| 03 - The Punjab Educational Endowment Fund (PEEF) · PDF fileallama muhammad iQbal’s...

The Punjab Educational Endowment Fund | 03


“Develop a sounD sense of Discipline, character, initiative anD a soliD acaDemic BackgrounD. You must Devote Yourself whole-hearteDlY to Your stuDies, for that is Your first oBligation to Yourselves, Your parents anD to the state. You must learn to oBeY for onlY then You can learn to commanD.”

Quaid-e-azam’s message

(IslamIc college, Peshawar - 12th aPrIl, 1948)


“the search for rational founDations in islam maY Be regarDeD to have Begun with the prophet himself. his constant praYer was: ‘goD! grant me knowleDge of the ultimate nature of things!.”

excerPt from ‘reconstructIon of

relIgIous thought In Islam, lecture 1: Knowledge and

relIgIous exPerIence’

allama muhammad

iQbal’s message


Looking at the horizon of a nation’s devel-opment, nothing seems more important than the provision of quality education. It is the light of knowledge that can make a country economically and industrially a force to reckon with, thus leading the way for future prosperity and integrated social growth.When the idea of PEEF was floated in late 2008, the Punjab Government imme-diately decided to adopt and sponsor it because it was focused on empowering the youth of the province by investing in education and providing opportunities to the less privileged but talented students to realize their potential and carve a better destiny for themselves and for this nation. The PEEF’s guiding light was not to be a mere scholarship fund but to change the landscape and the horizon for the de-prived and the under-privileged students by affording them an opportunity to move up the ladder in society by educating

themselves.Today, I want to express my pleasure at the rapid strides taken by the Punjab Educational Endowment Fund (PEEF) since its inception. More than 100,000 scholarships and counting is a remarkable achievement that any similar endowment fund anywhere in the world can be proud of. All this has been accomplished by installing best management practices and systems which makes it impossible to disregard merit. I am quite hopeful that the PEEF’s impact, which has already started to reflect massively with its first graduates passing out from top educational institu-tions in this country and some from quality universities abroad as well, shall be quite pronounced in the years to come.I sincerely hope that PEEF’s management would strive hard and work with contin-uous zeal and commitment to serve the nation and make PEEF a resounding success.

Chief minister, Punjab / Chairman (Peef)

muhammad shahbaz sharif

From zero to 100,000 scholarships in six years, the figures speak for themselves. Each of these 100,000 scholarships has a tremendous impact on the lives of recipients and their entire families. Hundreds have succeeded in pulling themselves and their future generations out of poverty, hundreds have served as role models for their families and communities, and hundreds have helped encourage students in their schools to follow their example.PEEF’s success is a result of the vision of our Chairman, Mr. Shahbaz Sharif, CM, Punjab; the dedication of our management and the trust of our beneficiaries. We are also fortunate to have friends like the UK Gov-ernment’s Department for International Development (DFID), which has made generous contributions to PEEF’s operations and its continuing support through its Punjab Education Sector Programme II.I am confident that the value added by PEEF will make an enormous contribution to the development of our beloved country.

2015 marks a landmark achievement for PEEF. This year, we awarded our 100,000th scholarship and transformed the lives of over 100,000 talented, persistent young boys and girls. These recipients were the most deserving students from less privileged section of society; they preserved to study hard amidst a variety of adversities, such as, in-come limitations, geographic locations, and physical disabilities. They traveled long distances to school, many of them worked after school to contribute to their family’s income, a large number helped take care of elderly parents and younger siblings, and some gave up, only start-ing over again.In the coming months, PEEF aspires to expand its endowment so that it can continue to improve its targeting and thus its scholarships. With help from generous partners, we hope that, in the coming years, we can meet our aspiration and transform the lives of millions of needy students across the country.

ViCe Chairman

Chief exeCutiVe OffiCer, Peef


dr. muhammad amjad saQib

dr. Kamran shams


Creation of a pool of talented pakistani youth from less privileged baCkground; Contributing towards

eConomiC and soCial development to realize the dream of a moderate, progressive and prosperous

pakistan.

building a CritiCal mass of human Capital, partiCipating in nation building; through provision of equitable opportunities to less privileged but aCademiCally brilliant boys and girls in punjab.

VisiOn statement

missiOnstatement

Identification and support to extremely marginalized students through special quotas

Supporting the less privileged but outstanding students of other provinces including AJK, ICT, FATA & Gilgit-Baltistan.

12

34

ObjeCtiVesPeefOf

PEEF HaS bEEn ESTablISHED WITH THE FolloWInG objECTIvES:

Scholarship for talented and less privileged students to bring them at par with the more fortu-nate ones

Creation of a critical mass of talented youth for the development of society.



gOVernanCe struCture• General Body • Board of directors • executive committee

• functional committees

In conformity with articles of association of PEEF, the Governance

generalBodybOard

OfdireCtOrs

exeCutiVe COmmittee

funCtiOnal COmmittees

a general BoDY comprising of 21 memBers nominateD BY the government of punjaB, is the supreme authoritY to act as a guiDing force BehinD the BoarD of Directors. this BoDY incluDes eDucationists, electeD representatives, retireD civil servants,

Business inDiviDuals anD representatives from government anD civil societY.


mr. muhammad shahbaz sharif Chief minister, punjab (Chairman)

dr. muhammad amjad saqib vice Chairman

mr. ahsan iqbal member national assembly

mr. muhammad baligh-ur-rehman member national assembly

ms. anusha rehman khan member national assembly

ms. bushra anjum butt member provincial assembly, punjab

qazi adnan farid member provincial assembly, punjab

engineer qamar ul islam raja Chairman, punjab education foundation

justice (r) aamer raza khan former judge of the lahore high Court

prof. dr. fazal ahmad khalid vice Chancellor, uet, lahore

mr. mehr jiwan khan former federal secretary

dr. ali Cheema university professor

dr. shahid siddiqui vice Chancellor, aiou

dr. umar saif Chairman pitb / vC (itu)

ms. seema aziz business lady/philanthropist & education manager

ms. nusrat jamil social activist

dr. muhammad ajmal khan Coo, punjab healthcare Commission

Ex-Officio AdditionalChiefSecretary,Govt.ofPunjab

Ex-Officio SecretaryFinance,Govt.ofPunjab

Ex-Officio SecretaryHigherEducation,Govt.ofPunjab

Ex-Officio SecretarySchoolsEducation,Govt.ofPunjab

naME ProFESSIon / DESIGnaTIon

General Body

following is the list of memBers of the general BoDY of peef:

at present, general BoDY consists of the following twentY one memBers


bOard Of direCtOrsThe qualifications of members of the board of Directors (boD), their roles, responsibilities,

functions, term and the frequency of meetings of the board, procedures to circulate minutes of meetings, communication and requirements to attend board meetings are in accordance with Memorandum and articles of association of The Punjab Educational Endowment Fund.

at present, BoarD consists of the following eleven memBers heaDeD BY the chairman, mr. muhammaD shahBaz sharif, chief minister, punjaB:

mr. muhammad shahbaz sharif,Chief minister, punjab

(Chairman of board) dr. muhammad amjad saqib

(vice Chairman) mr. muhammad baligh-ur-rehman, mna

(director) ms. anusha rehman khan, mna

(director) ms. bushra anjum butt mpa

(director) justiCe (r) aamer raza khan

(director) dr. umar saif,

Chairman pitb / vC (itu)(director)

ms. nusrat jamil,soCial aCtivist

(director) dr. muhammad ajmal khan,

Coo, punjab healthCare Commission(director)

seCretary finanCe,govt. of punjab (ex-offiCio)

(director) seCretary higher eduCation,govt. of punjab (ex-offiCio)

(director)


The rationale behind forming these committees is to guide, assist, add value and strengthen the organization in its working and accomplishing PEEF’s Vision and Mission statements. These committees provide pedestal for good governance, transparency and check & bal-ance which are necessary for an effective system of internal control and risk management. They also capitalize on the spe-cific expertise and experience

of the individual members which contributes to the refinement of the operational policies and expedites the decision making process on different issues.

objeCtives & working:i. Executive Committee:The main objective of this com-mittee is to provide guidance and support to the company on strategic and tactical issues as they arise from time to time

during Board meetings.ii. Procurement Committee:Procurement Committee ap-proves various management purchase requests as per the authority given in the Delegation of Financial & Administrative Powers. Along with approval, the Committee monitors that the management has explored all necessary ways and means of obtaining cost beneficial ser-vices or products.iii. recruitment & Hr Committee:Recruitment & HR Committee is constituted to assist the Board of Directors in fulfilling its obli-gations relating to recruitment including performance, compen-sation, succession and safety matters along with ensuring that it provides strategic direction to the employees of the organiza-tion. The Committee also has to ensure that the human resource

funCtiOnal COmmitteesthe BoarD of Directors (BoD) has constituteD various functional committees in

accorDance with the articles of association to guiDe anD aDvise the organization on various issues anD policY matters


of the PEEF contributes effec-tively towards the achievement of the vision of the organization.iv. budget & Finance Committee:The Committee is expected to make budget and finance relat-ed decisions more broad based, transparent with built in controls and aims to seek opinion from experts, staff and professional agents to review and analyze performance on a quarterly ba-sis and make recommendations to enhance efficiency.v. Fund Management Committee:Fund Management Committee oversees successful and pru-dent operation of the Punjab Educational Endowment Fund’s current income and potential in-come sources. Its main respon-sibilities are divided into two domains i.e. Fund Generation and Investment.vi. Scholarship Management Committee:Scholarship Management Com-mittee oversees the manage-ment of the Scholarship Pro-grams run under the umbrella of PEEF. These scholarships are

distributed among students of all districts of Punjab along with a special quota for other provinc-es & Punjab Board of Technical Education (PBTE), which neces-sitates rigorous management and logistics arrangements. This also involves timely coordination between PEEF and its stake-holders including Punjab Exam-ination Commission (PEC) and all Boards of Intermediate and Secondary Education (BISE) in Punjab, Focal Committees in each district, participating insti-tutions, students, etc.vii. rules, Procedures and Monitoring Committee:Rules, Procedures and Mon-itoring Committee has been constituted for the purpose

of developing, implementing and review of administrative, operational, financial and MIS policies, procedures and guide-lines and further to monitor and ensure compliance with all such policies in accordance with the Vision and Mission statements of PEEF.viii. audit Committee:The primary function of the Audit Committee is to assist the Board of Directors in fulfilling its fiduciary responsibilities by overseeing the organization’s financial reporting, its operation-al functions related in particular to scholarship management and its disclosure activities, along with reviewing the overall policy framework from time to time.

frequency of meetinGssr. no. particulars no. of meetings held1 general body 82 board of directors 163 executive Committee 244 scholarship management Committee 9

5 rules, procedures & monitoring Committee (formerly rules of business Committee)

7

6 audit Committee 177 procurement Committee 68 fund management Committee 119 recruitment & hr Committee 1410 budget & finance Committee 7total 119


The Directors are pleased to present their statutory report to-gether with audited financial state-ments of the Punjab Educational Endowment Fund (PEEF) for the year ended June 30, 2015.During the year under review, PEEF has disbursed 19,671 scholarships worth Rs.1.296 billion making the aggregate dis-bursement figure of 80,389 schol-arships, worth Rs.4.350 billion.With the budgetary allocation of additional Rs.2.00 billion for the FY 2015-16, it is anticipated that by the end of December 2015, the cumulative number of awarded scholarships will cross the land-mark of 100,000 scholarships worth Rs.5.611 billion. THE DIrECTorS arE PlEaSED To STaTE THaT:a) The Board has complied with relevant principles of Corporate

Governance, and has identified the rules that have not been complied with, the period in which such non-compliance continued, and reasons for such non-compli-ance;b) The financial statements, prepared by the management of the Company, present its state of affairs fairly, the result of its oper-ations, cash flows and changes in funds and reserves;c) Proper books of account of the company have been maintained;d) Appropriate accounting policies have been consistently applied in preparation of financial state-ments and accounting estimates are based on reasonable and pru-dent judgment;e) The system of internal control is sound in design and has been effectively implemented and monitored

f) The appointment of the Chair-man and other members of the Board and the terms of their ap-pointment are in the best interests of the Company as well as in line with the best practices. None of the Director is being paid any remuneration;g) PEEF has received funds amounting to Rs.11 billion from the Govt. of Punjab till 30th June, 2015;h) Key operating and financial data of last six (6) years is an-nexed;i) The value of investments (at cost) of Gratuity Fund as at June 30, 2015 is Rs.19.00 million.j) During the year under review four (4) meetings of the Board of Directors were held and the attendance of each Director is as follows:

direCtOr’s rePOrt – jUnE 30, 2015


auditOrsThe retiring auditors, M/s. Ernst & Young Ford Rhodes Sidat Hyder, Chartered

Accountants recommendation, being eligible for re-appointment, have consented to act as Auditors of PEEF for the FY 2015-16. The Audit Committee and the Board of Directors have endorsed their re-appointment for Member’s consideration at the forthcoming Annual General Meeting.

aCKnOwledgementWe are grateful to Allah, The mostly Merciful, with whose benevolence we have

collectively been able to progress and achieve the objectives of the Company. We would also like to thank all our stakeholders who have helped us come this far.

For and on behalf of the BoardPlace: LahoreDate:November 16, 2015

DR. KAMRAN SHAMS Chief Executive Officer

DIrECTorS no. of Meetings attendedMr. Muhammad Shahbaz Sharif, Chief Minister, Punjab (Chairman) -Dr. Muhammad amjad Saqib, vice Chairman 4Mr. Muhammad baligh-ur-rehman, Mna -Ms. anusha rehman Khan, Mna -Ms. bushra anjum butt, MPa 1justice (r) aamer raza Khan, Former judge 4Ms. nusrat jamil, Social activist 1Dr. Muhammad ajmal Khan, Coo, PHC 2Secretary Finance, Govt. of Punjab (Ex-officio) 3Secretary Higher Education, Govt. of Punjab (Ex-officio) 4Chairman, PITb (Ex-officio) 4

(The board granted leave of absence to the directors who could not attend the meetings due to pre-occupation.)


ParTiculars 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15EndowmEnT Fund 4,041,681 4,114,692 6,191,762 7,284,772 9,377,772 11,491,772

incomE ProcEEds From EndowmEnT Fund

456,426 736,493 816,435 923,921 927,937 1,140,998

amounT oF scholarshiPs disbursEd

250,887 361,605 706,681 748,370 790,313 762,585

numbEr oF scholarshiPs awardEd

5,484 6,982 13,345 9,952 18,621 19,671

Key OperatiOns & Financial Datapunjab eDucatiOnal enDOwment FunD (peeF)

Key Operating anD Financial Data OF last six (6) years

(rs. in ‘000’)


statement OF cOmpliance with the public sectOr cOmpanies (cOrpOrate gOvernance) rules, 2013

namE oF comPany: ThE Punjab EducaTional EndowmEnT Fund (PEEF) namE oF ThE linE minisTry: highEr EducaTion dEParTmEnT, govT. oF Punjab For ThE yEar EndEd: 30Th junE, 2015

i. This statement is being presented to comply with the Public sector companies (corporate governance) rules, 2013 (hereinafter called “the rules”) issued for the purpose of establishing a framework of good governance, whereby a public sector company is managed in compliance with the best practices of public sector governance. ii. The company has complied with the provisions of the rules in the following manner:

sr.no. Provision of the rules rule y n

1.The Independent Directors meet the criteria of independence, as defined under the rules

2(d) √

2. The board has the requisite percentage of independent directors. at present the board includes:

3(2) √

3. A casual vacancy occurring on the Board was filled up by the Directors within ninety days 3(4)

na(no casual vacancy

occurred)

4.The Directors have confirmed that none of them is serving as a director on more than five public sector companies and listed companies simultaneously, except their subsidiaries.

3(5) √

5. The appointing authorities have applied the fit and proper criteria given in the Annexure in making nominations of the persons for election as Board Members under the provisions of the ordinance

3(7) √

caTEgory namEs daTE oFaPPoinTmEnT

IndependentdIrectors

1) dr. muhammad amjad saqib2) justice (r) aamer raza Khan3) ms. nusrat jamil

29-06-2010-do--do-

Executive directors nil

Non-Executive directors

1) mr. muhammad shahbaz sharif,chief minister, Punjab 2) mr. muhammad baligh-ur-rehman, mna3) ms. anusha rehman Khan, mna4) ms. bushra anjum butt, mPa5) dr. muhammad ajmal Khan6) secretary Finance, govt. of Punjab7) secretary higher Education, govt. of Punjab8) chairman PiTb, govt. of Punjab

29-06-2010

-do-

-do-28-01-201429-06-201002-01-201526-04-2015

28-01-2014



6. The chairman of the board is working separately from the chief Executive of the Company

4(1) √

7. The chairman has been elected from amongst the independent directors

4(4) √

8.The board has evaluated the candidates for the position of the Chief Executive on the basis of the fit and proper criteria as well as the guidelines specified by the Commission

5(2) √

9.

(a) The company has prepared a “code of conduct” and has ensured that appropriate steps have been taken to disseminate it throughout the company along with its supporting policies and procedures, including posting the same on the company’s web-site. (www.peef.org.pk) (b) The board has set in place adequate systems and controls for the identification and redressal of grievances arising from unethi-cal practices

5(4) √

10.

The board has established a system of sound internal control, to ensure compliance with the fundamental principles of probity and propriety; objectivity, integrity and honesty; and relationship with the stakeholders, in the manner prescribed in the rules

5(5) √

11.

The Board has developed and enforced an appropriate conflict of interest policy to lay down circumstances or considerations when a person may be deemed to have actual or potential conflict of interests, and the procedure for disclosing such interest

5(5)(b) (ii) √

12. The board has developed and implemented a policy on anti- cor-ruption to minimize actual or perceived corruption in the company 5(5)(b) (vi) √

13.

(a) The board has ensured equality of opportunity by establishing open and fair procedures for making appointments and for deter-mining terms and conditions of service. (b) a committee has been formed to investigating deviations from the company’s code of conduct.

5(5)(c) (ii) √

14.

The board has ensured compliance with the law as well as the company’s internal rules and procedures relating to public pro-curement, tender regulations, and purchasing and technical standards, when dealing with suppliers of goods and services, in accordance with the PPra rules

5(5)(c) (iii) √

15.

The board has developed a vision or mission statement, corpo-rate strategy and significant policies of the company. A complete record of particulars of significant policies along with the dates on which they were approved or amended has been maintained

5(6) √

16.

The Board has quantified the outlay of any action in respect of any service delivered or goods sold by the company as a public service obligation, and has submitted its request for appropriate compensation to the government for consideration

5(8) √

17.

a) The board has met at least four times during the year. b) written notices of the board meetings, along with agenda and working papers, were circulated at least seven days before the meetings. c) The minutes of the meetings were appropriately recorded and circulated

6(1)

6(2)

6(3)

√



18.

The board has carried out performance evaluation of its members, in-cluding the chairman and the chief executive, on the basis of a process, based on specified criteria, developed by it. The board has also moni-tored and assessed the performance of senior management on annual basis.

8 √

19.

The board has reviewed and approved the related party transactions placed before it after recommendations of the audit committee. a party wise record of transactions entered into with the related parties during the year has been maintained

9 √

20.

The Board has approved the profit and loss account for, and balance sheet as at the end of, the first, second and third quarter of the year as well as the financial year end, and has placed the annual financial state-ments on the company’s website. monthly accounts were also prepared and circulated amongst the board members

10 √

21.all the board members underwent an orientation course arranged by the company to apprise them of the material developments and information as specified in the Rules.

11 √

22.

(a) The Board has formed the requisite committees, as specified in the rules. (b) The Committees were provided with written term of reference defin-ing their duties, authority and composition. (c) The minutes of the meetings of the committees were circulated to all the board members. (d) The Committees were chaired by the following non-executive Direc-tors:

12

Fund man-agement

committee will be re-named as

risk & Fund manage-

ment com-mittee

23.

The Board has approved appointment of Chief Financial Officer, Com-pany secretary and chief internal auditor, with their remuneration and terms and conditions of employment, and as per their prescribed quali-fications

13/14 √

24.The company has adopted international Financial reporting standards notified by the Commission under clause (i) of sub- section (3) of sec-tion 234 of the ordinance

16 √

committee number of members

name ofchair

audit committee 5 ms. bushra anjum buttrisk manage-ment committee

6senator mohammad ishaq dar

human resourc-es committee

3dr. muhammad amjad saqib

Procurement committee

3justice (r) aamer raza Khan

nomination committee

not applicable



25. The directors’ report for this year has been prepared in compliance with the requirements of the ordinance and the rules and fully describes the salient matters required to be disclosed

17 √

26.

The Directors, CEO and executives do not hold any interest in the shares of the company other than that disclosed in the pattern of shareholding

18

na (no

share capital)

27.A formal and transparent procedure for fixing the remuneration packages of individual directors has been set in place. The annual report of the company contains criteria and details of remuneration of each director

19 √

28.The financial statements of the Company were duly endorsed by the Chief Executive and Chief Financial Officer, before approval of the Board

20 √

29.

The Board has formed an audit committee, with defined and written terms of reference, and having the following members:

21 √

30.The board has set up an effective internal audit function, which has an audit charter, duly approved by the audit committee, and which worked in accor-dance with the applicable standards

22 √

31. The Company has appointed its external auditors in line with the requirements envisaged under the rules. 23 √

32.The external auditors of the Company have confirmed that the firm and all its partners are in compliance with international Federation of accountants (iFac) guidelines on code of Ethics as applicable in Pakistan

23(4) √

33.The external auditors have not been appointed to provide non- audit services and the auditors have confirmed that they have observed applicable guide-lines issued by iFac in this regard.

23(5) √

34.The Company has complied with all the corporate and financial reporting requirements of the rules.

√

name of member category Professional

backgroundms. bushra anjum butt lawmr. ahsan chughtai, Finance mr. muzaffar hashmi accamr. Farooq hameed chartered accountantsecretary, Finance department -

The Chief Executive and Chairman of the Board are not members of the Audit committee.

dr. Kamran shams Chief Executive Officer

dr. muhammad amjad saqibvice chairman / independent director


explanatiOn FOr nOn-cOmpliance with thepublic sectOr cOmpanies (cOrpOrate gOvernance) rules, 2013

We confirm that all other material requirements envisaged in the Rules have been complied with except for the following, towards which reasonable progress is being made by the company to seek compliance by the end of next accounting year:

sr.no.

rule /sub-rule

no.

reasons for non-compliance

Future course of action

1 3(2)

all directors are nominee of the govt. of Punjab.as per rules, the board shall have 40% of its total members as inde-pendent Directors within the first two year of this notification i.e. up to august 2015..

The govt. of Punjab will be requested to appoint independent directors to attain the requisite percentage.

2 3(5)Ex-Officio Directors of the Company hold directorships in other Public Sector Companies by virtue of their office.

Fresh confirmations will be obtained from a director as and when a new appointment is made.

3 3(7)all directors are nominee of the govt. of Punjab and are appointed / nom-inated in accordance with section(s) 163 and 183(b) of the companies ordinance, 1984 and articles of association of the company.

Fit and proper criteria as given in the Annexure has been communicated to the nominating authority for future nominations.

4 4(4) Chief Minister Punjab is the ex-officio Chairman of the Company.

will be discussed with chief minister Punjab in the next BOD meeting.

5 8board has carried out performance evaluation of the cEo and senior management on annual basis.

Performance evaluation criteria for the members of the board of directors, is being developed.

6 12Board has formed the requisite Committees except the Risk Management committee. however, a sub-committee named as Fund management committee is already looking after the risk functions of the company.

Keeping in view the Tors of the Fund management commit-tee, it will be renamed as risk management committee.

dr. Kamran shams Chief Executive Officer

dr. muhammad amjad saqibvice chairman / independent director


peeF has adopted a proactive approach by providing scholar-ships at the door steps of the meritorious and needy students. From acquiring data from pun-jab examination commission (pec), all Boards of Intermediate & secondary education (BIses) of punjab and Federal Board of Intermediate & secondary education (FBIse), Islamabad to compiling, verifying and finally awarding scholarships.this involves carefully drafted and implemented methodology that has been adopted and prac-ticed by peeF since its estab-lishment. peeF reaches out to talented yet financially disadvantaged students at tehsil level to ensure that financial challenges do not keep meritorious students away from continuing their education. peeF promotes education by facilitating both genders equally and providing them opportunities to fulfill their dreams and aspira-

tions so that they become part-ners in nation’s development. For selecting and awarding scholarships to the deserving students; PEEF follows the below given process which ensures transparency, accu-racy and convenience of the candidates:a. peeF obtains data of stu-dents from pec, all BIses, FBIse, pBte, and provincial education departments based on the eligibility criteria outlined by the organization.b. on receipts of names of students, peeF writes letters to all shortlisted students for peeF scholarship. c. A scholarship application form along with intimation letter is sent that has to be filled by the short listed students, verified by the institution where he/she is currently enrolled and sent back to peeF (forms are also attested by the concerned Govt. official i.e. edo (edu), do colleges,

etc.)d. All the received scholarship forms are scrutinized by peeF for final selection and award of scholarship. e. peeF enlists selected candi-dates and writes them confirma-tion letters with copies to re-spective educational institutions and district Focal committees for information and further nec-essary action. f. the names of scholarship recipients are also uploaded on peeF website.g. scholarship stipend is dis-bursed through e-scholarship card on biannual basis through the educational institution where the scholar is currently enrolled. h. second/next installment of scholarship stipend is released once the institution provides a satisfactory performance report about student academics, atten-dance, general conduct etc.

prOactive system FOr awarDing schOlarships


categOries OF schOlarshipThe Punjab Educational Endowment Fund (PEEF) scholarships have been classified into three major categories:

Out Reach Scholarship Special Quota Scholarship Scholarships for students of private affiliated institutions

PROCESS FORSECOndaRy LEvEL IntERmEdIatE & GRaduatIOn LEvEL

The data obtained from Punjab Examination Commission (PEc) is sorted out on the basis of PEEF policy

The data obtained from boards of intermediate and second-ary Education (bisE) Punjab and Federal board of intermedi-ate & secondary Education (FbisE), islamabad is sorted out on the basis of PEEF policy

The data is sorted institution, Tehsil, district, and gender wise to shortlist the eligible meritorious studentsintimation letters & scholarship application forms are sent to the shortlisted students (top merit holders in each Tehsil) through the institutions last attended

intimation letters & scholarship application forms are sent to the shortlisted students at their home address

all the received scholarship application forms are recorded and scrutinized for further processingThe meritorious and deserving students are selected on Tehsil & gender wise merit/award lists are prepared for the award of scholarships. The selected students are also intimated about their PEEF scholarship through intimation letters.scholarships are awarded on biannual basis vide E-scholarship card through the respective educational institutions where PEEF scholars are currently enrolledLists of awardees are shared with District & Divisional Education Offices and also uploaded on PEEF website (www.peef.org.pk)

PROCESS FORSECOndaRy LEvEL IntERmEdIatE & GRaduatIOn LEvEL

The District Focal Committee, Office of the EDO (Edu) and dEo (sE) is requested to identify students falling in one of the special quota categories.

Newspaper advertisement is released for identification of merito-rious students who have passed matric and intermediate annual Examination from whole of the PunjabThe applications received are scrutinized and eligible students are shortlisted against scholarships allocated for each category.

intimation letters & scholarship application forms are sent to the respective district/ focal offices for identifi-cation of the meritorious & eligible students

intimation letters & scholarship application forms are sent to all shortlisted students.

All the received forms are scrutinized and verified All the received forms are scrutinized and verified.

Final district/category and gender wise merit/ award lists are prepared for the award of scholarships.

scholarships are awarded on biannual basis vide E-scholarship card through the respective educational institutions where PEEF scholars are currently enrolled

special QuOta schOlarshipsthese scholarships are awarded in the below mentioned categories

Orphan Children Children of government servants in BPS 1 – 4 Children belonging to minority religion Special Children

Out reach schOlarship


schOlarship FOr private institutiOns

PROCESS FORSECOndaRy LEvEL IntERmEdIatE LEvEL & GRaduatIOn LEvEL

The data obtained from Punjab Examination Commission (PEc) is sorted out on the basis of PEEF policy

The data obtained from boards of intermediate and sec-ondary Education (bisE) Punjab and Federal board of intermediate & secondary Education (FbisE), islamabad is sorted out on the basis of PEEF policy

The data is sorted institution, Tehsil, district, and gender wise to shortlist the eligible meritorious studentsintimation letters & scholarship application forms are sent to the shortlisted students (top merit holders in each Teh-sil) through the institutions last attended

intimation letters & scholarship application forms are sent to the shortlisted students at their home address

all the received scholarship application forms are recorded and scrutinized for further processingThe meritorious and deserving students are selected on Tehsil & gender wise merit/award lists are prepared for the award of scholarships. The selected students are also intimated about their PEEF scholarship through intimation letters.scholarships are awarded on biannual basis vide E-scholarship card through the respective educational institutions where PEEF scholars are currently enrolledLists of awardees are shared with District & Divisional Education Offices and also uploaded on PEEF website (www.peef.org.pk)

schOlarship stipenD rate

FOR StudEntS StudyInG In:day SCHOLaRS

mOntHLy SCHOLaRSHIP (RS.)

BOaRdERSmOntHLy SCHOLaRSHIP

(RS.)SECOndaRy LEvEL 800 1,500HIGHER SECOndaRy LEvEL 1,500 3,000GRaduatIOn LEvEL (B.a, B.SC.) 2,500 4,000PROFESSIOnaL dEGREES, (mBBS, EnGInEERInG) 3,000 4,500

nOtE: PEEF scholars including scholars of PBtE/Other Provinces /areas, enrolled under the category of “BOaRdERS” in nine (9) divisional Headquarters of Punjab and Sialkot are entitled to 10% additional boarding allowance.


ThE saliEnT FEaTurEs oF ThE scholarshiPs Policy 2015 arE

briEFEd as undEr:

20,000 scholarships (Approx.) Proactive approach for the identification of

PEEF scholars

scholarships awarded on the basis of the annualexamination conducted at following FOUR levels; graduation -to study at master level intermediate -to study at graduation level matriculation -to study at intermediate level middle -to study at matriculation level

more scholarships to 16 less developed districts (ldds) as compared to 20 developed districts

determination of merit at tehsil level Equal number of scholarships to all tehsils in a district Equal number of scholarships for boys and girls

20% special quota scholarships allocated to: orphan children children of government servants in bPs 1 – 4 children belonging to minority religion special children

820 scholarships allocated for other provinces, azad jammu Kashmir (ajK), Federally administered Tribal areas (FaTa), islamabad capital Territory (icT)& gilgit-baltistan (gb)

468 scholarship for Punjab board of TechnicalEducation (PbTE)

1300 scholarships for Centers of Excellence (CoEs)

EligibiliTy criTEriain order to be considered eligible for scholarship, the student must have: At least 60% marks in 2015 (annual) examinations secured admission in a regular educational institution

as a full time student in the current academicyear (2015-16) monthly family income of parents is equal to or less

than rs. 15,000/-

schOlarshipschOlarship

pOlicy2015pOlicy2015


Entity Scholarship allocation-(PEEF)

Scholarship allocation-(dFId)

Punjabsecondary Level 1,728 -Intermediate Level 2,591 8,550Graduation Level 2,591 -Master’s Level 1,752 -punjab Board of technical education (pBte) 468 -other provinces / territories 820 -centre of excellences 1,300 100Sub total 11,250 8,650Grand total 19,900

allOcatiOn OF schOlarships FOr the year 2015-16

the allocation of scholarships for the year 2015-16 is given below:

Other provinces / territories Scholarship allocationBalochistan 480

Khyber pakhtunkhwa 80sindh 80FAtA 50

Gilgit Baltistan 50Azad state of Jammu & Kashmir 50Islamabad capital territory (Ict) 30

tOtaL 820

schOlarship allOcatiOn FOr Other prOvinces 2015scholarships allocation of other provinces/areas for the year 2015-16 is as under:


ELIGIBILIty CRItERIa:i. students having punjab domicile. ii. Must have secured at least 60% marks or minimum cGpA 2.5 in BA/B.sc./B.coM/BBA/Bcs/ Bs (Hons.) etc. examinations held in 2015 (annual) in punjab.iii. Ineligibility

FOLLOwInG aRE InELIGIBLE FOR PEEF maStER LEvEL SCHOLaRSHIPS • Students who have already passed / possessed MA / M.Sc. / MS / M.PHIL etc. degree • Marks improvers or students who have passed examination in supplementary session • Students who have passed the aforementioned examination with grace marks (*)

iv. Passed the aforementioned examination from: o Government Institution, (or) o Private Affiliated Institution, (OR) o As private candidate

master level schOlarships

PEEF master level scholarships are awarded to pursue master degree from public sector universities of the Punjab and other partner

degree awarding institutions.


v. secured admission as a full time student in the current academic / degree year (2014-15) in one of the partner universities. • Students enrolled in spring/fall session (where applicable) and morning/ afternoon / evening sessions are also eligible to apply for peeF scholarships

vi. declared monthly income of parents from all resources is rs. 30, 000/- or less • Children of Govt. employees of Grade 1-4 are exempted from condition of income if salary is only source of income

vii. not receiving any other scholarship for Master’s Level studies.

BaSIS FOR SCHOLaRSHIP aLLOCatIOn: scholarship quota is allocated on the basis of data of enrollment provided by the partner Universities. • 70% of the scholarships are allocated for science subjects. • 30% of the scholarships are allocated for arts subjects.

SCHOLaRSHIP StIPEnd: Following cost and stipends are paid to the selected scholars: a. total tuition fee b. peeF also pays scholarship stipend to the selected scholars at the following rates: i. day scholar rs. 3,000/- per month ii. Boarder rs. 5,000/- per month


master level schOlarship awarDeD

sr.no. namE oF univErsiTy scholarshiP awardEd

1 Pir mehr ali shah arid agriculture university, rawalpindi 1782 baha-ud-din Zikria university, multan 1383 university of veterinary & animal sciences, lahore 284 govt. college university, Faisalabad 1485 university of agriculture, Faisalabad 1306 university of Engineering & Technology, lahore 627 govt. college university, lahore 268 university of The Punjab, lahore 2569 Fatima jinnah women university, rawalpindi 1510 The islamia university of bahawalpur 11411 university of sargodha 12912 lahore college for women university, lahore 1313 Kinnaird college for women, lahore 314 university of health sciences, lahore 715 university of Education, lahore 14916 University of Engineering & Technology, Taxila 1117 university of gujrat 7818 comsats institute of information Technology, islamabad 2219 National Textile University, Faisalabad 220 The women university, multan 321 bahria university, islamabad 8

22 national university of computer & Emerging sciences (Fast-nu), lahore

5

23 Forman cristian college, lahore 1224 govt. college women university, Faisalabad 325 national university of science & Technology, islamabad 2526 The govt. sadiq college women university, bahawalpur 627 iTu, lahorE 7

total 1,578


schOlarships allOcatiOnFOr cOes 2015-16

Centre of Excellences (COE’s) scholarship allocation (PEEF)

scholarship allocation

(dFid)level

air university, islamabad 20 - graduationbahria university, islamabad 20 - graduation

cadet college, hassan abdal 30 - secondary intermediate

comsaTs islamabad 10 17 graduation

comsaTs lahore 10 17 graduationcomsaTs lahore- dual degree 6 - graduation

daanish school authority, lahore 770 - Elementary

directorate of staff development(dsd), lahore 50 - graduation

FasT university, lahore 30 17 graduation

Fc college university, lahore 20 - graduation

ghulam ishaq Khan institute, swabi 10 17 graduation

institute of business administration, Karachi 8 - graduation

institute of chartered accountants of Pakistan (icaP) 15 - graduation

institute of cost management accoun-tants of Pakistan (icmaP) 15 - graduation

information Technology university (iTu Punjab) 76 - graduation

lahore university of management sci-ences (lums) 30 05 graduation

military college sui- balochistan 20 - secondary intermediate

military college, jehlum 20 - secondary intermediate

military college, murree 20 - secondary intermediate

namal college, mianwali - 10 graduation

Center of Excellence (COE) is an academic institution that has highest merit in the academic realm in terms of reputation, conduct and performance. The Punjab Educational Endowment Fund has allocated scholarship quotas to different coEs. The responsibility of selection of students for PEEF scholarship rests with the respective coE.


national university of science & Tech-nology (nusT), islamabad 20 17 graduation

Pak Turk international Public school & college, lahore 30 - secondary intermediate

Pakistan air Force Public school, sar-godha 20 - secondary intermediate

Pakistan institute of Fashion designing, lahore 10 - graduation

sadiq Public school, bahawalpur 20 - secondary intermediate

university of veterinary & animal sci-ences (uvas) lahore 20 - graduation

tOtaL 1,300 100 -

schOlarships allOcatiOn FOr cOes 2015-16

schOlarship upDate

sr. no yEar no. oF scholarshiPs

awardEd active scholarshipsscholarshiP

disbursEmEnTs(rs. in millions)

1 2008-09 5,326 - 222 2009-10 5,484 - 2503 2010-11 6,982 153 3624 2011-12 13,345 1,207 7075 2012-13 9,952 2,036 750

6 2013-14PEEF 10,329 4,332 791dFId 9,300 - 172

7 2014-15PEEF 11,021 11,021 940dFId 8,594 8,594 356

82015-16* (In Pro-cess)

PEEF 11,250 11,250 900

dFId 8,650 8,650 361

total 100,233 47,243 5,611

*budgETEd FigurE


chamalang beneFiciaries eDucatiOn prOgram(cbep)

The Honorable Chief Minister, Punjab while approving the request of Chamalang Beneficiaries Educa-tion program (cBep) to accommodate their students in the divisional public schools (dps)/Boarding

schools of punjab, has desired that peeF may administer/coordinate with education department, Govt. of Baluchistan, cBep, school education department and Finance department, Govt. of punjab and finalize all modalities regarding admissions of students of CBEP in the Divisional Public Schools

(dps)/Boarding schools of punjab and disbursement of scholarships to their respective school.

CBEPsr. no. namE oF dPs EnrollmEnT ToTal disbursEmEnT

1 dPs & collEgE sargodha 100 51,037,182

2 dPs & collEgE Faisalabad 15 13,719,9403 chEnab collEgE jhang 14 13,136,902

4 dPs & inTEr collEgE la-horE 29 14,233,901

5 mulTan Public school & collEgE 197 85,169,144

tOtaL 355 177,297,069


i. high achievers development Program (hadP)

ii. orientation and personality development program for students selected for PEEF Foreign scholarships Program

iii. Provincial youth council (Pyc) develop-ment Program

iv. Training of Trainers (ToT) of selected teachers to facilitate district wise training of PEEF scholars

v. cm Essay Finalist Training

vi. cm debate Finalist Training

vii. capacity building workshops for PEEF scholars

viii. Inter Provincial Exchange Program

ix. Entrepreneurial Skills Development work-shops

x. Capacity building programs for Special childrensince its establishment in Oct. 2010, so far 201 training cohorts have been held in ydc for 4,667 high achievers, including students from other provinces.

yOuth DevelOpment centre (yDc), punjab hOuse, murree

the Honorable chief Minister, punjab/chairman-peeF has allocated the newly built 16 rooms, s Block, punjab House, Murree, to peeF to be used as boarding and

educational facility for brilliant students.

ThE PrEmisEs arE bEing usEd For ThE Training oF ThE brillianT sTudEnTs undEr ThE Following caTEgoriEs:


Detail OF training sessiOns cOnDucteD july 2014 tO june 2015

summary OF cOhOrts FrOm 1st july 2014 tO 30th june 2015

sr.no ProgramsParticipants

Total no of batches Training duration

male Females

1 Entrepreneurial skills develop-ment 63 64 127 6 3 days

2 high achievers development Program 93 84 177 9 3 days

3 iba (sThP and nThP) 15 5 20 1 3 days

4special capacity building Pro-gram for Physically challenged children

82 44 126 6 2 days

5 PEEF scholarship Training Program 101 50 151 9 3 days

6 Centre of Excellence 61 3 64 3 3 days

7Punjab board of Technical Education(PbTE) 55 12 67 3 3 days

total 470 262 732 37


peeF-DFiD schOlarships

Punjab EducaTional EndowmEnT Fund (PEEF) and dEParTmEnT For inTErna-Tional dEvEloPmEnT (dFid) uK aid havE signEd mEmorandum oF undErsTanding (mou) To ProvidE 28,000 scholarshiPs To mEriTorious and nEEdy sTudEnTs For inTErmEdiaTE and graduaTion lEvEl EducaTion.

Under the proposed 5-year scholarship program; peeF will provide 28,000 scholarships worth rs. 1.625 billion. out of the total allocated scholarships, 27,500 will be awarded to girl’s students of eleven (11) less developed districts of punjab to continue Intermediate level education while 500 scholarships will be awarded to meritorious students to peruse Graduation Level education through partner centre of excellences (coes).

chiniot layyah muzaffar garh lodhran bahawalpur bahawalnagar

rahim yar Khan vehari dera ghazi Khan rajanpur bhakkar ______

lums comsaTs lahore FasT lahore namal mianwaligiki swabi comsaTs islamabad nusT islamabad ______

ThE TargET disTricTs For inTErmEdiaTE lEvEl scholarshiPs For girls sTudEnTs undEr ThE PEEF –dFid scholarshiP Program arE:

ThE ParTnEr coEs To ProvidE graduaTion lEvEl scholarshiPs arE:

ProgrEss 2014-15during the Fy 2014-15 8,594 scholarships were awarded which include 8,443 for female students for completion of their intermediate level education in 11 less developed districts of Punjab. 151 scholarships were awarded to the meritorious students of centre of excellence (COEs) for graduation level education.

way Forwardduring the current year (2015-16) PEEF will award 8,650 additional scholarships 8,550 for intermediate level Edu-cation and 100 for graduation level Education. The process of short listing the students has already started and PEEF will complete the process of awarding 8,650 additional scholarships by jan. 2016. The total amount of the additional scholarships is estimated at rs. 361 million.


mOnitOring the schOlarship prOgram-peeF

1. OvERvIEw:education matters in social and economic development of the society. With this conviction peeF heads toward its vision of creating a pool of talented youth among the less privileged segment of the society. In less than six years, peeF reached to 97,467 students, assisting them in fulfilling their aspirations of quality education. M&e measures trends, patterns and impact of scholarship pro-gram by collecting and ana-

lyzing data through systematic approach. In order to ensure that scholarship policies are followed in selection of scholars and disbursement of stipend to the beneficiaries, M&E Section performed its functions at pre, during and post scholarship award stages.In year 2014-15, M&e conduct-ed field visits to 120 random selected educational institutions from 20 districts of all 9 divi-sions of punjab. during these visits more than 2800 scholars

of all levels and categories were interviewed on pre-set monitor-ing tools. An impact study of peeF schol-arship program was conducted through the external agency and report of the study has shown results that procedures and policies adopted by peeF are heading towards its goals. Furthermore, the progamm has significant impact on the ecnomic and social life of the beneficiaries.

Level/Category total Scholarship Sample verificationsecondary 1883 394

intermediate 2674 591graduation 2607 570

dFid 8386 1725others 3374 3374total 18924 6654

2. mOnItORInG FunCtIOnS:2.1. Pre-award monitoring:At pre award stage, M&E section has accomplished desk verification of all scholarships levels

and categories by following a systematic and sample based approach. Summary of the verified scholars’ numbers is as follows:

1.2100%

21% 22% 22% 21%

100% 100% 100% 100%1

0.8

0.6

0.4

0.2

0sEcondary inTErmEdiaTE graduaTion PEEF dFid oThErs

ToTal scholarshiP

hard vEriFicaTion

*others: master, coE’s PEEF & dFid, danish school, PbTE and other Provinces


2.2. Field monitoring:Aim of the Field Monitoring was “to oversee the programme implementation/processes and progress towards its objectives and seek feedback of beneficiaries and stakeholders for refinements in the processes”. For this purpose monitoring team interviewed 2792 scholars and 135 other stakeholders including edo-educ., deputy director colleges and Heads of educational institutions. A stratified sample was drawn from each level and category of scholarship to find more multidimen-sional results. scholars receiving peeF and peeF-dFId scholarship have been visited and reports generated for information and future improvements in the programme strategies.

2.2.1. Summary of the field monitoring is as under

sr. category districts no. of hoi’s no. of institutions no. of scholars

1secondary, intermediate, graduation

17 68 68 351

2 masters - 3 3 95

sr. category districts no. of hoi’s no. of institutions no. of scholars1 intermediate 11 37 37 2206

2 coE’s - 7 7 136

peeF schOlars – matric tO masters

DFiD

satisFactiOn level OF peeF schOlars:Feedback from beneficiaries shows that almost 100% were satis-fied with the scholarship disbursement processes. Since PEEF has introduced payment of stipend through e-card and no hard cash is involved in this regard. this is another step of peeF towards em-powering youth in basic social skills.

this shows that peeF scholars are utilizing scholarship amount in fulfilling their educational expenditures. 100% scholars were utilizing scholarship stipend on their educational affairs including books, institutional Fee, uniform, transportation and supporting their sibling’s education.

utilizatiOn OF schOlarship amOunt by schOlars: 37%

2%

17% 21

%

6%

8%9%

col

lage

| s

choo

l Fee

Uni

form

Boo

ks

ot h

ers

All

sib

ling

tran

spor

t

3%

97%

To some extent


Financials2014-15

i) invEsTmEnT oF EndowmEnT Fund the Government of punjab has provided rs.11.00 billion for the endowment Fund of peeF, which has been invested in term deposit receipts (tdrs) with the Bank of punjab (Bop) and Habib Bank Limit-ed (HBL).For the FY 2010-11, the Govt. of punjab allocated rs.1.94 billion which is parked with the punjab Cooperatives Board for Liquidation (PCBL) and only the profits of this amount are forwarded to PEEF. so far, rs.897.796 million has been received from pcBL, being the investment proceeds from August, 2010 to June, 2015.

Sr. no.

Period oftdRs

date ofmaturity

Rate of Interest p.a. Bank tdR amount

(Rs. in billion)1 1 Year december 29, 2015 9.45% Bop 2.002 1 Year February 23, 2016 8.10% Bop 0.253 1 Year March 31, 2016 9.00% HBL 3.004 1 Year May 27, 2016 7.00% Bop 1.005 1 Year June 25, 2016 7.25% Bop 4.756 rs.1.94 billion for the year 2010-2011 is parked with pcBL 1.94

tOtaL (a) 12.94

Sr. no.

Period oftdRs

date ofmaturity

Rate of Interest p.a.

tdR amount(Rs. in billion)

1 1 Year december 29, 2015 9.45% 432.772 milliontOtaL (B) 432.772 million

ii) rE-invEsTmEnT oF 10% oF ThE invEsTmEnT ProcEEds: To offset the impact of inflation on the Endowment Fund, it was approved in the 4th meeting of the executive committee held on August 19, 2009 that 10% of investment proceeds will be allocated to the endowment Fund. thereafter, rs.432.772 million have so far been re-invested in the endowment Fund being the 10% of the investment proceeds earned by the company till december 29, 2014. de-tail of re-investment is as follows:

tOtaL amOunt OF EndOwmEnt Fund (a+B) 13.37 Billion

iii) inTErnal audiT:100% internal audit is carried out by the Internal Audit section to monitor the affairs of all sections of peeF. Internal Audit reports are reviewed by the Audit committee and executive committee and are then forwarded to the Board of directors.


iv) scholarshiP baTch audiT:a. For the year 2009-10: by A.F. Ferguson & co., chartered Accountants. b. For the year 2010-11: by ernst & Young Ford rhodes sidat Hyder, chartered Accountants.c. For the year 2012-13 & 2013-14: by ernst & Young Ford rhodes sidat Hyder, chartered Accountants.

v) imPacT analysis oF PEEF scholarshiPs:In pursuance of the decision taken in the 18th executive committee meeting held on 25th June, 2013, Impact Assessment study for peeF scholarships has been carried out by ernst & Young Ford rhodes sidat Hyder, chartered Accountants in 36 districts of punjab.

Impact Assessment report was approved in the 12th Board of directors’ meeting, held on 21st november, 2014.

vi) iso 9001:2008 cErTiFicaTion:PEEF was awarded certification for Quality Management System (ISO-9001:2008) in December 2009. since then regular surveillance Audits / re-audits have been conducted in peeF by the leading Audit Firms (Moody International / tUV Austria) and considering satisfactory performance of PEEF, continuation of Certification for ISO 9001:2008 has been extended to PEEF every year.

vii) annual audiT 2014-2015

For the year Ended June 30, 2015duration of Audit one Year (1st July, 2014- 30th June, 2015)external Auditors ernst & Young Ford rhodes sidat Hyder, chartered Accountantsexternal Auditors ranking i. One of the leading firms of Pakistan.

ii. Category ‘A’ firm as per list issued by the State Bank of Paki-stan.iii. Approved audit firm of FBR and SECP.iv. satisfactory quality control review rating being issued by the Institute of chartered Accountant of pakistan (IcAp).

Auditor’s report Unqualified (clean report)

Financial statements including Balance sheet, Income & expenditure statement and notes to the Financial statements are prepared on monthly basis and in accordance with the requirements of the International Financial reporting standards.

Quarterly Accounts are presented to the Audit Committee and Board of Directors. All bank accounts are reconciled on regular basis. Regular physical verifications of fixed assets are carried out. All fixed assets are properly coded.

Fixed asset register is maintained and is regularly reconciled with the general ledgers and physical assets

Finance books of accounts/records/vouchers/documentations have been maintained in accordance with the best practices.

Monthly Tax Statements have been properly filled in compliance with the requirements of Income tax or sales tax laws. no pending tax liabilities.

audItEd aCCOuntS aLOnG wItH audItORS’ REPORt tHEREOn FOR tHE yEaR EndEd JunE 30, 2015 IS aS FOLLOwS:



Date:November 16, 2015.

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