Page 128 - CCL AR 2017 Final

17.1 During the year, the loan has been settled early.

17.2 Represents long-term financing obtained from Islamic banks under Diminishing Musharika Scheme
and a term loan from a conventional bank. The approved loan is Rs. 9,500 million (Rs. 7,800 million
under Islamic finance and Rs. 1,700 million under conventional finance) out of which Rs. 5,500 million
remained unutilized. Carrying mark-up at the rate of 6 months KIBOR + 0.7% per annum. The financing
is repayable in 10 equal semi-annual installments commencing after a grace period of 36 months from the
date of first draw down i.e. March 2019. The financing is secured against first pari-passu hypothecation
charge of Rs. 12,670 million on plant and machinery and immovable fixed assets.

17.3 Represents a long-term financing obtained from an Islamic bank under Diminishing Musharika Scheme.
The approved loan is Rs. 700 million out of which Rs. 99.44 million remained unutilized. Carrying mark-
up at the rate of 6 months KIBOR+ 0.7% per annum. The financing is repayable in 10 equal semi-annual
installments commencing after 30 months from first draw down i.e. February 2018. The financing is
secured against first pari-passu hypothecation charge of Rs. 934 million on plant and machinery.

17.4 Represents a long-term financing obtained from an Islamic bank under the Diminishing Musharika
Scheme, carrying profit at the rate of 6 months KIBOR + 0.7% per annum. The financing is repayable in 6
equal semi-annual installments commencing after 30 months from first drawdown from December 2018.
The financing is secured against registered first pari-passu hypothecation charge of Rs. 400 million on
plant and machinery.

18. DEFERRED TAXATION Note 2017 2016

(Rupees in ‘000)
Accelerated tax depreciation 1,337,320 514,795
Unused tax loss / credit (420,014) -
917,306 514,795
19. TRADE AND OTHER PAYABLES

Creditors 142,276 36,924
Bills payable 254,942 118,468
Accrued liabilities 133,852 104,023
Advances from customers 100,559 62,022
Retention money 40,315 854,193
Workers’ Profits Participation Fund 19.1 130,250 109,812
Workers’ Welfare Fund 19.2 - 85,092
Royalty and excise duty payable - 69,185
Others 10,770 4,997
812,964 1,444,716

19.1 Workers’ Profits Participation Fund

Opening balance 109,812 88,305
Interest thereon 29 801 777
110,613 89,082
Less: Payment made during the year (110,613) (89,082)
- -
Charge for the year 27 130,250 109,812
Closing balance 130,250 109,812

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