RESOURCES
LIMITED
中 富 資 源 有 限 公 司 *
(Incorporated in the Cayman Islands with limited liability) (Stock Code : 274)
ANNUAL REPORT 2013
* For identification only
CONTENTSCorporate Information 2
Chairman's Statement 3
Management Discussion and Analysis 4
Biographical Details of Directors 7
Corporate Governance Report 9
Report of the Directors 23
Independent Auditor's Report 32
Consolidated Statement of Profit or Loss and Other Comprehensive Income 36
Consolidated Statement of Financial Position 38
Consolidated Statement of Changes in Equity 40
Consolidated Statement of Cash Flows 41
Notes to the Consolidated Financial Statements 43
Five Years Financial Summary 87
CORPORATE INFORMATIONMr. Long Xiaobo (Chairman)
Mr. Zuo Weiqi (Chief Executive Officer)
Mr. Chen Yi Chung
Mr. Jin Shunxing
Mr. Chiang Tsung-Nien
Ms. Liu Shuang (appointed on 28 April 2014)
Mr. Jin Shunxing (Chairman of Audit Committee)
Mr. Chiang Tsung-Nien
Ms. Liu Shuang (appointed on 28 April 2014)
Mr. Jin Shunxing (Chairman of Remuneration Committee)
Mr. Chiang Tsung-Nien
Ms. Liu Shuang (appointed on 28 April 2014) Mr. Long Xiaobo
Mr. Long Xiaobo (Chairman of Nomination Committee)
Mr. Chiang Tsung-Nien Mr. Jin Shunxing
Ms. Liu Shuang (appointed on 28 April 2014) Mr. Zuo Weiqi
Mr. Cheung Yuk Chuen (appointed on 14 August 2013)
Mr. Chen Yi Chung Mr. Zuo Weiqi
Cricket Square, Hutchins Drive
P.O. Box 2681
Grand Cayman KY1-1111 Cayman Islands
Room 2811, 28/F.,
China Merchants Tower
No.168-200 Connaught Road Central Hong Kong
Level 22, Hopewell Centre 183 Queen's Road East Hong Kong
Unit 701, 7/F., Citicorp Centre
18 Whitfield Road, Causeway Bay Hong Kong
www.chinabillion.net
274
1 Queen's Road Central Hong Kong
25th Floor, Agricultural Bank of China Tower 50 Connaught Road Central
Hong Kong
2 China Billion Resources Limited
CHAIRMAN'S STATEMENTSince 2011, China Billion Resources Limited ("Company") has undergone various challenges, especially that the shares of the Company have been suspended from trading on The Stock Exchange of Hong Kong Limited ("Stock Exchange") due to the delay in the publication of the audited financial reports which is in part due to the debt restructuring of the Company during the said year. I would like to express my heartfelt gratitude to our management, staff, customers, suppliers, business partners, professional parties and last but not the least, our shareholders, for their continuous support of the Company and its subsidiaries (collectively referred to as "Group").
Due to the debt restructuring which occurred in 2011, certain plants and equipment of the Group have been rendered redundant as a result of the debt restructuring. Subsequently by 2013, those plants and equipment together with the household and industrial products business segment have been disposed of to an independent third party. This is to better reallocate resources for future investment in any potential new lucrative projects that may arise. The board of directors of the Company ("Board"), together with the management of the Company, have taken and will continue to take remedial actions to adapt the business strategies of the Group to deal with the current situation faced by the Company. The Company will invest more resources into the basic structural infrastructure and expertise in gold mining and in the meanwhile will seek other investment opportunities to diversify our business portfolio and broaden the source of income of the Group. The Board also acknowledges the need for and the importance of good corporate governance practice and better internal control functions for safeguarding the Company and its shareholders' interests as a whole. Thus, it has and will devote to take positive actions to cope with this.
Looking forward, the resumption of trading in the shares of the Company ("Resumption") is our prime focus and we target to complete the Resumption in 2015. At the same time, as mentioned, the management of the Company is looking for other investment opportunities to broaden the sources of income of the Group in order to create greater value for the shareholders of the Company ("Shareholders"). Up till the date of this annual report, the Group has not yet concluded any investment project nor signed any investment memorandum or agreement.
Chairman of the Board
Hong Kong, 9 February 2015
Annual Report 2013 3
China Billion Resources Limited issued this content on 29 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 January 2016 16:43:16 UTC
Original Document: http://www.chinabillion.net/en/doc/2016 English/(008) 2013 Annual Report of the Company (Eng).pdf