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NOTES TO AND FORMING
PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
150
PAKISTANOILFIELDS LIMITED
2020
2019
Rupees ('000)
17.
LONG TERM LOANS AND ADVANCES -
CONSIDERED GOOD
Long term loans and advances to employees
51,511
54,076
Less: Amount due within twelve months, shown
under current loans and advances - note 21
24,788
27,803
26,723
26,273
17.1
Loans and advances to employees are for general purpose and for house rent advance which are
recoverable in up to 60 and 36 equal monthly installments respectively and are secured by an
amount due to the employee against provident fund. These loans and advances are interest free.
These do not include any amount receivable from the Chief Executive and Directors. These loans
have not been discounted, as the impact is considered insignificant.
2020
2019
Rupees ('000)
18.
STORES AND SPARES
Stores and spares - note 18.1
5,077,258
4,454,753
Less: Provision for slow moving items - note 18.2
579,503
537,017
4,497,755
3,917,736
18.1 Stores and spares include:
Share in joint operations operated by the Company
573,332
281,475
Share in joint operations operated by others
(assets not in possession of the Company)
1,703,562
1,642,937
2,276,894
1,924,412
18.2 Provision for slowmoving items
Balance brought forward
537,017
465,146
Provision for the year
42,486
71,871
579,503
537,017
18.3
Stores and spares include items which may result in fixed capital expenditure but are not yet
distinguishable.