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Selected notes to and forming part of the Condensed Interim
Consolidated Financial Information (Unaudited)
For the nine months period ended March 31, 2018
1. Legal status and operations
2. Basis of consolidation
3. Statement of compliance
4. Accounting policies
The 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.
Capgas (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 Capgas (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 nine month period ended
March 31, 2018 has been prepared in accordance with the requirements of the International
Accounting Standard 34 - InterimFinancial Reporting and CompaniesAct 2017.
The accounting policies and the methods for computation adopted for the preparation of this
condensed interim consolidated financial information is the same as those applied in
preparation of the financial statements for the year ended June 30, 2017.