MANAGEMENT DISCUSSION AND ANALYSIS (Continued)
Disposal of Mobile Communications Services Business (Continued)
Details of the MVNO Disposal were disclosed in the Company’s announcements dated
27 November 2012, 4 February 2013, 4 March 2013, 1 August 2013, 13 September 2013
and 29 October 2013 and the circular dated 18 December 2012 respectively.
Liquidity and Financial Resources
The Group has consistently maintained sufficient working capital during the period.
As at 30 September 2013, the Group has current assets of HK$148,280,000 (31
March 2013: HK$156,216,000), including cash and bank balances and time deposits
in an aggregate of HK$99,118,000 (31 March 2013: HK$102,099,000). The Group’s
current liabilities as at 30 September 2013 were HK$19,119,000 (31 March 2013:
HK$14,854,000). The liquidity ratio of the Group as at 30 September 2013 remained
healthy at 7.75 times (31 March 2013: 10.52 times).
As at 30 September 2013, the Group has no outstanding loans or borrowings from
banks or financial institutions (31 March 2013: Nil). The Group has no gearing as at 30
September 2013 (31 March 2013: Nil).
Share Capital
As at 30 September 2013, the Company had 2,820,500,000 shares in issue with total
shareholders’ fund of the Group amounting to approximately HK$426,504,000 (31
March 2013: HK$439,197,000).
Financial Guarantees
As at 30 September 2013, the Group did not have any contingent liabilities (31 March
2013: Nil).
Charge on Assets
As at 30 September 2013, the Group did not have any charge on its assets (31 March
2013: Nil).
Exposures to Fluctuations in Exchange Rates
The majority of the Group’s transactions, assets and liabilities are denominated in Hong
Kong dollars and Renminbi. The Group is exposed to the fluctuations in Renminbi as
certain receipts and payments are settled by Renminbi. However, the management will
continue to monitor its foreign exchange exposure and will consider hedging significant
foreign currency exposure should the need arise.