Annual Accounts Dec 31,2015

03 Vision 04 Mission 05 Corporate Information 07 Zero Harm Charter 10 Corporate Objectives, Business Strategy 15 Chairman’s Review 17 Directors’ Report 21 Pattern of Shareholding 25 Six Years’ Key Operational and Financial Data 26 Notice of AGM 31 Statement of Compliance with the Code of Corporate Governance Contents 34 Review Report to the Members on Statement of Compliance with the Code of Corporate Governance 37 Auditors’ Report to the Members on Unconsolidated Financial Statements 39 Unconsolidated Financial Statements 44 Notes to the Unconsolidated Financial Statements 80 Auditors’ Report to the Members on Consolidated Financial Statements 81 Consolidated Financial Statements 86 Notes to the Consolidated Financial Statements 121 Form of Proxy Vision To develop a robust foundation of an Oil Marketing Company, with a well respected and a reputed brand, using innovative ways of doing businesses in alignment with best business practices and our "Zero Harm Charter". 03 HASCOL Annual Report - 2015 Annual Report Mission To ethically compete within our oil industry gaining recognition for product innovation and recognition, outperforming competitors on the basis of environmental sustainability, operational excellence and valuing human resources in the highly competitive oil marketing industry. 04 HASCOL Annual Report - 2015 Annual Report Corporate Information 05 Chairman & C.E.O Audit Committee Human Resource Committee HASCOL Mr. Mumtaz Hasan Khan Mr. Sohail Hasan (Chairman) Mr. Najmus Saquib Hameed (Chairman) Mr. Liaquat Ali (Member) Mr. Mumtaz Hasan Khan (Member) Directors Mr. Najmus Saquib Hameed (Member) Mr. Liaquat Ali (Member) Dr. Akhtar Hasan Khan Mr. Farooq Rahmatullah Khan Strategy Committee Auditors Annual Report - 2015 Annual Report Mr. Liaquat Ali Mr. Farooq Rahmatullah Khan (Chairman) Grant Thornton Anjum Rahman Mr. Najmus Saquib Hameed Mr. Mumtaz Hasan Khan (Member) Chartered Accountants Mr. Saleem Butt Mr. Liaquat Ali (Member) Mr. Sohail Hasan Mr. Saleem Butt (Member) Company Secretary Mr. Zeeshan Ul Haq Bankers Share Registrar Allied Bank Limited Central Depository Company of Pakistan Limited Askari Bank Limited Bank Al Falah Limited Legal Advisor Bank Al Habib Limited Mohsin Tayebaly & Co. Bank Islami Pakistan Limited Advocate & Legal Consultants Bank of Punjab Limited Burj Bank Limited Registered Oce First Women Bank Limited The Forum, Suite No. 105 - 106 Habib Metropolitan Bank Limited 1st Floor, Khayaban-e-Jami, Clifton Habib Bank Limited Block - 9, Karachi, Pakistan Industrial and Commercial Bank of China Limited Phone : 92-21-35301343-50 JS Bank Limited Fax : 92-21-35301351 MCB Bank Limited UAN : 111-757-757 Meezan Bank Limited E-mail : [email protected] National Bank of Pakistan Website: www.hascol.com NIB Bank Limited 06 Samba Bank Limited HASCOL Silkbank Limited Sindh Bank Limited Soneri Bank Limited Standard Chartered Bank (Pakistan) Limited Summit Bank Limited The Bank of Khyber - 2015 Annual Report United Bank Limited Zero Harm Charter 07 Hascol Petroleum Limited has initiated a Zero Harm HASCOL approach in compliance with its health, safety, environmental sustainability commitments within the scope of our legal and regulatory obligations. The spirit of our initiative is to ensure that employees, contractors, and other Annual Report - 2015 Annual Report stakeholders share a common attitude and emphasis towards health and safety — whether at work and even home. To achieve our commitment Hascol Petroleum Limited has set up the following guiding principles throughout the business to demonstrate our Zero Harm charter. Hascol supports health and safety by proactively Ongoing communicating with its risk assessment people and implement of our operations programs that where management actively addresses specific seeks feedback from hazards faced employees as in our industry. our operational growth occurs. Benchmark our HSEQ policy with our strategic partners and competitors to add value in our standards and continually review them to achieve Our actions have or even exceed industry a direct consequential standards. aect to the environment; so we aim to monitor our carbon foot-print and other contaminations/pollutant that occurs in the span of our operations and A progressive attitude mitigate them. which acknowledges that all workplace injuries or disease are preventable; employees are encouraged to report an incident Our initiative has and any near misses; obliged us to where a near miss is prepare contingency defined as a situation plans to counter any which could have adverse event/threat adverse consequences that can potentially if circumstances disrupt our Respect local and prevailed. operations. international law so that we set a prime example in the industry; and formulate our operation in 08 order to avoid any potential breaches; thus HASCOL setting an image of a Employees have a responsible organization. responsibility to identify and isolate any hazards during tasks, be it in the oce or out Annual Report - 2015 Annual Report In conclusion, our in operations; and our belief is based on a on the job continuous moral obligation that training program are any contribution we pivotal for achieving make today sets the this mission. tone for our future; so we strive to be accountable for achieving the best. Corporate Objectives and Business Strategy At HASCOL, our focus on sustainability healthy ethics plan is driven by our long-standing commitment to doing what is right. The objective of Hascol Petroleum Limited is to Our business strategy is devised in a manner that create a retail network catering the fuel needs of its ensures fulfilling energy needs in an 10 customer base throughout the country; reaching environmentally viable and socially responsible HASCOL remote areas for domestic consumption and to conduct. At Hascol Petroleum Limited, our cater the energy needs of all the industrial clients in aspiration is to attain a high standard of an ecient and profitable manner. Hascol performance with robust profitability as well as Petroleum Limited recognizes oil and gas as an strengthening market position in the competitive energy resource integral to future needs for environment. We closely liaise with our customers, economic development in this era of world partners and policy-makers to fulfill everyone's - 2015 Annual Report globalization. needs. A reputation is not built overnight. But when core values are in place, customers give it recognition for international standards, good governance and fair play. the contribution and importance our workforce provides Business based on our Principles ensure that all employees are aware of these principles, Hascol Petroleum Limited in our growth. Employees are encouraged to address any and behave in accordance with the spirit of this transacts its business based personal concerns to the Human Resource on a Hascol's core values of unity, faith and discipline coupled statement. The application of these principles is confidential basis for any issues they are facing that is with honesty, integrity and respect for people are the underpinned by a comprehensive set of assurance on the following Business aecting their performance. If any counseling is required, basis for all the work we do and are the foundation of our procedures which are designed to make sure that our the general management is duly notified. Hascol Business Principles. These rules apply to all transactions, employees understand the principles and confirm that Principles; for which the Petroleum Limited prioritises these matters as critical and are the basis of the behavior expected of every they act in accordance with them. As part of the business activities, sets standards and targets for employee in Hascol Petroleum Limited at all times. Our assurance system, it is also the responsibility of objective are stated below: improvement, and measures, appraises and reports reputation is based on our actions and it will be upheld if management to provide employees with safe and performance externally. we act in accordance with the law and the Business confidential channels to raise concerns and report Principles. We encourage our business partners to follow instances of non-compliance. In return, it is the Hascol Values Economics these principles. We persuade our employees to responsibility of the employees to report suspected demonstrate leadership, accountability and teamwork, breaches of the Business Principles to the management. Hascol Petroleum Limited’s employees share a set of It is universally recognized that profitability is essential and through these behaviors, to contribute to the overall The Business Principles have been fundamental to how beliefs as prescribed by our founding father - Unity, Faith for achieving business goals, prosperity and success of Hascol Petroleum Limited. It is the we conduct our business and living by them is crucial to and Discipline. We strongly value the importance of trust, sustainability for future growth. It is a measure, both in responsibility of the management to lead by example, to our continued success. openness, teamwork and professionalism, and take great terms of eciency and brand value that customers will pride in how we do business. HPL also places constant eventually place on Hascol Petroleum Limited; showing emphasis on employees to demonstrate a high level of confidence in our products and services. The business discipline in their role and establish a culture of foot-print is conducted in an economical manner; ingenuity; where people are welcome to provide

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