Page 142 - InterloopAnnualReport2021

NOTES TO THE

FINANCIAL STATEMENTS

For the year ended June 30, 2021

47. TRANSACTIONS WITH RELATED PARTIES
Related parties include subsidiary company, associated companies and undertakings, entities under common
directorship, directors, major shareholders, key management personnel, employees benefit trust and post
employment benefit plans. The Company in the normal course of business carries out transactions with various
related parties. Amounts due from and to related parties are shown under the relevant notes to the financial
statements. Remuneration to directors and key management personnel is disclosed in note 46. Detail of
transactions with related parties, other than those which have been specifically disclosed elsewhere in these
financial statements are as follows:
2021 2020
Name Nature of transaction (Rupees ‘000) (Rupees ‘000)
IL Bangla Limited Sale of yarn – 486
Interest on receivables 5,308 5,796
IL Apparel (Pvt) Limited Processing services 1,721 865
Sale of yarn 21,882 5,559
Sale of assets 723 6,300
Purchase of waste 16 –
Investment in share capital – 345,000
Toll manufacturing charges 358,230 25,917
Purchase of packing material 68 –
Interloop Holdings Services received 176,195 84,825
(Pvt) Limited Sale of assets – 7,904
Purchase of assets - net 670 –
Loan repaid during the year – 1,400,000
Mark up expense on loan – 10,109
Texlan Center (Pvt) Limited Sale of yarn 1,223,199 826,606
Sale of packing material and
spare parts 54,124 49,808
Interloop Limited ESOS Dividend 217 45
Management Trust
Momentum Logistics Transportation services received 99,205 2,001
(Pvt) Limited
PrintKraft (Pvt) Limited Sales of asset – 485
Purchase of packing material 80,160 –
Global Veneer Trading Selling commission 364,937 573,728
Limited
Eurosox Plus BV Sale of socks 334,674 660,364
Octans Digital (Pvt) Services received 7,848 –
Limited Sales of assets 81 –
Socks & Socks (Pvt) Rent expenses 4,012 –
Limited Services received 4,325 –
Sales of waste 54,658 –
Sale of goods - net 56,371 –
Sales of assets 36,080 –
Interloop Provident Fund Contribution to the fund 45,582 42,542
Trust
Key management personnel Sale of assets 5,908 –
and other related parties Mark up on house building
finance loan 399 471
Rent expenses 1,262 1,169
Dividend paid 1,897,580 2,064,819

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