Page 34 - Condensed Interim Financial Information - December 31, 2017

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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, 2017
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. 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
The consolidated financial information include the financial statements of POL and its
subsidiary Cap Gas (Private) Limited with 51%holding (June 30, 2017: 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.
The condensed interim financial information of the Company for the six month period ended
December 31, 2017 has been prepared in accordance with the requirements of the
International Accounting Standard 34 - Interim Financial Reporting and provisions of and
directives issued under the Companies Ordinance, 1984. As per the requirements of circular
No. CLD/CCD/PR(11)/2017 dated October 04, 2017 issued by the Securities and Exchange
Commission of Pakistan (SECP) companies whose financial year, including interim period,
closes on or before December 31, 2017 shall prepare their financial statements, including
interim financial statements in accordance with the provisions of the repealed Companies
Ordinance, 1984. In case where requirements differ, the provisions of or directives issued
under the Companies Ordinance, 1984 have been followed.