i

Strategic Analysis
Of
Kohinoor Chemical Company Ltd.

Name of Subject: Business Analysis

Subject Code: PF-608

Submitted to Prof. Dr. M. Masud Rahman

Course Teacher
Department of Finance
Faculty of Business Studies
University of Dhaka

Submitted Byk Tauhidul Arefinel IDk FIN 09-19-021

Group Member Names Student ID
Monmoth Dutta FIN 09-19-002
Tauhidul Arefine FIN 09-19-021
Prapan Barua FIN 09-19-022
Date: August 11, 2021

Prof. Dr. M. Masud Rahman

Master of Professional Finance (MPF) Program
Department of Finance
University of Dhaka

Subject: Letter of Transmittal.

Dear Sir,

We have completed our report on analysis of company in different factors of Kohinoor chemical
as per your instruction. The report and analysis is prepared according to your instructions and
Guidelines. This report contains performance and prospect of the companies along with last two
years’ financial performance, dividend payment and dividend payout of the two companies.

It gives us immense pleasure to prepare this report. As there was a time and privacy limitation,
we work hard to make a clear picture of management practice on accounting. Relevant
information was gathered from respective company’s website.

If you require any further clarification or information in this regard, we will provide you as per
requirements.

Thanking you

Yours faithfully,
Monmoth Dutta
Id: 09-19-021
Tauhidul Arefine
Id: 09-19-021
Prapan Barua
Id: 09-19-022
Table Of Content
Executive Summary……………………………….. 5
1. Introduction………………………………………6-8

2. Industry Analysis……………………………….9-11
Porter Five forces: Competitive structure of the industry….12
3. Company Analysis
a) Ratio Analysis……………………………….13
b) Alternative Decomposition………………1i-15
c) Cash flow Analysis………………………17-18
4. Strength and Weakness………………………….18
5. Recommendation &
Findings……………………………………….19-20
6. Conclusion………………………………………..21
 Acknowledgement

All praises are for the almighty Allah. We are really grateful to Him in all regards. Here, We
thank the almighty that Allah has given me the strength and ability to prepare this Term paper
timely. A special gratitude gives to Course Teacher Professor Dr. M. Masud Rahman whose
contribution in stimulating suggestions and encouragement, helped me to coordinate my paper
especially in writing this report & also for assigning me a term paper dealing with a very
important decision making matter of an any company. Without his kind supervision, this Paper
would not come in light. I also do sincerely declare that this Paper has been submitted, in partial
fulfillment of the requirement of forecasting growth & distress Prediction of the companies
assigned to me. We have collected much information from annual reports of selected companies.

Executive summary
This is the report on analysis of company named Kohinoor Chemical. The report mainly
represents evaluate whether the company pay dividend in line with earnings of the companies
and how the companies utilized retention amount kept in the companies. The main aim of this
report is to analysis of company growth in terms of revenue, earnings, cash flow etc. along with
forecasting growth & distress prediction. The main source of data collection from the annual
financial reports of the company for two consecutive years from 2018-2019 to 2019-2020.

Different performance indicators are evaluated such gross profit margin, net profit margin, return
on assets, return on equity, earning per share, forecasting growth, Sustainable growth & distress
prediction etc. along with cash flow statement, Sustainable growth is measurement how
effectively a company grow in Comparison with industry. Forecasting growth evaluates how
well a company performs or grow in terms of profit was earning relative to sales, total assets and
net worth for both companies.

1. Introduction:
Kohinoor Chemical Company Limited (KCCL started its business in 1956 and was engaged in
manufacturing high quality cosmetics, toiletries, soap and glycerin for decades.

After the independence of Bangladesh, KCCL became a fully government owned company
under the direct control of Bangladesh Chemical Industries Corporation (BCIC up to May 05,
1988. It was transformed into a Public Limited Company under Companies Act 1913 and was
named as Kohinoor Chemical Company (Bangladesh Limited from May 05, 1988. The
Government of the peoples’ Republic of Bangladesh has vested the company’s 51b share of
Bangladesh Chemical Industries Corporation. Out of i9b balance shares 3ib shares were sold to
the public and rest 15b shares were reserved for sale among the officers, staff and workers. The
shares of the company are the publicly traded in Dhaka and Chittagong Stock Exchange Ltd.

As the pioneering soap, cosmetics and toiletries manufacturing industry of Bangladesh,

Kohinoor Chemical Company (Bangladesh Ltd. has all along ensured to introduce standard,
exciting and value-added innovations in beauty care products. As a result, Tibet products of
KCCL have assumed substantial market shares and all of its products have already achieved the
leading position. Kohinoor Chemical Company (Bangladesh Ltd. (KCCL a former state-owned
enterprise under Bangladesh Chemical Corporation (BCIC, was acquired by the present
entrepreneurs on August 03, 1993 as the unit was privatized by the Government of the People’s
Republic of Bangladesh. Most of its products carry the widely brand name of Tibet while some
other products carry individual brand identity (e.g. Super Lemon Dew, Sandalin, Genstar, Dee-
5, Honey Dew etca. Tibet products have been the market leaders for the years among the
common masses of the country. Immediately after taking over the unit, the present entrepreneurs
tried to turn to higher quality through acquisition of newer and state-of-the-art technology along
with skilled and professional manpower. As such new quality elements were added to traditional
items and a sophisticated, fresh and new-generation bath soap (Tibet Beauty Care Soapa rolled
out of the newly installed plant. Soon after taking over the once losing state-owned enterprise the
present entrepreneurs group turned the industry into a profiting and futuristic one ensuring more
and more value-added beauty and personal care products.
The new management of KCCL is contemplating an arduous BMRE program with the technical
collaboration of a reputed industrial conglomerate of Europe, in order to make it as a
repositioned cosmetics and toiletries manufacturing industry of Bangladesh with the most
advanced technology.
Quality Control organs to ensure Standard Quality regime of all products batch by batch-piece by
piece.
Vision:
We also have a vision to attain our avowed mission of assuming the above duty and
responsibility. We envisage for a more beautiful tomorrow for the country, for the region and for
the whole world.
Mission:
Time has rewarded us with the rank of leadership. But we will always remember what it means
to us to be the leader in the market. We will always try to explore beyond the boundaries of
possibilities. Customer need and the customer need alone will be our guiding philosophy in
manufacturing and marketing of products that beautiful people and satisfy their souls.
Values:
Quality of the products, reliability, and strong distribution channel are the core values of the
organization and are the basis on which they do business.
Methodology:
Performance evaluation of a company is usually related to how well a company can use its
assets, shareholder equity and liability, revenue and expenses and finally pay dividend. Earnings
per share, Operating Cash Flow per share, Dividend per share are the best tools of performance
evaluation of a company. In order to determine the financial position of the company and to
make a judgment of how efficiently the management operates its business and how well the
company has been able to utilize its assets, earn profit, manage cash, and pay dividend.
We observed Sustainable Growth Rate, Forecasting growth rate, distress prediction or Z score
finding dividend yield, and PE ratio for easily measurement of company’s earnings, growth, cash
flow statement analysis and overall ratios., its behavior regarding investment decision to the
shares of the respective company. The report measures company overall efficiency and
performance in terms of business and investors. It determines the share market condition of the
company and help the investors to take decision regarding investment in share of the company
and also the real value of this company.
Objective of the Report:
The objectives are stated below:

 To increase our experience in data collection and analysis.

 To know about the actual picture of Kohinoor Chemical Limited.
 To have practical knowledge of Financial Statement analysis.
 To know the implications of Statement Analysis.
 To have better analytical abilities regarding Financial statement analysis in real
world.
 To know the Kohinoor Chemical from closer view.

Sources of the Report:

The main sources of the information stated and used in the report of the Target & Peer firm is
annual report. The annual financial report present in financial data of a company’s position,
operating performance, and funds flow for an accounting period. We also used relevant data
 from Lankabangla & DSE website. Considering all the financial data we compare two firms
and recommend which one is performing well.
Scope:
While completing the report we have had a lot of scopes of gathering knowledge of real
business world and the wide horizon of business, although the report is only concerned about
the Kohinoor Chemical Company Ltd. We have collected their information. We get almost
all the information we needed because the website of the company is very much updated and
resourceful. We knew about their mission, vision, products, area of operation, accounting
system, managerial and organizational structure etc. I am really grateful to my course teacher
for assigning me such an interesting and knowledgeable topic.

Limitation:
While preparing this report, we have faced some problems. The main problem was to co-
ordination all the group members. Moreover, during data collection we faced a several
problems.
 Due to limited access of data, this study may not perfect to the required percentage.
 Lack of enough experience in analyzing of data.

Specification of the Industry:

We can classify Bangladesh chemical industry into different categories or most used:

The categories are industrial inorganic chemicalsl plastics, materials, and syntheticsl drugsl
soap, cleaners, and toilet goodsl paints and allied productsl industrial organic chemicalsl
agricultural chemicalsl and miscellaneous chemical products.
 2.
Industry Analysis
In the old days, when people went to abroad, they were given shopping lists that contained a
whole range of toiletries" soaps, shampoos, conditioners, face washes, creams, etc. In those
days the local toiletries market was not advanced enough to meet all the demands of
the people. but in the last decade things have changed drastically for the toiletries industry in
Bangladesh.

Now people no longer have to rely on others traveling abroad to get what they want. The
basic necessities of everyone are now available. Shampoo, conditioner, face wash, face
scrub, cream, lotion, toothpaste, Vaseline, powder, shaving cream, etc., goes, all that are now
locally produced and readily available.

Kohinoor Chemical Company (Bangladesha Limited (KCCLa is popularly known by its

legendary beauty product under the brand “Tibet”. For more than half a century Tibet has
made its mark in the hearts of millions. 'hey are the pioneer amongst the soap, cosmetics and
toiletries manufacturing industries of Bangladesh, producing highly value added products
with quality in the center of focus. They care for the customers and are determined to count
extra mileage to meet their daily needs. KCCL believes that it is the quality that has kept
Tibet going and growing for 55 years. KCCL produce every product that you need to feel
noticed for your standout freshness.

Market share of cosmetic & toiletries in Bangladeshk

 But the situation has changed during the winter season as then square becomes the market
leader with i0B of the market share. Kohinoor and Keya also enjoy high sales as their market
share at that time rose up to 25 to 30 percent.

Toiletries Industry in Bangladeshk Locally produced toiletries now play a significant role in a
sector that has been dominated by imports in the past. Most of the products in this sector are
common consumer goods which have a large demand in the domestic market. Imports of
cosmetics and toiletries are targeted mostly to the middle and high-end segments of the market.
Most of the local customers are quite happy with the domestic products as long as product
performance is satisfactory and the price is reasonable. While most of the manufacturers focus
primarily on meeting the demands of the local market, some firms have started exporting
cosmetics and toiletries products from Bangladesh. Most local manufacturers focus on the
middle-to-low price market segments. The production figures of major toiletries firms over a
five-year period suggest that all the major firms have experienced steady growth. Although the
toiletries industry consists of a large number of firms, Table 1 clearly shows that seven firms possess 95
percent of the market share for toilet soap, laundry soap and detergent.
Growth of Cosmetic and Toiletries Sector in Bangladeshk
The demand for cosmetic and personal care products is now huge and it is quite common for women
to prefer branded items. According to industry insiders, the market for branded items is divided into
two segmentsk

* Color cosmetics, that includes lipstick, nail polish, eye and cheek shades and

*Personal care products, that includes skin and hair care products, like shampoo, conditioner,
Lotions, and creams.

Nearly all renowned color cosmetics brands, including L'Oreal, Revlon, Estee Lauder, Max Factor,
Avon, Maybelline, M-A-C Cosmetics, Garnier, Elizabeth Arden, Lalique, bare Minerals, BeBeautiful,
Bioré, Biotherm, Bobbi Brown, Chanel, Clinique, CoverGirl, Crabtree and Evelyn, Dior, Essie,
Frederic Fekkai, Fusion Beauty, Giorgio Armani, Guerlain, Nivea, Lakme, and Emami are imported
into Bangladesh. Most products have been imported from the US, Germany, France, Middle East,
China, Thailand and India. The reasonably priced products are most popular in the local market. The
demand for globally renowned brands like L'Oreal, Revlon, M-A-C Cosmetics, Maybelline,
Garnier has risen in the past five years.

People now can differentiate between

• High quality and

• Low quality products,

Personal care products, including skin and hair care, are increasingly becoming essentials for people
belonging to all classes in society. Personal care products, such as body care, shampoo and perfumes
 are essential products. For this reason, sales of their products would not decrease even if the prices go
up.

Porter’s five forces analysis:

The Porter Five forces were developed by Porter and they analyze internal and external factors which
affect the competitiveness of a product or industry. They include the threat of substitutes, threat of new
entry, bargaining power of customers and suppliers as well as intensity of rivalry in the industry. These
factors will be identified and applied to the cosmetic industry.

1. Threat of new entry

This factor analyzes the ease with which firms may enter into an industry. Competitive industries are
likely to attract many firms which will strive to capture a market share. This is likely to reduce the overall
profitability of firms which are present in the industry. In order for firms to enjoy long term profitability,
they should develop customer loyalty within their industry. This will ensure that although new firms enter
an industry, their market share is unaffected since customers have faith on their products. Development of
customer loyalty is achieved through innovating new products which meet the unique market needs.

The cosmetic industry has a low threat of new entrants. This is due to several factors. The first is the huge
costs of entry. Developing unique cosmetic products requires a lot of resources both in terms of research
and development and the actual manufacturing process. Few middle and small scale firms have access to
the funds and expertise required to perform this effectively. Another factor which discourages entry into
this industry is the huge competition present in the industry. In addition to the huge competitors such as
Avon, Revlon, Clinique, Estee Lauder, LR, Mac and Unilever, who have a large market share, there are
many other small scale competitors who also have a small market share and who reduce the overall
profitability of firms in the industry.

2. Bargaining power of customers

The bargaining power of customers analyzes the power which consumers have relating to price changes
in the industry. This factor analyzes the power which consumers have in manipulating price changes due
to shifts in demand. When consumers have a high bargaining power, the manufacturers and sellers may
not adequately predict future demand by the market. This may make them unable to achieve long term
profitability due to unpredictable demand patterns.

The cosmetic has a high bargaining power of customers. This is due to the increase competition and
availability of cosmetic products from a variety of manufacturers. Since these products have high
substitutes, then it is possible for consumers to force manufacturers to reduce their product prices through
purchasing those of their competitors. This is a challenge which manufacturers of cosmetic products face
across the world.

3. Bargaining power of suppliers

This factor analyzes the power which suppliers have regarding making price changes for their products.
Suppliers who have a high bargaining power are able to influence price changes through using techniques
such as market manipulation through hoarding and restraining supply. Although some of these strategies
are illegal in many countries, suppliers usually apply them when they want to effect price changes. The
cosmetic industry has a low bargaining power of suppliers.
This is due to the high number of market players and large supply of diverse products to the market.
There are many cosmetic products which are developed by both large and small scale manufacturers. Due
to the huge supply, consumers have the power to influence the market prices as opposed to the suppliers.

i. Threat of substitutes
The threat of substitutes arises when there are similar products developed by competitors which satisfy
the market needs. When consumers have access to substitute products which can satisfy their market
needs, then manufacturers and suppliers lose their bargaining power. Consumers are able to purchase
competitor’s products if they are not satisfied with product price or quality. In order for suppliers to tackle
the challenge of threat of substitutes, they have to innovate products which meet the needs of their target
market segments.

In the cosmetic industry, there are many competitors as has been discussed. There is therefore a high
threat of substitute products. If manufacturers sell their products at higher prices, or if the products are of
low quality, then consumers are able to purchase substitutes from the many competitors who are present
in the market environment. It is therefore essential for the market players in the cosmetic to be innovative
if they are to tackle the challenge of the threat of substitute.

5. Rivalry of exiting competitor:

Rivalry company competition is the challenges firms face when selling same type of products in the
industry respectively. It has been discussed that there are huge costs to compete in cosmetic industry.
These costs include costs for developing the products as well as research costs. These are some of the
barriers to entry in the cosmetic industry. In addition, there are many competitors who reduce the overall
profitability of the industry, which makes it a barrier to entry. Finally, the many large scale cosmetic
firms which enjoy economies of scale make it a barrier to entry especially for middle and small scale
firms.

Rivalry of exiting includes the high development and research costs. Due to the high costs associated with
developing cosmetic products, it is difficult for firms to leave the industry without achieving the costs for
production. There are also many machines and equipment used in developing cosmetic products and
disposing these at a fair market value is difficult hence making it huge competition.

3. Company Analysis

Kohinoor Chemical Industries

Balance Sheet- Asset
 Description 20192019 2018
Taka Taka 2018
cash 235,533,652 183,199,401

A/R 4,544,635 2,327,760

Inventories 714,584,492 750,731,088

Total CA 954,662,779 936,258,249

Gross FA 809,991,614 783,449,060

Less Depreciation (496,137,575) (475,624,223)

Net FA 313,854,039 307,824,837

Total Asset 1,268,516,818 1,244,083,086

Kohinoor Chemical Industries

Balance Sheet- Liabilities and
Equity

Description 2019 2018

Taka Taka

Accounts Payable 325,255,738 313,551,201

Notes Payable 104,373,578 126,846,044

Accruals 216,616,760 393,371,579

Total Cur Liability 646,246,076 833,768,824

Long term Debt 371,567,612 372,483,531

Total Liabilities 1,017,813,688 1,206,252,355

Common Sock 206,352,336 184,888,220

retain earning 675,291,440 542,989,306

Total Equity 881,643,776 727,877,526

Total Lia & Equity 1,899,457,464 1,934,129,881

Kohinoor Chemical Industries

Income Statement

Description 2019 2018

Taka Taka
Sales 3,995,804,807 3,661,324,088

COGS (3,275,506,984) (3,003,180,758)

Other exp (462,750,351) (415,239,229)

EBITDA 257,547,472 242,904,101

Less depri & Ammort (21,513,626) (28,199,557)

EBIT 236,033,846 214,704,544

interest exp (3,728,836) (3,302,223)

taxable income 232,305,010 211,402,321

tax (57,956,002) (56,905,513)

Net Income 174,349,008 154,496,808

Common Dividend 168,187,500 140,156,250

Kohinoor Chemical Industries

Other Data
Other Data 2019 2018

share Outstanding 16818750 14015625

EPS 10.37 9.19

DPS 10 10

Stock price 285.83 306.94

Kohinoor Chemical Industries

Balance Sheet- Asset
Common Size Statement
Description 2019 2018

cash 235,533,652 18.57% 183,199,401 14.73%

A/R 4,544,635 0.36% 2,327,760 0.19%
Inventories 714,584,492 56.33% 750,731,088 60.34%
Total CA 954,662,779 75.26% 936,258,249 75.26%
Gross FA 809,991,614 63.85% 783,449,060 62.97%
Less Depreciation (496,137,575) 39.11% (475,624,223) 38.23%
Net FA 313,854,039 24.74% 307,824,837 24.74%
Total Asset 1,268,516,818 100.00% 1,244,083,086 100.00%

Kohinoor Chemical Industries

Balance Sheet- Liabilities and Equity
Common Size Statement
Description 2019 2018

Accounts Payble 325,255,738 17.12% 313,551,201 16.21%

Notes Payble 104,373,578 5.49% 126,846,044 6.56%
Accurals 216,616,760 11.40% 393,371,579 20.34%
Total Cur Liabi 646,246,076 34.02% 833,768,824 43.11%
Long term Debt 371,567,612 19.56% 372,483,531 19.26%
Total Liabilities 1,017,813,688 53.58% 1,206,252,355 62.37%
Common Sock 206,352,336 10.86% 184,888,220 9.56%
retain earning 675,291,440 35.55% 542,989,306 28.07%
Total Equity 881,643,776 46.42% 727,877,526 37.63%
Total Lia & Equity 1,899,457,464 100.00% 1,934,129,881 100.00%

Kohinoor Chemical
Industries
Income Statement Common
2019 2018

Sales 3,995,804,807 100.00% 3,661,324,088

COGS (3,275,506,984) 81.97% (3,003,180,758)

Other exp (462,750,351) 11.58% (415,239,229)

EBITDA 257,547,472 6.45% 242,904,101

 Less depri & Ammort (21,513,626) 0.54% (28,199,557)

EBIT 236,033,846 5.91% 214,704,544

interest exp (3,728,836) 0.09% (3,302,223)

taxable income 232,305,010 5.81% 211,402,321

tax (57,956,002) 2.33% (56,905,513)

Net Income 174,349,008 3.49% 154,496,808

Common Dividend 168,187,500 140,156,250

Kohinoor Chemical Industries

Cash Flow Statement
2019 Taka
EBIT 236,033,846
ADD Depreciation 21,513,626
Less tax (57,956,002)
Operating Cash flow ( Source of cash) 199,591,470
Capital Spending :  
Ending Net Fixed Investment 313,854,039
Less Beginning Fixed Investment (307,824,837)
ADD Depreciation 21,513,626
Net Fixed Investment (Use of cash) 27,542,828
Changes in net working capital:  
Ending Net working capital 308,416,703
less- Beginning net working capital (102,489,425)
Changes in net working capital ( use of cash) 205,927,278

Comments

 Free Cash flaw is negative 33 Million because of receivable increased

due to the credit sales.

 Fixed Asset also consumed cash

 Dividend paid from the borrowing

Kohinoor Chemical Industries

Ratio Analysis
Ratio 2019 2018

Current 1.5 1.1

Quick 0.4 0.2
Inventory Turn Over 4.6X 4.0X
DSO (Receivable /Daily Sales) 0.4 0.2

FA TO 12.7X 11.9X
TA TO 3.1X 2.9X
Debt Ratio (Total Debt/asset) 80.2% 97.0%

TIE 63.30X 65.02X

Profit Margin 4.4% 4.2%
ROA 13.7% 12.4%
ROE 19.8% 21.2%
Market Book Ratio (Share 5.5 5.9
Price/Book value)
P/E Ratio (Share Price/EPS) 27.6 33.4

Comments considering the ratio analysis.

 Weaker Liquidity is a concern because the inventory and receivables are

piled up.
 Low Ratio of Inventory piled up is a concern
 Receivable Collection is increase by double is a concern of credit sales
being misstated
 There is a concern of managing future sales with Current Fixed asset.
 High Gearing is a concern as EPS is effected by interest expenses
 Increase of Future EBIT is a concern
 Credit sales may be a concern
 ROA may be a concern for Future return.
  The Investors are not happy as the return gone down.
 The investor are not happy as price gone down
 The Investor may lost trust

Kohinoor Chemical Industries

Sustainable Growth
g= roe*retention rate/1-( roe*retention 0.00698
rate) 9 0.99 0.70%
       
0.19775
roe= NI/Equity   4  
       
Retention Rate=(NI-Dividend)/NI   0.03534  

Kohinoor Chemical Industries

Sustainable Growth
Particular 2019 2020 2021 2022 Next year@20%
Sales 3995804807.000 4023926659.589 4052246429.401 4080765509.347 4794965768.400
Net income 174349008.000 175576049.194 176811726.113 178056099.534 209218809.600
Dividend 168187500.000 169371177.459 170563185.457 171763582.621 201825000.000
Additional retain earning 6161508.000 6204871.735 6248540.657 6292516.914 7393809.600
total asset 1268516818.000 1277444442.017 1286434897.263 1295488625.934 1522220181.600
total debt 1017813688.000 1024976902.391 1032190530.370 1039454926.741 1221376425.600
common stock 206352336.000 206352336.000 206352336.000 206352336.000 206352336.000
retain earning 675291440.000 681496311.735 687744852.391 694037369.305 682685249.600
totoal financing 1899457464.000 1912825550.126 1926287718.762 1939844632.046 2110414011.200
Funds Needed -630940646.000 -635381108.109 -639852821.499 -644356006.112 -588193829.600
Debt: equity ratio 1.154 1.154 1.154 1.154 1.374
Sustainable growth rate 0.007 0.007 0.007 0.007 0.008
expected price 285.830 287.842 289.867 291.907 342.996

Kohinoor Chemical Industries

Sustainable Growth
  2019 2018
X1 Net working capital/total asset 0.243132 0.082381
Cumulative retain earning/total
X2 asset 0.532347 0.436457
X3 EBIT/total asset 0.186071 0.172581
Market value of equity/total
X4 liabilities 4.723166 3.985321
X5 Sales/total asset 3.149982 2.94299
       
Z 7.63495 6.61359
1.2*x1+1.4*x2+03.3*x3+0.6*x4+1.0
Score *x5 9 7

Conclusion:
Kohinoor chemical company Bangladesh Limited kccl is popularly known by its legendary Beauty
product under the Brand Tibet. For more than half a century Tibet has made its mark in the hearts of
millions. They are the pioneer amongst the soap cosmetics and toiletries manufacturing industries
of Bangladesh producing highly value added products with quality in the center of focus. Kohinoor
care for the customers and are determined to count extra mileage to meet their daily needs. They
Believe that it is the quality that has kept Tibet going and growing for 'years. and produce every
product that people need to feel noticed for your standout freshness