Page 45 - InterloopAnnualReport2021

through various briefing sessions during the year. The to get its team members vaccinated against COVID-19.
activities of the company are updated on its website at The company Management would like to place on record
www.interloop-pk.com, on timely basis. and appreciate the support extended by the Government
of Punjab and the Provincial Health Department for a mass
CORPORATE BRIEFING SESSION (CBS) vaccination drive conducted at the company’s premises.
The company held CBS on November 19, 2020. The
GOVERNMENT POLICES DURING THE
objective behind the company’s engagement through this
YEAR
briefing was to give investors (both existing and potential)
the right perspective of the company’s business affairs, to The Government took several important policy decisions
help them make informed investment decisions. Investors like monetary and fiscal measures, smart lockdowns,
from all walks of life attended the event and showed great rapid vaccination etc. IMF has acknowledged that the
interest in the affairs of the company. The Board continues government policies have been critical in supporting the
to value the importance of building strong investor economy and saving lives and livelihoods.
relations. The company believes that the relationship with
Shareholders is crucial in helping us achieve our targets. After the COVID-19 outbreak, the State Bank of Pakistan
proactively reduced the policy rates from 13.25 percent
BUSINESS CONTINUITY PLAN to 7.0 percent. The target of monetary policy was shifted
towards supporting growth and employment during the
The company has implemented the security management
pandemic. The same policy continued during FY 2020-21,
system, has well-established disaster recovery / business
which has supported the economic recovery while keeping
continuity plan and data backup to cope with any
inflation expectations under control and safeguarding
unwarranted event, along with the analysis of the
financial stability. This policy provides inexpensive source of
preventive measures specific for site. It has also taken into
Short term/Long term financing for the company and has
consideration every possible aspect of safety measures
significantly improved the bottom line of company in the
during construction and erection of building and plant.
current financial year. A special mention needs to be made
Further, the company has complete insurance cover in
about the ingenuity of the SBP in taking charge of the
case of any catastrophic incident to enable the company
monetary policy at the right time and restoring confidence
to restate at its position.
among the business community along with introduction
APPOINTMENT OF STATUTORY of the Temporary Economic Relief Facility (TERF) which
AUDITORS mobilized human and financial capital to push forward
expansion plans.
The present auditors M/S. Kreston Hyder Bhimji &
company, Chartered Accountants have completed their
FBR tax collection has witnessed a significant growth owing
tenure for the year (FY 2020-21) and will be retiring at the
to the revival of domestic economic activity and ongoing
conclusion of the forthcoming Annual General Meeting
comprehensive tax policy and administrative reforms.
(AGM). Being eligible, they have offered themselves for
Sales tax refunds are processed with the short improved
re-appointment. The Audit Committee has recommended
procedures making it easy for the company. In addition to
their re-appointment as auditors of the company for the
these, Duty Drawback on Local Taxes & Levies (DLTL) is also
year (FY 2021-22).
an excellent scheme from the government to support the
exporters in efficient financial management.
COVID-19 EFFECTS AND MEASURES
Interloop Limited continues to operate as a going concern To revive the forest cover and wildlife resources in
despite challenges posed by the COVID-19 Pandemic. Pakistan, the government has launched the Ten Billion
We are pleased to announce that the company has been Tree Tsunami Programme. Interloop Limited has supported
able to maintain strict SOPs for combating the COVID-19 the government initiative by planting a number of trees
pandemic and to keep the team and the workplace safe through its employees. Different types of trees have been
under these challenging circumstances. The company planted at different locations sequestration helping off-set
continues to keep the health and safety of its employees GHG emissions.
as its top priority and has pursued an aggressive strategy

Annual Report 2021 | 43