Page 149 - Pakistan Oilfields Limited - Annual Report 2021

NOTES TO AND FORMING

PART OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2021

2021 2020
Rupees ('000)

16. LONG TERM LOANS AND ADVANCES - CONSIDERED GOOD

Long term loans and advances to employees 58,285 51,511
Less: Amount due within twelve months, shown
under current loans and advances - note 20 21,139 24,788
37,146 26,723

16.1 Loans and advances to employees are for general purpose and for house rent advance which are
recoverable in up to 60 and 36 equal monthly installments respectively and are secured by an
amount due to the employee against provident fund. These loans and advances are interest free.
These do not include any amount receivable from the Chief Executive and Directors. These loans
have not been discounted, as the impact is considered insignificant.

2021 2020
Rupees ('000)
17. STORES AND SPARES

Stores and spares - note 17.1 5,298,118 5,077,258
Less: Provision for slow moving items - note 17.2 639,575 579,503
4,658,543 4,497,755

17.1 Stores and spares include:

Share in joint operations operated by the Company 627,650 573,332
Share in joint operations operated by others
(assets not in possession of the Company) 1,670,815 1,703,562
2,298,465 2,276,894
17.2 Provision for slow moving items

Balance brought forward 579,503 537,017
Provision for the year 60,072 42,486
639,575 579,503

17.3 Stores and spares include items which may result in fixed capital expenditure but are not yet
distinguishable.

ANNUAL REPORT 2021 147