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Positioning to be the leading global brand


Our Vision 2 · Financial Snapshot 5 · CEO's Message 9 · Range of Products 13 · Our Business 15 · Our Milestones 20 · Operations Review 21 · Board of Directors 23 · Our People 25 · Corporate Structure 27 · Corporate Governance 29 · Corporate Information 32


i s t o b e t h e l e a d i n g g l o b a l b ra n d i n


h ome h eal th care a n d h e a l t h y l i fe s t y l e p ro d u c t s .

Annual Report 2000



We are introducing three new divisions of concept shops ­ Nutrition Focus, Hygiene Focus and Fitness Focus ­ in addition to our existing Health Focus concept shops. This will add depth and breadth to our product range, symbolising our holistic approach towards good health.

Annual Report 2000



Revenue (S$Million)

140 120 103.138 100 80 60.837 60 42.897 40 20 0 CAGR = 34% 1995 1996 1997 1998 1999 2000 31.432 69.747 135.557

Profit Before Taxation (S$Million)

14 12 10 8 6 4 2 0 1.632 CAGR = 54% 1995 1996 1997 1998 1999 2000 3.668 4.402 3.199 10.848



Earnings Per Share (¢)

4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0 1995 1996 1997 1998 1999 2000 0.6 * based on 230.5m (1995 to 1999: 180.9m) issued shares 1.3 1.8 1.3 4.1 4.1*

Annual Report 2000



Total Assets (S$Million)

100 80 60 40 20 0 1995 1996 1997 1998 1999 2000 28.173 33.775 47.912 55.951 42.201 93.471

Shareholders Equity (S$Million)

45 40 35 30 25 20 15 10.186 10 5 0 1995 1996 1997 1998 1999 2000 6.417 13.007 14.937 10.269 42.548

Net Tangible Asset Per Share (¢)


20 18 16 14 12 10 8 6 4 2 0 1995 1996 1997 1998 1999 3.6 5.6 7.2 5.7 8.3



48 24 22

50 64.929 45 40 35 30 20 25 27.055 20 15 6 6 10 5 0 Singapore LEGEND: 1999 2000 Malaysia China Hong Kong Taiwan Singapore Malaysia China Hong Kong Taiwan 5

(S$Million) 49.762 70 60 29.938 50 40 30 20 10 0 24.491


Revenue By Geographical Segment









Annual Report 2000



Through strategic acquisitions and alliances in the region and beyond, we plan to extend our reach to every country, establishing a strong presence globally as a leading brand that is recognised around the world. We aim to be a $1b company by 2008.

"Health care and healthy lifestyle products are no longer seen as luxury goods but rather, a necessity as the society trends towards a more sophisticated and health conscious lifestyle. We are a local homegrown company with regional presence throughout Asia and a global potential."

Annual Report 2000


On behalf of the Board of Directors, I am pleased to present to you OSIM International Ltd's maiden annual report for the financial year ended December 31, 2000.

Year 2000 has been a very significant year for us. The launch of our initial public offer on July 19, 2000, marked an important turning point in our vision towards becoming the leading global brand in the home health care and healthy lifestyle industry.

Since starting out in 1980 under the sole proprietorship, R. Sim & Trading Co Pte Ltd, we have grown tremendously to become the most recognisable brand for home health care and healthy lifestyle products in our primary markets of Hong Kong, Taiwan, Singapore, Malaysia and China.


From the beginning, strategic marketing and strong brand management have been critical success factors in securing our foothold in the industry. Synonymous with the OSIM brand are high quality and excellent customer service, core values that have driven the Group's profits since its inception and differentiated us significantly from our competitors.

I am proud to report a 31% increase in the Group's turnover from S$103.1 million in 1999 to S$135.6 million for the financial year ended December 31, 2000. In addition, profit before tax has also been elevated by 27% to S$13.8 million, when compared with that in 1999.

Annual Report 2000


This new millennium has been a fantastic year for the Group. We saw a huge surge in operations in all our markets and believe that the strong growth in demand for health care products will continue. Health care products are no longer deemed as luxury goods but a necessity, as society trends towards a more sophisticated and health conscious lifestyle.

We have a first mover advantage and are already the established leader in this industry. Even so, we have only touched the rim of the health care business. Taking just Asia as an example: while there are more than 3 billion people and over 500 million households, we are selling only less than 30,000 chairs a year. Hence we believe there is huge potential growth for our business.


Our outlook for 2001 is therefore positive. With the expansion of the Group's global network by 32 pointof-sale outlets to 241 over the last year, we are confident of further growth through franchising, acquisitions, and synergistic tie-ups. Currently, negotiations are underway to appoint franchisees in the Philippines, Australia, and United Kingdom. The Group will also be implementing a new Enterprise Resource Planning and Customer Relationship Management system that will lay the foundation for our eOSIM online business.

Annual Report 2000


Besides growing its point-of-sale outlets, the Group is also introducing three new concept divisions to the existing Health Focus concept this year. These are Nutrition Focus, Hygiene Focus, and Fitness Focus. To be launched first in Singapore and Hong Kong, these new divisions will add breadth to the Group's extensive product range and establish new revenue streams.

The Board of Directors and I sincerely appreciate the support of our customers, business associates and shareholders, which has brought us to where we are today. We will be proposing a dividend of 0.6 cents per share representing 12%, less tax at 24.5 %, in respect of the financial year ended December 31, 2000. To our staff, we salute your dedication and hard work in building up a strong foundation from which OSIM International Ltd will continue to grow profitably. Thanks to you, I look forward to the new millennium with confidence as we embark on our next phase of growth.


Dr Ron Sim Chye Hock

Ph.D.(B.A.) Chairman & CEO

OSIM International Ltd

57 Genting Lane Osim Building Singapore 349564 Tel: (65) 747 6866 Fax: (65) 748 9192 DID: (65) 845 9887/8 Email: [email protected]

With a healthy body, mind, and spirit, you can triumph over any situation.

Health is an attitude to life

Annual Report 2000


Healthy Living




Blood Pressure Monitor ( Cuff, Wrist, Finger ) Digital Thermometer / Ear Scan Air Cleaner Computerised Glucometer Pedometer / Calories Meter Weight & Height Bridge Hearing Aid Rotary Toothbrush Hot & Cold Gel Pack Nerve Stimulator Water Purifier Nebuliser

Massage Couch Foot Reflexologist

Relaxation Music CDs Poster

Massaging Hairbrush Magnetic / Electronic Slim Belt TENS Machine


Hand-held Tapper / Vibrator Eye Massager

Health-related Books Health Accessories

Massage Mattress Kneading Massager Air Mattress Air Cushion

facing page: Ms. Linda Wang (Best Producer)

Annual Report 2000



Ranked as the No. 1 brand for home health care products in Singapore and Hong Kong by market research firms, The Gallup Organisation and AC Nielsen, OSIM is the customer's preferred brand.

Annual Report 2000

USA: 11

China: 55 UAE: 1 Taiwan: 32 Hong Kong: 46 Thailand: 5 Malaysia: 30 Singapore: 46


Total Number of Outlets: 241

Indonesia: 15

We are in the business of home health care and healthy lifestyle products.

As the No.1 brand and most influential trendsetter in Singapore and Hong Kong, we count an extensive distribution network as a main competitive advantage in capturing the majority market share of our niche and highly-specialised business.

With a rapidly expanding point-of-sale network in our primary markets of Hong Kong, Taiwan, Singapore, Malaysia and China, a bourgeoning franchisee network in our new geographical markets of Thailand, Indonesia, the United Arab Emirates and the United States of America, OSIM International Ltd is fast becoming a world-renowned brand.



The OSIM Brand The unveiling of our new and enhanced corporate logo in April 2000 marked a turning point in our brand management strategy. A bold step forward in the new millennium, the new logo features the tricolours of blue for the sky, green for the land, and orange for light and spirit. Together, they symbolise our aspiration to become a leading global brand.

The OSIM brand holds an intangible value that has been cultivated through trust built up painstakingly over the years, based on the quality promise that is associated with our products and services. This value boosts the price premium and unit volume of our business, thereby enhancing our profitability.

Annual Report 2000


Our Concept Shops We have a unique concept shop layout to leverage on our brand value. Our product lines are categorised under four complementary concepts- Health Focus, Nutrition Focus, Hygiene Focus, and Fitness Focus, all carrying the fundamental theme of health and well-being in the home.

Our Health Focus concept shops carry the existing range of home health care and healthy lifestyle products. To be opened soon, our planned Nutrition Focus concept shops will sell a comprehensive range of health food supplements, while our Hygiene Focus shops will specialise in filtration and home cleaning systems. The Fitness Focus Concept shops, will market home gym equipment.

Each with its own unique character, decor and style, our four concept shops symbolise OSIM's holistic and integrated approach to home health care.


The OSIM Customer Experience This is characterised by heartfelt warmth, in-depth product knowledge and well informed advice. Our service staff always strive to provide customers with an informative and satisfying purchasing experience, from product trial to after-sales service and maintenance.

The Quality Promise Quality is our value proposition to our customers. Our brand and corporate reputation depend on the consistent delivery of high quality products and services that exceed our customers' expectations. In place is a dynamic process for continuous improvement and innovation in our product development. This is based on active two-way feedback between service staff and customers and close consultation with our suppliers and contract manufacturers.

Annual Report 2000


Strategic Marketing and Community Development Marketing with a well thought-out strategy is crucial to enhancing our market share. Communicating with one voice, one vision is essential as we embark on a rapid expansion phase in new geographical market.

Central to our broad business goals and overall organisational vision is a community call for the public to cultivate a positive mindset towards healthy living. To reinforce our brand in the public eye, we have been engaging popular celebrities with a large following in Singapore and Hong Kong to endorse our products and the concept of healthy living. We also encourage the spirit of community responsibility through corporate sponsorship of charity events, such as The President's Star Charity and the National Kidney Foundation Charity Show, in Singapore.

In line with our belief that we are in a business that gives back to the community,


we have been actively supporting the Singapore government's National Healthy Lifestyle Campaign every year.

To expand our coverage of different customer segments, we have developed our secondary brand, NORO, carrying massage chairs and kneading massagers with more simplified designs and features, but nevertheless maintaining the same high quality standards as the main OSIM products.

Research and Development In a move to strengthen our control over the source and quality of our products, we have engaged in a joint venture with Daito Electric Machine Industry Company in China for the manufacturing and R&D of health care components. Complementing this venture, OSIM is finalising details to set up its own R&D divisions to focus on new product development. This move will enable the Group to enhance its R&D competencies to provide greater value-add to its business and greater input to the design of its products.

Annual Report 2000


Plugging into Information Technology The Internet is a global system. Consequently, e-commerce will be an important extension of our global thrust. Implementation of a definitive e-commerce strategy is now in full swing with the impending set up of our B2C and B2B e-commerce transaction abilities and a health information portal.

Up to S$1.5 million has been expended on a Group-wide information technology system. With this state-of-the-art infrastructure, our business processes will be rationalised with a web-based Enterprise Resource Planning software. An automated warehouse and inventory management system will steer our supply-side operations from a stock-driven process to a more productive and cost-effective demand-driven one. Logistics processes will be optimised with computerised forecasting and planning tools. Geographically dispersed franchisees will be provided with a common financial reporting


platform, thereby strengthening our internal controls.

Our Customer Relationship Management technology will add further value to OSIM's "one-stop shop" service from the initial product advisory to after-sales and maintenance. Shortened service lead time, more effective cross-selling, and greater convenience are expected resultants of this landmark initiative.

facing page: Ms Lee Bee Ling (Best Staff)

With a healthy body, mind, and spirit, you can triumph over any situation.

Health is an attitude to life


Dec 2000

OSIM global distribution network expands to 241 Nov 2000 Group-wide implementation of ERP and CRM infrastructure

Sept 2000

Formation of joint venture company, Daito-OSIM Healthcare Appliances (Shanghai) Co Ltd, with Daito Electric Machine Industry Company Limited Registration of "OSIM" as a trademark in 26 countries spanning Asia (including Australia), Europe, North and South America, South Africa and Israel

Jul 2000

Launch of initial public offer Century Private Equity Holdings, a wholly-owned subsidiary of Temasek Holdings (Pte) Ltd, takes a 5% stake in the Group

May 2000

Apr 2000

Launch of new and enhanced "OSIM" corporate logo and identity


Adoption of franchise business model to concentrate on core competencies in strategic marketing and brand enhancement Opening of first concept shop in Dubai


Commencement of wholesale distribution business in Singapore to hospitals, pharmacies and Chinese medical halls


Joint venture with Daito Electric Machine Industry Company Limited, a Japanese supplier to the Group, to take up a 30% interest in Daito-OSIM (Suzhou)


Opening of first concept shop in Shanghai, the People's Republic of China Distribution network expands to 60 point-of-sale outlets in Asia Official launch of "OSIM" brand name


Opening of concept shops in Indonesia and Beijing, the People's Republic of China


Opening of first concept shop in Malaysia 1990 Opening of first concept shop in Thailand


Creation of "Health Check & Care" brand to market home health care products 1987 Opening of first concept shop in Taiwan Distribution network for household goods and health care related products expands to 10 concept shops in Singapore, Hong Kong and Taiwan. 1986 Opening of first overseas concept shop in Hong Kong


Incorporation of R. Sim Trading Co Pte Ltd and opening of first outlet at Peoples' Park, retailing two health care related products, hand-held massagers and foot reflexology rollers 1980 Commencement of sole proprietorship, R. Sim Trading Co., by Dr Ron Sim Chye Hock, retailing an array of household goods, such as knives, knife sharpeners and mobile drying rods


Annual Report 2000


The Group's turnover increased by 31% in FY2000 to S$135.6 million from S$103.1 million in the previous year. The increase in turnover was mainly due to the introduction of new products and higher contribution from the subsidiaries, particularly in Taiwan, Hong Kong and Malaysia.

Profit before taxation rose by 27% from S$10.8 million in FY1999 to S$13.8 million in FY2000 while profit after taxation and minority interests increased by 27% from S$7.4 million to S$9.4 million. The percentage increase in profit was lower than that of turnover due to higher expenses incurred during the year to launch and enhance the Group's brand architecture platform. This relates to the design and launch of our new corporate logo and identity. Expenses were incurred to commission a global brand consultant and to execute the accompanying advertising campaign.


Factors which contributed to the improvement in the Group's performance include: (a) new and enhanced products, (b) lower cost of goods due to favourable exchange rates arising from a weaker Yen as we made a portion of purchases from Japan, and (c) higher income from our associated companies due to an increase in exports to a major distributor in US.

This healthy turnover and profit comes in the wake of the society's trend towards a more sophisticated and healthy lifestyle, and is an indication of OSIM's future success in attaining the status of a leading global brand.

Annual Report 2000



People are our main asset at OSIM. Therefore, we embrace continous improvements and life-long learning to keep the skills of our staff relevant always.


(from left)

Mr Charlie Teo Chay Lee, Mr Khor Peng Soon, Ms Teo Sway Heong, Dr Ron Sim Chye Hock, Mr Michael Kan Yuet Yun, Mr Ong Kian Min and Mr Richard Leow Lian Soon

With a healthy body, mind, and spirit, you can triumph over any situation.

Health is an attitude to life

Annual Report 2000

Dr Ron Sim Chye Hock (Chairman & Chief Executive Officer)

Mr Charlie Teo Chay Lee (Chief Operating Officer)

Mr Richard Leow Lian Soon (Regional General Mgr)

Mr Peter Lee Hwai Kiat (Chief Financial Officer) Mr Lester Soh (Regional Finance Mgr)




Ms Celine Cha (Senior Product Development Mgr)


Mr Teo Yeong Ann (Corporate Planning Mgr) Ms Josephine Cheng (HR & Admin. Mgr) Mr Desmond Yak (Asst. Operations Mgr)




Ms Stella Lim (Service Quality Mgr)

Mr Francis Leow Lian Teck (Franchise Mgr) Mr Eric Kuan (Franchise Mgr)



facing page: Mr Vincent Heah (Sales Supervisor)

Annual Report 2000

Mr Nasser Nafarzadeh (General Mgr, Hygiene Focus)

Mr See Toh Chee Wai (MIS Mgr)

Mr Bernard Tang (Project Mgr)

Ms Sandra Gan (Marketing Mgr)



Mr Ian Ang (e-Business Mgr)


Mr Bruce Cha (Country Sales Mgr) Mr Sam Ng (Area Sales Mgr)


Ms Iris Leong (Asst. Wholesale Mgr)

Annual Report 2000
















Annual Report 2000



Transparency in our communication with our investors is a top priority. In the Corporate Transparency Index ranking published in the Business Times on March 5, 2001, OSIM with 74 points, outscored banking and industrial giants.

Annual Report 2000


Our Directors and management are committed to high standards of corporate governance in order to protect the interests of our employees, customers and Shareholders, and follow closely the best practices outlined in the Best Practices Guide issued by the Singapore Exchange Securities Trading Limited (SGX-ST):

Board of Directors Our Board of Directors, comprising seven members, is made up of 3 executive Directors and 4 nonexecutive Directors. The Chairman / Chief Executive Officer Dr Ron Sim Chye Hock, the Chief Operating Officer Mr Teo Chay Lee and the Regional General Manager Mr Leow Lian Soon are the executive directors. The non-executive directors are Ms Teo Sway Heong, Mr Khor Peng Soon, Mr Michael Kan Yuet Yun and Mr Ong Kian Min. The Board will meet periodically throughout the year. To assist the Board of Directors in discharging its responsibilities, we have the following Committees:-

The Executive Committee The Executive Committee comprises the 3 executive Directors, Dr Ron Sim Chye Hock, Mr Teo Chay Lee, Mr Leow Lian Soon and the Chief Financial Officer Mr Lee Hwai Kiat. The Committee will assist the Board to strengthen our management culture and direct the Group towards fulfilling our vision of being a global brand name in home health care products. The Committee will also assist the Board to allocate resources of the Group after considering the risks and returns associated with our operations, including business and financial risks;


Audit Committee The Audit Committee comprises 2 independent Directors, Mr Michael Kan Yuet Yun, Mr Ong Kian Min and 1 executive Director, Mr Teo Chay Lee. Mr Michael Kan Yuet Yun is the Chairman of the Audit Committee. The main objective of the Committee is to assist the Board of Directors in fulfilling the fiduciary responsibilities of the Company and each of its subsidiaries. The Committee will: (i) oversee and appraise the quality of the audit of the Company's internal audit function and of its external auditors; (ii) serve as an independent and objective party to review the financial information presented by the Management to Shareholders, regulators and general public; and (iii) examine the adequacy of the Company's administrative and operating controls as well as internal accounting controls and evaluate adherence.

Annual Report 2000


The Audit Committee meets periodically to review: (i) with the assistance of the external auditors, the audit plan, their evaluation of our internal accounting controls and audit report; (ii) the assistance given by our officers to the internal and external auditors; (iii) the scope and results of the internal audit procedures; (iv) the financial statements of the Group, including the half year and full year results; (v) our compliance with such functions and duties as may be required under the relevant laws or the Listing Manual; and (vi) all interested person transactions to ensure that they are carried out on normal commercial terms and are not prejudicial to the interest of our Shareholders; Interested person transactions carried out during the financial year pursuant to the Shareholders' mandate obtained in accordance with Chapter 9A of the SGX-ST Listing Manual are as follows:


2000 (S$'000) Income Sales Service Fees Royalty Income Expenses Rental Expense and Service Fees


1999 (S$'000)

10, 744 188

8, 828 22 -



The Audit Committee had recommended to the Board of Directors the nomination of Arthur Andersen for re-appointment as external auditors of the Company at the forthcoming Annual General Meeting.

Compensation Committee The Compensation Committee, comprises 2 independent Directors, Mr Ong Kian Min and Mr Michael Kan Yuet Yun and 3 executive Directors, Dr Ron Sim Chye Hock, Mr Teo Chay Lee and Mr Leow Lian Soon. The Chairman of the Committee is Mr Ong Kian Min. The Committee will annually review and the independent Directors shall approve the remuneration packages and terms of employment of each executive Director and each employee who is related to the executive Directors, substantial Shareholders or Executive Officers to ensure that their remuneration packages are in line with the prevailing remuneration levels and commensurate with their respective job scope and level of responsibility.

OSIM Share Option Scheme Committee The OSIM Share Option Scheme Committee comprises 2 independent Directors, Mr Ong Kian Min, Mr Michael Kan Yuet Yun and 2 executive Directors, Dr Ron Sim Chye Hock and Mr Teo Chay Lee. The Chairman of the Committee is Mr Ong Kian Min. The main objective of the Committee is to assist the Board of Directors to implement and administer a share scheme to enable the Company to give recognition to the contributions made by the employees and non-executive Directors.

Annual Report 2000



Our service is delivered with a warmth that lights up the customer's face. From product trial to after sales and maintenance, customers are provided with indepth product information and sincere advice to assist them in decision-making.

Annual Report 2000


Board of Directors:

Dr Ron Sim Chye Hock (Chairman & Chief Executive Officer) Teo Chay Lee (Chief Operating Officer) Leow Lian Soon (Regional General Manager) Teo Sway Heong (Non-executive Director) Khor Peng Soon (Non-executive Director) Michael Kan Yuet Yun, PBM (Independent Director) Ong Kian Min (Independent Director)

Company Secretary:

Juliet Ang, LLB (Hons.)

Registered Office and Principal Office: 57 Genting Lane Osim Industrial Building Singapore 349564 Registered and Share Transfer Office: B.A.C.S. Private Limited 63 Cantonment Road Singapore 089758



Arthur Andersen Certified Public Accountants 10 Hoe Chiang Road #18-00 Keppel Towers Singapore 089315 Partner-in-charge: Mr Max Loh Khum Whai

Principal Bankers:

Oversea-Chinese Banking Corporation Limited 65 Chulia Street #29-02/04 OCBC Centre Singapore 04951 The Development Bank of Singapore Ltd 6 Shenton Way DBS Building Tower One Singapore 068809 Standard Chartered Bank 6 Battery Road #07-00 Singapore 049909 RHB Bank Berhad 90 Cecil Street #03-00 Singapore 069531


Singapore OSIM International Ltd 57 Genting Lane OSIM Industrial Building Singapore 349564 Tel: (65) 747 6866 Fax: (65) 846 4918 Email: [email protected] Hong Kong OSIM (HK) Co. Ltd Room 1212-22, 12/FL No 1 Hung To Road Kwun Tong, Kowloon Hong Kong Tel: (852) 2790 2300 Fax: (852) 2342 8510 Taiwan OSIM GHC (Taiwan) Co. Ltd 1F No 99-20 Nankang Road Sec.2 Taipei 115 Taiwan R.O.C. Tel: (8862) 2726 3131 Fax: (8862) 2782 4066 Malaysia OSIM (M) Sdn Bhd No 10 Jalan 4/91A Taman Shamelin Perkasa Cheras 56100 Kuala Lumpur Malaysia Tel: (603) 981 1218 Fax: (603) 985 8318 Indonesia PT Sharon Samaru (Indonesia) Jembatan III, No 36 36 FR Jakarta 14450 Indonesia Tel: (6221) 661 1164 Fax: (6221) 661 8943

China OSIM International Trading (Shanghai) Co Ltd 2F Huntson Building 98E Shan Road Pudong New Area Shanghai 200127 China Tel: (8621) 5873 3138/9 Fax (8621) 5873 3140 OSIM GHC (China) Co. Ltd Suite 1527 Junefield Plaza No 6 Xuanwumenwai Street Xuanwu District Beijing 100052 China Tel: (8610) 6310 1383 Fax: (8610) 6310 1391 Daito-OSIM Healthcare Appliances (Suzhou) Co. Ltd China-Singapore Suzhou Industrial Park No 45 Baiyu Road Suzhou 215021 China Tel: (0512) 761 1238 Fax: (0512) 761 5068 Daito-OSIM Healthcare Appliances (Shanghai) Co. Ltd 1F No 213 Tai Gu Road Wai Gao Qiao Free Trade Zone Pudong Shanghai China Tel: (8621) 5866 5151 Fax: (8621) 5866 0090 USA OSIM (USA) Inc 2940E La Palma Suite C, Anaheim CA 92806 USA Tel: (1714) 630 1600 Fax: (1714) 630 4009

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E mail : I R @ o s i m . c o m . sg

For more information on OSIM Inter national, visit our website at


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