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NOTES TO AND FORMING
PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
212
PAKISTAN OILFIELDS LIMITED
2020
2019
Rupees ('000)
7.
CAPITAL RESERVE
Bonus shares issued by
subsidiary/associated companies
71,395
71,395
Special reserve - note 7.1
15,429
15,424
Utilised special reserve - note 7.2
1,941,044
1,941,044
2,027,868
2,027,863
7.1
This represents the Group's share of post-acquisition profit set aside as a special reserve by associated
companies on account of expansion and modernisation of refineries or to offset against any future
loss of Rs 15,196 thousand (2019: Rs 15,176 thousand), as a result of the directive of the Government
to divert net profit after tax above 50 percent of paid-up capital and maintenance reserve of Rs 233
thousand (2019: Rs 247 thousand) retained by an associated company to pay for major maintenance
expenses in terms of Power Purchase Agreement. Special reserves are not available for distribution.
7.2
This represents the Group's share of amounts utilised by associated companies out of the Special
Reserve for upgradation and expansion of the refineries.
2020
2019
Rupees ('000)
8.
REVENUE RESERVES
Insurance reserve - note 8.1
200,000
200,000
General reserve
7,077,325
7,077,325
Unappropriated profit
29,706,730
29,337,760
36,984,055
36,615,085
8.1
The Group has set aside an insurance reserve for self insurance of assets which have not been insured
and for deductibles against insurance claims.
2020
2019
Rupees ('000)
9.
LONG TERM DEPOSITS
Security deposits from distributors against equipment
921,899
916,394
Security deposits from distributors against
distributorship and others
63,102
60,122
985,001
976,516
9.1
Amount received as security deposit is utilized/utilizable by the Group in accordancewith the related
agreements with customers.