SITHAI-0501/58. Subject : Explanation on Financial Information of the 1 st Quarter of Dear : President The Stock Exchange of Thailand

Transcription

1 SITHAI-0501/58 Subject : Explanation on Financial Information of the 1 st Quarter of 2015 Dear : President The Stock Exchange of Thailand May 15, 2015 We refer to our financial information of Q1/2015 already submitted to you which have been reviewed by the auditor, considered by the Audit Committee, and approved by the Board of Directors on May 15, The explanations of our performance are as follows:- 1. OVERVIEW : Operating Results for the Company and Subsidiaries In Q1/2015, sales of the Company and subsidiaries increased by 1.01% meanwhile gross profit ratio increased from 19.58% to 20.84% of sales against last year. The Group had net profit for the period amounting to Baht million, attributable to owners of the parent of Baht million, an increase by Baht 7.31 million or 6.94% from the previous year. Earnings per share was Baht 0.04, no difference from Q1/2014. There was no significant non-recurring item affecting the financial statements of this quarter.

2 Table 1 Consolidated financial information (partial) Unit : Million Baht Quarter 1, Quarter 1, Change from Quarter 1, 2014 Description Amount % +(-) Inc (Dec) Sales 2, , % Gross profit (%) 20.84% 19.58% 1.26% 6.44% EBIT (Profit before interest and tax) % Net profit attributable to owners of the parent % % Net profit on sales 4.98% 4.71% 0.27% 5.73% Earnings per share (Baht) Consolidated sales Operating results at a glance 2. ANALYSIS: Operating Results in Q1/ Sales by segment Table 2 Sales by segment (Consolidated) Description Quarter 1, 2015 Amount Quarter 1, 2014 % % Amount Amount on sales on sales Inc (Dec) Unit : Million Baht Change from Quarter 1, 2014 % +(-) Plastics Business Line 2, % 2, % % Household Products % % (23.75) (5.29%) Domestic production % % (36.25) (8.44%) Overseas production % % % Industrial Products 1, % 1, % % Domestic production 1, % 1, % % Overseas production % % % Trading and Moulds Business Line % % (29.12) (19.32%) Total 2, % 2, % % 2/22

3 Sales by segment 2,500 2,000 2,238 2, ,500 1,000 1,638 1, Q Q Trading & Moulds Industrial Household Sales proportion by segment Trading & Moulds 6.73% Q Trading & Moulds 5.38% Q Household 20.06% Industrial 73.21% Household 18.80% Industrial 75.82% Sales proportion of Plastics Business Line of Q1/2015 increased from 93.27% to 94.62% as compared to Q1/2014. Plastics Business Line comprises Industrial Products and Household Products. Sales proportion of Industrial Products increased from 73.21% to 75.82% whereas those of Household Products decreased from 20.06% to 18.80%, and Trading and Moulds Business Line decreased from 6.73% to 5.38%. 3/22

4 1) Household Products Sales of Household Products of Q1/2015 decreased by Baht million, or 5.29% against the same period of last year due to the decrease in domestic sales of direct sales channels as a result of high household debts, low farmers income and declining purchasing power from sluggish economy, which forced consumers to control their spending. These factors resulted in lower demand for the Company s products and most sales were generating from new products. Moreover, export sales decreased as compared to the same period last year since export has been facing pressure from the plunge of commodity prices along with the decline in oil prices. The weakening demand from trading partners were impacted by the global economy, resulting in the decreased sales to the following markets of the Company: Japan market: higher price of import goods was from exchange rate fluctuation and the YEN depreciation; Middle East market: uncertainty in the global economic situation from the decline in oil prices dramatically resulted in slowing import from customers who adapted the wait-andsee policy; and Africa market: customers decreased their orders due to the economic recession, the outbreak of Ebola virus, the terrorism problem, and the political unrest in North Africa. An overseas subsidiary, Srithai (Vietnam) Company Limited, has experienced soaring sales thanks to the improvement of marketing strategy. The increase in customers were from entering into new markets and the focus on sales directly to customers instead of through distributors. In addition, revenue from grand sale event and trade fairs increased as buoyant economy in Vietnam which raised consumer spending. The AEC market is the potential one with high purchasing power. 2) Industrial Products Sales of Industrial Products increased by Baht million, or 4.61% compared to the same period of previous year. The major increase was from sales of automotive parts of a subsidiary due to minor changes with orders from customers since late last year. 4/22

5 Sales of beverage packaging products in Q1/2015 from sales of blowed bottles of which production line was installed and utilized for only one-fourth in Q1/2014 whereas it ran with full capacity this year. Sales of Closure increased due to sales promotion activities of major soft drink producers, whilst sales of Preform decreased as orders of overseas customers were lower, and some customer produced some size by itself. Sales of food packaging products increased slightly compared to the same period of previous year thanks to expansion of cinemas and convenient stores, especially sales of food packaging using the IML (or In Mould Labeling) production technology. Overall sales of Industrial Products other than Food and Beverage Packaging decreased against the same period last year since some customers delayed their orders or shared orders to other suppliers for risk diversification, especially crate and pallet. No procurement budget from the government also affected many products, including garbage bin and plastic furniture. An overseas subsidiary, Srithai (Vietnam) Company Limited, has soaring sales from beverage packaging products resulting from increase in orders from major soft drink producers, increase in number of customers, economic growth in Vietnam, and higher consumer spending. Moreover, as movies cineplex business in Vietnam is expanding, sales of products relating thereto also has growth potential, and higher demand for food packaging products using the innovative IML (In Mould Labeling) manufacturing technology. 3) Trading and Moulds Business Line Revenues of Trading and Moulds Business Line of Q1/2015 decreased by Baht million, or 19.32% against last year mainly due to decrease in revenues of Trading Business Line from negative factors in consumer product market. High household debts, low farmers income and declining purchasing power effected consumers spending, which consequently caused the sluggish demand for the Company s products. 5/22

6 Sales of Moulds Business Line decreased according to the Company s policy to cease production of automotive component parts since However, the Company had received orders of automotive component parts and moulds from some customers in Q1/ Gross Profit by segment Table 3 Gross Profit by segment Profit Gross Profit by segment Description Unit : Million Baht Quarter 1, 2015 Quarter 1, 2014 Change from Quarter 1, 2014 % % Amount Amount Amount % +(-) on sales on sales Inc (Dec) Plastic Business Line % % % Household products % % (5.99) (4.30%) Industrial products % % % Trading and Moulds Business Line % % (23.39) (31.39%) Total % % % Gross Profit by segment of Q1/2015 increased by Baht million, or 7.51% as compared to Q1/2014: 1) Household Products Gross Profit of Household Products dropped by Baht 5.99 million against previous year, whereby gross profit ratio increased from 31.05% to 31.38% due to production cost reduction measures. Gross profit ratio of Srithai (Vietnam) Company Limited, an overseas subsidiary, decreased due to acquisition of machinery to serve business expansion, but not fully utilized. Moreover, sales increased with lower gross profit by giving big discount from grand sale, trade fairs, and fighting brand products. 6/22

7 2) Industrial Products Gross Profit of Industrial Products increased by Baht million against previous year, and gross profit ratio increased from 13.69% to 16.72%. This is because cost of plastic resin, a major raw material, dropped in line with the price of world crude oil. In addition, domestic and export sales of food and beverage packaging were much higher causing unit costs to reduce from high rate of machine utilization. 3) Trading and Moulds Business Line Gross Profit of Trading and Moulds Business Line dropped by Baht million against previous year. Gross profit ratio decreased from 49.45% to 42.05%. This is because sales of trading business, which have higher margin, were lower, coupled with declining sales of moulds due to the Company s policy of reducing sales of OEM products. 2.3 Selling and administrative expenses Table 4 Selling and administrative expenses Profit Description Selling and administrative expenses by segment Unit : Million Baht Quarter 1, 2015 Quarter 1, 2014 Change from Quarter 1, 2014 % % Amount Amount Amount % +(-) on sales on sales Inc (Dec) Plastic Business Line % % % Household products % % % Industrial products % % % Trading and Moulds Business Line % % % Total % % % Selling and administrative expenses by segment of Q1/2015 increased by Baht million, or 6.20% as compared to previous year: 7/22

8 1) Household Products Profit Selling and administrative expenses of Household Products increased by 8.77% from commission, advertisement, and export sales promotion. Increase in selling and administrative expenses of Srithai (Vietnam) Company Limited, an overseas subsidiary, due to expenses of trade fair exhibition. 2) Industrial Products Selling and administrative expenses of Industrial Products increased by 6.15% from transportation expenses being in line with soaring sales. Transportation cost of Srithai (Vietnam) Company Limited, an overseas subsidiary, increased as more products deliveries to long distance customers in Northern Vietnam. 3) Trading and Moulds Business Line Increase in selling and administrative expenses of Trading and Moulds Business Line by 2.00% as compared to previous year was from office rental as more space required to serve business expansion with increasing number of MLM s business members. 2.4 Profit from sales by segment Table 5 Description Profit from sales by segment Profit from sales by segment Quarter 1, 2015 Amount % % Amount Amount on sales on sales Inc (Dec) 8/22 Quarter 1, 2014 Unit : Million Baht Change from Quarter 1, 2014 % +(-) Plastic Business Line % % % Household products % % (15.02) (41.28%) Industrial products % % % Trading and Moulds Business (11.13) (9.16%) % (24.60) (182.63%) Line Total % % %

9 9/22

10 Profit from sales by segment of Q1/2015 was higher by Baht million, or 10.40% compared to the same period of previous year: 1) Household Products Profits from sales of Household Products dropped by 41.28% against the same period last year, and profit to sales ratio was down from 8.11% to 5.03%. The reason was because of decrease in total sales of Household Products both domestic and export sales, lower gross profit amount and prevailing fixed selling and administrative expenses. 2) Industrial Products Profits from sales of Industrial Products rose by 61.84% and profit to sales ratio was higher from 5.32% to 8.22% as compared to the same period of previous year. Such better performance was attributable to increase in sales and gross profit ratio together with less amount and growth rate of selling and administrative expenses than the increase in gross profit. 3) Trading and Moulds Business Line Profits from sales of Trading and Moulds Business Line decreased by % against the same period of previous year. Profit to sales ratio was lower from 8.94% in previous year to loss 9.16% due to decrease in sales and gross profit of both Trading Business Line and Moulds Business Line. In addition, selling and administrative expenses increased in order to stimulate sales. 10/22

11 3. ANALYSIS: Consolidated Financial Position Table 6 Consolidated statements of financial position (partial) Consolidated statements of financial position (partial) Description As at Mar 31, 2015 As at Dec 31, 2014 Unit : Million Baht Amount Amount Amount Inc (Dec) % +(-) Trade accounts receivable, net 2, , % Inventories, net 1, , % Property, plant and equipment, net 5, , % Total assets * 10, , % Bank overdrafts and short-term loans , (554.32) (38.17%) Trade accounts payable 1, % Long-term loans 3, , % Employee benefit obligations % Total liabilities * 5, , % Unappropriated retained earnings 1, , % Non-controlling interests % Total shareholders' equity * 4, , % Note : * Total lines extracted from Consolidated Statements of Financial Position. Changes from Dec 31, 2014 As of March 31, 2015, the consolidated financial position has been changed from December 31, 2014 as follows: Increase in trade accounts receivable from soaring sales of beverage packaging products of a subsidiary in Vietnam as a result of increase in orders from major beverage producers and new customers, increase in accounts receivable of a subsidiary of Household Products, and some long overdue receivables. 11/22

12 Increase in inventories from finished goods of beverage packaging products being piled up in order to serve orders from major beverage producers for high season in the 2 nd quarter, and household products to serve Middle East customers during the Ramadan festival which starts earlier than last year. Increase in property, plant and equipment from investment in new factories in India and Vietnam, and additional acquisition of machinery of the Group netted with depreciation expenses and disposal during the period. Decrease in bank overdrafts and short-term loans from repayments during the period. Increase in trade accounts payable as higher purchases in order to serve soaring production. Increase in long-term loans thanks to withdrawal of long-term loan for investment in operating assets during the period with amount higher than loan repayments. Increase in employee benefit obligations for recognition of post-employment benefits and other long-term employment benefits during the period. Increase in unappropriated retained earnings by Baht million from net profit attributable to the owners of the parent company for three-month period ended March 31, Increase in non-controlling interests from relevant portion of net profit of subsidiaries for threemonth period ended March 31, Liquidity analysis Consolidated Table 7 statement Consolidated of cash statements flows (partial) of cash flow (partial) Description 12/22 Unit : Million Baht 3 months 3 months Change from Mar 31, 2015 Mar 31, 2014 Prior period Cash flows from operating activities Cash flows from investing activities (289.44) (138.22) (151.22) Cash flows from financing activities (74.41) Net increase (decrease) in cash and cash equivalent (140.46) Cash and cash equivalents, opening balance Cash and cash equivalents, closing balance

13 The Group s significant cash inflow/outflow transactions for three-month period of 2015 as compared to the same period last year were as follow: 1) Net cash receipts from operating activities were higher thanks to performance of the period, better management of operating assets and liabilities, increase in depreciation from investment in operating assets, and decrease in finance cost. 2) Net cash payments for investing were higher from additional assets acquisition and land leasehold right of subsidiaries in India and Vietnam. 3) Net cash receipts from financing activities were higher from new long-term loans withdrawal with lower amount of repayments. The Group is confident that it can maintain sufficient cash flows together with proper liquidity level to be able to support business. As at March 31, 2015, the Group has unutilized credit facility consisting of bank overdrafts, long-term loan and working capital worth more than Baht 5 billion which is enough for liquidity. As well, the Company is under the process of additional fund raising to support the Group s business. 5. Key financial ratio analysis Table 8 Working Capital Ratios 13/22 Quarter 1 Quarter 1 12 months Collection Period Days Inventory Turnover Days Payment Period Days Cash Cycle Days Profitability Ratios 5. Return on Equity % Return on Operating Assets % Financial Policy Ratios Key Financial Ratios Description 7. Debt to Equity Times Unit

14 5.1 Working capital ratios Cash cycle for Q1/2015 was days, longer than that for Q1/2014 and for the year ended December 31, 2014 being days and days, respectively, due to: 1) Collection period of accounts receivable was days, longer than that for Q1/2014 and for the year ended December 31, 2014 being days and days, respectively, following the soaring sales of beverage packaging products, decrease in cash sales channel of Household Products, and some long overdue receivables which are in dunning process of the Group. 2) Inventory turnover was days, longer than that for Q1/2014 and for the year ended December 31, 2014 being days and days, respectively, as raw materials and finished goods being stocked up to serve beverage packaging sales and household products sales during high season and the Ramadan festival of Middle East countries in Q2/ ) Payment period of accounts payable was days, longer than that for Q1/2014 and for the year ended December 31, 2014 being days and days, respectively, as the Group made purchase and kept raw materials at the level being sufficient for production plan, as well as decrease in purchase by cash. 5.2 Profitability ratios Return on Equity (ROE) was 2.30%, higher than that for Q1/2014 being 2.23%, due to increase in operating results. Return on Operating Assets was 2.08%, higher than that for Q1/2014 being 1.99%, from the increase in operating results and higher rate of assets utilisation due to increase in sales. 5.3 Financial policy ratios Debt to equity ratio was 1.20 times, an increase from that of Q1/2014 being 1.16 times, thanks to increase in accounts payable, and long-term loan withdrawal in Q1/2015. However, it was decreased from that of the year ended December 31, 2014 being 1.22 times as a result of increase in retained earnings from operating results. 14/22

15 6. Risk Management The Group has in place plans to manage various risks as follow: 1) Fluctuations in raw materials prices Given that the raw materials especially plastic resin use for production account for as much as 60% of our production costs, as it is a commodity product with prices moving and fluctuating according to the price of crude oil, the Company recognizes the importance of sourcing raw materials at prices that are considered appropriate. This is done through the purchasing process being managed by a special Management Group responsible for closely monitoring the price of raw materials from various sources of information as well as planning raw materials purchases based on both quantity and prices, together adjusting selling prices to our customers on a regular basis. 2) Labor Cost Labor cost is another important factor in our production process. The Group has adjusted the working hours of its staff, in order to reduce costs and expenses burdens as well as to improve work efficiency but without reducing overall production outputs. 3) Fluctuations in foreign currency exchange rates Since the Group has export sales for more than 20% of total Group revenues together with imports of raw materials, production machinery and equipment from overseas, the current risk management activities undertaken by the Group in regards to diversifying risks and mitigating the potential impact of being too dependent on any one specific foreign currency are as follows: Focus on selling products and buying goods using foreign currencies other than in US dollars Sell products in Thai Baht for selected countries and some selected customers Negotiate with key customers to adjust the selling price, in the event of any significant fluctuations in the foreign currency exchange rates Execute forward purchase/sale of foreign currencies in order to reduce the possible impact, as appropriate and may be required 15/22

16 Manage the Group s overall inflow and outflow of foreign currency, in order to achieve an effective internal balance or natural hedge 4) Managing the customers base The Group has only a few customers for some product groups, so it planned to expand the overall customers base both domestically and overseas in order to spread out risks and to reduce possible impact from being overly dependent on any one specific group(s) of customers. 5) Overseas Investments The Group has policies to manage risks in this regard, through not concentrating its overseas investments in any one specific country or in any one specific type of product. Careful assessment would be conducted through mainly considering business opportunities relating to its targeted customer groups, cost structure of the potential business, legal matters as well as financial and banking systems, and the associated political stability. 6) Management of capital funds The Group continuously expands its businesses every year. As such, investment capital/ funds are critical factors both in terms of the sources of funds (from operating cash flows and commercial bank loans) and the cost of funds. In spite of the Group relying on loans from commercial banks, it also has spreaded out its risks in this regard as follows: Source loans from several commercial banks, based on the best proposed financial conditions applicable to each particular instance in seeking investment capital/funds; Make use of loan interests that are fixed and floating; Source loans with floating interest rates being based on a variety of floating basis; Primarily borrow funds domestically, so as to reduce the possible impact of foreign exchange fluctuations; and Borrow loans that are unsecured and without need for any collateral and any guarantees; with the only exception of where by giving any form of security will reduce the overall cost of funds borrowed. 16/22

17 7. Forecasts for the overall business in Q2/ Household Products Domestic market It is expected to improve, with the Company still employing strategies aimed at widening and opening up new opportunities relating to B2B commerce. A wide variety of products required in the market will be offered to attract members of and create income and new memberships for the direct sales business. Promotional activities are to be arranged in support of direct sales team members to increase their total sales. The first factory outlet shop or the Srithai Super Outlet, located in Cholburi and selling the Company s products together with products from other leading manufacturers, is becoming more well known within various customer groups. This outlet, which started operations since Q1/2015, will help add another sales channel as well as further strengthen the brand awareness for the Company s products. Export Markets Export sales of melamine products are expected to improve compared to Q1/2015, as a result of customers starting to place more orders after waiting to assess the overall economic situation, oil prices movement, and foreign currency exchange rates fluctuations in Q1/2015. The Company will focus on the AEC markets to meet the greatly increased economies. The Company will start to launch new products that are melamine products but look very much like porcelain, called Porceline, for the European and US markets especially in the HORECA (Hotel, Restaurant and Catering) customers group. Positive acceptance of this product is expected due to it not being as expensive as real porcelain products with much more durable. Sales orders from Middle East customers will start to come in during Q2/2015, since they will soon begin their Ramadan festival for muslims. It is the time they believe they must change tableware and dishes used to serve food prior to the fasting period covering from April 20, /22

18 to May 19, Additionally, the Company has developed new designs and decorative motifs to be more suited for the muslim markets, which have been continued to be well accepted and very popular. As for the new subsidiary in India, its manufacturing plant is in the process of being constructed and should start commercial production as well as generating sales in Q3/2015. This will enable the expansion of the direct sales and wholesale businesses in India. The subsidiary will also better compete in the market for the pricing since the subsidiary present by needs to import products into India from Thailand with a high import duty burden. The Group will also focus on promoting and building its Superware and Ektra brands to be more well accepted regarding their quality and beautiful designs. 7.2 Industrial Products Beverage packaging products In Q2/2015, it is expected that total sales of industrial products for beverage packaging will increase, since it is the high sales season, with key festivities (ie: Songkran) in Thailand, during which consumer demand will be increased. With regards to another new subsidiary established and located in Hanoi, Vietnam, to be a manufacturing plant for packaging products, whose production facility is in the process of construction, we expect that it will start commercial production and generating sales revenues in Q4/2015. This will help expand the overall production capacity to meet the growth of the beverage industry and the overall economy in Vietnam, as well as will help expand the Group s business further into the northern part of the country. Overall operating expenses and products delivery time to the North can be saved, since currently the Company must deliver finished goods from its production plant located in the South. Food packaging products Total sales will increase in Q2/2015, as a result of the Company having developed and launched new Food Box products, in order to drive total revenues of food packaging products. 18/22

19 As for food packaging products that incorporate a product label through use of the innovative IML (In Mould Labeling) production process, new customers are expected for this product especially in Vietnam, the Philippines, Korea and China due to the trend in cineplexes screening new popular hit-movies during the Q2/2015 period. Other Industrial Products In Q2/2015, we expect increased sales compared to Q1/2015. This is based on sales orders for plastic containers to be received in late Q2/2015, together with orders for premium products received since Q1/2015 and still being placed during Q2/2015, as well as based on expectations that the government sector will have more available procurement budgets to place more orders. 7.3 Trading and Moulds Business Line Trading Business Line It is expected that total sales will increase in Q2/2015 compared to Q1/2015, since Srithai Network held various marketing promotions events and activities to drive consumer demand for its products, with key events as follows: 1. Launch of Food Matrix product, that is a cell food type of food supplement produced in and imported from the USA and that has received a Nobel Prize award, for which the Company has been given the exclusive rights to distribute/sell in Asia. We expect that the product will be very well-received and popular among the younger generation and health conscious consumer, as well as will achieve increased sales, profits and good reputation for the Company. 2. Creation of new mobile sales units that focus on selling products to its members, in order to enable them to establish or expand their respective business activities. In Q2/2015 this activity will focus more on promoting sales to this particular customer group, in order to specifically target members who have opened mobile sales units and to achieve increased total sales for this customer group on a sustained basis. 19/22

20 3. As for innovative agricultural products, in March 2015 the Company signed a cooperation agreement with one business partner to collaborate in building the S Matrix brand to be a global brand and in achieving increased sales. Moulds Business Line Total sales for Q2/2015 are expected to be similar to that achieved in the first Quarter, despite design changes in automobiles since late last year resulting in an increase in sales orders at the beginning of the changes but will start to stabilize during Q2/2015. However, due to the overall global economic slowdown especially in Europe and Japan- there may also be some impacts on the automotive industry. 8. Significant events of Q1/2015 There is no new accounting policy in Q1/2015. Nevertheless, significant events regarding additional investments, changes in investments, and future investment plan were as follows: 8.1 Investment in subsidiaries Srithai (Vietnam) Company Limited Srithai (Vietnam) Company Limited has registered increase its capital from US dollar million to million on February 6, The Company will wholly invest in the increase registered capital according to its % shareholding. The Company partially paid for additional investment share capital in a subsidiary amounting to US dollar 3.00 million or equivalent to Baht million on February 11, Srithai Superware Manufacturing Private Limited On February 9, 2015, the Company paid for the additional share capital of Srithai Superware Manufacturing Private Limited, a subsidiary, amounting to Indian Rupee million, or equivalent to Baht million according to its % shareholding. 20/22

21 8.2 Dividend payments of a subsidiary Korat Thai Tech Company Limited At the Annual General Meeting of Shareholders of Korat Thai Tech Company Limited on March 31, 2015, the meeting has approved a dividend in respect of the subsidiary s net profit for the year 2014 at Baht per share, totalling Baht million. The Company will receive a dividend of Baht million according to its % shareholding. 9. Post statement of financial position events 9.1 Capital increase in a subsidiary Srithai Superware Manufacturing Private Limited On May 15, 2015, the Board of Directors of the Company passed a resolution to approve the capital increase of Srithai Superware Manufacturing Private Limited, a subsidiary, of not more than Indian Rupee million from the original capital of Indian Rupee million to not more than Indian Rupee million. After the capital increase, the Company s holding has not changed, according to its 100% shareholding. The objective of capital increase is to support for the Company s additional investment plan. 9.2 Approval of dividends Company At the Company s Annual General Meeting of Shareholders on April 29, 2015, the meeting has approved a dividend in respect of the Company s net profit for the year 2014 of Baht 0.10 per share, totalling Baht million. This dividend will be paid on May 27, Subsidiary - Srithai Miyagawa Company Limited At the Annual General Meeting of Shareholders of Srithai Miyagawa Company Limited on April 25, 2015, the meeting has approved a dividend in respect of the subsidiary s net profit for the 21/22

22 year 2014 at Baht per share, totalling Baht million. The Company will receive a dividend of Baht million according to its 51.00% shareholding Please be informed accordingly. Yours faithfully, Prin Bholnivas Director 22/22