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NOTES TO THE FINANCIAL STATEMENTS 31 March 2010 37. FINANCIAL INSTRUMENTS BY CATEGORY (continued) Company Financial assets Loans and receivables HK$’000 2010 2009 Loans and receivables HK$’000 Due from subsidiaries 851,069 1,362,379 Dividend receivable 200,000 200,000 Cash and cash equivalents 951 128 Financial liabilities 37. Financial liabilities at amortised cost HK$’000 2010 2009 Financial liabilities at amortised cost HK$’000 Interest-bearing bank borrowings 238,000 399,333 Financial liabilities included in accrued liabilities 561 303 TEXWINCA HOLDINGS LIMITED ANNUAL REPORT 2010 121
NOTES TO THE FINANCIAL STATEMENTS 31 March 2010 TEXWINCA HOLDINGS LIMITED ANNUAL REPORT 2010 38. FAIR VALUE HIERARCHY The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments: Level 1: fair values measured based on quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: fair values measured based on valuation techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; Level 3: fair values measured based on valuation techniques for which all inputs which have a significant effect on the recorded fair value are not based on observable market data (unobservable inputs). As at 31 March 2010, the financial instruments measured at fair value held by the Group comprised of equity investments at fair value through profit or loss and was classified as Level 1. During the year ended 31 March 2010, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3. 39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group’s principal financial instruments, other than derivatives, comprise bank loans and overdrafts, and cash and short term deposits. The main purpose of these financial instruments is to raise finance for the Group’s operations. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations. The Group also enters into derivative transactions, including principally forward currency contracts. The purpose is to manage currency risks arising from the Group’s operations and its sources of finance. The main risks arising from the Group’s financial instruments are interest rate risk, foreign currency risk, credit risk and liquidity risk. The Board reviews and agrees policies for managing each of these risks and they are summarised below. The Group’s accounting policies in relation to derivatives are set out in note 2.4 to the financial statements. 38. 39. 2.4 122
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CONTENTS 02 Corporate Information
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CORPORATE INFORMATION HEAD OFFICE
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FINANCIAL AND OPERATIONAL HIGHLIGHT
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MANAGEMENT’S DISCUSSION AND ANALY
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REPORT OF THE DIRECTORS The board
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REPORT OF THE DIRECTORS SHARE CAPI
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REPORT OF THE DIRECTORS BIOGRAPHIC
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REPORT OF THE DIRECTORS DIRECTORS
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REPORT OF THE DIRECTORS SHARE OPTI
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REPORT OF THE DIRECTORS SHARE OPTI
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REPORT OF THE DIRECTORS SUBSTANTIA
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REPORT OF THE DIRECTORS CONTINUING
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CORPORATE GOVERNANCE REPORT INDEPE
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CORPORATE GOVERNANCE REPORT NOMINA
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CORPORATE GOVERNANCE REPORT INVEST
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INDEPENDENT AUDITORS’ REPORT An
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CONSOLIDATED STATEMENT OF COMPREHEN
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CONSOLIDATED STATEMENT OF FINANCIAL
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CONSOLIDATED STATEMENT OF CHANGES I
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CONSOLIDATED STATEMENT OF CASH FLOW
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COMPANY STATEMENT OF FINANCIAL POSI
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NOTES TO THE FINANCIAL STATEMENTS
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Page 72 and 73: NOTES TO THE FINANCIAL STATEMENTS
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