PDF《Corporate Information》

31 March

2014 (2013: HK$1.2 million). At

31 March 2014, the Company committed corporate guarantees of HK$261.0 million (2013: HK$293.0 million) in favor of banks for the granting of banking facilities to certain subsidiaries. The gearing ratio, which was defined as total borrowings after netting off cash and cash equivalents (net debt), to total capital (being total equity plus net debt) was 18% (2013: 20%). The Group'

s assets were mostly financed by shareholders'

equity, trade payables and bank borrowings. Trade payables were repayable within one year. Bank borrowings comprised trade financing repayable within one year and term loans repayable in installments of

2 to

6 years based on original contractual maturity. Borrowings were mostly denominated in Hong Kong dollars and US dollars to prevent currency risk. The Group'

s cash and cash equivalents were denominated in Hong Kong dollars, US dollars, Canadian dollars and Renminbi. The Group matched the payment and receipts of foreign currency arising from routine purchases and sales to control and minimize the financial costs and exchange risk. Most of the Group'

s borrowings were interest bearing at floating rates which were based on the Hong Kong HIBOR rate or London LIBOR rate. As substantial part of trade payables and bank borrowings were denominated in Hong Kong and US dollars, the exchange risk for the Group was not expected to be material. The Group did not use derivative financial instruments for speculative purpose. 於二零一四年三月三十一日,本集团之流动资产净值为 二亿七千九百四十万港元 (二零一三年:二亿七千二百 七十万港元) ,而股东权益为二亿二千八百二十万港元 (二零一三年:二亿一千二百九十万港元) .流动负债为 二亿一千零四十万港元 (二零一三年:二亿二千五百 一十万港元) . 存货水平增加至一亿一千五百五十万港元 (二零一三 年:九千八百万港元) .以二零一四年三月三十一日的 库存为基础计算,平均库存周转天数约为七十九天 (二 零一三年:七十五天) .应收营业账项 (扣除应收票) 亦增加一百六十万港元至八千九百四十万港元 (二零 一三年:八千七百八十万港元) . 由於减少银行信贷的使用率,年底现金及银行结余为 五千五百五十万港元 (二零一三年:六千零二十万港 元) .本集团所获之银行信贷总额约一亿五千五百七十 万港元 (二零一三年:一亿九千零一十万港元) ,而仍 可动用之信贷额为四千二百七十万港元 (二零一三年: 七千五百一十万港元) .於二零一四年三月三十一日, 集团并无融资租约承担 (二零一三年:一百二十万港 元) .於二零一四年三月三十一日,本公司提供信贷 担保总额二亿六千一百万港元(二 零一三年: 二亿九千三百万港元) 予多间银行促使该等银行提供融资予 若干附属公司.资本负债比率 (即借贷总额减去现金及 现金等价物 (负债净额) 后除以资本总额 (权益总额与负 债净额之总和) 为18% (二零一三年:20%) . 本集团之资产主要由股东权益、应付营业账项及银行贷 款融资组成.应付营业账项需於一年内偿还,银行融资 包括一年内偿还之商业贷款及还款期介乎二至六年之银 行定期贷款. 融资主要以港元及美元为单位以减低汇兑风险.而集团 之现金及现金等价物主要以港元、美元、加拿大元及人 民币为单位.本集团持续将常规之采购及销售的外币 收支相互对应;