Corporate Governance - The company held three audit committee meetings for the year ending March 31, 2024, with all directors attending all meetings[5] - The remuneration committee conducted two meetings during the same period, with full attendance from all directors[13] - The company has established a nomination committee to review the board structure and recommend candidates for directorships[19] - The audit committee expressed satisfaction with the independence and remuneration of the external auditor, recommending their reappointment subject to shareholder approval[28] - The board of directors is committed to ensuring compliance with accounting standards and financial reporting regulations[25] - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a diverse governance structure[66] - The board has reviewed its diversity policy and found it effective for the year ending March 31, 2024[71] - The board of directors has adopted a diversity policy, ensuring a balanced representation of genders among employees, which is expected to be maintained in the foreseeable future[98] - The board consists of at least three independent non-executive directors, ensuring compliance with GEM listing rules[90] - The board has established mechanisms to ensure high independence, with independent non-executive directors appointed to various committees[119] - The board is committed to appointing at least three independent non-executive directors and at least one member as an independent non-executive director[141] - The board has reviewed its systems and procedures for financial, operational, and legal compliance monitoring[136] - The company ensures that all board members have access to the company secretary's advice and services for compliance with applicable rules[131] - The company has implemented a code of conduct for directors regarding securities trading, confirming compliance throughout the fiscal year ending March 31, 2024[87] Remuneration and Employment - The remuneration policy aims to provide competitive but not excessive compensation to directors, based on performance and market standards[16] - The salary range for senior management for the year ending March 31, 2024, includes two individuals earning up to HKD 1,000,000 and one earning between HKD 1,000,001 and HKD 1,500,000[17] - The company plans to continue its strategy of attracting and retaining quality employees through competitive compensation packages[1] - The company’s remuneration for directors includes fixed salaries and variable components such as bonuses and stock options, reflecting market conditions and company performance[15] - The total contributions made by the group to the retirement benefit plan amounted to approximately HKD 0.9 million for the year ending March 31, 2024, compared to HKD 0.8 million in 2023[59] - As of March 31, 2024, the company employed a total of 67 employees, up from 57 employees in 2023, with employee costs amounting to approximately HKD 29.3 million, compared to HKD 27.3 million in 2023[83] - The company has established a mandatory provident fund scheme for eligible employees, with contributions calculated as a percentage of their basic salary[83] - The company has adhered to fair and appropriate employment practices and labor standards, with policies against discrimination and equal opportunity for all employees[74] Financial Performance - The audit committee reviewed the consolidated financial statements and found no significant issues to report to the board[29] - As of March 31, 2024, the group's bank borrowings amounted to approximately HKD 96.1 million, an increase from HKD 89.7 million in 2023[33] - The capital debt ratio remained stable at approximately 63.5% and 63.1% for the years ending March 31, 2023, and March 31, 2024, respectively[33] - The group's current ratio was relatively stable at about 1.4 and 1.6 times for the years ending March 31, 2024, and 2023, respectively[33] - The group’s financial position remains robust, supported by available bank balances and cash, as well as bank credit financing[33] - The company does not recommend the payment of a final dividend for the year ending March 31, 2024[32] - The company has no plans for significant investments or capital assets other than those disclosed in the annual report as of March 31, 2024[49] - The group has provided shareholder loans of approximately HKD 20.4 million to the joint venture Acasa as of March 31, 2024, down from HKD 33.5 million in 2023[47] - The group acquired an additional 25% equity in Acasa, increasing its ownership to 50% as of January 19, 2023, with a total investment cost of HKD 19,640,000, representing 4.9% of the group's total assets[52] - The fair value of financial assets measured at fair value through profit or loss decreased by HKD 1,435,000 during the year, with a carrying amount of HKD 16,685,000, accounting for 4.2% of the group's total assets as of March 31, 2024[55] - The carrying amount of financial assets at fair value through profit or loss was HKD 9,620,000, accounting for 2.8% of the group's total assets as of March 31, 2023[55] Risk Management - The board has implemented a risk management framework to identify and manage risks within acceptable levels[113] - The company has established a risk management framework integrated into daily operations, ensuring effective internal controls[150] - The audit committee and board are satisfied with the effectiveness and efficiency of the risk management and internal control systems for the fiscal year ending March 31, 2024[152] Environmental and Social Responsibility - The company aims to reduce emissions by 10% in the coming year[196] - The company plans to decrease overall resource consumption, including water and electricity, by 10% in the next year[199] - The company has replaced one gasoline vehicle with an electric vehicle to reduce emissions and combat climate change[195] - The company has maintained the same environmental, social, and governance management structure and processes as the previous year[192] - No significant non-compliance emissions or discharges to land and water sources were found during the reporting period[193] - The company has complied with the environmental, social, and governance reporting guidelines set by the Hong Kong Stock Exchange[190] Shareholder Communication - The company has multiple channels for communication with shareholders, including annual meetings and a dedicated website[161] - The company has adopted a shareholder communication policy to enhance engagement with shareholders[180] - The board of directors and appropriate senior executives will attend the annual general meeting to address shareholder inquiries[182] - The company has confirmed that major shareholders have adhered to non-competition commitments during the reporting period[187]
CHI HO DEV(08423) - 2024 - 年度财报