Financial Performance - The company reported a revenue of approximately HKD 207.2 million for the year ended March 31, 2022, a decrease of 25.2% compared to HKD 276.9 million in the previous year[7]. - The apparel business generated revenue of approximately HKD 162.5 million, down 25.3%, while the property investment business recorded revenue of approximately HKD 4 million, a decrease of 2.4%[7]. - The loss attributable to owners of the company was HKD 11.7 million, compared to a profit of HKD 7.6 million in the previous year[7]. - Revenue from the garment business decreased by approximately 25.3% to HKD 162,500,000, down from HKD 217,500,000, primarily due to a decline in African business and ACCAPI business[27]. - The company experienced a 26.5% decrease in revenue from marketing and promotional services, dropping to HKD 40,700,000 from HKD 55,400,000[28]. - Gross profit from the garment business was approximately HKD 21,100,000, a decrease of about 27.5% from HKD 29,100,000 for the previous year, with a gross margin of 13.0%[29]. - The fair value change of investment properties resulted in a net loss of approximately HKD 13,400,000 for the year ended March 31, 2022, compared to a net loss of approximately HKD 3,300,000 for the previous year[35]. Cash Flow and Financial Position - As of March 31, 2022, the group's cash and bank balances totaled approximately HKD 66,100,000, up from approximately HKD 7,600,000 the previous year[43]. - The group completed a rights issue, raising net proceeds of approximately HKD 197,800,000, of which about HKD 160,500,000 was used to repay shareholder loans[48]. - The current ratio improved to approximately 2.5 as of March 31, 2022, compared to approximately 0.9 the previous year, due to a decrease in payables and an increase in cash[50]. - The total bank and other borrowings as of March 31, 2022, were approximately HKD 5,000,000, significantly reduced from approximately HKD 156,600,000 the previous year[59]. - The debt-to-equity ratio improved to approximately 1.7% as of March 31, 2022, down from approximately 134.7% the previous year, reflecting a stronger capital position[50]. Operational Developments - The company expanded its garment business to include procurement, subcontracting, design, sales, and distribution in Hong Kong, particularly under the ACCAPI brand[23]. - The company has been actively developing its marketing department to provide services such as market analysis and product development to external clients[25]. - The group recorded a gross profit of approximately HKD 10,000,000 from its marketing services business during the year, which is a natural extension of its garment business[40]. - The group plans to hold properties to generate rental income while monitoring the performance of the property market in Hong Kong and China for potential restructuring opportunities[40]. Shareholder and Governance Matters - The board did not recommend any dividend payment for the fiscal year ending March 31, 2022, consistent with the previous year[88]. - The group has established a dividend policy aimed at sharing profits with shareholders while ensuring sufficient funds for future growth and operations[89]. - The company has suspended the registration of share transfers from August 17, 2022, to August 22, 2022, to determine shareholders eligible to vote at the annual general meeting[90]. - The company has no significant capital commitments as of March 31, 2022[67]. - The company has no significant contingent liabilities or unresolved litigation as of March 31, 2022[69]. Corporate Governance - The audit committee reviewed the consolidated financial statements for the year ending March 31, 2022, and found them to be prepared in accordance with legal requirements and applicable accounting standards[75]. - The company has adopted the corporate governance code and has applied relevant principles to enhance transparency and accountability[155]. - The independent non-executive directors confirmed their independence according to the listing rules, ensuring governance integrity[149]. - The board consists of six directors, including three executive directors and three independent non-executive directors, ensuring a balanced governance structure[159]. - The company has adopted a board diversity policy, considering factors such as age, experience, cultural background, and professional expertise in its board composition[179]. Audit and Compliance - The Audit Committee held three meetings during the year ending March 31, 2022, reviewing the interim results for the six months ending September 30, 2021, and the annual results for the year ending March 31, 2022[189]. - The Audit Committee is tasked with overseeing the relationship with external auditors and ensuring the independence of the auditors[189]. - The company adheres to Hong Kong Generally Accepted Accounting Principles in preparing its consolidated financial statements[175]. - The company has appointed a new auditor, Xianji, after the resignation of the previous auditor, He Xin, ensuring continuity in audit services[152].

Revenue and Profitability - For the six months ended September 30, 2021, the group recorded revenue of approximately HKD 113,800,000, an increase of about HKD 5,300,000 (4.9%) compared to HKD 108,500,000 for the same period in 2020[11] - Revenue from the garment business increased from approximately HKD 92,100,000 to HKD 98,400,000, representing a growth of about HKD 6,300,000 (6.8%) due to an increase in order volume[11] - The gross profit for the same period was HKD 18,022,000, down from HKD 20,072,000 in 2020, indicating a decrease of about 10.2%[74] - Operating profit increased to HKD 10,858,000, compared to HKD 10,452,000 in the previous year, reflecting a growth of approximately 3.9%[74] - The profit before tax rose to HKD 10,676,000, up from HKD 8,597,000 in 2020, marking an increase of around 24.3%[74] - The net profit for the period was HKD 9,315,000, compared to HKD 7,636,000 in the same period last year, representing a growth of approximately 22%[74] - The total comprehensive income for the period was HKD 9,556,000, an increase from HKD 7,352,000 in 2020, indicating a growth of about 30%[74] Financial Position - The value of the group's investment properties as of September 30, 2021, was approximately HKD 119,200,000, with all but one parking space fully rented out[8] - The group’s cash and bank balances totaled approximately HKD 24,900,000 as of September 30, 2021, up from HKD 7,600,000 as of March 31, 2021[22] - As of September 30, 2021, the current ratio improved to approximately 2.61 from 0.86 on March 31, 2021, primarily due to increases in trade and other receivables, as well as cash and cash equivalents[24] - The debt-to-equity ratio decreased to approximately 0.0% as of September 30, 2021, compared to 134.7% on March 31, 2021, due to a reduction in bank and other borrowings to zero from approximately HKD 156.6 million[24] - Total assets increased to HKD 435,550,000 as of September 30, 2021, compared to HKD 364,318,000 as of March 31, 2021, representing a growth of approximately 19.6%[79] - Current assets rose to HKD 279,910,000, up from HKD 207,630,000, indicating an increase of about 34.8%[79] - Total liabilities decreased to HKD 111,497,000 from HKD 248,056,000, reflecting a reduction of about 55.1%[82] - The company's equity total reached HKD 324,053,000, up from HKD 116,262,000, which is an increase of approximately 178.5%[79] Expenses and Costs - Gross profit from the garment business decreased to approximately HKD 12,700,000, a decline of about HKD 1,300,000 (9.3%) compared to HKD 14,000,000 for the same period in 2020[12] - Administrative expenses decreased by approximately 24.4% to HKD 5,900,000 from HKD 7,800,000 due to reduced legal and professional fees related to potential acquisitions[16] - Financial expenses decreased by approximately 89.5% to HKD 200,000 from HKD 1,900,000, primarily due to reduced interest on amounts payable to a related company and bank borrowings[18] - The total employee cost for the six months ended September 30, 2021, was approximately HKD 3.6 million, down from HKD 6.3 million for the same period in 2020[58] - The cost of goods sold for the six months ended September 30, 2021, was HKD 95,799,000, compared to HKD 88,408,000 in the previous year, representing an increase of approximately 8.5%[119] Shareholder and Capital Information - The company did not declare any interim dividend for the six months ended September 30, 2021, consistent with the previous year[25] - The company completed a capital reorganization on July 26, 2021, resulting in a reduction of issued share capital from HKD 0.50 to HKD 0.01 per share[141] - The company issued 573,787,662 shares at a subscription price of HKD 0.35 per share on August 23, 2021, as part of a rights issue[141] - As of September 30, 2021, the major shareholder, Always Profit Development Limited, held 552,238,938 shares, representing 72.18% of the issued share capital[67] Market and Business Strategy - The group plans to continue expanding its garment business in Hong Kong and China, focusing on higher-margin products and exploring global markets[19] - The marketing department aims to provide services including market analysis, promotional planning, and online store management, targeting external clients[19] - The company plans to continue expanding its market presence in both local and overseas markets, focusing on garment sales and property investments[97] Cash Flow and Financing - The net cash flow used in operating activities for the six months ended September 30, 2021, was HKD (23,437,000), compared to HKD (5,944,000) for the same period in 2020[88] - Financing activities generated a net cash inflow of HKD 40,465,000, compared to HKD 12,703,000 in the previous year[88] - The company had no bank or other borrowings as of September 30, 2021, compared to HKD 156,600,000 in borrowings as of March 31, 2021[23] - The utilized amount of bank financing as of September 30, 2021, was approximately HKD 12,081,000, an increase from HKD 9,698,000 as of March 31, 2021[150] Investment and Assets - The company had no significant acquisitions or disposals of subsidiaries or associates during the six months ended September 30, 2021[54] - The company had no major investments during the six months ended September 30, 2021[59] - The company did not acquire any new property, plant, and equipment during the six months ended September 30, 2021, maintaining the same position as in the previous year[129] - The fair value change of investment properties recognized in the profit and loss for the period is approximately HKD 687,000, compared to a loss of approximately HKD 312,000 for the six months ended September 30, 2020[132] Risk Management - The company faced no significant foreign exchange risk due to the stability of the currencies involved, with no forward foreign exchange or hedging contracts in place[29] - The company reported a foreign exchange gain of HKD 168,000 for the six months ended September 30, 2021, compared to a gain of HKD 527,000 in the previous year, indicating a decrease of approximately 68%[112] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules during the reporting period[70] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2021, and found them to be prepared in accordance with legal requirements and applicable accounting standards[72]

Financial Performance - The company reported a revenue of approximately HKD 276.9 million for the fiscal year ending March 31, 2021, representing a growth of 31.7% compared to HKD 210.2 million in the previous year[11]. - The apparel business generated revenue of approximately HKD 217.5 million, an increase of 12.0%, while the property investment business recorded revenue of approximately HKD 4.1 million, up by 5.1%[11]. - The profit attributable to equity holders was HKD 7.6 million, down from HKD 9.4 million in the previous year[11]. - Revenue from the garment business increased by approximately 12.0% to about HKD 217.5 million, driven by a net increase in African business revenue from approximately HKD 72.2 million to about HKD 103.5 million, a rise of about 43.4%[32]. - Revenue from marketing and promotional services surged by approximately 361.7% to HKD 55.4 million, up from HKD 12 million in the previous year[33]. - The gross profit from the garment business was approximately HKD 29.1 million, an increase of about 10.2% from HKD 26.4 million in the previous year, with a gross margin of approximately 13.4%[34]. - The gross profit from property investment was approximately HKD 4.1 million, reflecting a slight increase of about 5.1% from HKD 3.9 million in the previous year[34]. Marketing and Business Development - The company has expanded its marketing department to provide promotional services to external clients, leveraging its experience with authorized brands[12]. - The marketing and promotional services division has seen rapid growth, increasing the number of external clients and market share[12]. - The company aims to enhance its service offerings, including market analysis, product development, and online store management[12]. - The marketing department has been actively expanding its services to external clients, aiming to increase market share and enhance service offerings[29]. - The group plans to continue developing marketing and promotional services, achieving a gross profit of approximately HKD 13,300,000 in this segment[45]. Financial Position and Expenses - As of March 31, 2021, the group's cash and bank balances totaled approximately HKD 7,600,000, down from HKD 12,300,000 the previous year[51]. - Total bank and other borrowings amounted to approximately HKD 156,600,000, a decrease from HKD 220,500,000 the previous year[52]. - The current ratio improved to approximately 0.86 from 0.54, attributed to a decrease in payables and an increase in trade and other receivables[53]. - Sales, distribution, and marketing expenses increased by approximately 18.4% from HKD 4,900,000 to HKD 5,800,000 due to increased promotional spending in the garment business[37]. - Administrative expenses rose by about 12.4% from HKD 17,700,000 to HKD 19,900,000, primarily due to increased employee costs and legal and professional fees[38]. - Financial expenses decreased by approximately 61.6% from HKD 7,300,000 to HKD 2,800,000, mainly due to reduced interest on bank loans for general working capital[41]. Investments and Assets - The company held six investment properties in China and five in Hong Kong, with an independent valuation of approximately HKD 118.5 million as of March 31, 2021, down from HKD 121.8 million in the previous year[28]. - The total value of the group's investment properties and leased land and buildings was approximately HKD 116.7 million as of March 31, 2021, compared to HKD 115.5 million in 2020[64]. - The fair value change of investment properties resulted in a net loss of approximately HKD 3,300,000, compared to a net gain of HKD 4,700,000 in the previous year[39]. Shareholder and Corporate Governance - The company is committed to striving for the best returns for shareholders while facing future opportunities and challenges[12]. - The largest customer accounted for 28% of sales in 2021, down from 31% in 2020, while the top five customers accounted for 58%, down from 63%[88]. - The largest supplier accounted for 25% of procurement in 2021, down from 36% in 2020, and the top five suppliers accounted for 64%, down from 97%[88]. - The group did not recommend any dividend for the year ended March 31, 2021, compared to zero in 2020[92]. - The company has no major transactions or arrangements involving directors with significant interests during the year[120]. - The company has maintained good relationships with suppliers and customers, with no significant disputes reported during the fiscal year ending March 31, 2021[154]. - The company has complied with relevant laws and regulations that could significantly impact its business and operations during the review year[160]. Board and Management - The board consists of six members, including three executive directors and three independent non-executive directors, with no personal relationships among current directors[174]. - All independent non-executive directors confirmed their independence according to the listing rules, and one holds appropriate professional qualifications in accounting or related financial management[179]. - The audit committee held two meetings during the year ending March 31, 2021, and consists of three independent non-executive directors[151]. - The board held seven meetings during the fiscal year ending March 31, 2021, with attendance rates for directors ranging from 5/7 to 7/7[194]. - The company has adopted a board diversity policy, considering factors such as age, experience, cultural and educational background, and professional skills in board member selection[188]. - The board is tasked with reviewing and monitoring compliance with legal and regulatory policies, as well as the training and professional development of directors and senior management[187]. - The company emphasizes the importance of diversity in enhancing performance quality and has set measurable goals for achieving board diversity[190]. Compliance and Reporting - The company adheres to generally accepted accounting principles in preparing consolidated financial statements[184]. - The audit committee is responsible for overseeing the relationship with external auditors and ensuring the independence of financial reporting[197]. - The company will publish its Environmental, Social, and Governance report within three months after the annual report[152].

Revenue and Profitability - The group recorded revenue of approximately HKD 108,500,000 for the six months ended September 30, 2020, an increase of about HKD 20,300,000 or 23% compared to HKD 88,200,000 for the same period in 2019[11]. - Revenue from the garment business increased by approximately HKD 5,500,000 (6.4%) to HKD 92,100,000, driven by an increase in order volume[11]. - The newly established marketing business generated revenue of approximately HKD 14,200,000 for the six months ended September 30, 2020[11]. - The company reported revenue of HKD 108,480,000 for the six months ended September 30, 2020, an increase from HKD 88,208,000 in the same period of 2019, representing a growth of 22.9%[58]. - Gross profit for the same period was HKD 20,072,000, up from HKD 12,001,000, indicating a significant increase of 67.0%[58]. - The net profit for the period was HKD 7,636,000, compared to HKD 452,000 in the previous year, reflecting a substantial increase of 1585.2%[60]. - The company reported a profit before tax of HKD 8,597,000, with a net profit of HKD 7,636,000 for the period[87]. Financial Position - The group’s cash and bank balances totaled approximately HKD 19,300,000 as of September 30, 2020, up from HKD 12,300,000 as of March 31, 2020[22]. - Total assets as of September 30, 2020, amounted to HKD 334,247,000, an increase from HKD 310,528,000 as of March 31, 2020, representing a growth of 7.6%[63]. - The company’s cash and cash equivalents increased to HKD 19,290,000 from HKD 12,272,000, showing a rise of 57.5%[63]. - Total liabilities amounted to HKD 293,927,000, an increase from HKD 277,560,000 as of March 31, 2020, representing a growth of approximately 5.5%[65]. - Current liabilities totaled HKD 287,966,000, up from HKD 270,744,000, indicating an increase of about 6.4%[65]. - The debt-to-equity ratio increased to approximately 677.2% as of September 30, 2020, from 662.2% on March 31, 2020, due to bank and other borrowings of approximately HKD 225,500,000[24]. Expenses and Costs - Administrative expenses decreased by approximately 21.2% to HKD 7,800,000 from HKD 9,900,000 in the previous period[16]. - The total employee cost for the six months ended September 30, 2020, was approximately HKD 6,300,000, an increase from HKD 4,600,000 for the same period in 2019[41]. - Employee benefits, including salaries and other short-term benefits, amounted to HKD 974,000 for the six months ended September 30, 2020, an increase of 115.5% from HKD 452,000 in the same period of 2019[160]. - Interest expenses for bank loans and overdrafts decreased to HKD 522,000 from HKD 626,000 year-on-year, while total finance costs dropped to HKD 1,855,000 from HKD 5,767,000[114][115]. - The cost of goods sold for the six months ended September 30, 2020, was HKD 88,408,000, compared to HKD 76,207,000 in the previous year, indicating an increase of approximately 16.5%[127]. Shareholder and Governance - The company did not declare any interim dividend for the six months ended September 30, 2020, consistent with the previous year[25]. - The company’s major shareholder, Always Profit Development Limited, holds 546,448,493 shares, representing 70.47% of the issued share capital[51]. - The company maintained compliance with the corporate governance code as per the listing rules during the reporting period[53]. - The audit committee reviewed the financial statements for the six months ended September 30, 2020, and found them to be prepared in accordance with legal requirements and applicable accounting standards[55]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance by all directors during the reporting period[54]. Operational Performance - The company is closely monitoring the impact of COVID-19 on its financial condition and operational performance, but the effects remain uncertain[167]. - The company plans to continue expanding its trade business, including product variety and distribution channels, to enhance profitability[19]. - The company continues to focus on expanding its marketing services and enhancing its online promotional capabilities[83]. - The company has taken measures to tighten cost control and improve cash flow, aiming for profitability and positive cash flow operations[78]. Investments and Acquisitions - The company completed the sale of its subsidiary Union Beauty Limited in August 2020 for HKD 10,000, with a net gain from the sale amounting to HKD 237,000[119][120]. - The company terminated the sale of its subsidiary Takson Sportswear Limited, which was initially agreed to be sold for HKD 38,960,000[168]. - The company did not apply any new accounting standards that would significantly impact the financial results for the current or prior periods[83]. - The group did not acquire any property, plant, and equipment during the six months ended September 30, 2020, compared to approximately HKD 1,283,000 in the same period of 2019[137]. Liabilities and Borrowings - The total bank and other borrowings amounted to approximately HKD 225,500,000 as of September 30, 2020, compared to HKD 220,500,000 as of March 31, 2020[23]. - As of September 30, 2020, the company had bank borrowings of approximately HKD 225,500,000, with no foreign exchange or interest rate hedging policies in place[33]. - The company had contingent liabilities related to bank financing amounting to approximately HKD 54,300,000[40]. - The utilized amount of bank financing was approximately HKD 3,659,000 as of September 30, 2020, significantly reduced from HKD 10,404,000 as of March 31, 2020[157].

Financial Performance - The company reported a revenue of approximately HKD 210.2 million for the year ended March 31, 2020, representing a growth of 118.0% compared to HKD 96.4 million in 2019[25]. - The apparel business generated revenue of approximately HKD 194.2 million, an increase of 113.9%, while the property investment business recorded revenue of HKD 3.9 million, a decline of 31.6%[25]. - The profit attributable to equity holders was HKD 9.4 million, a significant turnaround from a loss of HKD 28.2 million in the previous year[25]. - Revenue from the garment business increased by approximately 113.9% from HKD 90,800,000 for the year ended March 31, 2019, to approximately HKD 194,200,000 for the year ended March 31, 2020[46]. - Revenue from property investment decreased by approximately 31.6% from HKD 5,700,000 for the year ended March 31, 2019, to approximately HKD 3,900,000 for the year ended March 31, 2020[46]. - The group recorded a gross profit of approximately HKD 26,400,000 for the apparel business for the year ended March 31, 2020, an increase of about 183.9% compared to approximately HKD 9,300,000 for the year ended March 31, 2019[48]. - The gross profit margin for the apparel business increased to approximately 13.6% for the year ended March 31, 2020, up from approximately 10.3% for the year ended March 31, 2019, due to higher margins from online sales[48]. - The group recorded a gross profit of approximately HKD 3,900,000 from property investment, a decrease of about 31.6% from approximately HKD 5,700,000 for the previous year[48]. Marketing and Business Strategy - The company has expanded its marketing department to provide promotional services to external clients, leveraging its experience with authorized brands[26]. - Future strategies include enhancing market analysis, product development, and online store management services[26]. - The marketing department aims to provide services such as market analysis, promotional planning, and online store management to external clients[42]. - The company plans to diversify its business and expand its product offerings to capture sales opportunities as the consumer market recovers[56]. Financial Position and Cash Flow - As of March 31, 2020, the group's cash and bank balances totaled approximately HKD 12,300,000, up from approximately HKD 4,500,000 the previous year[64]. - The group's total bank and other borrowings amounted to approximately HKD 220,500,000 as of March 31, 2020, compared to approximately HKD 198,600,000 the previous year[65]. - The group's trade receivables and payables as of March 31, 2020, were approximately HKD 87,200,000 and HKD 37,000,000, respectively, compared to approximately HKD 39,400,000 and HKD 1,800,000 as of March 31, 2019[71]. - The total employee cost for the year ended March 31, 2020, was approximately HKD 10,500,000, a decrease from approximately HKD 16,300,000 for the year ended March 31, 2019[89]. - The utilized financing amount for bank guarantees as of March 31, 2020, was approximately HKD 10,400,000, a decrease from approximately HKD 33,000,000 as of March 31, 2019[84]. Corporate Governance - The board consists of six members, including three executive directors and three independent non-executive directors, with no personal relationships among current directors[170]. - The company has adopted the standard code of conduct for securities transactions and confirmed compliance by all directors for the year ending March 31, 2020[167]. - The company is committed to maintaining high levels of corporate governance and has applied relevant principles and complied with the corporate governance code during the year ending March 31, 2020[166]. - The audit committee held two meetings during the year ending March 31, 2020, and is composed of three independent non-executive directors[152]. - The board is responsible for ensuring the continuity of leadership and the development of sound business strategies, with a focus on adequate funding and management resources[179]. Shareholder Information - The company did not recommend any dividend for the year ended March 31, 2020, compared to zero dividend in 2019[103]. - The board will continuously review the dividend policy and retains the absolute right to update, amend, or cancel it at any time[104]. - The company has no distributable reserves as of March 31, 2020, compared to zero in 2019[113]. - The company has a share option scheme approved by shareholders on September 28, 2016, allowing for the issuance of up to 77,540,600 shares, which is 10% of the total issued shares at the time[142]. Management and Directors - The company has over 25 years of brand management experience through its executive director, who previously founded a clothing distribution company[35]. - The independent non-executive directors bring over 20 years of accounting and legal experience, enhancing the company's governance and oversight[36][37][38]. - The Nomination Committee is responsible for reviewing the board's structure and recommending suitable candidates for directorship[200]. - The company has not established any predetermined dividend distribution portion or ratio[104]. Compliance and Legal Matters - The company has complied with relevant laws and regulations that could significantly impact its business and operations during the review year[161]. - The company has not participated in any arrangements that would allow directors or key executives to benefit from purchasing shares or securities of the company during the fiscal year ending March 31, 2020[135]. - The company has no management or administrative contracts related to its overall or any major part of its business for the year ending March 31, 2020[159].

Revenue and Profitability - For the six months ended September 30, 2019, the company recorded revenue of approximately HKD 88.2 million, an increase of about HKD 39.9 million or 82.6% compared to HKD 48.3 million for the same period in 2018[10]. - Revenue from the garment business increased from approximately HKD 45.3 million to about HKD 86.6 million, representing a growth of 91.2% due to an increase in order volume[10]. - The company reported a profit for the period of HKD 452 thousand, compared to a loss of HKD 22,413 thousand in the same period last year[66]. - Gross profit for the same period was HKD 12,001 thousand, up from HKD 5,759 thousand, representing a significant increase of 108.3%[66]. - Operating profit for the period was HKD 5,580 thousand, a turnaround from an operating loss of HKD 18,624 thousand in the previous year[66]. - The total comprehensive income for the period was HKD 59 thousand, a significant improvement from a total comprehensive loss of HKD 24,104 thousand in the same period last year[68]. - The basic earnings per share for the period were HKD 0.06, compared to a loss per share of HKD 2.74 in the previous year[68]. Financial Position - Total assets as of September 30, 2019, amounted to HKD 263,252 thousand, an increase from HKD 239,786 thousand as of March 31, 2019[71]. - The total liabilities of the company reached HKD 238,905,000, reflecting the financial obligations as of September 30, 2019[125]. - Current liabilities increased to HKD 231,397 thousand from HKD 205,872 thousand, indicating a rise in short-term financial obligations[73]. - The group reported current liabilities exceeding current assets by HKD 135,478,000 as of September 30, 2019, indicating significant uncertainty regarding the company's ability to continue as a going concern[62]. - The debt-to-equity ratio increased to approximately 861.3% as of September 30, 2019, from 680.0% on March 31, 2019, primarily due to bank and other borrowings of approximately HKD 209.3 million[23]. Cash Flow and Liquidity - The company’s cash and bank balances totaled approximately HKD 13.7 million as of September 30, 2019, up from HKD 4.5 million as of March 31, 2019[21]. - The company reported a net cash outflow from operating activities for the six months ended September 30, 2019, of HKD (5,366) thousand, a significant improvement from HKD (23,547) thousand in the same period of 2018[78]. - The cash and cash equivalents at the end of the period were HKD 13,747 thousand, a decrease from HKD 25,275 thousand at the end of the previous year[78]. - The company has taken steps to enhance liquidity and financial performance, including active cost-saving measures[83]. Investments and Acquisitions - The company signed an agreement to acquire 100% equity of Beijing Moso Technology Co., which is expected to enhance the brand portfolio and competitiveness of the garment business[7][18]. - The company completed the sale of its subsidiary Takson Logistics Limited for a cash consideration of approximately RMB 7.4 million (approximately HKD 8.74 million) on May 16, 2019[36]. - A subsidiary of the group entered into an agreement on October 30, 2019, to acquire 100% equity of an independent third-party company in China for RMB 3,000,000 (approximately HKD 3,294,000)[175]. Employee Costs and Governance - The total employee cost for the six months ended September 30, 2019, was approximately HKD 4.6 million, a decrease from HKD 9.4 million for the same period in 2018[40]. - The company has complied with the corporate governance code as per the listing rules during the six months ending September 30, 2019[52]. - The group reported a significant decrease in salaries and other short-term employee benefits, totaling HKD 452,000 for the six months ended September 30, 2019, compared to HKD 3,924,000 for the same period in 2018[173]. Accounting and Financial Reporting - The group has adopted new accounting standards, including HKFRS 16 on leases, which may impact financial reporting[87]. - The audit committee reviewed the financial statements for the six months ending September 30, 2019, and found them to be prepared in accordance with applicable accounting standards[54]. - The company will not restate comparative information for leases under HKFRS 16[112]. Business Operations - The group is engaged in procurement, marketing, and sales of apparel and sportswear products, as well as property investment[80]. - The company plans to continue expanding its trade business, including product variety and distribution channels, while exploring higher-margin products[18]. - The company aims to diversify its business to provide optimal returns to shareholders and believes its business will gradually grow[18].

Financial Performance - The company reported a revenue of approximately HKD 96.4 million for the year, a significant increase of 404.0% compared to HKD 19.1 million in the previous year[7] - The garment business generated revenue of approximately HKD 90.8 million, reflecting a growth of 575.7%, while the property investment business recorded revenue of approximately HKD 5.7 million, a slight decrease of 0.53%[7] - The loss attributable to equity holders was HKD 28.2 million, compared to a profit of HKD 13.3 million in the previous year[7] - The group recorded a revenue of approximately HKD 96.4 million for the year ending March 31, 2019, a significant increase of approximately 404.0% compared to HKD 19.1 million for the year ending March 31, 2018[22] - Revenue from the garment business increased from approximately HKD 13.4 million for the year ending March 31, 2018, to approximately HKD 90.8 million for the year ending March 31, 2019, representing an increase of approximately 575.7%[22] - The gross profit for the garment business was approximately HKD 9.3 million for the year ending March 31, 2019, up approximately 1,181.5% from approximately HKD 0.7 million for the year ending March 31, 2018[25] - The gross profit margin for the garment business improved to approximately 10.3% for the year ending March 31, 2019, compared to approximately 5.4% for the year ending March 31, 2018[25] - The group maintained stable revenue from property investment at approximately HKD 5.7 million for both the year ending March 31, 2019, and the year ending March 31, 2018[24] Expenses and Liabilities - Administrative expenses decreased by approximately 25.4% from approximately HKD 44.2 million for the year ending March 31, 2018, to approximately HKD 33.0 million for the year ending March 31, 2019[27] - Financial expenses increased by approximately 32.0% from approximately HKD 5.9 million for the year ending March 31, 2018, to approximately HKD 7.8 million for the year ending March 31, 2019[32] - As of March 31, 2019, the group's cash and bank balances totaled approximately HKD 4,500,000, a decrease from HKD 22,300,000 as of March 31, 2018[41] - Total bank and other borrowings amounted to approximately HKD 198,600,000 as of March 31, 2019, compared to HKD 131,500,000 as of March 31, 2018, indicating an increase of approximately 50.9%[42] - The current ratio decreased to approximately 0.40 as of March 31, 2019, down from 0.46 as of March 31, 2018, due to increased payables and borrowings[43] - The asset-to-liability ratio increased to approximately 680.0% as of March 31, 2019, compared to 243.4% as of March 31, 2018, reflecting a significant rise in borrowings[43] - Trade receivables and payables as of March 31, 2019, were approximately HKD 39,400,000 and HKD 1,800,000, respectively, compared to HKD 6,300,000 and HKD 4,700,000 as of March 31, 2018[47] Business Strategy and Future Plans - The company aims to develop sustainable business plans and strategies following the acquisition of Always Profit Development Limited as the new controlling shareholder[7] - The group plans to continue exploring new business opportunities and diversifying its operations to generate better returns for shareholders[33] - The group has expanded its garment business into the Australian market and is actively seeking to develop higher-margin products and expand distribution channels[33] Shareholder and Governance Matters - The company did not recommend any dividend payment for the year ending March 31, 2019, consistent with the previous year where no dividend was paid[72] - The largest customer accounted for 55% of sales in 2019, down from 68% in 2018, while the top five customers collectively represented 94% of sales[69] - The largest supplier accounted for 45% of procurement in 2019, a decrease from 52% in 2018, with the top five suppliers making up 100% of procurement[69] - The company has complied with the listing rules regarding the number of independent non-executive directors after appointing Mr. Chen as the chairman of the audit committee[93] - The company has adopted the standard code of conduct for securities transactions as per the listing rules and confirmed compliance by all directors for the year ended March 31, 2019[126] - The company has established measurable goals for board member diversity, focusing on various criteria[145] - The board held 15 meetings in the fiscal year ending March 31, 2019, with attendance rates for directors detailed in the report[149] Audit and Compliance - The financial statements were audited by Zheng Zheng CPA Limited, which is willing to be reappointed at the upcoming annual general meeting[117] - The audit committee held two meetings during the fiscal year, reviewing interim and annual performance, and ensuring the independence of external auditors[158] - The auditor's report emphasizes the responsibility to ensure that the consolidated financial statements are free from material misstatement due to fraud or error[197] - The audit process involves assessing the risk of material misstatement and designing appropriate audit procedures to obtain sufficient and appropriate audit evidence[198] - The overall presentation, structure, and content of the consolidated financial statements are assessed to ensure they fairly reflect relevant transactions and matters[199] Employee and Management Information - The total employee cost for the year ending March 31, 2019, was approximately HKD 16.3 million, down from approximately HKD 21 million for the previous year[61] - The group had a total of 26 employees as of March 31, 2019, a decrease from 38 employees the previous year[61] - The company has no outstanding share options granted to directors or employees as of March 31, 2019[61] - The remuneration committee aims to maintain competitive compensation levels to attract and retain directors and key executives[159]