1 page – Times New Roman 12 pt –
A-place-in-the-family-corporate-governance-practices-in-family-firms-case (Attached)
Please read the case presented and answer the following questions:
1.Analyze the role of the board at Lim Palm Co. In what way does it deviate from best practices in corporate governance
2.What would be the benefits to the company if it moved towards higher levels of corporate governance, as Stanley suggested?
A Place in the Family: Corporate Governance Practices
in Family Firms
Case
Author: Marleen Dieleman
Online Pub Date: January 04, 2017 | Original Pub. Date: 2017
Subject: Family Business, Asian Pacific Business, Corporate Governance
Level: | Type: Experience case | Length: 1746
Copyright: Marleen Dieleman 2017
Organization: fictional/disguised | Organization size: Large
Region: South-Eastern Asia | State:
Industry: Agriculture, forestry and fishing
Publisher: SAGE Publications: SAGE Business Cases Originals
DOI: https://dx.doi.org/10.4135/9781526411242 | Online ISBN: 9781526411242
www.princexml.com
Prince – Non-commercial License
This document was created with Prince, a great way of getting web content onto paper.
javascript: void(0);
javascript: void(0);
javascript: void(0);
javascript: void(0);
javascript: void(0);
https://dx.doi.org/10.4135/9781526411242
Marleen Dieleman 2017
This case was prepared for inclusion in SAGE Business Cases primarily as a basis for classroom discussion
or self-study, and is not meant to illustrate either effective or ineffective management styles. Nothing herein
shall be deemed to be an endorsement of any kind. This case is for scholarly, educational, or personal use
only within your university, and cannot be forwarded outside the university or used for other commercial
purposes. 2022 SAGE Publications Ltd. All Rights Reserved.
The case studies on SAGE Business Cases are designed and optimized for online learning. Please refer to
the online version of this case to fully experience any video, data embeds, spreadsheets, slides, or other
resources that may be included.
This content may only be distributed for use within Centennial College – Progress.
https://dx.doi.org/10.4135/9781526411242
SAGE
Marleen Dieleman 2017
Business Cases
Page 2 of 7
A Place in the Family: Corporate Governance Practices in Family Firms
https://dx.doi.org/10.4135/9781526411242
Abstract
Adeline Ong is the new Independent Director of Lim Palm Co., a family business listed at the
Singapore Exchange. During her second meeting the board approves an important strategic
decision on an acquisition. Adeline realizes that input from independent directors does not
seem welcome and that the board does not adequately fulfil its role. Rather, the companys
governance systems are shaped by family dynamics and hierarchies. Unable to contribute
constructively in the existing situation, Adeline wonders whether she can add value to the Lim
Group as an independent director, and if so, how.
Case
Learning Outcomes
The case is meant to stimulate discussion on corporate governance practices in family firms, in particular the
actual and intended role of independent directors (IDs) of family firms. By the end of this case study, students
should be able to identify gaps in actual and desired corporate governance practices in family firms, and
identify strategies to close such gaps. Furthermore, students should be able to recognize common features
of large family-owned business groups and how these features affect governance practices.
Corporate Governance Practices in Listed Family Firms in Asia
Adeline Ong frowned as she stepped out of her second board meeting of Lim Palm Co., a family-owned
company listed on the Singapore Exchange (SGX), and part of a larger Indonesian business group. To her
surprise, an important acquisition was approved without much discussion during the board meeting. She felt
the board was not providing the necessary checks and balances and was not functioning as it should. She
wondered how she could make a positive impact on the family-owned company as an independent director.
Adeline also wondered if she could add value or if she should she consider stepping down from her position.
Lim Palm Co.
The Lim Group was established by Mr. Hengky Lim in Indonesia in 1963, originally as a trading firm. Mr.
Lim subsequently ventured into food manufacturing and started sugar and palm oil plantations in Sumatra,
an Indonesian island. In addition, he set up a property and construction business and a mining business,
and even bought a small Indonesian bank with 17 branches. Over time, all businesses grew as Indonesia
witnessed several decades of strong economic growth under President Suharto (19671998).
Following the opening and development of the stock market in the late 1980s in Indonesia, Mr. Lim listed his
food business (Lim Food Co.) on the Indonesian stock exchange in 1991, and later the mining business (Lim
Exploration Co.) in 2005. The bank, which had grown into Indonesias tenth largest bank, remained in private
hands.
Within Indonesia, Mr. Lim was known as an entrepreneur with a keen eye for business opportunities, but
also as a patriarch who was rather traditional and who consciously maintained a low profile. This was not
uncommon in the country, as many of the business people were of Chinese descent and at times had faced
discrimination or outright violence. As with most family firms in the country, many of the trusted professional
managers had been with the group for a long time as Asian families like the Lim family typically valued loyalty
and trust. In the mid-1990s Mr. Lims two sons entered the family business, which had grown into a widely
diversified conglomerate. They slowly worked their way up to director positions.
SAGE
Marleen Dieleman 2017
Business Cases
Page 3 of 7
A Place in the Family: Corporate Governance Practices in Family Firms
In 2009, Mr. Lim listed the palm oil company (Lim Palm Co.) on the SGX. Jakarta-listed Lim Food Co. owned
about 60% of the shares (Figure 1). Lim Palm Co. performed well and enjoyed steady growth and healthy
profits. Its products, mostly crude palm oil, were partly sold to Lim Food Co. to process into various food
products sold in Indonesia, and partly marketed globally. The assured internal market meant that Lim Palm
Co. was less exposed to volatile commodity prices. Lim Palm Co.s market capitalization was around S$300
million, and Lim Palm Co. was one of the medium-sized players in the palm oil plantations sector.
Figure 1: Ownership structure.
The Board
In Singapore there is a one-tier board system with a combination of executive and non-executive directors.
The Singapore Code of Corporate Governance recommends a strong independent element on listed
company boards, with IDs making up at least a third of the board and half if the Chairman is not independent.
Companies are required to comply or else explain in their annual reports why they chose not to comply.
SAGE
Marleen Dieleman 2017
Business Cases
Page 4 of 7
A Place in the Family: Corporate Governance Practices in Family Firms
Foreign companies listing in Singapore are required to have at least two IDs that resided in Singapore.
With the majority of listed firms in Singapore having strong ultimate owners (either a family or the
government), the corporate governance code sought to empower IDs to ensure major shareholders did not
act to the detriment of smaller shareholders.
Lim Palm Co.s board consisted of seven directors (Table 1). Mr. Hengky Lim, who was 79, was the non-
executive Chairman. Daniel Darma (61), who had been with the Lim Group in various roles for 20 years, was
chief executive officer (CEO). Mr. Lims eldest son Albert (53) was a non-executive director and Stanley (49),
a younger brother, looked after marketing from Singapore, and was an executive director. Mr. Lim and Albert
focused most of their attention on other group firms in Indonesia, but Stanley lived in Singapore and focused
on Lim Palm Co. All the operations were located in Indonesia, except the trading and marketing team.
Table 1: Lim Palm Co. Board Composition
Mr. Henky Lim (79) Non-executive chairman
Mr. Daniel Darma
(61)
Chief executive officer, executive director
Mr. Albert Lim (53) Non-executive director, member of the nominating committee
Mr. Stanley Lim (49) Executive director
Mr. Robert Tan (75)
Lead independent director, member of the audit committee, member of the nominating committee, member of the remuneration
committee
Mr. Calvin Chew
(68)
Independent director, member of the audit committee, member of the remuneration committee
Ms. Adeline Ong
(47)
Independent director, member of the audit committee, member of the nominating committee, member of the remuneration
committee
Three IDs complemented the board, Adeline being one. The other two IDs had served the company since
the listing in 2009. One, Robert Tan, was a retired accountant (75) who had been a partner of one of the Big
Four accounting firms and who had known the family for many years. He was an experienced director, sitting
on five other listed company boards in Singapore, mostly family firms. He was designated as the lead ID.
Another, Calvin Chew, was a former banker (68), who sat on one other listed company board. All IDs were
Singaporeans and residing in Singapore.
Adeline was in her late 40s and enjoyed a successful career as a corporate lawyer at one of the leading
Singaporean law firms. She had known Stanley for three years and got along well with him as a business
professional. They occasionally met over lunch and one day Stanley suggested she join the Lim Palm Co.
board. He told Adeline he would have no problem convincing the nominating committee of her qualifications.
When she agreed to join the board, Stanley asked her to send her CV over, and shortly thereafter her
appointment was announced and she was introduced to the rest of the board.
The Board Meeting
Adeline was set to attend her second board meeting a few months after joining as an independent director.
Late the night before the meeting, the board had received a lengthy proposal to acquire another Indonesian
palm oil company. At the meeting the next day, the CEO chaired and started with a short discussion on the
quarterly results announcement, after which the proposed acquisition was tabled.
SAGE
Marleen Dieleman 2017
Business Cases
Page 5 of 7
A Place in the Family: Corporate Governance Practices in Family Firms
1.
2.
3.
4.
5.
The CEO briefly explained why the proposed acquisition was in the interest of Lim Palm Co. The three family
directors and the CEO all looked expectantly at the IDs. Robert Tan asked whether this deal involved any
related parties and reminded the CEO of the relevant listing rules to follow.
Adeline asked about the risks of the acquisition, as well as the legal aspects. She also wanted to know
who the sellers were and whether there was a post-merger integration plan. Mr. Hengky Lim started fiddling
with his phone when Adeline asked more questions and Stanley looked uncomfortable. The CEO gave brief
responses. None of the other directors spoke or were asked to provide their input, and the acquisition was
subsequently approved.
The rest of the meeting was dedicated to a number of formalities, such as ratifying and signing resolutions
and releasing announcements to shareholders, formally confirming that all relevant listing requirements were
met, planning the next board meeting, and so forth.
Adelines Challenge
Adeline realized that she faced a difficult problem. Stanley had told her before she joined that Lim Palm Co.
was a typical traditional family firm. He said that he hoped to increase the level of corporate governance
and that her legal experience would be very helpful to Lim Palm Co. He expected that Adeline would play a
constructive role, hinting that it was very difficult for him to create any change.
Adeline had thought of this board position as an opportunity to contribute her knowledge and expertise, to
gain experience as a board member and to further her corporate career in Singapore. Many of her senior
colleagues sat on listed company boards. But now she started wondering whether she should have accepted
the position in the first place.
Changing the existing dynamics in a board as a new addition was not easy not to mention the fact that the
majority owner was a traditional ChineseIndonesian family patriarch, she was female, the youngest, and had
never worked closely with anyone in the Lim company except Stanley. As a lawyer she was acutely aware
that the position carried substantial reputational risk.
What would it take to bring the family firm to the next level of corporate governance? Could Adeline fulfil her
duty as an independent director to act in the interest of the company or should she step down? If she could
add value to the company, how could she position herself and affect positive change?
Discussion Questions
Analyze the role of the board at Lim Palm Co. In what way does it deviate from best practices in
corporate governance?
What would be the benefits to the company if it moved towards higher levels of corporate
governance, as Stanley suggested?
What contribution do you think Adeline can make to the company? Should she have done
something differently? Should she do different things going forward?
What qualifications do you think IDs in family firms need in order to add value for shareholders and
stakeholders?
Should regulators give IDs in family firms more power?
Further Reading
Fernndez-Aroz, C. , Iqbal, S. , & Ritter, J. (2015). Leadership lessons from great family businesses.
Harvard Business Review, 93(4), 8288.
Puchniak, D. W. , & Lan, L. L. (2016). Independent directors in Singapore: Puzzling compliance requiring
explanation.American Journal of Comparative Law (forthcoming). Retrieved from: https://papers.ssrn.com/
SAGE
Marleen Dieleman 2017
Business Cases
Page 6 of 7
A Place in the Family: Corporate Governance Practices in Family Firms
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2604067
sol3/papers.cfm?abstract_id=2604067
https://dx.doi.org/10.4135/9781526411242
SAGE
Marleen Dieleman 2017
Business Cases
Page 7 of 7
A Place in the Family: Corporate Governance Practices in Family Firms
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2604067
https://dx.doi.org/10.4135/9781526411242
A Place in the Family: Corporate Governance Practices in Family Firms
Case
Abstract
Case
Learning Outcomes
Corporate Governance Practices in Listed Family Firms in Asia
Lim Palm Co.
Figure 1: Ownership structure.
The Board
The Board Meeting
Adelines Challenge
Discussion Questions
Further Reading
SHOW MORE…
MGT3045 WK3 Project
I’m working on a question, and I need help.
MGT3045 Week 3 Project
Case Analysis
You are the vice president of Human Resources at Community State University. The president of the university has just informed you that the Maintenance Department is experiencing a high turnover rate.
You have been asked to research the use of better recruitment practices to address the increased turnover.
Begin your paper by summarizing the applicable HR recruiting and selection laws, theories and issues that you have studied so far in the class that might apply to the case.
Using the textbook, SUO library databases, and other scholarly resources, research and analyze an effective recruitment process and how it might reduce turnover. Include internal and external recruitment options, recruitment sources and strategic recruitment.
Next, compare the two formal disciplinary processes, positive and progressive, as presented in Chapter 15. Analyze and recommend a disciplinary process the maintenance department might adopt at Community State University to reduce turnover.
Conclude your essay by defending at least three specific recruitment and discipline recommendations you would make to the university president, based on the research findings presented in your paper.
Submission Details:
The body of your essay should be 6-8 pages, in APA format, and include at least 4 scholarly sources.
Name your document SU_MGT3045_W3_LastName_FirstInitial.doc. MGT3045 Week 3 Project Rubric
Course: MGT3045-Human Resource Management SU01
Criteria
No Submission
0 points
Emerging (F through D
Range) (24-28)
28 points
Satisfactory (C Range)
(28-32)
32 points
Proficient (B Range) (32-
36)
36 points
Exemplary (A Range)
(36-40)
40 points
Criterion Score
Applied HR
recruiting and
selection laws,
theories and that
might apply to the
case.
/ 40Did not identify HR
recruiting and
selection laws,
theories and that
might apply to the
case.
Unsupported with
research.
Identified HR
recruiting and
selection laws,
theories and that
might apply to the
case.
Lacked credible
research support.
Described HR
recruiting and
selection laws,
theories and that
might apply to the
case.
Weakly supported
with research.
Applied HR recruiting
and selection laws,
theories and that
might apply to the
case.
Sufficiently supported
with research.
Application of HR
recruiting and
selection laws,
theories and that
might apply to the
case was compelling
and well-considered.
Well supported by
research.
Criteria
No Submission
0 points
Emerging (F through D
Range) (24-28)
28 points
Satisfactory (C Range)
(28-32)
32 points
Proficient (B Range) (32-
36)
36 points
Exemplary (A Range)
(36-40)
40 points
Criterion Score
Analyzed an
effective
recruitment process
and how it might
reduce turnover.
/ 40Did not identify
effective recruitment
process.
Unsupported with
research.
Identified effective
recruitment process.
Lacked credible
research support.
Described effective
recruitment process.
Weakly supported
with research.
Analyzed effective
recruitment process
and how it might
reduce turnover.
Sufficiently supported
with research.
Analysis of an
effective recruitment
process and how it
might reduce turnover
was compelling and
well developed.
Well supported by
research.
Criteria
No Submission
0 points
Emerging (F through D
Range) (24-28)
28 points
Satisfactory (C Range)
(28-32)
32 points
Proficient (B Range) (32-
36)
36 points
Exemplary (A Range)
(36-40)
40 points
Criterion Score
Criteria
No Submission
0 points
Emerging (F through D
Range) (24-28)
28 points
Satisfactory (C Range)
(28-32)
32 points
Proficient (B Range) (32-
36)
36 points
Exemplary (A Range)
(36-40)
40 points
Criterion Score
Compared the two
formal disciplinary
processes, including
recommending a
disciplinary process
the maintenance
department might
adopt at Community
State University to
reduce turnover.
/ 40Did not analyze two
formal disciplinary
processes.
Unsupported with
research.
Identified two formal
disciplinary processes.
Lacked credible
research support.
Described two formal
disciplinary processes.
Weakly supported
with research.
Compared two formal
disciplinary processes,
including
recommending a
disciplinary process
the maintenance
department might
adopt at Community
State University to
reduce turnover.
Sufficiently supported
with research.
Comparison of two
formal disciplinary
processes, including
recommending a
disciplinary process
the maintenance
department might
adopt at Community
State University to
reduce turnover was
compelling and logical
for the case scenario.
Well supported by
research.
Criteria
No Submission
0 points
Emerging (F through D
Range) (24-28)
28 points
Satisfactory (C Range)
(28-32)
32 points
Proficient (B Range) (32-
36)
36 points
Exemplary (A Range)
(36-40)
40 points
Criterion Score
Defended three
specific recruitment
and discipline
recommendations
based on the
research findings
presented in the
paper.
/ 40Did not identify
specific recruitment
and discipline
recommendations.
Unsupported with
research.
Identified specific
recruitment and
discipline
recommendations.
Lacked credible
research support.
Described specific
recruitment and
discipline
recommendations.
Weakly supported
with research.
Defended three
specific recruitment
and discipline
recommendations
based on the research
findings presented in
the paper.
Sufficiently support
with research.
Defense of three
specific recruitment
and discipline
recommendations
based on the research
findings presented in
the paper was
compelling, with well-
developed logical
progression.
Well supported by
research.
Criteria
No Submission
0 points
Emerging (F through D
Range) (6-7)
7 points
Satisfactory (C Range)
(7-8)
8 points
Proficient (B Range) (8-9)
9 points
Exemplary (A Range) (9-
10)
10 points
Criterion ScoreCriteria
No Submission
0 points
Emerging (F through D
Range) (6-7)
7 points
Satisfactory (C Range)
(7-8)
8 points
Proficient (B Range) (8-9)
9 points
Exemplary (A Range) (9-
10)
10 points
Criterion Score
Communication:
Use of tone, word
choice, audience,
transitions, and
progression of
ideas.
/ 10Submission contained
no discernible overall
intent in authors
selection of ideas.
Submission contained
random presentation
of ideas, which
prevented
understanding the
majority of authors
overall intent.
Ideas presented in a
way that forced the
reader to make
repeated inferences in
order to identify and
follow the authors
overall intent.
The reader could
follow the authors
overall intent as
stated.
The writers overall
argument and
language were clear
and tightly focused,
leaving the reader
with no room for
confusion about
authors intent.
Criteria
No Submission
0 points
Emerging (F through D
Range) (6-7)
7 points
Satisfactory (C Range)
(7-8)
8 points
Proficient (B Range) (8-9)
9 points
Exemplary (A Range) (9-
10)
10 points
Criterion Score
Mechanics: Use of
grammar, sentence
structure, and
spelling.
/ 10Errors in basic writing
conventions were
sufficiently numerous
to prevent reader
comprehension.
Errors in basic writing
conventions were
sufficiently numerous
to prevent reader
comprehension of
majority of the work.
Errors in basic writing
conventions
interfered with, but
did not prevent,
reader
comprehension.
The reader noticed a
few errors in basic
writing conventions
but these few errors
did not interfere with
reader
comprehension.
Test was basically
error free, so that a
reader would have to
purposely search to
find any errors that
may be present.
Criteria
No Submission
0 points
Emerging (F through D
Range) (12-14)
14 points
Satisfactory (C Range)
(14-16)
16 points
Proficient (B Range) (16-
18)
18 points
Exemplary (A Range)
(18-20)
20 points
Criterion Score
Total / 200
Overall Score
Criteria
No Submission
0 points
Emerging (F through D
Range) (12-14)
14 points
Satisfactory (C Range)
(14-16)
16 points
Proficient (B Range) (16-
18)
18 points
Exemplary (A Range)
(18-20)
20 points
Criterion Score
Academic/APA/PPT
Formatting Use of
citations,
references, and
structural
formatting including
such elements as
title page, running
head, page
numbers, headings,
title slides, graphics,
data, notes section,
(as appropriate),
introduction, and
conclusio
/ 20No attempt at
Academic/APA/PPT
formatting in
presentation.
Academic/APA/PPT
format attempted, but
errors were
significant, preventing
comprehension of
message.
Academic/APA/PPT
format attempted but
errors were
distracting.
Used
Academic/APA/PPT
format accurately.
Errors noticeable but
minor.
Used
Academic/APA/PPT
format proficiently.
Work basically error
free.
No Submission
0 points minimum
Emerging (F through D Range)
140 points minimum
Satisfactory (C Range)
160 points minimum
Proficient (B Range)
180 points minimum
Exemplary (A Range)
200 points minimum Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted. Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted. Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted. Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.
Printed by: [emailprotected] Printing is for personal, private use only. No part of this book may be
reproduced or transmitted without publisher’s prior permission. Violators will be prosecuted.