Tai Ping Carpets International Limited
Interim Report 2020/21
Incorporated in Bermuda with Limited Liability
Stock Code: 146
www.taipingcarpets.com
Table of Contents
2 Management Discussion & Analysis
5 Corporate Governance & Other Information
8 Condensed Consolidated Income Statement
9 Condensed Consolidated Statement of Comprehensive Income
10 Condensed Consolidated Statement of Financial Position
12 Condensed Consolidated Statement of Changes in Equity
13 Condensed Consolidated Statement of Cash Flows
14 Notes to the Condensed Consolidated Financial Statements
32 Corporate Information
Management Discussion & Analysis
The Board of Directors (the "Board") of Tai Ping Carpets International Limited (the "Company") hereby presents the interim report and the condensed consolidated interim financial statements of the Group for the six months ended 31 December 2020 (the "period"), together with the comparative figures for the previous corresponding period. The condensed consolidated income statement, statement of comprehensive income, statement of cash flows and statement of changes in equity of the Group for the six months ended 31 December 2020, and the condensed consolidated statement of financial position as at 31 December 2020, along with selected explanatory notes, all of which are unaudited and reviewed by the Audit Committee of the Company, can be found on pages 8 to 31 of this report.
BUSINESS REVIEW
The Group's consolidated turnover for the period was HK$220 million, down by 28% compared to the HK$305 million for the same period in 2019. Trading was affected by the on-going COVID-19 outbreak which lasted throughout the year. However, the impact of the pandemic during the reporting period - the second half of 2020 - was less severe than in the first half when turnover was lower at HK$190 million.
During the period, stringent cost controls were implemented which included negotiation of temporary rent reductions, staff furloughing and voluntary pay reductions. In addition, direct selling and marketing expenditure reduced considerably following the suspension of major trade shows during lockdowns. With cost-saving measures in place, the operating profit for the period was HK$7 million. The comparative figure in 2019 was HK$14 million although this benefitted from a one-off income of HK$11 million relating to the disposal of assets held for sale. The operating result was a significant improvement compared to the operating loss of HK$30 million recorded in the first half of 2020.
The Group's profit attributable to the equity holders of the Company was HK$6 million, compared to the profit of HK$11 million recorded for the same period in 2019.
CARPET OPERATIONS
Sales revenue in carpet operations for the period was HK$213 million, a 28% decrease compared to the HK$297 million for the same period in 2019. All three regions recorded double-digit sales decline primarily due to the delays in securing and completing projects caused by government lockdowns in various countries. The uncertainty around international travel also caused customers to temporarily reduce or postpone their purchases.
Gross profit margins across almost all business segments and regions were intact and showed improvements as compared to 2019 due to higher efficiency of the manufacturing operations.
Management Discussion & Analysis
MANUFACTURING OPERATIONS
The performance of the Artisan workshop in Xiamen continues to improve with management remaining focused on delivering further gains in efficiency, productivity and material utilisation. Following the implementation of stringent social distancing guidelines to protect the health and safety of employees, the COVID-19 outbreak had no major impact on manufacturing operations.
The Company's new carpet manufacturing operation in the US, based at its Premier Yarn Dyers ("PYD") facility in Georgia has been fully operational since April 2020. The new manufacturing facility will support long-term growth plans in the US market.
NON-CARPET OPERATIONS
Other operations represent mainly the Company's US based yarn-dyeing subsidiary, PYD, contributing approximately 3% of total sales. Whilst the implementation of streamlining measures further reduced the operating loss in this part of the business, results are expected to improve in future when the spare production capacity is better utilised.
OUTLOOK
The outbreak of the COVID-19 will continue to be the biggest challenge to the recovery of the global economy and Tai Ping's business in the near-term. However, with the global deployment of vaccinations accelerating and societies continuing to adapt to new health and safety norms, we are cautiously hopeful that economic and business activity will gradually return to normal.
Trade frictions between the US and China also remain a concern, particularly as the US is Tai Ping's biggest market while its manufacturing is located in China. Whilst the newly-invested US carpet manufacturing footprint is still in early stages, and will take time to become established, high US tariffs will continue to affect business growth in the US.
DIVIDEND
The Board does not recommend the payment of an interim dividend for the period (2019: Nil).
CAPITAL EXPENDITURE
Capital expenditure in the form of property, plant and equipment and construction in progress incurred by the Group totalled HK$5 million during the period (2019: HK$8 million). As at 31 December 2020, the aggregated net book value of the Group's property, plant and equipment, land use rights, construction in progress and intangible assets amounted to HK$395 million (30 June 2020: HK$378 million).
Management Discussion & Analysis
LIQUIDITY & FINANCIAL RESOURCES
The Group coordinates its financing and cash management activities at the corporate level, and usually funds its business with internally generated cash flows and through banking facilities at various subsidiaries.
As at 31 December 2020, the Group had total cash and cash equivalents including short-term fixed deposits (with maturity within 12 months) amounting to HK$138 million (30 June 2020: HK$136 million) and had no bank borrowings (30 June 2020: HK$31 million).
EXPOSURE TO FOREIGN EXCHANGE RISKS
The Group has overseas operations in the US, Europe and China. The Group treats its investments in these foreign operations as permanent equity, so exchange differences from translating the net investments in these foreign operations do not affect cash flows and are dealt with in the reserves.
The Group's sales are denominated primarily in US dollars and Euro, and to a lesser extent in a variety of other currencies.
HUMAN RESOURCES & REMUNERATION POLICIES
Consistent with continuing cost reduction measures, the total number of employees at the end of December 2020 was 670 compared to 740 at the end of June 2020.
Employees are remunerated according to the nature of the job and market trends, with built-in merit components incorporated as an annual incentive to reward and motivate individual performance.
The primary focus for Human Resources during the period was maintaining stability and retaining talent through a period of economic uncertainty and continuing organisational change.
CONTINGENT LIABILITIES
As at 31 December 2020, the Group's total contingent liabilities amounted to HK$8 million (30 June 2020: Nil).
Mark Stuart Worgan
Chief Executive Officer
Hong Kong, 26 February 2021
Corporate Governance & Other Information
CORPORATE GOVERNANCE
The Board of Directors and Management are committed to promoting good corporate governance to safeguard the interests of shareholders. The Company has complied with the applicable code provisions in the Corporate Governance Code (the "CG Code") as set out in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") during the six months ended 31 December 2020, except the Company's Non-Executive Directors are not appointed for specific terms as required by code provision A.4.1 of the CG Code. However, the relevant Bye-laws of the Company require that every Director would retire by rotation at least once every three years, which is in line with the CG Code.
MODEL CODE FOR SECURITIES TRANSACTIONS
The Company has adopted a code of conduct regarding the Directors' transactions in the securities of the Company (the "Tai Ping Code") on terms no less exacting than the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 of the Listing Rules (the "Model Code"). Specific enquiry has been made of all the Directors of the Company and they have confirmed their compliance with the required standard set out in the Model Code and the Tai Ping Code during the six months ended 31 December 2020.
AUDIT COMMITTEE
The Company has set up an Audit Committee on 23 September 2005 and the terms of reference of the Audit Committee are aligned with the CG Code. Under these terms of reference, the responsibilities of the Audit Committee include overseeing the relationship with the Company's external auditor (including making recommendation to the Board on the appointment, re-appointment and removal of the external auditor, and approving the audit fee and reviewing the audit scope), review of financial information of the Group, oversight of the Group's financial reporting system, risk management and internal controls.
The Audit Committee, together with the management of the Company, has reviewed the accounting principles and practices adopted by the Company as well as the internal control procedures of the Company, and discussed financial reporting matters, including the review of the interim financial information for the six months ended 31
December 2020.
PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S SHARES
The Company has not redeemed any of its shares during the six months ended 31 December 2020. Neither the Company nor any of its subsidiaries has purchased or sold any of the Company's shares during the period.
DIVIDEND
The Board does not recommend the payment of an interim dividend for the six months ended 31 December 2020.
Corporate Governance & Other Information
DIRECTORS' INTERESTS IN THE SHARE, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY SPECIFIED UNDERTAKING OF THE COMPANY
As at 31 December 2020, the interests of the Directors in the shares of the Company and its associated corporations (within the meaning of the Part XV of Securities and Futures Ordinance ("SFO")) as recorded in the register maintained by the Company under Section 352 of the SFO or as notified to the Company were as follows:
Ordinary shares of HK$0.10 each in the Company as at 31 December 2020
No. of ordinary shares held (long position)
Corporate Interests | % of the issued | ||
Personal Interests | (interests of controlled | share capital of the | |
Name | (held as beneficial owner) | corporation) | Company |
Tong Chi Leung David | 431,910 | - | 0.204% |
Yung Lincoln Chu Kuen | 30,000 | - | 0.014% |
Leong Kwok Fai Nelson | 700,000 | 2,182,0001 | 1.358% |
John Jeffrey Ying | - | 32,605,5832 | 15.366% |
Notes: |
1 2,000,000 shares are held by Gainsborough Associates Limited and 182,000 shares are held by Fontana Enterprises Limited, companies in which Mr. Leong Kwok Fai Nelson holds 33.33% and 40% equity interests respectively and have controlling interest.
2 The shares are held by Peak Capital Partners I, L.P. of which Mr. John Jeffrey Ying is the sole shareholder of the general partner of Peak Capital Partners I, L.P. and is deemed to have an interest in the shares held by Peak Capital Partners I, L.P. (the Company is advised that the term "general partner" commonly refers to the entity liable for all the debts and obligations of a limited partnership and has power to bind a limited partnership).
At no time during the period was the Company or any of its subsidiaries a party to any arrangements to enable the Directors of the Company (including their spouse and children under 18 years of age) to hold any interests in the shares in, or debentures of, the Company or its specified undertakings or other associated corporation.
Corporate Governance & Other Information
SUBSTANTIAL SHAREHOLDERS
As at 31 December 2020, the register of substantial shareholders required to be kept under Section 336 of Part XV of the SFO showed that the Company had been notified of the following substantial shareholders' interests, being 5% or more in the issued ordinary share capital of the Company. These interests are in addition to those disclosed above in respect of the Directors.
No. of ordinary shares
held in the Company | % of the | |
of HK$0.10 each | ||
Name | (long position) | of the Company |
Acorn Holdings Corporation1 | 40,014,178 | 18.858% |
Bermuda Trust Company Limited1 | 40,014,178 | 18.858% |
Harneys Trustees Limited1 | 77,674,581 | 36.607% |
Lawrencium Holdings Limited1 | 77,674,581 | 36.607% |
The Mikado Private Trust Company Limited1 | 77,674,581 | 36.607% |
The Hon. Sir Michael Kadoorie1 | 77,674,581 | 36.607% |
Peak Capital Partners I, L.P.2 | 32,605,583 | 15.366% |
Notes: |
issued share capital
1 Bermuda Trust Company Limited is deemed to be interested in the same 40,014,178 shares in which Acorn Holdings Corporation is interested. The Mikado Private Trust Company Limited and Harneys Trustees Limited are deemed to be interested in the same 77,674,581 shares in which Lawrencium Holdings Limited is interested. For the purpose of the SFO, the spouse of the Hon. Sir Michael Kadoorie has a duty of disclosure in Hong Kong in relation to the 77,674,581 shares. The interest disclosed by the spouse of the Hon. Sir Michael Kadoorie is that of the Hon. Sir Michael Kadoorie attributed to her under the SFO. Except the above, she has no interest, legal or beneficial in those shares.
2 Mr. John Jeffrey Ying (a Non-Executive Director of the Company) is the sole shareholder of the general partner of Peak Capital Partners I, L.P. and is deemed to have an interest in the shares held by Peak Capital Partners I, L.P. (the Company is advised that the term "general partner" commonly refers to the entity liable for all the debts and obligations of a limited partnership and has power to bind a limited partnership).
Condensed Consolidated Income Statement
Unaudited
2020 | 2019 | ||
Note | HK$'000 | HK$'000 | |
Revenue | 6 | 220,342 | 305,233 |
Cost of sales | (93,524) | (140,035) | |
Gross profit | 126,818 | 165,198 | |
Distribution costs | 7 | (61,768) | (90,188) |
Administrative expenses | 7 | (59,726) | (73,811) |
Gain on disposal of non-current asset held for sale | 8 | - | 11,089 |
Other gains - net | 9 | 1,848 | 1,353 |
Operating profit | 7,172 | 13,641 | |
Finance costs - net | 10 | (1,474) | (1,826) |
Profit before income tax | 5,698 | 11,815 | |
Income tax expense | 11 | (161) | (1,223) |
Profit for the period | 5,537 | 10,592 | |
Profit/(loss) attributable to: | |||
Owners of the Company | 5,838 | 11,377 | |
Non-controlling interests | (301) | (785) | |
5,537 | 10,592 | ||
Profit per share attributable to the owners of the Company | |||
during the period (expressed in HK cents per share) | |||
Basic/diluted | 13 | 2.75 | 5.36 |
The notes on pages 14 to 31 are an integral part of these condensed consolidated financial statements.
Condensed Consolidated Statement of Comprehensive Income
Unaudited
2020 | 2019 | |
HK$'000 | HK$'000 | |
Profit for the period | 5,537 | 10,592 |
Other comprehensive income: | ||
Items that may be reclassified to profit or loss | ||
Release of reserves attributable to the disposal of non-current asset held for sale | - | (14,743) |
Currency translation differences | 29,942 | (7,754) |
Other comprehensive income/(loss) for the period - net of tax | 29,942 | (22,497) |
Total comprehensive income/(loss) for the period | 35,479 | (11,905) |
Attributable to: | ||
Owners of the Company | 34,390 | (10,798) |
Non-controlling interests | 1,089 | (1,107) |
35,479 | (11,905) | |
9 |
The notes on pages 14 to 31 are an integral part of these condensed consolidated financial statements.
Condensed Consolidated Statement of Financial Position
Unaudited | Audited | ||
31 Dec | 30 Jun | ||
2020 | 2020 | ||
Note | HK$'000 | HK$'000 | |
Assets | |||
Non-current assets | |||
Land use rights | 14 | 26,974 | 25,148 |
Property, plant & equipment | 15 | 347,913 | 332,747 |
Construction in progress | 15 | - | 640 |
Intangible assets | 16 | 19,720 | 19,798 |
Prepayments | 18 | 2,233 | 1,369 |
Other receivable | 18 | 4,887 | 4,887 |
Right-of-use assets | 17 | 102,759 | 107,195 |
Lease receivables | 276 | 1,083 | |
504,762 | 492,867 | ||
Current assets | |||
Inventories | 64,709 | 68,557 | |
Trade & other receivables | 18 | 52,884 | 70,931 |
Lease receivables | 1,578 | 2,186 | |
Derivative financial instruments | 332 | - | |
Current income tax assets | 3,409 | 6,228 | |
Pledged bank deposit | 19 | 404 | 402 |
Cash & cash equivalents | 137,792 | 136,036 | |
261,108 | 284,340 | ||
Total assets | 765,870 | 777,207 |
The notes on pages 14 to 31 are an integral part of these condensed consolidated financial statements.
Condensed Consolidated Statement of Financial Position
Unaudited | Audited | ||
31 Dec | 30 Jun | ||
2020 | 2020 | ||
Note | HK$'000 | HK$'000 | |
Equity | |||
Equity attributable to owners of the Company | |||
Share capital | 20 | 21,219 | 21,219 |
Reserves | 21 | 272,827 | 244,275 |
Retained earnings | 109,849 | 104,011 | |
403,895 | 369,505 | ||
Non-controlling interests | 18,504 | 17,415 | |
Total equity | 422,399 | 386,920 | |
Liabilities | |||
Non-current liabilities | |||
Deferred income tax liabilities | 2,065 | 2,065 | |
Retirement benefit obligations | 4,031 | 3,719 | |
Lease liabilities | 86,872 | 91,708 | |
92,968 | 97,492 | ||
Current liabilities | |||
Trade & other payables | 22 | 124,329 | 136,982 |
Contract liabilities - Deposits received in advance | 100,230 | 97,047 | |
Derivative financial instruments | - | 93 | |
Current income tax liabilities | 2,632 | 2,284 | |
Bank borrowings - unsecured | 23 | - | 31,040 |
Lease liabilities | 23,312 | 25,349 | |
250,503 | 292,795 | ||
Total liabilities | 343,471 | 390,287 | |
Total equity & liabilities | 765,870 | 777,207 | |
Net current assets/(liabilities) | 10,605 | (8,455) | |
Total assets less current liabilities | 515,367 | 484,412 | |
11 |
The notes on pages 14 to 31 are an integral part of these condensed consolidated financial statements.
Condensed Consolidated Statement of Changes in Equity
Attributable to owners of the Company
Share capital HK$'000
Balance at 1 July 2019
Share premium HK$'000
21,219
Other reserves HK$'000
189,699
Unaudited
Retained earnings HK$'000
83,959
Total HK$'000
121,851
Non-controlling interests HK$'000
416,728
Total equity HK$'000
19,449
436,177
Comprehensive income Profit/(loss) for the period
Other comprehensive income for the period
Release of reserves attributable to the disposal of non-current asset held for sale
Currency translation differences Total other comprehensive loss for the period - net of tax Total comprehensive loss for the period
-
-
- - -
Balance at 31 December 2019
-
-
- - -
21,219
-
(14,743)
(7,432) (22,175)
(22,175)
189,699
11,377
-
- -
11,377
61,784
11,377
(14,743)
(7,432) (22,175)
(10,798)
133,228
(785)
-
(322) (322)
(1,107)
405,930
10,592
(14,743)
(7,754) (22,497)
(11,905)
18,342
424,272
Balance at 1 July 2020
21,219
189,699
54,576
104,011
369,505
17,415
386,920
Comprehensive income Profit/(loss) for the period
Other comprehensive income for the period
Currency translation differences Total other comprehensive income for the period - net of tax Total comprehensive income for the period
-
- - -
Balance at 31 December 2020
-
- - -
21,219
-
189,699
28,552 28,552 28,552 83,128
5,838
- -
5,838
109,849
5,838
28,552 28,552 34,390
403,895
(301)
1,390 1,390 1,089
18,504
The notes on pages 14 to 31 are an integral part of these condensed consolidated financial statements.
5,537
29,942 29,942 35,479
422,399
Condensed Consolidated Statement of Cash Flows
Unaudited
2020 | 2019 | |
HK$'000 | HK$'000 | |
Cash flows from operating activities | ||
Cash generated from operations | 46,770 | 66,314 |
Income tax recovered/(paid) | 3,060 | (179) |
Interest paid | (134) | (96) |
Net cash generated from operating activities | 49,696 | 66,039 |
Cash flows from investing activities | ||
Purchases of property, plant & equipment and construction in progress | (4,707) | (9,685) |
Acquisition of intangible assets | (846) | - |
Proceeds from disposal of property, plant & equipment | 5 | 41 |
Proceeds from disposal of non-current asset held for sale | - | 8,651 |
Decrease/(increased) in derivative financial instruments | 253 | (39) |
Interests received | 289 | 61 |
Net cash used in investing activities | (5,006) | (971) |
Cash flows from financing activities | ||
Capital element of lease rentals paid | (17,264) | (17,348) |
Interest element of lease rentals paid | (1,731) | (1,919) |
Proceeds from borrowings | - | 15,560 |
Repayments of borrowings | (31,040) | (15,560) |
Net cash used in financing activities | (50,035) | (19,267) |
Net (decrease)/increase in cash & cash equivalents | (5,345) | 45,801 |
Cash & cash equivalents at beginning of period | 136,036 | 60,094 |
Exchange gain on cash & cash equivalents | 7,101 | 4,044 |
Cash & cash equivalents at end of period | 137,792 | 109,939 |
13 |
The notes on pages 14 to 31 are an integral part of these condensed consolidated financial statements.
Notes to the Condensed Consolidated Financial Statements
1. GENERAL INFORMATION
Tai Ping Carpets International Limited ("the Company") and its subsidiaries (together "the Group") are principally engaged in the design, manufacture, import, export and sale of carpets and manufacture and sale of yarns.
The Company is a limited liability company incorporated in Bermuda. The address of its registered office is Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda. The principal office in Hong Kong is located at Units 1801-1804, 18th Floor, 909 Cheung Sha Wan Road, Cheung Sha Wan, Kowloon, Hong Kong.
The Company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited.
These condensed consolidated interim financial statements are presented in thousands of Hong Kong dollars (HK$'000), unless otherwise stated. These condensed consolidated interim financial statements have been approved for issue by the Board of Directors of the Company on 26 February 2021.
These condensed consolidated interim financial statements have not been audited.
2. BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements for the six months ended 31 December 2020 have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants (the "HKICPA"). The condensed consolidated interim financial statements should be read in conjunction with the annual consolidated financial statements for the eighteen months ended 30 June 2020, which have been prepared in accordance with Hong Kong Financial Reporting Standards ("HKFRSs").
The condensed consolidated interim financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and liabilities (including derivative financial instruments) at fair value through profit or loss, which are carried at fair value.
3. CHANGES IN ACCOUNTING STANDARDS
The HKICPA has issued a number of new HKFRSs and amendments to HKFRSs that are first effective for the financial period beginning 1 July 2020 and none of them have impact to the Group. The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period.
4. ESTIMATES
The preparation of condensed consolidated interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation for uncertain events were the same as those that applied to the consolidated financial statements for the eighteen months
ended 30 June 2020.
5. FINANCIAL RISK MANAGEMENT
Financial risk factors
The Group's activities expose it to a variety of financial risks: foreign exchange risk, price risk, credit risk, liquidity risk and cash flow and fair value interest rate risk.
The condensed consolidated interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's consolidated financial statements for the eighteen months ended 30 June 2020.
There have been no changes in the risk management team and/or in any risk management policies since the end of 30 June 2020.
(a)Liquidity risk
Cash flow forecasting is performed in the operating entities of the Group and aggregated by Group finance. Group finance monitors rolling forecasts of the Group's liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. Such forecasting takes into consideration the Group's debt financing plans, covenant compliance, compliance with internal statement of financial position ratio targets and, if applicable external regulatory or legal requirements - for example, currency restrictions.
Surplus cash held by the operating entities over and above balance required for working capital management are transferred to the Group Treasury. Group Treasury invests surplus cash in time deposits, money market deposits and marketable securities, choosing instruments with appropriate maturities or sufficient liquidity to provide sufficient headroom as determined by the above-mentioned forecasts. At the end of the financial period, the Group held cash and cash equivalents of HK$137,792,000 (as at 30 June 2020: HK$136,036,000) that are expected to readily generate cash inflows for managing liquidity risk.
5.
(b) Fair value estimation
FINANCIAL RISK MANAGEMENT (CONTINUED)
As at 31 December 2020 | After 1 year but | More than 5 | ||
Within 1 year | within 5 years | years | Total | |
Unaudited | HK$'000 | HK$'000 | HK$'000 | HK$'000 |
Trade & other payables | 48,522 | - | - | 48,522 |
Lease liabilities | 23,312 | 47,100 | 39,772 | 110,184 |
71,834 | 47,100 | 39,772 | 158,706 | |
As at 30 June 2020 | After 1 year but | More than 5 | ||
Within 1 year | within 5 years | years | Total | |
Audited | HK$'000 | HK$'000 | HK$'000 | HK$'000 |
Trade & other payables | 61,109 | - | - | 61,109 |
Bank borrowings - unsecured | 31,040 | - | - | 31,040 |
Lease liabilities | 25,349 | 49,358 | 42,350 | 117,057 |
117,498 | 49,358 | 42,350 | 209,206 | |
The table below analyses the Group's non-derivative financial liabilities and net-settled derivative financial liabilities into relevant maturity groupings based on the remaining period at the condensed consolidated statement of financial position date to the contractual maturity date. Derivative financial liabilities are included in the analysis if their contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows:
All of the Group's non-trading gross settled derivative financial instruments (Note 5(b)) are in hedge relationships and are due to settle within 12 months of the consolidated statement of financial position date. These contracts require undiscounted contractual cash inflows of HK$24,919,000 (30 June
2020: HK$12,416,000) and undiscounted contractual cash outflow of HK$24,363,000 (30 June 2020: HK$12,416,000).
The table below analyses the Group's financial instruments carried at fair value as at 31 December 2020, by level of the inputs to valuation techniques used to measure fair value. Such inputs are categorised into these levels within a fair value hierarchy as follows:
- quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)
- inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2)
- inputs for the asset and liability that are not based on observable market data (that is, unobservable inputs) (level 3)
5. FINANCIAL RISK MANAGEMENT (CONTINUED)
The following table presents the Group's assets and liabilities that are measured at fair value at 31 December 2020.
Level 2
HK$'000
Assets
Derivative financial instruments:
Foreign currency forward contracts
332
The following table presents the Group's assets and liabilities that are measured at fair value at 30 June 2020.
Level 2 HK$'000
Liabilities
Derivative financial instruments:
Foreign currency forward contracts
(93)
The fair value of derivative financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to measure fair value of an instrument are observable, the instrument is included in level 2.
6. REVENUE & SEGMENT INFORMATION
(a)Revenue
Six months ended
31 December
2020 | 2019 | |
HK$'000 | HK$'000 | |
Sale of carpets & underlays | 190,960 | 269,192 |
Installation of carpets & furnishing business | 22,309 | 27,681 |
Sale of yarns & others | 7,073 | 8,360 |
220,342 | 305,233 |
(b) Segment information
Management has determined the operating segments based on the reports reviewed by the Board which are used to assess performance and allocate resources. The Board assesses the performance in the following geographical areas: Asia, Europe, the Middle East and Africa ("EMEA") and America.
The Board assesses the performance of the operating segments based on a measure of segment results.
Segment results which comprise the operating profit/loss of each business segment and effects of gain/loss and income/expenditure which are considered relevant in assessing the segment's performance.
6.
REVENUE & SEGMENT INFORMATION (CONTINUED)
The segment information provided to the management for the reportable segments for the six months ended 31 December 2020 and 2019 are as follows:
For the six months ended 31 December 2020
Unaudited
Revenue from external customers Cost of production 1
Segment gross margin Segment results Unallocated expenses 2 Operating profit Finance costs - net Profit before income tax Income tax expense Profit for the periodAsia HK$'000 41,834 (18,022) 23,812 5,289
EMEA HK$'000 79,245 (33,072) 46,173 199
America HK$'000 99,263 (41,752) 57,511 11,618
Unallocated
HK$'000 - - - -
Group HK$'000 220,342
(92,846)
127,496
17,106
(9,934)
7,172
(1,474)
5,698
(161)
5,537
Capital expenditure
Depreciation of right-of-use assets Depreciation of property, plant & equipment
(Note 15)
Amortisation of land use rights (Note 14) Amortisation of intangible assets (Note 16) Recovery of impairment of trade receivables - net
(2,087) (3,923) (9,216)
(305)
- 130
(2,497) (5,588) (1,824)
(198) (5,232) (1,928)
- - 474
- (66) 31
- (14,743)
(313) (13,281)
- (4,782)
- (2,166)
(305) (2,232)
-
635
6.
REVENUE & SEGMENT INFORMATION (CONTINUED)
For the six months ended 31 December 2019
Unaudited
Revenue from external customers Cost of production 1
Segment gross margin Segment results Unallocated expenses 2 Operating profit Finance costs - net Profit before income tax Income tax expense Profit for the periodAsia HK$'000 65,316 (35,666) 29,650 5,570
EMEA HK$'000 107,322 (46,394) 60,928 4,958
America HK$'000 132,595 (54,587) 78,008 16,523
Unallocated
HK$'000 - - - -
Group HK$'000 305,233
(136,647)
168,586
27,051
(13,410)
13,641
(1,826)
11,815
(1,223)
10,592
Capital expenditure
Depreciation of right-of-use assets Depreciation of property, plant & equipment
(Note 15)
Amortisation of land use rights (Note 14) Amortisation of intangible assets (Note 16) (Allowance for)/recovery of impairment of trade receivables - net
(1,669) (4,592) (5,501)
(301) (2,102)
(1,985) (6,008) (1,619)
(118)
(3,932) (5,564) (2,128)
- - 649
- (16,164)
(2,334) (11,582)
- (65) (427)
- (7,586)
- - -
(301) (2,167)
104
Notes: ¹ Cost of production comprises cost of sales, transportation and administrative expenses of the factories, which are classified as distribution costs and administrative expenses in the condensed consolidated income statement.
² Unallocated expenses include corporate expenses and income of the Group.
7.
EXPENSES BY NATURE
Six months ended
31 December
8.
2020 | 2019 | |
HK$'000 | HK$'000 | |
Depreciation of right-of-use assets | 14,743 | 16,164 |
Depreciation of property, plant & equipment (Note 15) | 13,281 | 11,582 |
Amortisation of land use rights (Note 14) | 305 | 301 |
Amortisation of intangible assets (Note 16) | 2,232 | 2,167 |
Recovery of impairment of trade receivables - net | (635) | (104) |
Allowance for impairment of inventories - net | 2,021 | 2,365 |
Bad debts written off | 309 | 1,034 |
GAIN ON DISPOSAL OF NON-CURRENT ASSET HELD FOR SALE |
On 13 December 2013, the Directors approved the disposal of the Group's investment in 33% equity interest in Philippine Carpet Manufacturing Corporation ("PCMC"). Accordingly, management reclassified all the Group's investment in PCMC as non-current asset held for sale as at 31 December 2013.
In February 2019, PCMC entered into a sale and purchase agreement to dispose of its principal property asset in Manila (the "disposal") and the transaction was completed in May 2019. In December 2019, PCMC distributed the first installment of the proceeds after the gain on disposal was finalised. The balance of the proceeds should be distributed after PCMC has received all tax clearances for the disposal. As the transaction has been substantially concluded, the Company recorded its share of the gain on disposal of HK$11 million in December 2019. The balance of the outstanding proceeds of HK$5 million was recorded as long-term other receivable as at 31 December 2019 and 2020.
The gain on disposal of the non-current asset held for sale is as follows:
Unaudited | |
2019 | |
HK$'000 | |
Consideration of the disposal | 34,256 |
Less: Direct expenses in relation to the disposal | (20,718) |
Net consideration | 13,538 |
Carrying value of the non-current asset held for sale | (17,192) |
Release of reserves attributable to the disposal of non-current asset held for sale | 14,743 |
Gain on disposal | 11,089 |
9.
OTHER GAINS - NET
Six months ended
31 December
2020 | 2019 | |
HK$'000 | HK$'000 | |
Net foreign exchange gain | 1,154 | 1,124 |
Gain/(loss) on change in fair value of derivative financial instruments | 678 | (142) |
Property, plant and equipment written off | (1,273) | (1,169) |
Gain/(loss) on disposal of property, plant & equipment | 5 | (587) |
Others | 1,284 | 2,127 |
1,848 | 1,353 |
10. FINANCE COSTS - NET | ||
2020 | 2019 | |
HK$'000 | HK$'000 | |
Finance income - interest income from banks | 289 | 61 |
Finance costs - interest expenses for leases - net | (1,629) | (1,791) |
Finance costs - interests on bank loans & overdrafts wholly repayable within | (134) | (96) |
five years | ||
Finance costs - net | (1,474) | (1,826) |
11. INCOME TAX EXPENSE |
Six months ended
31 December
Hong Kong profits tax has been provided at the rate of 16.5% (2019: 16.5%) on the estimated assessable profits for the period. Taxation on overseas profits has been calculated on the estimated assessable profits for the period at the rates of taxation prevailing in the countries in which the Group operates.
Six months ended
31 December
2020 | 2019 | |
HK$'000 | HK$'000 | |
Current income tax | ||
Hong Kong | - | 148 |
PRC & overseas | 161 | 870 |
Deferred income tax expense | - | 205 |
Income tax expense | 161 | 1,223 |
21 |
12. DIVIDEND
The Board does not recommend the payment of an interim dividend for the period. At the Board meeting held on 26 February 2021, the Board resolved not to declare any dividend for the six months ended
31 December 2020 (2019: Nil).
13. PROFIT PER SHARE
Basic profit per share is calculated by dividing the profit attributable to owners of the Company by the weighted average number of ordinary shares in issue during the period.
Six months ended
31 December
2020 | 2019 | |
Profit attributable to owners of the Company (HK$'000) | 5,838 | 11,377 |
Weighted average number of ordinary shares in issue (thousands) | 212,187 | 212,187 |
Basic profit per share (HK cents) | 2.75 | 5.36 |
The Group had no dilutive potential shares outstanding during the six months ended 31 December 2020 and 2019.
14. LAND USE RIGHTS
The Group's interests in land use rights are also identified as right-of-use assets and their carrying amounts are analysed as follows:
Unaudited | Audited | |
31 Dec | 30 June | |
2020 | 2020 | |
HK$'000 | HK$'000 | |
At beginning of the period | 25,148 | 27,138 |
Amortisation of land use rights (Note 7) | (305) | (911) |
Exchange differences | 2,131 | (1,079) |
At end of the period | 26,974 | 25,148 |
15. PROPERTY, PLANT & EQUIPMENT AND CONSTRUCTION IN PROGRESS
For the six months ended 31 December 2020
Property, plant & equipment
Property, plant
& equipment | Construction | |||
Buildings | Other assets | total | in progress | |
Unaudited | HK$'000 | HK$'000 | HK$'000 | HK$'000 |
At 1 July 2020 | ||||
Cost or valuation | 306,440 | 302,712 | 609,152 | 640 |
Accumulated depreciation | (44,407) | (231,998) | (276,405) | - |
Net book amount | 262,033 | 70,714 | 332,747 | 640 |
Period ended 31 December 2020 | ||||
Opening net book amount | 262,033 | 70,714 | 332,747 | 640 |
Additions | - | 4,782 | 4,782 | - |
Transfer from construction in progress | - | - | - | (606) |
Disposals | - | (36) | (36) | - |
Assets written off | - | (1,273) | (1,273) | - |
Depreciation (Note 7) | (3,841) | (9,440) | (13,281) | - |
Exchange differences | 20,379 | 4,595 | 24,974 | (34) |
Closing net book amount | 278,571 | 69,342 | 347,913 | - |
At 31 December 2020 | ||||
Cost or valuation | 331,031 | 306,636 | 637,667 | - |
Accumulated depreciation | (52,460) | (237,294) | (289,754) | - |
Net book amount | 278,571 | 69,342 | 347,913 | - |
23 |
15. PROPERTY, PLANT & EQUIPMENT AND CONSTRUCTION IN PROGRESS (CONTINUED)
For the six months ended 31 December 2019
Property, plant & equipment
Construction in | ||||
Buildings | Other assets | equipment total | progress | |
Unaudited | HK$'000 | HK$'000 | HK$'000 | HK$'000 |
At 1 July 2019 | ||||
Cost or valuation | 217,851 | 310,173 | 528,024 | 108,139 |
Accumulated depreciation | (41,326) | (226,965) | (268,291) | - |
Net book amount | 176,525 | 83,208 | 259,733 | 108,139 |
Year ended 31 December 2019 | ||||
Opening net book amount | 176,525 | 83,208 | 259,733 | 108,139 |
Additions | 1,019 | 5,696 | 6,715 | 871 |
Transfer from construction in progress | 6,150 | 838 | 6,988 | (6,988) |
Disposals | - | (623) | (623) | - |
Assets written off | - | (1,169) | (1,169) | - |
Depreciation (Note 7) | (2,217) | (9,365) | (11,582) | - |
Exchange differences | (3,134) | (1,224) | (4,358) | (1,592) |
Closing net book amount | 178,343 | 77,361 | 255,704 | 100,430 |
At 31 December 2019 | ||||
Cost or valuation | 221,136 | 310,392 | 531,528 | 100,430 |
Accumulated depreciation | (42,793) | (233,031) | (275,824) | - |
Net book amount | 178,343 | 77,361 | 255,704 | 100,430 |
Property, plant &
16. INTANGIBLE ASSETS
For the six months ended 31 December 2020
Other
Computer | Design | intangible | ||||
software | Brands | library | assets | Total | ||
Unaudited | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 |
At 1 July 2020 | ||||||
Cost | 7,178 | 81,350 | 2,090 | 1,940 | 2,826 | 95,384 |
Accumulated amortisation & impairment | (7,178) | (64,849) | - | (1,617) | (1,942) | (75,586) |
Net book amount | - | 16,501 | 2,090 | 323 | 884 | 19,798 |
Period ended 31 December 2020 | ||||||
Opening net book amount | - | 16,501 | 2,090 | 323 | 884 | 19,798 |
Additions | - | 614 | - | - | - | 614 |
Transfer from construction in progress | - | 606 | - | - | - | 606 |
Amortisation (Note 7) | - | (2,167) | - | (65) | - | (2,232) |
Exchange differences | - | 688 | 175 | - | 71 | 934 |
Closing net book amount | - | 16,242 | 2,265 | 258 | 955 | 19,720 |
At 31 December 2020 | ||||||
Cost | 7,169 | 83,317 | 2,265 | 1,937 | 2,976 | 97,664 |
Accumulated amortisation & impairment | (7,169) | (67,075) | - | (1,679) | (2,021) | (77,944) |
Net book amount | - | 16,242 | 2,265 | 258 | 955 | 19,720 |
25 |
Vendor relationships
Notes to the Condensed Consolidated Financial Statements |
16. INTANGIBLE ASSETS (CONTINUED) |
For the six months ended 31 December 2019 |
Vendor |
relationships |
Other | ||||||
Computer | Design | intangible | ||||
software | Brands | library | assets | Total | ||
Audited | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 |
At 1 July 2019 | ||||||
Cost | 7,197 | 69,543 | 2,123 | 1,945 | 2,854 | 83,662 |
Accumulated amortisation & impairment | (7,197) | (60,162) | - | (1,491) | (1,957) | (70,807) |
Net book amount | - | 9,381 | 2,123 | 454 | 897 | 12,855 |
Year ended 31 December 2019 | ||||||
Opening net book amount | - | 9,381 | 2,123 | 454 | 897 | 12,855 |
Amortisation (Note 7) | - | (2,103) | - | (64) | - | (2,167) |
Exchange differences | - | - | (28) | - | (11) | (39) |
Closing net book amount | - | 7,278 | 2,095 | 390 | 886 | 10,649 |
At 31 December 2019 | ||||||
Cost | 7,197 | 69,543 | 2,095 | 1,945 | 2,830 | 83,610 |
Accumulated amortisation & impairment | (7,197) | (62,265) | - | (1,555) | (1,944) | (72,961) |
Net book amount | - | 7,278 | 2,095 | 390 | 886 | 10,649 |
Other intangible assets include customer relationships and non-competition agreements.
17. RIGHT-OF-USE ASSETS
During the six months ended 31 December 2020, the Group entered into a number of lease agreements for use of manufacturing facilities, showrooms and offices, and therefore recognised the additions to right-of-use assets of HK$5,163,000 (2019: HK$688,000).
18. TRADE & OTHER RECEIVABLES
Unaudited | Audited | |
31 Dec | 30 Jun | |
2020 | 2020 | |
HK$'000 | HK$'000 | |
Trade receivables | 19,418 | 46,637 |
Less: allowance for impairment of trade receivables | (4,464) | (5,005) |
Trade receivables - net | 14,954 | 41,632 |
Prepayments | 15,664 | 9,228 |
Value added tax receivables | 1,122 | 3,001 |
Rental deposits | 8,333 | 6,724 |
Other receivables | 19,931 | 16,602 |
60,004 | 77,187 | |
Less: Non-current portion prepayments | (2,233) | (1,369) |
Less: Non-current portion other receivable | (4,887) | (4,887) |
52,884 | 70,931 |
The carrying amounts of trade receivables approximate their fair values as at 31 December 2020 and 30 June 2020. The credit terms of the Group range from 0 to 90 days, depending on the credit status and repayment history of customers. At the end of the financial period, the ageing analysis of the trade receivables based on invoice date is as follows:
Unaudited | Audited | |
31 Dec | 30 Jun | |
2020 | 2020 | |
HK$'000 | HK$'000 | |
0 to 30 days | 7,817 | 23,828 |
31 to 60 days | 3,412 | 6,231 |
61 to 90 days | 894 | 1,030 |
91 to 365 days | 3,476 | 8,937 |
More than 365 days | 3,819 | 6,611 |
19,418 | 46,637 | |
27 |
19. PLEDGED BANK DEPOSITS
Pledged bank deposits of approximated HK$404,000 (30 June 2020: HK$402,000) represented deposits made to a bank to pledge for utilities of factory in the US.
As at 31 December 2020, the effective interest rate on the Group's pledged bank deposits was 1.39% p.a. (30 June 2020: 1.39% p.a.) and the deposits will mature in 160 days (30 June 2020: 344 days).
The carrying amounts of the Group's pledged bank deposits are denominated in US$.
20. SHARE CAPITAL
No. of shares
HK$'000
Authorised - Ordinary shares of HK$0.10 each:
At 30 June 2020 & 31 December 2020
400,000,000
40,000
Issued & fully paid - Ordinary shares of HK$0.10 each:
At 30 June 2020 & 31 December 2020
212,187,488
21,219
21. RESERVES
Share premium
Unaudited
Balance at 1 July 2019
Release of reserves attributable to the disposal of non-current asset held for sale
HK$'000 189,699 -
Capital reserve HK$'000 55,928 (6,214)Properties revaluation reserve HK$'000 4,161 (4,161)
General reserve
HK$'000
8,000
Exchange reserve HK$'000 15,870
Total HK$'000 273,658
-
(4,368) (14,743)
Currency translation differences Balance at 31 December 2019
- 189,699
- 49,714
- -
-
(7,432) (7,432)
8,000
4,070
251,483
Unaudited
Balance at 1 July 2020 Currency translation differences Balance at 31 December 2020
189,699 - 189,699
49,714 - 49,714
- - -
8,000
-
8,000
(3,138) 28,552 25,414
244,275 28,552 272,827
22. TRADE & OTHER PAYABLES
Unaudited | Audited | |
31 Dec | 30 Jun | |
2020 | 2020 | |
HK$'000 | HK$'000 | |
Trade payables | 15,107 | 27,330 |
Accrued expenses | 65,386 | 59,017 |
Other payables | 43,836 | 50,635 |
124,329 | 136,982 |
At the end of the financial period, the ageing analysis of the Group's trade payables based on invoice date is as follows:
Unaudited | Audited | |
31 Dec | 30 Jun | |
2020 | 2020 | |
HK$'000 | HK$'000 | |
0 to 30 days | 11,034 | 15,615 |
31 days to 60 days | 2,675 | 6,988 |
61 days to 90 days | 431 | 1,603 |
More than 90 days | 967 | 3,124 |
15,107 | 27,330 | |
23. BANK BORROWINGS | ||
Unaudited | Audited | |
31 Dec | 30 Jun | |
2020 | 2020 | |
HK$'000 | HK$'000 | |
Current | ||
Short-term bank borrowings | - | 31,040 |
The bank borrowings outstanding as at 30 June 2020 amounted to approximately HK$31,040,000. The bank borrowings are unsecured and interest bearing at 1.86% - 2.47% p.a.. The carrying amounts approximated their respective fair values as at 30 June 2020.
There is no outstanding bank borrowings as at 31 December 2020.
24. OPERATING LEASE RECEIVABLE
The Group leases out a proportion of its factory facilities under operating lease. The lease runs for an initial period of four months. As at 31 December 2020, the remaining minimum lease receivable under non-cancellable operating lease is amounted to HK$256,000.
25. CAPITAL COMMITMENTS
Unaudited
Audited
31 Dec
30 Jun
2020
2020
HK$'000
HK$'000
Authorised but not contracted for in respect of property, plant & equipment
93
2,589
Contracted but not provided for in respect of property, plant & equipment
1,674
460
1,767
3,049
26. CONTINGENT LIABILITIES
Unaudited
Audited
31 Dec
30 Jun
2020
2020
HK$'000
HK$'000
Performance bond issued by banks
7,558
-
27. RELATED PARTY TRANSACTIONS
The Mikado Private Trust Company Limited ("MPTCL") is a major substantial shareholder of the Company and MPTCL is also deemed to be interested in more than 30% of the voting power of The Hongkong and Shanghai Hotels, Limited.
The following transactions were carried out with related parties:
(a)Sale of goods & services
Six months ended
31 December
2020 HK$'000
2019 HK$'000
Sale of carpets and services:
The Hongkong and Shanghai Hotels, Limited ("HSH")1
235
4,937
Note:
1
By virtue of the fact that HSH is under common control with the Company, the transactions of the Company's subsidiaries with HSH and its subsidiaries are related party transactions.
27. RELATED PARTY TRANSACTIONS (CONTINUED)
(b) Period-end balances arising from sale/purchase of goods/services
Unaudited | Audited | |
31 Dec | 30 Jun | |
2020 | 2020 | |
HK$'000 | HK$'000 | |
Trade receivable from related party: | ||
HSH | 27 | 2,535 |
(c)Key management compensation
Key management includes Chairman, Executive Director and senior management. The compensation paid or payable to key management for employee service is shown below:
Six months ended
31 December
2020 | 2019 | |
HK$'000 | HK$'000 | |
Salaries & other short-term employee benefits | 8,317 | 17,784 |
31 |
Corporate Information
Board of Directors
Auditor
Chairman & Non-Executive Director Mr. Nicholas Timothy James Colfer
Chief Executive Officer & Executive Director Mr. Mark Stuart Worgan
Non-Executive Directors Mr. Tong Chi Leung David Mr. John Jeffrey Ying
Mr. Leong Kwok Fai Nelson
Mr. Andrew Clifford Winawer Brandler
Independent Non-Executive Directors Mr. Roderic Noel Anthony Sage
Mr. Yung Lincoln Chu Kuen
Mr. Daniel George Green Mrs. Fung Yeh Yi Hao Yvette
Executive Committee
Mr. Nicholas Timothy James Colfer (Committee Chairman)
Mr. Mark Stuart Worgan
Mr. Tong Chi Leung David Mr. Leong Kwok Fai Nelson Mr. Daniel George Green
Audit Committee
Mr. Roderic Noel Anthony Sage (Committee Chairman) Mr. John Jeffrey Ying
Mr. Yung Lincoln Chu Kuen
Remuneration Committee
Mr. Roderic Noel Anthoney Sage (Committee Chairman)
Mr. Tong Chi Leung David
Mrs. Fung Yeh Yi Hao Yvette
Nomination Committee
KPMG
Certified Public Accountants Public Interest Entity Auditor Registered in accordance with the Financial Reporting Council Ordinance 8th Floor, Prince's Building
10 Chater Road, Central Hong Kong
Principal Bankers
The Hongkong and Shanghai Banking
Corporation Limited
Standard Chartered Bank (Hong Kong) Limited Bank of China (Hong Kong) Limited
Principal Share Registrar and Transfer Agent
Ocorian Management (Bermuda) Limited
Victoria Place, 5th Floor
31 Victoria Street Hamilton HM 10 Bermuda
Branch Share Registrar
Computershare Hong Kong Investor Services Limited 1712-1716, 17th Floor, Hopewell Centre
183 Queen's Road East, Wan Chai Hong Kong
Registered Office
Victoria Place, 5th Floor 31 Victoria Street Hamilton HM 10 Bermuda
Principal Office in Hong Kong
Mr. Nicholas Timothy James Colfer (Committee Chairman)
Mr. Yung Lincoln Chu Kuen
Mrs. Fung Yeh Yi Hao Yvette
Company Secretary
Mr. Lung Chi Sing Alex
Units 1801-1804, 18th Floor
909 Cheung Sha Wan Road Cheung Sha Wan
Kowloon
Hong Kong
Tel: (852) 2848 7668 Fax: (852) 2845 9363
Website:www.taipingcarpets.com
Stock Code: 146
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Tai Ping Carpets International Limited published this content on 11 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 March 2021 08:59:03 UTC.