Company Profile

Audit | Tax | Advisory | Risk | Corporate Secretarial Page 1 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile

Table of Contents

HORWATH HUSSAIN CHAUDHURY & CO. 4 HISTORY 5 OUR MISSION 7 WHAT WE VALUE 8 OUR ACCREDITATIONS 9 CROWE HORWATH INTERNATIONAL 11 QUALITY ASSURANCE 13 AUDIT 14 TAXATION 15 ADVISORY 18 RISK CONSULTING 21 CORPORATE SECRETARIAL SERVICES 22 FOREIGN COMPANY FACILITATION 23 »» CHINESE COMPANIES FACILITATION DESK 24 OUR PEOPLE 25 SERVICE SECTOR 35 »» GOVERNMENT AND SEMI-GOVERNMENT ORGANIZATIONS 35 »» TRUSTS AND NON PROFIT ORGANIZATIONS 35 »» PROFIT MAKING ORGANIZATIONS 39

Audit | Tax | Advisory | Risk | Corporate Secretarial Page 2 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile

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Audit | Tax | Advisory | Risk | Corporate Secretarial Page 3 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile

HORWATH HUSSAIN CHAUDHURY & CO. (CHARTERED ACCOUNTANTS) Horwath Hussain Chaudhury & Co. (Chartered Accountants) is one of ’s oldest and highest ranking firms of Chartered Accountants and Management Consultants. Horwath Hussain Chaudhury & Co was established in 1947, the year of Pakistan’s independence by Mr. M Hussain Chaudhury. Today, the Firm renders its services to a vast range of clients from public, private, government, semi-go vernment sectors and multinational corporations through its offices in Rawalpindi, , and . In addition to our local and national services, as a member of the Crowe Horwath International network, we can draw on a worldwide network of independent professionals and their know-how. The Crowe Horwath network consists of more than 200 independent accounting and advisory services firms and 726 offices in more than 120 countries around the world. As a member firm of Crowe Horwath International we offer comprehensive, international expertise in a broad range of business consulting practices, including assurance, benefit plan services, corporate finance, risk consulting, forensic services, performance services, tax consulting, and technology. This unique combination of our local and regional talent coupled with the global reach of our network provides us with the local expertise and global worldwide capabilities our clients expect and deserve.

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HISTORY Horwath Hussain Chaudhury and Company is the oldest and one of the highest ranking firms of Chartered Accountants and Management Consultants established in Pakistan by Muhammad Hussain Chaudhury in 1947. It is one of the leading national firms providing impeccable audit, taxation, advisory, risk consulting and corporate secretarial services among various others. The firm is rated Category “A” in State Bank of Pakistan Panel of Auditors and is rated “Good” in the latest ICAP QCR rating. In a very short span of time, the firm grew to a national presence with offices in Karachi and Rawalpindi, the two other major cities of Pakistan and is in its third generation currently 1947 is the year of Pakistan’s creation. In the same year, our founding partner, Mr. M. Hussain Chaudhury founded M. Hussain Chaudhury & Company. It ranks as the oldest local firm of Chartered Accountants in Pakistan. In 1950, branch offices of the Firm were established in Rawalpindi and Karachi. In the same year, Mr. M. Hussain Chaudhury also established “Hussain Institute of Accountancy” which was recognized by the then Government to oversee and regulate the training needs of Chartered Accountants in Pakistan. In 1961, Mr. Hussain Chaudhury played a pivotal role in the establishment of the existing Institute of Chartered Accountants of Pakistan (ICAP). In recognition of his services to the accounting profession he was honoured of being recorded as the first member in the register of members maintained by the ICAP since 1961. In 1997, keeping in view the increasing globalization of businesses and in response to the growing demands of local businesses, the Firm entered into an affiliation with Crowe Horwath International. Crowe Horwath International is one of the world’s largest groupings of independent accounting Firms with 726 offices in over 120 countries. The Firm in 2004 became a full member of Crowe Horwath International and adopted the “Horwath” brand in its legal name. In 2001, the Firm set-up a fully functional back office using state of the art technology to undertake outsourcing functions relating to accounting, payroll and finance for businesses based locally and offshore. Our back office can provide both online as well as offline services using the latest accounting software.

Photographed on 19th February 1951 at an office tea party

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In 2004, the Firm was inducted on the panel of Public Company Accounting Oversight Board (PCAOB). Only 5 Pakistani Firms of Chartered Accountants (as of August 1, 2015) are enlisted on PCAOB. By virtue of this, the Firm is capable of handling audits of companies listed on the US Stock Exchanges.

In 2009, the Firm was included in Panel A maintained by the State Bank of Pakistan and the Panel of Auditors of Modarabas. In the same year, the Firm signed up as business partner of SAP. The same year witnessed other landmarks for the Firm as the Firm was entrusted by the Institute of Chartered Accountants in England & Wales (ICAEW) to train students across Pakistan, the first of its type of an arrangement by ICAEW. Further, the Association of Chartered Certified Accountants (ACCA) registered the Firm as its Gold Level Partner to train students in the same year.

In 2010, the Chartered Institute of management Accountants (CIMA) entrusted the Firm by registering it to train students across Pakistan.

In 2012, the Firm was included in the recently formed Panel of Auditors for Insurance Companies maintained by the Securities & Exchange Commission of Pakistan.

In 2013, the Firm was included in the recently formed Panel of Auditors for commodities exchange companies as maintained by the Pakistan Mercantile Exchange Limited.

In 2014, According to 2014 IAB report Crowe Horwath is ranked 3rd in China, 6th in Asia and 9th globally.

IAB 2015 World Survey

Today, The IAB report published in April 2015, Crowe Horwath ranks number 3 in Mainland China above the 2 Big Four firms in the world, generating the 3rd highest fee income in the region. The Firm renders its services to a vast range of clients from public, private, government, semi-government sectors including MNCs and FOMBs through its offices in Lahore, Rawalpindi, Islamabad and Karachi and is capable of providing global coverage to its clients through the extensive network of Crowe Horwath International.

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OUR MISSION We have a passion for what we do – and we believe you will see this in our services and our team. We as a firm of Chartered Accountants have always followed the principles laid down by our founder; integrity, honesty and a strict code of confidentiality of our clients work, yet never compromising on the impeccable quality of service rendered to our clients by us. We are a firm of Chartered Accountants whose concept of service is to solve problems, give due consideration to new opportunities and turn advice into action. We continually strive to create value for our clients. We are committed to working in partnership with experts – knowing what our core skills are as a part of Horwath Hussain Chaudhury & Co., and refining these – knowing what expertise others have and working with them.

OUR VISION Our vision is to be the Standard of Excellence for the industry. It is obtained through being highly rated by our broad community of stakeholders and by being: • The unmatchable choice of world’s most impressive talent drawn by our culture, diversity and scope. • The unmatchable choice of the most sought-after industry giants, attracted by the quality, and uniqueness of our globally high-rated service in each market segment.

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WHAT WE VALUE We follow the philosophy of a personal service and are committed to develop a close relationship with our clients, which enable us to understand the challenges and issues faced by them in financial and corporate matters; an area in which we have vast experience and expertise. Our track record speaks for itself. But this doesn’t mean that we are complacent. We promote a passion for clients across the organization and we strive not only to provide the service expected by our clients but also to offer value, to get our work right first time, and to continuously seek improvement.

MEET CLIENT’S SERVICE NEEDS We understand our clients and provide them with services that meet their needs, and ensure the service is in accordance with the contract and promotional material we have issued them.

PROVIDE APPROPRIATE PRODUCT INFORMATION We ensure clients are given appropriate, and balanced, information on their products to enable them (with advice if necessary): to plan adequately for the future; to consider taking up any options within the product; and to review the product if external factors change.

FAIR BUSINESS DECISIONS We balance fairly the interests of clients, intermediaries and Horwath when making decisions relating to product servicing. This applies to both discretionary decisions within the product terms and day-to-day business decisions.

FAIR RESPONSES TO REQUESTS, COMPLAINTS AND TIME SCHEDULE We consider fully clients’ requests, concerns and complaints, and respond to them in a fair way. We deliver services required on time as per agreements and schedule.

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OUR ACCREDITATIONS

STATE BANK OF PAKISTAN – PANEL OF AUDITORS Horwath Hussain Chaudhury & Company is Rated Category “A” in State Bank of Pakistan Panel of Auditors.

ICAP QUALITY CONTROL REVIEW (QCR) RATING Horwath Hussain Chaudhury & Company is rated “GOOD” in latest ICAP QCR rating.

REGISTERED ON PUBLIC COMPANIES ACCOUNTING OVERSIGHT BOARD It is only firm of the five Pakistani firms registered on the elite international panel of Public Companies Accounting Oversight Board (PCAOB). Only approved firms are allowed to carry out audits of US listed companies. Resultantly, our firm can carry out services for NASDAQ listing.

USAID AWARDS The firm is approved to perform Financial Audits of USAID Awards.

ACCREDITED EMPOLOYER OF ICEAW It is an accredited employer of Institute of Chartered Accountants in England and Wales (ICAEW) and also entitled to train students of Institute of Chartered Accountants in England and Wales (ICAEW).

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GOLD APPROVED STATUS BY ACCA It has been awarded Gold Approved status in recognition of the support it provides for the training and skill development of ACCA Professional and Certified Technician scheme students

APPROVED LIST OF PANEL AUDITORS OF IATA The firm is on the approved list of panel of auditors of IATA (International Association of Travel Agents.

ECP APPROVED LIST OF AUDITORS OF INSURANCE ENTITIES The firm is on the approved list of panel of auditors of Insurance/Re-Insurance/ Takaful entities, issued by SECP.

9TH LARGEST GLOBAL NETWORK OF INDEPENDENT AUDIT AND ADVISORY FIRMS Crowe Horwath International is the 9th largest global network of independent audit and advisory services firms in the world-International Accounting Bulletin.

MEMBER OF FORUMS OF FIRMS Crowe Horwath International is one of the 25 full members of the “Forum of Firms”. The forum is a registered legal entity in Switzerland.

NATIONAL BALANCE AWARD FROM AMERICAN SOCIETY OF WOMEN ACCOUNTANTS (ASWA) In 2009, Crowe Horwath received the National Balance Award from the American Society of Women Accountants (ASWA) for its commitment to work/life balance and sensitivity to the concerns of women.

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CROWE HORWATH INTERNATIONAL

The firm is a member of Crowe Horwath International, one of the world’s largest organizations, providing professional services including accounting and auditing, tax and consulting. Crowe Horwath International is ranked 5th largest firm of chartered accountants in South Asia and is ranked among the top 10 global accounting networks. Horwath International member firms provide innovative business solutions in the areas of Audit, Assurance, Due-diligence, Tax, Business Services, Consulting Service, Corporate Finance, Risk Consulting, and Technology. Crowe Horwath ranks No. 1 nationally in the number of audits for publicly traded institutions in the United States, according to SNL Financial. The organization comprises of national and international practice entities, which are members of Horwath International, a limited liability association incorporated in Switzerland. Clients have immediate access to a broad range of industry specific expertise worldwide. The Crowe Horwath network consists of more than 200 independent accounting and advisory services firms and 726 offices and nearly 31040 professionals and staff in more than 120 countries around the world. This unique combination of talent provides Crowe Horwath International the worldwide capabilities of a highly integrated network to deliver value to multinational clients doing business across borders.

PAR’S ANNUAL AUDIT CROWN Crowe Horwath won PAR’s (Public Accounting Report’s) annual audit crown for the 2009 calendar year. This title is determined by weighing net audit wins, as well as net gains in the revenue audited of new clients, net gains in the assets audited of new clients and net gain in audit fees. PAR noted that Crowe Horwath’s “net gain of 24 SEC entities was tops among the firms analyzed…” and “Crowe Horwath posted across-the-board net gains in revenue audited, assets audited and audit fees gained for the year, according to PAR’s analysis of data compiled by AuditAnalytics.com.” Additionally, PAR noted that Crowe Horwath’s “dominant financial institutions practice” played a role in its 2009 success. The firm gained eight SEC audit wins with either commercial banks or savings institutions, including five that were previously Big Four clients. Four of Crowe Horwath’s won SEC clients in the banking or savings institutions categories boasted assets audited of more than $1 billion. Additionally, five of those new banking clients were headquartered in New York, where the firm officially opened an office after its combination with Hays & Co in 2009.

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AMERICAN BANKER ASSOCIATION (ABA) ENDORSEMENT The American Bankers Association (ABA) endorsed Crowe Horwath’s governance, risk and compliance management consulting services. Crowe Horwath’s risk management consulting services were chosen after a thorough review and analysis by ABA and its affiliate, the Corporation for American Banking, based on a wide range of factors including functionality, regulatory compliance, management strength, financial soundness and customer service. Crowe provides risk management consulting services to more than 500 financial institution clients nationally

MICROSOFT BUSINESS SOLUTIONS PRESIDENT’S CLUB Crowe Horwath has been named to the Microsoft Business Solutions President’s Club. The President’s Club recognizes the top 5 percent of Microsoft Business Solutions partners worldwide and their dedication to delivering solutions that meet their customers’ needs, their active pursuit of product and technological advancement and their impressive sales performance

CO-FOUNDED QAC (CENTER FOR AUDIT QUALITY) The public company auditing profession and the American Institute of Certified Public Accountants (AICPA) launched the Center for Audit Quality (CAQ) in 2007. Along with the AICPA, Crowe is one of the eight firms that co-founded the CAQ. Its mission is to foster confidence in the audit process and to aid investors and the capital markets by advancing constructive suggestions for change based on the profession’s core values of integrity, objectivity, honesty and trust. The CAQ convenes a public dialogue with key stakeholders across the country, facilitates discussions about improvements to the quality, relevance and integrity of financial reporting and conducts research on these topics.

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INQUIRY QUALITY ASSURANCE

Quality Assurance processes are The engagement partner is completely and comprehensively responsible for initial client integrated with our project acceptance, project scope management approach. Our definition and cost & risk Quality Assurance procedures are management. based on a three-tier structure covering the entire assignment cycle thereby assuring quality in everything that we do. We PROPOSAL gather additional confirmation of our performance, we survey custoemrs to ocnfirm the quality Review and approval of the of our performance and leverls of initial proposals are performed client satisfaction. at all three levels of Quality Control

ASSURANCE QUALITY REVIEW WORK-IN-PROCESS Horwath has an internal program under the direction and oversight of the firm’s CEO of Quality Control that annually assesses the quality of our audit work in a cross-section of offices. This process is referred to Deliverables are continually as Assurance Quality Review (AQR). Annually, a sample of the work of reviewed and approved by the all of the firm’s partners serving audit clients is reviewed. These AQR’s independent and engagement are performed by individuals from different offices to enhance the objectivity of the reviews. The results help us evaluate the firm’s quality partners to ensure the quality controls, personnel performance, and areas where some improvement of work. might be needed. We have developed Audit Effectiveness training programs. These programs employ a disciplined approach to planning, emphasizing the development of risk assessments and audit strategy early in the audit process with extensive partner involvement. ASSIGNMENT COMPLETION A key element of Audit Effectiveness is Focused Team Coaching. These planning sessions enable the full application of our methodology and risk assessment documentation approach, producing a work program that is responsive to the changing inherent and control risks facing an Assignment completion signoff organization. Perhaps the greatest value to these sessions is provided is completed by the from the interaction of the full audit team, early in the process, engagement partner on final exchanging their respective knowledge of the client and its industry, approval of the last evolving accounting rules and other environmental factors. deliverable.

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WHAT WE DO OUR AUDIT VALUES »» STATUTORY AUDITS Horwath Hussain Chaudhury & Co. is one of the oldest and reputable professional services networks for the following »» OFFSHORE AUDITS reasons: »» INTERNAL AUDITS »» CORPORATE REPORTING EPUTATION The methodologies and quality assurance »» IFRS REPORTING programs of Horwath Hussain Chaudhury & Co. »» FORENSIC ACCOUNTING Rhelp executives and audit committees manage their responsibilities in an era of heightened concern for financial » » INVESTIGATIONS reporting and corporate governance. Streamlined audit processes »» REVIEWS AND COMPILATION result in timely financial reporting and disclosure, which is an »» SYSTEMS AND PROCESS ASSURANCE expectation of regulators, as well as creditors, lenders, investors, and other stakeholders. »» INDEPENDENT MANAGEMENT REPORTING »» REPORTING BY KEY PERFORMANCE INDICATORS NSIGHT The audit professionals of Horwath Hussain Chaudhury & Co. have the ability to understand complex financial »» SECURITIES EXCHANGE REPORTING Itransactions and audit the effectiveness of internal controls. »» AGREED UPON PROCEDURES As the world becomes increasingly interconnected financially, our professionals also advise on the convergence of national »» FORECASTS AND PROJECTIONS accounting practices to International Financial Reporting »» BENEFIT PLAN AUDIT SERVICES Standards. Because information on emerging trends, industry »» ASSISTANCE ON CAPITAL MARKET benchmarks, and best practices adds value, we can provide the TRANSACTIONS qualitative, comparative financial performance analysis that can help you recognize the strengths and weaknesses in your »» GOVERNMENT AND COOPERATIVE AUDITS organization.

ERVICE Horwath Hussain Chaudhury & Co. takes pride in flexible, well-designed processes that are risk-based SYSTEM & PROCESS ASSURANCE Sand technologies that respond to client needs. Prompt identification and communication of issues and timely delivery As our clients become more reliant on of results eliminate surprises, which promotes more respectful information produced by systems and business relationships and improvements in financial reporting. processes in this dynamic global environment, we provide them with independent assurance on effectiveness of internal controls generating high quality of information which is not only accurate but also reliable, complete, effective and timely generated. These include assurance on control not only on financial systems and processes but also encompass operational, regulatory and ethical requirements. Moreover, our specialist staff ensures integrity , security , effectiveness, consistency, functionality of IT systems, processes, database and infrastructure.

Audit | Tax | Advisory | Risk | Corporate Secretarial Page 14 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile TAXATION IS YOUR BUSINESS TRULY TAX EFFICIENT? Every day (somewhere in the world) tax regulations, rules, and treaties change. Strategies that reduced taxes yesterday may not work today. New opportunities to save money could be missed – especially as you enter new markets. The talented tax staff in your organization might not have time to keep up with each nuance. Your current tax advisor may think your company is too small for personal attention – or your advisor may be too small to serve you. Successful companies consider tax implications before they make business decisions, so they do not pay more than their legal obligation. This makes international tax compliance, consulting, and structuring a crucial element in yourglobal strategy. Horwath Hussain Chaudhury & Co. has a proven three-step tax process to help their clients make more tax-savvy decisions throughout the year. We begin by listening to the tax issues you face – such as structure transfer pricing, cross-border transactions, real estate transactions, and customs, foreign tax credits, tax efficient ownership structures, and the personal tax situations of executives relocating overseas. Then we create the right team to assist you – drawing on the knowledge, skills, and resources of nearly 250 professionals around the nation and over 20,000 over the world. Only then do we take the final step: to develop the exact solution to meet your tax needs – not only for today, but as you continue to expand. We also can provide business and financial services to help with the other challenges you face.

UNIQUELY QUALIFIED TO ASSIST WITH YOUR TAX AND BUSINESS ISSUES Horwath Hussain Chaudhury & Co.’s tax solution process, knowledge of your industry, and worldwide reach take the complexity out of dealing with your tax issues – from transfer pricing to restructurings. Our local resources also help you take better tax decisions on a micro as well as macro level. Ultimately, we ensure you have a truly efficient structure – so you can focus on your growth. In addition to tax consulting, companies around the nation call on our expertise in assurance, benefit plan services, corporate finance, forensic services, performance consulting, risk consulting, and technology services. Your management team and board of directors will appreciate a consistent approach to local and international tax issues, delivered with the extra attention your company deserves. We offer the following services in taxation:

CORPORATION TAX AND BUSINESS ADVICE: FEDERAL TAX • Federal tax compliance • Federal tax consulting SALES TAX • Sales tax consulting and filing of returns • Sales tax audits INCOME TAX • Income tax compliance • Income tax consultancy and filing of returns and statements

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COMPANY AND BUSINESS ADVICE • Design and implementation of company • Monitoring of internal controls in organizations restructuring and reorganization processes • Training of Staff in various departments e.g. Software • Full advisory services for M & A operations (buyer/ Accounting, Tax compliance etc. seller) • Monthly review services • Agreements between partners and associates • Correspondences and adherence with regulations of • Venture capital securities and exchange commission of Pakistan • Advisory and guidance in development of corporate • Advisory regarding tax free zones environment in organization. • Communication and keeping clients up to date • Preparation reports and opinions on company and regarding latest market trends and tax schemes and business matters laws. • Fixed-asset solutions • Preparation of budgets for companies • Research and development • Correspondences and reporting with State Bank • New market tax credits of Pakistan regularly regarding State of affairs of Exchange Companies. • Accounting methods/treatments • Timely submission of various corporate forms i.e. • Tax transactions Form –A, Form –B etc. • Insurance advisory • Guidance with respect to Social security Law And • Pass-through entity planning Employees Old Age Benefits-EOBI • Tax-exempt organizations • Advisory regarding worker’s welfare fun • Book keeping services with adherence to current laws and regulations

INCOME TAX

• Preparation and filing of income tax returns of • Preparation and filing of monthly, quarterly and corporate and non-corporate tax payers. annual WHT statements. • Preparation of income tax challans. • Preparation of statements of net worth. • NTN applications and STR/TRF Forms • Communication with FBR, preparation of reply to • E -enrollment of tax payers. notices, attending various hearings. • Preparation of wealth statements. • Applications for income tax refunds to Federal Tax Ombudsman and tax authorities. • E-filing of above. • Filing of applications to obtain tax exemption • Preparation of appeals (including To Income Tax certificates Appellate Tribunal). • Submission of forms to obtain tax audit immunity • Advance tax calculation • Application for deregistration from income tax

PERSONAL TAX • Income Tax Computation, Submission of Tax Return and wealth statement. • Application for NTN/STRN • Filing of appeals and communication with FBR

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FEDERAL EXCISE DUTY • Calculation and compliance with laws regarding Federal Excise Duty and filing of their respective returns

SALES TAX • Filing of applications for Sales Tax registration and De • Preparation of Sales Tax challans registration • Filing of Monthly, Annual Sales Tax return • Calculation and Compliance of sales tax laws-Sales • Filing of Sales Tax appeals Tax Act, 1990 and Sales Tax Rules, 2006 • Correspondences with FBR, preparation of reply to • Representing in hearings and tax audits. notices and representing Tax

PROFESSIONAL TAX COMPLIANCE • Calculation and compliance and guidance of professional Tax

INCOME TAX ON SALARIES • General advice on employment laws

TAX ON IMMOVEABLE PROPERTY • Calculation and guidance of tax on immoveable property as per current tax laws.

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Our vast experience in this business and our reputation for delivering quality work has enabled us to be selected by our clients/private sector entities as well as Governmental Organizations to carry out consulting assignments of varied nature.

PERFORMANCE IMPROVEMENT Horwath Hussain Chaudhury and Company provides clients with competitive advantage to improve themselves continuously to survive in this dynamic global environment. Performance improvement services provided by HHC are not restricted to operational improvement but also allow companies the gap in financial, information technology, governance, risk and compliance business processes that affect their ability to sustain and create value. Together, these highly effective teams address your situation using a collaborative approach that coordinates closely with your own internal resources to develop and install solutions that support rapid improvement, maximum efficiency, and long-term self-sufficiency.

FINANCE EFFECTIVENESS • Standardization and simplification of your finance processes • Strengthening performance management, budgeting and forecasting capabilities • Improving internal and external reporting • Focusing on people and organizational structure • Optimizing cash flow and the use of capital • Building and maintaining cost-effective controls

IT EFFECTIVENESS GOVERNANCE, RISK AND COMPLIANCE • Optimizing IT cost and performance • Improving decision making for strategic planning • Simplifying IT operations and capital allocation • Managing IT business risk and compliance • Reducing cost and increasing effectiveness of compliance activities • Strengthening sourcing competency • Avoiding/recovering from a compliance failure • Cultivating IT governance and leadership

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OUTSOURCING Our team of experts can ensure your business transactions are appropriately assessed and that the The growing use of technology and increasing process runs smoothly and efficiently, ensuring relevant awareness amongst businesses to keep operating costs and valuable advice you can actually use. As such, low, outsourcing of non-core functions is becoming a our transaction services advice ensures your strategic preferred option. Pakistan is ideally placed to carry out decisions are based on financial and commercial realities. these outsourced functions given the ample availability of skilled professionals at substantially reduced cost Our skills in implementing successful transaction than those applicable to developed countries. Our Firm strategies mean that the transaction decision can be has already been outsourced bookkeeping, taxation made with confidence. Our transaction support services and corporate secretarial functions by local businesses; include: we have now set-up a fully functional back office that • Due Diligence can cater for the outsourcing needs of businesses both • Pre-Deal Evaluation and Structuring locally and internationally. Our outsourcing services • Vendor Assistance include: • Accounting Services including day to day book keeping • Tax Compliance Services • Payroll and Salaries Administration • Business Advisory • Monitoring of Accounts Payable/ Disbursements/ Supplier Invoices • Management of Accounts Receivables/Payments/ Customer Invoices

CORPORATE FINANCE Our highly experienced HHC Advisor teams of corporate finance professionals throughout the world can help guide your organization through the tumultuous waters of mergers and acquisitions, accurately assessing your situation, and helping you put a successful strategy in place. We at HHC can provide include: • Initial Public Offers • Acquisition Advisory • Divestiture Advisory • Management Buy-Outs & Buy-Ins

TRANSACTION SERVICES

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VALUATION Using our independent expertise, we’ll guide you through valuations, takeovers, tax issues and strategic decision making, ensuring optimum results. Our team of specialists has the proven experience and know-how to ensure your valuation is prepared on a fundamentally sound basis, with relevant research, analysis, and professional care all in accordance with relevant legislative requirements. We provide fully independent advice on a broad range of valuation issues, to assist companies and shareholders in strategic decision making. Further, our corporate advisors can provide specific technical valuation advice in complex areas such as:

INDEPENDENT EXPERT REPORTS / FAIRNESS EQUITY INCENTIVE VALUATIONS REPORTS Our valuation specialists have the experience and As your global corporate advisors we ensure when we know-how to provide equity incentive valuations in embark on an assignment that there is strict compliance which financial executives, regulators, shareholders with independence principles (including the broader and the investment community place a high degree of Crowe Horwath network), so you can be sure that our confidence. reports are uncolored and unbiased. They are also completely confidential. You will find reports prepared by our teams to be constructed on a fundamentally PURCHASE PRICE ALLOCATION sound basis. They use relevant research, analysis and As ‘fair value’ standards continually evolve, our valuation professional care in accordance with relevant securities professionals deliver comprehensive, up-to-date law and legislative requirements. guidance to meet global reporting standards.

STOCK REDEMPTIONS & RECAPITALIZATION INTANGIBLE ASSET VALUATIONS Our regionally based teams of valuation consultants have Our corporate advisors’ valuation experts intimately the professional training and certification and proven understand the complex and often nebulous nature of experience to deliver credible, well-supported valuation intangible assets. They draw upon their considerable reports and conclusions that comply with your global experience and ongoing research to ensure your dealings tax planning, corporate finance and long-term planning are always well considered, and that you achieve the needs best possible outcome. As an independent advisor, you can be sure that our advice is free from bias.

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RISK CONSULTING Are you meeting or exceeding today’s elevated standards for risk management? As an international business, you manage a challenging array of risks on multiple fronts: strategic, operations, compliance, and reporting. Today’s stakeholders – including shareholders, customers, and employees – expect high standards. While cultures and customs vary, the language of identifying and monitoring risks is consistent in leading boardrooms and management suites throughout the world. Effective and consistent risk management gives you and your employees the confidence to focus on achieving your organization’s key business objectives. Along with every risk comes opportunity. Therefore, leading organizations carefully assess and evaluate their portfolio of risks and allocate appropriate resources to identify and manage their key risks more effectively than competitors do. For such organizations, having an effective risk management function is now an essential management discipline. Whether prompted by a new business acquisition, a data breach, a plant expansion, a new regulatory requirement, entry into a foreign market, a change in strategy, a fraud occurrence, or simply a rapidly evolving business environment, your risk profile is ever changing. In all industries, improving overall corporate governance helps reduce risk, meets the needs of your organization’s stakeholders, and allows your organization to reach its objectives. Crowe Horwath experienced professionals have deep subject-matter expertise in risk management, internal audit, fraud and ethics, security and privacy, and regulatory compliance to keep you advised of emerging trends, industry benchmarks, and best practices. By combining in-depth industry skills with practical technologies and innovative processes, Crowe Horwath member firms can help you improve your corporate governance and manage your risk. We collaborate with you to supplement your internal efforts to increase transparency and accountability in multiple areas, including:

• Enterprise risk • Regulatory risk • Technology risk • Fraud risk • Operational risk • Financial risk

Audit | Tax | Advisory | Risk | Corporate Secretarial Page 21 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile CORPORATE SECRETARIAL Our team consists of experienced staff with professional qualifications and solid knowledge of various statutory regulations. We provide comprehensive and high quality corporate services to private companies, companies limited by guarantee and listed companies. We are specialized in the formation of companies limited by guarantee and limited by shares as well, from preparation of memorandum and articles of associations to application as charity association with the relevant authorities. SERVICES Pakistani context COMPANY FORMATION, REGISTRATION AND OTHER • Formulation of marketing strategy and plans SERVICES • Advice on marketing organization • Advice on type of business entity and appropriate • Pricing strategy corporate structure to suit our client’s needs • Product mix strategies • Formation of private companies in Pakistan. ON GOING SERVICES • Formation of companies limited by guarantee under section 42 of Companies Ordinance in Pakistan known • Company secretarial services for private companies, as Non-Profit Organizations listed companies, and companies limited by guarantee • Registration of sole proprietorship and partnership to • Provision of company secretary, nominee shareholder, companies in Pakistan registered office and correspondence address • Assistance in opening of bank accounts and share • Maintenance of statutory record including shares base payments etc register, register of transfers, register of members, • Registration of foreign companies in Pakistan register of directors, register of officers of the companies etc. • Registration of Liaison office in Pakistan including obtaining license from Board of Investment (BOI) of • Preparation of minutes and filings of statutory forms Foreign Companies with the government authorities • Registration of Branch office in Pakistan including • Attending directors’ and shareholders’ meetings and obtaining license from Board of Investment (BOI) of filing, if required Foreign Companies • Arranging for audit, accountancy and tax consultancy • Assistance in obtaining Foreign Investment Promotion services Board (FIPB) approval, for solo and joint venture entry • Filing of statutory documents in Securities and • Company incorporation and related government Exchange Commission of Pakistan (SECP) approvals • Reporting of Change of Directors/Auditors/ CEO/CFO • Advise on green field project Vs take-over of existing or any other officer of the company to Securities and plant / operations Exchange Commission of Pakistan (SECP). • Review of regulatory, tax and legal environment CESSATION OF BUSINESS • Evaluation of strategic alternatives • Application for dormant status of companies in • Identification of opportunities for diversification and Pakistan expansion of operations • Advice on closure of business • Diagnostic studies including SWOT analysis • Deregistration of companies • Review of corporate plans and policies • Turnaround / revitalization strategies • Liquidation consultation and support • Industry / market assessment OTHER SERVICES • Competitive scenario analysis • Advice on corporate re-structuring and mergers & • Financial feasibility and pre-feasibility studies acquisitions (including financial projections and project sensitivity • Trademark registration in Pakistan analysis) • Company search in Pakistan • Location and site evaluation . • Land search on properties in Pakistan • Recommendations on technology options in the

Audit | Tax | Advisory | Risk | Corporate Secretarial Page 22 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile FOREIGN COMPANY FACILITATION OPENING LIAISON OFFICE, BRANCH OFFICE, SETTING UP OF FOREIGN JOINT VENTURES At HHC we have a wide range of experience and expertise in facilitation of opening liaison office, branch office, and business registration and deregistration, setting up of foreign joint ventures, advice on corporate governance, regulatory requirements and provision of accounting, financial, socio economic and business development services to varied clientele based not only in Pakistan but all over the globe. MERGERS , JOINT VENTURES AND ACQUISITION DEALS HHC has provided consultancy to several other organizations in privatization, mergers and joint venture and acquisition deals. Further we are providing the services to clients to maintain various books, formation, mergers and dissolution of a company, preparation of legal opinions, and to fulfill various other formalities under relevant laws and regulations. OTHER SERVICES We have considerable experience in developing human resource, handling project appraisal and providing expert advisory service to corporate and secretarial matters, facilitating feasibilities ,designing accounting operation system, provide book keeping services, perform control and operational health check, assist in bank accounts opening and operation, perform foreign currency clearance and profit repatriation, preparation of monthly, quarterly and yearly financial reports, preparing and reviewing budgets, cash flows and business plans. Apart from advisory services, tax services are also provided to global clients ensuring tax compliance and effective tax planning HUMAN RESOURCE CONSULTANCY Horwath Hussain Chaudhury and Company Human Resource Services are for our clients that want to see their employees as an advantage in competition. Our strategy is to improve employees as a member of a creative and active team that dedicate themselves to the satisfaction of clients. We give our clients the ability to get new points of views, thinking differently, developing new and value-adding solutions. Creating the most effective working environment is our first aim.

Combining our expertise in accounting, tax advice and law with the knowledge and experience of human resource and global data network makes our company different from others. In order to establish human-oriented solution sets we follow a different way. We transform human power to comparative advantage by combining our knowledge of tax and law issues, and our local and global experience, with the human dimension. Our solution sets include issues related to growth, reduction, development, productivity, company mergers, cost efficiency and labor laws concerning your business.

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CHINESE COMPANIES FACILTATION DESK Horwath Hussain Chaudhury and Company has, over the years, specialized in assistance of foreign joint ventures especially Chinese investment in Pakistan. At Horwath Hussain Chaudhury and Company, we understand the challenges faced by Chinese companies seeking to enter into Pakistani market. We are confident that we can offer a full range of quality and reliable advisory and compliance services to help foreign businesses set up and comply with the requirements in Pakistan and similarly, for Chinese businesses needing assistance to plan, set up and maintain their operations in Pakistan and beyond. Our advisory services include: Pakistan Tax Services Accounting and Treasury Services • Tax restructuring and planning for corporate • Design accounting operation system strategic development • Provide book-keeping services • Tax due diligence for mergers and acquisitions • Perform cashier duty • Enterprises income Tax compliance and planning • Assist in bank accounts opening and operation • Indirect Tax • Perform foreign currency clearance and profits • Cross-border tax planning for operations in Pakistan repatriation • Advisory services on manufacturing / processing • Prepare monthly, quarterly and yearly financial operation models in Pakistan reports • Advisory services on foreign companies providing • Prepare internal financial reports services for Pakistan operations • Prepare cash flow and budget reports Taxation Compliance Services • Perform control and operation health check • Assist in tax filing-business tax, profit tax, value Business Registration and Company Secretarial added tax, enterprise and individual income tax Services • Obtained tax refund • Business set up and registration • Provide tax planning advices • Advise on corporate re-structuring and mergers and • Update latest tax law changes and implications acquisitions • Perform tax health check • Provide nominee shareholder, company secretary Human Resources and Office Administration and registered office services Outsourcing Service • Provide statutory maintenance services • Recruit employees • Advise on corporate governance • Handle social welfare for local employees • Provide business registration services. • Administer payroll for local employee Transfer Pricing Services • Handle insurance for no-local chines employees • High level review • Hire and assign personnel to work in client’s office • Transfer pricing benchmarking • Advise on human resources management policy • Assisting in contemporaneous documentation • Liaise to solve labor disputes preparation • Apply for expatriate visa and resident permit • Advisory service for preparing transfer pricing group master file • Perform employment compliance health check Office rental • Supply chain transfer pricing planning • Business center rental • International transfer pricing planning e.g. cost sharing arrangement, contract research and Transaction Advisory Services development, and intangible asset planning. • Financial due diligence which covers critical analysis • Advance pricing arrangement advisory services of all important financial information • Advisory on transfer pricing audit defense • Sell-side due diligence on owner’s companies Audit and assurance services • Business advisory services aiming to provide strategic solutions • Internal and external audit • Assistance in implementation of strategic business • Compilance and exception reporting plan include IPO, expansion and divestment

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OUR PEOPLE OUR HUMAN RESOURCE

Horwath Hussain Chaudhury and Company is a Partnership Partners 7 firm consisting of Seven Partners: Managerial Staff(ACA/ACCA) 49 • Mr. C. A Habib (FCA) • Mr. Saeed Chaudhury (FCA) Supervisory Staff 43 • Mr. Iqbal Hussain (FCA) Audit associates (CA/ACCA Finalists) 130 • Mr. Abrar Saeed Chaudhury (FCA) Administrative staff 24 • Mr. Shehzad Qazi (FCA) Total Staff Strength 253 • Mr. Nasir Muneer (FCA) • Mr. Amin Ali (ACA) The Firm is supported by more than 50 qualified professionals and has total staff strength of above 250 consisting of semi-qualified professional support staff.

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OUR KEY EXPERTS NAME CHAUDHURY AHMED HABIB DESIGNATION Partner Audit, Advisory and Taxation TOTAL EXPERIENCE 35+ years KEY AREA OF EXPERTISE Tax, Auditing, Advisory, Financial Management, Risk Consulting, Monitoring & Evaluation, Procurement and Human Resource QUALIFICATION PROFESSIONAL MEMBERSHIP • Fellow Member of the Institute of Chartered Accountants of Pakistan • LL.B.(Diploma specialized in Taxation Laws) • Permanent member of Lahore Gymkhana, Rawalpindi Gymkhana and Pearl Club Rawalpindi • Paul Harris Fellow • President Rotary Club of Rawalpindi 1991-92 • Member Bar High Court PROFILE With over 30 years of experience, Mr. Habib, has managed the audit, tax and consulting departments of the Firm. He has conducted external and statutory audits of banks / public companies, private limited companies, multinationals, government organizations and joint ventures of over 1,000 limited liability companies. As senior partner at Horwath Hussain Chaudhury and Company, Mr. Habib helps clients in Pakistan and overseas manage risk and add value to their business. Mr. Habib has, over the years, specialized in assistance of foreign joint ventures especially Chinese investment in Pakistan. Mr. Habib provided consultancy to several other organizations in privatization, mergers and joint venture and acquisition deals. Further he is providing the services to clients to maintain various books, formation, mergers and dissolution of a company, preparation of legal opinions, and to fulfil various other formalities under relevant laws and regulations. He has considerable experience in developing human resource, handling project appraisal and providing expert advisory service to corporate and secretarial matters, facilitating feasibilities, preparing and reviewing budgets, cash flows and business plans in Pakistan and overseas with particular experience in assisting Chinese companies. He brings commercial and pragmatic approach to complex technical issues.

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NAME IQBAL HUSSAIN DESIGNATION Partner Audit and Assurance, Partner Quality Control and Review TOTAL EXPERIENCE 30+ years KEY AREA OF EXPERTISE Auditing, Advisory, Tax, Financial Management, Monitoring & Evaluation, Procurement and Human Resource QUALIFICATION/PROFESSIONAL MEMBERSHIP • Fellow member of The Institute of Chartered Accountants of Pakistan • Fellow member of The Institute of Chartered Accountants of England & Wales PROFILE Mr. Iqbal Hussain is a fellow member of Institute of Chartered Accountants of Pakistan, and member of Institute of Chartered Accountants of England & Wales (ICAEW). He has done his Bachelor of Arts from Punjab University in the year 1978. He articled from Cooper Brother and Co. and has worked with various chartered accountants firms as manager in England. He has worked as partner in various chartered accountant firms in Pakistan. He was member of board of directors (finance director) of Pakistan Television Corporation Ltd. He was responsible for the formation of management and financial policies. He successfully implemented these policies. Currently, he is Partner Audit of Horwath Hussain Chaudhury & Co. and is responsible for audit and assurance engagements of Rawalpindi office. He ensures that clients receive a consistent and high professional level of service. Mr. Iqbal is experienced in providing audit and corporate services to entities ranging from listed companies, through large private enterprises to not-for-profit entities. He has considerable knowledge in the resource, media, construction, infrastructure, property and retail industries.

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NAME SHEHZAD QAZI DESIGNATION Partner Audit, Tax and Assurance TOTAL EXPERIENCE 20+ years KEY AREA OF EXPERTISE Tax, Auditing, Advisory, Financial Management, Monitoring & Evaluation, Procurement and Human Resource QUALIFICATION PROFESSIONAL MEMBERSHIP • Fellow Member of the Institute of Chartered Accountants of Pakistan; • University of the Punjab (Bachelor of Arts); • Rawalpindi Islamabad Tax Bar Association; PROFILE Mr Shehzad Qazi has an experience of more than 20 years. He worked as Manager at Muniff Ziauddin & Co. Chartered Accountants and Khalid Majeed & Co. Chartered Accountants. In July 1993, he was admitted as partner in Muniff Ziauddin& Co. Chartered Accountants and worked as such up to February 2008. He is also operating Shehzad Qazi & Co. Chartered Accountant as a sole practicing concern. Presently he is working as Partner of Horwath Hussain Chaudhury & Co., Chartered Accountants. During his extensive professional career he has managed taxation, audits and other departments of the firm. During the past several years he has been acting as an advisor of different group of companies and Government agencies. Owing to his vast experience in the accountancy profession he has assumed the role of looking after the taxation matters and global supervision of audits to be conducted by Islamabad Branch Office. He has attended several seminars and has enriched experience of modern auditing techniques. He has vast experience in the field of Accounting, Auditing, Management Consultancy and Taxation.

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NAME SAEED CHAUDHURY DESIGNATION Partner Audit, Risk & Consulting TOTAL EXPERIENCE 35+ years KEY AREA OF EXPERTISE Auditing, Advisory, Tax, Financial Management, Monitoring & Evaluation, Procurement and Human Resource QUALIFICATION/PROFESSIONAL MEMBERSHIP • Fellow Member of the Institute of Chartered Accountants of Pakistan • Bachelor of Commerce (Hons.) - University of Punjab • Lahore Tax Bar Association PROFILE Mr. Saeed has a rich post qualification experience of more than 35 years. He handles tax matters of over 1000 clients mostly consisting of corporate sector.He has been the partner of Horwath Hussain Chaudhury & Co since 1969. During the past several years he has been acting as senior advisor to large multinational companies and Government agencies for revival of sick companies etc. Owing to his vast experience in the accountancy profession he has assumed the role of overseeing the quality control and global supervision of audits. He has been the Quality Control Partner for other USAID assignments awarded to the Firm. He has attended several seminars under the network of our international partner Horwath International andhas enriched experience of modern auditing techniques.

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NAME ABRAR CHAUDHURY DESIGNATION Partner Audit, Risk & Consulting TOTAL EXPERIENCE 20+ years KEY AREA OF EXPERTISE Auditing, Assurance, Risk Management, Change Management, Financial Management, Monitoring & Evaluation, Procurement, Human Resource and Information Technology Consulting QUALIFICATION/PROFESSIONAL MEMBERSHIP • Fellow member of the Institute of Chartered Accountants of Pakistan • MSc in Environmental Change & Management (University of Oxford) • Master’s in Business Administration (MBA) (University of Oxford) • Accountancy Foundation Course -University of Westminster, UK • Bachelors of Arts (BA), Journalism and Economic (University of Punjab, Pakistan) • Technical Advisory Committee (Institute of Chartered Accountants of Pakistan) • Finance Committee (Lahore Chamber of Commerce) • Global Marketing Advisory Team, EMEA region (Crowe Horwath International) • Lahore Tax Bar Association PROFILE Abrar joined Horwath Hussain Chaudhury & Co in 1992. He qualified as a Chartered Accountant in 1997 and became a partner in 1999. In 2000 he proceeded to the US branch of Horwath to carry out accounting and auditing assignment of a multinational leisure company. During his post qualification period he has been actively engaged in managing the audit department involved in planning assignments, coordinating with clients, supervising the staff and finalizing the reports. He has undertaken audits of large multinational corporations, public quoted companies, private companies, associations and trusts. One of his achievements was the successful implementation of the Horwath and International audit manuals at the Firm including training of the staff to undertake audits at a level comparable internationally. The audit staff under his supervision makes use of leading spread sheets to efficiently conduct the audits thus saving time and keeping the costs at a minimum. Abrar has also attended various seminars on auditing and certification courses of latest financial software from the US, Middle East and Far East and is a certified consultant of ACCPAC financial management and MISys manufacturing software.

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NAME NASIR MUNEER DESIGNATION Partner Audit & Consulting TOTAL EXPERIENCE 14+ years KEY AREA OF EXPERTISE Auditing, Advisory & Assurance Services, Financial Management, Monitoring & Evaluation, Procurement and Human Resource QUALIFICATION/PROFESSIONAL MEMBERSHIP • Fellow member of the Institute of Chartered Accountants of Pakistan • CA Gold Medalist (Advanced Auditing) • Bachelor of Arts (University of Punjab) • Institute of Chartered Accountants of Pakistan • Member CPD Committee (ICAP) • Member Technical Advisory Committee (ICAP) PROFILE Nasir has over 13 years of experience in audit & assurance, accounting and risk management services. Nasir joined the Firm in 1997 and is working as Partner since 2005. He is managing various audit engagements ranging from large scale listed entities to non-profit organizations including local and multinational entities. Sectors worked with include manufacturing, trading, service based and NGO’s. Over a decade experience in the field of auditing and financial reporting has provided a thorough understanding and experience about the planning, execution and reporting aspects of external audits including detailed briefings to the audit committees and Boards on internal control weaknesses letters containing findings, their possible implications and suggestions thereon. He has also experienced few cross - border as well as local transactions involving mergers, acquisitions and other advisory. Nasir has also assisted one of large pharmaceuticals client in the development and implementation of internal audit manual and investigating fraud in cash and bank. He has also supervised various assignments on behalf of official regulator (SECP) and Court of Law involving forensic investigations. He has been the Engagement Partner for other USAID assignments awarded to the Firm. Currently, Nasir has also been entrusted the responsibility of strengthening the risk consulting wing of the Firm through technical uplift of the existing resources and development of further dedicated resources.

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NAME AMIN ALI DESIGNATION Partner TOTAL EXPERIENCE 10+ years KEY AREA OF EXPERTISE Auditing, Financial Management, Monitoring & Evaluation, Procurement, Human Resource, Corporate Services QUALIFICATION/PROFESSIONAL MEMBERSHIP • Associate Member of the Institute of Chartered Accountants of Pakistan • Fellow Member of the association of Chartered Certified Accountants • Associate Member of the Institute of Corporate Secretaries of Pakistan • Institute of Chartered Company Secretaries • Lahore Tax Bar Association • The International Institute of Business Analyst • The Institute of Internal Auditors • Auditing Standards Committee – ICAP PROFILE Amin joined Horwath Hussain Chaudhury & Co in 2001. After completing his CA examinations, he was promoted as Manager Audit in 2007. He has conducted various audit and advisory assignments in Textile (spinning and weaving), Construction, Engineering, Educational Institutes and Associations, Foreign and local NGOs and investigation audit ofa multi-national insurance Company. Amin has a vast experience in audit and consulting roles. He has been engaged in planning audit assignments; developing, communicating and agreeing audit plans and programs; designing working papers, determining materiality, coordinating with the client and brainstorming audit teams; preparing management reports; designing system review questionnaires and procedures; designing internal control review checklists and writing management manuals. He has been the Engagement Manager for other USAID assignments awarded to the Firm. Currently he is engaged in planning, finalization of audits and meetings with top management of the Firm’s clients.

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NAME TANVEER RAZA DESIGNATION Manager Audit TOTAL EXPERIENCE 5+ years KEY AREA OF EXPERTISE Auditing, Financial Management and Monitoring & Evaluation QUALIFICATION/PROFESSIONAL MEMBERSHIP • Chartered Accountant (Finalist) • Certified Internal Auditor PROFILE Mr. Tanveer has over 5 years of experience in audit, tax and other financial services, presently working at Horwath Hussain Chaudhury & Co. Chartered Accountants as an Audit Manager. His experience includes working with cross- functional teams on audits, financial advisory projects and due diligence, with major industries of Oil and Gas, Banks, Telecom &Information Technology, NGOs &Construction Industry etc. He is responsible for reviewing and finalizing the overall audit strategy and the audit plan in the context of applicable reporting requirements and reporting objectives of the engagement. He is first port of call at a senior levelfor organization and performing regular on and off-site reviews of the audit work performed by our audit teams and reviewing and finalizing all audit deliverables prior to Partner review. Furthermore he is in-charge of ensuring sufficient technical input to enable adequate focus on key risks and issues emanating there-from. Similarly, he manages the timely communication of all key audit findings to organization and the developing recommendations to best mitigate identified risks.

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NAME AVEEN HABIB DESIGNATION Director Advisory TOTAL EXPERIENCE 5+ years KEY AREA OF EXPERTISE Advisory, Auditing, Risk Consulting, Financial Management and Monitoring & Evaluation QUALIFICATION/PROFESSIONAL MEMBERSHIP • Completion of ACA ( Associate Chartered Accountant from Institute of Chartered Accountants in England and Whales-ICAEW) training (Finalist) • Completion of Articleship of Association of Chartered Certified Accountants (Finalist) • B.Sc. (Hons) in Economics from Lahore University of Management Sciences (LUMS) • Applied Corporate Finance from Harvard University , Boston, MA, United States of America • AF 250 : Finance from London School of Economics (LSE), London, United Kingdom PROFILE Aveen has over 5 years of varied experience spanning auditing, advisory, accounting, financial reporting and analysis, tax and other financial services. She is currently working at Horwath Hussain Chaudhury & Co. as Director Advisory and is engaged in business development and consulting growth initiatives of a wide range of sectors including construction, infrastructure, engineering, textile, social welfare and water treatment. She has facilitated Chinese companies with opening liaison office, branch office, setting up of foreign joint ventures and provision of consulting services to fulfill various other formalities under relevant laws and regulations while principally focusing on facilitating Chinese engineering and construction companies to undertake road and railway projects in Pakistan particularly under CPEC (China Pakistan Economic Corridor). She also collaborated with an IT company in Lahore and now the firm also provides ERP solutions to its clients. She has been responsible for managing various audit engagements ranging from large scale listed entities to non- profit organizations including local and multinational entities. Sectors worked with include manufacturing, trading, service based and NGO’s. Her vast experience in the field of auditing and financial reporting has provided a thorough understanding and experience about the planning, execution and reporting aspects of external audits including briefings to the audit committees and boards on internal control weaknesses. She was also appointed the Engagement Manager for PIDSA (Pak Italian Debt-For-Development Swap Agreement) assignments awarded to the Firm.

Audit | Tax | Advisory | Risk | Corporate Secretarial Page 34 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile SERVICE SECTOR GOVERNMENT AND SEMI-GOVERNMENT ORGANIZATIONS Horwath Hussain Chaudhury and Company has built excellent rapport in assisting clients in every sphere of the government sector as it has been working in the sector since inception in 1947 and fully understands the intricate rules, tax issues and practices governing the sector. HHC not only has technical expertise but also in-depth governmental experience ensuring high quality, transparency and accountability in reporting. Apart from providing timely and efficient audit and tax services, vast range of consultancy services including special assignments are undertaken for government organizations to not only improve their operations and performance but also to plan long term growth strategies and mitigate risk. Please find below a list or government and semi government organizations, though this list is not exhaustive and more information can be provided on request. LIST OF GOVERNMENT & SEMI GOVERNMENT ORGANIZATIONS • Aik Hunar Aik Nagar (AHAN) • Pakistan Mineral Development Corporation • Army Heritage Foundation • Pakistan National Arts Council • ASP Employees Provident Fund • Pakistan Televison Corporation (PTV) • Capital Development Authority • Pakistan Tours Limited (including Lahore Delhi Bus Service) • Expert Advisory Cell (BIM), Islamabad • Pakistan WAPDA Foundation • Faruki Pulp Mills Limited • Printin Pakistan Televison Corporation (PTV) • Federal Bank of Cooperatives Limited • Printing Corporation of Pakistan • Federal Government Employee Housing Foundation • Projects of Police Foundation- Nowshera Glass Factory • Garrison Officers Mess • Punjab Agricultural & Development Supplies Corp. • Government Holding Provident Fund • Punjab Mineral Development & Supplies Corporation • Gulkatch Dam (ASP) • Punjab Small Industries Corporation • Indian River Quality Breeders (Joint venture) • RailCorp • Islamabad Chamber Of Commerce & Industry. • Sargodha District Society Limited • Mardan Development Authority • Spinning Mills Corporation • National Highway Authority • State Engineering Corporation • National Police Foundation • The Spinning Machinery of Pakistan Ltd. • Northern Areas Transport Corporation (NATCO) • Tourism Development Corporation of Pakistan Limited • P.C.F. Employees Coop. House Building Society WahCantt. • University Grants Commission Islamabad • Pakistan Aeronautical Complex-Revolving Fund • Various assignments of ASP • Pakistan Agricultural Research Council • Various assignments of Government of Punjab • Pakistan Education Foundation • Various Audits of Enemy Property Board • Pakistan Environmental Planning and Architectural Council • Various projects of the Ministry of Tourism • Pakistan Institute of Fashion & Design • WAPDA Employees Provident Fund

TRUSTS AND NON PROFIT ORGANIZATIONS For over 50 years, Horwath Hussain Chaudhury and Company is among the lead provider of audit services to Non-Profit Organizations and has profound knowledge and specialized sector specific experience which allows it to fully understand the challenges and solutions to the challenges in the sector. HHC provides comprehensive training to its employees to ensure that all team members are acutely aware of the changing rules and regulations and tax issues affecting various organizations in the sector including charities, INGOS, trusts, academies, unions, foundations among various others. HHC offers a full complement of audit, tax, risk and advisory services specifically catered to the needs of client which has allowed them to succeed in the most daunting economic and security conditions in recent times domestically and internationally as to name a few as following:

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LIST OF TRUSTS & NON-PROFIT ASSOCIATIONS • A.D.B.P Trust • Anjuman Taleem O Falah,Kamra,Attock. • Adara Muasharti Behbood,Hazro,Attock. • Association For The Welfare Of Retired Persons,Institute Of Information • Adara Samaji Behbood,hazro. Technology (AWRP),Islamabad. • Adbistan-e-Soophia. • Atique Memorial Foundation,Muzaffarabad • Advisory Committee, Women Development and Welfare Centre Rwp • Abbas Welfare Trust,C/O.Aamir Hussain. • Alfalah Welfare Society Attock • Abdul Rehman Memorial Trust,Islamabad. • Al-Furqan Social Association for Development Sattelite Town,Rwp • Adara Muasharti Behbood,Hazro,Attock. • Al-Ghazali Educational & Social Welfare Society, Attock • Adara Samaji Behbood,hazro. • Alif Laila Book Society • Afghan Women Education Centre (AWEC),C/O.Afghanistan office. • Al-Ittehad Welfare Society Abbotabad • Afghanistan Civil Society Forum Organization (Promotion Of Rule of Law • All Pakistan Women Association Through Community Policing),C/O.Afghanistan Office. • Al-Najjam Foundation • Afghanistan Public Policy Research Organization (APPRO). • Anjuman Behbood E Khwateen,Pindi Gheb,Attock. • AJ & K Social Welfare Organization. • Anjuman Behbood-e-Mareezan Rwp • AJK Women For Peace Organization.H.# 371,St.15,PAF Falcon Housing • Anjuman Falah O Behbood,Bathian,Abbotabad. Complex Near.Lehtrar Road,Rawalpindi. • Anjuman Falah O Behbood,Gun • Al Khair Welfare Association.Adjacent Jassar Bypass,Circular • Anjuman Falah-e-Millat,Muslim Town Rwp Road,Narowal (Punjab)-Pakistan. • Anjuman Falah-o-Behbood, Rwp • Al-Aafiat,Islamabad. • Anjuman Haa E Imdad E Bahami,Bagh, Azad kashmir. • Al-Falah Society,Muzaffarabad,Sathra. • Anjuman Insedad-e-Manshiyat, Attock • Al-Falah Society,Muzaffarabad,Sathra. • Anjuman Ishat-ul-Quran Rwp • Al-Khair Welfare Society,Pindi Gheb. • Anjuman Ittehad Welfare Rwp • All Pakistan Muslim League (APML). • Anjuman Naveed-e-Sehar Rwp • All Pakistan Women Association(APWA),Islamabad. • Anjuman Samaji Behbood • All Pakistan Women association,Jhelum.(APWA) • Anjuman Taleem-ul-Islam • Al-Madad Welfare Society,Gondal. • Asna Ashry Trust • Al-Madrassa Tul Islamia,Jamia Masjid Sydina Usma Bin Zaid,Islamabad. • Association For Rehabilitaion Of Drug Addicts(ARADA),Islamabad. • Al-Mumtaz Welfare Society,Thub Akbarabad,Bagh. • Association for the welfare of retired persons Isbd • Al-Noor Educational Society,Islamabad. • Attock Sahara Association/Foundation • Al-Qasim Welfare Institute,Dina. • Attock Welfare Society,Attock. • Aman Welfare,Health & Educational Soociety,Kai Manja,Muzaffarabad. • Awami Labour Union • Anglican Church. • Abaseen Social Welfare Council,Kamala,Hazro,Attock. • Anjuman Behbood E Khwateen,Mangla Road,Dina. • Abbas Welfare Trust,C/O.Aamir Hussain. • Anjuman Behbood E Khwateen,Pindi Gheb,Attock. • AJK Rural Support Programme,Muzaffarabad • Anjuman Behboodi E Marizan,Pindi Gheb,Attock. • Akbar Zubaida Guni Foundation. • Anjuman Falah O Behbood,Chechechian,hazro. • Al-Aafiat,Islamabad. • Anjuman Falah O Behbood,Gun Chattar,Muzaffarabad. • Al-Falah Society,Muzaffarabad,Sathra. • Anjuman Falah O Behbood,Hassan Abdal,Attock. • Al-Khair Welfare Society,Pindi Gheb. • Anjuman Falah O Behbood,Hassan Abdal,Attock. • All Pakistan Women Association(APWA),Islamabad. • Anjuman Islah O Falah,Mohallah Mehmood Abad,Hassan Abdal. • All Pakistan Women association,Jhelum.(APWA) • Association For Rehabilitaion Of Drug Addicts(ARADA),Islamabad. • Al-Madad Welfare Society,Gondal. • Association For The Welfare Of Retired Persons,Institute Of Information Technology (AWRP),Islamabad. • Al-Madrassa Tul Islamia,Jamia Masjid Sydina Usma Bin Zaid,Islamabad. • Atique Memorial Foundation,Muzaffarabad. • Al-Mumtaz Welfare Society,Thub Akbarabad,Bagh. • Attock Welfare Society,Attock. • Al-Noor Educational Society,Islamabad. • Aurat Foundation,Islamabad. • Al-Qasim Welfare Institute,Dina. • Abaseen Social Welfare Council,Kamala,Hazro,Attock. • Aman Welfare,Health & Educational Soociety,Kai Manja,Muzaffarabad. • Abdul Rehman Memorial Trust,Islamabad. • Anjuman Behbood E Khwateen,Mangla Road,Dina. • Afghan Women Education Centre (AWEC),C/O.Afghanistan office • Anjuman Dar Ul Uloom Ghousia Bushra Tajwid Ul Quran,Rwp. • Afghanistan Public Policy Research Organization (APPRO). • Anjuman Falah O Behbood,Chechechian,hazro. • AIG-New Hampshire Insurance Co. • Anjuman Falah O Behbood,Hassan Abdal,Attock. • AJK Rural Support Programme,Muzaffarabad • Anjuman Falah O Behbood,Muzaffarabad,Gun Chattar. • Akbar Zubaida Guni Foundation. • Anjuman Farogh E Taleem,Fateh Jang. • All Pakistan Textile Mills Association • Anjuman Islah O Falah,Mohallah Mehmood Abad,Hassan Abdal. • Al-Madrassa Tul Islamia,Jamia Masjid Sydina Usma Bin Zaid,Islamabad. • Anjuman Madrassa Khalid Bin Waleed Tehfeez Ul Quran,Rwp.

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• Anjuman Behbood E Khwateen,Mangla Road,Dina. • Family Welfare Co-operative Society • Anjuman Dar Ul Uloom Ghousia Bushra Tajwid Ul Quran,Rwp. • Faraz Welfare Society,D.I.Khan. • Anjuman Falah O Behbood,Muzaffarabad,Gun Chattar. • Fata Development Authority,. • Anjuman Farogh E Taleem,Fateh Jang. • Fata Education Foundation. • Anjuman Madrassa Khalid Bin Waleed Tehfeez Ul Quran,Rwp. • Fatima Jinnah Welfare Organization,Chakwal. • Anjuman Taleem O Falah,Kamra,Attock. • Fazaldad Human Rights Institute,Islamabad. • APTMA • FOCUS (Foundation Of Community Uplift & Social Services),Adyala • Atique Memorial Foundation,Muzaffarabad. Road,rwp. • Aurat Foundation,Islamabad. • Friends Of Literacy And Mass Education (FLAME),Islamabad. • Baacha Khan Trust Educational Foundation,Peshawar. • Friends Welfare Society,Moza Waghal,Rwp. • Baghban development foundation • Friends Welfare Society,POL Khour,Attock. • Bahali E Mutasrin Welfare Association/Efectees Rehabilitation Welfare • Furqan welfare Association,Peshawar. Association,Rahim Kot,bagh. • Gaash Welfare Society,Hattian Dopatta,Muzaffarabad. • Bain Ul Aqwami Anjuman Tableegh Ul Islam,Mohanpura,rwp. • Gandhara Education Society • Bait Ul Maal Falahi Committee,Jhelum. • Ghulam Muhammad Memorial Welfare trust,Upper • Balochistan Education Foundation,. Chattar,Muzaffarabad. • Balochistan Integrated Rural Development Society,BIRDS On Voilence • Global Human Welfare,Dirkot,Bagh. Against Women Workshop. • Guard Welfare Association,Gujjar Khan. • Banjosa Rural Devlopment Organization • Gul Social Welfare Society,Bagh. • Bedari,F-8/3,islamabad. • Hamdard Welfare Society,Attock. • Behbood Association,Rwp. • Hameed Welfare Foundation,Farooqabad,Thab,bagh. • Behbood Association,Rwp. • Hasna Welfare & Development Organization,Rwp. • BRADRI Foundation Trtust,Scheme 3,Rwp. • Hazrat Abu Huraira Trust,Khaliqabad. • Bright Future Welfare Organization. • Himmat Welfare Society,Attock. • Centre For Research On Poverty Reduction • Hope Welfare Council,Chakwal. • Colgate Palmolive (Pakistan) Limited. • Hotrary Syedan Women Welfare Society,Chakothi,Muzaffarabad. • Consumer Right Commission of Pakistan, Islamabad (CRCP) • Human Aid Focus. • Co-operartive Housing Society,Adyala Road,Rwp. • Human Development Organization Doaba (HDOD).House # • Credit And Welfare Association,Rwp. 18BB/2D,Street # 1,Park Road,University Town,Peshawar. • (CRPRID),Islamabad. • Human Welfare Association,Garyala Attock. • Charagh E Manzil Welfare Of (Disabled)Special • Human Welfare Department,Fawara Chowk,Attock. People,Sesar,Dhirkot,Bagh. • Human Welfare Society Muzaffarabad,Bypass Road,Mohri • Chhajana Young Welfare Society,Kotli sattian,Rwp. Gojra,Muzaffarabad. • Children Welfare Centre For Mentally Retarted Children,Morgah,Rwp. • Hushey welfare And Development Organization. • Chitral Al-Karim.C/O.Bashir Bhatti. • Hussain International Trust,Islamabad. • Citizen Community Board,Potha Dhok.Baba Abdulla Khan. • I.K.I. Human Welfare Foundation,Qasim Market,Rwp. • Community Development Group Kutton,Shangosh,Community • Idara E Alia Tanzeem Ul Masjid,Isalamabad. Building,Kundal Shahi,Muzaffarabad. • Idara E Khidmat E Insani,Upper Chattar Housing Scheme,Muzaffarabad. • Community Deveopment Council,Shumali Mohallah,jhelum. • Idara E Khidmat E Khalq,Haripur. • Community Welfare Organization,Khour/khaur,Pindi Gheb. • Idara Falah O Behbood,hazro. • Crescent Development Foundation,Bagh. • Idara Rafah E Aama Women,Hassan Abdal,Attock. • Dist.T.B Association (Regd.), Attock • Ideal Rural Computers Institute For Disabled (Ideal Education Social • Divisional Social Welfare Council,Rwp. Welfare Society,Taxila). • Dr.Basharat Ali Khan,Fauji Foundation Hospital,Rwp. • Ijtemai Taraqqiati Society,Burhan,Attock. • Dr.Hamayun Rashid,C/O.hamayun Medical Centre,Kharian. • Inqelab Welfare Association,Addhwal,Rwp. • Dr.Muhammad Anwar Khan/Anwar Clinic,Dhok Khabba,Rwp. • Insaf Welfare Association,Upper Chattar Scheme,Muzaffarabad. • Dr.Muhammad Zubair/Zubair Dental Clinic,Rwp. • International Human Rights Observers,G-10/4,Islamabad. • Durawa Development Organization (DDO). • International Islamic Relief Organization (IIRO). • Earthquake Reconstruction & Rehabilitation Authority • Intezamia Committee Markazi Masjid Gujjar Khan. (ERRA),Islamabad. • Islamic Young welfare Association Khara,Chakwal. • Education Promotion Society,Takbeer Chowk,Attock. • Ittehad Welfare Organization,Seri Bichar,Muzaffarabad. • Effectees Rehabilitation Welfare Association, Bagh A.K. • Jabra Syedan Women Rural Women Welfare • Ehsaas Foundation,C/O.Bashir Bhatti. Society,Chinari,Muzaffarabad. • Employees Old Age Benefits Institution (EOBI),Karachi. • Jahangir Khan Welfare Trust,Muzaffarabad. • Episcopal Relief Development. • Jamia Abu Huraira,Bhakkar. • ERRA – German Debt Swap • Jamia Abu Huraira,Zara Miana,Nowshera. • Eyedas Society,Girls College Road,Chakwal. • Jamia Arabia Tadrees Ul Quran,Khaira Gali. • Fair And Matchless Welfare Society,dhamyal,Rwp. • Jamia Ashrafia (Regd.) • Faisal Shaheed Memorial Hospital Trust • Jamia Furqania Madnia,Kohati Bazar,Rwp. • Faizyab Foundation Attock,Tehsil And District.Attock. • Jamia Hanfia Anwar-Ul-Uloom,Banni,Rwp.

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• Jamia Muhammadia Tajweed Ul Quran,Model Town,Lahore. • Minhaj Ul Quran Welfare Society,Chak Bhon,Tehsil And District.Chakwal. • Jamia tul UloomI Islamia Al-Faridia,Islamabad. • Mohibb E Watan Welfare Organization,Rawalpindi. • Jammu And Kashmir Co-operative Housing Society Limited,Islamabad. • Moon Welfare Foundation,Chaklala,Rwp. • Jammu and Kashmir Social Organization for rural development • Muhibb E Pakistan Welfare Organization,Chaklala,Rwp. • Jammu And Kashmir welfare Foundation,Rwp. • Mumtaz Bakhtawer Memorail Trust • Janjua Welfare Trust,Kotli,Azad Kashmir,Rwp. • Muslim Education Welafare Society,Khayabane E Sir Syed,Rwp. • Jawad Welfare Organization,Muzaffarabad. • Muslim Welfare Society Gorah Diwan. • Jazba Welfare Society,Tench Bhatta,Rwp. • National Commission on the Status of Women • Jelani Welfare Foundation • National Rural Support Programme (IRM). • Jen (Japan Emergency NGOs) • National Trust For Population Welfare (NATPOW),Islamabad. • Jhelum Valley Human Welfare Society,Ghari Dopatta,Muzaffarabad./ • National Women Uplift Association Water & Sanitation Hygene Promotion Project Union Council Chakar. • National Women Uplift Association (NWUA),Chaklala Scheme 3,Rwp. • Jinnah Ideal Secondary School.Farooqia Road,Taxila/Ideal Education • NCA Endowment Fund School welfare Society. • NDFC Employees Co-operative Housing Society Limited,islamabad. • Jinnah Welfare Society,Talagang,Chakwal. • New World Hope Society • Kashmir Public Welfare Society,Islamabad.(KPWS). • Niazabad Welfare Foundation,Rwp. • Kashmir United Disable Foundation,Bagh. • Nowshera Sheet Glass Employees Welfare Fund. • Kashmir. • NRDP,Narowal. • Kawish Welfare Foundation,Muzaffarabad. • Old Association of Kinnaird Society. • Kawish Welfare Society,Attock. • Organization for Social Development Trust • Khayaban E Sir Syed Welfare Society,Rwp. • Pak Welfare Association,DT-214,Sadiqabad,Rawalpindi. • Khour Welfare Society,Khour City. • Pakistan Amateur Swimming Federation • Kinzul Eman welfare Society,Attock. • Pakistan Electrical Merchants Association • kiran Welfare Society Vocational Centre,Paniola,Pooch. • Pakistan Floor Mills Association • kohsar Welfare & Educational Society,Muzaffarabad. • Pakistan Football Federation • Lahore Chamber of Commerce & Industry • Pakistan international Human Rights organization (PIHRO),Islamabad. • Lahore Museum • Pakistan Olympic Association • League Of Human Welfare,Fawara Chowk,Attock. • Pakistan Red Crescent Population Welfare. • Leonard Cheshire Disability & Development Program (LCDDP). • Pakistan Sports Goods Manufactyrers Association. • LSO Minar Welfare Foundation,Noora Seri/Sera Deri,Muzaffarabad. • Pakistan Steel Re-Rolling Mills Association • Madni Educational & Social Welfare Society,Attock. • Pakistan Woolen Mills Association • Madni Educational And Social Welfare Society,attock. • Patients Welfare Society,Attock. • Madrassa Alia Arabia Meraj Ul Uloom,Lucky Gate,Bannu. • Pattan Sher Khan Welfare • Madrassa Arabia Anwar Ul Uloom,Buland Thal/Noor • Shah Faisal Welfare Trust,Zaki plaza,Islamabad. • Madrassa Arabia Muhammadia Tadrees Ul Quran,Eidgah,Kotla • Shaheen Educational & Welfare Foundation,DHA,Lahore Cantt. Jam,Bhakkar. • Shaheen Welfare & Educational Society,Kiamanja,Muzaffarabad. • Madrassa Arabia Najmul Madaras,kalachi,D.I.Khan. • Shaheen Welfare Society,Brarkot,Muzaffarabad. • Madrassa Arabia Siraj Ul Madaras,Tahirabad,D.I.Khan. • Shaukat Memorial Welfare Trust,Jhelum. • Madrassa Arbia Hashmia. • Sher Ahmed Kayani (SAK) Memorial Development • Madrassa Arbia Shamsul Uloom,Buland Thal,Noorpur Thall,Khushab. Trust,Head Office:H.1812,St.10,I-10/2,Islamabad.Rawalpindi • Madrassa Darul Uloom Arabia,Hangu,Kohat. Office:H.83-A,St.19,Gulzar-E-Quaid,Rawalpindi. • Madrassa Darul Uloom Tajweed Ul Quran Jamia Siddiquia,D.I.Khan. • Social welfar Forum,Mera Saroo,Khawra,Muzaffarabad. • Madrassa E Islam Hashmia,Rwp. • Social Welfare Association,Bari Haweli,Bagh. • Madrassa Imdadia,Mansehra. • Social Welfare Council Jhang,Fateh Jhang. • Madrassa Jamia Islamia,Rwp. • Social Welfare Council Kotkey,Hazro. • Madrassa Jamia Muarif Ul Quran/Madrassa Moarif Ul Quran,Near. • Social Welfare Council Qutbal,Attock. Masjid Khulfa E Rashdin,Islamabad. • Social Welfare Council,Dhurnal,Fateh Jhang. • Madrassa Sirajul Uloom,Jabbari,Mansehra. • Social Welfare Council,Pindi Gheb,Khour. • Madrassa Tajweed Ul Quran Habibia,Ratta Kalachi,D.I.Khan. • Social Welfare Society Sojhanda Bata,Attock. • Madrassa Tajweed Ul Quran Madnia Yasinia,Bhangwali Shumali,D.I.Khan. • Social Welfare Society,Maira,Hazara. • Madrassa Taleem Ul Furqan,Mareer Hassan,Rwp. • Social Welfare Society,Mirza,Attock. • Management Education Trust School Of Business & • Society For Community Support For Primary Education In Balochistan. Commerce,Islamabad. • Society For Education & Environment Promotion (SEEP). • Manzil Welfare • Society for Human Rights & Prisoners Aids. • Maqsood Welfare Foundation,Bagh,Azad,kashmir. • Society for Mentally Handicapped Children • MCR-Pizza Hut.. • Society For Sustainable Development (SSD),H.24,St.1-A,A Block,Soan • millat Welfare Society,Syed Hussain,Syed Hall,Jhelum. Garden,Islamabad.

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• Society For The Services Of Humanity (SFSH),Islamabad. • USAID Projects. • Socio Economic Welfare Association. • UCH Power Ltd. –ESB Limited Operation and Maintenance Contractors. • SOS Pakistan • Ujala Welfare Society,Ghourghushti,Attock. • South Waziristan Welfare Society • UNDP,DIM Projects. • Sungi Development Foundation • UNDP,UNOCHA,(United Nations Office Of The Humanitarians Affairs) • Sungum Welfare Society,Muzaffarabad. Islamabad. • Support With Working Solutions (SWWS),Swabi. • UNICEF • Sustainable Development Association • United Welfare Society,Rwp. • Sustainable Development Policy Institute, Islamabad (SDPI) • Valley Youth Social Welfare Association. • Swiss Agency for Development and cooperation (SDC). • Voice For Human Rights,Islamabad. • Syed Maratib Ali Religious & Charitable Trust. • Watan Welfare Association,Mohallah Nindrai,Bagh. • Syed Muhammad Ismail Shah Memorial Welfare,Garhi • Welfare Society For Rural Development,Bagh. Dopatta,Muzaffarabad. • Women And Children Voice • alim-ul-Quran Society. T • Women Welfare Association,New Lalazar,Rwp. • Tameer E Pakistan Party,Rwp. • Women Welfare Foundation,Bagh,Azad Kashmir.& Kiran Welfare • Tanzeem Falah E Insaniyat,Islamabad. Society,Azad • Tanzeem Falah O Behbood,Abbotabad. • Women Welfare Organization Poonch,AJK. • Technical Association Pakistan Ltd. • Workers Welfare Fund,Ministry Of Labour And Overseas • Tehsil Social Welfare Council,Talagang. pakistanis,islamabad. • The Farogh E Islam Foundation,Rwp. • World Assembly of Muslim Youth (WAMY). • The Horticultural Society of Pakistan • World Wide Fund (WWF). • The Pakistan Foundation - Beco Trust • Young Welfare Organization, Muzafrabad • The prudents Youth Welfare Organization,Tulsa Road,Rwp. • Youth Welfare Organization,R-Block,Attock. • The Tulip Welfare Society,Islamabad. • Zamung Kor Development Organization,Opposite.PTCL Exchange • Trust For Rural Uplift and Community Education, Islamabad (TRUCE)

PROFIT MAKING ORGANIZATIONS Horwath Hussain Chaudhury and Company is among the top ten accounting and management consulting firm in Pakistan offering broad technical adeptness and in- depth knowledge of local market in audit, tax, risk management and advisory providing consistent quality and impeccable service to diverse clientele in industries large and small, global and local. The vast industry based competencies of experts employed by HHC allows clients in various industries to discover new ways to achieve business efficiencies, reduce costs, increase control, increase cash flow. Increase shareholder value, mitigate non-compliance risk and optimize performance. The key industries towhich our innovative services are offered include auto and allied engineering, banking, insurance, financial sector, cement manufacturers, real estate development and property management, engineering, construction, fertilizers, chemicals, foreign associates, fast moving consumer goods, manufacturers, retailers, educational institutes, hotel, travel, tourism, transportation, media , telecommunication, technology, pharmaceutical, leather and tannery, power generation, textile, carpets, jute manufacturers as detailed below:

LIST OF PROFIT MAKING ORGANIZATIONS

• Anam International (Pvt) Ltd. • ACPL (Pvt) Ltd. • Ascom (Pvt) Ltd • Advantage (Pvt) Ltd,Lahore. • Asrar International (Pvt) Ltd,Rwp. • AFJ International (Pvt) Ltd. • ATRADE (Pvt) Ltd.C/O.Abdul Ahad Khan,Islamabad. • AKLASC,Azad Kashmir Logging & Sawmills Corporation. • Bisma (Pvt) Ltd. • Al Farooq Industries (Pvt) Ltd.(AF Industries ) Rwp. • lue Moon International (Pvt) Ltd,Islamabad. • Al-Hamd Developers & Marketing (Pvt) Ltd,Lahore. B • Business Security Technology (Pvt) LTd (B.S.T.),Islamabad. • Al-Mathur Security Servives (Pvt) Ltd. • Business Solutions/Noha (Pvt) Ltd,Islamabad.

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• Consulting House (Pvt) Ltd,Rwp. • Fazia International Company (Pvt) Ltd. • Crown Enterprises (Pvt) Ltd,Faisalabadd. • Fist International,Scheme 3,Rwp. • Crown Melamine Industries (Pvt) Ltd,Abbotabad. • Fist Security (Pvt) Ltd,Islamabad. • CVG World (Pvt) Ltd,Rwp. • Federal Bank of Cooperatives Ltd. • C.I.I.C.(SMC-PVT) Ltd. • Frontier Provincial Cooperative Bank Peshawar • C.I.U.C.Pakistan (Pvt) Ltd,Islamabad. • Gulf Insurance Company Ltd. • Carson Woolen Mills (Pvt) Ltd,Islamabad. No.454,Street • Hameed Javed Securities (Pvt) Ltd. No.16,Chaklala,Scheme III,Rawalpindi. • Infinite Securities Ltd. • Chaudhry Muhammad Sharif & Co.(Pvt) Ltd,Lahore. • InterAsia Leasing Ltd. – Special Audit SECP • China Fuda Company Pakistan (SMC-PVT) Ltd,Islamabad • Islamic Investment Bank Ltd. • Change Global (Pvt) Ltd.Rwp.House China Huacheng (Pvt) Ltd,Islamabad. • Jhang Coop. Bank Ltd. • Chinese Bricks (Pvt) Ltd,Islamabad. • Khanewal Central Coop. Bank Ltd. • Chuang Ye Construction Company (Pvt) Ltd,Islamabad. • Lahore Central Coop. Bank Ltd. • Cinderalla Recording Co.(Pvt) Ltd,Islamabad. • Mianwali Coop. Bank Ltd. • Colony Sarhad Mills (Pvt) Ltd/Sohail Jute Mills,Rwp. • National Asset Leasing Corporation Ltd. – Investigation SECP • Complete human Resource Solutions (SMC-Pvt) Ltd. • National Industrial Coop. Bank Ltd. • Daisy Dot (Pvt) Ltd,Rwp. • National Insurance Corporation of Pakistan • Daleel Teq (Pvt) Ltd,Rwp. • National Insurance Corporation of Pakistan. • Dhai-UMS (Pvt) Ltd,Islamabad.C/O.OMG (Pvt) Ltd. • Pervez Ahmed Securities Ltd. • Dhodi’s Latex (Pvt) Ltd,I-9,Islamabad. • Punjab Small Industries Corporation. • Dost Sons (Pvt) Ltd,Choha Saidan Shah,Chakwal. • Rawalpindi Central Coop. Bank Ltd. • Dream Reader (Pvt) Ltd. • Regional Development Finance Corporation • Dost Sons (Pvt) Ltd,Choha Saidan Shah,Chakwal. • Sargodha Central Coop. Bank Ltd. • Dream Reader (Pvt) Ltd. • Sarwar Coop. Banking Union Campbellpur. • Eagle.Com (Pvt) Ltd,Bhimber,Azad Kashmir. • Sialkot Central Coop. Bank Ltd. • Emircom (Pvt) Ltd,Islamabad. • Sky Exchange (Pvt.) Ltd. • Emperor International Commercial Import & Export (Pvt) Ltd. • Standard Bearer Securities Ltd. • Eterna International (Pvt) Limited.(C/O.Breeze Pharma). • United Bank Ltd. AUTO & ALLIED ENGINEERING • Honda Centre (Pvt.) Ltd. • Aftab (Pvt.) Ltd. • Hyundai Kohinoor Motors (Pvt) Ltd. • Euro Guard (Pvt.) Ltd. • Jullundur Motor Agency Pakistan (Pvt.) Ltd. • Guard Filters (Pvt) Ltd. • Kadir Motors (Pvt) Ltd,Rwp. • Guard Oils (Pvt.) Ltd. • Malik Auto& Agricultural Industries (Pvt.) Ltd. • Guard Friction (Pvt.) Ltd. BANKING, INSURANCE & FINANCIAL SECTOR • Aftab Exchange Co.B (Pvt) Limited. • Khanewal Central Coop. Bank Ltd. • Al-Khaleej Exchange Company.B (Pvt) LTd,Islamabad. • Lahore Central Coop. Bank Ltd. • Abbasia Coop. Banl Ltd. • Mianwali Coop. Bank Ltd. • Adamjee Insurance Company Ltd. - Investigation SECP • National Asset Leasing Corporation Ltd. – Investigation SECP • Azad Kashmir Government Cooperative Bank Ltd. • National Industrial Coop. Bank Ltd. • Bankers City Management Services (Pvt) Ltd. • National Insurance Corporation of Pakistan • Coop. Insurance Society of Pakistan Ltd. • National Insurance Corporation of Pakistan. • Equity Participation Fund, IDBP • Pervez Ahmed Securities Ltd. • Fairdeal Exchange Company (Pvt) Ltd. • Punjab Small Industries Corporation. • First Women Bank Ltd,Karachi. • Rawalpindi Central Coop. Bank Ltd. • Federal Bank of Cooperatives Ltd. • Regional Development Finance Corporation • Frontier Provincial Cooperative Bank Peshawar • Sargodha Central Coop. Bank Ltd. • Gulf Insurance Company Ltd. • Sarwar Coop. Banking Union Campbellpur. • Hameed Javed Securities (Pvt) Ltd. • Sialkot Central Coop. Bank Ltd. • Infinite Securities Ltd. • Sky Exchange (Pvt.) Ltd. • InterAsia Leasing Ltd. – Special Audit SECP • Standard Bearer Securities Ltd. • Islamic Investment Bank Ltd. • United Bank Ltd. • Jhang Coop. Bank Ltd. CEMENT MANUFACTURERS

• Chakwal Cement Ltd. • Maple Leaf Cement Factory Ltd. • Dadabhoy Cement Industries Ltd. • White Cement Industries (Pvt) Ltd • Fouad Cement Ltd.

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DEVELOPMENT OF REAL ESTATE & PROPERTY MANAGEMENT

• A.G.Enterprises,Islamabad. • Lahore Chamber of Commerce at Industry. • A.I.Brothers (Pvt) Ltd,Rwp. • Lahore Museum. • Aasman Consultants (Pvt) Ltd,Islamabad. • Lahore University of Management Sciences (LUMS). • Abdul Ghaffar Enerprisses (Pvt) Ltd,I-10/3,Islamabad. • Mardan Model School & College. • Adnan Muhammad khan,(Sangjani Stone Co.) Islamabad. • National Council of Arts. • Al-Awan Locost Housing (Pvt) Ltd,Rwp. • National Defence University. • American Property Dreams (Pvt) Ltd. • National Education Foundation. • Art Tile & Ceramic Décor (Pvt) Ltd. • National Foundation Academy. • Asher’s Trading & Construction Company. • Punjab Education Foundation. • Askariya Company (Pvt) Ltd. • Root School System • Asko Enterprises,Islamabad. • Sarhad University. • General Welfare at Student Benefits. • St.Antony’ Old Boys Association. • Hassan Academy. • Technical Education and Vocational Training Authority, Lahore. • Ideal Education Social Welfare Society. • University Grants Commission (Now HEC). • Industrial Technical & Educational Institute. • University of engineering and technology (UET) • Integrated Research and Development Organization. • Viqar-un-Nisa Noon Girls School. • Islamabad Homeopathy Medical College. • Wah Bitish Institute of Technology.

HOTELS, TRAVEL & TOURISM • Bukhari Travel Services (Pvt) ltd,Islamabad. • Achakzah Travels,Rwp. • Capital Travel (Pvt) Ltd. • Across Pakistan Tours,Office # 3,Al-Madina Arcade,Phase VII,Bahria • Capitol Travels (Pvt) Ltd,Islamabad. Town,Islamabad. • Chadhry Travels,G-11/2,Islamabad. • Adil Travels & Tours International,Rwp. • De Risen Travel & Tours (Pvt) Ltd. • Adventure Hunza. • Delta Air Travels (Pvt) Ltd,Islamabad Office. • Adventure Kings Travels & Tours,Hunza,Gilgit. • Deta Hotel & Restaurant. • Adventure Pakistan,Rwp. • Discovery International Travels,Islamabad. • Aero Asia International (Pvt) Ltd,Karachi. • Famia Travels & Tours,Bhabhra Bazar,Rwp. • Aftab Tourism & Travels (Pvt) Ltd. • Hotel Holiday Crown Palace. • Air Aid Travels,Lala Musa. • Hotel United Rawalpindi (Pvt.) Ltd. • Air Bridge International (Pvt) Ltd. • Intercity(Pvt.) Ltd. • Al Akhwan Pilgrimage Services (Pvt) Limited.C/O.Muhammad Jahangir • Interworld Travel (Pvt) Ltd. • Al-Baian Travel Agency For Umrah & Hajj,Rwp. • Islamabad Hotel. • Al-Farid Travels. • Kadir Motor (Pvt) Ltd. • Al-Muslim Travels International,Rwp. • Kashmir Wala Hotel (Pvt.) Ltd. • Al-Saudia International Travels,Islamabad. • Liberty Hotel (Pvt.) Ltd. • Al-Taif Air Travels,Islamabad. • Malam Jabba Resorts Ltd. • Arab International Air Travels (Pvt) Ltd. • PMT Travels (Pvt.) Ltd. • Bilal Hotel (Pvt) ltd,Peshawar Road,Rwp. • Red Mountain Suria Resort (Pvt) Ltd.

LEATHER & TANNERY • Advantage (Pvt.) Ltd. • Sardar Ali Akhtar (Pvt.) Ltd. • Leatherrite (Pvt.) Ltd.

MEDIA & TELECOMMUNICATION • Asian Television Network Press (Pvt) Ltd. • National Press Trust • Best Telecom (Pvt.) Ltd • Northern Engineering Corporation (Pvt.) Ltd. • Brown Papers & Board Mills (Pvt.) Ltd. • Omer Tissue Mills (Pvt.) Ltd. • Fauji Card Systems (Pvt) Limited.C/O.NADRA Headquarter,Islamabad. • Packaging Materials (Pvt.) Ltd. • Focus Communications Rawalpindi. • Poly Pak (Pvt.) Ltd. • Global Papers Ltd. • Progressive Papers Ltd. • Hussain Paper & Board Mills (Pvt.) Ltd. • Rahwali Paper & Board Mills (Pvt.) Ltd. • Lasani Straw Board Mills (Pvt.) Ltd. • West Pak Publishing Co. (Pvt.) Ltd. • Mashriq Ltd. • World Telecom (Pvt.) Ltd.

PHARMACEUTICALS • Farmila Pakistan (Pvt) Ltd. • Agrovac Ltd. • Food Tech (Pvt.) Ltd. • Amkaza Pharmaceuticals (Pvt) Ltd,Islamabad. • Genesis Pharmaceutical (Pvt.) Ltd. • Bio Rex Pharmaceuticals,Islamabad. • Himont International (Pvt.) Ltd. • Breeze Pharma (Pvt) Limited.C/O.Creed Pharma,Rawalpindi. • Himont Laboratories(Pvt.) Ltd. • Creed Pharmaceutical,Masryal Road,Rwp. • Himont Pharmaceuticals (Pvt.) Ltd. • Bio Labs (Pvt.) Ltd. • Kisan Care (Pvt.)Ltd. • DHAI Amaris International Medical Centre (Pvt) Ltd.C/O.Syed Younus Ali. • Kisan Supplies (Pvt.) Ltd. • Life Technologies (Pvt.) Ltd.

Audit | Tax | Advisory | Risk | Corporate Secretarial Page 41 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile

POWER GENERATION • Attock Electric Supply Company Ltd. • Construction Circle (WAPDA) • Chakwal Power Ltd. • International Power Development Company TRANSPORTATION • National Police Foundation (Intercity Bus Services). • Islamabad Liners. • Pakistan Tours Limited (including Lahore Dehli Bus Service) TRADING • A.K Exports (Pvt.) Ltd. • Page International (Pvt.) Ltd. • Al-Hakim (Pvt.) Ltd. • Razi-ud-Din Associates (Pvt.) Ltd. • Beco Agencies (Pvt.) Ltd. • Sajjad Enterprises (Pvt.) Ltd. • Beco Trading Co. (Pvt.) Ltd. • Standard Bearer Trading (Pvt.) Ltd. • Image Enterprises (Pvt.) Ltd. • Zimpex (Pvt.) Ltd. TECHNOLOGY • Descon Information Systems (Pvt.)Ltd. • Softel (Pvt.)Ltd. • Descon IT-24 (Pvt.) Ltd. • Techaccess Pakistan (Pvt.) Ltd. • Pakistan Online (Pvt.) Ltd. • Tricastmedia (Pvt.) Limited TEXTILE, CARPETS & JUTE MANUFACTURERS • Kohinoor Fabrics Ltd. • Accord Textile Ltd. • Kohinoor Gujar Khan Ltd. • Ages Knitwear(Pvt.) Ltd • Kohinoor O.E Mills Ltd. • Akbar Enterprises (Pvt.) Ltd. • Kohinoor Raiwind Mills Ltd. • Allied Spinning Mills (Pvt) Ltd. • Kohinoor Weaving Mills Ltd. • Amin Spinning Mills Ltd. • Kohinoor Textile Mills Ltd. • Asim Textile Mills Ltd. • Lahore Spinning Mills (Pvt.) Ltd. • Ayesha Spinning Mills Ltd. • Lawrencepur Woolen & Textile Mills Ltd. • Beco Carpets (Pvt.) Ltd. • Mian Textile Mills Limited • CNC Textiles (Pvt.) Ltd. • National Embroidery Mills Ltd. • Chakwal Spinning Mills Ltd. • National Silk & Rayon Mills Ltd. • Chakwal Textile Ltd. • Nazir Cotton Mills Ltd. • Colony Sarhad Textile Mills Ltd. • Quaidabad Woolen Mills Ltd. • Dhan Fibres Ltd. • SargodhaTextile Mills Ltd. • D.S Industries Ltd. • Sargodha Jute Mills Ltd. • Fawad Textile Mills Ltd. • Shaheen Fabrics (Pvt.) Ltd. • Ghazi Fabrics International Ltd. • Service Fabrics Ltd. • Hajra Textile Mills Ltd. • Service Industries Textile Ltd. • Hala Enterprises Ltd. • Shaheen Cotton Mills Ltd. • Jet Era Textile Ltd. • Shaheen Textile Printing (Pvt.)Ltd. • J. M Knits (Pvt.) Ltd. • Shehzad Textile Mills Ltd. • Kashmir Textile Mills Ltd. • Textilion (Pvt.) Ltd • Khurshid Spinning Mills Ltd. • Yousuf Weaving Mills Ltd. MONITORING / EVALUATION / INVESTEGATION ASSIGNMENTS APPOINTED BY REGULATORS APPOINTED BY MANAGEMENT • Agrovac Ltd. • Descon Chem icals (Private) Limited • Adamjee Insurance Company Limited SECP • Highnoon Laboratories Limited • InterAsia Leasing Limited SECP • Ijaz Spinning Mills Limited • National Asset Leasing Corporation Limited SECP • Resham Industries Textiles Limited • Diamond Foam SECP • Fast Cables Limited • Millat Tractors Limited FBR • Mian Tyres &Rubber Company Limited • Ittehad Chemicals Limited FBR • Sajjad Textile Mills Limited • Honda Cars Pakistan Limited FBR • Nimir Resins Limited • Shahid Manan Forging (Private) Limited FBR • Nimir Industrial Chemicals Limited FOREGIN ASSOCIATIONS • Central Diesel Export S.A (France) • China Wanbao • China Estate Construction Engineering Corporation. • Nextsourcing Limited (Hong Kong) • China Huaching (Pvt) Ltd • CIIC Pakistan (SMC Pvt) ltd. • China Railway 18th Bureau Group (China) • China Building Material Corporations (China) • Greatsun Invetment Group Co. Ltd (China) • Christopher Levingston & Associates Solicitors (Pvt) Ltd • Harbin China Power Plant Equipment Corporation (HPEEC) (China) • Emedia Export Company m.b.h. (Germany) • Hainan Zheshang Investment Group Co. Ltd (China) • GrandScape Group Co. Ltd (China) • Henan Thermal Power Plant (China) • Harbin Power Engineering Co. (UCH Project) (China) • West Asia Economic and Technology (Pvt) Ltd • Hami Railway Group, (China) • China Railway Construction Company • Sight Savers (UK)

Audit | Tax | Advisory | Risk | Corporate Secretarial Page 42 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile

Audit | Tax | Advisory | Risk | Corporate Secretarial Page 43 Horwath Hussain Chaudhury & Co. (Chartered Accountants) Company Profile

Audit | Tax | Advisory | Risk | Corporate Secretarial Page 44 Horwath Hussain Chaudhury & Co. (Chartered Accountants)