nil (2020: Rs. 0.189 million).
15.3 Advances to employees are given to meet business expenses and are settled as and when expenses are
incurred.
2021 2020
Note (Rupees ‘000) (Rupees ‘000)
16. PREPAYMENT AND OTHER RECEIVABLES
Prepayment
Insurance premium 19,451 12,039
Prepaid expenses 10,071 –
Other receivables - considered good
Subsidy on gas 16.1 288,511 92,581
Receivables from related parties 16.2 675 88,562
318,708 193,182
16.1 This represents the subsidy receivable against sui gas consumption from Government of Pakistan (GoP)
amounting to Rs. 235.92 million (2020: Rs. 90.4 million) and Sui Northern Gas Pipelines Limited (SNGPL)
amounting to Rs. 52.59 million (2020: Rs. 2.18 million). 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.
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