Page 129 - InterloopAnnualReport2021

NOTES TO THE

FINANCIAL STATEMENTS

For the year ended June 30, 2021

25.2 The future minimum lease payments to which the Company is committed under the agreements will be
due as follows:

Not later Later than one More than Total
than one year and but three years
year later than
three years
(Rupees ‘000)

At June 30, 2021
Future minimum lease payments 87,048 145,271 25,498 257,817
Less: Un-amortized finance charges (19,973) (16,818) (982) (37,773)
Present value of future minimum
lease payments 67,075 128,453 24,516 220,044

At June 30, 2020
Future minimum lease payments 30,814 104,899 21,120 156,833
Less: Un-amortized finance charges (13,278) (23,118) (744) (37,139)
Present value of future minimum
lease payments 17,536 81,781 20,376 119,694

2021 2020
Note (Rupees ‘000) (Rupees ‘000)
26. DEFERRED LIABILITIES
Staff retirement gratuity 26.1 3,810,946 3,126,168
Deferred income - Government grant 26.2 5,055 14,514
3,816,001 3,140,682
26.1 General description
This represents an unfunded gratuity scheme which provides termination benefits for all employees of
the Company who attain the minimum qualifying period. The latest actuarial valuation of the defined
benefit plan was carried out as at June 30, 2021 using the Projected Unit Credit (PUC) Actuarial Cost
Method. Details of the defined benefit plan are as follows:

2021 2020
Note (Rupees ‘000) (Rupees ‘000)
26.1.1 Movement in the present value of
defined benefit obligation
Opening balance 3,126,168 2,482,623
Expenses recognized in the statement
of profit or loss 26.1.2 857,791 783,277
Remeasurement of plan obligation
chargeable to other comprehensive income 26.1.4 71,653 (2,715)
Balance transferred to Interloop Holdings
(Pvt) Limited (6,699) (17,086)
Transfer upon amalgamation 43,500 –
Balance capitalized to denim division – 3,000
Paid during the year (281,467) (122,931)
Closing balance 3,810,946 3,126,168

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