India–Pakistan Trade: Perspectives from the Automobile Sector in Pakistan
AUTOMOBILE INDUSTRY OF PAKISTAN (INFORMATION … Information Package... · 3 Range of Automobile...
Transcript of AUTOMOBILE INDUSTRY OF PAKISTAN (INFORMATION … Information Package... · 3 Range of Automobile...
1
Segments of Automobile Industry
Pakistan Automobile Industry operates in following ranges of products:
• Cars & Light Commercial Vehicles (LCVs)/Pickups.
• Two and three wheelers.
• Tractors.
• Trucks & Buses.
• Vendor Industry.
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Overview of Auto Industry
The Automobile sector of Pakistan comprises of assembly / manufacturing industries with
the following breakdown:
PRODUCTS NUMBERS OF UNITS
Cars 3
Tractor 8
Truck/Buses 10
LCVs/Pickup/ Van 8
Jeeps 2
Two/Three Wheelers 113
Down Stream Vending Industry comprises of around 2000 part manufacturers, 400-500 are in
organized sector.
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Range of Automobile Products in Pakistan
Cars Jeeps LCVs/Pickup/Van Tractors Motorcycles Trucks/Buses
Honda
Sigma
Defender
Suzuki Fiat Honda Hino
Suzuki
Toyota
Fortuner
Toyota Hilux
Massey
Ferguson
Yamaha Nissan
Toyota Master Universal Suzuki Isuzu
Karakram(Kalash) Hero
Chinese
Co’s
Master
Al-Haj FAW
Farm-all
Tech
Afzal
P.M Autos Arzoo
Daewoo Pak
Tayyaba P.M Autos
AL-Haj FAW
New Allied Orient
Tayyaba
Fuso Master
New Allied
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Market Share % (2014-15)
Market Share % Car Motorcycle Truck Buses Tractors Jeeps
LCVs/
Pick Ups
Japanese 100 41 69 62 0 62 96
Non Japanese 0 59 31 38 100 38 4
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Major Joint Ventures for Automobile
COMPANY JOINT VENTURE PRODUCT
Indus Motor Co. Toyota & Daihatsu, Japan Corolla & Cuore Cars
Atlas Honda Ltd. Honda, Japan Honda Cars/ Motorcycle
Pak Suzuki Motor Co. Suzuki, Japan Cars, Van, Jeep, Pickup
Suzuki Motorcycle Suzuki, Japan Suzuki Motorcycle
Master Motor Corp. Yuejin & Faw, China LCVs, Buses
Sind Engineering Ltd. Dong Feng, China LCVs, Bus
Tayyaba Motors China Trucks
Fuso Master Motors China Truck & Buses
Sigma Motors Ltd. Land Rover, UK Jeeps
New Allied Motors China Truck / Buses / mini van
Al-Hajj Faw Motors China Truck /pickup / X-PV
Afzal Motors Daewoo, Korea Buses
Karakoram Motors Changan, China LCVs
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Overall Production Performance of Auto Sector
(No’s)
Products Installed
capacity
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Cars
285,000
84,814 121,790 133,972 154,255 120,332 116,605 152,524
Jeeps 932 1,172 883 342 1,475 1,217 1,109
Pick-
Up/LCV/ Van
16,324 15,779 19,167 21,033 15,264 18,597 30,154
Total 102,070 138,741 154,022 175,630 137,071 136,419 183,787
Trucks
29,150
3,313 3,779 2,995 2,728 2,284 3,431 4,744
Buses 707 716 577 693 650 789 933
Total 4,020 4,495 3,572 3,421 2,934 4,220 5,677
Tractors 91,000 60,684 72,989 72,261 48,898 51,977 35,253 45,862
Motorcycles 3,888,300 938,936 1,456,145 1,696,609 1,700,292 1,657,411 1,697,819 1,699,764
Auto
Rickshaw
301,500 13,792 31,781 45,211 44,947 35,246 48,712 48,573
Total 1,013,412 1,560,915 1,814,081 1,794,137 1,744,634 1,781,784 1,794,199
Grand Total 4,594,950 1,119,502 1,704,151 1,971,675 1,973,188 1,884,639 1,922,423 1,983,663
Source: PAMA ( www.pama.org.com) & Industries
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Local Content Levels Achieved
S.No Automobile Percentage
1 Cars 50-70
2 Tractors 88-93
3 Motor cycles 77-83
4 Commercial vehicles 30-40
5 Buses / Trucks 45-47
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Production of Cars/Pick-up/LCV/Mini Van
(Units: No’s)
Manufacturers Cars
Capacity Status 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Pak Suzuki
Motors
liana 150,000 Disctd 900 614 334 150 144 0
Swift Opt 2,578 4,376 7,128 5,945 5,047 3,319
Cultus Opt 12,453 12,414 13,600 12,785 14,467 14,142
Mehran Opt 22,271 25,935 33,839 34,278 28,485 30,381
Alto Disctd 10,665 12,873 15,288 0 0 0
Wagon-R Opt 0 2,532 5,067
Bolan Opt 10,541 14,359 21,594 13,046 13,991 23,952
Total 59,408 70,571 91,783 66,204 64,666 76,861
Honda Atlas Civic 50,000 Opt 5,648 6,408 5,396 9,608 10,020 8,341
City 7,852 9,294 7,089 11,638 13,585 15,930
Total 13,500 15,702 12,485 21,246 23,605 24,271
Toyota Indus Corolla 75,000 Opt 43,382 41,419 46,352 32,882 28,124 51,392
Cuore Disctd 5,145 6,280 3,635 0 0 0
Total 48,527 47,699 49,987 32,882 28,124 51,392
Dewan Farooq
(Hyundai)
Santro Plus 20,000 Non-Opt 212 0 0 0 210 0
Nissan Nissan Sunny 6000 Non-Opt 143 0 0 0 0 0
Nexus
Automotive
Chevrolet Joy 3000 Non-Opt 0 0 0 0 0 0
Raja Motors Fiat UNO 2000 Non-Opt 0 0 0 0 0 0
Total 275,000 355 0 0 0 210 0
Grand Total 121,790 133,972 154,255 120,332 116,605 152,524
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Manufacturers Jeeps Capacity Status 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Sigma Defender
Opt 1172 883 451 628 797 424
Toyota Fortuner
Opt 0 0 0 847 420 685
Total 1,172 883 451 1,475 1,217 1,109
Manufacturers
Pick-up
/LCV/Van
Capacity Status 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Pak Suzuki
Motors
Ravi
Opt 12,590 15,860 15,953 10,808 12,300 23,372
Toyota Indus Hilux
Opt 2,030 3,060 4,930 3,676 4,468 4,811
Dewan Farooq Shehzore
Non-Opt 1,006 186 Disctd 0 698 0
Dong Feng Pick-up
Non-Opt 0 0 0 0 0 0
Karakoram
Motors
Kalash
Opt 11 25 0 11 60 0
Master Pick-up
Opt 142 36 46 33 11 6
Tayyaba Motors Mini Van
Opt
New 69 36
Al-Hajj FAW
Pick-up
7000
Opt 0 0 New 377 421 735
(X-PV) Opt 0 0 New 239 482 1088
P.M Autos Pick-up 3000 Opt 0 0 New 120 88 6
New Allied
Motors
Mini Van
Opt 0 0 New 0 0 100
Total 285,000
15,779 19,167 20,929 15,264 18,597 30,154
Source: PAMA & Industry
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Production by CC-Wise CARS
(No’s)
Type of
Vehicle
2000-01 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
1300-1800cc 17,664 60,360 62,111 66,299 60,223 56,920 78,982
1000cc
15,716 23,473 25,287 28,888 12,785 17,209 19,209
800cc
9,299 37,957 46,574 59,068 47,324 42,476 54,333
Total
Cars
42,679 121,790 133,972 154,255 120,332 116,605 152,524
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Trend of Import Duty on CBU
New Car 2001-2 2002-3 2003-4 2004-5 2005-6 2007-8 2008-9 2012-13 2013-14 2014-15
up to 800 cc 100% 75% 75% 50% 50% 50% 50% 50% 50% 50%
801 to 1000 cc 100% 75% 75% 50% 50% 55% 55% 55% 55% 55%
1001 ~ 1300 cc 120% 100% 100% 50% 50% 60% 60% 60% 60% 60%
1301 ~ 1500 cc 150% 100% 100% 70% 50% 60% 60% 60% 60% 60%
1501 ~ 1600 cc 150% 125% 100% 70% 65% 75% 75% 75% 75% 75%
1601 ~ 1800 cc 150% 125% 125% 80% 65% 75% 75% 75% 75% 75%
Above 1800 cc 250% 200% 150% 100% 75% 90%
100+50%
RD
100+50%
RD
100+50%
RD
100+50%
RD
RD: Regulatory Duty
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CBU rate of Import duty on used and new Cars are as under:
* Federal Government has made certain changes in its notification No. SRO 577(I)/2005 dated
06.06.2005 vide SRO562 (I) 2014 dated 26.06.2014. By virtue of these amendments, fixed amount
of duty and taxes on import of cars up to 1800 cc has been increased by about 10%.
Category FIXED* DUTY
(in USD) on used cars
Custom duty for
new cars
Sales Tax With Holding
Tax
Up to 800cc 4,800 50% 17% 5%
800 to 1000 cc 6000 55% 17% 5%
1001 to 1300cc 12,000 60% 17% 5%
1301 to 1500cc 16,900 60% 17% 5%
1501 to 1600cc 20,500 75% 17% 5%
1601 to 1800cc 25,400 75% 17% 5%
1801 to 3000cc - 100+50% RD 17% 5%
3001cc&above - 100+50% RD 17% 5%
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Tariff Structure (Existing)
Cars LCVs Motorcycle Bus
Rigid/
Truck
Prime Mover Trailer Tractor
Raw Material 0 0 0 0 0 0 0 0
Sub Component 5 5 5 5 5 0 5 0
Component 10 10 10 10 10 0 10 0
Sub-Assembly 20 15 20 15 15 0 15 0
CKD- Localized
parts
50 45 47.5 35 35 35 35 35
CKD- non
Localized parts
32.5 20 15 5 10
Below 280HP 10%
Above 280 HP 0%
5 0
CBU
50-100
+RD
60 65 20 30
Below 280HP 30%
Above 280HP 15%
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*15/10
(10%-below 35 hp
and above 100 hp)
*under SRO 567(I) 2006 0% SKD/CBU duty was imposed on tractors. Normal Tariff 10% duty
below 35hp and above 100hp- 15% duty on 35hp to 100hp category.
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Imports of Cars & Jeeps
Category (CC-WISE) 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Cars up to 1000 19,272 14,108 7,596 3,129 4,565 5,248 24,778 26,537 20,563 16,848
From 1001 to 1300 4,131 2,631 1,301 502 314 1,282 8,040 2,196 44 49
From 1301 to 1600 6,967 3,801 2,824 526 794 2,488 18,425 12,484 3,532 2,040
From 1601 to 1800 947 546 561 136 503 1,324 4,590 2,732 3,538 2,523
From 1801 to 3000 2,267 2,517 1,462 238 61 89 176 155 65 68
Above 3000 445 267 163 161 36 46 112 136 44 17
Jeeps (4x4) 9,251 3,097 2,214 870 309 284 852 1,241 1,250 1,479
Total Old 23,483 13,084 4,604 5,641 9,626 56,166 44,820 28,981 22,738
Total Others 3484 3037 958 941 1135 807 661 55 290
Grand Total 43,280 26,967 16,121 5,562 6,582 10,761 56,973 45,481 29,036 23,028
Source: FBR
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Production of Truck & Buses
(Units: No’s)
Trucks
Manufacturers Capacity 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Hino 5,950 2,244 2,655 1,700 2,070 1,307 1,237 768 1,058 1,476
Ghandhara
Nissan
4,200 829 926 567 515 469 228 208 378 857
Master Motors 8500 380 590 384 490 655 712 648 641 784
Ghandhara
Industries (Isuzu)
3000 954 822 481 350 379 420 299 597 922
Dong Feng 3000 3 0 3 0 0 0 0 17 0
Afzal Motors 3,000 122 166 108 236 155 126 123 419 241
Bibojee Services
(Kamaz Prime)
200 5 28 33 40 0 5 14 4 2
Roma Motors 572 56 84 28 65 0 0 0 0 0
Dewan
Automotive Engr.
200 44 22 9 13 0 0 0 0 0
Tayyaba Moors New
(Trial)
28 1
Fuso Master
Motors
1,000 New 0 0 0 0 0 0 36 153
New Allied
Motors
New 50
Al-Hajj FAW
motors
3,000 New 0 0 0 0 0 224 253 258
Total 28,650 4,637 5,293 3,313 3,779 2,965 2,728 2,284 3,431 4,744
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Buses
Blue line shows non operational units
Manufacturers 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Hino 744 887 515 484 394 468 420 477 484
Ghandhara
Nissan
31 54 0 30 0 6 0 6 18
Master 5 8 0 19 1 22 4 14 11
Ghandhara
Industries (Isuzu)
205 182 136 95 95 72 98 61 80
Dong Feng 8 15 11 0 0 0 0 0 0
Afzal Motors 0 0 0 37 43 30 2 20 9
Fuso Master
Motors
31 95
Daewoo Pak
Motors
80 14 45 43 51 95 126 180 236
Total 1,073 1,160 707 708 584 693 650 789 933
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Motorcycle & Rickshaws Capacities and Production
Products Installed
capacity
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Honda 750,000 349,525 483,028 570,777 588,106 636,420 639,506 653,193
Suzuki 60,000 14,592 18,550 20,259 21,389 20,178 24,501 22,105
Chinese 3,078,300 574,819 954,567 1,105,573 1,090,797 1,000,813 1,033,812 1,024,466
Motorcycles -Total 3,888,300 938,936 1,456,145 1,696,609 1,700,292 1,657,411 1,697,819 1,699,764
Auto Rickshaw 301,500 13,792 31,781 45,211 44,947 35,246 48,712 48,573
G. Total 4,189,800 952,728 1,487,926 1,741,820 1,745,239 1,692,657 1,746,531 1,748,337
Source: Industries
2008-9 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
70 CC 766,651 1,159,237 1,372,716 1,374,452 1,290,679 1,338,084 1,348,053
100 CC 108,985 182,638 171,626 163,727 170,874 128,148 139,179
125CC 62,772 113,232 150,917 159,893 191,871 220,184 194,150
150CC 528 1,038 1,350 2,220 3,987 11,403 18,382
Total 938,936 1,456,145 1,696,609 1,700,292 1,657,411 1,697,819 1,699,764
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Capacities and Status of Tractor Industry
Manufacturer Location Capacity Status Origin Product range
1
Millat Tractors Ltd Lahore 40,000 Operational
UK/AGCO
(Massey Ferguson)
50, 60,75,85 HP
2 Al-Ghazi Tractors
Ltd
DG Khan 25,000 Operational UAE (Fiat) 55,65,75 ,85 HP
3 Universal Tractors Karachi 3,000 Operational Romania 53 and 85 HP
4 Hero Motors Hyderabad 3,000 Operational UMG Ukraine 57,62 and 80 HP
5 Farm-all
Technology
Lahore 3,000 Operational URSUS 50 and 60 HP
6 Arzoo Tractors Lahore 3,000 Operational Rakovica IMR 50 HP
7 PM Auto industries Hyderabad 5,000 Operational HEMA Turkey 50,60 and 80
8 Orient Industries Karachi 9,000 Operational Republic of Serbia 50 and 60 HP
Grand Total
91,000
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Tractor Production
(No’s)
Tractors Capacity 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15
Millet Tractors
(Massey Ferguson)
40,000 40,177 42,188 32,003 32,003 21,600 28,105
Al-Ghazi (Fiat) 25,000 31,430 28,582 16,117 18,856 11,920 16,647
Universal 3,000 121 85 31 12 3 0
Hero Motors 3,000 772 1,017 538 792 409 0
Farm-All 3,000 14 0 166 140 74 0
Arzoo Tractors 3,000 - 0 0 0 40 0
PM Auto Industry 5,000 475 389 43 163 206 0
Orient Tractor 9,000
11 1,001 1,110
Total 91,000 72,989 72,261 48,898 51,977 35,252 45,862
Source: PAMA & Industries
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Indigenous Capabilities
Down Stream Vending Industry comprises of around 2000 part
manufacturers,
400 are in organized sector.
Capable in producing:
o Interior trims
o Plastic Parts
o Forgings
o Casting
o Machined Parts
o Rubber Parts
o Electrical parts
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Vendor Industry Technical Collaboration
Components Vendors in Pakistan Collaborating Partners
Shock absorbers M/s Honda Atlas Ltd
M/s Agri Auto Ind
Showa, Japan, Kayaba
Radiators M/s Alwin Engg.
M/s Loads Pvt. Ltd
U.E. Radiators, Japan
Toyo Radiator Japan
Car A/C M/s Sanpak, M/s Thal
Engg
Sanden, Japan, Denso
Radio Cassette Player M/s Automate Ind Panasonic Thailand
Lamps M/s Techno Pak Koito, Japan
Spark Plugs M/s Shaigan Electric NGK, Japan
Glass M/s NGS Pak NGS, Japan
Steering Case set M/s Polymer & Precision I.S. Seiseki, Japan
Brake Drum Assembly M/s Alsons Auto Ltd Nissin Kogyo, Japan
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Vendor industry
Vendor industry has managed to localize a large number of automotive parts, including
sheet metal parts, rubber and plastic parts, aluminum parts such as
Engine
Fuel Systems
Cooling Systems
Electrical Systems (Alternator, starter motor, battery, battery cable)
engine parts
Mountings and Brackets
Drive Train
Clutch, Clutch pressure plate
Transmission
Shift lever & Parts
Transmission Gears
Suspension, Steering, Wheel & Tyre
Chassis Modules (front, rear,suspension modules)
Steering (power), Columns
Tie Rods, Tie Rod Ends, knuckles, Pitman Arm.
Struts, Arms and Rods
Leaf Springs, Cross Members, Shock Absorbers
Wheels and Tyres, Ball Joints etc.
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Axle/Brake/Body Control
Axle, Shafts, Wheel Hubs, Brake Drum, Discs, Brake Shoe
Body & Exterior and Climate Control
Body panel, door panel parts, side panel parts, fenders, chassis, frame, mud guard,
bumper, AC, ducts
Interior
Seats, dashboard, panels, switches, door, roof trims, floor trims, mats, carpets etc)
Electronics
Electric Parts (Wiring harnesses, cables, battery, alternator, motor starter, Audio system
General Parts
Fasteners, bolts, brackets, clips, clamps, bearing, gears, pipes and hoses, filters, bushes,
seals, gasket, plugs
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Auto policies
In Pakistan auto sector is regulated through:
Tariff Based System (TBS) for Automotive Sector
Auto Industry Development Program (AIDP)
Tariff Based System (TBS) for Automotive Sector
As of July 1st 2006, the deletion programs for the Automotive Sector have
been replaced by the Tariff Based System (TBS) through following SRO’s
o [SRO 656 (I) / 2006 dated June 22, 2006 (For OEMs)]
o [SRO 693 (I) / 2006 dated July 1, 2006 (For OEMS)]
o [SRO 655(I) / 2006 dated June 22, 2006 (For Vendors)]
The basic framework of Tariff Based System is as under:
Imports in CKD condition would be allowed only to assemblers having adequate assembly facilities and registered as such by the concerned Federal Government Agency.
In Parts/ components indigenized by June 2004 have been placed at higher rate of Customs Duty i.e. 50% for cars
Parts not indigenized would be allowed at CKD rate of Custom Duty i.e. 32.5% for cars.
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Auto Industry Development Program (AIDP)
Government has approved the long term auto policy (five year tariff plan for Cars/LCVs) on
January 2007 while the non-tariff incentive part of the policy comprises of technology
acquisition, Human Resource Development, Auto Cluster Development and new entrant
policy were approved by Government in November 2007.
Auto Industry Investment Policy (AIIP) under AIDP
Auto Industry Investment Policy (AIIP) Under AIDP facilitate new Entrant which mean a
potential assembler / manufacturer of global significance who had no assembly /
manufacturing of similar vehicles in Pakistan in the past and intends to assemble /
manufacture a vehicle by himself or through an agreement with a Pakistani company.
(AIDP is available at www.engineeringpakistan.com)
Benefits
New Entrants will be allowed to import 100% CKD kit, at the leviable customs duty
applicable to non localized parts, for a period of three years from the start of
assembly/manufacturing.
NOTE: Government is going to announce new auto policy soon which is expected to be more open
and investor friendly
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New Entrant Policy for Motorcycle Industry with New Technology
The minimum investment for any New Entrant with new technology will be US$ 100 million
“New Technology” will be defined by the Engineering Development Board and would be
approved by the ECC on the recommendations of the Committee comprising
representatives from BOI, Ministry of Commerce and chaired by Secretary Industries.
The Committee shall also be empowered to decide on proposals relating to introduction of
new technologies by the existing manufacturers as well as the localization plans.
The new entrant shall have the incentive of importing localized CKD kit in any form at
custom duty leviable on non- localized CKD Kit (10%) in any form for a period of five years
subject to localization plan.
The additional Custom Duty leviable shall not be charged on sub-components and
components imported in any kit form.
The Concessions shall be withdrawn on parts localized by the new entrant each year, in
accordance to the approved localization plan.
At the start of commercial production by new entrants, localization level shall be kept at a
minimum of 25%.
By the end of five years, localization level shall reach a minimum of 85% at an average rate
of at least 15% per annum each for the subsequent four years.
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Investment Opportunities in Auto Sector
Small Car Segment
As present Pakistan is having extremely low ratio of 16 cars / 1000 persons.
Low cars/1000 person ratio offers a huge potential for car sales in Pakistan
Government is focusing on bringing new investment in auto sector to increase competition
in the local market with the aim to enhance volumes by offering more incentives to new
investors under new entrant policy in the draft Automotive Development Policy.
The new investor package under new policy is at finalization stage
At present, the small cars segment in Pakistan is characterized by no competition (only Pak
Suzuki),
High prices, and quality issues.
As a result there is a huge potential for further investment to cater for existing and future
growing demand.
Pakistan is producing around 1.7 million motor cycles every year, while total number of
motorcycles on road has exceeded 20 million.
At least one percent of these motorcycle riders have the ability to graduate from bike to
small car every year.
This will lead to a potential of additional annual demand of 200,000 units of small cars a
year to be filled through new investors.
Pakistan offers huge opportunities for investment in small car segment of Pakistan.
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Cars above 1800 CC
The Auto industry presently is manufacturing cars up to 1800 CC only
The demand for higher capacity cars is being met through imports of new and used cars.
New investment in this sector may fill the gap.
Tractor industry
At present, there are eight manufacturers operating in the sector out of which two players i.e. Al-Ghazi Tractor Ltd and Millat Tractors Ltd are dominating market with the market share of over 96%
Still there is a supply demand gap in high horse power segment of more than 85 HP and below 50 HP
Motorcycle industry
At present around 100 motorcycle manufacturers are operating in the country with an installed capacity of 3.19 million units.
Despite having large production capacity of Motorcycle in the country, still motorcycle sector needs to diversify its product range to:
o Higher CC segment such as 150 cc and above, o Automatic scooters and o Mopeds in future as well.
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Investment Opportunities in Auto Parts Industry
o Around 45% of Auto parts are not made locally.
o Car sub-assemblies, assemblies, components are presently being imported.
D-8 countries can consider manufacturing of following parts and components
for OEMs in Pakistan.
o High-tech technology to manufacture certain critical components (engine gearing &
transmission parts) in Pakistan for local consumption and to supply to regional hubs.
o Brake discs and pads
o Brake lining
o Clutch discs and clutch assemblies/facings
o Spark plugs
o Halogen lamps
o Shock absorbers
o Sheet metal and plastic parts etc
Market size is sufficient for establishment of units for local manufacturing of aforesaid parts and components i.e. for both OEMs and the aftermarket.
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DISCLAMER
This information package aims at enabling the investors to make a preliminary
assessment and information contained in this publication is for information
purposes only. All the material included in this document is based on
data/information gathered from various sources. Although, due care and diligence
has been taken to compile this document, however, the contained information may
vary and it should not be relied upon as such. Investors are expected to make their
own investment decisions