PERSPECTIVES ON

DOWNSTREAM ACTIVITIES
PRESENTATION TO
PROFESSOR IWASA KAZUYUKI, KOCHI UNIVERSITY, JAPAN
14
TH
AUGUST 2012
1
OUTLINE OF PRESENTATION
1. PORAM AND ITS OBJECTIVE
2. PALM OIL REFINING IN MALAYSIA
3. CURRENT STATUS OF THE INDUSTRY
4. CHALLENGES AND PROSPECTS
2
3
4
OUTLINE OF PRESENTATION
1. PORAM AND ITS OBJECTIVE
2. PALM OIL REFINING IN MALAYSIA
3. CURRENT STATUS OF THE INDUSTRY
4. CHALLENGES AND PROSPECTS
5
INDUSTRY ORGANIZATIONS IN
THE MALAYSIAN PALM OIL
INDUSTRY
Malaysian Palm Oil Association (MPOA)
Palm Oil Millers Association (POMA)
Palm Oil Refiners Association Of Malaysia
(PORAM)
Malayan Edible Oil Manufacturers
Association (MEOMA)
Malaysian Oleochemical Manufacturers
Group (MOMG)
6
The Palm Oil Refiners Association of Malaysia
The Palm Oil Refiners Association of Malaysia,
more widely known as PORAM, was formed in
1975.
PORAM is a voluntarily-joined, non-profit
organization
Objective is to collectively support and advance
the status and interest of the palm oil refining
and/or processing industry
7
PORAM
ORGANISATION STRUCTURE
Management Board
4
Committees
Commercial & Technical Committee
Associate Members Committee
Price Settlement Committee
Arbitration Rules Execution Committee
Secretariat
(9 Staffs)
8
PORAM MEMBERSHIP
3 CATEGORIES
Firm/company in the business of
processing palmoil
Full Member
Firm/company connected with oils/fats
trade but not directly in processing,
refining and fractionating of palmoil.
Associate
Member
Firm/company who is in the business of
processing and is an associate
company/subsidiary of any Full Member
Supplementary
Member
9
Sime Darby Kempas Sdn. Bhd. (1975)
Southern Edible Oil Industries (M) Sdn. Bhd. (1975)
Unitata Berhad. (1975)
Felda Vegetable Oil Products Sdn Bhd. (1976)
Sime Darby Jomalina Sdn. Bhd. (1976)
Lam Soon Edible Oils Sdn Bhd/ (1979)
Intercontinental Specialty Fats S.B.
PGEO Edible Oils Sdn Bhd. (1980)
KL-Kepong Edible Oils Sdn Bhd. (1981)
Cargill Palm Products Sdn. Bhd. (1982)
Ngo Chew Hong Oils and Fats (M) Sdn. Bhd. (1989)
Keck Seng (M) Bhd. (1991)
Wilmar Edible Oils Sdn. Bhd. (1999)
FULL REFINERS MEMBERS - 25
10
IOI Edible Oils Sdn Bhd / (2000)
IOI Loders Croklaan Oils Sdn Bhd.
Pan Century Edible Oils Sdn Bhd
Pacific Oils and Fats Industries Sdn. Bhd. (2002)
Malaysian Vegetable Oil Refinery Sdn. Bhd. (2006)
Assar Refinery Services Sdn. Bhd. (2007)
Global Biodiesel Sdn. Bhd. (2007)
Sime Darby Austral Sdn. Bhd. (2008)
Kirana Palm Oil Refinery Sdn Bhd (2008)
Kwantas Oil Sdn Bhd. (2009)
Kunak Refinery Sdn Bhd. (2009)
Palmaju Edible Oil Sdn. Bhd. (2010)
Premium Vegetable Oils Sdn Bhd. (2010)
Felda IFFCO Sdn. Bhd. (2010)
SOP Edible Oils Sdn. Bhd. (2010)
11
ASSOCIATE MEMBERS - 82
Category Local Overseas Total
Brokers 6 4 10
Bulking 2 - 2
Shipowners/
Shipbrokers
4 6 10
Surveyors/
Analysts
10 - 10
Trading /
Dealers
8 11 19
Others 16 15 30
TOTAL 46 36 82
12
ASSOCIATE MEMBERS (OVERSEAS)
BROKERS
1.
Agri Commodities International Holdings Pte. Ltd., Singapore
2.
MJ Vegoil Services (S) Pte. Ltd., Singapore
3.
Noble Resources Pte. Ltd., Singapore
4.
Tropical Oil Products Pte. Ltd., Singapore
TRADING/ DEALERS
1. Cargill Int. Trading Pte. Ltd., Singapore
2. ED & F MAN Asia Pte. Ltd., Singapore
3. Golden Agri International Trading Ltd., Singapore
4. Itochu Singapore Pte. Ltd., Singapore (2010)
5. Just Commodity Software Solution Pte. Ltd, Singapore
6. Louis Dreyfus Asia Pte. Ltd, Singapore
7. Marex Commodities, France
8. Pacific Rim Plantation Services Pte. Ltd, Singapore
9. PT Bina Karya Prima, Indonesia
10. Virgoz Oils & Fats Pte. Ltd, Singapore
11. Wilmar Trading Pte. Ltd, Singapore
13
ASSOCIATE MEMBERS (OVERSEAS)
SHIPOWNERS/ SHIPBROKERS
1.
Aurora Tankers Management Sdn. Bhd., Singapore
2.
Eastport Maritime Pte. Ltd., Singapore
3.
Glory Ship Management Pte. Ltd., Singapore
4.
Omega Chartering Pte. Ltd., Singapore
5.
Stolt-Nielsen Transportation Group Pte. Ltd., Singapore
6.
Tokyo Marine Co. Ltd., Japan (2006)
14
ASSOCIATE MEMBERS
OTHERS
1.
Mitsubishi Corporation LED, Malaysia (1986)
2.
Mitsui & Co Ltd., Malaysia (1987)
3.
GMS Line Co. Ltd., Japan (1997)
4.
Tokyo Marine Co. Ltd., Japan (2006)
5.
The Nisshin Oillio Group Ltd., Malaysia (2007)
6.
Fuji Oil, Singapore (2011)
15
16
Information
Dissemination
Government
Interaction/
Representation
Training /
Courses
1
2
3
Trade Facilitation
Trade/Export
Promotion
Trade Dispute
Resolution
4
5
6
ROLES AND FUNCTIONS
SERVICES TO MEMBERS
17
TRADE FACILITATION
Issue Trading Contracts and
Joint Contracts
Formulation of international
specifications for palm products
Publish handbooks & other
documents to facilitate trade
SERVICES TO MEMBERS
4
b
a
c
TYPE OF PORAM CONTRACTS
Short Form Contract
Contract No. 1 -
Domestic Contract for Malaysian Crude
Unbleached Palm Oil in Bulk
Contract No. 2 -
FOB Contract for Processed Palm Oil
and Palm Kernel Oil Products in Bulk
Contract No. 3 -
Domestic Contract for Malaysian
Processed Palm Oil in Bulk (For Delivery/
Collection within Malaysia including
Singapore)
Contract No. 4 - FOB Contract for Processed Palm Oil
Products in Drums
Contract No. 5 -
CIF Contract for Processed Palm Oil
Products in Drums
18
TYPE OF PORAM CONTRACTS
Contract No. 6 -
Domestic Sales Contract for Malaysian
Crude Unbleached Palm Oil in Bulk CIF
Delivered Weights for Sales between East
and Peninsular Malaysia
Contract No. 7 -
Joint FOB Contract for Crude Palm Oil
and Crude Palm Kernel Oil in Bulk Issued
by The Palm Oil Refiners Association of
Malaysia, Malayan Edible Oil
Manufacturers Association and
Malaysian Palm Oil Association
19
TYPE OF PORAM CONTRACTS
Contract No. 8 - FOB Contract for Processed Palm Oil
Products in Packed Form
Contract No. 9 -
Contract No. 10 -
CIF Contract for Processed Palm Oil
Products in Packed Form
Contract for Palm Oil Products in Bulk
(CIF) Issued Jointly by FOSFA
International/PORAM/MEOMA
20
PORAM STANDARD SPECIFICATIONS FOR
PROCESSED PALM OIL PRODUCTS
Neutralised palm oil/palm olein/stearin
Neutralised & bleached palm oil/palm
olein/palm stearin
Refined, bleached & deodorised palm
oil/palm olein/palm stearin
Neutralised, bleached & deodorised palm
oil/palm olein/palm stearin
Crude palm olein/crude palm stearin
Palm acid oil (PAO)
Palm fatty acid distillate (PFAD)
21
Trade/Export Promotion
Receiving trade delegations
Receiving trade enquiries and
channeling them to members
Facilitate/arranging for members
participation in trade missions
5
b
a
c
SERVICES TO MEMBERS
22
MALAYSIAN PO TECHNICAL AND PROMOTIONAL OFFICES WORLDWIDE
Red MPOB TAS Office 5 Offices
Blue MPOC Regional Office 10 Offices
23
Trade /Dispute Resolution
Platform for members to meet
and resolve common trade issues
Provide facilities for arbitration
Provide price settlement facility
6
b
a
c
SERVICES TO MEMBERS
24
OUTLINE OF PRESENTATION
1. PORAM AND ITS OBJECTIVE
2. PALM OIL REFINING IN MALAYSIA
3. CURRENT STATUS OF THE INDUSTRY
4. CHALLENGES AND PROSPECTS
25
26
NUMBER OF REFINERIES AND CAPACITIES
IN 2011 (TONNES/YEAR)
State
In Operation Under Planning* Total
No. Capacity No. Capacity No Capacity
Johor 17 7,016,400 2 1,080,000 19 8,096,400
Perak 4 1,039,500 1 965,000 5 2,004,500
Selangor 11 3,684,000 2 1,350,000 13 5,034,000
Others 5 2,326,500 2 214,000 7 2,540,500
Penisular Malaysia 37 14,066,400 7 3,609,000 44 17,675,400
Sabah 13 7,669,500 15 5,522,300 28 13,191,800
Sarawak 5 2,242,000 3 834,000 8 3,076,000
Sabah/Sarawak 18 9,911,500 18 6,356,300 36 16,267,800
MALAYSIA 55 23,977,900 25 9,965,300 80 33,943,200
Source : MPOB
Note : *Licence has been issued by MIDA
27
CATEGORIES OF REFINERIES
1. Integrated Refineries (with plantations, mills,
specialty fats, oleochemicals, biodiesel etc.
eg. Sime Darby, IOI, KLK, FELDA
2. Malaysian based refineries with limited
plantations
eg. Southern Edible Oil, Kirana, SOP Edible Oils
3. Independent Refineries
eg. Wilmar, Cargill, Mewah, ISF, Palmaju Edible Oil
28
BREAKDOWN OF MALAYSIA REFINING
CAPACITY IN 2009
29
Plantation
Houses +
Small Holders
Independent
Estates
Fresh
Fruit
Bunches
(FFB)
Oil Mills
Crude Palm
Oil (CPO) +
(Palm
Kernels)
Domestic
Commodity
Brokers
Domestic
Dealers
Domestic
Refiners
Processed
Palm Oil
(PPO)
Domestic
Commodity
Brokers
International
Dealers
Selling
Agents
State
Trading
House
Importing
Refiners
Oils &
Fats
Processors
E
N
D
U
S
E
R
S
Direct Sales
Palm oil trading specifications and standard contracts developed by PORAM
have been instrumental to promote healthy trade and market practices
MARKETING CHAIN OF
MALAYSIAN PALM OIL
30
THE IMPORTANCE OF
THE REFINING SECTOR
Is the workhorse of the industry
It generates tremendous benefits in terms of
industrialization to the country, namely;
1. Provides huge outlet for the CPO, in the form of
processed oils
2. Provides feed-stocks for food industry, packing
plants, oleochemicals, animal feeds, etc.
3. Generates employment and other spin-off
ancillary services e.g. transportation, trading
houses, bulking installations, financing, etc. 31
MALAYSIAN PO AND PKO PRODUCTS
EXPORT FROM 2009 TO 2011 (MIL. MT)
2009 2010 2011 % Value Added
CRUDE PALM OIL 2.53 2.73 3.47 20%* -
RBD PALM 0IL 2.13 1.81 1.55 9%* +
RBD P OLEIN 7.48 8.21 9.00 52%* +++
RBD P STEARIN 1.58 1.73 1.78 10%* Co-product
COOKING OIL 0.90 0.87 0.78 4.5%* +++
PFAD 0.57 0.54 0.64 3.7%* By-product
CRUDE PKO 0.18 0.18 0.20 24%** -
RBD PKO 0.34 0.34 0.36 44%** ++
RBD PK STEARIN 0.09 0.14 0.13 16%** +++
RBD PK OLEIN 0.13 0.15 0.13 16%** Co-product
Note: Source: MPOB
RBD - Refined Bleached and Deodorized * Based on 17.22 mil.MT
PFAD - Palm Fatty Acid Distillate ** Based on 0.82 mil. MT
PKO - Palm Kernel Oil
PK - Palm Kernel
P - Palm
32
OUTLINE OF PRESENTATION
1. PORAM AND ITS OBJECTIVE
2. PALM OIL REFINING IN MALAYSIA
3. CURRENT STATUS OF THE INDUSTRY
4. CHALLENGES AND PROSPECTS
33
MALAYSIAN PO & PKO PRODUCTION
& EXPORT (MT) FROM 1975 TO 2010
PALM OIL PALM KERNEL OIL
PRODUCTION EXPORT PRODUCTION EXPORT
1975 1,257,573 93% 108,260 100%
1980 2,573,173 88% 222,285 98%
1985 4,134,463 83% 511,908 52%
1990 6,094,622 94% 827,233 83%
1995 7,810,546 83% 1,036,538 37%
2000 10,842,095 83% 1,384,685 37%
2005 14,961,654 90% 1,842,628 46%
2010 16,993,717 98% 2,014,942 57%
Note: * 5 Year Incremental Increase 2011
Source: MPOB PO Production 18.91 mil. Export 95%
PKO Production 2.14 mil. Export 54%
34
35
IMPORT OF PALM OIL TO SELECTED
MAJOR DESTINATIONS (MILLION MT)
FROM 2006 - 2011
2006 2007 2008 2009 2010 2011 % Inc.
CHINA PR 5.46 5.49 5.59 6.55 5.80 6.17 13%
FRM MSIA 3.57 3.72 3.65 3.97 3.45 3.81 6%
FRM INDO 1.93 1.69 1.91 2.58 2.33 2.35 21%
EU 27 4.59 4.65 5.29 5.85 5.87 5.46 19%
FRM MSIA 2.58 2.06 2.05 1.82 2.05 1.94 -25%
FRM INDO 2.01 2.00 2.59 3.12 3.08 2.50 24%
PAKISTAN 1.76 1.73 1.85 1.93 2.01 2.01 14%
FRM MSIA 0.96 0.99 1.29 1.70 1.92 1.75 82%
FROM INDO 0.40 0.74 0.56 0.22 0.09 0.26 -35%
INDIA 3.19 3.69 5.75 6.83 6.65 6.74 111%
FRM MSIA 0.56 0.51 0.98 1.54 1.19 1.68 200%
FROM INDO 2.62 3.12 4.68 5.26 5.44 5.01 91%
Source : Oil World 2012 Note: % Increase 2011 vs 2006
MALAYSIA IMPORTS RECORD QUANTITY OF
PROCESSED PALM OIL (PPO) IN FEB 2012
36
ISSUES CONFRONTING
THE REFINERY
1. Indonesian export duty structure that give
advantage to export of processed oils
2. EU import tax structure that gives
advantage to import of CPO (3.8%) and
disadvantage to processed oils (9%)
3. Indonesian CPO is selling at a discount
4. Malaysian CPO price is artificially held up
caused by the export of duty-free CPO
37
Calculation for Indonesian CPO FOB Basis :
Based on new structure which has been implemented
14
th
September 2011 onwards
1. Calculation for I ndonesian CPO FOB Basis: I ndonlocal CPO = USD 905
Indonesian local CPO, for May 2012 delivery: RM/USD 3.0560
( PTP Tender in Belawan/Dumai/Medan ) IDR/kg 9,189 = 2,766
Less: 10 % VAT / 1.1
= CPO local price in IDR/Kg: 8,354 Msianlocal CPO = RM/mt 3,360
Convert to USD: / {IDR/USD} 9,230
Convert to per mt: X 1,000
Indonesian Local CPO price ( Equivalent in
USD/mt):
USD/mt 905 I ndonlocal CPO
Add: Fobbing: USD/mt 5 Price advantage: RM/mt 594
CPO Export Duty, for April 2012 shipment ( 19,5 % ) USD/mt 218.40 USD/mt 194
CPO FOB Indonesia: USD/mt 1,128
38
Calculation for Indonesian RBD Palm Olein FOB Basis
: Based on new structure which has been implemented
14
th
September 2011 onwards
2
Calculation For I ndonesian RBD Palm Olein FOB Basis:
Indonesian local CPO in USD/mt, for May 2012 delivery: USD/mt 905
Add: Current market differential between Malaysian USD/mt
FOB RBD Palm Olein vs Malaysian local delivered CPO
( equivalent to RM 85/mt ): 28.0
Add: Fobbing: USD/mt 5
938
Add: RBD Palm OleinExport Duty (10 % ): USD/mt 115.10
( a ) Indonesian RBD Palm Olein FOB: USD/mt 1,053.00 ( a )
( b ) Malaysian RBD Palm Olein FOB: USD/mt 1,127.50 ( b )
Comment: I ndonesian RBD Palm OleinFOB has
cost advantage vsthat of Malaysian's [ (b) - (a) ]: USD/mt 74
39
INDONESIAN REFINERS MARGIN
ADVANTAGE OVER MALAYSIAN REFINERS
40
KEY CHANGES IN EXPORT TAX FOR MAJOR
PALM PRODUCTS
41
EXPORT TAX GAP BETWEEN KEY PALM
PRODUCTS AND CPO UNDER OLD AND NEW
TAX REGIMES
42
RISING EXPORTS OF CPO IN RECENT YEARS
DUE TO THE CPO TAX-FREE QUOTA
43
MALAYSIAN REFINING CAPACITY AND
UTILISATION RATE
44
SURVEY ON IMPACT ON INDONESIAN
EXPORT DUTY STRUCTURE
Company
Total Refining
Capacity per
year
No. of
Refinery
Refinery
Operating
Capacity
pre Sept
2011
Refinery
Operating
Capacity
post Sept
2011
Refining
margin
pre Sept
2011
Refining margin
post Sept 2011
Should the
current COP
export duty free
quota
amounting 3.5M
MT be
abolished?
Refinery 1 270,000 mt 1
More than
60%
More than
60%
Negative -
Fluctuates
from
positive to
negative
Negative - more
than RM100 pmt
negative during
Feb - Mar 2012
Yes
Refinery 2 540,000 mt 1
Between
31%-59%
Between
31%-59%
Below
RM50 /
tonne
Negative Yes
Refinery 3 720,000 mt 1
Between
31%-59%
Between
31%-59%
Below
RM50 /
tonne
Negative Yes
Refinery 4 2.8 million mt 3
More than
60%
Between
31% -
59%
Below
RM50 /
tonne
Negative Yes
Refinery 5 2,000 mt/day 2
Below
30%
Below
30%
Negative Negative Yes
Refinery 6 200,000 mt 2
Below
30%
Below
30%
Negative Negative Yes
45
MALAYSIAN REFINERS PROFIT MARGIN
TREND
46
LOSS OF REVENUE TO THE
ECONOMY
YEAR EXPORT
(MIL. TONNES)
AVERAGE
PRICE (RM)
EXPORT DUTY (%) LOSS REVENUE
(RM BILLION)
2 011
2010
2009
2008
2007
3.47
2.73
2.53
2.33
1.93
3,218
2,704
2,244
2,777
2,530
22%
22%
22%
22%
22%
2.45
1.62
1,24
1.42
1.07
TOTAL 12.99 7.80
In Indonesia, all CPO export has to be taxed to protect and expand their
downstream capacity and collect revenue
Malaysia has excess capacity and strong justification to keep CPO for own
downstream industries
Every tonne export of CPO will mean loss of market potential for a tonne of
processed oils
47
OUTLINE OF PRESENTATION
1. PORAM AND ITS OBJECTIVE
2. PALM OIL REFINING IN MALAYSIA
3. CURRENT STATUS OF THE INDUSTRY
4. CHALLENGES AND PROSPECTS
48
WE ARE NOT PROPHET OF DOOM
NO ONE IS DISPUTING THAT THE MALAYSIAN REFINING
SECTOR IS IN DIRE NEEDS
OUR MEMBERS HAVE BEEN PATIENCE AND RESPONSIBLE
WE ARE SEEKING A LEVEL PLAYING FIELD TO BE
COMPETITIVE
REFINING INDUSTRY IS AN ENGINE OF
INDUSTRIALIZATION
CONSEQUENCE TO THE WHOLE SUPPLY CHAIN IN THE
MALAYSIAN PALM OIL INDUSTRY
1. RM 80 BILLION INDUSTRY AT STAKE
2. LOST OF INVESTMENTS
3. LOST OF EMPLOYMENT, SPIN-OFF SERVICES, INCOME
ETC.
4. A STEP BACKWARD IN INDUSTRIALIZATION
5. CAN WE ACHIEVE A HIGH INCOME STATUS BY 2020?
49
WHO IS MAKING ALL THE MONEY
IN THE PALM OIL BUSINESS?
It is a misconception that the refining sector is making a decent
profit
As per MPOB Statistics 2012:
Average CPO Local Delivered = RM 3,218.00 per tonne
Estimate cost of CPO production = RM 1,500.00 per tonne
TOTAL GROSS PROFIT = RM 1,718.00 per tonne
Assume pay various tax/cess/etc
at 50% (as claimed by MEOA) = RM 859.00 per tonne
If you compared with average net refining margin of RM 45.14 per
tonne, it is only 5.2% of the plantation net profit
In 2011, the average refining margin is only 1.4% or RM 45.14 to the
cost of CPO at RM 3,286 on per tonne basis.
In order to survive, refiners need to have 5-6% average refining
margin.
50
51
MALAYSIAN POLICY OPTIONS
NO CHANGES IN POLICY
Maintain CPO Export Duty Free Quota
No export duty on processed palm oil products
POSSIBLE IMPACT
Negative refining margins
Independent refiners will close down/relocate
Plantation based refiners will leverage position
Increase CPO Export Duty Free Quota
52
MALAYSIAN POLICY OPTIONS
FOLLOW/ MIMIC INDONESIAN DUTY STRUCTURE
Match the full structure of Indonesian duty
Improvised Malaysian CPO export duty structure
POSSIBLE IMPACT
Neutralized the advantages enjoyed by Indonesia
Improved refining margins in Malaysia
Strengthen value addition activities
Provide confidence to independent refiners
Resistance by Malaysian plantation companies
53
MALAYSIAN POLICY OPTIONS
PROVIDE SUBSIDY TO THE MALAYSIAN REFINERS
Support local refiners margins
Create a level playing field on feed-stocks price
POSSIBLE IMPACT
Government to suffer financially
Price distortion in the market
Breaching of WTO rules
Earnings of smallholders will be affected
Politically un-popular
MY VIEWS
IF EVERYTHING IS STATUS QUO
Independent refiners will relocate to Indonesia
Plantation based companies (GLC) will be
pressured to take-up refining capacity
Malaysia will export more CPO
WHAT WILL INDONESIA GAIN ?
Competition among new refineries will put upward
pressure on Indonesian CPO prices
Intense focus on sustainability and environment
54
IMMEDIATE SOLUTIONS TO
ENHANCE COMPETITIVENESS
1. Suspension of CPO duty-free export quota
2. Concurrent reduction of CPO export duty (from
max 23%)
3. Imposition of CPKO export duty with a variable
structure
4. Removal of the current 5% export duty on RBD
Palm Kernel Oil
55
PROPOSED REVIEW ON
CPO AND CPKO EXPORT DUTY
The export duty on CPO and CPKO should be maintained. The advantage
of this position:-
1. To equalize the differential export duty structure in favour of
processed oils in Indonesia
2. To equalize the preferential import duty structure in favour of CPO
import in the EU
3. To make CPO and CPKO available for Malaysian refineries overseas
For CPO:
Duty should be based on the prevailing duty differences between
that of the Indonesian CPO and that of RBD Palm Olein
For CPKO:
Same structure as CPO. The duty should be based on the prevailing
export duty difference between that of Indonesian CPKO and that of
RBD Palm Kernel Oil.
56
DOMO ARIGATO
GONZAIMAS
57
For Further Enquiries
The Palm Oil Refiners Association
of Malaysia (PORAM)
801C/ 802A, Block B
Executive Suites, Kelana Business Centre
97 Jalan SS7/2
47301 Kelana Jaya
Selangor, Malaysia
Tel. No : +603-7492 0006
Fax No : +603-7492 0128
E-mail : poram@poram.org.my
Website : www.poram.org.my
58