Page 229 - Pakistan Oilfields Limited - Annual Report 2021

NOTES TO AND FORMING

PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2021

38.2 Credit quality of financial assets

The credit quality of Group’s financial assets have been assessed below by reference to external credit
ratings of counterparties determined by The Pakistan Credit Rating Agency Limited (PACRA) and JCR
- VIS Credit Rating Group Limited (JCR-VIS). The counterparties for which external credit ratings were
not available have been assessed by reference to internal credit ratings determined based on their
historical information for any defaults in meeting obligations.

2021 2020
Rating Rupees ('000)

Trade debts

Counterparties with external credit rating A1+ 4,250,219 2,547,285
A1 2,750,700 4,733,131
A2 207,577 257,333

Counterparties without external credit rating
Existing customers with no default in the past 130,570 96,331
7,339,066 7,634,080

Advances, deposits and other receivables

Counterparties with external credit rating A1+ 83,661 318,529

Counterparties without external credit rating
Existing customers/ joint operating partners
with no default in the past 255,895 297,138
Receivable from employees 119,986 206,187
Receivable from parent company 33,197 36,258
Others 76,086 112,727
568,825 970,839

Bank balances

Counterparties with external credit rating A1+ 47,721,158 36,838,279
A1 267 647
47,721,425 36,838,926

ANNUAL REPORT 2021 227