2008 Annual Report - Kenford Group Holdings Limited

More documents

Recommendations

Info

Management Discussion and Analysis CONTINGENT LIABILITIES (Continued) (ii) The Company has executed guarantees amounting to approximately HK$241.8 million (2007: HK$211.0 million) with respect to banking facilities made available to its subsidiaries. As at 31 March 2008, the borrowings outstanding against the facilities amounted to approximately HK$127.9 million (2007: HK$130.3 million). CHARGES ON ASSETS The Group has no charges on assets as at 31 March 2008 (2007: Nil). FOREIGN EXCHANGE EXPOSURE The Group’s sales are mainly denominated in US dollars while purchases are principally denominated in HK dollars, US dollars and Japanese Yen. Certain costs of the Group are denominated in Renminbi. Since HK dollars has been pegged to US dollars the Group’s exposure to the currency risk in US dollars was minimal. Most of the Group’s liquid fund is placed in principal guaranteed short-term dual currencies deposits in various banks during the year ended 31 March 2008. Currently, our management takes a prudent approach in minimising our risks in Renminbi fl uctuation exposure by maintaining 100% capital protection short-term deposit with the banker at a reasonable yield. STAFF AND REMUNERATION POLICIES As at 31 March 2008, the Group employed approximately 54 (2007: 59) Hong Kong staff and operates a defi ned contribution pension scheme. The number of staff and seasonal workers employed by our factories in China was maintained at approximately 3,300 (2007: 3,000) during the fi nancial year ended 31 March 2008. People are our most important assets and are indispensable to our success in the competitive market place. We offer comprehensive remuneration packages and provide various fringe benefits, including trainings, medical, insurance coverage as well as retirement benefi ts. During the fi nancial year ended 31 March 2008, the Group had a pre-IPO share option scheme and a share option scheme (details of which are set out under the heading “Share Option Scheme”) for the purposes of providing incentives and rewards to eligible participants who have contributed to the success of our operations. As at 31 March 2008, there were no outstanding share options under the pre-IPO share option scheme and the right to grant further share options under the pre-IPO share option scheme has been terminated. No share option has been granted under the share option scheme. Annual Report 2008 7
Report of the Directors The board of directors (the “Board”) of Kenford Group Holdings Limited (the “Company”) herein present the annual report and the audited financial statements (the “Financial Statements”) of the Company and its subsidiaries (collectively, the “Group”) for the year ended 31 March 2008. PRINCIPAL ACTIVITIES AND GEOGRAPHICAL ANALYSIS OF OPERATIONS The principal activity of the Company is investment holding. The principal activities and other particular of the subsidiaries are set out in Note 19 to the Financial Statements. An analysis of the Group’s performance for the year by business and geographical segments is set out in Note 7 to the Financial Statements. PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the listed shares of HK$0.001 each in the share capital the Company (the “Shares”) or the listed warrants issued by the Company (the “Warrants”) (together with the Shares, the “Securities”) during the year ended 31 March 2008. RESULTS AND APPROPRIATIONS The results of the Group for the year ended 31 March 2008 are set out in the Consolidated Income Statement on page 36. The Board now recommends the payment of a fi nal dividend of HK1.5 cents per Share (2007: a fi nal dividend of HK2 cents and a special fi nal dividend of HK1 cent) for the year ended 31 March 2008, amounting to approximately HK$6.5 million (2007: HK$12 million, comprising final dividend and special final dividend), payable to the shareholders of the Company whose names appear on the register of members of the Company on Friday, 29 August 2008. Together with the interim dividend of HK2.3 cents per Share, paid in January 2008 (2007: HK1.5 cent) amounting to HK$9.97 million (2007: HK6 million), the total dividends for the year ended 31 March 2008 will be HK3.8 cents (2007:HK4.5 cents) per Share. Subject to the approval of shareholders with regard to the proposed payment of the fi nal dividends at the forthcoming annual general meeting, the dividend warrants will be dispatched to shareholders on or about Thursday, 4 September 2008. CLOSURE OF REGISTER OF MEMBERS The register of members of the Company will be closed from Tuesday, 26 August 2008 to Friday, 29 August 2008, both days inclusive, during which period no transfer of Shares of the Company will be registered. In order to qualify for the proposed final dividend and/or to ascertain the right to attend the forthcoming annual general meeting of the Company, all transfers of Shares duly accompanied by the relevant Share certificates, and the appropriate transfer forms must be lodged for registration with the Company’s share registrar in Hong Kong, Computershare Hong Kong Investor Services Limited, Shops 1712-16, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong not later than 4:30 p.m. on Monday, 25 August 2008. The last day in Hong Kong of dealings in Company’s Shares with entitlement to fi nal dividend will be on Thursday, 21 August 2008. Shares of the Company will be traded ex-dividend as from Friday, 22 August 2008. 8 KENFORD GROUP HOLDINGS LIMITED
Page 2 and 3: Contents Page 1. Corporate Informat
Page 4 and 5: Chairman’s Statement On behalf of
Page 6 and 7: Management Discussion and Analysis
Page 10 and 11: Report of the Directors PROPERTY, P
Page 12 and 13: Report of the Directors DIRECTORS
Page 14 and 15: Report of the Directors SUBSTANTIAL
Page 16 and 17: Report of the Directors SHARE OPTIO
Page 18 and 19: Report of the Directors SHARE OPTIO
Page 20 and 21: Report of the Directors TAXATION OF
Page 22 and 23: Directors' and Senior Management's
Page 24 and 25: Directors' and Senior Management's
Page 26 and 27: Corporate Governance Report BOARD O
Page 28 and 29: Corporate Governance Report CHAIRMA
Page 30 and 31: Corporate Governance Report NOMINAT
Page 32 and 33: Corporate Governance Report INVESTO
Page 34 and 35: Corporate Structure CORPORATE STRUC
Page 36 and 37: Independent Auditor’s Report OPIN
Page 38 and 39: Consolidated Balance Sheet As at 31
Page 40 and 41: Consolidated Statement of Changes i
Page 42 and 43: Notes to the Financial Statements F
Page 58 and 59:
Notes to the Financial Statements F
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Five Years Financial Summary CONSOL
show all

2008 Annual Report - Kenford Group Holdings Limited

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?