Nami Corp. (NINK)

FORM 10-K | Annual Report
May. 3, 2017 4:47 PM
|
About: Nami Corp. (NINK)View as PDF
NAMI Corp. (Form: 10-K, Received: 05/03/2017 16:50:00)

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10 – K

 

x ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended: November 30, 2016

 

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____________ to _______________

 

Commission file number: 333-187007

 

NAMI CORP.

(Exact name of registrant as specified in its charter)

 

Nevada

 

61-1693116

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

3773 Howard Hughes Parkway, Suite 500S

Las Vegas, Nevada 89169

(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code) (702) 331-8633

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined by Rule 405 of the Securities Act.

Yes o No x

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

 

Check whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months ( or for such shorter period that the registrant was required to submit and post such files.

Yes x No o

(Not required by smaller reporting companies)

 

Indicate by check mark if disclosure of delinquent filers in response to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

 

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

¨

Smaller reporting company

x

(Do not check if a smaller reporting company)

 

 

 

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).

Yes x No o

 

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and ask price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter (May 31, 2016). No market value can be provided as no trading was done during the period referenced.

 

The number of shares outstanding of the Registrant’s Common Stock as of April 1, 2017 was 706,125,000 shares, $0.001 par value.

 

 

 
 
 
 

Table of Contents

  

 

 

Page No.

 

Part I

 

 

Item 1.

Business

 

3

 

Item 1A.

Risk Factors

 

4

 

Item 1B

Unresolved Staff Comments

 

4

 

Item 2

Properties

 

4

 

Item 3

Legal Proceedings

 

4

 

Item 4

Mine Safety Disclosures

 

4

 

 

 

 

 

 

 

Part II

 

 

Item 5

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

5

 

Item 6

Selected Financial Data

 

5

 

Item 7

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

5

 

Item 7A

Quantitative and Qualitative Disclosure about Market Risk

 

6

 

Item 8

Financial Statements and Supplementary Data

 

7

 

Item 9

Changes an Disagreements With Accountants on Accounting and Financial Disclosure

 

8

Item 9A

Controls and Procedures

 

8

 

Item 9B

Other Information

 

10

 

 

 

Part III

 

 

Item 10

Directors, Executive Officers and Corporate Governance

 

11

 

Item 11

Executive Compensation

 

12

 

Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

12

Item 13

Certain Relationships and Related Transactions, and Director Independence

 

12

 

Item 14

Principal Accounting Fees and Services

 

13

 

 

Part IV

 

 

Item 15

Exhibits, Financial Statement Schedules

 

14

 

 
2
 
 

 

PART I

 

ITEM 1: BUSINESS

 

General Information About NAMI CORP.

 

NAMI Corp. (formerly known as Pack Fuerte, Inc.) (the “Company”) was incorporated in the State of Nevada on September 5, 2012. November 30 th has been established as the Company’s fiscal year end.

 

On October 31, 2016, a change in control of the Company occurred by virtue of the Company's largest shareholder, Bunloet Sriphanorm, selling 60,750,000 shares of the Company’s common stock to Ong Tee Keat, an individual residing in Malaysia, which represented 60.22% of the Company’s total issued and outstanding shares of common stock at that time. Such 60,750,000 shares sold represented all of the shares of the Company’s common stock owned by Mr. Sriphanorm.

 

On October 31, 2016, the Company filed a Certificate of Amendment with the Nevada Secretary of State (the “Nevada SOS”) whereby it amended its Articles of Incorporation by (a) increasing the Company’s authorized number of shares of common stock from 200 million to 5 billion; and (b) increasing all of its issued and outstanding shares of common stock at a ratio of seven (7) shares for every one (1) share held. The Company’s Board of Directors approved this amendment on October 26, 2016.

 

On November 3, 2016, the Company filed Articles of Merger with the Nevada SOS whereby it entered into a statutory merger with its wholly-owned subsidiary, NAMI Corp. pursuant to Nevada Revised Statutes 92A.200 et. seq. The effect of such merger is that the Company was the surviving entity and changed its name to “NAMI Corp.”

 

Effective December 13, 2016, the Board of Directors (the “Board”) of the Company appointed Mr. Ong Tee Keat as Chairman of the Board of Directors, CEO, Secretary, and Treasurer, and Binloet Sriphanorm resigned from his positions as an officer and director of the Company.

 

We are a development-stage Company that intends to develop a built in safe with a combination lock that can store personal and or valuable items, inside of backpacks, carry-on luggage and suitcases. We plan on generating revenues by licensing our intellectual property for the Company’s products for luggage manufacturing companies, in the event we are able to successfully develop our prototype(s).

 

 
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ITEM 1A. RISK FACTORS

 

We are a smaller reporting company as defined in Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

 

ITEM 1B. UNRESOLVED STAFF COMMENTS

 

Not applicable .

 

ITEM 2. PROPERTIES

 

The Company leases a virtual office located at BNY Mellon Center, 1735 Market Street, Suite 3750, Philadelphia, PA 19103.  The Company does not own or rent any property.

 

ITEM 3. LEGAL PROCEEDINGS

 

We are not currently a party to any legal proceedings.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

None .

 

 
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PART II

 

ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASE OF EQUITY SECURITIES

 

Market Information

 

There is currently no established public trading market for our common shares.   Our shares of common stock are approved for trading on the OTC Markets under the ticker symbol “NINK”. Trading in stocks quoted on the OTC Markets is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company’s operations or business prospects. 

 

OTC Markets securities are not listed or traded on the floor of an organized national or regional stock exchange. Instead, OTC Markets securities transactions are conducted through a telephone and computer network connecting dealers in stocks. OTC Markets issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.

 

Number of Holders

 

As of April 14, 2017, the Company had a total of 706,125,000 shares issued and outstanding, which were held by a total of 31 shareholders of record.

 

Dividends

 

No cash dividends were paid on our shares of common stock during the fiscal year ended November 30, 2016. We have not paid any cash dividends since inception and do not foresee declaring any cash dividends on our common stock in the foreseeable future. 

 

Recent Sales of Unregistered Securities

 

None. 

 

In October 2016, the Company’s Board of directors approved a 7:1 forward split.  All share and per share amounts herein reflect the impact of the forward split.

 

ITEM 6. SELECTED FINANCIAL DATA

 

Not applicable.

  

ITEM 7. MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes included elsewhere in this report.

 

This report contains forward looking statements relating to our Company's future economic performance, plans and objectives of management for future operations, projections of revenue mix and other financial items that are based on the beliefs of, as well as assumptions made by and information currently known to, our management. The words "expects”, “intends”, “believes”, “anticipates”, “may”, “could”, “should" and similar expressions and variations thereof are intended to identify forward-looking statements. The cautionary statements set forth in this section are intended to emphasize that actual results may differ materially from those contained in any forward looking statement.

 

 
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Our auditor’s report on our November 30, 2016 financial statements expresses an opinion that substantial doubt exists as to whether we can continue as an ongoing business. Since our officers and directors may be unwilling or unable to loan or advance us additional capital, we believe that if we do not raise additional capital over the next 12 months, we may be required to suspend or cease the implementation of our business plans. See “November 30, 2016 Audited Financial Statements - Auditors Report.”

 

As of November 30, 2016, the Company had $0 cash compared to $516 in cash on as of November 30, 2015. Management believes this amount will not satisfy our cash requirements for the next twelve months or until such time that additional proceeds are raised. We plan to satisfy our future cash requirements by additional equity financing. This will likely be in the form of private placements of common stock.

 

Management believes that if subsequent private placements are successful, we will be able to generate sales revenue within the following twelve months thereof. However, additional equity financing may not be available to us on acceptable terms or at all, and thus we could fail to satisfy our future cash requirements.

 

If the Company is unsuccessful in raising the additional proceeds through a private placement offering it will then have to seek additional funds through debt financing, which would be highly difficult for a new development stage company to secure. Therefore, the Company is highly dependent upon the success of the anticipated private placement offering and failure thereof would result in the Company having to seek capital from other sources such as debt financing, which may not even be available to the Company. However, if such financing were available, because we are a development stage company with no operations to date, we would likely have to pay additional costs associated with high risk loans and be subject to an above market interest rate. At such time these funds are required, management would evaluate the terms of such debt financing and determine whether the business could sustain operations and growth and manage the debt load. If the Company cannot raise additional proceeds via a private placement of our common stock or secure debt financing we would be required to cease business operations. As a result, investors in the Company’s common stock would lose all of their investment.

 

The development and marketing of our products is expected to begin over the next 12 months. The Company does not anticipate obtaining any further products or services.

 

We did not generate any revenue during the fiscal year ended November 30, 2016. As of the fiscal year ended November 30, 2016 and November 30, 2015 we had $0 and $516 of cash on hand in the bank, respectively. We incurred operating expenses in the amount of $41,708 for the fiscal year ended November 30, 2016 compared to operating expenses of $25,466 for the fiscal year ended November 30, 2015. These operating expenses were comprised of professional fees and office and general expenses.

 

The Company intends to become a holding company with the objective of systematically acquiring assets in the form of profitable companies to be acquired throughout the Asian region, providing consistent attractive returns to its investments.

 

However, the Company has no current plans, preliminary or otherwise, to merge with any other entity.

 

Off Balance Sheet Arrangements.

 

The Company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect or change on the Company’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term “off-balance sheet arrangement” generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the Company is a party, under which the Company has (i) any obligation arising under a guarantee contract, derivative instrument or variable interest; or (ii) a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets.

 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

 
6
 
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 

  NAMI Corp. (FKA Pack Fuerte Inc.)

 

FINANCIAL STATEMENTS  

 

November 30, 2016  

 

Audited  

 

REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS

 

 F-1

 

 

 

 

 

BALANCE SHEETS

 

 F-3

 

 

 

 

STATEMENTS OF OPERATIONS

 

 F-4

 

 

 

 

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

 

F-5

 

 

 

 

STATEMENTS OF CASH FLOWS

 

 F-6

 

 

 

 

NOTES TO AUDITED FINANCIAL STATEMENTS

 

 F-7

 

 

 
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and Stockholders of

NAMI Corp. (f/k/a Pack Fuerte, Inc.)

 

We have audited the accompanying balance sheet of NAMI Corp. as of November 30, 2016 and the related statements of operations, stockholders’ equity (deficit), and cash flows for the year ended November 30, 2016. NAMI Corp.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of NAMI Corp. as of November 30, 2016, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has no revenues, has negative working capital at November 30, 2016, has incurred recurring losses and recurring negative cash flow from operating activities, and has an accumulated deficit which raises substantial doubt about its ability to continue as a going concern. Management’s plans concerning these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

/s/ AMC Auditing

 

AMC Auditing

Las Vegas, Nevada

May 3, 2017

 

 
F-1
 
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Click to enlarge

PCAOB Registered Auditors – www.sealebeers.com

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors and Stockholders of

Pack Fuerte, Inc.

 

We have audited the accompanying balance sheet of Pack Fuerte, Inc. as of November 30, 2015 and the related statements of operations, stockholders’ equity (deficit), and cash flows for the year ended November 30, 2015. Pack Fuerte, Inc.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pack Fuerte, Inc. as of November 30, 2015 and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has no revenues, has negative working capital at November 30, 2015, has incurred recurring losses and recurring negative cash flow from operating activities, and has an accumulated deficit which raises substantial doubt about its ability to continue as a going concern. Management’s plans concerning these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

/s/ Seale and Beers, CPAs

 

Seale and Beers, CPAs

Las Vegas, Nevada

February 26, 2016 

 

 
F-2
 
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NAMI Corp. (FKA Pack Fuerte Inc.)

 

BALANCE SHEETS

Audited

  

 

 

November 30,

2016

 

 

November 30,

2015

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash

 

$ -

 

 

$ 516

 

Trust Fund

 

 

-

 

 

 

-

 

TOTAL CURRENT ASSETS

 

$ -

 

 

$ 516

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$ 13,129

 

 

$ 18,966

 

Accounts payable - related party

 

 

34,025

 

 

 

18,112

 

TOTAL CURRENT LIABILITIES

 

$ 47,154

 

 

$ 37,078

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Capital stock

 

 

 

 

 

 

 

 

Authorized 5,000,000,000 shares of common stock, $0.001 par value,

 

 

 

 

 

 

 

 

Issued and outstanding 706,125,000 shares at November 30, 2016 & at November 30, 2015

 

$ 706,125

 

 

$ 706,125

 

Additional Paid in Capital

 

 

(689,285 )

 

 

(689,285 )

Retained Deficit

 

 

(63,994 )

 

 

(53,402 )

TOTAL STOCKHOLDERS' EQUITY/(DEFICIT)

 

$ (47,154 )

 

$ (36,562 )

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)

 

$ -

 

 

$ 516

 

 

The accompanying notes are an integral part of these financial statements


 
F-3
 
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NAMI Corp. (FKA Pack Fuerte Inc.)

 

STATEMENTS OF OPERATIONS

Audited

  

 

 

Year

 

 

Year

 

 

 

ended

 

 

ended

 

 

 

November30,

2016

 

 

November30,

2015

 

REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$ -

 

 

$ -

 

Total Revenues

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office and general

 

$ 11,595

 

 

$ 16,553

 

Professional Fees

 

 

30,113

 

 

 

8,913

 

Total Expenses, before provision of income taxes

 

$ 41,708

 

 

$ 25,466

 

 

 

 

 

 

 

 

 

 

Other Income (Expenses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on Debt Settlement

 

$

31,115

 

 

$

 -

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

$ (10,592 )

 

$ (25,466 )

 

 

 

 

 

 

 

 

 

BASIC AND DILUTED LOSS PER COMMON SHARE

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

 

 

706,125,000

 

 

 

706,125,000

 

  

The accompanying notes are an integral part of these financial statements

  

 
F-4
 
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NAMI Corp. (FKA Pack Fuerte Inc.)

 

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

As at November 30, 2016

 

Audited

 

 

 

Common Stock  

 

 

Additional

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

 

Paid-in

 

 

Deficit

 

 

 

 

 

 

shares

 

 

Amount

 

 

Capital

 

 

accumulated

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, November 30, 2014

 

 

706,125,000

 

 

 

706,125

 

 

 

(689,285 )

 

 

(27,936 )

 

 

(11,096 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the year to November 30, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,466 )

 

 

(25,466 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, November 30, 2015

 

 

706,125,000

 

 

 

706,125

 

 

 

(689,285 )

 

 

(53,402 )

 

 

(36,562 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the year to November 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,592 )

 

 

(10,592 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, November 30, 2016

 

 

706,125,000

 

 

$ 706,125

 

 

$ (689,285 )

 

$ (63,994 )

 

$ (47,154 )

 

On August 18, 2014 the Company approved a 150:1 forward split of the common stock and on October 26, 2016 the Company approved a 7:1 forward split of the common stock . All shares have been retrospectively restated.

 

The accompanying notes are an integral part of these financial statements

 

 
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NAMI Corp. (FKA Pack Fuerte Inc.)

 

STATEMENTS OF CASH FLOWS

Audited

  

 

 

Year

 

 

Year

 

 

 

ended

 

 

ended

 

 

 

November 30,

2016

 

 

November 30,

2015

 

OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

 

$ (10,592 )

 

$ (25,466 )

Adjustment to reconcile net loss to net cash

 

 

 

 

 

 

 

 

used in operating activities:

 

 

 

 

 

 

 

 

Gain on Debt Settlement

 

 

(31,115)

 

 

 

-

 

Expenses paid on company's behalf by related party

 

 

13,003

 

 

10,800

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in accrued expenses

 

 

(5,837 )

 

 

15,166

 

 

 

 

 

 

 

 

 

 

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

 

$ (34,541 )

 

$ 500

 

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Loan from Related Party

 

 

34,025

 

 

 

-

 

 

 

 

 

 

 

 

 

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

 

$ 34,025

 

 

$ -

 

 

 

 

 

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH

 

$ (516 )

 

$ 500

 

 

 

 

 

 

 

 

 

 

CASH, BEGINNING OF PERIOD

 

$ 516

 

 

$ 16

 

 

 

 

 

 

 

 

 

 

CASH, END OF PERIOD

 

$ -

 

 

$ 516

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information and noncash financing activities:

 

 

 

 

 

 

 

 

Cash paid for:

 

 

 

 

 

 

 

 

Interest

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

Income taxes

 

$ -

 

 

$ -

 

 

The accompanying notes are an integral part of these financial statements

 

 
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NAMI Corp. (FKA Pack Fuerte Inc.)

 

NOTES TO THE AUDITED FINANCIAL STATEMENTS

 

November 30, 2016

  

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION  

 

The Company was incorporated in the State of Nevada as a for-profit Company on September 5, 2012 and established a fiscal year end of November 30. The Company intends to develop a built in safe with a combination lock that can store personal and or valuable items, inside of backpacks, carry-on luggage and suitcases. 

 

The Company presently has no products. All activities of the Company relate to its organization, initial funding and share issuances. 

  

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  

 

Basis of Presentation  

In the opinion of management, the accompanying balance sheets, statements of operations, stockholders' equity (deficit) and cash flows include all adjustments, consisting only of normal recurring items, for their fair presentation in conformity with accounting principles generally accepted in the United States. These financial statements are presented in United States dollars. 

 

Advertising   

Advertising costs are expensed as incurred. As of November 30, 2016 and 2015, no advertising costs have been incurred. 

 

Property  

The Company does not own or rent any property. The office space is provided by the president at no charge. 

 

Revenue and Cost Recognition    

The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost. 

 

Cash and Cash Equivalents   

The Company considers all highly liquid investments with maturity of three months or less to be cash equivalents. 

 

Use of Estimates and Assumptions  

Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. 

  

Income Taxes  

The Company follows the liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment.  

 

 
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Net Loss per Share  

Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share. 

 

Recent Accounting Pronouncements  

The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statement. 

 

NOTE 3 – GOING CONCERN  

 

The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has a working capital deficit of $47,154, an accumulated deficit of $63,994 and net loss from operations since inception of $63,994. The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company funded its initial operations by way of issuing Founder’s shares. 

 

The officers and directors have committed to advancing certain operating costs of the Company, including Legal, Audit, Transfer Agency and Edgarizing costs 

  

NOTE 4 - FAIR VALUE OF FINANCIAL INSTRUMENTS  

  

The Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate their carrying value due to the short-term maturity of the instruments. 

 

NOTE 5 – CAPITAL STOCK  

 

The Company’s capitalization is 5,000,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. 

  

As of November 30, 2016, the Company has not granted any stock options and has not recorded any stock-based compensation. 

 

On September 24, 2012 the Company issued 12,075,000,000 common shares for cash at $0.000002 per share. 

 

On August 18, 2014 the Company approved a 150:1 forward split of the common stock and on October 26, 2016 the Company approved a 7:1 forward split of the common stock. All shares have been retrospectively restated .  

 

On November 30, 2016 and 2015, the Company had 706,125,000 common shares issued and outstanding. 

 

 
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NOTE 6 – RELATED PARTY TRANSACTIONS  

 

As of November 30, 2016 and 2015, the Company has received $34,025 and $18,112, respectively, in loans and payment of expenses from a related party. The loans are payable on demand and without interest. 

 

NOTE 7 – INCOME TAXES  

 

We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Accounting for Uncertainty in Income Taxes when it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward period. 

 

The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of November 30, 2016 and 2015 are as follows:  

 

 

 

November 30,

2016

 

 

November 30,

2015

 

 

 

 

 

 

 

 

Net operating loss carry forward

 

 

63,994

 

 

 

53,402

 

Effective Tax rate

 

 

35 %

 

 

35 %

Deferred Tax Assets

 

 

22,398

 

 

 

18691

 

Less: Valuation Allowance

 

 

(22,398 )

 

 

(18,691 )

Net deferred tax asset

 

$ 0

 

 

$ 0

 

 

The net federal operating loss carry forward will expire between 2033 and 2034. This carry forward may be limited upon the consummation of a business combination under IRC Section 381. 

 

NOTE 8 - SUBSEQUENT EVENTS  

 

The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and has determined that there are no events to disclose. 

 

 
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ITEM 9. CHANGES AND DISAGREEMENTS WITH ACCOUNTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

ITEM 9A. CONTROLS AND PROCEDURES

 

In accordance with Rule 13a-15(b) of the Securities Exchange Act of 1934 as amended (the “Exchange Act”), as of the end of the period covered by this Annual Report on Form 10-K, the Company’s management evaluated, with the participation of the Company’s principal executive and financial officer, the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act). Disclosure controls and procedures are defined as those controls and other procedures of an issuer that are designed to ensure that the information required to be disclosed by the issuer in the reports it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on that Evaluation he concluded that the Company’s disclosure controls and procedures are ineffective in gathering, analyzing and disclosing information needed to satisfy the registrant’s disclosure obligations under the Exchange Act. Based upon an evaluation of the effectiveness of disclosure controls and procedures, our Company’s principal executive and principal financial officer has concluded that as of the end of the period covered by this Annual Report on Form 10K our disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act) are not effective because of the material weaknesses in our disclosure controls and procedures. which is identified below. It should be noted that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote.”

 

The material weaknesses in our disclosure control procedures are as follows:

 

1.    Lack of formal policies and procedures necessary to adequately review significant accounting transactions. The Company utilizes a third party independent contractor for the preparation of its financial statements. Although the financial statements and footnotes are reviewed by our management, we do not have a formal policy to review significant accounting transactions and the accounting treatment of such transactions. The third party independent contractor is not involved in the day to day operations of the Company and may not be provided information from management on a timely basis to allow for adequate reporting/consideration of certain transactions.

 

2  . Audit Committee and Financial Expert . The Company does not have a formal audit committee with a financial expert, and thus the Company lacks the board oversight role within the financial reporting process.

 

We intend to initiate measures to remediate the identified material weaknesses including, but not necessarily limited to, the following:

 

 

· Establishing a formal review process of significant accounting transactions that includes participation of the Chief Executive Officer, the Chief Financial Officer and the Company’s corporate legal counsel.

 

 

 

 

· Form an Audit Committee that will establish policies and procedures that will provide the Board of Directors a formal review process that will among other things, assure that management controls and procedures are in place and being maintained consistently.

 

 
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Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Internal control over financial reporting is to provide reasonable assurance regarding the reliability of our financial reporting for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control over financial reporting includes maintain records that in reasonable detail accurately and fairly reflect our transactions; providing reasonable assurance that transactions are recorded as necessary for preparation of our financial statements; providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization; and providing reasonable assurance that unauthorized acquisition, use or disposition of company assets that could have a material effect on our financial statements would be prevented or detected.

 

As of November 30, 2016, management assessed the effectiveness of the Company’s internal control over financial reporting based on the criteria for effective internal control over financial reporting established in SEC guidance on conducting such assessments. Based on this evaluation under the COSO Framework, our management concluded that our internal control over financial reporting are not effective as of November 30, 2016. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control-Integrated Framework. Based on that evaluation, they concluded that, as of November 30, 2016, such internal controls and procedures were not effective to detect the inappropriate application of US GAAP rules as more fully described below. This was due to deficiencies that existed in the design or operation of our internal control over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.

 

The matters involving internal controls and procedures that the Company’s management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee and lack of a majority of outside directors on the Company's board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; (3) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and (4) ineffective controls over period end financial disclosure and reporting processes. The aforementioned material weaknesses were identified by the Company's Chief Financial Officer in connection with the review of our financial statements as of November 30, 2016 and communicated to our management.

 

Management believes that the material weaknesses set forth in items (2), (3) and (4) above did not have an affect on the Company's financial results. However, management believes that the lack of a functioning audit committee and lack of a majority of outside directors on the Company's board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures can result in the Company's determination to its financial statements for the future years.

 

We are committed to improving our financial organization. As part of this commitment, we will create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to the Company: i) Appointing one or more outside directors to our board of directors who shall be appointed to the audit committee of the Company resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls and procedures; and ii) preparing and implementing sufficient written policies and checklists which will set forth procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements.

 

Management believes that the appointment of more outside directors, who shall be appointed to a fully functioning audit committee, will remedy the lack of a functioning audit committee and a lack of a majority of outside directors on the Company's Board. In addition, management believes that preparing and implementing sufficient written policies and checklists will remedy the following material weaknesses (i) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements; and (ii) ineffective controls over period end financial close and reporting processes. Further, management believes that the hiring of additional personnel who have the technical expertise and knowledge will result proper segregation of duties and provide more checks and balances within the department. Additional personnel will also provide the cross training needed to support the Company if personnel turn over issues within the department occur. This coupled with the appointment of additional outside directors will greatly decrease any control and procedure issues the Company may encounter in the future.

 

 
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We will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

 

There have been no changes in our internal controls over financial reporting that occurred during the quarter ended November 30, 2016 that have materially affected or are reasonably likely to materially affect, our internal controls over financial reporting.

 

This annual report does not include an attestation report of the Company’s independent registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s independent registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide management report in the Annual Report.

 

ITEM 9B. OTHER INFORMATION

 

None.

 

 
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PART III

 

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

Our directors serve until their respective successors are elected and qualified. Ong Tee Keat was been elected by the Board of Directors to a term of one (1) year and serves until his successor is duly elected and qualified, or until he is removed from office.

 

The names, ages and positions of our present sole officer and our directors are set forth below:

 

Name

 

Age

 

Position(s)

 

 

 

 

 

Ong Tee Keat

 

60

 

President, Treasurer, Chief Financial Officer, Secretary, and Chairman of the Board of Directors.

 

Mr. Keat was named to the offices/positions on December 13, 2016.

 

Business Experience

 

Mr. Keat was a member of the Parliament of Malaysia until 2013, the Transport Minister in the Malaysian federal cabinet from 18 March 2008 to 4 June 2010 and the 8th president of the Malaysian Chinese Association (MCA). Educated at Confucian High School in Kuala Lumpur, Ong went on to the prestigious Methodist Boys' School for Form Six studies. Six years after graduating as a mechanical engineer, and while enjoying a lucrative post at an engineering firm, he quit to become political secretary to the then Housing and Local Government Minister Datuk Lee Kim Sai in 1986.

 

Ong won several literary awards for his works was once a columnist for Chinese daily Sin Chew Jit Poh. His articles ran from 1979 to 1986.

Mr. Ong is not an officer or director of any other public company.

 

Significant Employees

 

The Company does not, at present, have any employees other than the current officer and director. We have not entered into any employment agreements, as we currently do not have any employees other than the current officer and director.

 

Family Relations

 

There are no family relationships among the Directors and Officers of the Company

 

Corporate Governance

 

Nominating Committee. We have not established a Nominating Committee because of our limited operations; and because we have only one director and one officer, we believe that we are able to effectively manage the issues normally considered by a Nominating Committee.

 

Audit Committee. We have not established an Audit Committee because of our limited operations and because we have only one director and one officer.

 

Code of Ethics. We have not adopted a Code of Ethics for our principal executive and financial officer.

 

  Section 16(a) Beneficial Ownership Reporting Compliance

 

Section 16(a) of the Securities Exchange Act of 1934 requires executive officers, directors and persons who own more than 10% of a registered class of our equity securities to file reports of ownership with the Securities and Exchange Commission. Executive officers, directors and more than 10% stockholders are required by regulations to furnish us with copies of all Section 16(a) reports they file.

 

Based solely on the Company’s review of the copies of the forms received by it during the fiscal year ended November 30, 2016 and written representations that no other reports were required, the Company believes that each of the following persons who, at any time during such fiscal year, was a director, officer or beneficial owner of more than 10% of the Company’s Common Stock failed to comply with all Section 16(a) filing requirements during the most recent fiscal year:

  

Name

Number of Late Reports

Number of Transactions

not Reported on 

a Timely Basis

Failure to File a

Required

Form

Bunolet Sriphanorm

 

None

 

1

 

Form 4

 

 

 

 

 

 

 

Ong Tee Keat

None

1

Form 3

 

 

 
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ITEM 11. EXECUTIVE COMPENSATION.

 

Our current executive officer and director has not and does not receive any compensation and has not received any restricted shares awards, options or any other payouts. As such, we have not included a Summary Compensation Table.

 

There are no current employment agreements between the Company and its executive officer or director. Our executive officer and director has agreed to work without remuneration until such time as we receive revenues that are sufficiently necessary to provide proper salaries to the officer and compensate the director for participation. Our executive officer and director has the responsibility of determining the timing of remuneration programs for key personnel based upon such factors as positive cash flow, shares sales, product sales, estimated cash expenditures, accounts receivable, accounts payable, notes payable, and a cash balances. At this time, management cannot accurately estimate when sufficient revenues will occur to implement this compensation, or the exact amount of compensation.

 

There are no annuity, pension or retirement benefits proposed to be paid to officers, directors or employees of the corporation in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by Company.

 

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

The following table sets forth information regarding the beneficial ownership of our common stock as of April 14, 2017 by:

 

 

· each person or group of affiliated persons who we know beneficially owns more than 5% of our common stock; and

 

 

 

 

· each of our directors and named executive officers;

 

The information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of the Securities and Exchange Commission and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right to acquire sole or shared voting or investment power within 60 days through the conversion or exercise of any convertible security, warrant, option or other right. More than one person may be deemed to be a beneficial owner of the same securities. The percentage of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such person, which includes the number of shares as to which such person has the right to acquire voting or investment power within 60 days, by the sum of the number of shares outstanding as of such date plus the number of shares as to which such person has the right to acquire voting or investment power within 60 days. Consequently, the denominator used for calculating such percentage may be different for each beneficial owner. Except as otherwise indicated below and under applicable common share property laws, we believe that the beneficial owners of our common stock listed below have sole voting and investment power with respect to the shares shown.

 

NAME

 

TOTAL SHARES OWNED

 

 

PERCENTAGE

 

 

Ong Tee Keat

15D JLN Pandan 3/5

Pandan Jaya, Kuala Lumpur

 

 

425,250,000

 

 

 

60.22 %

 

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 

During fiscal year 2016, there were no material transactions between the Company and any officer, director or related party. Additionally, there are no other officers, directors or other related parties that since the beginning of fiscal year 2016, had any material interest, direct or indirect, in any transaction with us or in any presently proposed transaction that has or will materially affect us .

 

 

 
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ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

The aggregate fees billed for the most recently completed fiscal year ended December 31, 2016 and for the fiscal year ended December 31, 2015 for professional services rendered by the principal accountant for the audit of our annual financial statements and review of the financial statements included in our quarterly reports on Form 10-Q and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for these fiscal periods were as follows:

 

 

Year Ended

 

November 30,
2016

$

 

November 30,

2015

$

 

Audit Fees

 

9,500

 

8,500

 

Audit Related Fees

 

Nil

 

Nil

 

Tax Fees

 

Nil

 

Nil

 

All Other Fees

 

Nil

 

Nil

 

Total

 

9,500

 

8,500

 

Our board of directors pre-approves all services provided by our independent auditors. All of the above services and fees were reviewed and approved by the board of directors either before or after the respective services were rendered.

 

Our board of directors has considered the nature and amount of fees billed by our independent auditors and believes that the provision of services for activities unrelated to the audit is compatible with maintaining our independent auditors’ independence.

 

 
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PART IV

 

ITEM 15. EXHIBITS

 

3.1

 

Articles of Incorporation (incorporated by reference from our Registration Statement on Form S-1 filed on March 01, 2013)
3.2

 

Amendment to the Company’s Articles of Incorporation (incorporated by reference from Exhibit 3.(I) of our Form 8-K filed on December 16, 2016)
3.3

 

Articles of Merger (incorporated by reference from Exhibit 3.(II) of our Form 8-K filed on December 16, 2016)
3.4

 

Bylaws (incorporated by reference from our Registration Statement on Form S-1 filed on March 01, 2013)
31.1 Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer

31.2

 

Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer *

32.1 Section 1350 Certification of Chief Executive Officer

32.1

 

 Section 1350 Certification of Chief Financial Officer **

________________

*

Included in Exhibit 31.1

 **

Included in Exhibit 32.1 

 

 
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SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

NAMI CORP. , a Nevada corporation

 

 

 

 

  /s/ Ong Tee Keat

 

Ong Tee  
 

President and Director, Principal Executive Officer,
Principal Financial Officer, Principal Accounting Officer

 
     

 

May 3, 2017

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

  /s/ Ong Tee Keat

 

Ong Tee  
 

President and Director, Principal Executive Officer,
Principal Financial Officer, Principal Accounting Officer

 
     

 

May 3, 2017

 

15

 

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Ong TeeKeat certify that:

 

1. I have reviewed this annual of NAMI Corp.

 

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

 

 

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

 

 

 

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

 

 

 

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

 

 

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: May 3, 2017

 

/s/ Ong TeeKeat                                                         

Ong TeeKeat

President

 

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Annual Report of NAMI Corp. (the "Company") on Form 10-K for the period ended November 30, 2016 as filed with the Securities and Exchange Commission on or about the date hereof (the "Report"), the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

 

 

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

 

 

 

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: May 3, 2017

 

/s/ Ong TeeKeat                                                         

Ong TeeKeat, President