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Organization and Business Background
 9 Months Ended
Oct. 31, 2017
Accounting Policies [Abstract]  
Organization and Business Background

1. ORGANIZATION AND BUSINESS BACKGROUND

 

Australian Formulated Corporation was incorporated on August 4, 2016 under the laws of the state of Nevada.

The Company, through its subsidiaries, mainly engages in retail of baby formula and elderly formula to consumers and wholesalers.

 

Company name   Place/date of incorporation   Principal activities
         
1. AFC ANS Baby Holdings Limited   Seychelles / January 6, 2017   Investment Holding
         
2. Australian Formulated Limited   Hong Kong / November 2, 2016   Wholesale of baby formula and elderly formula

 

We are a development-stage company with a fiscal year end of January 31. At this moment, we operate exclusively through our wholly owned subsidiaries AFC ANS Baby Holdings Limited and Australian Formulated Limited, and share the same business plan of our subsidiaries which is the sale of baby formula and elderly formula.

 

Australian Formulated Corporation and its subsidiaries are hereinafter referred to as the “Company”.

 

AFC ANS Baby Holdings Limited, incorporated in Seychelles, is an investment holding company with 100% equity interest in Australian Formulated Limited, a company incorporated in Hong Kong. On January 16, 2017, Australian Formulated Corporation was organized to be the holding company parent to, and succeed to the operations of AFC ANS Baby Holdings Limited. The former unit holder of AFC ANS Baby Holdings Limited became the unit holder of Australian Formulated Corporation and AFC ANS Baby Holdings Limited became a wholly-owned subsidiary of Australian Formulated Corporation. This transaction was accounted for as a transaction among entities under common control and the assets, liabilities, revenues and expenses of AFC ANS Baby Holdings Limited were carried over to and combined with Australian Formulated Corporation at historical cost, and as if the transfer occurred at the beginning of the period.

 

We have presented our financials on a combined basis from inception, August 4, 2016, because we, and our current subsidiaries, were and remain entities under common control of Mr. Lashan, director of Australian Formulated Corporation.