Page 126 - InterloopAnnualReport2021

NOTES TO THE

FINANCIAL STATEMENTS

For the year ended June 30, 2021

i. Companies Ordinance, 1984 has been repealed with Companies Act, 2017;
ii. Public Companies (Employees Stock Option Scheme) Rules, 2001 have been repealed with
Companies (Further Issue of Shares) Regulations, 2020.

Owing to the recent amendments in the Scheme approved by the shareholders of the Company &
SECP respectively as stated supra, the B class of Shares (Non-Voting Ordinary Shares) had now been
eliminated from the applicable Scheme by approving and proposing requisite alteration of/amendment
to the Memorandum & Articles of Association (MoA & AoA) of the Company. Since the first approval of
the Scheme, the Company had made three allotments under the Scheme whereby it had issued total
2,797,450 (two million, seven hundred ninety seven thousand, four hundred fifty) fully paid & non-listed,
Non-Voting Ordinary Shares which had been granted, vested, exercised and/or issued before the listing
of the Company to the Eligible Employees in terms of Approved Scheme.

Further, letter dated March 10, 2021 of the Company to PSX confirming conversion of Interloop
Employee Non-Voting, Non-Listed Ordinary Shares into Ordinary Shares amidst requisite approval of
SECP, followed by a CDC letter dated March 18, 2021 confirming that total 2,797,450 (two million
seven hundred ninety seven thousand four hundred fifty) Ordinary Shares of the Company, ranking
pari passu to existing Ordinary Listed Shares, had been credited into respective accounts as per the
conversion ratio 1:1 in the Central Depository System at the end of day of March 17, 2021 along with an
intimation confirmation regarding revocation of CDS eligibility security of Non-Voting Ordinary Shares
of the Company with effect from start of day on Thursday, March 18, 2021. Accordingly, the Scheme is
now fully operative and applicable under the prescribed amendments.

2021 2020
Note (Rupees ‘000) (Rupees ‘000)
23. RESERVES
Capital reserve
Share premium 23.1 3,791,602 3,791,602

23.1 This represents premium received over and above face value of the shares issued to institutional investors,
high net worth individuals and general public through initial public offering (IPO) and employees of the
Company through employees stock option scheme (ESOS). This reserve can be utilized by the Company
only for the purposes specified in section 81 of the Companies Act, 2017.

2021 2020
Note (Rupees ‘000) (Rupees ‘000)
24. LONG TERM FINANCING
From financial institutions - secured
Diminishing musharika 24.1 3,319,775 3,504,615
Syndicated finance facility 24.2 271,429 271,429
Syndicated finance facility (BMR) 24.3 53,449 53,449
Islamic long term finance facility - ILTFF 24.4 2,565,731 2,431,785
Refinance for salaries 24.5 1,610,975 624,576
Long term financing facility - LTFF 24.6 712,791 335,179
Demand finance loan 24.7 107,326 1,480
Temporary economic refinance facility - TERF 24.8 1,542,462 –
Islamic temporary economic refinance facility - ITERF 24.9 47,690 –
Islamic finance renewable energy - IFRE 24.10 230,444 –
Diminishing musharika vehicles 24.11 190,508 –
10,652,580 7,222,513
Less: Current portion of long term financing (2,438,602) (361,383)
8,213,978 6,861,130

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