Company registration number: 03173568
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
The principal activity of the group is the importation, distribution, and sale of speciality and premium grade raw / green / unroasted coffee beans to coffee roasting companies located in the UK and more than 50 other international sales destinations. Mercanta now operates a global distribution via a network of sales offices / coffee labs. These offices and coffee labs are located in Kingston upon Thames UK (Head Office), Glasgow Scotland, Seattle, Dubai, Singapore, Guatemala City and Berlin. Specialty raw coffee beans are imported and distributed, primarily via shipping containers inbound and pallets outbound. The warehouse distribution network is based out of Suffolk UK, Hamburg Germany, Dubai, Singapore, Seattle, New York / New Jersey, and Houston USA. We also own and operate a stand-alone training, education and consultancy business called London School of Coffee based in Wandsworth, South West London. In June 2021, we launched Mercanta Micro, a small volume, on-line, carton sale business.
Financial year 2025 once again set a global sales record, at £12.43M (2024 - £10.76M). An elevated price for raw coffee beans, weak GBP Sterling (coffee beans are traded in USD, weak GBP Sterling increases the unit price for this product), and strong domestic UK sales. In financial year 24/25 nearly 50% of group sales were generated in our ‘’home market’’.
Mercanta has a very well established ‘’brand name’’ in the UK market. Mercanta operates a genuine ability to supply speciality raw coffee beans to any place on the globe. We have speciality roaster clients in more than 50 countries and territories. A feature of Financial 2024/2025 sales was an increasing percentage of sales in our home domestic UK market.
Consolidated profit before tax was £538,623 (2024 – loss before tax of £1,074,641) while overheads stabilised at a relatively high level, not helped by financing costs being so high. A result of the high interest rates, and high outright price of the raw materials that we trade.
Meanwhile North American business faced severe challenges of the impact of import tariffs, and the Asian market suffered perhaps worse than others at the hand of the highest raw materials prices of all time.
Rolled up into complex and fraught geopolitics and logistical challenges, we are also witnessing the highest raw coffee prices of all time. Starting in October 2024 from already elevated levels, the commodity market price for raw coffee started soaring, up to and including the highest price of all time achieved in February 2025. This raised the average price per container toward US$200,000, and over that in many cases. This of course, also raised our average sales price. If we combine high raw materials prices, high borrowing costs, high market volatility and relatively weak Sterling and Euro versus USD, we have a perfect storm of price drama for UK, European and Asian roaster clients, and even worse adding import tariffs, for USA roaster accounts.
Gross sales increased by almost £2m in 24/25 compared to prior year, with a positive gross profit margin of 25.5% this year as opposed to the gross profit last year due to the COS adjustment. The GPM was 25.5% (2024- 13.9%) which is in line with FY23 at 27.5%. In FY24 there was a stock in transit error that was carried forward from prior year and another cost of sales error found following a full ledger review. Both of these additions to cost of sales came to £1.4M and resulted in the highly reduced gross profit margin for 2024.
Mercanta has a very well established ‘’brand name’’ in the UK market. Mercanta operates a genuine ability to supply speciality raw coffee beans to any place on the globe. We have speciality roaster clients in more than 50 countries and territories. A feature of Financial 2024/2025 sales was an increasing percentage of sales in our home domestic UK market.
Consolidated profit before tax was £538,623 (2024 – loss before tax of £1,074,641) while overheads stabilised at a relatively high level, not helped by financing costs being so high. A result of the high interest rates, and high outright price of the raw materials that we trade.
Meanwhile North American business faced severe challenges of the impact of import tariffs, and the Asian market suffered perhaps worse than others at the hand of the highest raw materials prices of all time.
Rolled up into complex and fraught geopolitics and logistical challenges, we are also witnessing the highest raw coffee prices of all time. Starting in October 2024 from already elevated levels, the commodity market price for raw coffee started soaring, up to and including the highest price of all time achieved in February 2025. This raised the average price per container toward US$200,000, and over that in many cases. This of course, also raised our average sales price. If we combine high raw materials prices, high borrowing costs, high market volatility and relatively weak Sterling and Euro versus USD, we have a perfect storm of price drama for UK, European and Asian roaster clients, and even worse adding import tariffs, for USA roaster accounts.
Gross sales increased by almost £2m in 24/25 compared to prior year, with a positive gross profit margin of 25.5% this year as opposed to the gross profit last year due to the COS adjustment. The GPM was 25.5% (2024- 13.9%) which is in line with FY23 at 27.5%. In FY24 there was a stock in transit error that was carried forward from prior year and another cost of sales error found following a full ledger review. Both of these additions to cost of sales came to £1.4M and resulted in the highly reduced gross profit margin for 2024.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
Rising administrative expenses remain a high risk to the company and active measures are being put in place to reduce this.
Forex risk are also identified as one of the key risk areas as Mercanta purchases green coffee beans from suppliers in USD. Measures such as forward purchases of USD with the banks and currency options contracts are used to mitigate this risk.
Interest rates are another risk area with these increasing over the past 12 months. Given the high value of financing costs, we have measures in place to reduce our loans, and post year end activity has seen a substantial reduction in our loan facility total.
Access to funding; As part of the ECOM Group, we have easy access to funding, not to mention Mercanta’s own long standing funding facilities.
Regulatory Environment; We are well aware of EU directives on deforestation and other corporate governance measures and are managing and preparing accordingly.
Forex risk are also identified as one of the key risk areas as Mercanta purchases green coffee beans from suppliers in USD. Measures such as forward purchases of USD with the banks and currency options contracts are used to mitigate this risk.
Interest rates are another risk area with these increasing over the past 12 months. Given the high value of financing costs, we have measures in place to reduce our loans, and post year end activity has seen a substantial reduction in our loan facility total.
Access to funding; As part of the ECOM Group, we have easy access to funding, not to mention Mercanta’s own long standing funding facilities.
Regulatory Environment; We are well aware of EU directives on deforestation and other corporate governance measures and are managing and preparing accordingly.
Financial Key Performance indicators
Total group sales - 2025 - £12.43M (2024 - £10.76M)
Gross Profit Margin - 2025 -25.5 % (2024 - 13.9 %)
Total borrowed funding ratio – 2025 - 40% (2024: 36%)
The value of our stock increased this year as the price of coffee increased even as we look to carry the same amount of inventory. Current cash levels are up on the end of the year given the seasonal nature of the business and the coffee crop cycle. We had a rise in creditors due to an increase in our working capital loan from parent company ECOM and also from some suppliers with whom we can negotiate longer credit terms
Other Key Performance indicators
Sales in more than 50 different nations and territories.
Future Developments
Post year-end market has seen a rise in coffee prices.
Total group sales - 2025 - £12.43M (2024 - £10.76M)
Gross Profit Margin - 2025 -25.5 % (2024 - 13.9 %)
Total borrowed funding ratio – 2025 - 40% (2024: 36%)
The value of our stock increased this year as the price of coffee increased even as we look to carry the same amount of inventory. Current cash levels are up on the end of the year given the seasonal nature of the business and the coffee crop cycle. We had a rise in creditors due to an increase in our working capital loan from parent company ECOM and also from some suppliers with whom we can negotiate longer credit terms
Other Key Performance indicators
Sales in more than 50 different nations and territories.
Future Developments
Post year-end market has seen a rise in coffee prices.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
The directors present their report and the financial statements for the year ended 31 May 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £422,619 (2024 - loss £1,066,135).
A dividend of £399,948 was distributed in August 2024 in respect of the financial year ending 31 May 2024. The directors did not recommend payment of a dividend in respect of the year end 31 May 2025.
The directors who served during the year were:
The Group has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors'
Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information
required by schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008.
This includes information that would have been included in the business review and details of the principal risks and
uncertainties.
Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information
required by schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008.
This includes information that would have been included in the business review and details of the principal risks and
uncertainties.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
There have been no significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MERCANTA LIMITED
We have audited the financial statements of Mercanta Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2025, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MERCANTA LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MERCANTA LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙The Group and parent company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law and tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
∙We understood how the Group and parent company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.
∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
∙We assessed the susceptibility of the Group and parent company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
°Posting of unusual journals and complex transactions;
°Misappropriation and valuation of stock
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MERCANTA LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Magna House
18-32 London Road
Surrey
TW18 4BP
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CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2025
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 33 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 33 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Mercanta Limited is a private company limited by shares, incorporated and domiciled in England & Wales. The address of its registered office is provided on the Company Information page of the financial statements. The address of its principal place of business is 2 Princeton Mews, 167 London Road, Kingston Upon Thames, KT2 6PT.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.
The Company's functional and presentational currency is GBP.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
a) No cash flow statement has been presented for the company.
b) Disclosures in respect of financial instruments have not been presented.
c) No disclosure has been given for the aggregate remuneration of key management personnel.
a) No cash flow statement has been presented for the company.
b) Disclosures in respect of financial instruments have not been presented.
c) No disclosure has been given for the aggregate remuneration of key management personnel.
Other operating income includes a recharge to group companies owned by the ultimate parent company in respect of costs incurred.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
Stock valuation
The company allocates carriage inwards and other directly attributable costs incurred on stock purchases using a percentage uplift which has been arrived at based on historical knowledge on costs incurred in bringing stocks to their present location. This is updated and reviewed on a regular basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
11.Taxation (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
12.Tangible fixed assets (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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Page 27
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Page 28
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Page 29
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Page 30
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Share premium account
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
Page 31
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Page 32
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
Mulcord Trading LLC is the immediate parent company. ECOM Agroindustrial Corp. Ltd . is the ultimate controlling party by way of majority shareholding.
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