Auditors' Report to the shareholders' of

Padma Oil Company Limited

We have audited the accompanying financial statements of Padma Oil Company Limited, which comprise the statement of
financial position as at 30 June 2015, statement of profit or loss and other comprehensive income, statement of changes in
equity, statement of cash flows for the period from 1 July 2014 to 30 June 2015, and a summary of significant accounting
policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
Bangladesh Financial Reporting Standards (BFRS), the Companies Act 1994 and other applicable laws and regulations and for
such internal control as management determines is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant
to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion
In our opinion, the financial statements, prepared in accordance with Bangladesh Financial Reporting Standards (BFRS), give a
true and fair view of the financial position of the company as at 30 June 2015 and of their financial performance and cash flows
for the period from 1 July 2014 to 30 June 2015 and comply with the Companies Act 1994, Securities and Exchange Rules 1987
and other applicable laws and regulations.
We also report that:
i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for
the purposes of our audit and made due verification thereof;
ii) in our opinion, proper books of account as required by law have been kept by the company so far as it appeared from our
examination of these books;
iii) the statement of financial position and statement of comprehensive income dealt with by the report are in agreement with
the books of account and returns; and
iv) the expenditures incurred were for the purposes of the company's business.

Chittagong MRH Dey & Co. A. Qasem & Co.

10 November '2015 Chartered Accountants Chartered Accountants

58
 Padma Oil Company Limited
Statement of Financial Position
As at June 2015

Taka in' 000

As at June 30
Note(s) 2015 2014
ASSETS
Non-current assets
Property, plant and equipment 4 1,206,147 944,347
Capital work-in-progress 5 388,323 345,259
1,594,470 1,289,606
Current assets
Inventories 6 15,518,134 10,178,030
Accounts receivable 7 14,615,708 14,397,106
Due from affiliated companies 8 46,868,800 38,462,379
Advances, deposits and pre-payments 9 424,467 293,973
Cash and cash equivalents 10 17,193,258 25,602,404
94,620,367 88,933,892
TOTAL ASSETS 96,214,837 90,223,498
EQUITY AND LIABILITIES
Shareholders' equity
Share capital 11 982,327 982,327
Retained earnings 7,254,288 6,308,662
Total equity 8,236,615 7,290,989

Non-current liabilities:
Deferred tax liabilities 19 146,350 111,100
146,350 111,100
Current liabilities
Accounts payable 12 12,181,462 1,525,168
Supplies and expenses payable 13 10,024,704 9,633,929
Due to affiliated companies 14 63,716,154 68,122,033
Other liabilities 15 1,624,487 3,366,285
Dividend payable 16 112,649 53,527
Income tax payable 17 172,416 120,467
87,831,872 82,821,409
Total liabilities 87,978,222 82,932,509

TOTAL EQUITY AND LIABILITIES 96,214,837 90,223,498

Net Asset Value ( NAV ) per share 36 Tk. 83.85 Tk. 74.22

Annexed notes from 1 to 42 form integral part of these financial statements.

(A. M. Badrudduja)
CFO & Company Secretary Chairman

Signed in terms of separate report of even date annexed

Chittagong MRH Dey & Co. A. Qasem & Co.

10 November '2015 Chartered Accountants Chartered Accountants

59
 Padma Oil Company Limited
Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2015

Taka in' 000

Year ended June 30
Note(s) 2015 2014

Gross earnings on Petroleum Products 20 1,838,881 1,856,713

Direct cost on Petroleum Products:
Packing Charges 20.01 (25,962) (29,288)
Handling Charges 20.01 (8,994) (5,302)
(34,956) (34,590)
1,803,925 1,822,123
Net Operational gain 26.01 5,788 16,131
Net earnings on petroleum products 1,809,713 1,838,254
Operating expenses:

Administrative, selling and distribution expenses 21 (1,145,475) (1,121,406)

Financial expenses 22 (72,103) (76,297)
Interest expense through BPC (112,966) (114,527)
(1,330,544) (1,312,230)
Operating Profit on Petroleum 479,169 526,024
Other operating income -petroleum trade 23 624,019 161,721
Operating profit on Agro-chemical trading 24 26,889 18,218
650,908 179,939
Total Operating Profit 1,130,076 705,963
Non-operating Income 25 1,586,848 2,285,994
Net profit before WPPF 2,716,924 2,991,957
Contribution to Workers' Profits Participation and Welfare Fund 15 (135,846) (149,598)
Net profit before income tax 2,581,078 2,842,359
Provision for Income tax:
Current year tax 17 (617,875) (670,684)
Deferred tax 19 (35,250) (44,420)
(653,125) (715,104)
Net profit after tax transferred to Retained earnings 1,927,953 2,127,255

Earnings per share (EPS - basic) 27 Tk. 19.63 Tk. 21.66

Annexed notes from 1 to 42 form integral part of these financial statements.

(A. M. Badrudduja)
CFO & Company Secretary Chairman

Signed in terms of separate report of even date annexed

Chittagong MRH Dey & Co. A. Qasem & Co.

10 November '2015 Chartered Accountants Chartered Accountants

60
 Padma Oil Company Limited
Statement of Changes in Equity
For the year ended 30 June 2015

Taka' 000
Retained
Particulars Share Capital Total equity
earnings

Balance as on 1 July 2013 893,025 5,074,432 5,967,457

Bonus shares issued for the year 2012-13 89,302 (89,302) -

Cash dividend paid for the year 2012-13 - (803,723) (803,723)

Net profit after tax for the year 2013-14 - 2,127,255 2,127,255

Balance as at 30 June 2014 982,327 6,308,662 7,290,989

Balance as on 1 July 2014 982,327 6,308,662 7,290,989

Cash dividend paid for the year 2013-14 - (982,328) (982,328)

Net profit after tax for the year 2014-15 - 1,927,953 1,927,953

Balance as at 30 June 2015 982,327 7,254,288 8,236,615

(A. M. Badrudduja)
CFO & Company Secretary Chairman

61
 Padma Oil Company Limited
Statement of Cash Flows
For the year ended 30 June 2015

Taka in' 000

Year ended June 30
2015 2014
A. Cash Flows from Operating Activities:
Receipts from Customers and others 138,959,281 150,254,835
Paid to Suppliers against Petroleum and Agro Products and others (147,249,668) (145,722,981)
Receipts against Other income 221,288 161,805
Income tax paid (565,926) (847,191)

Net cash (used)/from Operating Activities (8,635,025) 3,846,468

B. Cash Flows from Investing Activities:

Capital Expenditure (411,655) (388,397)
Interest Income From FDR/SND 1,556,794 2,294,016
Proceeds on disposal of fixed assets 3,946 1,181
Net cash flowed from Investing Activities 1,149,085 1,906,800

C. Cash Flows from Financing Activities:

Dividend Paid (923,206) (792,131)
Net cash used in Financing Activities (923,206) (792,131)

Total ( A + B + C ) (8,409,146) 4,961,137

Opening cash and cash equivalents 25,602,404 20,641,267

Closing cash and cash equivalents 17,193,258 25,602,404
(8,409,146) 4,961,137

Operating Cash Inflow/(Outflow) per share (Tk. 87.90) TK. 39.25

Operating Cash Inflow/(Outflow) per share - restated Tk. 39.16

(A. M. Badrudduja)
CFO & Company Secretary Chairman

62
 Padma Oil Company Limited
Notes to the Financial Statements
As at and for the year ended 30 June 2015

1.00 Legal Form of Enterprise

The company was incorporated as a Public Limited Company on 27 April 1965 under the name and style of Burmah
Eastern Limited having its registered office at Chittagong. In 1977, Burmah Eastern Limited became a subsidiary of
Bangladesh Petroleum Corporation (BPC). The name of the company was changed to Padma Oil Company Limited
(POCL) with effect from 3rd September 1988 and its shares were listed with both the Chittagong and Dhaka Stock
Exchanges.

1.01 Nature of the business

The principal activities of the Company are procurement, storage and marketing of Petroleum products, Lubricants,
Greases, Bitumen and LPG.
In addition, the Company manufactures Agro Chemicals products (Furadan) in its Granular Pesticides Formulation plant
and markets Furadan together with certain other imported Agro-Chemicals products.

2.00 Basis of preparation

2.01 Statement of compliance

The financial statements have been prepared in compliance with Bangladesh Accounting Standards (BAS) and
Bangladesh Financial Reporting Standards (BFRS) and in accordance with the relevant requirements of the Schedule to
the Securities and Exchange Rules-1987, in conformity with the Companies Act-1994 .

2.02 Other regulatory compliances

The Company is also required to comply with the following major laws and regulations along with the Companies Act
1994:

The Income Tax Ordinance, 1984

The Income Tax Rules, 1984
The Value Added Tax Act, 1991
The Value Added Tax Rules, 1991
The Customs Act 1969

2.03 Basis of measurement

The financial statements have been prepared on the historical cost basis.

2.04 Going concern

The company has adequate resources to continue its operation in foreseeable future. For this reason the directors
continue to adopt going concern basis in preparing the financial statements.

The current revenue generations and resources of the company provide sufficient fund to meet the present requirements
of its existing business and operation.

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2.05 Applicable accounting standards
The following BASs are applicable for the financial statements for the period under review:
BAS - 1 Presentation of Financial Statements
BAS - 2 Inventories
BAS - 7 Statements of Cash Flows
BAS - 8 Accounting Policies, Changes in Accounting Estimates and Errors
BAS - 10 Events after the reporting period
BAS - 12 Income Taxes
BAS - 16 Property, Plant and Equipment
BAS - 17 Leases
BAS - 18 Revenue
BAS - 19 Employee Benefits
BAS - 21 The Effects of Changes in Foreign Exchange Rates
BAS - 24 Related Party Disclosures
BAS - 33 Earnings Per Share
BAS - 36 Impairment of Assets
BAS - 37 Provisions, Contingent Liabilities and Contingent Assets
BAS - 39 Financial Instruments: Recognition and Measurement

2.06 Functional and presentation currency

The financial statements are presented in Bangladeshi Taka which is the Company's functional currency. All financial
information presented in BDT has been rounded off to the nearest thousand Taka.

2.07 Use of estimates and judgments

The preparation of the financial statements in conformity with BAS and BFRS requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimates are revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and critical judgments in applying accounting
policies that have the most significant effect on the amounts recognized in the financial statements is included in the
following notes:

Note 4 Property, plant and equipment

Note 6 Inventories
Note 7 Accounts receivable
Note 17 Income tax payable/(receivable)
Note 19 Deferred tax liabilities
Note 34 Contingent liabilities

2.08 Reporting period

These financial statements of the company cover one year from 1 July to 30 June and is followed consistently.

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 3.00 Significant accounting policies
The specific accounting policies selected and applied by the Company’s management for significant transactions and
events that have material effect within the framework of BAS-1 “Presentation of Financial Statements”, in preparation and
presentation of financial statements have been consistently applied throughout the year and were also consistent with
those used in earlier years.

For a proper understanding of the financial statements, these accounting policies are set out below in one place as
prescribed by the BAS-1 “Presentation of Financial Statements”. The recommendations of BAS-1 relating the format of
financial statements were also taken into full consideration for fair presentation.

3.01 Property, plant and equipment

3.01.01 Recognition and measurement
Items of property, plant and equipment excluding Freehold land are stated at cost less accumulated depreciation.
Freehold Lands are stated at cost.
Cost includes expenditures that are directly attributable to the acquisition of the assets. The cost of self constructed
/installed assets includes the cost of materials and direct labour and any other costs directly attributable to bringing the
assets to the working condition for its intended use and the cost of dismantling and removing the items and restoring the
site on which they are located.

3.01.02 Subsequent costs

The cost of replacing part of an item of property, plant and equipment is recognized in the carrying amount of the item if it
is probable that the future benefit embodied within the part will flow to the company and its cost can be measured reliably.
The costs of the day to day servicing of property, plant and equipment are recognized in profit or loss as incurred.

3.01.03 Depreciation
Depreciation is recognized in Statement of profit or loss and other comprehensive Income on straight line method over
the estimated useful lives of fixed assets. Depreciation has not been charged in the year of deletion. The principal annual
rates are as follows.

Assets Rates of depreciation (%)

Leasehold Land 3.5
Building 2.5-10
Plant and Machinery 7.5-10
Vehicle 20
Furniture and Fixture 5
Others facilities 7.5-25

Gains and losses on disposals are recognised in Statement of profit or loss and other comprehensive income by
comparing between the disposal proceeds and the carrying amounts of particular assets.

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3.02 Financial instruments
(i) Non-derivative financial assets
The company initially recognizes accounts & other receivables on the date that they are originated. Financial assets
include accounts & other receivables, advances, deposits and prepayments, investment in FDR and cash and cash
equivalents.

Accounts & other receivables

Accounts & other receivable are financial assets with fixed or determinable payments that are not quoted in an active
market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to
initial recognition, accounts & other receivable are measured at amortized cost using the effective interest method, less
any impairment losses.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, cash at banks and FDR which are held by the company. Investment in
FDR includes fixed deposits held with various bank in the name of POCL. These FDRs comprises short-term deposits for
three month which are renewed upon maturity at the option of the company.

(ii) Non-derivative financial liabilities

Liabilities (including liabilities designated at fair value through profit or loss) are recognized initially on the trade date at
which the company becomes a party to the contractual provisions of the instrument. The company derecognizes a
financial liability when its contractual obligations are discharged or cancelled or expire. Financial liabilities includes
liabilities and accounts & other payables.
Accounts & other payables
The company recognizes a financial liability when its contractual obligations arising from past events are certain and
the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.

3.03 Inventories
Major and minor petroleum products of BPC excluding Lubes and Greases are valued at net realizable value. Lubs,
Greases and Agro-chemical products are valued at lower of cost or net realizable value. Stocks of stores and spares are
valued at moving average cost. Statutory charges ( like Custom-duty or VAT ) and freight attributable to Stock-in-trade
are carried forward and added to the value of the stocks. However, cost comprises procurement cost and attributable
overheads to bring the goods to their respective state at which they were on the reporting date.

3.04 Impairment
Property, plant and equipment
The carrying amount of the company's assets are reviewed at each reporting date to determine whether there is any
indication of impairment. If any such indication exists then the asset's recoverable amount is estimated. An impairment
loss is recognized if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount.

Receivables:
Company policy is to provide for impairment loss on debtors, excepting Government Organizations. if any receivables are
not realized within three years from due date.
3.05 Employee benefits
Employee benefits are all forms of consideration given by the entity in exchange for service rendered by an employee.

66
3.05.01 Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related
service is provided.

3.05.02 Post employment benefits

Post-employment benefits are employee benefits which are payable after the completion of employment. The company
maintains both defined contribution plan and defined benefit plan for its eligible permanent employees.

Defined contribution plan

The company has two contributory provident funds for its junior and senior executive which were recognized on 30 June
1967 under the applicable Income Tax laws and regulations. Contribution to the fund is made equally by employee and
employer @ 10% of basic pay for eligible permanent employees. The said funds is managed by a duly constituted four
member board of trustees. Assets of provident fund are held in a separate trustee fund as per the relevant rules and is
funded by payments from employees and by the company. The company's contributions to the provident fund is charged
as revenue expenditure in the period to which the contributions relate.

Defined benefit plan

The company maintains an funded gratuity scheme. Contribution to pension fund for pension and/or gratuity benefits is
made at the rate as determined on the basis of valuation certified by an actuary after every three years. The company
also account for provision of Workers' Profit Participation and Welfare funds (WPP & WF) @ 5% of its profit before
charging such expenses as per Labour Act 2006.

3.06 Earnings per Share (EPS)

This represents profit for the year attributable to ordinary shareholders. As there is no preference dividend, minority
interest or extra ordinary items, the net profit after tax for the year has been considered fully attributable to the ordinary
shareholders.

3.07 Statement of Cash Flows

Cash flows from operating activities have been prepared and presented under the direct method.

3.08 Provisions
A provision is recognized if, as a result of a past event, the company has a present legal or constructive obligation that
can be estimated reliably, and it is probable that an outflow of economic benefit will be required to settle the obligation.

3.09 Taxation
Current tax:
Income tax expense is recognized in statement of comprehensive income. Current tax is the expected tax payable on the
total income for the period/year using tax rates enacted or substantially enacted as of reporting date and any adjustment
to tax payable in respect of previous years. The company qualifies as a publicly traded company; hence the applicable
tax rate is 25% for the year.

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 Deferred tax:
Deferred tax has been provided using the liability method for all temporary time differences arising between the tax bases
of assets and liabilities and their carrying value for financial reporting purpose. Deferred tax assets and liabilities are
measured using tax rates and tax laws that have been enacted or substantially enacted at the date of statement of
financial position. Adjustments arising from such accounting have been recorded in the current year's statement of
comprehensive income.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets
and they relate to income taxes levied by the same tax authority on the same taxable entity.
The deferred tax asset/income or liability/expenses does not create a legal liability/recoverability to and from the income
tax authority.
3.10 Revenue
In compliance with the requirements of BAS 18 : Commission earnings from sales of petroleum products are measured at
fair value of the consideration received or receivable. Commission on petroleum products are determined by
Government through official Gazette Notification issued from time to time. Revenue from the sale of agro-chemical
products is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and
volume rebates.

Revenue is recognized when the significant risks and rewards of ownership have been transferred to the buyer, recovery
of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no
continuing management involvement with the goods, and the amount of revenue can be measured reliably.

3.11 Foreign currency

Transactions in foreign currencies are translated into Taka at the rates prevailing on the dates of the transactions.
Monetary assets and liabilities in foreign currencies at the date of statement of financial position are retranslated into
Bangladesh taka at the exchange rate prevailing on that date. All exchange differences if any, are recognized in the
statement of comprehensive income.
3.12 Other income
Other income - operating
Other income-operating includes land rent, service charges, filling & power station rent, POL products handling and
interest income on delayed payment. Other operating income are recognized as revenue income as and when accrued /
realized.
Other income - non-operating
Other income-non-operating includes interest income from SND and FDR, profit on disposal of assets and sale of scrape.
Interest from FDR and SND are recognized when accrued while profit on disposal of assets and sale of scrape are
recognized as revenue income as and when realized.
3.13 Events after the reporting period
Events after the reporting period that provide additional information about the company's position at the date of statement
of financial position or those that indicate the going concern assumption is not appropriate are reflected in the financial
statements. Events after the reporting period that are not adjusting events are disclosed in the notes when material.
3.14 Comparative Figures
Re-arrangement
Comparative figures have been rearranged where ever considered necessary to ensure better comparability with the
current period without causing any impact on the profit and value of assets and liability as reported in the financial
statement.

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69

4.00 Property, plant and equipment - at cost less accumulated depreciation Tk, 000

Leasehold Plant & Furniture & Other

Particulars Freehold Land Building Vehicles Total
Land Machinery Fixtures Facilities
Cost:
Opening Balance as on 1 July 2013 6,767 670 188,701 843,700 142,865 14,846 99,414 1,296,963
Additions during 2013-14 - - 25,747 292,681 52,574 2,946 16,972 390,920
Disposal during 2013-14 - - - (13) (2,799) - (159) (2,971)
Balance as at 30 June 2014 6,767 670 214,448 1,136,368 192,640 17,792 116,227 1,684,912
Opening Balance as on 1 July 2014 6,767 670 214,448 1,136,368 192,640 17,792 116,227 1,684,912
Additions during 2014-15 (note-5.01) - - 41,875 268,014 53,384 1,350 16,698 381,321
Disposal during 2014-15 - - - (64) (15,081) - (147) (15,292)
Balance as at 30 June 2015 6,767 670 256,323 1,404,318 230,943 19,142 132,778 2,050,941
Accumulated Depreciation:
Opening Balance as on 1 July 2013 - 670 132,561 355,726 97,944 7,175 69,195 663,271
Charge for the year 2013-14 - - 7,827 50,468 15,344 533 6,007 80,179
Disposal during 2013-14 - - - (4) (2,799) - (82) (2,885)
Balance as at 30 June 2014 - 670 140,388 406,190 110,489 7,708 75,120 740,565
Opening Balance as on 1 July 2014 - 670 140,388 406,190 110,489 7,708 75,120 740,565
Additions during 2014-15 - - 9,692 79,090 21,434 671 8,609 119,496
Disposal during 2014-15 - - - (64) (15,081) - (122) (15,267)
Balance as at 30 June 2015 - 670 150,080 485,216 116,842 8,379 83,607 844,794
Carrying Amounts:
As at 01 July 2013 6,767 - 56,140 487,974 44,921 7,671 30,219 633,692
As at 30 June 2014 6,767 - 74,060 730,178 82,151 10,084 41,107 944,347

As at 01 July 2014 6,767 - 74,060 730,178 82,151 10,084 41,107 944,347

As at 30 June 2015 6,767 - 106,243 919,102 114,101 10,763 49,171 1,206,147

Depreciation allocated to: Taka in ' 000

30-Jun-15 30-Jun-14

Administrative, Selling and Distribution Expenses (note-21.00) 107,233 72,717

Agro-chemical (note-23.00) 12,263 7,462
119,496 80,179
 Taka in' 000
As at June 30
2015 2014
5.00 Capital work in Progress

Opening Balance 345,259 347,782

Add: Addition during the year (Note-5.01) 424,385 388,397
769,644 736,179
Transferred to property, plant and equipment during the year (Note - 4.00 ) (381,321) (390,920)
388,323 345,259

5.01 Details of Capital Work In Progress ( Taka in '000)

Balance as at Expenditure incurred Transferred to Fixed Balance as at

Particulars
01-July-2014 during the year Assets 30-June-2015

Building 220,255 71,775 (41,875) 250,155

Plant & Machinery 121,215 279,840 (268,014) 133,041
Vehicles - 53,384 (53,384) -
Furniture & Fixtures 199 1,524 (1,350) 373
Other Facilities 3,590 17,862 (16,698) 4,754
2015 Total 345,259 424,385 (381,321) 388,323
2014 Total 347,782 388,397 (390,920) 345,259

6.00 Inventories

A. Stock-In-Trade (Petroleum products)

Major products 14,357,338 9,251,392

Minor products 542,740 303,019
Freight 97,508 81,908
14,997,586 9,636,319
B. Agro-chemical products

Finished products (note - 25.02) 248,739 235,331

Raw material 5,240 44,080
In transit 4,887 4,520
258,866 283,931
C. Stores

In stock 82,627 78,981

In transit 6,019 3,127
88,646 82,108

D. Packing materials 173,036 175,672

173,036 175,672

Total ( A + B + C +D) 15,518,134 10,178,030

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 Taka in' 000
As at June 30
2015 2014
7.00 Accounts Receivable
Accounts receivable - Petroleum products 13,729,566 13,664,219
Accounts receivable - Agro-chemical products 100,342 90,541
13,829,908 13,754,760
Other receivables 920,697 777,243
14,750,605 14,532,003

Less. Provision for Bad debts against trade account receivable (note - 7.01) (134,897) (134,897)
14,615,708 14,397,106

7.01 Tk. 98,924,000 receivable from Khulna Newspaper Mills against dues and Tk. 35,973,000 receivable from Bangladesh Air Force,
Bangladesh Army and Bangladesh Navy relating to the years 1998-1999 and 1999-2000 was accounted for as doubtful debts in
2008 and 2009 respectively.
7.02 Receivable against Agro-chemical trade is secured by Bank Guarantees/ Sanchaya Patras.

8.00 Due from Affiliated Companies (note:40.04) (note: 32)

Bangladesh Petroleum Corporation (BPC) 46,441,519 37,743,007

Eastern Refinery Limited 1,455 -
Eastern Lubricant & Blenders Limited 221,868 54,144
Meghna Petroleum Limited 42,842 396,451
Jamuna Oil Company Limited 161,116 268,777
46,868,800 38,462,379
9.00 Advances, Deposits and Pre-payments

Advances:
Advance to employees (note - 9.01) 73,278 33,224
Advance against expenses (note - 9.02) 3,523 14,215
76,801 47,439
Deposits:
Long term deposits (note - 9.03) 1,713 1,284
Short term deposits (note - 9.04) 325,696 227,242
327,409 228,526
Prepayments
Insurance premium 5,196 5,243
Rent, rates and taxes 15,061 12,765
20,257 18,008
424,467 293,973
9.01 Advances to employees
Employees car advances 2,527 287
Employees personal accounts 1,609 670
Festival advance 28,090 290
House building advance 41,052 31,977
73,278 33,224

Advance to employees represents amount of advances recoverable in cash from employees by the company.
9.02 Advances against expenses
Employees travelling expenses 1,169 1,249
Contractors for supplies 2,088 12,188
Advance to carrier 266 778
3,523 14,215
Advances against expenses represents amount of advances to employees, various parties which will be adjusted in the subsequent
year/s.

71
 Taka in' 000
As at June 30
2015 2014
9.03 Long term deposits
Security deposits against telephone 106 106
Security deposits against electricity supply 449 449
Sundry security deposits 1,135 706
Security deposits against chemicals 23 23
1,713 1,284
9.04 Short term deposits
Court fee Stamps 10 24
Deposits against franking machine 9 16
Deposits against duty 325,677 227,202
325,696 227,242

10.00 Cash and Cash Equivalent

Cash in hand
Head office 418 863
Depot 255 264
Remittance in transit 2,477,934 783,064
Cash at Banks
Fixed deposit receipts ( FDR ) (Note:10.01) 7,846,630 6,865,479
Short notice deposit (SND)(Note:10.02) 7,619,737 15,714,298
Current account (Note:10.03) (2,012,360) (333,494)
Collection account (Note:10.04) 1,253,657 2,552,187
Dividend account (Note:10.05) 6,987 19,743
17,193,258 25,602,404

10.01 Fixed deposit receipts ( FDR )

AB Bank Ltd. 20,819 -

Bangladesh Commerce Bank Ltd. 770,016 257,382
Bangladesh Krishi Bank 871,404 977,188
BASIC Bank Ltd. 1,552,489 1,330,655
Dhaka Bank Ltd. 162,291 102,475
EXIM Bank Ltd. 361,148 -
First Security Islami Bank Ltd. - 382,868
Jamuna Bank Ltd. 53,265 20,479
Janata Bank Ltd. - 614,287
Mercantile Bank Ltd. 51,069 102,465
National Credit & Commerce Bank Ltd. - 153,730
NRB Bank Ltd. 104,275 51,283
Rupali Bank Ltd. 65,996 622,118
Shahjalal Islami Bank Ltd. - 51,258
Social Islami Bank Ltd. 158,884 50,000
Sonali Bank Ltd. 2,702,440 1,607,907
Southeast Bank Ltd. 126,962 227,050
Standard Bank Ltd. 254,480 102,589
Trust Bank Ltd. - 51,232
United Commercial Bank Ltd. 220,597 160,513
NRB Commercial Bank Ltd. 103,382 -
UNION Bank Ltd. 53,569 -
NRB Global Bank 153,544 -
Ansar VDP Unnayan Bank 60,000 -
7,846,630 6,865,479

72
 Taka in' 000
As at June 30
2015 2014
10.02 Short notice deposit (SND)

AB Bank Ltd. (542,065) 871,462

Agrani Bank Ltd. 157,315 118,960
Bangladesh Krishi Bank 1,969 1,885
Bank Asia Ltd. 17,264 795,569
Brac Bank Ltd. 1,953,492 736,034
Citibank N/A 154,168 74,196
Eastern Bank Ltd. 141,521 98,770
Janata Bank Ltd. 1,755,503 2,012,373
Mercantile Bank Ltd. 1,044,750 1,873,951
One Bank Ltd. 786,605 1,285,218
Prime Bank Ltd. 546,460 1,821,402
Pubali Bank Ltd. 317,166 1,461,058
Sonali Bank Ltd. 140,793 114,587
Standard Chartered Bank 913,534 1,140,315
The Hongkong and Shanghigh Banking Corporation 45,162 186,910
Trust Bank Ltd. 251,447 711,198
United Commercial Bank Ltd. (65,347) 2,410,410
7,619,737 15,714,298
10.03 Current account :

Agrani Bank Ltd. (174,219) (33,758)

Brac Bank Ltd. - 42,621
Janata Bank Ltd. (1,417,165) (504,415)
Sonali Bank Ltd. 41 1
Standard Chartered Bank (421,017) 162,057
(2,012,360) (333,494)
* Figure in the bracket represents Book Overdraft only

10.04 Collection account:

Agrani Bank Ltd. 108,896 199,496

Brac Bank Ltd. - (2)
Janata Bank Ltd. 1,051,153 2,207,561
Pubali Bank Ltd. 50,122 73,981
Sonali Bank Ltd. 21,079 40,628
United Commercial Bank Ltd. 22,407 30,523
1,253,657 2,552,187
10.05 Dividend account:
Standard Chartered Bank 6,987 19,743
6,987 19,743

73
 Taka in' 000
As at June 30
11.00 Share Capital 2015 2014
No. of Shares

Authorised capital:

100,000,000 Ordinary Shares of Tk. 10 each 1,000,000 1,000,000

Issued, Subscribed and Paid-up capital:

1,275,000 1,275,000 Ordinary shares of Tk. 10 each fully paid up in cash 12,750 12,750
1,225,000 Ordinary shares of Tk. 10 each fully issued as fully paid-up bonus
1,225,000 12,250 12,250
shares for consideration other than cash.
2,500,000 25,000 25,000
Ordinary shares of Tk. 10 each issued as fully paid-up bonus (stock dividend)
shares in the ratio of 2 share for every 5 shares held

1,000,000 On 31st January 1984 10,000 10,000

1,400,000 On 22nd March 1997 14,000 14,000
2,400,000 24,000 24,000

Ordinary shares of Tk. 10 each issued as fully paid-up bonus (stock dividend)
4,900,000 49,000 49,000
shares in the ratio of 1 share for every 1 share held on 31 January 2009

Ordinary shares of Tk. 10 each issued as fully paid-up bonus (stock dividend)
19,600,000 196,000 196,000
shares in the ratio of 2 share for every 1 share held on 06 February 2010

Ordinary shares of Tk. 10 each issued as fully paid-up bonus (stock dividend)
14,700,000 147,000 147,000
shares in the ratio of 1 share for every 2 share held on 12 May 2012

Ordinary shares of Tk. 10 each issued as fully paid-up bonus (stock dividend)
22,050,000 220,500 220,500
shares in the ratio of 1 share for every 2 share held on 28 June 2012

Ordinary shares of Tk. 10 each issued as fully paid-up bonus (35% stock
23,152,500 231,525 231,525
dividend) held on 16 february 2013

Ordinary shares of Tk.10 each issued as fully paid-up bonus (10% stock
8,930,250 89,302 89,302
dividend) held on 15 February 2014

98,232,750 982,327 982,327

11.01 Classification of shares by holding

Class by number of shares No. of Holders No. of Shares Holding %

Less than 500 12,040 2,152,950 2.19
From 500 to 5,000 5,559 8,279,134 8.43
From 5,001 to 10,000 373 2,685,707 2.73
From 10,001 to 20,000 183 2,551,217 2.60
From 20,001 to 30,000 63 1,541,486 1.57
From 30,001 to 50,000 43 1,684,240 1.71
From 50,001 to 100,000 34 2,473,836 2.52
From 100,001 to 1000,000 37 10,405,887 10.59
From 1,000,001 and above 6 66,458,293 67.65
Total 18,338 98,232,750 100.00

11.02 Composition of Shareholders as at 30 June 2015

As at 30 June 2015 As at 30 June 2014

Name of shareholders
No. of Shares Holding % No. of Shares Holding %

Bangladesh Petroleum Corporation (BPC) 49,455,662 50.35 49,455,662 50.35

Public and Private Institutions 22,541,191 22.95 22,080,930 22.48
Investment Corporation of Bangladesh (ICB) 1,599,870 1.63 1,266,207 1.29
Individuals (Bangladeshi) 24,636,027 25.08 25,429,951 25.89
Total 98,232,750 100.00 98,232,750 100.00

74
 Taka in' 000
As at June 30
2015 2014
12.00 Accounts payable
Other supplies 11,942,617 1,313,458
Other charges 238,845 211,710
12,181,462 1,525,168

13.00 Supplies and expenses payable

Revenue charges 9,900,165 9,481,713

Duty, rates and taxes 52,221 80,761
Royalty 71,123 71,123
Employees' remuneration 1,195 332
10,024,704 9,633,929

14.00 Due to affiliated companies

Bangladesh Petroleum Corporation (BPC) (note - 32.00) 63,561,424 67,923,790

Jamuna Oil Company Limited 141,853 180,634
Standard Asiatic Oil Company Ltd 3,770 -
Liquified Petroleum Gas Limited 9,107 17,609
63,716,154 68,122,033

15.00 Other Liabilities

Customers' and agents' credit balances 861,273 2,197,045

Employees' fund 58,906 269,058
Security deposits 132,379 108,819
Tax deducted at source 952 406
* Employees' personal accounts 23,171 20,790
Liabilities for Capital Expenditure 91,049 78,319
Workers' Profit Participation and Welfare Funds 157,845 149,598
Others 298,912 542,250
1,624,487 3,366,285

* Amounts due to Managers and Officer of the company.

75
 Taka in' 000
As at June 30
2015 2014
16.00 Dividend payable

Unclaimed Dividend (note - 16.02) 111,151 51,998

Fractional Dividend 1,498 1,529
112,649 53,527

* Subsequently Tk. 2,762,274 has been paid/ adjusted thereof from 01 July 2015 to 30 October 2015
16.01 Dividend paid during the year

Outstanding as at 1 July 2014 (note - 16.02) 51,998 40,406

Add: Cash Dividend for the year 2013-2014 982,328 803,723
1,034,326 844,129
Outstanding as at 30 June 2015 (note - 16.02) (111,151) (51,998)
923,175 792,131

16.02 Liability for unclaimed dividend

Remained unclaimed on account of Individuals (Bangladeshi)

Dividend outstanding for the years:

2014 60,482 -
2013 16,136 16,936
2012 8,886 9,069
2011 11,477 11,622
2010 6,125 6,281
2009 1,757 1,771
2008 867 873
2007 734 741
2006 598 603
2005 429 432
2004 319 322
2003 263 265
2002 849 850
2001 or before 2,229 2,233
111,151 51,998

76
 Taka in' 000
As at June 30
2015 2014
17.00 Income tax payable / (receivable)
Balance at 01 July 2014 120,467 296,974
Add: Provision made during the year:
For current year 617,875 670,684
Written back of previous year's TDS (U/S 52) 301 -
Settlement of previous year's tax liability (16,760) (189,527)
721,883 778,131
Payment made during the year:
Tax deducted at source for supplying petroleum (U/S 52) (236,164) (215,875)
Tax deducted at source on FDR (U/S 53F) (154,363) (229,318)
Tax deducted at source on import (U/S 53) (25,880) (22,471)
Advance tax (U/S 64) (133,060) (190,000)
(549,467) (657,664)
Balance at 30 June 2015 172,416 120,467

Reconciliation of effective tax rate

Profit for the year 2,581,078 2,842,359

Total income tax expense 617,875 670,684
Effective income tax rate 23.94% 23.60%

Factors affecting the tax charge for current period:

Income tax using the Company’s domestic tax rate 25% 645,270
Excess of tax depreciation over accounting depreciation -1.06% (27,395)
23.94% 617,875

77
18.00 Position of Pending Tax Assessment

(Recoverable)
Accounting Assessment Payable as per order
Remarks
Year Year of Tax Department
Taka, 000
2001-02 2002-03 117,594 Rectification U/S 173 - pending in the High Court.
2002-03 2003-04 111,045 Rectification U/S 173 pending - AJCT reopened U/S 120 after tribunal
2003-04 2004-05 97,610 Rectification U/S 173 pending - AJCT reopened U/S 120 after tribunal
2004-05 2005-06 37,901 U/S 83(2)/ 82c/ 156/ 159/ 83(2)/ 156 - Rectification of mistake U/S 173
2005-06 2006-07 8,640 High Court against 82c - result in favour of POCL
2006-07 2007-08 (13,572) Return submitted U/S 82BB
2007-08 2008-09 41,766 High Court - result in favour of POCL
2008-09 2009-10 (295) Return submitted U/S 82BB
2009-10 2010-11 - Return submitted U/S 82BB
2010-11 2011-12 (125,116) Return submitted U/S 82BB
2011-12 2012-13 - Return submitted U/S 82BB
2012-13 2013-14 - Return submitted U/S 82BB
2013-14 2014-15 - Return submitted U/S 82BB
275,574

19.00 Deferred Tax

Deferred tax liability has been calculated below at the applicable tax rate on the difference between the carrying value of fixed assets
and their respective tax base.
Taka in' 000
As at June 30
2015 2014

Balance as at 01 July 2014 111,100 66,680

Add: Provided / (adjusted) for the year 35,250 44,420
Balance as at 30 June 2015 146,350 111,100

Reconciliation of Deferred tax liabilities/(assets)

Taka in '000
Carrying amount on the Tax base Taxable/
Taka Taka Taka
(a) As at 30 June 2015
Property, plant and equipment 1,206,147 620,745 585,402
Deferred tax liability ( Tax Rate - 25% ) 146,350

(b) As at 30 June 2014

Property, plant and equipment 944,347 495,458 448,889

Deferred tax liability ( Tax Rate - 24.75% ) 111,100

78
 Taka in' 000
Year ended June 30
2015 2014
20.00 Gross earnings on Petroleum Product
Gross Earnings (Note 20.01)
Turnover (Note 20.02) 146,697,186 154,424,507
Less: Cost of goods sold (Note 20.02) 144,858,305 152,567,794
1,838,881 1,856,713

20.01 Gross Earnings

Operational
i. Major Products Gross Earnings Packaging Handling Gain/(Loss) Net earning Net earning
HOBC 18,635 - (259) (14,517) 3,859 28,329
Jet A-1 237,303 - (1,800) (15,482) 220,021 193,532
MS 540,388 - (366) (33,576) 506,446 498,716
SKO 30,579 - (333) 846 31,092 48,528
HSD 791,753 - (5,156) 39,883 826,480 850,388
LDO 565 - (13) 717 1,269 297
FO 53,148 - (887) 27,181 79,442 97,448
MTT 10,822 - (39) 141 10,924 2,563
SBP 2,426 - - (774) 1,652 186
JBO 1,525 - (35) 1,369 2,859 2,625
Sub Total 1,687,144 - (8,888) 5,788 1,684,044 1,722,612

ii Minor Products
Lubs & Greases 138,703 (25,943) (21) - 112,739 104,275
LPG(Cylinders) 5,844 - (20) - 5,824 4,091
Bitumen 4,688 - (65) - 4,623 4,404
Other Products 2,502 (19) - - 2,483 2,872
Sub Total 151,737 (25,962) (106) - 125,669 115,642
Grand Total 1,838,881 (25,962) (8,994) 5,788 1,809,713 1,838,254

20.02 Turnover and Cost of Goods Sold

i. Major Products Year ended 30 June 2015 Year ended 30 June 2014
Turnover Cost of goods sold Turnover Cost of goods sold
MT, 000 Tk, 000 Tk, 000 MT, 000 Tk, 000 Tk, 000
HOBC 45 5,903,770 5,885,135 41 5,267,071 5,227,578
Jet A-1 339 28,524,119 28,286,816 323 33,757,406 33,541,857
MS 62 8,179,960 7,639,572 65 8,486,952 7,954,404
SKO 63 5,317,597 5,287,018 68 5,752,236 5,708,482
HSD 1,042 81,688,231 80,896,478 987 77,021,757 76,211,279
LDO 3 212,478 211,913 1 87,387 87,162
FO 196 12,841,683 12,788,535 302 19,833,246 19,766,739
MTT 7 663,197 652,375 8 734,703 733,057
SBP - 35,331 32,905 - 55,870 55,589
JBO 7 576,292 574,767 10 775,588 774,344
Sub Total 1,764 143,942,658 142,255,514 1,805 151,772,216 150,060,491

ii Minor Products
Lubs & Greases 4 1,491,065 1,352,362 4 1,474,589 1,341,027
LPG 5 248,311 242,467 5 252,660 248,558
Bitumen 16 993,689 989,001 15 894,864 890,424
Other Products - 21,463 18,961 - 30,178 27,294
Sub Total 25 2,754,528 2,602,791 24 2,652,291 2,507,303
Grand Total 1,789 146,697,186 144,858,305 1,829 154,424,507 152,567,794

79
 Taka in' 000
Year ended June 30
2015 2014

21.00 Administrative, Selling and Distribution Expenses

Salaries, wages and benefits(note - 21.01) 704,884 703,450
Depreciation (note - 4.00) 107,233 72,717
Fuel and power 48,995 55,879
Stores and spares 49,847 56,738
Repairs and maintenance (note - 21.02) 49,345 43,709
Rent 23,344 32,099
Travelling and conveyance 17,274 17,071
Aviation Service fees paid to Shell (note - 31.00) 15,504 20,900
Printing and stationery 10,061 9,758
Insurance 7,846 7,764
Legal and professional fees 2,938 3,356
Rates and taxes 4,870 4,997
Advertisement 4,077 3,991
Communication expenses 3,660 3,607
Entertainment 3,474 3,191
Directors' fees and expenses (note - 28) 1,018 1,220
BPC service charges 700 700
Audit fees 140 140
Other charges 90,765 80,619
1,145,975 1,121,906
Recoveries of Service charges from ELBL (500) (500)
1,145,475 1,121,406

21.01 Salaries, wages and benefits

Salaries, wages and bonus 313,867 276,947
Welfare and benefits 298,722 265,741
Contribution to pension fund 74,822 144,766
Contribution to provident fund 17,473 15,996
704,884 703,450
21.02 Repairs and maintenance
Plant and Machinery 29,607 26,226
Building 14,803 13,113
Others 4,935 4,370
49,345 43,709

22.00 Financial Expenses

Bank Charges 1,710 2,731
Interest on WPPF & WF 70,393 73,566
72,103 76,297
23.00 Other Operating Income
Sundry income (note - 23.01) 133,727 77,515
Profit on BPC's import handling 30,942 30,508
Gain from tanker freight rates 402,732 -
Miscellaneous receipts 56,618 53,698
624,019 161,721
23.01 Sundry income - net
Land rent/Plant hire/service charges from Eastern Lubricants and Blenders Ltd. 354 354
Rent receipts from Filling Station and Power Station 5,029 7,833
Service Charges receipts from Private Power Station 128,344 69,328
133,727 77,515

80
 Taka in' 000
Year ended June 30
2015 2014
24.00 Operating Profit on Agro-Chemicals Trading

Sales 860,986 766,098

Cost of Sales:
Product Cost (note - 24.01) (478,735) (429,873)
Other Cost - direct (176,556) (164,537)
(655,291) (594,410)
Gross Profit 205,695 171,688

Administrative, selling and distribution expenses

Salaries, wages and benefits (note - 24.02) 102,524 100,097
Depreciation (note - 4.00) 12,263 7,462
Stores and spares 4,359 5,708
Advertisement 6,846 434
Fuel and power 6,302 6,635
Travelling and conveyance 3,754 2,400
Rent 2,961 2,742
Insurance 2,706 1,602
Repairs and maintenance (note - 24.03) 1,470 2,064
Rates and taxes 1,082 947
Printing and stationery 899 954
Communication expenses 932 865
Entertainment 407 394
Other Charges 32,301 21,166
178,806 153,470
Operating profit 26,889 18,218

24.01 Product cost

Year ended 30 June 2015 Year ended 30 June 2014
Qty(MT) Amount(Tk.) Qty(MT) Amount(Tk.)

Opening Stock 1,428 235,331 1,028 164,075

Purchased/ Manufactured (note -26.02) 3,952 492,143 4,065 501,129
5,380 727,474 5,093 665,204
Closing stock (note - 26.02) 1,466 248,739 1,428 235,331
3,914 478,735 3,665 429,873

24.02 Salaries, wages and benefits

Salaries, wages and bonus 46,165 39,132

Other benefits 42,835 39,304
Contribution to pension and PF 13,524 21,661
102,524 100,097
24.03 Repairs and Maintenance

Plant and machinery 750 1,053

Building 691 970
Others 29 41
1,470 2,064
25.00 Non-Operating Income

Profit on disposal of fixed assets (Petroleum trading) 2,428 223

Profit on disposal of fixed assets (Agro-Chemical trading) 1,493 872
Interest on SND (Gross) for Agro Chemical Trading 10,000 10,000
Interest on SND (Gross) 771,911 1,349,451
Interest on FDR (Gross) 801,015 925,364
Disposal of Miscellaneous store 1 84
1,586,848 2,285,994

81
 26.00 Quantitative Reconciliation of POL Products are as follows:

Opening Inventory * Operation Gain/ * Transit Gain/ * Conversion Gain/ Closing Inventory
Product Purchase Sub Total Sales at Natural Sales at 30' c
as on 1 July 2014 (Loss) (Loss) (Loss) as at 30 June 2015

1 2 3 4 5 6=(2+3+4+5) 7 8 9=(7-8) 10=(6-9)

HOBC in Ltr.) 4,240,160 63,058,607 (153,913) (179,196) 66,965,658 62,117,590 (249,525) 62,367,115 4,598,543
JET A-1(in Ltr.) 31,917,171 446,621,861 (210,671) (3,094,971) 475,233,390 431,149,237 (1,063,389) 432,212,626 43,020,764
MS(in Ltr.) 5,226,985 90,189,093 (367,111) (398,181) 94,650,786 87,157,291 (337,374) 87,494,665 7,156,121
SKO(in Ltr.) 10,471,744 81,290,931 12,823 (202,773) 91,572,725 79,835,563 (220,078) 80,055,641 11,517,084
HSD(in Ltr.) 96,280,916 1,271,060,796 611,980 (3,414,302) 1,364,539,390 1,228,810,241 (3,057,805) 1,231,868,046 132,671,344
LDO(in Ltr.) 56,666 3,111,965 10,615 - 3,179,246 3,138,152 211 3,137,941 41,305
FO(in Ltr.) 7,550,985 226,730,367 459,132 (623,073) 234,117,411 212,590,108 (346,431) 212,936,539 21,180,872
JBO(in Ltr.) 1,216,976 8,248,695 20,280 (14,042) 9,471,909 8,476,200 (21,156) 8,497,356 974,553
MTT(in Ltr.) 376,925 9,165,168 1,970 - 9,544,063 9,183,445 (15,218) 9,198,663 345,400
SBP(in Ltr.) 43,590 382,045 (7,836) - 417,799 356,880 - 356,880 60,919
LS-HSD(in Ltr.) - 6,438,805 - - 6,438,805 6,438,805 - 6,438,805 -
LMS (in Ltr.) - 452,000 - - 452,000 452,000 - 452,000 -
2014-2015 157,382,118 2,206,750,333 377,269 (7,926,538) 2,356,583,182 2,129,705,512 (5,310,765) 2,135,016,277 221,566,905
2013-2014 177,905,402 2,157,024,156 581,089 (7,512,018) 2,327,998,629 2,165,901,467 (4,715,044) 2,170,616,511 157,382,118
* Conversion gain/(loss), column 8 due to difference between sales at 30°C and natural sales is adjusted with products cost where as products receipts/purchase(column-3) is made on 30°C.
* Transit loss(column-5) is fully recovered; i.e. admissible gain/(loss) is borne by BPC and loss beyond allowable limit is recovered from the carriers for all products other than Jet A-1.
* Operation gain/(loss) Column-4 (note-26.01)
82
 26.01 Net Operational Gain/(Loss):
83

HOBC JET A-1 MS SKO HSD LDO

LOCATIONS
VOL. Tk. VOL. Tk. VOL. Tk. VOL. Tk. VOL. Tk. VOL. Tk.
MI CTG. (62,608) (5,905,187) (25,595) (1,880,977) (235,758) (21,562,427) (24,414) (1,610,592) 487,574 31,775,198 10,615 716,725
ASHUGONJ - - - - - - (19,884) (1,311,747) 85,889 5,597,386 - -
CHANDPUR (1,687) (159,118) - - - - 4,545 299,834 3,005 195,836 - -
SYLHET (2,199) (207,410) - - (10,830) (990,512) 2,629 173,435 13,115 854,705 - -
BRAHMANBARIA - - - - 10,685 977,250 - - (9,174) (597,870) - -
SREMANGAL 8,809 830,865 - - 4,559 416,966 7,493 494,313 24,104 1,570,858 - -
DAULATPUR (3,648) (344,079) (5,844) (429,476) 1,601 146,427 (5,954) (392,785) (66,091) (4,307,150) - -
GODENAIL (94,839) (8,945,214) (116,004) (8,525,134) (128,563) (11,758,372) 7,184 473,928 (59,661) (3,888,107) - -
JHALAKATI - - - - 7,312 668,756 5,783 381,505 16,807 1,095,312 - -
RANGPUR - - - - - - 443 29,225 4,622 301,216 - -
BAGHABARI 2,259 213,069 - - (17,636) (1,612,989) 7,292 481,053 11,833 771,157 - -
HSI AIRPORT - - (54,078) (3,974,192) - - - - - - - -
CHITTAGONG AIRPORT - - (5,510) (404,930) - - - - - - - -
OI AIRPORT SYLHET - - (3,640) (267,504)
BHAIRAB BAZAR - - - - - - 6,928 457,040 54,635 3,560,563 - -
PARBATIPUR - - - - 1,519 138,928 22,566 1,488,679 85,935 5,600,384 - -
NATORE - - - - - - - - 370 24,113 - -
BARISAL BARGE - - - - - - (1,788) (117,954) (40,983) (2,670,862) - -
2014-2015 TOTAL (153,913) (14,517,074) (210,671) (15,482,213) (367,111) (33,575,973) 12,823 845,934 611,980 39,882,739 10,615 716,725
2013-2014 TOTAL (120,148) (11,029,586) (247,017) (21,021,146) (395,631) (33,608,854) 79,651 4,982,966 692,668 42,744,541 1,108 74,812

FO JBO MTT SBP TOTAL

LOCATIONS
VOL. Tk. VOL. Tk. VOL. Tk. VOL. Tk. VOL. Tk.
MI CTG. 403,076 23,862,099 12,586 849,807 1,970 141,446 (7,836) (773,727) 559,610 25,612,365
ASHUGONJ - - - - - - - - 66,005 4,285,639
CHANDPUR - - - - - - - - 5,863 336,552
SYLHET - - - - - - - - 2,715 (169,782)
BRAHMANBARIA - - - - - - - - 1,511 379,380
SREMANGAL - - - - - - - - 44,965 3,313,002
DAULATPUR 56,263 3,330,770 2,450 165,424 - - - - (21,223) (1,830,869)
GODENAIL (207) (12,254) 5,244 354,075 - - - - (386,846) (32,301,078)
JHALAKATI - - - - - - - - 29,902 2,145,573
RANGPUR - - - - - - - - 5,065 330,441
BAGHABARI - - - - - - - - 3,748 (147,710)
HSI AIRPORT - - - - - - - - (54,078) (3,974,192)
CHITTAGONG AIRPORT - - - - - - - - (5,510) (404,930)
OI AIRPORT SYLHET - - - (3,640) (267,504)
BHAIRAB BAZAR - - - - - - - - 61,563 4,017,603
PARBATIPUR - - - - - - - - 110,020 7,227,991
NATORE - - - - - - - - 370 24,113
BARISAL BARGE - - - - - - - - (42,771) (2,788,816)
2014-2015 TOTAL 459,132 27,180,615 20,280 1,369,306 1,970 141,446 (7,836) (773,727) 377,269 5,787,778
2013-2014 TOTAL 535,109 31,731,964 22,050 1,408,995 14,274 942,084 (975) (94,429) 581,089 16,131,347
 26.02 Statement of Cost of Sales (Item wise): (Quantity: MT)
Opening Stock Purchased/Manufactured Closing Stock Cost of Sales
Name of the Items Qty Tk. 000 Qty Tk. 000 Qty Tk. 000 Qty Tk. 000
Furadan 5G. 512 38,916 2,440 177,687 640 48,189 2,312 168,414
Mipcin 75WP 26 20,329 21 14,173 15 11,440 32 23,062
Ripcord 10EC 50 23,724 106 51,614 48 23,636 108 51,702
Acrobat MZ 12 8,944 93 67,475 22 16,910 83 59,509
Roteluck 9% 28 4,584 - 12 24 3,864 4 732
Mukta Plus 252 20,384 561 42,535 167 12,983 646 49,936
Talstar 2.5EC 5 2,091 18 7,864 10 4,202 13 5,753
Haymancozeb 16 4,617 46 12,949 12 3,406 50 14,160
Haconazole 29 9,151 46 14,174 36 11,316 39 12,009
Mg Plus 235 3,733 147 2,080 132 1,998 250 3,815
Regent 50SC 21 19,521 20 17,821 20 18,277 21 19,065
Haysulf DF 80% 165 14,895 357 30,698 236 20,757 286 24,836
Sulcox 50WP 16 7,515 15 7,192 17 7,995 14 6,712
Glyfocl 41SL 12 3,421 25 6,689 22 5,904 15 4,206
Opal 75EC 10 7,910 - - 9 6,652 1 1,258
Haymidor 70WG 6 16,333 5 13,608 4 12,126 7 17,815
Defence 35SC 8 5,274 7 2,789 10 5,819 5 2,244
Stroke 50 EC 2 1,593 - 0 2 1,474 - 119
Arivo 10 EC 4 1,535 - 0 2 1,094 2 441
Intripid 10 SC 10 9,081 - - 6 5,448 4 3,633
Hayclaim 5SG 4 5,831 5 6,514 5 6,632 4 5,713
Accurator 69EW 3 2,057 - - - 364 3 1,693
Surpass 20SC 2 3,892 - 0 2 3,723 169
Novostar 56EC - - 8 6,277 6 5,106 2 1,171
Trigger 56EW - - 8 4,427 7 4,342 1 85
Manage 10WP - - 12 5,081 12 5,079 - 2
Foundation Seed BR 11 - - 10 386 - 3 10 383
Foundation Seed BR 34 - - 2 98 - - 2 98
30 June 2015 1,428 235,331 3,952 492,143 1,466 248,739 3,914 478,735
84

30 June 2014 1,028 164,075 4,065 501,129 1,428 235,331 3,665 429,873
26.03 Analysis of Material Consumed (Agro-chemicals trading):

Year ended 30 June 2015 Year ended 30 June 2014

Qty. Tk. 000 Qty Tk. 000

(a) Raw Materials- Furadan MT 2,440 168,414 2,231 162,608

(b) Packing Materials Various 48,309 44,734
216,723 207,342

26.04 Value of raw materials, packing materials and stores & spares consumed (Agro-chemicals trading):

July-2014 to June-2015 July-2013 to June-2014

Tk. 000 % Tk. 000 %
Import 174,655 79 168,310 79
Indigenous 46,427 21 44,740 21
221,082 100 213,050 100

Raw and Packing Materials (Note-26.03) 216,723 207,342

Store and Spares 4,359 5,708
221,082 213,050

26.05 Value of purchases/ Manufactured of Agro-Chemicals Products

July-2014 to June-2015 July-2013 to June-2014

Tk. 000 % Tk. 000 %
Import 442,929 90 451,015 90
Indigenous 49,214 10 50,113 10
492,143 100 501,128 100

26.06 Agro-Chemical (Furadan)- Capacity and Production

Production Qty
Unit Capacity (Single Shift) Increased (%)
30-Jun-15 30-Jun-14

MT 3,000 2,370 2,186 8.42%

Reasons for variance:

Quantity of production increased during the year due to rise in market demand.

Taka in' 000

Year ended June 30
2015 2014
27.00 Earning Per Share

(a) Earning attributable to the ordinary shareholders (Tk.) 1,927,953 2,127,255

(b) Number of ordinary shares at the end of the year 98,232,750 98,232,750

Earning Per Share - basic Tk. 19.63 Tk. 21.66

85
28.00 Directors' Fees and Expense

Details of Directors' fees & expenses paid during the year are as follows:
Name of the Directors and Managing Director. Gross VAT Deducted Net Paid
Tk. Tk. Tk.
Mr. A. M Badrudduja (Chairman) 28,750 3,750 25,000
Mr. Md. Eunusur Rahman (Ex. Chairman) 28,750 3,750 25,000
Mr. Mamtaz-Ala-Shakoor Ahmed (Add. Secretary) 51,750 6,750 45,000
Mr. Md. Masud Sadiq 28,750 3,750 25,000
Mrs. Farzana Mamtaz 46,000 6,000 40,000
Mr. Ahmed Jamal Khan Chowdhuri 57,500 7,500 50,000
Mr. Md. Abdul Awwal 40,250 5,250 35,000
Mr. Md. Arifuzzaman Miah Tutul 17,250 2,250 15,000
Mr. Md. Abul Khair (MD) 63,250 8,250 55,000
362,250 47,250 315,000

Taka in' 000

Year ended June 30
Particulars
2015 2014
Directors' Fees paid-Gross 362 431
Meeting expenses 656 789
1,018 1,220

29.00 Remuneration of MD, managers and officers:

Taka in ' 000 Taka in ' 000
July-2014 to June-2015 July-2013 to June-2014
MD Managers Officers MD Managers Officers
29.01 Remuneration:
Salary,allowances and bonus 1,347 60,149 78,385 1,283 57,285 74,652
House rent allowance:
House rent 543 11,607 29,307 517 11,054 27,911
Other utilities 185 2,560 2,275 176 2,438 2,167
728 14,167 31,582 693 13,492 30,078
Leave encashment 72 1,696 4,074 69 1,615 3,880
Provident fund 128 2,901 4,217 122 2,763 4,016
2,275 78,913 118,258 2,167 75,155 112,626
Number of Employees 1 73 222 1 64 207

29.02 House Rent The Managing Director, Managers and Officers are paid cash allowance.
Accommodation 6 Managers are provided with free furnished accommodation.

29.03 Transport The Managing Directors and Departmental Heads are provided with free use of Company's car subject to limit.
Other Managers are paid cash assistance, subject to limit.
Officers are paid cash allowances.

29.04 Telephone Residential telephone for mainly Company's business- for Managing Director and Managers, subject to limit.

29.05 Medical The Managing Director, Managers and Officers are provided with free medical facilities according to company policy.

29.06 Insurance The Managing Director, Managers and Officers are provided with coverage for group insurance according to the company
policy.

29.07 Remuneration The Directors other than the Managing Director, who is an ex-officio director, are not paid any remuneration except for fees
and expenses in connection with attending to Company's Board Meeting.

86
 Taka in' 000
Year ended June 30
2015 2014
30.00 Employees

Number of Employees whose salary was below Tk. 3,000 - -

Number of Employees whose salary was Tk. 3,000 or above 1,172 1,091

31.00 Expenditure in foreign currency at equivalent BDT

Aviation service fee to Shell International Petrolium Company Ltd. (SIPCL) 15,504 20,900
15,504 20,900

32.00 Related Party Transactions

During the year, the company carried out a number of transaction with related parties in the normal course of business and on an arms
length basis. The name of these related parties, nature of transactions and balance as at 30.06.15 in accordance with the provisions of
BAS- 24 are presented below:

Balance as on 30
Name of the Parties Relationship Nature of Transactions
June 2015
Bangladesh Petroleum Corp.(BPC) Parent Concern Product supplies and services 63,561,424 Cr.
Bangladesh Petroleum Corp.(BPC) Parent Concern Product supplies and services 46,441,519 Dr.
Eastern Refinery Ltd. Subsidiary of BPC Product supply 1,455 Dr.
Eastern Lubricants Blenders Ltd. Associate Company Blending of Products 221,868 Dr.
Standard Asiatic Oil Company Ltd Subsidiary of BPC Blending of Products 3,770 Cr.
Meghna Petroleum Ltd. Subsidiary of BPC Product Exchange 42,842 Dr.
Jamuna Oil Company Ltd. Subsidiary of BPC. Product Exchange 161,116 Dr.
Jamuna Oil Company Ltd. Subsidiary of BPC. Product Exchange 141,853 Cr.
Liquified Petroleum Gas Ltd. Subsidiary of BPC. Product Supply 9,107 Cr.

Details of transactions

Provided during Adjusted during the

Name of the Parties Opening Balances Closing Balance
the year year
Bangladesh Petroleum Corp.(BPC) 67,923,790 Cr. 137,830,889 142,193,255 63,561,424 Cr.
Bangladesh Petroleum Corp.(BPC) 37,743,007 Dr. 19,162,152 10,463,640 46,441,519 Dr.
Eastern Refinery Ltd. - 3,174 1,718 1,455 Dr.
Eastern Lubricants Blenders Ltd. 54,144 Dr. 289,031 121,307 221,868 Dr.
Standard Asiatic Oil Company Ltd - 153,286 149,517 3,770 Cr.
Meghna Petroleum Ltd. 396,451 Dr. 301,018 654,628 42,842 Dr.
Jamuna Oil Company Ltd. 268,777 Dr. 227,123 334,784 161,116 Dr.
Jamuna Oil Company Ltd. 180,634 Cr. 13,835 52,617 141,853 Cr.
Liquified Petroleum Gas Ltd. 17,609 Cr. 135,338 143,840 9,107 Cr.

87
 Taka in' 000
As at June 30
2015 2014

33.00 Contingent Assets

Interest realizable for delayed payment from Biman & BCIC 3,097,703 1,946,575
Claims realizable from Bangladesh Railway 13,853 13,738
Amount realizable from BPC on account of sale of Jet-A1 to the foreign Airlines. 43,589 43,589
3,155,145 2,003,902

34.00 Contingent liabilities

Guarantees issued by the company's bankers to third parties on counter indemnities given by the
company against the bankers limit at Tk. One Crore secured by hypothecation over the company's 497 497
inventories and book debts.

Confirmed irrevocable letters of credit (net of margin) opened by the banks-having bankers limit at
Tk. 10 crores, secured by hypothecation over the inventories and book debts of the company. 3,989 20,012

4,486 20,509

35.00 Capital Commitments

Authorised but not contracted 775,935 1,030,198

Authorised and Contracted for but not provided-pending execution 781,359 665,844
Order for local supplies services pending execution 26,913 47,305
1,584,207 1,743,347

36.00 Net value per share

The composition of Net Assets Value per share is given below :
i) Net Assets Value during the year ( Tk. ) 8,236,615 7,290,989
ii) Number of Ordinary Shares at the end of the year 98,232,750 98,232,750
Net Asset Value ( NAV ) per share Tk. 83.85 Tk. 74.22

37.00 Operating cash flow per share

The composition of Operating Cash Inflow/(Outflow)

value per share is given below :

i) Operating Cash Inflow/(Outflow) during the year (Tk.) (8,635,025) 3,855,669

ii) Number of Ordinary Shares at the end of the year 98,232,750 98,232,750
Operating Cash Inflow/(Outflow) per share (Tk. 87.90) TK. 39.25
Operating Cash Inflow/(Outflow) per share - restated Tk. 39.16

38.00 The quantum of potential liability at the reporting date for the value of employees unutilized earned leave has neither been ascertained nor any
provision therefor been made in the financial statements.

39.00 Events after reporting period

The Board of Directors in their meeting held on 10 November 2015 recommended 100% cash dividend (Tk. 982,327,500) @ Tk. 10 per share for
the year ended 30 June 2015.

88
 40.00 Financial risk management
The Company management has overall responsibility for the establishment and oversight of the Company's risk management
framework. The Company's risk management policies are established to identify and analyse the risks faced by the Company, to
set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies, procedures and
systems are reviewed regularly to reflect changes in market conditions and the Company's activities. This note presents
information about the Company's exposure to each of the above risks, the Company's objectives, policies and processes for
measuring and managing risk, and the Company's management of capital. The company has exposure at the following areas of
risk.

a) Credit risk
b) Liquidity risk
c) Market risk

40.01 Credit risk

Credit risk is the risk of a financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company's receivables. Management has a credit policy in place and the
exposure to credit risk is monitored on an ongoing basis. In monitoring credit risk, debtors are grouped according to their risk
profile, i.e. their legal status, financial condition, ageing profile etc. Accounts receivable are related to sale of petrolium and agro-
chemical produced. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the
statement of financial position. Credit sales as compared to the total sales are insignificant. Government institutions are allowed to
purchase on credit.

40.02 Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the
reporting date was:
Taka in' 000
As at June 30
2015 2014

Accounts receivable 14,615,708 14,397,106

Due from affiliated companies 46,868,800 38,462,379
Advance, deposit & prepayments 424,467 293,973
Cash and bank balance 14,714,651 25,602,404
76,623,626 78,755,862
40.03 Ageing of accounts receivable

Less than 6 months 6,000,559 5,943,565

Over 6 months but less than 12 months 5,328,324 5,524,097
Over 1 year but less than 2 years 3,139,689 2,770,415
Over 2 years 147,136 159,029
14,615,708 14,397,106

40.04 Ageing of due from affiliated companies

Less than 1 year 19,137,447 13,790,951
Over 1 year but less than 2 years 3,748,136 2,588,756
Over 2 years but less than 5 years 7,378,063 9,307,385
Over 5 years but less than 10 years 14,389,527 10,502,729
Over 10 years 2,215,627 2,272,558
46,868,800 38,462,379

89
40.05 Credit exposure by credit rating

As at 30 June 2015
Credit rating Taka '000 (%)

Accounts and other receivables NA 14,615,708 19.07%

Due from affiliated companies NA 46,868,800 61.17%
Advance, deposit & prepayments NA 424,467 0.55%
Cash at bank balance
Cash at bank 14,714,651 19.20%
AB Bank Ltd. AA3 (521,246) -0.68%
Agrani Bank Ltd. AAA 91,992 0.12%
Ansar VDP Unnayan Bank 60,000 0.08%
Bangladesh Commerce Bank Ltd - 770,016 1.00%
Bangladesh Krishi Bank - 873,373 1.14%
Bank Asia Ltd AA3 17,264 0.02%
BASIC Bank Ltd CCC1 1,552,489 2.03%
Brac Bank Ltd. AA3 1,953,492 2.55%
Citibank NA - 154,168 0.20%
Dhaka Bank Ltd A1 162,291 0.21%
Eastern Bank Ltd. - 141,521 0.18%
EXIM Bank Ltd. - 361,148 0.47%
Jamuna Bank Ltd A1 53,265 0.07%
Janata Bank Ltd. - 1,389,491 1.81%
Mercantile Bank Ltd. - 1,095,819 1.43%
NRB Global Bank Ltd. - 153,544 0.20%
NRB Commercial Bank Ltd. - 103,382 0.13%
NRB Bank Ltd. BBB2 104,275 0.14%
One Bank Ltd - 786,605 1.03%
Prime Bank Ltd AA2 546,460 0.71%
Pubali Bank Ltd. - 367,288 0.48%
Rupali Bank Ltd - 65,996 0.09%
Social Islami Bank Ltd. - 158,884 0.21%
Sonali Bank Ltd - 2,864,353 3.74%
Southeast Bank Ltd - 126,962 0.17%
Standard Bank Ltd. AA3 254,480 0.33%
Standard Chartered Bank Ltd. - 499,504 0.65%
The Hongkong and Shanghigh Banking Corporation Ltd AAA 45,162 0.06%
Trust Bank Ltd. AA3 251,447 0.33%
UNION Bank Limited - 53,569 0.07%
United Commercial Bank Ltd. - 177,657 0.23%

90
40.06 Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The
Company's approach to manage liquidity (cash and cash equivalents) is to ensure, as far as possible, that it will always
have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the Company's reputation. Typically, the Company ensures that it has
sufficient cash and cash equivalents to meet expected operational expenses, including financial obligations through
preparation of the cash flow forecast, prepared based on time line of payment of the financial obligation and accordingly
arrange for sufficient liquidity/fund to make the expected payment within due date.
The following are the contractual or legal maturities of financial liabilities :
Taka in' 000
As at June 30
2015 2014

Liability for trading supplies and services 12,181,462 1,525,168

Liabilities for supplies and expenses 10,024,704 9,633,929
Customers' and agents' credit balances 861,273 2,197,045
Employees' fund 58,906 269,058
Security deposits 132,379 108,819
Tax deducted at source 952 406
Employees' personal accounts 23,171 20,790
Liabilities for Capital Expenditure 91,049 78,319
Workers' Profit Participation and Welfare Funds 157,845 149,598
Others 298,912 542,250
23,830,653 14,525,382

40.07 Market risk

Market risk is the risk that any change in market prices, such as foreign exchange rates and interest rates will affect the
Company's income or the value of its holdings of financial instruments. The objective of market risk management is to
manage and control market risk exposures within acceptable parameters.
40.08 Currency risk
The company is exposed to currency risk on certain revenues and purchases of raw materials and equipment.
Company's foreign currency transactions are denominated in USD and relate to import of capital machinery and raw
materials.
40.09 Exposure to currency risk
There was no exposure to foreign currency risk on the reporting date.
41.00 Gurantee
There was no gurantee to third party on 30 June, 2015
42.00 Date of Authorization
The board of directors has authorized these financial statements for public issue on 10 November, 2015.

(A. M. Badrudduja)
CFO & Company Secretary Chairman

91
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