1. This Agreement
1.1 This Agreement is a principal agreement and contains the relevant terms and conditions. This Agreement will also be accompanied by the terms of the account opening application form and the product risk disclosure statement of FXOTP LTD (hereinafter referred to as "FXOTP LTD"). FXOTP LTD may enter into any contract in the future for the purpose of providing general advice to the Client and/or signing transactions in respect of foreign exchange and CFDs.
1.2In the event of any discrepancy between this Agreement and any other contract or file exchanged and/or executed between Client and FXOTP LTD, this Agreement shall prevail. In the event of any discrepancy between this Agreement and the translated versions of the En METABASE LL is language versions of the above-listed files, the FXOTP LTD version shall prevail.
2. Our Service & Risk Disclosure
2.1FXOTP LTD provides general financial product advice and is only responsible for executing foreign exchange, CFD and precious metal contract trading services. If FXOTP LTD provides general financial product advice to the Client, the Client should confirm and understand that the recommendation is for general use only and does not take into account the Client's personal goals, risk tolerance, circumstances or needs.
2.2 Before deciding to use FXOTP LTD's services, Clients must consider their own objectives, risk tolerance, specific circumstances or needs, as well as the relevant product risk disclosure statement (hereinafter referred to as "PRDS").
2.3 FXOTP LTD services should not be used if the Client does not fully understand the risks associated with FXOTP LTD's services.
3. Client representation and warranty
3.1 The Client warrants that if it is an individual or more than one individual, it shall have been in the same age and in the appropriate capacity, and if it is a company or a corporation, it shall be properly formed and incorporated and has entered into this Agreement and in all circumstances, this Agreement and the signing of such contracts will constitute legally binding and enforceable obligations to the Client.
3.2 If the Client enters into this Agreement in his capacity as trustee of the Trust, the Client shall make the following representations and undertakings:
- the relevant trust legislation is valid and complies with all applicable legislation as defined in section 5.2 of this Agreement;
- the Client is duly appointed as the sole trustee of the Trust;
- the Client is entitled to compensation from the Trust Assets for the purposes of this Agreement and the transactions contemplated under this Agreement;
- The Client will comply with his obligations as trustee of the Trust;
- The Client will not carry out any damage that may result in damage to his or her trust assets from compensation;
- The Client will maintain the identity of the sole trustee of the Trust;
- even if, as mentioned above, if the Client's trustee status is superseded or someone else joins as the trustee, the Client will ensure that the new trustee is subject to this Agreement and is intended to be carried out under this Agreement. Any other agreement relating to the transaction (the Client indicates that it is a party to the agreement) or is bound by a document of equal validity;
- The Client will not proceed with re-settlement, allotment or distribution of any Trust Assets without the written consent of FXOTP LTD, except as permitted by the Trust Document;
- the Client will not amend or modify the Trust Document without the written consent of FXOTP LTD; and
- If the Client is not the sole trustee of the Trust, each Trustee shall agree in writing to be bound by the terms of this Agreement and any transaction entered into in this Agreement before FXOTP LTD has entered into a contract with it under Section 6 of this Agreement.
3.3 Customer represents and warrants to FXOTP LTD that:
- the Client signs and delivers this Agreement and performs all Client responsibilities described in this Agreement and shall not violate any laws applicable to the Client;
- all information provided by Client to FXOTP LTD is true, correct and complete, and Client will immediately notify FXOTP LTD of any changes to the information;
- all information provided by Client to FXOTP LTD on the date of this Agreement, or when it is provided in the future, is true in all material respects. The act of the information or the Client's actions or the actions of any person acting on behalf of the Client under this Agreement is not misleading as a result of negligence or otherwise.
- the Client shall continue to disclose to FXOTP LTD any matters affecting the operation of this Agreement or the Client's payment of additional Margin or solvency.
3.4 The Client acknowledges that FXOTP LTD will enter into the transactions contemplated under this Agreement based on the representations and warranties given by the Client.
3.5 If the Client consists of two or more legal persons, the terms of reference of the rights or obligations arising from the Client's transactions under this Agreement or under this Agreement will be subject to the rights or obligations in a common or individual manner, as appropriate, owned or undertaken by such persons.
3.6 Client is not a US citizen or taxpayer.
3.7 Client acknowledges, declares, agrees and confirms:
- The service targets of the FXOTP LTD and FXOTP LTD websites do not include the public and Hong Kong residents of the Hong Kong Special Administrative Region. The contents of their websites are not issued to the public and Hong Kong residents of the Hong Kong Special Administrative Region;
- The Client is not a Hong Kong resident and is not in the territory of the Hong Kong Special Administrative Region when he visits the FXOTP LTD website and handles the account opening procedures;
- neither FXOTP LTD nor its website has offered or made any solicitation or promotion to any of the foreign exchange products and related services, nor has it given any investment advice to the Client;
- The Client has been given sufficient time to review the contents of this Agreement and all accompanying documents and may seek independent financial and legal advice from this Agreement and the contents of all accompanying documents before deciding to enter into any agreement.
4. Confidentiality
4.1 FXOTP LTD declares that all personal data collected by it will be treated confidentially. FXOTP LTD will only collect the personal data required to perform the services contemplated by this Agreement and protect the privacy of the Client.
4.2 Confidentiality of Client data:
4.2.1 FXOTP LTD will take all reasonable and practicable precautions to maintain confidentiality of the information received by FXOTP LTD from Client and the materials and/or materials provided, generated, entered or established by Client in connection with the use of FXOTP LTD Services. However, as the Client information, other materials and/or materials may be provided via the Internet or by fax, the Client acknowledges and agrees that FXOTP LTD cannot fully ensure that the relevant Client data, other materials and/or materials are kept confidential during the process of delivery
4.2.2 If any third party receives the relevant Client's confidential information and risks, the Client shall bear and expressly waive any claims. FXOTP LTD shall not be liable for any risks arising from the Client's intention to provide to FXOTP LTD or any communications that FXOTP LTD intends to provide to Client, as intercepted, accessed, monitored or received by any third party.
4.2.3 The Client acknowledges and agrees that FXOTP LTD may, for the purpose of proposing, providing, managing or maintaining the necessary services of FXOTP LTD or complying with any purpose of applicable law, and to its employees, representatives, administrators, agents, contact companies, parent companies, subsidiaries The company and government departments or self-regulatory agencies, Internet service providers or any other third-party agents or service providers disclose the name of the Client and other personal and financial information about the Client, as well as any relevant details of the authorized user.
4.2.4 FXOTP LTD will process the Client's personal data in accordance with its privacy policy. Clients can contact FXOTP LTD for relevant policy documents.
4.3 FXOTP LTD reserves the right to disclose to the relevant law enforcement agencies and regulatory authorities, where appropriate, all communications and information about the Clients held by FXOTP LTD. In addition, the Client agrees to strictly abide by all applicable laws to prevent money laundering and counter-terrorism financing, including requesting or providing sufficient evidence to assist FXOTP LTD and relevant authorities in understanding the Client or any representative who may be directed by the Client or any transaction with FXOTP LTD.
5. General matters
5.1 Indemnity and validity period:
5.1.1 The Client shall protect FXOTP LTD from any debts, claims, fees, expenses and damages caused by the Client, including but not limited to:
- Negligence, fraud, error or deliberate misconduct by the Client or authorized user;
- breach of any law by the Client;
- any fees and expenses incurred or related to the Client's breach of any provision of this Agreement.
5.1.2 The Client agrees to indemnify FXOTP LTD immediately for all damages, costs and expenses incurred by FXOTP LTD in connection with the execution of any provision of this Agreement, including reasonable legal fees and expenses or reasonable legal fees for litigation arising from the Client. Client's liability under this clause will continue to be effective even after the termination of this Agreement.
5.2 This Agreement will be governed by the laws of Mauritius and interpreted in accordance with the laws of Mauritius. The parties agree to irrevocably submit to the exclusive jurisdiction of the courts of Mauritius.
5.3 The Contracting Parties shall not undertake or use their intellectual property rights on behalf of the other party or in the name of the other party at any time for any purpose. Except as expressly provided in this Agreement, neither Contracting Party may use the other party's name or intellectual property rights or claim to be associated with the other party or authorized by the other party without the prior written approval of the other party.
5.4 Unless otherwise agreed in writing by FXOTP LTD, any rights or obligations of the Client under this Agreement may not be transferred, transferred, sold or otherwise transmitted. However, FXOTP LTD may transfer any rights or obligations it may have or assume under this Agreement to another Contracting Party without the Client's consent. The Client will sign any documents (such as contractual changes such as contract changes) at the reasonable request of FXOTP LTD for this transfer to take effect.
5.5 This Agreement and any terms of the Transaction made under this Agreement may be modified by FXOTP LTD from time to time and FXOTP LTD will notify the Client of any such modifications. Client agrees to be bound by the modification of the terms of the transaction at an earlier date among the following dates:
- Five working days after FXOTP LTD posted notice of amendment on its website;
- the day on which any contract was entered into by the Client after the modification.
Any changes to the other terms must be confirmed by FXOTP LTD and the Client's written confirmation.
6. Client account operations
6.1 About authorized users:
6.1.1 The Client shall provide FXOTP LTD with a list of users authorized to represent the Client (hereinafter referred to as “Authorized Users”). Authorized users can accept FXOTP LTD's services on behalf of Clients and/or enter into contracts with FXOTP LTD. All instructions issued and accepted by the Authorized User will be deemed to be authorized by the Client and will be binding on the Client.
6.1.2 The Client shall immediately notify FXOTP LTD when any person has become an Authorized User or any existing Authorized User is no longer an Authorized User. Upon receipt of the notice, FXOTP LTD will authorize the user's changes to take effect within one working day. However, the notice must not affect any other signed contract.
6.1.3 Unless otherwise notified by Client to FXOTP LTD, FXOTP LTD may continue to assume that all existing Authorized Users are duly authorized to enter into legally binding transactions with FXOTP LTD.
6.1.4 The Client hereby agrees to indemnify FXOTP LTD from any loss arising from the entering into of any contract by the Authorized User or any other transaction contemplated by this Agreement. The Client also agrees to indemnify FXOTP LTD for any loss arising from the actions of the Authorized User.
6.1.5 Any appointment by the Client to an Authorized User pursuant to paragraph 6.1.1 will be fully effective in accordance with the provisions of this Agreement until the notice of cancellation and/or replacement is served on FXOTP LTD.
6.1.6 The Client may inform FXOTP LTD of the license restrictions applicable to some or all of the Contracts, and the restrictions may apply to all or designated Authorized Users.
6.1.7 Any authorization restrictions provided by Client to FXOTP LTD may be added or withdrawn at any time by Client's own notice to FXOTP LTD. FXOTP LTD may also, at its discretion, impose authorization restrictions on Clients and/or one or more authorized users at any time with notice.
6.2 At the time of the contract, if the Client or authorized user contacts FXOTP LTD by telephone or via the Internet, FXOTP LTD personnel may, but where applicable, have no absolute responsibility to request or explain the following information to the Client or authorized user:
- the Client's account number;
- other identifying details of the Client;
- the type of contract product (e.g. which currency combination);
- the nature of the contract is to purchase or sell;
- the number of contracts; and
- In the case of a
FXOTP LTD will have the discretion to establish a contract, such as a client or an authorized user, whether by phone or by clicking on the button on the online platform to indicate acceptance. If FXOTP LTD exercises this power, the Client and FXOTP LTD will immediately establish a contract. The price of the instructions and the purchase or sale of the contract is the "transaction contract". Upon the conclusion of the contract, the parties will be bound by the terms of the relevant trading contract and the content of this agreement. If FXOTP LTD refuses to exercise its right to establish a contract, FXOTP LTD does not have the necessary responsibilities to provide reasons, but FXOTP LTD will notify the Client immediately or within a reasonable time that no contract has been established.
FXOTP LTD will not accept Clients or authorized users to go to any FXOTP LTD registered office in person and request FXOTP LTD to accept instructions, enter into contracts or conduct financial transactions.
6.3 After the contract is established, FXOTP LTD will provide the Client with the price of the relevant financial product contract transaction and provide the statement within a reasonable time either verbally or via the Internet.
6.4 Before the Client and FXOTP LTD establish any trading contract, the Client must deposit sufficient funds in the designated account of FXOTP LTD unless specifically approved by FXOTP LTD beforehand. FXOTP LTD will indicate to the Client the amount of margin required for each contract or under special circumstances.
6.5 Any payment to FXOTP LTD in any currency will be calculated at the prevailing market exchange rate.
6.6 FXOTP LTD may at any time notify Client of any fees and additional charges for the use of its services. FXOTP LTD will not be liable for any fees or charges charged by third parties or other counterparties for the use of FXOTP LTD's services.
6.7 Any outstanding balance of the Client's account in the FXOTP LTD Account must be paid in one of the following ways:
- cash;
- Online bank transfer;
- Bank transfer on the same day;
- a bank or personal check;
- an international wire transfer; or
- Payment pipelines provided by other financial institutions.
6.8 Credit line:
6.8.1 FXOTP LTD may grant a "credit line" to the Client and may also determine the relevant credit line and interest on the relevant credit at its absolute discretion
6.8.2 The line of credit is preset to the currency of the US dollar unit or other FXOTP LTD at its absolute discretion.
6.8.3 This amount is generally used for the purpose of establishing or maintaining a contract. It can also be used to offset the loss amount of open trades denominated by market value or the amount of loss applicable to some or all unsettled transactions.
6.8.4 If the loss of an open trade valued at market value approaches or exceeds the credit line of the Client, FXOTP LTD reserves the right, in its discretion, to require the Client to make a margin call.
6.8.5 FXOTP LTD not obligated to advise the Client that the credit line is insufficient, but if there is a deficiency, FXOTP LTD is not responsible for any subsequent Client instructions.
6.8.6 FXOTP LTD is not obligated to provide credit to Clients. FXOTP LTD may also reduce or withdraw any established credit line at any time by giving notice to the Client.
6.8.7 The Client acknowledges that FXOTP LTD will be responsible for all credit lines, including the amount of the loss beyond the credit line.
6.9 In any open position held by the Client, interest will be generated based on the spread of the financial product. FXOTP LTD will credit the Client's income or interest deductible to the Client's account at the settlement time of each settlement day. Interest will be determined based on changes in market conditions and FXOTP LTD's absolute discretion, and FXOTP LTD will not notify you of changes in interest calculations.
6.10 FXOTP LTD may, at its absolute discretion, set the Client's payment equal to 0% to 100% of the contract value, regardless of whether the Client has established an open trade or any future trades to be established, either in the absolute or discretion of the Client Margin requirements. The deposit amount deposited by the Client into FXOTP LTD shall be paid in accordance with the method of paragraph 6.7 of this Agreement.
6.11 At any time, such as the margin in the Client's account (including the line of credit), failing to meet the minimum margin requirement specified by FXOTP LTD, all or part of the open positions held by the Client, whether in loss or profit Trading, there will be a risk of forced liquidation (even if the lock position cannot completely avoid the risk of forced liquidation). Clients must ensure that their account has a sufficient level of margin at all times. FXOTP LTD reserves all rights to force a liquidation of all open trades. Unless specifically approved by FXOTP LTD, FXOTP LTD may terminate any or all of the Client's open positions if the Client fails to pay sufficient amounts in time to meet the Margin requirements.
6.12 FXOTP LTD will use all reasonable methods and endeavor to process all of the Client's contractual orders in a timely manner. In the absence of material negligence or deliberate misconduct, FXOTP LTD will not be liable for delays, damages, lapses or errors in all Contract Orders.
6.13 In the course of the transaction, regardless of the obvious quotation error caused by FXOTP LTD or any third party, FXOTP LTD is not liable for any damages, claims, losses, liabilities or expenses arising from the quotation error. FXOTP LTD reserves the right to make necessary adjustments to correct the quotation error. Any dispute arising from the quotation error will be resolved on the basis of fair market value, and the fair market value will be handled by FXOTP LTD in a reasonable manner, according to the relevant financial. The market value of the product is determined.
6.14 FXOTP LTD may provide a reference level for fees and exchange rates via telephone or website or through an online platform, but the reference level is not binding, and in the event of a final transaction, the Client agrees to accept the service.
6.15 The Client acknowledges and agrees and will ensure that each Authorized User confirms and agrees that FXOTP LTD may record any telephone conversations between any person and FXOTP LTD at any time. This telephone recording belongs to the property reserved by FXOTP LTD. In the event of a dispute between FXOTP LTD and the Client regarding the transaction contract and terms of any transaction, the telephone recording can be used to confirm the terms and conditions of the transaction, and the telephone recording can also be used for training and monitoring purposes.
7. Online trading platform
7.1 If the Client uses FXOTP LTD's online trading system (online platform), the Client confirms and accepts the following:
- The Client will be able to enter into a contract at the price quoted on the online platform.
- All transactions must be completed using the login name and password assigned to the Client by FXOTP LTD, and the effective entry of the above login name and password will constitute the Client's authorization to complete the specified contract, regardless of whether the login name and password are authorized.
- The Client must ensure that the login name and password are properly kept and kept confidential. The Client must also ensure that each authorized user who knows the login name and password keeps it confidential and confidential. If the Client has any reason to believe that the login name and password assigned to the Client have not been properly kept and kept confidential, and even any unauthorized person can use the login name and password, FXOTP LTD should be notified immediately.
- FXOTP LTD may suspend, revoke or refuse access to the online platform at any time for any reason without notice to the Client, including but not limited to security, quality of service, payment by the Client for payment due, or Violation of any provision of this agreement.
8. Fees of the intermediary/receiving bank
8.1 In some cases, a payment transaction may involve multiple intermediaries, so fees may be deducted and the receiving bank may charge a fee. These fees may not be calculated in advance and may not be communicated in advance, and the Client should be aware that they are responsible for paying such fees.
8.2 FXOTP LTD will not be liable for any loss resulting from the fees covered by Clause 8.1. FXOTP LTD will use its best endeavors to ensure that all fees and/or expenses associated with the Transaction are disclosed in the terms of the Transaction Agreement. However, due to the complex and volatile operations of the international financial market, Clients need to understand that disclosure is not always possible.
9. Exceeding the scope of capacity control
9.1 In the event of a factor beyond the control of FXOTP LTD Capability or a Force Majeure* event that prevents it from fulfilling its obligations under this Agreement or other contracts, FXOTP LTD will notify the Client as soon as reasonably practicable and will use reasonable efforts to ensure that it is returned due to FXOTP LTD. Any amount paid by the Client for the performance of the obligations under this Agreement. FXOTP LTD shall not be liable for any loss to the Client for the above circumstances.
9.2 If FXOTP LTD considers that the financial products and related financial market conditions are severely disrupted, such as the inability to obtain a position on the financial product in the relevant financial market, or due to domestic or international financial, political or economic conditions or foreign exchange controls, Positions become infeasible and FXOTP LTD will notify Clients as soon as reasonably practicable. FXOTP LTD shall not be liable for any loss to the Client for the above circumstances.
9.2 Upon the issuance of the above notice, FXOTP LTD's liability will be temporarily suspended and FXOTP LTD will negotiate other arrangements with the Client.
10. Client funds
10.1 The Client agrees that FXOTP LTD may transfer the Client's account funds to any FXOTP LTD designated account.
10.2 The Client agrees that any interest on the funds deposited into FXOTP LTD will not be calculated and will not be due to the Client.
10.3 If the Client completely transfers ownership of the funds or other funds to FXOTP LTD for certain other purposes, including but not limited to guarantees or for payment of current or future debts, actual debt, contingent liabilities or expected liabilities, such as security deposits, these amounts will not be treated as Client funds.
10.4 FXOTP LTD may, at its discretion, calculate the amount of current Client's current debt, future debt, actual debt, contingent liabilities or expected debt to FXOTP LTD based on the Client's daily open positions and transactions. (The amount may be due to market conditions greater than the amount of margin necessary to maintain the Client's open positions). And some or all of the funds deposited by the Client are transferred to FXOTP LTD, and the funds are required to guarantee the Clien's open positions, current debt, future debt, actual debt, contingent liabilities or expected debts. In accordance with this clause, the Client has no right to claim the portion of the payment and the portion will not be quarantined. Client agrees that FXOTP LTD may process the funds in this section.
10.5 Unless the Client notifies the Company in writing or otherwise, the Company may deposit the Client's money in a client's bank account opened by an accredited bank in Mauritius or any other country. Therefore, the Client's funds may be deposited outside of Mauritius. In this case, the legal and regulatory regime of the accredited bank that applies to the bank account of the Client may differ from the Mauritius.
11. Notification
11.1 Any notice or other document required or approved under this Agreement or for this Agreement shall be in writing. The notice may be issued by FXOTP LTD in the form of a posting on its website, and the notice is deemed to have been issued one day after posting on the FXOTP LTD website.
11.2 Any notice issued or made under this Agreement may also be sent by e-mail, but:
- the notice is the email address sent to the intended recipient and finally notified to the sender; and
- The sender is required to keep an electronic or printed copy of the notice sent.
11.3 A notice sent by email will be deemed to have been issued at the earliest occurrence of the following:
- The sender receives an email receipt from the recipient's information system indicating that the notification has been sent to the above email address;
- notify the entry into the information system controlled by the recipient; or
- When the notice is first opened or read by the recipient's employee or administrator.
12. Termination
12.1 This Agreement may be terminated immediately by Client or FXOTP LTD by notice to the other party in writing. However, the termination of any contract by any party shall not affect any contract or other transaction previously entered into, and shall not relieve any party of any liability arising out of this Agreement and which has not been performed, nor shall it be exempted from the conclusion of any contract by the Client prior to the termination of the above. And any responsibility arising.
12.1 If FXOTP LTD is informed or has reason to believe that any of the following has occurred:
- the Client has provided false or misleading information to FXOTP LTD; or
- the Client has participated in or is currently assisting or assisting or is currently assisting in money laundering or funding terrorists; or
- The Client is currently undergoing a formal investigation by law enforcement agencies and/or regulatory agencies,
FXOTP LTD may, at its sole discretion, immediately terminate this Agreement without prior notice to Client and FXOTP LTD shall be relieved of any liability arising out of or in connection with the transactions contemplated by this Agreement, including those entered into with FXOTP LTD. Any liability arising from any contract.
12.3 Within two business days from the date of termination of this Agreement, the Client shall return or destroy all materials received from FXOTP LTD in accordance with FXOTP's written instructions. The liability of any party for the payment of materials, delivery materials and destruction of materials shall remain in force after the termination of this Agreement. Any liability arising from the implementation of these Terms by FXOTP LTD shall be determined by FXOTP LTD in accordance with these Terms.
13. Limitation of Liability
13.1 FXOTP LTD will make every reasonable effort to execute the contract or make payments to the Client at the time specified by the Client's instructions. However, under no circumstances will FXOTP LTD be liable for any direct, indirect or consequential damages (including loss of any profit) resulting from delays in the transfer of funds to the Client's designated account.
13.2 Nothing in this Agreement is intended to limit or waive any liability that FXOTP LTD may be liable to Client for any legal rights that Client may have
14. Resolving disputes
14.1 Unless the Terms are inconsistent with the provisions of any legal or regulatory system, the dispute resolution procedures set out in this clause will apply. The parties shall use all reasonable endeavors to resolve any dispute arising out of this Agreement or any transaction conducted pursuant
14.2 If the parties are unable to resolve the dispute within 5 days from the date on which one of the parties has notified the dispute, either party may, by notice to the other party, refer the dispute to the senior staff of both parties (eg Client Individuals, the referral rules do not apply), but both parties must ensure that each other’s senior staff resolve the dispute as far as possible in a friendly manner within 10 days from the date of the referral dispute.
15. Risk warning
14.2 Trading of foreign exchange, CFDs and precious metals, especially in the form of margin trading, involves the potential for profit and loss, and the loss may far exceed the amount of money you invest in any sale or transaction.
14.2 Changes in foreign exchange, CFDs and precious metal prices are likely to be affected by a variety of unpredictable factors from around the world. Fluctuations in foreign exchange prices can cause the market to take action and cause you to be unable to settle a losing trade.
14.2 FXOTP LTD's employees cannot guarantee the accuracy of any market forecasts (if provided) or ensure that you avoid market risks and cannot guarantee the maximum loss you may suffer. Please read this agreement carefully before applying for account opening.
* "force majeure event" means including but not limited to the following events or factors: natural disasters, shipwrecks, inevitable navigational accidents, wars (whether or not declared war), vandalism, riots, rebellions, civil unrest, national emergency (whether it is fact Legal or legal), military rule, fire, flood, storm, earthquake, landslide, explosion, lack of electricity or water shortage, transmission or communication network failure, infectious disease, isolation, strike or other labor disputes or government expropriation, lockdown, curfew, any restrictions, prohibitions, laws, regulations, orders or other legally enforceable orders, damages or accidents, changes in international or national laws or regulations or any damage to FXOTP LTD’s system or system (excluding conduct) Occasionally due to omission, default or negligence of the Client or FXOTP LTD)