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Selected notes to and forming part of the Condensed Interim
Consolidated Financial Information (Unaudited)
For the six months period ended December 31, 2016
1. Legal status and operations
2. Basis of consolidation
3. Statement of compliance
Pakistan Oilfields Limited (POL), the holding 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. Its activities
also include marketing of liquefied petroleum gas 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 Bay View International Group S.A.
Cap Gas (Private) Limited, the subsidiary company is incorporated in Pakistan as a private
limited company under the Companies Ordinance, 1984 and is principally engaged in buying,
filling, distribution and dealing in Liquefied PetroleumGas (LPG).
For the purpose of these accounts, POL and its consolidated subsidiary are referred as the
Company.
The consolidated financial information include the financial statements of POL and its
subsidiary Cap Gas (Private) Limited with 51%holding (June 30, 2016: 51%).
Subsidiaries are those enterprises 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 company 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.
This condensed interim financial information of the Company for six months period ended
December 31, 2016 has been prepared in accordance with the requirements of International
Accounting Standard 34 'Interim Financial Reporting' and provisions of and directives issued
under the Companies Ordinance, 1984. In case where requirements differ, the provision of or
directives issued under the Companies Ordinance, 1984 shall prevail.