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Notes to and forming part of the condensed interim
Consolidated Financial Statements (Unaudited)
For the three months period ended September 30, 2019
1. Legal status and operations
2. Basis of consolidation
3. Basis of preparation
Pakistan Oilfields Limited (the Company) is incorporated in Pakistan as a public limited
company and its shares are quoted on Pakistan Stock Exchange Limited. The registered
office of the Company is situated at Morgah, Rawalpindi. The Company is principally
engaged in exploration, drilling and production of crude oil and gas in Pakistan. Its activities
also include marketing of LPG under the brand name POLGAS and transmission of
petroleum. The Company is a subsidiary of the Attock Oil Company Limited, UK and its
ultimate parent is Coral Holding Limited.
Capgas (Private) Limited (CAPGAS), the subsidiary company is incorporated in Pakistan as
a private limited company under the Companies Act, 2017 and is principally engaged in
buying, filling, distribution and dealing in LPG.
For the purpose of these financial statements POL and its consolidated subsidiary are
referred to as the Group.
These consolidated financial statements include the financial statements of POL and its
subsidiary CAPGAS with 51%holding (June 30, 2019: 51%).
Subsidiaries are those entities in which parent company directly or indirectly controls,
beneficially owns or holds more than 50% of the voting securities or otherwise has power to
elect and appoint more than 50% of its directors. The financial statements of the subsidiary
are included in the consolidated financial statements from the date control commences until
the date that control ceases.
The assets and liabilities of subsidiary CAPGAS have been consolidated on a line by line
basis and the carrying value of investments held by the parent company is eliminated against
the subsidiary shareholders' equity in the consolidated financial statements.
Material intra-group balances and transactions have been eliminated.
Non-controlling interests are that part of the net results of the operations and of net assets of
the subsidiary attributable to interests which are not owned by the parent company. Non-
controlling interest are presented as a separate item in the consolidated financial statements.
These condensed interim consolidated financial statements have been prepared in
accordance with the accounting and reporting standards as applicable in Pakistan for interim
financial reporting. The accounting and reporting standards as applicable in Pakistan for
interim financial reporting comprise of:
- 'International accounting standard (IAS) 34, Interim Financial Reporting, issued by the
International Accounting Standards Board (IASB) as notified under the Companies Act,
2017; and
- Provisions of and directives issued under the CompaniesAct, 2017.
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