Commission rate risk is the risk that the value of financial instruments will fluctuate due to changes in the market commission rates. The Company is not subject to commission rate risk as all the liabilities except short term loan to refinance the letter of credit are subject to pre-determined fees. Further, short term loan is payable within 3 months as at December 31, 2015 and has been subsequently paid. Therefore, short term loan is also not subject to commission rate risk.