Page 245 - Pakistan Oilfield Limited - Annual Report 2022

243
Annual Report 2022

37.2 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.
2022 2021
Rating Rupees ('000)
Trade debts

Counterparties with external credit rating A1+ 6,733,199 4,250,219
A1 3,164,485 2,750,700
A2 1,984 207,577

Counterparties without external credit rating
Existing customers with no default in the past 68,243 130,570
9,967,911 7,339,066

Advances, deposits and other receivables

Counterparties with external credit rating A1+ 336,945 83,661

Counterparties without external credit rating
Existing customers/ joint operating partners
with no default in the past 289,023 255,895
Receivable from employees 30,023 22,329
Receivable from parent company 82,657 77,446
Others 30,539 129,494
769,187 568,825

Bank balances

Counterparties with external credit rating A1+ 67,903,426 47,721,158
A1 2,336 224
67,905,762 47,721,382

Short term investments - at amortised cost

Counterparties with external credit rating A1+ - 99,960

Long term loans and advances

Counterparties without external credit rating
Receivable from employees 29,590 37,146