The Company's balance sheet remained within its historical range, with cash and cash equivalents totaling US$39.1 million on March 31, 2006 compared to US$31.2 million on March 31, 2005. The gearing ratio is zero and the current ratio is 12.3.
In the year ahead, we intend to make continuous efforts to optimize results and maximize shareholder value as well as uphold sound corporate governance practices.
In 2006, the Company has committed to a project investment located in Zhuji, Zhejiang, PRC (the “Zhuji Project”). Zhuji Municipal is one of the largest freshwater pearls nurturing and trading centres in the PRC supplying a comprehensive range of freshwater pearls and other pearls products to both PRC and many countries in the world.
The Zhuji Project will involve building a new international marketplace together with related facilities in Zhuji. Capturing the existing market customer base in this existing marketplace, we expect the Zhuji Project will further enlarge our customer base and business and enhance our competitive advantages. More importantly, this will provide us with another source of income in future.
Man Sang Holdings and its subsidiaries are one of the world's largest purchasers and processors of Chinese cultured and freshwater pearls. The Man Sang Group is principally engaged in the purchasing, processing, assembling, merchandising and wholesale distribution of pearls, pearl jewelry and other jewelry products.
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