We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bluestar | LSE:BSST | London | Ordinary Share | VGG1195V1076 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Jun 2019 to Jun 2024
TIDMBSST
RNS Number : 0727R
BlueStar SecuTech, Inc.
14 November 2012
BlueStar SecuTech, Inc.
Interim results for the six months ended 30 September 2012
BlueStar SecuTech, Inc. (AIM: BSST), ("BlueStar", "the Company" or "the Group") a leading provider of digital video surveillance solutions in China, announces its unaudited interim results for the six months ended 30 September 2012.
Financial Highlights
! Revenue for the period up by 4.7% to RMB 82.8million (2011: RMB 79.1 million) ! Gross Profit for the period down by 15.4% to RMB 35.7 million (2011: RMB 42.2 million) ! Loss before tax for the period is RMB 4.0 million (2011: profit RMB 0.4 million) ! Cash at period end of RMB 20.1 million (2011: RMB 37.5 million)
Mr. Xiao Gang, CEO of BlueStar commented:
"Despite the revenue of the Group in the first half this financial year being better than same period last year, the Company is making a loss. The main reason is due to the decline in gross profit caused by rising costs , as well as an increase in interest payments on the Company's bank debts. Looking at our current contracts and order book, the Company believes the second half year will still be a challenging period for its business and net profits for the full year 2013 are now expected to be significantly lower than the board's original forecasts. The Company will keep on working hard to expand its market share and also to reduce costs."
Enquiries to:
BlueStar SecuTech, Inc. www.bstar.com.cn Xiao Gang, CEO + 86 10 8225 5855 Antonia Ping, CFO & Company Secretary Westhouse Securities www.westhousesecurities.com Petre Norton / Richard Baty +44 (0)20 7601 6100
Chairman's statement
Operational Review
Revenue in the six months ended 30 September 2012 increased to RMB 82.8 million from RMB 79.1 million, in the same period last year.
Although the revenues are higher than comparatives for the same period last year, the increased hard disk cost and the increased labor cost had led to a loss for this period.
During the period, the Group won a number of major contracts totaling over RMB 16.23 million, of which RMB 9.58 million was recognised as revenue by the Company in the period. Of particular note were contracts signed with The Bank of China worth RMB 9.60 million and a contract with the Shanghai Pudong Development Bank (Chengdu Branch) worth RMB 1.67 million, and a contract with Bank of Beijing worth RMB4.96 million forapproximately 165 sub-branches in Beijing, in order to build up a network between the sub-branches and the head office command center.
In addition, since the period end, the Group has signed one more contract with China Construction Bank, Guangxi Branch (RMB 1.99 million) to serve as the general contractor and systems integrator of the surveillance network in China and has signed a contract with Bank of China, Hainan Branch (RMB 2.48 million) to provide DVR equipment for its branch network command center.
The surveillance command centre BlueStar established in Beijing in February 2009 with Kaiyuan Company is now fully operational. To date, 1,077 financial outlets have been connected to the centre and 939 of them have begun using the centre's services, generating recurring service fees for BlueStar of RMB 0.98 million for the period. The Company estimates that a further 135 outlets will begin using the centre's services by the end of this financial year, and the total annual recurring revenue will be approximately RMB 2 million .
Financial review
Revenue for the six months ended 30 September 2012 amounted to RMB 82.8 million compared to RMB 79.1 million in the same period of last year. Operating loss was RMB 3.2 million in the first half of 2012, compared to RMB 0.7 million profit in the same period 2011.
Gross profit for the period was RMB 35.7 million (2011: RMB42.2 million) with an average gross profit margin of 43.2% (2011: 53.4%). The declined gross profit margin is mainly driven by rising costs especially from the rising cost of the hard disk due to the devastating floods in Thailand during 2011, which have affected the technology business across the world. The Company's social insurance contribution has also increased due to new government policy. In order to address the decreased gross profit levels, the Company is undertaking a series of cost reductions, including reducing the executive directors' salaries by 30% and the non-executive directors' salaries by 50%.
BlueStar has always invested in research and development (R&D) and, as planned, during the period, the Company's investment in R&D amounted to RMB 8.8 million (2011: RMB 10.9 million) of which RMB 4.2 million was capitalised (2011: RMB 5.8 million).
Finance cost
Finance cost for the six months ended 30 September 2012 was RMB 1.19 million (2011: RMB 0.64 million). This was largely attributable to an increase in payments of interest on bank loans during the current period; in the same period last year, interest only became payable from June 2011, which contributed to the marked increase in payments for current period.
The Company has a total of RMB 30 million short term bank loans ( March 2012: 30 million) of RMB 10 million from each of Bank of Beijing and China Minsheng Banking Corporation (CMBC) and RMB 5 million from each of Bank of Beijing Trust and China Merchants Bank.
Current assets and liabilities
Trade receivables increased to RMB 275 million at the period end (2011: RMB 234 million). Debtor days increased during the period to 608 days (2011: 539 days). With the fourth quarter of the calendar year traditionally a period of significant cash collection for companies in China, the Company is expecting that approximately 50% of the outstanding debtors will be received by the end of March 2013.
Balance for the inventory is RMB 31million (2011: RMB 33 million) which is consistent with the Group undertaking more network projects. A higher inventory level is required to ensure each project runs smoothly and has the added benefit of shortening delivery lead times and improving overall client satisfaction.
Intangible assets increased from RMB 39 million at 31 March 2012 to RMB 40 million at 30 September 2012. The increase was mainly due to the developed of the copyrights.
Profit before tax
In view of the above, the group recorded a loss before tax of RMB 4.0 million for the first half year 2012 as compared with profit before tax of RMB 0.4 million for the corresponding period in 2011.
Cash and bank balance of the Group decreased from RMB 37.5 million at 30 September 2011 to RMB 20.1 million at 30 September 2012.
Outlook
Looking ahead to the second half of 2012, despite the revenue of the Group in the first half of 2012 is better than same period of last year; the Group is still making a loss in the first half of FY 2013 which is mainly driven by rising cost. The company believes the second half year will still be a challenging period for its business and that net profits for the full year 2013 will be significantly lower than the board's original forecasts. The company will keep on working hard to expand our market share and also to reduce cost. We hope to create a firm foundation for the year through with this hard work.
Liu Xiaochuan, Chairman
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012
Condensed consolidated statement of comprehensive income for the period ended 30 September 2012
Hot Features
Premium
Note 6 months ended 6 months ended 12 months
ended
------------------------- ----- --------------- --------------- --------------
30 September 30 September 31 March 2012
2012 2011
------------------------- ----- --------------- --------------- --------------
Unaudited Unaudited Audited
------------------------- ----- --------------- --------------- --------------
RMB'000 RMB'000 RMB'000
------------------------- ----- --------------- --------------- --------------
Revenue 5 82,757 79,077 176,424
------------------------- ----- --------------- --------------- --------------
Cost of sales (47,039) (36,841) (86,596)
------------------------- ----- --------------- --------------- --------------
Gross profit 35,718 42,236 89,828
------------------------- ----- --------------- --------------- --------------
Other income 973 45 3,505
------------------------- ----- --------------- --------------- --------------
Distribution costs (22,002) (22,420) (51,001)
------------------------- ----- --------------- --------------- --------------
Administrative expenses (17,942) (19,006) (37,092)
------------------------- ----- --------------- --------------- --------------
Other net expenses 6 (32) (44)
------------------------- ----- --------------- --------------- --------------
Share-based payments - (163) -
charge
------------------------- ----- --------------- --------------- --------------
Other gains and losses - - -
------------------------- ----- --------------- --------------- --------------
Operating (loss)/profit (3,247) 660 5,196
------------------------- ----- --------------- --------------- --------------
Finance cost (1,194) (635) (1,662)
------------------------- ----- --------------- --------------- --------------
Finance income 462 385 1,111
------------------------- ----- --------------- --------------- --------------
(Loss)/profit before
tax (3,979) 410 4,645
------------------------- ----- --------------- --------------- --------------
Income tax expense 6 (1,135) (531) (2,611)
------------------------- ----- --------------- --------------- --------------
(LOSS)/PROFIT FOR THE
PERIOD (5,114) (121) 2,034
------------------------- ----- --------------- --------------- --------------
Other comprehensive - - -
income
------------------------- ----- --------------- --------------- --------------
TOTAL COMPREHENSIVE
INCOME FOR THE PERIOD (5,114) (121) 2,034
------------------------- ----- --------------- --------------- --------------
(Loss)/earnings per
ordinary share (fen)
------------------------- ----- --------------- --------------- --------------
Basic and diluted 7 (7.02) (0.17) 2.79
------------------------- ----- --------------- --------------- --------------
All operations are continuing.
Condensed consolidated statement of financial position as at 30 September 2012
Note 30 September 30 September 31 March
2012 2011 2012
------------------------------- ----- ------------- ------------- ---------
Unaudited Unaudited Audited
------------------------------- ----- ------------- ------------- ---------
RMB'000 RMB'000 RMB'000
------------------------------- ----- ------------- ------------- ---------
ASSETS
------------------------------- ----- ------------- ------------- ---------
Non-current assets
------------------------------- ----- ------------- ------------- ---------
Property, plant and equipment 8 8,298 11,385 9,786
------------------------------- ----- ------------- ------------- ---------
Intangible assets 9 40,152 37,939 39,031
------------------------------- ----- ------------- ------------- ---------
Deferred tax assets 1,393 1,249 1,393
------------------------------- ----- ------------- ------------- ---------
Total non-current assets 49,843 50,573 50,210
------------------------------- ----- ------------- ------------- ---------
Current assets
------------------------------- ----- ------------- ------------- ---------
Inventories 30,757 32,937 34,581
------------------------------- ----- ------------- ------------- ---------
Trade and other receivables 293,509 252,123 242,955
------------------------------- ----- ------------- ------------- ---------
Cash and cash equivalents 20,083 37,467 51,246
------------------------------- ----- ------------- ------------- ---------
Total current assets 344,349 322,527 328,782
------------------------------- ----- ------------- ------------- ---------
Total assets 394,192 373,100 378,992
------------------------------- ----- ------------- ------------- ---------
EQUITY & LIABILITIES
------------------------------- ----- ------------- ------------- ---------
Equity attributable to owners
of the parent
------------------------------- ----- ------------- ------------- ---------
Share capital 10 134,861 134,861 134,861
------------------------------- ----- ------------- ------------- ---------
Merger reserve (7,575) (7,575) (7,575)
------------------------------- ----- ------------- ------------- ---------
Retained earnings 113,996 121,151 119,110
------------------------------- ----- ------------- ------------- ---------
Option reserve 4,408 4,683 4,408
------------------------------- ----- ------------- ------------- ---------
Other reserves 36,817 32,622 36,817
------------------------------- ----- ------------- ------------- ---------
Total equity 282,507 285,742 287,621
------------------------------- ----- ------------- ------------- ---------
Current liabilities
------------------------------- ----- ------------- ------------- ---------
Trade and other payables 46,156 25,803 29,949
------------------------------- ----- ------------- ------------- ---------
Short-term borrowing 11 30,000 28,000 30,000
------------------------------- ----- ------------- ------------- ---------
Income tax payable 6,274 6,274 5.974
------------------------------- ----- ------------- ------------- ---------
Other tax payable 21,824 20,523 18,283
------------------------------- ----- ------------- ------------- ---------
Total Current liabilities 104,254 80,600 84,206
------------------------------- ----- ------------- ------------- ---------
Non-current liabilities
------------------------------- ----- ------------- ------------- ---------
Deferred consideration 2,061 2,061 2,061
------------------------------- ----- ------------- ------------- ---------
Deferred tax liabilities 5,370 4,697 5,104
------------------------------- ----- ------------- ------------- ---------
Total non-current liabilities 7,431 6,758 7,165
------------------------------- ----- ------------- ------------- ---------
Total liabilities 111,685 87,358 91,371
------------------------------- ----- ------------- ------------- ---------
Total equity and liabilities 394,192 373,100 378,992
------------------------------- ----- ------------- ------------- ---------
Condensed consolidated statement of cash flow for the period to 30 September 2012
6 months 6 months 12 months
ended ended ended
------------------------------------------- ------------- ------------- ----------
30 September 30 September 31 March
2012 2011 2012
------------------------------------------- ------------- ------------- ----------
Unaudited Unaudited Audited
------------------------------------------- ------------- ------------- ----------
RMB'000 RMB'000 RMB'000
------------------------------------------- ------------- ------------- ----------
Cash flows from operating activities
------------------------------------------- ------------- ------------- ----------
(Loss)/profit before interest and
tax (3,278) 606 5,410
------------------------------------------- ------------- ------------- ----------
Adjustments for:
------------------------------------------- ------------- ------------- ----------
Allowance for doubtful debts 3,042 (26) 1,149
------------------------------------------- ------------- ------------- ----------
Depreciation of property, plant
and equipment 2,346 2,088 4,195
------------------------------------------- ------------- ------------- ----------
Amortisation of intangible assets 3,581 3,374 6,276
------------------------------------------- ------------- ------------- ----------
(Profit)/loss on disposal of property,
plant and equipment (8) - 14
------------------------------------------- ------------- ------------- ----------
Share-based payments - 163 (112)
------------------------------------------- ------------- ------------- ----------
Operating cash flows before movement
in working capital 5,683 6,205 16,932
------------------------------------------- ------------- ------------- ----------
Decrease/(increase) in inventories 3,824 (2,489) (4,133)
------------------------------------------- ------------- ------------- ----------
Increase in trade and other receivables (42,804) (34,881) (26,886)
------------------------------------------- ------------- ------------- ----------
Increase in trade and other payables 9,257 1,373 3,279
------------------------------------------- ------------- ------------- ----------
Cash used in operations (24,040) (29,792) (10,808)
------------------------------------------- ------------- ------------- ----------
Interest paid (1,163) (582) (1,558)
------------------------------------------- ------------- ------------- ----------
Income tax paid (869) 137 (1,982)
------------------------------------------- ------------- ------------- ----------
Net cash used in operating activities (26,072) (30,237) (14,348)
------------------------------------------- ------------- ------------- ----------
Cash flow from investing activities
------------------------------------------- ------------- ------------- ----------
Interest received 462 385 793
------------------------------------------- ------------- ------------- ----------
Proceeds of disposal of property, 11 - -
plant and equipment
------------------------------------------- ------------- ------------- ----------
Purchase of property, plant and
equipment (862) (482) (1,005)
------------------------------------------- ------------- ------------- ----------
Expenditure on intangible assets (4,702) (5,815) (9,809)
------------------------------------------- ------------- ------------- ----------
Net cash used in investing activities (5,091) (5,912) (10,021)
------------------------------------------- ------------- ------------- ----------
Cash flow from financing activities
------------------------------------------- ------------- ------------- ----------
Proceeds from borrowings 25,000 25,000 27,000
------------------------------------------- ------------- ------------- ----------
Repayment of borrowings (25,000) - -
------------------------------------------- ------------- ------------- ----------
Dividends paid - (6,596) (6,597)
------------------------------------------- ------------- ------------- ----------
Net cash generated from/(used in)
financing activities - 18,404 20,403
------------------------------------------- ------------- ------------- ----------
Net decrease in cash and cash equivalents (31,163) (17,745) (3,966)
------------------------------------------- ------------- ------------- ----------
Cash and cash equivalents at the
beginning of the period 51,246 55,212 55,212
------------------------------------------- ------------- ------------- ----------
Cash and cash equivalents at the
end of the period 20,083 37,467 51,246
------------------------------------------- ------------- ------------- ----------
Condensed consolidated statement of changes in equity as at 30 September 2012
Share Merger Retained Other Option Total
capital Reserve earnings reserves reserves
---------------------------- --------- --------- ---------- ---------- ---------- --------
RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
---------------------------- --------- --------- ---------- ---------- ---------- --------
Balance at 31 March 2012 134,861 (7,575) 119,110 36,817 4,408 287,621
---------------------------- --------- --------- ---------- ---------- ---------- --------
Total comprehensive loss
for the period - - (5,114) - - (5,114)
---------------------------- --------- --------- ---------- ---------- ---------- --------
Balance as at 30 September
2012 134,861 (7,575) 113,996 36,817 4,408 282,507
---------------------------- --------- --------- ---------- ---------- ---------- --------
Balance at 31 March 2011 134,861 (7,575) 127,868 32,622 4,520 292,296
---------------------------- --------- --------- ---------- ---------- ---------- --------
Total comprehensive loss
for the period - - (121) - - (121)
---------------------------- --------- --------- ---------- ---------- ---------- --------
Dividends distribution - - (6,596) - - (6,596)
---------------------------- --------- --------- ---------- ---------- ---------- --------
Share-based payment - - - - 163 163
---------------------------- --------- --------- ---------- ---------- ---------- --------
Balance as at 30 September
2011 134,861 (7,575) 121,151 32,622 4,683 285,742
---------------------------- --------- --------- ---------- ---------- ---------- --------
Balance as at 31 March
2011 134,861 (7,575) 127,868 32,622 4,520 292,296
---------------------------- --------- --------- ---------- ---------- ---------- --------
Total comprehensive income
for the period - - 2,034 - - 2,034
---------------------------- --------- --------- ---------- ---------- ---------- --------
Dividends distribution - - (6,597) - - (6,597)
---------------------------- --------- --------- ---------- ---------- ---------- --------
Transfer to statutory
reserve - - (4,195) 4,195 - -
---------------------------- --------- --------- ---------- ---------- ---------- --------
Share-based payment - - - - (112) (112)
---------------------------- --------- --------- ---------- ---------- ---------- --------
Balance as at 31 March
2012 134,861 (7,575) 119,110 36,817 4,408 287,621
---------------------------- --------- --------- ---------- ---------- ---------- --------
Notes to the condensed financial statements for the period ended 30 September 2012
1 General information
BlueStar SecuTech, Inc. is a company incorporated in British Virgin Islands. The address of its registered office is Offshore Incorporations Centre, P.O. Box 957, Road Town, Tortola, British Virgin Islands.
2 Basis of preparation of the financial information
These condensed financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting.
The Interim Report was approved by the Board of Directors on 12 November 2012. The report is unaudited and does not constitute the Company's statutory accounts for the six months ended 30 September 2012.
3 Significant accounting policies
The condensed financial statements have been prepared under the historical cost convention. The same accounting policies, presentation and methods of computation have been followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 March 2012.
4 Seasonality of interim operations
The Group is sensitive to the seasonality of sales. Generally many customers will make purchase in the fourth quarter of each calendar year in order to use up their budgets.
5 Revenue and segmental analysis
The Group's revenue for continuing operations is as follows:
Revenue Revenue Segment profit Segment profit
------------------------------ ------------- ------------- --------------- ---------------
6 months 6 months 6 months 6 months
ended ended ended ended
------------------------------ ------------- ------------- --------------- ---------------
30 September 30 September 30 September 30 September
2012 2011 2012 2011
------------------------------ ------------- ------------- --------------- ---------------
RMB'000 RMB'000 RMB'000 RMB'000
------------------------------ ------------- ------------- --------------- ---------------
Continuing operations
------------------------------ ------------- ------------- --------------- ---------------
Sales of digital video
devices 79,264 77,186 7,682 13,521
------------------------------ ------------- ------------- --------------- ---------------
Sales of software 444 431 306 281
------------------------------ ------------- ------------- --------------- ---------------
Revenue from technological
service 3,049 1,460 2,122 974
------------------------------ ------------- ------------- --------------- ---------------
Total for continuing
operations 82,757 79,077 10,110 14,776
------------------------------ ------------- ------------- --------------- ---------------
Central administration
and director's salaries (13,357) (14,116)
------------------------------ ------------- ------------- --------------- ---------------
Finance income 462 385
------------------------------ ------------- ------------- --------------- ---------------
Finance cost (1,194) (635)
------------------------------ ------------- ------------- --------------- ---------------
(Loss)/profit before
tax (continuing operations) (3,979) 410
------------------------------ ------------- ------------- --------------- ---------------
Analysis of the Group's assets by operating segment:
Assets Assets
---------------------------- ------------------- -------------
30 September -2012 30 September
-2011
---------------------------- ------------------- -------------
RMB'000 RMB'000
---------------------------- ------------------- -------------
Continuing operations
---------------------------- ------------------- -------------
Sales of digital video
devices 379,555 365,030
---------------------------- ------------------- -------------
Sales of software 1,944 1,844
---------------------------- ------------------- -------------
Revenue from technological
service 12,693 6,226
---------------------------- ------------------- -------------
Total for continuing
operations 394,192 373,100
---------------------------- ------------------- -------------
The Group's revenue and profit before taxation were all derived from its principal activity. All revenue originates in the PRC and assets are mainly held in the PRC.
All of the segment revenue reported above is from external customers.
Segment profit represents the profit earned by each segment without allocation of central administration costs and director's salaries, share of profits of associates, investment revenue and finance costs. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.
6 Taxation
There is no group relief in PRC tax legislation. Interim income tax is accrued based on the actual income tax rate applicable to the profit making PRC operating subsidiaries. The current tax charge mainly arising on timing difference of intangible assets.
7 Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted average number of ordinary shares in issue during the year.
30 September 30 September 2011
2012
-------------------------------------- ------------- ------------------
RMB'000 RMB'000
-------------------------------------- ------------- ------------------
Loss attributable to equity holders
of the company (5,114) (121)
-------------------------------------- ------------- ------------------
Weighted average number of shares in
issue (thousands) 72,808 72,808
-------------------------------------- ------------- ------------------
Diluted earnings per share
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The dilutive potential ordinary shares in the Company are share options. A calculation is done to determine the number of shares that could have been acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary rights attached to outstanding share options. The number of shares calculated above is compared with the number of shares that would have issued assuming the exercise of the share options. The exercise prices for the options granted are above the average share price of the company. As a result of this there is no diluted effect. The weighted average number of shares in issue is the number of shares issued.
8 Property, plant and equipment
During the period, the Group made additions of RMB 862,000 to property, plant and equipment.
9 Intangible assets
During the period, the Group spent approximate RMB 4.2 million on development of six new software which will be embedded in the equipment to be sold.
10 Share capital and share options
The total authorised number of ordinary shares is 72,808,000 with a nil par value per share. The issued share capital of the Company as at 30 September 2012 is RMB 134,861,215 fully paid. There were no movements in the issued share capital of the company in the current interim reporting period.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company's residual assets.
The 1,456,160 share options granted on 18 June 2007 under the equity compensation plan to eligible executives was expired on 17 June 2012. None of the options had been exercised.
At 30 September 2012, the Company had the following outstanding share options:
Number Exercise price Date of grant Exercise period
(GBP)
---------- --------------- -------------- ---------------------------------------
36,404 0.48 18.06.2007 18.06.2008-17.06.2017
---------- --------------- -------------- ---------------------------------------
15.07.2013 - 31.08.2013 and 25.11.2013
1,008,904 0.23 14.04.2010 - 31.03.2014
---------- --------------- -------------- ---------------------------------------
15.07.2014 - 31.08.2014 and 25.11.2014
1,008,904 0.23 14.04.2010 - 31.03.2015
---------- --------------- -------------- ---------------------------------------
11 Borrowings
RMB 30 million short term bank loan ( March 2012: 30 million) of which RMB 10 million each obtained from Bank of Beijing and China Minsheng Banking Corporation (CMBC) and RMB 5 million each obtained from Bank of Beijing Trust and China Merchants Bank. The average annual interest rate is 7.12%.
12 Related party transactions
Mr. Xiao Gang, Mr. He Caiguang, and Ms. Liu Jinqing, directors of the Company have provided personal guarantee up to RMB 30 million issuance of notes facility. In addition to this, two personal vehicles of Mr. Xiao Gang have been used as security for this credit facility.
During the period, the Group made sales to Beijing BlueStar Software Technology Development Co., Ltd ("BBST") for the amount of RMB 7.14 million (2011: 8.06 million) which acts as an agent to the Company, merely signing contracts on behalf of BlueStar due to the legal restrictions of BlueStar establishment in PRC. Mr. Xiao, a director and majority shareholder of BBST is also a director and majority shareholder of BlueStar.
There are no other related party transactions apart from the remuneration of key management.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QZLBFLFFZFBF
1 Year Bluestar Secutech Chart |
1 Month Bluestar Secutech Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
