Interim Financial Information Nine Months Period ended MARCH … inancial management. Presently...
Transcript of Interim Financial Information Nine Months Period ended MARCH … inancial management. Presently...
InterimFinancialInformationNineMonthsPeriodended
MARCH31,2016
QUARTERLYREPORT2016
COMPANYINFORMATION
AuditorsBoardofDirectors
M/s.TariqAbdulGhani
Maqbool&Company
CharteredAccountants
Bankers
NationalBankofPakistan
UnitedBankLimited
SummitBank
LegalAdvisor
SardarZul�iqarUmarKhanThahim
RegisteredOf�ice
Mr.SyedKaukabMohyuddin
(Chairman)
Mr.MairajAneesAriff
(ChiefExecutive)
Mr.ArifIbrahim
Mr.MuhammadArifHabib
Mr.RashidAliKhan
Mr.LiaqatMohammad
Mr.MuhammadIqbal
MirzaMahmoodAhmad
Mr.AnsarJaved
BoardAudit&
RiskManagementCommittee
6/7-SirGangaRamTrustBuilding,
Shahrah-e-Quaid-e-Azam,Lahore.
Phones:04237320225-7
FaxNo.:04237323108
E-Mail:[email protected]
Website:http://www.peco.com.pk
Plants:KotLakhpat,Lahore.
MirzaMahmoodAhmad
(Chairman)
Mr.LiaqatMohammad
Mr.MuhammadIqbal
Mr.AnsarJaved
BoardFinanceCommittee
Mr.RashidAliKhan
(Chairman)
Mr.ArifIbrahim
Mr.LiaqatMohammad
BoardHR&Remuneration
Committee
Mr.ArifIbrahim
(Chairman)
Mr.MuhammadIqbal
Mr.RashidAliKhan
CFO&CompanySecretary
MianAnwarAziz
SharesRegistrarCentralDepositoryCompany
ofPakistanLimited
2ndFloor,307-UpperMall
OppositeLahoreGymkhana
NearMianMirBridgeLahore.54000
DIRECTORS’REPORT
(CHIEFEXECUTIVE)MAIRAJANEESARIFF
LahoreDated:April27,2016
DearShareholders
Assalam-o-Alaikum
Onbehalfof theBoard, I feel immensepleasure topresent thereviewof theCompany’sperformanceandtheun-audited�inancialstatementsfortheninemonthsperiodendingMarch31,2016.
During the period under review operational performance, in terms of sales,production and pro�itability was much better. The Company executed itsorderswell in time due to uninterrupted supply of rawmaterial and better�inancialmanagement.PresentlyCompanyhasorders inhandworthRupees1.429billionwhichareatgoodmargins.DuringthisquarterNationalBankofPakistan has enhanced credit facilities by 150% in favor of your Company,whichwillhelpinbetter�inancialmanagementinthenextquarteroftheyear.
PerformanceOutLook
FinancialResults
ThesalesduringtheperiodendingMarch31,2016wasRupees1,460millionas againstRupees 452millionduring the correspondingperiodof last year,showinganincreaseofRupees1,007.80million(223%).TheCompanyearneda gross pro�it of Rupees 268.07million against gross pro�it of Rupees 67.75millioncomparedwithsameperiod lastyear,depictingan increaseof296%.The net pro�it before tax was Rupees 170.44 million against net pro�it ofRupees16.61millionofsameperiodlastyear,whichisaremarkableincreaseof926%.
TheManagement of your Company is striving hard tomaintain its positivetrendinsalesandpro�itabilityfortheremainingperiodoftheyear.
FutureOutlook
Thecurrentordersareongoodpricesandreasonablemargins.Furthermore,even though this year's fourth quarter has just begun, theManagement hasalreadysecuredordersworthRupees1.245billion fornextyear'sevaluationand execution. The Management of your Company is working hard tostrengthenitsorderbook,increaseproductionandminimizeproductioncosts.Keepinginviewtheordersinhandandprospectivebusinessoftransmissionlinetowersandtelecommunicationtowers,itisanticipatedthatperformanceofyourCompanyduringthenextquarterwouldbepromising.
Acknowledgement
I take this opportunity to thank all our valued Customers, Suppliers andBankersfortheircon�idenceandcontinuedsupportaswellasstaffmembersfor their dedication and hardwork. Iwould also like to thank our Board ofDirectors for their guidance and support for the improvement of Company’sbusinessandgoodwill.
IlookforwardtoamuchbetterfutureoftheCompany,insha'Allah.
OnbehalfoftheBoard
EQUITYANDLIABILITIESSHARECAPITALANDRESERVESSharecapital 56,902
56,902
Revenuereserve-general 10,000 10,000Accumulatedloss (1,029,521) (1,165,358)
(962,619)
(1,098,456)
Theannexednotesformanintegralpartofthiscondensedinterim�inancialinformation.
CONDENSEDINTERIMBALANCESHEET(UN-AUDITED)
ASATMARCH31,2016
Note
------(Rupeesin‘000)------
March31,2016
June30,2015
8,559,413Surplusonrevaluationof�ixedassets 8,544,447
1,859,10457,059
1,916,163
1,844,47679,611
1,924,087
NON-CURRENTLIABILITIESLongterm�inancesDeferredliabilities
984,329 526,01219,995 20,00019,503 19,5032,200 3,09930,232 9,553
1,056,259 578,167
CURRENTLIABILITIESTradeandotherpayablesShorttermborrowing-securedCurrentportionoflongtermborrowingsMark-upaccruedProvisionfortaxation
4
5
6
7
10,562,174 9,955,287
CONTINGENCIESANDCOMMITMENTS
TOTALEQUITYANDLIABILITIES
8,588,036
8,590,002
314,724
ASSETSNON-CURRENTASSETSProperty,plantandequipmentInvestmentpropertyLongterminvestmentLongtermdeposits
8,565,945618725
1,8318,569,119
642704620
Freeholdland-heldforsale 314,724
CURRENTASSETSStores,sparesandloosetoolsStock-in-tradeTradedebts
Advances
Tradedeposits,prepaymentsandotherreceivables
Advanceincometax
Cashandbankbalances
126,382543,974758,207
7,876
25,365
132,669
83,8581,678,331
131,772411,431381,153
9,196
27,377
67,132
22,5001,050,561
TOTALASSETS 10,562,174 9,955,287
MUHAMMADIQBAL(DIRECTOR)(CHIEFEXECUTIVE)
MAIRAJANEESARIFF
746,903(588,787)158,116
CONDENSEDINTERIMPROFITANDLOSSACCOUNT(UN-AUDITED)
FORTHENINEMONTHSPERIODENDEDMARCH31,2016
Sales-netCostofsales 8
CONDENSEDINTERIMSTATEMENTOFCOMPREHENSIVEINCOME(UN-AUDITED)
FORTHENINEMONTHSPERIODENDEDMARCH31,2016
9
Note
Note
--------(Rupeesin‘000)--------2016 2015 2016 2015
QuarterendedMarch31, NineMonthsendedMarch31,
--------(Rupeesin‘000)--------
March31,2016 March31,2015
111,203(91,695)
1,459,977(1,191,903)
452,185(384,440)
GROSSPROFIT 19,508 268,074 67,745
SellinganddistributionexpensesFreightandforwardingexpensesAdministrativeexpensesOtheroperatingcharges
(1,487)(2,967)(11,193)(30,772)
(1,284)(1,217)
(11,930)
(790)
(4,211)
(11,010)
(39,142)(36,223)
(4,079)
(6,502)
(36,961)(3,070)
(50,612)(90,586)(15,221)(46,419)
Otheroperatingincome 2,264 3,894 4,284 16,052OPERATINGPROFIT 113,961 8,181 181,772 33,185Financecost (3,638) (5,991) (11,329) (16,571)PROFITBEFORETAXATIONFORTHEPERIOD
110,323 2,190 170,443 16,614
TAXATION-Current-Prior-Deferred
(18,755)
-
(11,724)
(1,112)- --
(28,975)(1,256)(19,341)
(4,522)
(2,971)
PROFITAFTERTAXATIONFORTHEPERIOD
(30,479) (1,112) (49,572) (7,493)79,844
1,078 120,871 9,121
PROFITPERSHARE-BASIC&DILUTED-Rupees 14.03 0.19 21.24 1.60
Theannexednotesformanintegralpartofthiscondensedinterim�inancialinformation.
--------(Rupeesin‘000)--------
NineMonthsendedMarch31,QuarterendedMarch31,
2016 2015 2016 2015
PROFITAFTERTAXATIONFORTHEPERIOD 79,844
1,078
120,871 9,121
Othercomprehensiveincome
TOTALCOMPREHENSIVEINCOME
- - - -
79,844
1,078
120,871 9,121
Theannexednotesformanintegralpartofthiscondensedinterim�inancialinformation.
MUHAMMADIQBAL(DIRECTOR)(CHIEFEXECUTIVE)
MAIRAJANEESARIFF
CONDENSEDINTERIMCASHFLOWSTATEMENT(UN-AUDITED)FORTHENINEMONTHSPERIODENDEDMARCH31,2016
Cashgeneratedfrom/(usedin)operationsFinancecostpaid
Workers'welfarefundpaid
GratuitypaidIncometaxpaid
165,365
(10,960)(281)
(75,089)
(36)(1,211)
(10,047)(23,137)
--
(11,555)
Netcashgeneratedfrom/(usedin)operatingactivities 77,788 (44,788)
CASHFLOWSFROMINVESTINGACTIVITIES
FixedcapitalexpenditureCapitalwork-in-progressProceedsfromdisposalofProperty,plantandequipment
(Increase)inLongtermdeposits
Netcash(usedin)/generatedfrominvestingactivities
(9,870)
2,276
5,797
(1,797)
(654)
27,458
20,000-
20,000
(124)
26,680
CASHFLOWSFROMFINANCINGACTIVITIESShorttermborrowingsLongtermborrowings-(repayments)
(5)(14,628)
Netcash(usedin)/generatedfrom�inancingactivities (14,633)
NETINCREASEINCASHANDCASHEQUIVALENTS
CASHANDCASHEQUIVALENTSATTHEBEGINNINGOFTHEPERIOD
CASHANDCASHEQUIVALENTSATTHEENDOFTHEPERIOD
61,358
1,892
22,500 7,151
83,858 9,043
Theannexednotesformanintegralpartofthese�inancialstatements.
(49)
FORTHENINEMONTHSPERIODENDEDMARCH31,2016
---
-
---
-duringtheperiodonaccountof:
---
---
---
-
---
--
FORTHENINEMONTHSPERIODENDEDMARCH31,20161 THECOMPANYANDITSOPERATIONS
2 BASISOFPREPARATION2.1StatementofCompliance
Revenuereserve-General
Accumulatedloss TOTAL
----------------------------(Rupeesin‘000)-----------------------------
ShareCapital
BalanceasatJuly01,2014(Audited)-asrestated 56,902 10,000(1,238,882) (1,171,980)
Totalcomprehensivepro�itfortheperiod-Pro�itfortheperiodended31March2015-Othercomprehensiveincome
Surplusonrealizationof�ixedassetsrealized
-incrementaldepreciationchargedthereon-netoftax-disposalofrevaluedmachinery-netoftax
-9,121
9,121
11,4376,445
-9,121
9,121
11,4376,445
BalanceasatMarch31,2015(Un-audited)Totalcomprehensivepro�itfortheperiod-Pro�itfortheperiodended30June2015-Othercomprehensiveincome
Surplusonrealizationof�ixedassetsrealizedduringtheperiodonaccountof:-incrementaldepreciationchargedthereon-netoftax-disposalofrevaluedmachinery-netoftax
-36,151
36,151
6,9003,470
-36,151
36,151
6,9003,470
BalanceasatJune30,2015(Audited)Totalcomprehensivepro�itfortheperiod-Pro�itfortheperiodended31March2016-Othercomprehensiveincome
-incrementaldepreciationchargedthereon-netoftax
Surplusonrealizationof�ixedassetsrealizedduringtheperiodonaccountof:
-disposalofrevaluedmachinery-netoftax
-120,871
120,871
12,7232,243
-120,871
120,871
12,7232,243
BalanceasatMarch31,2016(Un-audited)
Theannexednotesformanintegralpartofthiscondensedinterim�inancialinformation.
MUHAMMADIQBAL(DIRECTOR)(CHIEFEXECUTIVE)
MAIRAJANEESARIFF
Pakistan Engineering Company Limited was incorporated Pakistan on February 15,
1950under the CompaniesAct, 1913 (NowCompaniesOrdinance,1984) as a public
limitedcompanyandlistedonPakistanStockExchangeLimited(PSXL).Thecompanyis
principallyengagedin themanufacturingandsaleofengineeringproducts.Themajor
productsoftheareelectricitytransmissionandcommunicationtowers,electricmotors,
pumpsandsteelrolledproductsetc.Theregisteredof�iceoftheCompanyissituatedat
6/7GangaRamTrustBuilding,Shahrah-e-Quaid-e-Azam,Lahore.
Thiscondensedinterim�inancialinformationisunauditedandisbeingsubmittedtothe
membersinaccordancewithsection245oftheCompaniesOrdinance,1984.Ithasbeen
preparedinaccordancewiththerequirementsoftheInternationalAccountingStandard
(IAS)34-’InterimFinancialReporting’andprovisionsofanddirectivesissuedunderthe
companies Ordinance, 1984. In case where requirements differ, the provisions of or
directivesissuedundertheCompaniesOrdinance,1984hasbeenfollowed.
Thesecondensedinterim�inancialinformationispresentedinPakistanRupeewhichis
alsotheCompany'sfunctionalcurrencyandall�inancialinformationpresentedhasbeen
roundedofftothenearestthousand.
2.2Estimates,judgmentsand�inancialriskmanagement
The preparation of interim interim information requires management to makejudgments, estimatesandassumption thataffect theapplicationofaccountingpoliciesand the reportedamountof assets, liabilities, incomeandexpenses.Actual resultmaydifferfromtheseestimates.
In preparing these condensed interim �inancial information, the signi�icant judgmentsmadebythemanagementisapplyingtheCompany'saccountingpoliciesandkeysourcesofestimationuncertaintywerethesameasthoseappliedtothe�inancialstatementsasatandfortheyearendedJune30,2015.
CONDENSEDINTERIMSTATEMENTOFCHANGESINEQUITY(UN-AUDITED)
(1,144,977)(1,211,879)10,00056,902
(1,098,456)(1,165,358)10,00056,902
(962,619)(1,029,521)10,00056,902
NOTESTOANDFORMINGPARTOFTHECONDENSEDINTERIMFINANCIALINFORMATION(UN-AUDITED)
3 ACCOUNTINGPOLICIES
4.1
5.1
NOTESTOANDFORMINGPARTOFTHECONDENSEDINTERIMFINANCIALINFORMATION(UN-AUDITED)
--------(Rupeesin‘000)--------
(Un-audited)
March31,2016
(Audited)
June30,2015
--------(Rupeesin‘000)--------
(Un-audited)
March31,2016
(Audited)
June30,2015
Theaccountingpoliciesandmethodsofcomputationappliedinthepreparationofthiscondensed interim �inancial information are the same as those applied in thepreparationofannual�inancialstatementsoftheCompanyfortheprecedingyearJune30,2015.
Thiscondensedinterim�inancial informationdoesnot includeall the informationanddisclosuresrequiredforfull�inancialstatements,andshouldbereadinconjunctionwiththecompany'sauditedannual�inancialStatementsfortheyearendedJune30,2015.
4 LONGTERMFINANCES
Loanfrombankingcompanies-SecuredGovernmentofPakistan-unsecured
53,62868,2561,790,8481,790,8481,844,4761,859,104
4.1 Movementoflongterm�inances-fromBankingCompaniesOpeningbalance
Financeavailedduringtheperiod
87,75987,759
--
-
87,75987,759
(14,628)Less:repaymentduringtheperiod
73,13187,759(19,503)(19,503)Less:Currentmaturityshownundercurrentliabilities
53,62868,256
The �inancing forms of total credit facility available to the extent of Rupees 108.351
million.The [email protected]%.Thecredit facilityof
theCompanywillbeexpiredonDecmber31,2019.Thisissecuredagainst�irstchargeof
Rupees138.140overmovable�ixedassets[excludinglandandbuilding]ofthecompany.
5
6
SHORTTERMBORROWING-SECURED
FromNBPBankundermarkarrangements-Secured:Cash�inance 19,99520,000
5.1 This running �inance facility was availed from National Bank of Pakistan to meet
workingcapitalrequirementofCompany.Thisissecuredagainst�irstchargeofRupees
66.67millionovercurrentandmovable�ixedassets(excludinglandandbuilding)ofthe
company. The facility is renewed on April 04, 2016 and total facility is enhanced to
rupess 50.00 million from rupess 20 million. The loan carries markup @ 3 months
KIBORplus2.50%.ThisfacilityhasbeenexpiredonDecember31,2016.
CONTINGENCIESANDCOMMITMENTS
Claimsnotacknowledgedasdebtsinrespectofvarioussubjudicecases�iledagainstthecompany for which the maximum possible liabilities could be approximately Rupees2.517million(June30,2015:Rupees2.517million).
6.1
GuaranteesofRupees468.69million(June30,2015:Rupees292.17million)issuedbythebanksandinsurancecompaniestodifferentpartiesonbehalfofthecompany.
6.2
MUHAMMADIQBAL(DIRECTOR)(CHIEFEXECUTIVE)
MAIRAJANEESARIFF
ThePrivatizationCommissionhasclaimedadditionalloanliabilityamountingtoRupees131.454millionandmarkupamountingtoRupees1,295.45million.Themanagementof the company in theminutes of themeetingheld onOctober7, 2010 atMinistry ofFinancetoreconciletheprincipalandmarkupamountswithrespecttoGovt.ofPakistanloansdoesnotagreewiththestanceofPrivatizationCommissioninrespectofadditionalloanandmarkupclaimed.PrivatizationCommissionhasbeeninstructedbytheMinistryof Finance to reviewthe calculation / treatmentof a loanamountingRupees131.454million and has been asked to come up with �irm stance on the foregoing loanamounting to Rupees 131.454 million. Further, Privatization Commission has beeninstructed to sort out the issue of charging interest on VSS loan and PrivatizationCommission has been asked to come up with sound reason and logic for charginginterestontheaboveloan.Thelegaladvisorofthecompanyisalsoofthe�irmopinionthatsincethereisnomentionofanymarkuptobechargedonthisloannoristhereanymarkupagreement,therefore,nomarkup ispayableby thecompanyinrespectof thisloan.Themanagementiscon�identthattheultimateoutcomeofthematterwillresultinfavor of the company and hence no provision has been made in these �inancialstatementsinrespectoftheadditionalloanandmarkupclaimed.
6.3
8 COSTOFSALES
Rawmaterialconsumed
Storesandsparesconsumed
Salariesandwagesandotherbene�its
Fuelandpower
Travelingandconveyance
Postage,telegramandtelephone
Printingandstationery
InspectionfeeProcessingandfabricationcharges
Servicecharges
Rent,ratesandtaxes
384,325
51,589
46,882
20,838
277
363
469
2,369
167,486
11,992
15,577
7,386
68
139
204
445
365,017
50,964
20,490
9,724
363
164
224
2,600
984,788
129,032
59,806
27,292
773
504
429
5,78313,724
816
464
-
1,300
453
20,234
2,992
1,464
-
3,803
1,316
NOTESTOANDFORMINGPARTOFTHECONDENSEDINTERIMFINANCIALINFORMATION(UN-AUDITED)
6.4 TheFinanceDivisionvideits letterdatedAugust11,2015,fortheyearendedJune30,2015hasclaimedanamountofRupees2,801.41millioninrespectofmarkuppayableonremainingGovernmentofPakistanLoans.However,themanagementofthecompanyisoftheopinionthatnomarkupispayableintheabsenceofanyagreementformarkup.ThematterwastakenupbytheMinistryofFinance,inmeetingheldonOctober7,2010,toreconciletheprincipalandmarkupamountswithrespecttoGovt.ofPakistanloans,which has instructed the FinanceDivision to re-examine the issue relating to Rupees100.00millionloanandinterestthereof,tocon�irmthecontentionofPECO.Decisiononthis account would be conveyed to company at the earliest. Till the issue of annualaccounts no such decisionhasbeen receivedby company.Furthermore, the companyhas also obtained the opinion from the legal advisor,who is also of opinion that nomarkup is payable. The management is con�ident that the ultimate outcome of thematterwill result in favorof the company and hence no provisionhas beenmade inthese�inancialstatementsinrespectoftheamarkupclaimed.
TheSuiGasauthoritieshaveclaimedanamountofRupees19.21million(June30,2015:
Rupees19.21million).TheCompanyhas�iledanappealagainsttheclaimandthecaseis
pendinginthecivilcourt.Theoutcomeofthemattercannotpresentlybedetermined.
6.5
--------(Rupeesin‘000)--------
(Un-audited)
March31,2016
(Audited)
June30,2015
7 PROPERTY,PLANTANDEQUIPMENT
Operating�ixedassets
Capitalwork-in-progress
8,551,0458,570,86014,90017,1768,565,9458,588,036
7.1
7.1.1
7.1 Operating�ixedassets
Openingwrittendownvalue
Add:Additionsduringtheperiod/year
Less:Disposalsduringtheperiod/year(atbookvalue)
Less:Depreciationchargedduringtheperiod/year
8,570,860
9,870
8,580,730
(2,870)
8,577,860
(26,815)
8,551,045
8,627,764
7,537
8,635,301
(27,360)
8,607,941
(37,081)
8,570,860
7.1.1 Followingisthedetailofadditionsduringtheperiod/year
FactoryBuilding
PlantandMachinery
Of�iceEquipment
Computers
Vehicles
ElectricEquipment
Tools
-
-
571
2,2625,663
35125
128229
6,8521,095
22425
9,8707,537
-
MUHAMMADIQBAL(DIRECTOR)(CHIEFEXECUTIVE)
MAIRAJANEESARIFF
--------(Rupeesin‘000)--------
(Un-audited)(Un-audited)
2016 2015 2016 2015
QuarterEndedMarch31, NineMonthsEndedMarch31,
NOTESTOANDFORMINGPARTOFTHECONDENSEDINTERIMFINANCIALINFORMATION(UN-AUDITED)
--------(Rupeesin‘000)--------
(Un-audited)
March31,2016
(Audited)
March31,2015
10 TRANSACTIONWITHRELATEDPARTIES
StateEngineeringCorporation(SEC)
OutstandingSECServiceChargespaidReimbursementofExpensespayableReimbursementofExpenses
1,500151192
1,571
1,500151-
1,571PakistanMachineToolFactory
Receivableattheendoftheperiod
11 DATEOFAUTHORIZATIONThiscondensedinterim�inancialinformationhavebeenauthorizedforissuebyBoardofDirectorsonApril27,2016.
12 GENERALFigureshavebeenroundedofftothenearestthousandrupee
MUHAMMADIQBAL(DIRECTOR)(CHIEFEXECUTIVE)
MAIRAJANEESARIFF
--------(Rupeesin‘000)--------
(Un-audited)(Un-audited)
2016 2015 2016 2015
QuarterEndedMarch31, NineMonthsEndedMarch31,
Researchanddevelopment
Vehiclerunningexpenses
Otherexpenses
Depreciation
(Increase)/decreaseinworkinprocessinventory
Costofgoodsmanufactured(Increase)/decreasein�inishedgoodsinventory
CostofSales
Repairandmaintenance
Insurance
-
688
871
8,277
-
630
699
8,001
-
1,836
1,791
24,815
41,836
1,802
25,906
475,006214,9691,263,589543,29415,174(17,671)(74,790)(60,940)490,180197,2981,188,799482,35498,607(105,603)3,104(97,914)588,78791,6951,191,903384,440
367
253
348
241
1,278
772
773
742
17,561
27,29612,4664,105(20)10--
(6,153)
37,704
2,702
(133,508)
(29,070)
(2,761)
(2,368)
99,693
(65,312)
(10,047)
55,265
9 CASHGENERATEDFROM/(USEDIN)OPERATIONSPro�itbeforetaxationAdjustmentsfornoncashchargesandotheritems:
DepreciationFinancialchargesInterestonworkers'pro�itparticipationfundInterestonbankdepositProvisionforgratuityProvisionforWPPFProvisionforWWFGainonsaleofproperty,plantandequipment
170,443
26,84010,0611,268(21)3,49210,2983,913(2,928)
52,923
Effectoncash�lowduetoworkingcapitalchanges:
-Stockintrade
-Tradedebts
-Advances
-Tradedeposits,prepaymentsandotherreceivables
Increase/(decrease)incurrentliabilities
-Increaseintradeandotherpayables
5,390
(132,543)
(377,054)
1,320
2,012
442,874
(58,001)
165,365
223,366Pro�itbeforeworkingcapitalchanges
(Increase)/decreaseincurrentassets:
-Stores,sparesandloosetools
--------(Rupeesin‘000)--------
(Un-audited)
March31,2016
(Audited)
June30,2015