0

Date: 19/02/2018 NCoMM

NCML Commodity Market Monitor

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⚫ • Cotton • Sugar • Soyben • RM Seed ⚫ • Castor seed • Turmeric • Jeera

NCoMM

NCML COMMODITY MARKET MONITOR

Cotton | Sugar | Soybean | RM Seed | Castor seed | Turmeric | Jeera

OUTLOOK

OTHER DATA Sowing progress | Advance estimates | Kharif and rabi MSP

Castor | Turmeric | RM SEED | Jeera

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NCML COMMODITY MARKET MONITOR NCoMM

0

Date: 19/02/2018 NCoMM

NCML Commodity Market Monitor

Fundamental Report

• Expected decline in production in Gujarat by 20 to 25 per cent during

the current season have kept market sentiments slightly on the higher

side. Moreover higher exports as compared to last year also supported

the commodity.

• All India Castor seed acreage in 2018 increased to 9.18 lakh hectares up

by 5.05 per cent from last year acreage of 8.74 lakh hectares and 25 per

cent down by normal area of 10.51 lakh hectares.

• As per the Ministry of Agriculture, first advance estimates for 2018-19,

Castor production is estimated to decline at 15.17 lakh tonnes as against

the target of 18.31 lakh tonnes. Castor production during 2017-18 was

estimated at 15.68 lakh tonnes.

• According to market sources, the current season Castor production is

expected to decline at around 12.50 lakh tonnes as against 14.20 lakh

tonnes produced last year.

• Castor seed acreage in Gujarat during 2018 was reported around 5.33

lakh hectares as against 5.95 lakh hectares in Kharif 2017. A decline of

10.42 per cent due to deficient monsoon rainfall in 2018 in major castor

growing belts of Gujarat. The seasonal normal Castor acreage in Gujarat

is 6.48 lakh tonnes.

• According to the latest 2nd Advance estimates released by the Gujarat

Agriculture department Castor seed production in the state is

estimated to decline by 30 per cent at 10.43 lakh tonnes as compared

to 14.84 lakh tonnes in 2017-18.

• As per the Solvent Extractors' Association of India (SEA) latest data

Castor seed meal exports during April 2018 to January 2019, declined by

36 per cent at 326885 metric tonnes as against 513335 metric tonnes

last year. During April 2018 to January 2019, South Korea imported

around 220855 tonnes of castor meal and Taiwan imported around

83,146 tonnes.

• Castor meal exports in the month of January 2019 increased at 34,374

metric tonnes as against 17,230 metric tonnes in December 2018. South

Korea was the major importer with 32,081 tonnes and Taiwan imported

2,072 tonnes.

• During April-December, India shipped out 431,238 tonnes of castor oil,

down from 530,256 tonnes exported a year ago. In 2017-18 (April-

March) India's total exports were pegged at 651,326 tonnes as against

556,778 tonnes in the previous year.

Mandi Price in Rs/ Quintal

18-02-2019 11-02-2019 % Change

Deesa 5178 5141 0.71

Kadi 5060 5000 1.20

Siddhpur 4960 4970 -0.20

FUNDAMENTAL SUMMARY

Price Drivers Impact

Overall Castor acreage in 2018 increased to 9.18 lakh hectares up by 5.05 per cent from last year acreage

Bearish

Expectation of decline in production in Gujarat by 30 per cent during the current season

Bullish

All India Castor production estimated to at 15.17 lakh tonnes as against the target of 18.31 lakh tonnes

Bullish

Castor meal exports in April 2018 to January 2019, declined by 36 per cent at 326885 metric tonnes as against 513335 metric tonnes

Bearish

Lower Castor oil exports as compared to last year

Bearish

Buying to improve at lower levels as crop production expected to decline

Bullish

Based on Primary & Secondary Sources

2800

3240

3680

4120

4560

5000

5440

5880

6320

6760

Se

p-1

6

Oct

-16

No

v-16

De

c-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-17

May

-17

Jun

-17

Jul-1

7

Au

g-1

7

Se

p-1

7

Oct

-17

No

v-17

De

c-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-18

May

-18

May

-18

Jun

-18

Jul-1

8

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-18

De

c-18

Jan

-19

Castor - Deesa

CASTOR

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Date: 19/02/2018 NCoMM

NCML Commodity Market Monitor

Fundamental Report

• Turmeric spot and futures remained weak tracking subdued domestic

and overseas demand. The arrivals of new crop in spot markets and

cold weather conditions in northern parts of India have also kept the

market sentiments low.

• Currently buyers are not much active in buying the commodity due to

higher moisture continents. In some spot market, Turmeric prices

traded at very low prices due to inferior quality arrival.

• As per market sources, the new crop arrival activities are likely to gain

momentum by February end which will further pressurise Turmeric

prices in coming weeks.

• Local traders are likely to become active in coming days at lower price

levels as Maharashtra production estimate reported lower. Turmeric

prices have remained under pressure. But in medium to long term

prices are likely to trade bullish due to crop damage reports from key

Turmeric producing regions of Maharashtra. In Maharashtra deficit

rainfall has affected Turmeric crop.

• Turmeric acreage in Andhra Pradesh is reported at 18,737 hectares as

compared to 14,841 hectares last year, more than 100 per cent sowing

completed from season normal.

• In Telangana, final Turmeric sowing reported at 47,888 hectares as

compared to 44,956 hectares in the corresponding period last year.

Normal area reported 54,878 hectares.

• As per market sources, Turmeric production for 2019 is estimated at

532,353 MT (basis dry crop) compared to previous year’s 476,771 MT.

Turmeric production may go down further as Maharashtra standing

crop is at very crucial stage.

• As per the Ministry of Agriculture, the All India Turmeric production for

2018-19 is estimated at 11.49 lakh tonnes as against 11.33 lakh tonnes

estimated in 2017-18. Turmeric production in Telangana is estimate at

3.05 lakh tonnes, around 1.90 lakh tonnes estimated for Maharashtra

and for Andhra Pradesh the production is estimated at 79 thousand

tonnes.

• According to Spice Board of India, Turmeric exports during 2017-18

stood at 1.07 lakh tonnes as compared to 1.16 lakh tonnes in 2016-17.

Mandi Price in Rs/ Quintal

18-02-2019 11-02-2019 % Change

Nizamabad 6442 6564 -1.85

Erode 6560 6689 -1.92

Coimbatore 6350 6400 -0.78

FUNDAMENTAL SUMMARY

Price Drivers Impact

Cold weather conditions resulting in subdued demand from north Indian traders

Bearish

Expectation of higher Turmeric arrivals in coming weeks

Bearish

Lower crop production estimates from Maharashtra due to deficient rainfall

Bullish

Lower Turmeric exports during current season

Bearish

Buying at lower levels Bullish

All India Turmeric production estimated higher during 2018-19

Bearish

Based on Primary & Secondary Sources

4800

5500

6200

6900

7600

8300

9000

9700

Jun

-16

Jul-1

6

Au

g-1

6

Se

p-1

6

Oct

-16

No

v-16

De

c-16

Jan

-17

Jan

-17

Feb

-17

Mar

-17

Ap

r-17

May

-17

Jun

-17

Jul-1

7

Au

g-1

7

Se

p-1

7

Oct

-17

No

v-17

De

c-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-18

May

-18

Jun

-18

Jul-1

8

Au

g-1

8

Se

p-1

8

Oct

-18

Oct

-18

No

v-18

De

c-18

Jan

-19

Turmeric : Unpolished fingers : Nizamabad

TURMERIC

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Date: 19/02/2018 NCoMM

NCML Commodity Market Monitor

Fundamental Report

• According to the latest rabi sowing progress report, as on 15th

February 2019 all India mustard acreage for 2018-19 is reported at

69.37 lakh hectares which is 3.44 per cent higher than 2017-18 acreage

of 67.06 lakh hectares. Higher minimum support prices and China

lifting its six-year ban on mustard meal imports from India encouraged

farmers to sow more mustard crop this year. Moreover, farmers who

had earlier switched from cultivating mustard to lentils due to

drought, have taken up the crop again.

• Weather in key growing areas of mustard is favourable and rains in

December and January may has increased the oil content of the crop

as rain during the grain-filling stage enhances the grain size and oil

content. However, recent rains and hailstorm may damage standing

mustard crop in some parts of Haryana and Uttar Pradesh.

• According to the traders, new mustard crop has start hitting the

market in Uttar Pradesh. Crop quality is good with higher moisture

level. In Madhya Pradesh, mustard crop arrivals are expected to come

from 1st week of March.

• According to the market participants, carryover stocks in the year

ended January are estimated at 5.50 lakh tonnes, up from 4.50 lakh

tonnes last year.

• According to the market participants, Mustard production in the

country is estimated at 7.5 million MT in 2018-19, up 7.1% from the

previous year's 7.0 million MT due to higher yields expectation this

year. Higher yield is expected due to favourable weather in the

growing period and rains in December and January might have

increased the oil content of the crop.

• Indian mustard meal exports are likely to be over 1.1 million MT in 2018-

19 as compare to 0.66 million MT in 2017-18 due to firm global demand.

India’s mustard meal exports in the month of January 2019 were

34.270 thousand MT (provisional), lower by 60.65 per cent against

87.106 thousand MT in December 2018. Total exports of rapeseed

meal from April 2018 to January 2019 were 8.97 lakh MT which is 84.18

percent higher than 2017 exports of 4.87 lakh MT in the same time

period. Average FoB price of mustard meal in the month of January is

$218 which is slightly lower than FoB price of December of $222.

Mandi Price in Rs/ Quintal

18-02-2019 11-02-2019 % Change

Jaipur 4103 4113 -0.24

ALWAR 4128 4121 0.17

SRI GANGA NAGAR

3912 3950 -0.96

FUNDAMENTAL SUMMARY

Price Drivers Impact

Higher sowing acreage Bearish

Favourable weather condition for the standing crop

Bearish

Hailstorm and rains in some parts of Uttar Pradesh and Haryana

Bullish

Higher carryover stock Bearish

Higher production estimate Bearish

Higher mustard meal export demand Bullish

Based on Primary & Secondary Sources

3,500

3,750

4,000

4,250

4,500

4,750

5,000

5,250

Se

p-1

6

Oct

-16

Oct

-16

No

v…

De

c-16

Jan

-17

Feb

-17

Mar

…

Ap

r-17

Ma…

Jun

-17

Jul-1

7

Au

g-1

7

Se

p-1

7

Oct

-17

No

v…

De

c-17

Jan

-18

Feb

-18

Mar

…

Ap

r-18 Ma…

Jun

-18

Jul-1

8

Jul-1

8

Au

g…

Se

p-1

8

Oct

-18

No

v…

De

c-18

Jan

-19

Rapeseed & Mustard-Black - 42% oil content : Jaipur

RM SEED

0

Date: 19/02/2018 NCoMM

NCML Commodity Market Monitor

Fundamental Report

• According to the Gujarat agriculture department, Gujarat jeera

sowing acreage as on 11th February 2019 is recorded at 3.47 lakh

hectares in 2018 which is 9.82 per cent lower than last year

acreage of 3.82 lakh hectares in the same time period. Till now

108.97% sowing completed from normal area 318,926 hectares.

• The jeera acreage was initially expected to come down by 60%

from the previous year due to lower availability of water.

However, the Gujarat government has encouraged irrigation

facility to boost production which seems to have paid dividends.

• According to the trade sources, in Rajasthan, jeera sowing

acreage is higher than last year, production is also being

estimated higher than last year due to favourable weather

condition. Rajasthan Jeera production is estimated at 32 lakh

bags (1bag = 55kgs) this year which is 28 per cent higher than last

year production of 25 lakh bags.

• As per the Ministry of Agriculture, Cumin production in India for

2017-18 is estimated at 5 lakh tonnes as against 4.95 lakh tonnes

in 2016-17. According to the 4th advance estimate for Gujarat

state,2017-18 production is estimated at 2.88 lakh tonnes, up by

45.5 per cent primarily on higher acreage and favourable climate.

• According to the market participants, all India jeera stocks are

may be around 5-6 lakh bags. Stockiest are holding old stock as

prices has showed downward movement due to arrivals of new

crop in small amount.

• According to the agmark data, all India jeera arrivals in the third

week of February 2019 is reported at 2.80 thousand MT which is

17.64 per cent higher than the first week of february arrivals of

2.38 thousand MT. Higher arrivals are due to coming of new crop

in the market.

• Export demand of jeera is slightly sluggish as exporters are

expecting more downward movement in the prices due to

arrivals of the new crop in the market.

Mandi Price in Rs/ Quintal

18-02-2019 11-02-2019 % Change

Unjha 16635 16588 0.28

Rajkot 15500 15500 0.00

Jodhpur 17000 16700 1.80

FUNDAMENTAL SUMMARY

Price Drivers Impact

Higher sowing acreage than normal in Gujarat

Bearish

Higher sowing acreage in Rajasthan Bearish

Higher production estimate Bearish

Arrivals of the new crop in the domestic market

Bearish

Sluggish export demand Bearish

Based on Primary & Secondary Sources

13,000.00

15,000.00

17,000.00

19,000.00

21,000.00

Jun

-16

Jul-1

6

Au

g-1

6

Se

p-1

6

Oct

-16

Oct

-16

No

v-16

De

c-16

Jan

-17

Feb

-17

Mar

-17

Ap

r-17

May

-17

Jun

-17

Jul-1

7

Au

g-1

7

Se

p-1

7

Oct

-17

No

v-17

De

c-17

Jan

-18

Feb

-18

Mar

-18

Ap

r-18

May

-18

Jun

-18

Jul-1

8

Jul-1

8

Au

g-1

8

Se

p-1

8

Oct

-18

No

v-18

De

c-18

Jan

-19

Cumin Seed (Jeera) - Unjha

JEERA

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Date: 19/02/2018 NCoMM

NCML Commodity Market Monitor

• Pepper traders cite Sri Lankan minister

statement on illegal imports to India

• Cabinet hikes MSP for raw Jute for 2019-

20

• With an eye on polls, Centre hikes sugar

sale price by Rs. 2/kg

• Wheat institute expects record output of

105 mt

• Millers’ body seeks quantitative curbs on

edible-oil imports

• Vegoil imports flat at 36 lakh tonnes in

Nov-Jan; palm oil inflows rise on duty

difference

• India’s cotton output pegged at 8-year

low

• Cashew may firm up as exports, local

demand expected to rise

• CAI reduces India’s 2018-19 cotton

production estimate to 330 lakh bales

• India's sugar output seen falling below 30

mt in 2019-20 on dry weather

• To purchase the India Commodity Year

Book 2019, contact us at

research@ncml.com

Official Production Estimates

First advance estimates 2018-19&

previous years’ estimates: Fourth

Advance Estimates 2017-18

MINIMUM SUPPORT PRICE (Rs/Qtl.)

Commodity 2017-18 2018-19

KHARIF **NEW**

Paddy Common 1550 1750

paddy grade A 1590 1770

Jowar Hybrid 1700 2430

Jowar Maldandi 1725 2450

Bajra 1425 1950

Ragi 1900 2897

Maize 1425 1700

Tur/Arhar 5450 5675

Moong 5575 6975

Urad 5400 5600

Groundnut 4450 4890

Sunflower seed 4100 5388

Soyabean black 3050 3399

Sesamum 5300 6249

Nigerseed 4050 5877

Cotton (Medium Staple) 4020 5150

Cotton (Long Staple) 4320 5450

RABI

Commodity 2016-17 2017-18

Wheat 1625 1735

Barley 1325 1410

Gram 4000* 4400

Masur (Lentil) 3950* 4250

Rapeseed/Mustard 3700* 4000

Safflower 3700* 4100

Wheat 1625 1735

*includes bonus of Rs 200 per quintal

# includes bonus of Rs 100 per quintal

Commodity Latest Fortnight ago Month ago Year ago

18-Feb-19 04-Feb-19 19-Jan-19 19-Feb-18

Soyabean Indore

3832 3875 3750 3838

RM seed Jaipur

4103 4163 4091 4112

Turmeric 6442 6625 6795 7129

Cotton 11703 11974 12092 11093

Jeera unjha 16635 16969 18257 18683

Castor 5178 5116 5240 4250

PRICE TRACKER

Link for commodity-wise and

market-wise prices and arrivals:

http://agmarknet.gov.in/PriceAndArriv

als/CommodityWiseDailyReport2.aspx

THE WEEK THAT WAS

0

Date: 19/02/2018 NCoMM

NCML Commodity Market Monitor

All India Weather status

Last week all India Rainfall status: 7th Feb 2019 to 13th Feb 2019

• Arunachal Pradesh, Sikkim, West Bengal, Madhya Pradesh, Chhattisgarh and Tamil Nadu States received

deficit rainfall

• Meghalaya state received the excess rainfall.

• Rajasthan, Odisha, Andhra Pradesh and Telangana states received the large deficit rainfall

• Bihar, Uttar Pradesh, Uttarakhand, Haryana, Punjab, Himachal Pradesh, Jammu & Kashmir, Karnataka

and Kerala states received the large excess rainfall

• Assam, Nagaland And Jharkhand states received the normal rainfall

• No rainfall is observed in the states of Manipur, Mizoram, Tripura, Gujarat, Goa and Maharashtra

During the week (7th Feb to 13 Feb 2019), rainfall was above Long Period Average (LPA) by 142 % over

the country as a whole

Seasonal all India Rainfall status: 1st Jan 2019 to 18th Feb 2019.

• Arunachal Pradesh, Assam, Nagaland, Jharkhand, Madhya Pradesh, Gujarat, Maharashtra and Kerala

states received the deficit rainfall

• Uttar Pradesh, Himachal Pradesh, Chhattisgarh and Andhra Pradesh states received the excess rainfall

• Meghalaya, Manipur, Mizoram, Tripura, Sikkim, West Bengal, Odisha and Tamil Nadu states received

large deficit rainfall.

• Uttarakhand, Punjab, Jammu & Kashmir, Telangana and Karnataka States Received the large excess

rainfall

• Bihar, Haryana and Rajasthan states received the normal rainfall

For the country as a whole, cumulative rainfall during 01 January to 18th February 2019 was above LPA by

18% over the country as a whole.

Weather Forecast:

• Warmer than normal night minimum temperatures (by 2-3ºC) are likely over parts of south Haryana, Delhi, east Uttar Pradesh,

northeast Madhya Pradesh, Bihar, Meghalaya, Mizoram, Tripura, Karnataka and interior Tamil Nadu.

• Isolated to Scattered rain/thundershowers likely over Western Himalayan Region, northeast, east & adjoining central India. Dry

weather likely over the rest of the country.

• Night minimum temperatures very likely to rise by 2-3°C over major parts of the country during next 2 days

All India Reservoir Status: as on 7th Feb 2019

Central Water Commission monitors 91 major reservoirs in the

country which have total live capacity of 161.99 Billion Cubic

Meter (BCM) at Full Reservoir Level (FRL). Out of these, 76

reservoirs with FRL capacity of 120.44 BCM have irrigation

potential. Live storage in the 91 major reservoirs as on 7th

February, 2019 has been 68.36 BCM as against 67.00 BCM on

07.02.2018 (last year) and 72.49 BCM of normal (average of the

last 10 years) storage. Current year’s storage is 102% of last year’s

storage and nearly 94% of average of last 10 year’s storage.

Source: IMD, DAC&FW and CWC

0

Date: 19/02/2018 NCoMM

NCML Commodity Market Monitor

Impact of weather on major crops

Crop Normal Acreage

Acreage 2018-19

Current crop condition

Wheat 306.29 298.47

Current Scenario: The crop is in stem elongation to heading/flowering stage. Rainfall received in first fortnight of Feb-2019 (Uttar Pradesh, Haryana, Punjab, Bihar and Rajasthan) is beneficial to the crop health and yield. In partially irrigated areas of Western Rajasthan and Maharashtra the crop is struggling due to large deficit rains. Overall crop condition is satisfactory Prediction: Yield is expected to be normal.

Rapeseed & Mustard

61.25 69.37

Current Scenario: Crop is in seed development to maturity stage. Early sown crop is being harvested. Early matured crop in some parts (Haryana, Rajasthan and Uttar Pradesh) is mildly affected due to rainfall and thunderstorm received in first fortnight of Feb-2019 which has led to delay in harvesting. Incidence of disease and insect has not been observed in field till date. Overall crop condition is satisfactory. Prediction: Yield is expected to be normal

Chickpea 89.45 96.59

Current Scenario: Crop is in maturity to harvesting stage. Incidence of disease and insect has been observed in some regions like Maharashtra (affected by damping off). Crop in Madhya Pradesh & Rajasthan is affected by frost. The rainfall received in first fortnight of Feb-2019 is beneficial for late sown crop`s health and yield. Overall crop condition is below-normal to normal. Prediction: Yield is expected to be below normal to normal.

Lentil 13.94 16.93

Current Scenario: Crop is in pod formation to seed development stage. Incidence of disease and insect has not been observed in field till date. Rainfall received in first fortnight of Feb-2019 is beneficial for crop`s health and yield. Overall current crop condition is normal. Prediction: Yield is expected to be normal.

Acreage in lac Hectares on date 15thFebruary’ 2019.

Source: Department of Agriculture, Cooperation and Farmers Welfare.

0

Date: 19/02/2018 NCoMM

NCML Commodity Market Monitor

0

Date: 19/02/2018 NCoMM

NCML Commodity Market Monitor

y

CONGRATULATIONS!

NCoMM QUIZ ANSWERS OF THE PREVIOUS WEEK

THESE PEOPLE ANSWERED CORRECTLY!

1. Name the country wh ich aims to export 9 .5 mi l l ion tonnes of Rice this year?

(c) Thailand

2. As per the report g iven in which market of Gujarat, Rajasthan Jeera starts arr iv ing from March onwards?

(b) UNJHA

The Wheat Institute

3. Who is g iv ing the highest wheat product ion est imate for rabi 2018 -19?

S.No Name Department Location

1 PAWAN JOSHI Mktyard KARNAL, HARYANA

2 Kuldip Singh Silo Projects Gurugram

3 Pratima Goswami Mktyard Gurgaon

4 JAI KUMAR CM AMRITSAR

5 Amit Gangadhar S&P Sangli

6 Annasaheb Sargar S&P Maharashtra-west, Sangli

7 Dadasaheb Popat Salunkhe CM Tanang

8 Rajaram Bhilare S&P Mumbai

9 Om Singh CM Bikaner

10 Gaurav Kumar Mathur CWIG Jaipur, Rajasthan

11 Yogesh Sanwarmal Sharma IT Kanjurmarg (Mumbai)

12 Praveen Kumar Mundra S&P Ellenabad

13 Jagseer Singh S&P Ellenabad

14 Gurmeet singh S&P ellanebad

15 kulvinder singh S&P Ellenabad

16 Nirbhay Singh S&P Ellenabad

17 Satpal S&P Ellenabad

18 Dr.Ravi pratap singh Sangwan S&P Haryana

19 Ajendra Singh Chauhan Mktyard Gurgaon

20 Vishal Sharma S&P Etah

21 Nitin Laxman Tambe CM Kapashi Tal- Phaltan Dist -Satara.Maharashtra.

22 SUNNY KUMAR S&P Ellenabad

23 Lalji singh yadav CM Samana

Dr. Ravi Pratap Singh Sangwan S&P-Haryana

LUCKY WINNER!

CONGRATULATIONS !

0

Date: 19/02/2018 NCoMM

NCML Commodity Market Monitor

Advisory Team

Nalin Rawal Head: CWIG Nalin.r@ncml.com

Sreedhar Nandam Vice President: SCM sreedhar.n@ncml.com

Research Team

Suresh Solanki Assistant Manager: TCIG suresh.s@ncml.com

Rajiv Kumar Associate: TCIG rajiv.ku@ncml.com

Akash Jaiswal Research Analyst: TCIG akash.j@ncml.com

Nahalaxmi. J Client Service Executive: TCIG nahalaxmi.j@ncml.com

Shefali Jain Operation Executive: TCIG shefali.j@ncml.com

Ratanpriya Assistant Manager: TCIG ratnapriya.a@ncml.com

Ansh Aggarwal Senior Officer: Trade Support ansh.a@ncml.com

Disclaimer:

This consultancy report has been prepared by National Collateral Management Services Limited (NCML) for the sole benefit of the

addressee. Neither the report nor any part of the report shall be provided to third parties without the written consent of NCML. Any

third party in possession of the report may not rely on its conclusions without the written consent of NCML. NCML has exercised

reasonable care and skill in preparation of this consultancy report but has not independently verified information provided by others.

No other warranty, express or implied, is made in relation to this report. Therefore, NCML assumes no liability for any loss resulting from

errors, omissions or misrepresentations made by others. Any recommendations, opinions and findings stated in this report are based

on circumstances and facts as they existed at the time of preparation of this report. Any change in circumstances and facts on which

this report is based may adversely affect any recommendations, opinions or findings contained in this report.

© National Collateral Management Services Limited (NCML) 2019