01428耀才證券金融 年报

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1、246891532395173757678798081Contents目錄目錄Corporate InformationMajor AccomplishmentsBranch NetworkFinancial HighlightsChairmans StatementManagement Discussion and AnalysisBiographies of Directors and Senior ManagementCorporate Governance ReportDirectors ReportIndependent Auditors ReportConsolidated Sta

2、tement of Comprehensive IncomeConsolidated Statement of Financial PositionStatement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Cash Flow StatementNotes to the Financial Statements公司資料大事記分行網絡財務摘要主席報告管理層討論與分析董事及高級管理層簡歷企業管治報告董事會報告獨立核數師報告書綜合全面收益表綜合財務狀況表財務狀況表綜合權益變動表綜合現金流

3、量表財務報表附註Five-year Financial Summary五年財務摘要1482CORPORATE INFORMATION公司資料公司資料EXECUTIVE DIRECTORSMr. Yip Mow Lum (Chairman)Mr. Chan Kai Fung (Chief Executive Officer)Mr. Kwok Sze ChiMr. Chan Wing Shing, WilsonINDEPENDENT NON-EXECUTIVE DIRECTORSMr. Yu Yun KongMr. Szeto Wai SunMr. Ling Kwok Fai, JosephAUT

4、HORISED REPRESENTATIVESMr. Chan Kai FungMr. Chan Wing Shing, WilsonCOMPANY SECRETARYMs. Lam Mei Kam, CatharineMEMBERS OF AUDIT COMMITTEEMr. Yu Yun Kong (Chairman)Mr. Szeto Wai SunMr. Ling Kwok Fai, JosephMEMBERS OF NOMINATION COMMITTEEMr. Yip Mow Lum (Chairman)Mr. Yu Yun KongMr. Szeto Wai SunMr. Lin

5、g Kwok Fai, JosephMEMBERS OF REMUNERATION COMMITTEEMr. Yu Yun Kong (Chairman)Mr. Yip Mow LumMr. Szeto Wai SunMr. Ling Kwok Fai, JosephREGISTERED OFFICEScotia Centre, 4th FloorP.O. Box 2804George TownGrand Cayman KY1-1112Cayman Islands執行董事執行董事葉茂林先生（主席）陳啟峰先生（行政總裁）郭思治先生陳永誠先生獨立非執行董事獨立非執行董事余韌剛先生司徒維新先生凌國輝

6、先生授權代表授權代表陳啟峰先生陳永誠先生公司秘書公司秘書林美金女士審核委員會成員審核委員會成員余韌剛先生（主席）司徒維新先生凌國輝先生提名委員會成員提名委員會成員葉茂林先生（主席）余韌剛先生司徒維新先生凌國輝先生薪酬委員會成員薪酬委員會成員余韌剛先生（主席）葉茂林先生司徒維新先生凌國輝先生註冊辦事處註冊辦事處Scotia Centre, 4th FloorP.O. Box 2804George TownGrand Cayman KY1-1112Cayman IslandsBright Smart Securities & Commodities Group Limited Annual Rep

7、ort 2011/123CORPORATE INFORMATION公司資料公司資料HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS10th Floor, Wing On House71 Des Voeux Road CentralCentral, Hong KongPRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICEAppleby Trust (Cayman) Ltd.Clifton House, 75 Fort StreetP.O. Box 1350Grand CaymanKY1-1108Cayman IslandsHO

8、NG KONG SHARE REGISTRARTricor Investor Services Limited26th Floor, Tesbury Centre28 Queens Road EastWanchai, Hong KongPRINCIPAL BANKERSBank of China (Hong Kong) LimitedBank of Communications Co., Ltd. Hong Kong BranchChong Hing Bank LimitedDBS Bank (Hong Kong) LimitedHang Seng Bank LimitedIndustrial

9、 and Commercial Bank of China (Asia) LimitedStandard Chartered Bank (Hong Kong) LimitedThe Bank of East Asia, LimitedThe Hongkong and Shanghai Banking Corporation LimitedWing Hang Bank, LimitedAUDITORKPMGCertified Public AccountantsCOMPLIANCE ADVISERSomerley LimitedWEBSITEhttp:/.hk總辦事處及主要營業地點總辦事處及主要

10、營業地點香港中環德輔道中 71 號永安集團大廈 10 樓主要股份過戶登記處主要股份過戶登記處Appleby Trust (Cayman) Ltd.Clifton House, 75 Fort StreetP.O. Box 1350Grand CaymanKY1-1108Cayman Islands香港股份過戶登記處香港股份過戶登記處卓佳證券登記有限公司香港灣仔皇后大道東 28 號金鐘匯中心 26 樓主要往來銀行主要往來銀行中國銀行（香港）有限公司交通銀行股份有限公司香港分行創興銀行有限公司星展銀行（香港）有限公司恒生銀行有限公司中國工商銀行（亞洲）有限公司渣打銀行（香港）有限公司東亞銀行有限公

11、司香港上海滙豐銀行有限公司永亨銀行有限公司核數師核數師畢馬威會計師事務所執業會計師合規顧問合規顧問新百利有限公司網站網站http:/.hk耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報4MAJOR ACCOMPLISHMENTS大事記大事記2011May 五月五月July 七月七月October 十月十月The commencement ofoperation of new salesand customer servicec e n t re i n 2 7 / F, W i n gOn House, Central, forbusiness expansion全

12、新的銷售及客戶服務中 心 正 式 投 入 服 務， 配合業務擴充至中環永安集團大廈 27 樓The commencement ofoperation of the Mongkoksecond branch旺角第二分行正式投入服務Provided 7-day a weekservice in eight selectedbranches旗下八間特選分行實施七天營業Launched new feeschedules for on-linetrading of callablebull/bear contractsand warrants at a flatrate of HK$4.88 for e

13、achtransaction推出網上買賣牛熊證及窩輪每單交易劃一佣金4.88 港元Bright Smart Securities & Commodities Group Limited Annual Report 2011/125（MAJOR ACCOMPLISHMENTS大事記大事記2012February 二月二月A p p o i n t e d M r. N g K i m W a hand Mr. Leong Yean-Shen, Jimmyas the Groups CEOsto collaborate with Mr. Chan KaiFung, the existing CEO

14、, leading theGroup to achieve further success吳劍華先生及梁衍燊先生獲委任為本集團行政總裁，與現任行政總裁陳啟峰先生共同帶領本集團邁步向前March 三月三月 The commencement of operationof the Quarry Bay branch鰂魚涌分行投入服務 Licensed by the Securities andFuture Commission to carry outType 7 (Providing AutomatedTrading Services) regulatedactivity, facilitatin

15、g new sharespre-listing trading via the “BSPre-IPO Trading Centre”May 五月五月The commencement of operationof the Wanchai branch, totalnumber of branches increased to 14灣仔分行投入服務，使本集團分行擴展至 14 間獲香港證監會發出提供自動化交易服務（第 7 類受規管活動）牌 照，推 出 網 上 新 股 暗 盤 平 台耀才新股交易中心 Licensed by the Securities andFuture Commission to

16、carryout Type 9 (Asset Management)regulated activity獲香港證監會發出提供資產管理第 9 類受規管活動）牌照耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報6BRANCH NETWORK分行網絡分行網絡Hong Kong 香港香港Head Office 總辦事處總辦事處10th Floor, Wing On House,71 Des Voeux Road Central, Central中環德輔道中 71 號永安集團大廈 10 樓T:(852) 2532 7888Sales Centre 客戶銷售中心客戶銷售中心27t

17、h Floor, Wing On House,71 Des Voeux Road Central, Central中環德輔道中 71 號永安集團大廈 27 樓T:(852) 2537 1371Causeway Bay Branch 銅鑼灣分行銅鑼灣分行Units 1 & 2, 12th Floor, Soundwill Plaza38 Russell Street, Causeway Bay銅鑼灣羅素街 38 號金朝陽中心 12 樓 12 室T:(852) 3926 3128Central Branch 中環分行中環分行Mezzanine Floor, Peter Building,5860

18、Queens Road Central, Central中環皇后大道中 5860 號振邦大廈閣樓T:(852) 3961 6688North Point Branch 北角分行北角分行 *Kowloon 九龍九龍Kwun Tong Branch 觀塘分行觀塘分行 *Shop 18, G/F, Cambridge Building,10 Tung Ming Street, Kwun Tong觀塘通明街 10 號金橋華廈 18 號舖地下T:(852) 3768 0888Mongkok 1st Branch 旺角第一分行旺角第一分行 *Shop 541 & 541A, G/F, Bell House

19、,525543A Nathan Road, Mongkok旺角彌敦道 525543A 號寶寧大廈541541A 舖地下T:(852) 3604 1888Mongkok 2nd Branch 旺角第二分行旺角第二分行 *1st Floor, Golden Hill Commercial Building,3941 Argyle Street, Mongkok旺角亞皆老街 3941 號金山商業大廈 1 樓T:(852) 3188 0928Sham Shui Po Branch 深水埗分行深水埗分行 *Basement, G/F & Cockloft39 Yen Chow Street, Sham

20、Shui Po深水埗欽州街 39 號舖地下T:(852) 3666 5688Shop 201202, Olympia Plaza,255 Kings Road, North Point北角英皇道 255 號國都廣場 2012 號舖T:(852) 3180 7428Quarry Bay Branch 鰂魚涌分行鰂魚涌分行 *Cockloft Nos. 16 andShop No. 7 on G/F & CockloftTak Lee Building,No. 993 Kings Road, Quarry Bay鰂魚涌英皇道 993 號得利樓 16 號閣樓及 7 號地舖及閣樓T:(852) 355

21、0 7888Wanchai Branch 灣仔分行灣仔分行 *1st Floor, Henning House,Nos. 385391 Hennessy Road, Wanchai灣仔軒尼詩道 385391 號軒寧大廈 1 樓全層T:(852) 3127 0888Bright Smart Securities & Commodities Group Limited Annual Report 2011/12*7BRANCH NETWORK分行網絡分行網絡Sheung Shui 上水Tai Po 大埔Yuen Long 元朗Tai Wai 大圍Tsuen Wan 荃灣Sham Shui Po 深

22、水埗Mongkok 旺角Kwun Tong 觀塘Central 中環Wanchai 灣仔Causeway Bay 銅鑼灣North Point 北角Quarry Bay 鰂魚涌New Territories 新界新界Sheung Shui Branch 上水分行上水分行Unit 20072010, 20/F, Landmark North,39 Lung Sum Avenue, Sheung Shui上水龍琛路 39 號上水廣場 20 樓 20072010 室T:(852) 3768 7188Tai Po Branch 大埔分行大埔分行 *G/F & Cockloft, 141145 Kwon

23、g Fuk Road,Tai Po大埔廣福道 141145 號舖地下及閣樓T:(852) 3763 3388Tsuen Wan Branch 荃灣分行荃灣分行Flat A & B, 12th Floor,Hang Seng Tsuen Wan Building,289 Sha Tsui Road, Tsuen Wan荃灣沙咀道 289 號恒生荃灣大廈 12 樓 AB 室T:(852) 3929 2798Yuen Long Branch 元朗分行元朗分行 *Shop 5, G/F, Block B, 1836 Fook Tak Street,Yuen Long元朗福德街 1836 號 B 座 5

24、 號舖地下T:(852) 3926 2688Tai Wai Branch 大圍分行大圍分行 *Shop A, G/F & Portion of the Yard,6672 Tai Wai Road, Tai Wai大圍大圍道 6672 號華美樓地下 A 號舖T:(852) 3763 3488Provide 7-day a week service實施七天營業耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報498FINANCIAL HIGHLIGHTS財務摘要財務摘要(Unit: HK$000, unless stated otherwise)（單位：港幣千元，除非特別

25、說明）Year ended 31 March截至三月三十一日止年度截至三月三十一日止年度Increase/Results業績業績2012二零一二年二零一二年2011二零一一年(decrease)增加（減少）TurnoverOther revenueProfit from operationsProfit before taxation營業額其他收益經營溢利除稅前溢利228,70736,97285,89273,351188,20221,63056,64348,63521.5%70.9%51.6%50.8%Profit attributable to equity權益股東應佔溢利sharehold

26、ers60,63640,61849.3%Basic earnings per share (HK cents)Diluted earnings per share (HK cents)TurnoverHK$M營業額營業額百萬港元百萬港元250每股基本盈利（港仙）每股攤薄盈利（港仙）HK$M百萬港元百萬港元808.928.896.696.69Net pro t純利純利33.3%32.9%228.721.5%70200150188.26050.3%60.640.64010030205010020112012020112012Year ended 31 March截至三月三十一日止年度截至三月三十一

27、日止年度Year ended 31 March截至三月三十一日止年度截至三月三十一日止年度Bright Smart Securities & Commodities Group Limited Annual Report 2011/12CHAIRMANSSTATEMENT主席報告主席報告Chairman 主席Yip Mow Lum 葉茂林葉茂林“Integrity, Sincerity, Fairness, Conscience and Customer First” are the code ofmanagement and the Groups key to success. Despit

28、e the challenging financialmarket environment, the Group continues to gain market share by opening 14branches and building its clients base up to 60,000. For future, the Group willfurther expand its business in the Mainland, targeted to be one of the mostsizable securities houses in the PRC.憑著心正、意誠、

29、公平、良知及以客為先的經營理念，本集團無懼市況艱難，分行數目憑著心正、意誠、公平、良知及以客為先的經營理念，本集團無懼市況艱難，分行數目愈開愈多，分行數目已達十四間，客戶人數衝破愈開愈多，分行數目已達十四間，客戶人數衝破 60,000，成功搶佔市場份額。未來，本集，成功搶佔市場份額。未來，本集團將致力拓展中國金融市場業務，目標成為全國最具規模的劵商之一。團將致力拓展中國金融市場業務，目標成為全國最具規模的劵商之一。）10CHAIRMANS STATEMENT主席報告主席報告I am pleased to present the annual results of Bright SmartSec

30、urities & Commodities Group Limited (the “Company”) andits subsidiaries (collectively the “Group”) for the year ended 31March 2012 (the “Year”). Notwithstanding the challengingmarket conditions during the Year, the Group continued todevelop and has achieved remarkable results with turnoverhitting re

31、cord high since its establishment.The Group made satisfactory progress in expanding its branchnetwork. Its fast expanding customer base which has grownto over 60,000, which gave rise to the substantial growth ofturnover. Encouragingly, the Group recorded an annualturnover of HK$228.7 million, rising

32、 by 21.5% over the yearended 31 March 2011 (the “Prior Year”). Profit attributable toequity shareholders was HK$60.6 million, representing asignificant increase of 49.3% over the Prior Year. Basicearnings per share were approximately HK8.92 cents (2011:HK6.69 cents), representing a year-on-year grow

33、th of 33.3%.The board of directors of the Company (the “Board”) proposeda final dividend of HK1.8 cents per share (2011: HK1.8 centsper share) for the Year.During the Year under review, active trading was nowhere insight for the Hong Kong stock market amidst uncertaintiesover the global economy. Ave

34、rage daily turnover of Hong Kongstock market for the Year dropped by 7.4% to HK$66.56 billion.Dampened sentiments coupled with fierce competition in themarket presented challenges to the operating environment.Braving the difficult market conditions, the Group strived todevelop its business and enhan

35、ce profitability. During the本人欣然提呈耀才證券金融集團有限公司（本公司）及其附屬公司（統稱本集團）截至二零一二年三月三十一日止年度（本年度之年度業績。儘管本年度市場經營環境充滿挑戰，本集團仍不斷開拓業務空間，並且錄得亮麗成績，營業額創下成立以來歷史新高，成績斐然。本年度擴展分行策略取得滿意成效，客戶人數迅速增長，至今已超過 6 萬人，帶動營業額大幅增長。本集團錄得年度營業額 228.7 百萬港元，較截至二零一 一 年 三 月 三 十 一 日 止 年 度（ 上 年 度 上 升21.5%，成績令人鼓舞。權益股東應佔溢利為 60.6 百萬港元，較上年度大幅增加 49.3

36、%。每股基本盈利約為 8.92 港 仙（ 二 零 一 一 年：6.69 港 仙 ）， 同 比 上 升33.3%。本公司董事會（董事會）建議就本年度派發末期股息每股1.8港仙（二零一一年：每股1.8港仙）。回顧本年度，港股受環球經濟不明朗因素影響，交投未見活躍，本年度港股平均每日成交額較上年度下調7.4% 至 665.6 億元。投資氣氛下挫，加上行業競爭白熱化，經營環境受嚴峻挑戰；惟本集團無懼艱難的市場環境，仍奮力開拓業務增加利潤。本年度內，本集團因應市場變化制定公司市場策略，積極增強競爭力，成功搶佔市場份額，年內處理港股成交額逆市上升，市場佔有率亦持續增長。Year, the Group fo

37、rmulated marketing strategies in responseto market changes to strengthen its competitiveness andmanaged to capture market share. During the Year, the Groupwent against the general trend of the Hong Kong stock marketwith an increased trading volume and an ever-growing marketshare.Bright Smart Securit

38、ies & Commodities Group Limited Annual Report 2011/1211CHAIRMANS STATEMENT主席報告主席報告Since 2010, the Group has been actively expanding its branchnetwork to provide better customer services. During the Year,the Group added two more branches (i.e. Mongkok 2ndBranch and Quarry Bay Branch) to its network.

39、Together withthe Wanchai Branch which opened in May 2012, its networkhas increased to a total of 14 branches (excluding the headoffice in Central). To enhance its commitment to qualitycustomer services, the Group has since July 2011, provided7-day a week service in eight selected branches (the numbe

40、rof selected branches has increased to ten since the QuarryBay and Wanchai Branch commenced operation). Thisarrangement is a breakthrough in the industry, making theGroup the first securities house providing services on Sundays.It better serves the existing customers on one hand andfacilitates enqui

41、ries and account opening formalities from newcustomers on the other, significantly enhancing interactionbetween the Group and its customers. Besides, the sales andcustomer service centre at the Groups head officecommenced operation in May 2011.During the Year, there were several securities housescan

42、vassing for business with fixed charges and lowcommissions. The Group has been keeping a close eye on theindustry development and will come up with new tactics toconsolidate its leading market position. In October 2011, theGroup launched new fee schedules for on-line trading ofcallable bull/bear con

43、tracts (“CBBCs”) and warrants at a flatrate of HK$4.88 for each transaction, being the lowest level atthe time, which drew immediate attention from the market,reinforcing the Groups leading position as the “King of LowCommission”. Since the launch of the new fee for CBBCs andwarrants of HK$4.88 whic

44、h earned unprecedented acclaimand increased brand awareness as a result of active自二零一零年起，本集團銳意拓展分行服務客戶，集團於本年度內新增兩家分行（旺角第二分行及鰂魚涌分行），連同於二零一二年五月開設之灣仔分行，分行總數至今已增加至十四間（不包括中環總行）。為增強優質客戶服務的承諾，本集團於二零一一年七月起在八間特選分行實施每星期七天營業（自鰂魚涌及灣仔分行投入服務後，特選分行增至十間），此舉突破業界傳統，成為首家在週日提供服務的證券行，一方面為現有客戶提供便利，另一方面亦方便新客戶查詢及開戶，大大增強與客戶

45、之間的聯動。此外，本集團位於總行的銷售及客戶服務中心亦於二零一一年五月正式投入服務。年內，市場上多家定額收費的證券行，以低佣金作招徠進駐市場，本集團密切關注行業發展，不時制定市場新策略，以鞏固領先的市場地位。本集團於二零一一年十月推出網上買賣牛熊證及窩輪每單交易劃一佣金 4.88 港元，成為當時全港牛熊證及窩輪交易收費最低的證券行，迅即成為市場焦點，鞏固了本集團平佣一哥的領導地位。自 4.88 港元輪證新收費推出以來，獲得空前熱烈反應，加上新收費推廣所帶動之品牌效應，新開立帳戶錄得顯著增長。本年度新開立戶口總數超過 28,000 個，在競爭激烈的經營環境下成功搶佔市場。於二零一二年三月三十一日

46、，客戶總數已達 60,477 個，較二零一一年三月三十一日大幅增長 86.8%，成效令人振奮。promotion, the number of new client accounts experiencedsignificant growth during the Year, totalling over 28,000. TheGroup succeeded in gaining market share under the highlycompetitive market conditions. It is heartening to note that theGroup has secur

47、ed a total of 60,477 client accounts as at 31March 2012, a substantial growth of 86.8% as compared with31 March 2011.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報12CHAIRMANS STATEMENT主席報告主席報告In line with its product diversification strategy, the Group haslaunched various products and services to cater to th

48、e needsof its customers. To meet customer demand, the Grouplaunched the “Day Trade” ( 壹開拾 ) margin financing servicesin October 2011 to provide customers with credit facilities ofup to nine times, allowing them to effect day trading onmargin at a lower cost. In launching the “Day Trade” ( 壹開拾 )margi

49、n financing services, the Group has conducted sufficientrisk assessment. Measures including restriction on tradingshares, limits on debt ratio and time-limit on automatic close-out of positions have been taken to ensure effective riskmanagement.For the global products, the Group launched the service

50、s fortrading China “B” shares, Singapore stocks and Taiwan stocksduring the Year and introduced more global futures products,such as FX futures and agricultural commodity futures,providing a one-stop shop for trading financial products whilelaying a foundation for the Groups internationalisation. In

51、 July2011, Bright Smart Futures & Commodities Company Limited,a wholly owned subsidiary of the Group, was admitted to theHong Kong Mercantile Exchange as a broker member and atthe same time introduced trading services for gold and silverfutures.The Group from time to time organises seminars incollab

52、oration with HKEx and major financial institutions toupdate investors on the latest market developments. Topicsmay cover the introduction of various investment vehicles,analysis of the global markets, etc. to give investors a clearerpicture of the investment environment in times of marketfluctuation

53、s so that they may conduct a thorough riskassessment before implementing their investment strategy.Furthermore, in association with the launch of HSI VolatilityIndex Futures by HKEx, the Group organised “2012 HSI本集團貫徹多元化的產品策略，順應投資者的需要推出各種產品及服務。為滿足客戶需求，本集團於二零一一年十月推出壹開拾網上證券孖展戶口，為客戶提供高達九倍備用信貸額，讓顧客以較低的成

54、本作孖展即日買賣。在推出產品的同時，本集團已對壹開拾服務進行充份的風險評估，透過鎖定交易股份、限制借貸水平及限時自動平倉等措施有效控制風險。環球產品方面，本集團年內推出中國 B 股、新加坡股及台股買賣，同時增加更多環球期貨產品如外匯期貨及農產品期貨等等，為客戶提供一站式金融產品買賣服務，為本集團國際化的發展道路奠定基石。二零一一年七月，本集團全資附屬公司耀才期貨及商品有限公司獲批成為香港商品交易所經紀會員，同期推出黃金期貨及白銀期貨交易服務。本集團經常與港交所、大型金融機構合辦講座，提供市場最新資訊予投資者，講座包括各種投資工具的介紹、環球市況分析等，在市況波動下讓投資者充份了解投資環境，從而

55、做好風險評估，部署投資策 略。此 外，為 配 合 港 交 所 推 出 恒 指 波 幅 指 數 期貨，本集團獲港交所贊助，於二零一二年四月份舉辦2012 恒指波幅指數期貨比賽，讓投資者透過模擬買賣從而對該產品更為熟悉。而有關活動亦獲得投資者熱烈支持，參加人數更達比賽上限，共 949人參加。Volatility Index Futures Competition” under the sponsorship ofthe HKEx in April 2012 to familiarise investors with suchproducts through mock trading. Such a

56、ctivities were wellreceived among investors and reached its maximum capacitywith 949 contestants.Bright Smart Securities & Commodities Group Limited Annual Report 2011/12（13CHAIRMANS STATEMENT主席報告主席報告PROSPECTSEffective from 5 March 2012, the HKEx has implemented thesecond phase of trading hour exten

57、sion to align its tradinghours with that of the Mainland market. The Group believesthat the new trading hours will enhance the competitivenessof Hong Kong stocks under the premise of globalisation. It alsobears significance to the development of Hong Kongs financialmarket and may help boost trading

58、volume of Hong Kongstocks. The HKEx plans to implement the After-Hours FuturesTrading during the second half of 2012 and the Group hasalready made appropriate arrangements accordingly.The Group will continue to adhere to its stated strategy ofproduct diversification with a view to meeting customersr

59、equirements and developing new income streams. The Grouphas recently been licensed to carry out Type 7 (ProvidingAutomated Trading Services) and Type 9 (Asset Management)regulated activities, fully reflecting the Groups operationscale, professionalism of its team, comprehensive riskmanagement system

60、 and its well-established corporateimage. This also marks a new milestone in the development ofthe Group.The Group will continue to position itself as a secure, stableand highly efficient on-line trading partner and promote the“Bright Smart” brand name to the rest of the world by takingadvantage of

61、webcast at Bright Smart Finance Channel, theGroups flagship information platform. To tap into the financialmarkets in the Mainland, the Group provides one-stopfinancial services for Mainland investors. Capitalising on itssolid financial position, quality customer services, superiorcommission policy,

62、 reliable trading platform and goodreputation, the Group is well equipped to explore the financialmarkets of the Mainland. In terms of branch development, the展望展望自二零一二年三月五日起，港交所實施第二階段延長交易時段，與國內證券市場交易時段重疊。本集團相信，在全球一體化的大前題下，新交易時段將增強港股市場的競爭力，對香港市場金融發展具重大意義，亦有助刺激港股成交額。港交所已計劃於二零一二年下半年開設收市後期貨交易時段，本集團已經就此作

63、出妥善安排配合。本集團將繼續貫徹產品多元化的策略，務求迎合客戶各種需求，拓展新收入來源。近日，本集團先後成功獲發提供自動化交易服務第7類受規管活動）牌照及提供資產管理（第 9 類受規管活動）牌照，充份反映本集團的營運規模、團隊的專業水平、完善的風險管理制度以及集團的良好企業形象，同時標誌著本集團業務發展的一個新里程碑。本集團將繼續以安全、穩定及高效的網上交易作為定位，透過旗下耀才財經台資訊平台作為旗艦宣傳工具，以網絡平台推廣耀才品牌予世界各地。為著發展中國金融市場業務，本集團為國內投資者提供一站式的金融服務。憑藉雄厚的資本實力、優質的客戶服務、佣金優惠政策、穩健的交易平台及良好信譽等優勢，本集

64、團具備豐厚條件進駐中國金融市 場。分 行 發 展 方 面，本 集 團 將 繼 續 擴 充 地 域 覆蓋，灣仔分行於二零一二年五月投入服務，使分行數目增加至十四間。本集團將繼續物色潛力地區開設分行，目標分行網絡延伸至全港十八區。Group will continue to expand the geographical coverage ofits network. The Wanchai Branch commenced operation inMay 2012, bringing the number of branches to a total of 14.The Group will f

65、urther identify sites with potential to open newbranches, aiming at a territory-wide branch network thatcovers the 18 districts of Hong Kong.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報14CHAIRMANS STATEMENT主席報告主席報告Being a socially responsible enterprise, the Group spares noefforts to contribute to the comm

66、unity and activelyparticipates in charitable activities. During the Year, the Groupco-hosted with Joyful (Mental Health) Foundation andsponsored the “Joyful Charity Run to Ocean Park” and “JoyfulCharity Raffle Ticket” to raise funds for the promotion ofmental health education and drive home the impo

67、rtance ofsports to mental health. Besides, the Group has been awardedthe “Caring Company” logo by The Hong Kong Council ofSocial Service (HKCSS) for three years consecutively.Thanks to the tireless efforts of the Groups managementteam over the years, the Group has experienced rapid growthin size and

68、 achieved business diversification, delivering strongperformance repeatedly. Clients assets amounted toapproximately HK$10 billion. To cope with businessdevelopment and strengthen the management of the Group,the Board appointed Mr. Ng Kim Wah and Mr. Leong Yean-Shen, Jimmy as the chief executive off

69、icers in February 2012to collaborate with Mr. Chan Kai Fung, the existing chiefexecutive officer, for the long-term development of the Group.I am committed to working with the Board and the seniormanagement to formulate a direction that keeps pace withthe times and will lead the Group to reach new h

70、ighs and theultimate goal of becoming an international financial institutionwith diversified services.We are more than willing to share the fruitful results with ourcolleagues. During the Year, the Group implemented a shareoption scheme for its staff to align their interests with theGroups performan

71、ce and to motivate their continuedcontribution to the Group. Last but not least, I would like totake this opportunity to extend my heartfelt gratitude to all thestaff for their dedication and contribution.Yip Mow LumChairmanHong Kong,25 June 2012作為一家肩負社會責任的企業，本集團亦不忘回饋社會，積極參與慈善活動。本年度，本集團與心晴行動慈善基金合辦及贊

72、助心晴行動飛躍海洋公園慈善跑及心晴幸運慈善獎券義賣等活動，為推廣情緒健康教育籌募經費，向公眾宣揚運動對情緒健康的重要性，極具意義。此外，本集團已連續第三年獲香港社會服務聯會 (HKCSS) 頒發商界展關懷標誌。經過本集團管理層及團隊多年的努力，本集團規模迅速增長，業務層面多元化及業績屢創佳績，本集團目前客戶資產已達約港元 100 億。為配合業務發展及加強集團管理，董事會於二零一二年二月任命吳劍華先生及梁衍燊先生為行政總裁，與現任行政總裁陳啟峰先生共同努力推動本集團長足發展。本人承諾與董事會及高級管理層衷誠合作，制定與時俱進的發展方針，帶領本集團取得更大成就，目標成為國際性多元化的金融服務機構。

73、我們樂意與員工分享成果，於本年度內向全體員工推出購股權獎勵計劃，使員工的利益與本集團的業績緊密相連，激勵員工共同努力。最後，本人藉此機會向全體員工的辛勤工作及付出致以衷心謝意。主席葉茂林葉茂林香港二零一二年六月二十五日Bright Smart Securities & Commodities Group Limited Annual Report 2011/12MANAGEMENT DISCUSSIONAND ANALYSIS管理層討論與分析管理層討論與分析To meet customers demand, 10 selected branches are now opened 7 days

74、aweek, and the Group became the first securities house to provide services onSundays.為滿足客戶需求，本集團十間特選分行實施每星期七天營業，成為首家在週日提供服務的證為滿足客戶需求，本集團十間特選分行實施每星期七天營業，成為首家在週日提供服務的證券行。券行。16MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析MARKET OVERVIEWDuring the Year under review, the Hong Kong stock marketdroppe

75、d early in the year and wound up with rallies. Duringthe period from April to October 2011, the aggravation of thedebt crisis in Europe and implementation of a tight monetarypolicy by the Chinese government to curb inflation resulted inthe Hang Seng Index oscillating down from the highs andhitting a

76、n all-year low of 16,170 points on 4 October. However,Hong Kong stocks have resumed their upward trend sinceNovember 2011. With fiscal deficit reduction initiatives beingimplemented throughout the European Union and thelaunching of long-term refinancing operations (LTRO) by theEuropean Central Bank

77、to increase liquidity of the localbanking sector, the likelihood of a massive outbreak of a debtcrisis has been gradually mitigated. Economic data of theUnited States showing signs of recovery has increased the riskappetite of the external markets. Inflation in the Mainlandpeaked out in the fourth q

78、uarter, paving the way for monetaryeasing and prompting capital to return to the Asia-Pacificmarkets and, in turn, Hong Kong stocks to regain some lostground. In general, the Hang Seng Index opened at 23,664points on 1 April 2011 and closed at 20,556 points on 30March 2012, representing a cumulative

79、 decline of 13.1%during the period.Hong Kong stocks showed volatility during the Year. Negativesentiment dragged down the average daily turnover toHK$66.56 billion, down 7.4% over the Prior Year. The averagedaily number of derivatives contracts traded on the Hong KongFutures Exchange Limited and sto

80、ck options contracts tradedon the Stock Exchange were 271,669 and 287,561 (2011:230,120 and 269,630) respectively. The initial public offering(“IPO”) market has also been affected by the marketconditions, several listing applicants failed to activate theirIPOs as scheduled or scaled down the size of

81、 their fundraisingexercises. The number of companies having obtained listingon the Main Board and GEM (excluding those companieswhich transferred their listings from GEM to the Main Board)during the Year was 94 (2011: 101), and funds raised by way ofIPO were approximately HK$251.2 billion, represent

82、ing asubstantial decrease of 42.1% as compared to HK$433.6 billionin the Prior Year. However, according to HKExs annual report,Hong Kong securities market remained as the worlds biggestIPO centre for the third consecutive year in 2011. It is worth市場回顧市場回顧回顧本年度，香港股票市場呈現先跌後反彈的格局。二零一一年四月至十月期間，歐洲債務危機持續惡

83、化，以及內地政府為抑壓通脹而實行緊縮貨幣政策，導致恒生指數期內由高位反覆下滑，並於十月四日下跌至全年低位 16,170 點。不過，港股從二零一一年十一月起重拾升軌，隨著歐盟各國相繼制定財赤削減方案，加上歐洲央行推出長期再融資操作 (LTRO) 以增加當地銀行業流動性，債務危機大規模爆發的風險得以紓緩，而美國經濟數據逐步回暖亦增添了外圍市場的風險胃納；內地市場方面，通脹於第四季見頂回落，為銀根鬆綁定下初步基礎，刺激資金開始重投亞太區市場，帶動港股收復部份失地。綜合而言，恒生指數由二零一一年四月一日開市的 23,664 點，調整至二零一二年三月三十日的20,556 點，期內累計跌幅為 13.1%。

84、本年度港股表現反覆，投資氣氛回落至平均每日交易額 665.6 億港元，較上年度下跌 7.4%。香港期貨交易有限公司之衍生產品合約及聯交所之股票期權合約每日平均成交張數分別為 271,669 張及 287,561 張（二零一一年：230,120 張及 269,630 張）。新股市場方面，受市況影響，多家準上市企業未有如期啟動首次公開招股項目或縮減集資規模，本年度新上市公司（包括主板及創業板，但不包括創業板轉主板之公司）數目為九十四間（二零一一年：一百零一間），首次公開招股集資額約 2,512 億港元，較上年度首次公開招股集資額 4,336 億港元大幅縮減 42.1%。儘管如此，根據港交所年報，二

85、零一一年香港證券市場連續第三年成為全球最大首次公開招股集資中心。值得注意的是，年內合共十八家海外公司首次在聯交所掛牌買賣，海外公司佔首次公開招股集資額的比 率 由 二 零 一 零 年 的 45% 上 升 至 二 零 一 一 年 的52%，當中不乏歐美著名品牌如 Prada(1913) 及新秀麗 (1910) 等，足證香港作為國際融資中心舉足輕重的地位。noting that 18 overseas companies made their debut on theStock Exchange during the Year. IPOs by overseas companies,includi

86、ng some famous brand names from Europe and theUnited States of America, such as Prada (1913) and Samsonite(1910), accounted for 52% of total IPO funds raised in 2011,compared to 45% in 2010, reflecting Hong Kongs role as animportant international fundraising centre.Bright Smart Securities & Commodit

87、ies Group Limited Annual Report 2011/1217MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析Looking at 2012/13, whether the European countries canweather the impact arising from the debt maturities on thehorizon or the United States will launch a new round ofquantitative easing measures, and how the

88、monetary policy inthe Mainland strikes a balance between steady economicgrowth and inflation control are critical factors that dominatethe performance of Hong Kong stocks. Since Hong Kongstocks significantly underperformed other stock markets inthe region during the previous year, the valuations of

89、majorblue chips have dropped below their long term averages. Aslong as market liquidity remains ample, the Group remainscautiously optimistic towards the prospects of Hong Kongstocks.Operating ResultsFor the year ended 31 March 2012, the Groups turnoversignificantly increased by 21.5% to HK$228.7 mi

90、llion (2011:HK$188.2 million), hitting its record high. Profit attributable toequity shareholders was HK$60.6 million (2011: HK$40.6million), representing a sharp increase of 49.3% whencompared with the Prior Year. The Groups impressive resultsfor the Year were mainly attributable to the expansion o

91、fbranch network and effective marketing strategies in clientacquisition which gave rise to a rapid growth in customerbase, contributing to a significant increase of commissionincome from brokerage and promoting profit growth. Basicearnings per share were HK8.92 cents (2011: HK6.69 cents)展望二零一二一三年度，歐

92、洲國家能否順利過渡即將來臨的償債高峰期、美國會否推出新一輪的量化寬鬆措施，以及內地貨幣政策如何在穩定經濟增長和控制通脹之間取得平衡，均成為主導港股表現的關鍵因素。由於港股去年已大幅跑輸同區股市，主要藍籌股的估值亦已下跌至長期平均值以下，只要市場資金流動性維持充裕，本集團對港股的前景展望仍然審慎樂觀。經營業績經營業績截至二零一二年三月三十一日止年度，本集團營業額創歷史新高，錄得 228.7 百萬港元（二零一一年：188.2 百萬港元），較上年度大幅增長 21.5%；權益股東應佔溢利為 60.6 百萬港元（二零一一年：40.6 百萬港元），較上年同期飆升 49.3%。本年度創下佳績，主要由於分行網

93、絡擴張，加上年內市場推廣攻勢取得空前成功，吸納客戶成效顯著，客戶基礎迅速擴大，帶動經紀佣金收入大幅上升，推動盈利增長。每股基本盈利為8.92港仙（二零一一年：6.69港仙），而每股攤薄盈利為 8.89 港仙（二零一一年：6.69 港仙）。董事會建議就本年度派發末期股息每股 1.8 港仙（二零一一年：1.8 港仙）。and the diluted earnings per share were HK8.89 cents (2011:HK6.69 cents). The Board proposed a final dividend of HK1.8cents (2011: HK1.8 cents

94、) per share for the Year.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報18MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析HK$M百萬港元百萬港元250Turnover營業額營業額HK$M百萬港元百萬港元80Net pro t純利純利228.721.5%70200188.26060.61505049.3%40.64010030205010020112012020112012Year ended 31 March截至三月三十一日止年度截至三月三十一日止年度TurnoverAs stated

95、above ,the increase of turnover was contributed bythe strong growth of commission income from securities andfutures brokerage segments, which was mainly due to theexpansion of customer base as a result of the expandedbranch network and effective marketing strategies. During theYear, the Groups Mongk

96、ok 2nd Branch and Quarry BayBranch commenced operation in May 2011 and March 2012respectively, further expanding its branch coverage. As at theend of March 2012, the total number of branches reached 13(excluding the head office in Central). To enhance the qualityof its customer service and communica

97、tion with its customers,the Group has implemented 7-day a week operation since JulyYear ended 31 March截至三月三十一日止年度截至三月三十一日止年度營業額營業額承上文，營業額上升主要歸功於分行網絡及市場策略，壯大客戶規模，證券及期貨經紀業務的佣金同步大幅增加。本年度，本集團的旺角第二分行及鰂魚涌分行分別於二零一一年五月及二零一二年三月投入服務，分行網絡佈局進一步完善。至二零一二年三月底分行總數增加至十三間（中環總行不計算在內）。自二零一一年七月起，本集團八間特選分行實施七天營業（自鰂魚涌及灣仔分

98、行分別於二零一二年三月及二零一二年五月投入服務後，特選分行增至十間），方便客戶於假日前往分行辦理客戶服務，包括開新戶口、查詢、交收及認購新股等，從而提升客戶服務質素，加強與客戶之間的溝通。2011 at eight selected branches (the number of selectedbranches has increased to ten upon the commencement ofoperation of Quarry Bay Branch and Wanchai Branch in March2012 and May 2012 respectively), making

99、 it more convenientfor customers to access customer services at weekends,including opening new accounts, making inquiries, placingorders and applying for new stocks.Bright Smart Securities & Commodities Group Limited Annual Report 2011/12新收19MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析During t

100、he Year, the Group carried out a series of activepromotion schemes, the most notable of which has been the“New Fee for CBBCs and warrants of HK$4.88 (4.88 港 元 輪 證費 )” effective from October 2011. Capitalising on itsreputation, capital strength and service quality, the Group hassuccessfully acquired

101、a significant number of new customerssince the launch of the “New Fee for CBBCs and warrants ofHK$4.88”. The total number of new client accounts opened(after deducting the number of client accounts closed) duringthe Year was 28,096 (2011: 15,866), representing an increaseof 77.1% over the Prior Year

102、. Among the new client accountsopened, 1,933 and 26,163 were attributable to the head officeand the branches respectively, accounting for 6.9% and 93.1%(2011: 11.3% and 88.7%) of the total number of new clientaccounts opened respectively. As of 31 March 2012, theGroups total number of client account

103、s achieved a remarkablegrowth of 86.8% to 60,477 from 32,381 as at 31 March 2011,crossing the 60,000 threshold.Number of new client accounts opened年內本集團推出多項積極的推廣計劃，當中最矚目的是二零一一年十月份推出的4.88 港元輪證新收費。憑藉本集團的信譽、資本實力及服務素質等優勢，自4.88 港元輪證新收費推出後，成功吸納大批新客戶。本年度新開立戶口為 28,096 個（已扣減結束賬戶之客戶），較上年度新開立戶口增加 77.1%（二零一一年：1

104、5,866 個）。新開立戶口中，來自總行及分行分別為1,933及26,163個，佔總新開立戶口6.9%及 93.1%（二零一一年：11.3% 及 88.7%）。截至二零一二年三月三十一日，本集團客戶總數由二零一一年三月三十一日的 32,381 個，錄得大幅增長 86.8%至 60,477 個，衝破 60,000 大關。35,00030,00025,000新開立戶口新開立戶口28,09677.1%20,00015,86615,00010,0005,000020112012Year ended 31 March截至三月三十一日止年度截至三月三十一日止年度耀才證券金融集團有限公司耀才證券金融集團有限

105、公司 二零一一 / 一二年年報20MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析Total number of client accounts客戶總數客戶總數60,47760,000Year ended 31 March 2011截至二零一一年三月三十一日止年度50,000Year ended 31 March 2012截至二零一二年三月三十一日止年度40,00032,38130,00020,00010,0003/20103/20113/2012Month/Year月份月份 年年During the Year, the turnover a

106、ttributable to the branches wasHK$110.3 million (2011: HK$37.4 million), representing a sharpincrease of 194.9% over the Prior Year. The percentage of本年度分行錄得營業額110.3百萬港元（二零一一年：37.4 百萬港元），較上年度大幅增長 194.9%，佔總營業額比例激增至 48.2%（二零一一年：19.8%）。total turnover attributable to the branches surged to 48.2%(2011: 1

107、9.8%).Turnover distribution from head of ce and branches201119.8%80.2%來自總行及分行營業額分佈來自總行及分行營業額分佈Branches 分行分行201248.2%51.8%Head of ce 總行總行Year ended 31 March截至三月三十一日止年度Bright Smart Securities & Commodities Group Limited Annual Report 2011/12021MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析A summar

108、y of the revenue from different business segments本集團各業務分部之收益概要載列如下：of the Group is set out below:Year ended 31 March截至三月三十一日止年度截至三月三十一日止年度ProportionProportionof totalof totalIncrease2012turnover佔總營業額佔總營業額2011turnover佔總營業額(decrease)增加二零一二年二零一二年之比例之比例 二零一一年之比例（減少）HK$000%HK$000%千港元千港元千港元Commission inco

109、me from:來自以下各項之佣金收入：Securities brokerage 證券經紀113,38849.6%105,04455.8%7.9%Hong Kong futures and 香港期貨及期權options brokerage經紀48,01221.0%30,10316.0%59.5%Global futures brokerage 環球期貨經紀16,4597.2%7,6354.1%115.6%Stock options brokerage 股票期權經紀2,5691.1%7810.4%228.9%IPO brokerage 首次公開發售經紀3,5071.5%5,3852.9%(34.

110、9%)Interest income from孖展融資利息收入margin financing43,96719.2%33,01917.5%33.2%Interest income from IPO首次公開發售融資financing利息收入805228,7070.4%100.0%6,235188,2023.3%100.0%(87.1%)21.5%Turnover breakdown by business segments按業務分部劃分之營業額按業務分部劃分之營業額Securities brokerage證券經紀Hong Kong futures andoptions brokerage香港期貨

111、及期權經紀Global futures brokerage環球期貨經紀Stock options brokerage股票期權經紀IPO brokerage首次公開發售經紀Interest income frommargin nancing孖展融資利息收入Interest income fromYear ended 31 March 2012截至二零一二年三月三十一日止年度Year ended 31 March 2011截至二零一一年三月三十一日止年度IPO nancing首次公開發售融資利息收入30,00060,00090,000HK$000千港元千港元120,000耀才證券金融集團有限公司耀

112、才證券金融集團有限公司 二零一一 / 一二年年報22MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析I.Securities brokerageThe Groups commission income from securitiesbrokerage for the Year was HK$113.4 million (2011:HK$105.0 million), an increase of 7.9% over the PriorYear, accounting for 49.6% of the total turnover (2011:

113、55.8%). During the Year, the Stock Exchange recorded atotal transaction value of HK$16,303.1 billion (2011:HK$17,966.5 billion), representing a year-on-year declineof 9.3%. In contrast, the Group significantlyI.證券經紀證券經紀本集團於本年度之證券經紀佣金收入錄得113.4 百 萬 港 元（ 二 零 一 一 年：105.0 百 萬 港元），較上年度增加 7.9%，佔總營業額 49.6%（

114、二零一一年：55.8%）。年內聯交所錄得成交金額 163,031 億港元（二零一一年：179,665 億港元），同比下跌約 9.3%。相對而言，本集團證券經紀佣金收入逆市錄得增長，遠優於大市表現，年內的市場佔有率亦錄得增長。outperformed the market, recording an increase incommission income from securities brokerage againstthe downward market trend. It also gained market shareduring the Year.As to the global s

115、ecurities segment, the Group launchedthe services for trading China B shares, Singapore stocksand Taiwan stocks during the Year. With the increasingdemand for US securities from Hong Kong investors, theGroup rolled out its margin financing service in respectof US securities in April 2012.環球證券方面，本集團年

116、內推出中國 B 股、新加坡股及台股買賣服務。有見本港投資者對美股交易的需求漸增，本集團已於二零一二年四月提供美股孖展融資服務。HK$B十億港元十億港元23,000Transaction value ofthe Hong Kong stock market香港股票市場成交金額香港股票市場成交金額HK$M百萬港元百萬港元130Commission income from securitiesbrokerage of the Group本集團證券經紀佣金收入本集團證券經紀佣金收入12020,000113.417,00017,966.59.3%16,303.1110100105.07.9%14,000

117、908011,000708,000605,000201120125020112012Year ended 31 March截至三月三十一日止年度截至三月三十一日止年度Year ended 31 March截至三月三十一日止年度截至三月三十一日止年度Bright Smart Securities & Commodities Group Limited Annual Report 2011/12II.II.VI.VI.23MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析Hong Kong futures and options brokerage

118、The Groups commission income from Hong Kongfutures and options brokerage for the Year was HK$48.0million (2011: HK$30.1 million), a significant increase of59.5% over the Prior Year, accounting for 21.0% of thetotal turnover (2011: 16.0%).香港期貨及期權經紀香港期貨及期權經紀本集團於本年度錄得香港期貨及期權經紀佣金收入 48.0 百萬港元（二零一一年：30.1

119、百萬港元），較上年度大幅增長 59.5%，佔總營業額21.0%（二零一一年：16.0%）。III.Global futures brokerageThe volatile global markets prompted trading of globalfutures as a hedging tool, fuelling the active growth ofthe global futures market. Commission income fromglobal futures brokerage for the Year was HK$16.5million (2011: HK$7

120、.6 million), up 115.6% from the PriorYear, accounting for 7.2% of the total turnover (2011:4.1%). During the Year, the Group introduced 13additional global futures products, including FX futures,agricultural commodity futures and gasoline futures,III.環球期貨經紀環球期貨經紀環球市場波動，投資者以買賣環球期貨作為對沖工具，刺激本集團環球期貨的交投更

121、趨活躍。本年度環球期貨經紀佣金收入較上年度增長 115.6% 至 16.5 百 萬 港 元（ 二 零 一 一 年：7.6百萬港元），佔總營業額 7.2%（二零一一年：4.1%）。本集團年內增加 13 種環球期貨產品，包括外匯期貨、農產品期貨及汽油期貨等，至二零一二年三月三十一日本集團提供環球期貨共 50 種。bringing the Groups global futures products to 50 typesas at 31 March 2012.IV.Stock options brokerageTo meet customer needs, the Group has introd

122、uced thetrading service for Hong Kong stock options sinceAugust 2010, recording an income of HK$2.6 millionduring the Year (2011: HK$0.8 million), accounting for1.1% of the total turnover (2011: 0.4%). Stock option is ahighly leveraged investment product. The Group willclosely monitor the margin lev

123、els maintained in stockIV.股票期權經紀股票期權經紀為配合客戶需求，本集團於二零一零年八月起提供香港股票期權買賣服務，於本期間錄得收入 2.6 百萬港元（二零一一年：0.8 百萬港元），佔總營業額 1.1%（二零一一年：0.4%）。股票期權為高槓桿的投資產品，本集團嚴謹監察股票期權戶口的按金水平，並根據市況作出調整，以妥善控制風險。options accounts and adjust according to marketconditions to ensure proper risk management.V.Margin financingDuring the Y

124、ear, the Groups interest income frommargin financing was HK$44.0 million (2011: HK$33.0million), a significant increase of 33.2% over the PriorYear, accounting for 19.2% of the total turnover (2011:V.孖展融資孖展融資本集團於本年度錄得孖展融資利息收入為 44.0百萬港元（二零一一年：33.0 百萬港元），較上年度大幅增加 33.2%，佔總營業額 19.2%（二零一一年：17.5%）。17.5%).

125、IPO brokerage and IPO financingUnder the fluctuating market conditions during the Year,several corporations put off their listing plans or scaleddown the size of their fund raising activities. The amountof funds raised by way of IPO decreased significantly by42.1% compared to the Prior Year. The uns

126、atisfactoryperformance of several newly listed shares andinvestors lukewarm interest in subscription broughtdown the Groups interest income from IPO financing by87.1% to HK$0.8 million (2011: HK$6.2 million), while the首次公開發售經紀及首次公開發售融資首次公開發售經紀及首次公開發售融資年內，受市場波動影響，多家企業延遲上市計劃，又或縮減上市集資規模，首次公開發售項目集資額較上年度

127、大幅減少 42.1%。多隻新股表現未如理想，投資者認購氣氛低迷，本集團首次公開發售融資利息收入下降 87.1% 至 0.8百萬港元（二零一一年：6.2 百萬港元）；來自首次公開發售經紀業務佣金收入為 3.5 百萬港元（ 二 零 一 一 年：5.4 百 萬 港 元 ）， 按 年 下 降34.9%。commission income from IPO brokerage was HK$3.5million (2011: HK$5.4 million), representing a year-on-year decrease of 34.9% .耀才證券金融集團有限公司耀才證券金融集團有限公司 二

128、零一一 / 一二年年報%24MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析OPERATING EXPENSESDuring the Year, the Group incurred operating expenses ofHK$191.6 million (2011: HK$160.4 million), representing a year-on-year increase of 19.5%. The increase in operating expenseswas mainly attributable to the rising

129、 staff costs and business-related expenses as a result of the Groups businessexpansion and the launch of new businesses during the Year.However, advertising and promotion expenses as well as legaland professional fees decreased by 17.8% and 55.1%經營開支經營開支本 集 團 於 本 年 度 經 營 開 支 為 191.6 百 萬 港 元（二 零一一年：1

130、60.4 百萬港元），按年增加 19.5%。經營開支增長主要由於本年度本集團規模擴充及開展新業務，以致員工成本及業務相關開支上升。然而，由於本集團於二零一零年八月上市相關的宣傳開支及專業費用乃一次性項目，以致本年度廣告及宣傳開支和法律及專業費用開支分別減少 17.8% 及 55.1%。經營開支明細如下：respectively during the Year, due to the one-off nature of thepromotion expenses and professional fees in relation to thelisting of the Group in Aug

131、ust 2010. A breakdown of theoperating expenses is set out below:Year ended 31 March截至三月三十一日止年度截至三月三十一日止年度Increase2012二零一二年二零一二年HK$000千港元千港元2011二零一一年HK$000千港元(decrease)增加（減少）Staff costsDepreciationFinance costsAdvertising and promotion expensesHandling and settlement expenses員工成本折舊財務成本廣告及宣傳開支手續費及結算費用

132、74,72010,58812,5416,95518,40967,8026,9098,0088,45712,27010.2%53.2%56.6%(17.8%)50.0%Information and communication資訊及通訊開支expensesRentals, rates and buildingmanagement fees租金、差餉及樓宇管理費20,50729,04514,32521,01543.2%38.2%Legal and professional feesMiscellaneous expenses法律及專業費用雜項開支2,96115,842191,5686,60214,

133、983160,371(55.1%)5.7%19.5%Bright Smart Securities & Commodities Group Limited Annual Report 2011/1225MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析FUTURE PLANSWith the second phase of trading hour extension beingimplemented by HKEx, the competitiveness of the Hong Kongequity market has been furt

134、her enhanced. Moreover, overallefficiency of the Hong Kong securities market will be furtherincreased by HKExs other growth strategies, such as thepromotion of RMB structured products, upgrading of thetrading system, the alliance with overseas financial marketsand the plan to introduce the After-Hou

135、r Futures Tradingduring the second half of 2012, Hong Kongs position as aninternational financial hub will be consolidated accordingly.Notwithstanding the uncertainties in the global economicprospects, the Group will strive to capture all the opportunitiesahead and to cope with the growth strategies

136、 of HKEx so as toprepare the Group for its future expansion.Expanding market shareThe Group believes there is still immense room fordevelopment in the market, and will continue to attract newcustomers and increase market share actively throughproactive strategies in order to get a higher ranking amo

137、ngother Stock Exchange participants. To further the Groupsbusiness expansion strategies, the Group will continue toidentify sites with potential for branch development, aiming ata branch network that covers the 18 districts of Hong Kong.As China has emerged as a major economic power in theinternatio

138、nal arena, the Group will strive to develop theMainland market and commit more resources to attractcustomers in the Mainland, so as to increase revenuestreams. To increase brand recognition in the Mainland,the Group will step up its marketing efforts by negotiatingcooperation with various Mainland m

139、edia platforms to presentthe live broadcast of its flagship advertising tool “Bright SmartFinance Channel” ( 耀 才 財 經 台 ). The Groups celebrity stockcommentator, Mr. Kwok Sze Chi, will conduct seminars inthe Mainland regularly to promote communication betweenthe Group and the Mainland investors and,

140、at the same time,未來計劃未來計劃隨著港交所實施第二階段延長交易時段，港股市場的競爭力已經進一步加強。此外，港交所其他一系列發展策略，例如推展人民幣結構產品、提升交易系統功能、與海外金融市場聯盟，以及計劃於二零一二年下半年開設收市後期貨交易時段等，亦大大提高了本港證券市場的整體效率，從而鞏固香港作為國際金融中心之領導地位。儘管環球經濟前景存在不明朗因素，但本集團將致力把握眼前所有機遇，配合港交所的發展策略，為未來集團業務發展做好準備。擴大市場佔有率擴大市場佔有率本集團認為目前的市場空間仍然龐大，計劃會繼續透過積極的拓展策略，不斷吸納新客戶，積極搶佔市場份額，務求令本集團之聯交所

141、參與者排名更上一層樓。為延續擴充業務策略，本集團將繼續物色具潛力地區開設分行，目標延伸分行網絡至全港十八區。隨著中國成為國際間舉足輕重的重要經濟體，本集團未來會致力開拓國內市場，計劃投放更多資源吸納內地客戶，從而增加收入來源。為進一步提升國內知名度，本集團將會加強國內的推廣力度，計劃透過耀才財經台作為旗艦宣傳工具，與多個國內媒體平台洽談合作進行同步直播；而旗下星級股評人郭思治先生亦會定期到內地進行講座，促進本集團與國內投資者之間的交流，同時分享港股最新資訊。再者，本集團擁有強大穩健的網絡交易平台，能為國內投資者提供一站式的金融服務，加上一直貫徹的佣金優惠政策，相信能有效吸納更多國內客戶，有助本

142、集團拓展國內市場。share with them the latest development of the Hong Kongstock market. Furthermore, the Groups powerful and reliableonline trading platform allows the Group to offer one-stopfinancial services to Mainland investors. The Group adheresto its favourable commission policy which will also help lur

143、emore PRC customers and gain a foothold in the Mainland.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報26MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析Enriching product varietyThe Group will continue the strategy to diversify its productsand services, and develop a wide range of financial productsto expan

144、d its sources of income. In March 2012, the Groupwas licensed by the Securities and Futures Commission tocarry out Type 7 (Providing Automated Trading Services)regulated activity, facilitating new shares pre-listing trading viaan online order matching system, the “BS Pre-IPO TradingCentre”, which ma

145、de the Group one of the securities housesin the market to provide grey market trading of new shares.Meanwhile, the Group was also licensed to carry out Type 9(Asset Management) regulated activity in the same month,and is now formulating the plan to introduce discretionarymanagement accounts for prof

146、essional investors and launchthe Groups first fund product. As to the global products, theGroup introduced the US securities margin financing service inApril 2012, and is rolling out the leveraged forex trade as wellas bullion products, so as to generate new sources of income.Extending futures tradi

147、ng hoursThe HKEx plans to launch the After Hours Futures Tradingduring the second half of 2012. To support HKExs new policyand to provide comprehensive services to customers, theGroup has made all necessary preparation and is in a positionto provide around-the-clock online futures trading service as

148、soon as such new measures are in effect. Furthermore, theGroup anticipates the introduction of “Dual Tranche DualCounter” with enthusiasm. According to the figures releasedby Hong Kong Monetary Authority, Renminbi deposit balancein Hong Kong stood at RMB554.3 billion as at the end of March豐富產品種類豐富產品

149、種類本集團將繼續貫徹產品及服務多元化的策略，致力拓展各類的金融產品以增加收入來源。二零一二年三月，本集團獲香港證監會發出提供自動化交易服務（第 7 類受規管活動）牌照，透過網上對盤系統耀才新股交易中心（BS Pre-IPO Trading Centre）提供新股上市前買賣服務，成為市場上提供新股暗盤交易之證券行。此外，本集團於同月獲發提供資產管理（第 9 類受規管活動）牌照，現正研究計劃向專業投資者提供全權委託經營帳戶及推出本集團首隻基金產品。環球產品方面，本集團已於二零一二年四月增設美股孖展借貸服務，目前正計劃推出槓桿式外匯、現貨金等業務，為未來開闢新收入來源。延長期貨交易時段延長期貨交易時

150、段二零一二年下半年，港交所計劃開設收市後期貨交易時段，本集團對此已有充分準備，能夠馬上為客戶提供二十四小時網上期貨交易服務，積極配合港交所的新措施，為客戶提供更加完善的服務。另一方面，本集團亦熱切期待雙幣雙股的推行。根據香港金管局公佈數字，香港境內人民幣存款餘額截至二零一二年三月底已達人民幣 5,543 億元。本集團相信有關措施之推行能有效鼓勵投資者以人民幣進行投資，進一步刺激港股交投，有助本集團的長足發展。2012. The Group believes that such a measure will encourageinvestors to invest with Renminbi,

151、prompting heavier tradingof Hong Kong stocks and supporting the long termdevelopment of the Group.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1227MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析ConclusionLeveraging on its energetic marketing and developmentstrategies, th

152、e Group was able to achieve rapid businessgrowth against adversities, ranking one of the few profitablesecurities houses in the industry during the Year. Lookingforward, the Group will continue to develop a range offinancial products to expand its source of income. As theGroup diversifies into new b

153、usiness areas and expands itsscale of operation, it will reallocate and integrate its resourcesamong different segments. It will also implement effective costcontrol measures to enhance its overall profitability andoperation efficiency, bringing better returns for itsshareholders.CAPITAL STRUCTURE,

154、LIQUIDITY ANDFINANCIAL RESOURCESThe Group financed its operations with shareholders equity,cash generated from operation and bank borrowings.The Group maintained a strong cash position. Its bankdeposits, bank balances and cash amounting to HK$397.1million as at 31 March 2012 (2011: HK$349.9 million)

155、, increasedby 13.5% as compared with that as at 31 March 2011.The Group had total bank borrowings of HK$425.0 million as at31 March 2012 (2011: HK$815.0 million) which are primarily atfixed rates. The bank borrowings were primarily collateralisedby its margin clients securities pledged to the Group.

156、 As at 31March 2012, unutilised facilities amounted to HK$1,648.0million. The Groups gearing ratio, which is total bankborrowings divided by the total shareholders equity, was86.1% (2011: 184.6%).As at 31 March 2012, the net current assets of the Groupincreased by HK$63.0 million or 15.9% to HK$459.

157、3 million(2011: HK$396.3 million). The Groups current ratio, which iscurrent assets divided by current liabilities, was 1.42 as at 31March 2012 (2011: 1.30).總結總結本年度，本集團憑藉積極進取的業務推廣政策及拓展策略，以致能夠成功在逆市中突圍而出，實現業務高速增長，成為業內少數能錄得理想盈利之證券金融集團。展望未來，本集團將繼續拓展各類的金融產品以增加收入來源。隨著本集團業務發展愈趨廣泛，規模日漸壯大，未來將會就不同業務進行資源調配及整合，

158、透過強效的成本控制措施，致力提升整體盈利能力及營運效率，為股東爭取理想回報。資本結構、流動資金及財務資源資本結構、流動資金及財務資源本集團以股東權益、經營業務產生之現金及銀行借貸為其營運提供資金。本 集 團 維 持 強 勁 現 金 狀 況。 於 二 零 一 二 年 三 月三十一日，其銀行存款、銀行結餘及現金為 397.1 百萬港元（二零一一年：349.9 百萬港元），較於二零一一年三月三十一日者增加 13.5%。於二零一二年三月三十一日，本集團之總銀行借貸為 425.0 百萬港元（二零一一年：815.0 百萬港元），主要按固定息率計算。銀行借貸主要以其孖展客戶抵押予本集團之證券作抵押。於二零一

159、二年三月三十一日，未動用融資為 1,648.0 百萬港元。本集團之資產負債比率（按總銀行借貸除以總股東權益計算）為 86.1%（二零一一年：184.6%）。於二零一二年三月三十一日，本集團之流動資產淨值增加 63.0 百萬港元或 15.9% 至 459.3 百萬港元（二零 一 一 年：396.3 百 萬 港 元 ）。 於 二 零 一 二 年 三 月三十一日本集團之流動比率（按流動資產除以流動負債計算）為 1.42 倍（二零一一年：1.30 倍）。耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報元） 。28MANAGEMENT DISCUSSION AND ANALYS

160、IS管理層討論與分析管理層討論與分析The Group actively and regularly reviews and manages itscapital structure and adjusts it in light of changes in economicconditions. For the licensed subsidiaries, the Group ensureseach of them maintains a liquid capital level adequate tosupport the level of activities with a suffic

161、ient buffer toaccommodate increases in liquidity requirements arising frompotential increases in the level of business activities. Duringthe Year, all the licensed subsidiaries complied with the liquidcapital requirements under the Securities and Futures(Financial Resources) Rules (“FRR”).CHARGES ON

162、 ASSETSNo asset of the Group was subject to any charge as at 31March 2012 and 2011.CONTINGENT LIABILITIESAs at 31 March 2012, subsidiaries of the Company engaging insecurities and futures broking have secured banking facilitiesfrom authorised institutions for a total amount of HK$623.0million (2011:

163、 HK$466.0 million). The Company has issuedcorporate guarantees for a total principal amount of HK$623.0million (2011: HK$466.0 million) for these facilities. As at 31March 2012, the subsidiary has utilised HK$325.0 million ofthese aggregate banking facilities (2011: HK$145.0 million).As at 31 March

164、2012, the Directors do not consider it probablea claim will be made against the Company under any of theguarantees. The Company has not recognised any deferredincome in respect of the guarantees as their fair value cannotbe reliably measured and the transaction price was nil.OPERATING LEASE COMMITME

165、NTS ANDCAPITAL COMMITMENTSThe operating lease commitments as at 31 March 2012 wereapproximately HK$36.3 million (2011: HK$51.5 million). TheGroup did not have any material capital commitment as at 31March 2012 and 2011.本集團積極定期檢討及管理資本結構，並因應經濟環境之轉變對資本結構作出調整。就持牌附屬公司而言，本集團確保各附屬公司均保持資金靈活周轉，足以支持業務經營，以及在業務

166、活動可能轉趨頻繁而引致對流動資金之需求上升時亦能應付自如。於本年度，所有持牌附屬公司均遵守證券及期貨（財政資源）規則（財政資源規則）項下之流動資金規定。資產抵押資產抵押於二零一二年及二零一一年三月三十一日，本集團之資產並無受限於任何抵押。或然負債或然負債於二零一二年三月三十一日，本公司從事證券及期貨經紀業務之附屬公司自認可機構取得銀行融資合共 623.0 百萬港元（二零一一年：466.0 百萬港元）。本公司已就該等融資發出本金總額623.0百萬港元（二零 一 一 年：466.0 百 萬 港 元 ）之 公 司 擔 保。 於 二 零一二年三月三十一日，附屬公司已動用該等銀行融資總額之 325.0

167、百萬港元（二零一一年：145.0 百萬港於二零一二年三月三十一日，董事認為不太可能就任何擔保針對本公司作出任何申償。由於擔保之公平值不能可靠計量及交易價為零，故本公司並無就該等擔保確認任何遞延收入。經營租約承擔及資本承擔經營租約承擔及資本承擔於二零一二年三月三十一日，經營租約承擔約為36.3 百萬港元（二零一一年：51.5 百萬港元）。於二零一二年及二零一一年三月三十一日，本集團並無任何重大資本承擔。Bright Smart Securities & Commodities Group Limited Annual Report 2011/1229MANAGEMENT DISCUSSION A

168、ND ANALYSIS管理層討論與分析管理層討論與分析EMPLOYEES AND REMUNERATION POLICIESAs at 31 March 2012, the Group had a work force of 236employees (2011: 228 employees). Staff costs, excludingDirectors emoluments, amounted to approximately HK$68.3million for the Year (2011: HK$58.5 million). The Groupsremuneration polic

169、y aims to offer competitive remunerationpackages to recruit, retain and motivate competentemployees. The Group believes the remuneration packagesare reasonable and competitive and in line with market trends.The Group has put in place a share option scheme and abonus scheme for its executives and emp

170、loyees in a bid toprovide a competitive remuneration package for the Groupslong term growth and development. The Group also providesappropriate training and development programmes to itsemployees to enhance the staffs work ability and personaleffectiveness.On 13 October 2011, the Company cancelled a

171、ll remaining16,268,000 share options granted on 25 February 2011 andgranted a total of 19,578,000 share options under a shareoption scheme approved and adopted on 4 August 2010 toselected participants as incentives or awards for theircontribution to the Group. For details, please refer to “ShareOpti

172、on Scheme” section on pages 54 to 59 of this annualreport.SIGNIFICANT ACQUISITION AND DISPOSAL OFSUBSIDIARIESDuring the Year, the Group did not make any significantacquisition or disposal of subsidiaries.LITIGATIONBright Smart Securities International (H.K.) Limited, one of theGroups subsidiaries, i

173、s defending a defamation claim broughtagainst it by Chief Securities Limited on 15 May 2012 for anunquantified amount of damages and costs. The matter isnow in its early stage of proceeding. The Group is pendingsenior counsels advice and is unable to assess the outcomeof this claim, no provisions ha

174、ve been made in respect of thisclaim. Except for the outstanding litigation case as statedherein, the Group was not involved in any other significant僱員及薪酬政策僱員及薪酬政策於二零一二年三月三十一日，本集團共有 236 名僱員（二零一一年：228 名僱員）。本年度之員工成本（不包括董事酬金）約為 68.3 百萬港元（二零一一年：58.5 百萬港元）。本集團之薪酬政策旨在提供具競爭力之薪酬福利，以吸引、挽留及激勵能幹之僱員。本集團相信該等薪酬福利

175、屬合理及具競爭力，且符合市場趨勢。本集團已為其行政人員及僱員設立一項購股權計劃及獎金計劃，藉此提供具競爭力之薪酬福利，以達致本集團之長期增長及發展。本集團亦向其僱員提供適當培訓及發展計劃，以提升員工之工作能力及個人效能。於二零一一年十月十三日，本公司註銷所有於二零一一年二月二十五日授出之餘下 16,268,000 份購股權，並根據於二零一零年八月四日批准及採納之購股權計劃授出共19,578,000份購股權予選定參與者，作為激勵或回報彼等對本集團所作之貢獻。詳情請參閱本年報第 54 至 59 頁之購股權計劃一節。重大收購及出售附屬公司重大收購及出售附屬公司本年度，本集團並無任何重大收購或出售附屬

176、公司。訴訟訴訟本集團附屬公司之一耀才證券國際（香港）有限公司現正就致富證券有限公司於二零一二年五月十五日所作之誹謗的申索提出抗辯，該申索所產生之損失及費用未能確定。案件現已進入法律程序的初步階段，本集團正等待資深大律師的法律意見及尚未能評估有關申索之結果，故此並無就此提取撥備。除了本文所述的這宗尚未判決的訴訟外，於二零一二年三月三十一日及至本年報日止期間，本集團並無涉及任何其他重大訴訟。litigation as at 31 March 2012 and up to the date of this annualreport.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二

177、年年報30MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析RISK MANAGEMENTCredit riskThe Groups credit risk is primarily attributable to accountsreceivable due from clients, brokers and clearing houses.Management has a credit policy in place and the exposure tothe credit risk is monitored on an ongoing

178、basis.In respect of accounts receivable due from clients, individualcredit evaluations are performed on all clients including cashand margin clients. Cash clients are required to place depositsas prescribed by the Groups credit policy before execution ofany purchase transactions. Receivables due fro

179、m cash clientsare due within the settlement period commonly adopted bythe relevant market convention, which is usually within a fewdays from the trade date. Because of the prescribed depositrequirements and the short settlement period involved, thecredit risk arising from the accounts receivable due

180、 from cashclients is considered low. The Group normally obtains liquidsecurities and/or cash deposits as collateral for providingmargin financing to its clients. Margin loans due from marginclients are repayable on demand. For commodities andfutures broking, an initial margin is required before open

181、ing atrading position. Market conditions and adequacy of securitiescollateral and margin deposits of each margin account andfutures account are monitored by the management on a dailybasis. Margin calls and forced liquidation are made wherenecessary.In respect of accounts receivable from brokers and

182、clearinghouses, credit risks are considered low as the Group normallyenters into transactions with brokers and clearing houseswhich are registered with regulatory bodies and with soundreputation in the industry.The Group has no significant concentration of credit risk ascredits are granted to a larg

183、e population of clients.The Group does not provide any other guarantees whichwould expose the Group to credit risk.風險管理風險管理信貸風險信貸風險本集團之信貸風險主要來自應收客戶、經紀及結算所之賬款。管理層訂有信貸政策，並持續監控信貸風險。就應收客戶賬款方面，所有客戶（包括現金及孖展客戶）均須接受個別信貸評估。於執行任何購買交易前，現金客戶須按本集團之信貸政策向指定戶口存款。應收現金客戶款項乃於相關市場慣例普遍採用之結算期內到期，一般為交易日後數天內。基於指定存款規定及所涉及結算

184、期短，故應收現金客戶賬款產生之信貸風險甚微。本集團一般會向其客戶取得流動證券及或現金存款作為向其客戶提供孖展融資之抵押品。應收孖展客戶之孖展貸款須應要求償還。就商品及期貨經紀業務而言，於開倉前須支付基本按金。管理層會每日監察市況以及各孖展賬戶及期貨賬戶之證券抵押品及保證金是否足夠，如有需要，會追繳保證金及強行斬倉。由於本集團一般與已向監管機構註冊並於業內享有良好聲譽之經紀及結算所進行交易，故應收經紀及結算所賬款之信貸風險甚低。由於本集團向眾多客戶提供信貸，故並無重大集中信貸風險。本集團並無提供任何其他擔保，致令本集團面對信貸風險。Bright Smart Securities & Commod

185、ities Group Limited Annual Report 2011/12）31MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析管理層討論與分析Liquidity riskIndividual operating entities within the Group are responsiblefor their own cash management, including the raising of loansto cover expected cash demands, and to ensure compliancewith FRR. The

186、 Groups policy is to regularly monitor its liquidityrequirement and its compliance with lending covenants, toensure that it maintains sufficient reserves of cash andadequate committed lines of funding from major financialinstitutions to meet its liquidity requirements in the short andlong term.Inter

187、est rate riskThe Group charges interest on its margin clients on the basisof its cost of funding plus a mark-up. Financial assets such asmargin loans and deposits with banks and financial liabilitiessuch as bank loans and loan from a related company areprimarily at fixed rates. The Groups income and

188、 operatingcash flows are not subject to significant interest rate risk.Foreign currency riskThe Group is exposed to currency risk primarily arising fromfinancial instruments that are denominated in United Statesdollars (“USD”) and Renminbi (“RMB”). As the Hong Kong dollar(“HKD”) is pegged to the USD

189、, the Group considers the risk ofmovements in exchange rates between the HKD and the USDto be insignificant. In respect of financial instrumentsdenominated in RMB, the Group ensures that the net exposure流動資金風險流動資金風險本集團內個別經營實體負責各自之現金管理，包括籌措貸款應付預期現金需要，並確保符合財政資源規則。本集團之政策為定期監管流動資金需要，並遵守借貸契諾，確保維持足夠現金儲備及來

190、自大型財務機構之充足承諾融資額度，以應付長短期流動資金需要。利率風險利率風險本集團按其資金成本另加漲價向孖展客戶收取利息。財務資產（如孖展貸款及銀行存款）及財務負債（如銀行貸款及來自一家關連公司之貸款）主要按固定息率計息。本集團之收入及經營現金流量並無面對重大利率風險。外匯風險外匯風險本集團所承受外匯風險主要源自以美元（美元）及人民幣（人民幣計值之金融工具。由於港元與美元掛鈎，本集團認為，港元與美元之匯率變動風險輕微。就以人民幣計值之金融工具而言，本集團在有需要的情況下按即期匯率購入或出售外幣以處理短期之不平衡情況，藉以確保風險淨額維持於可接受之水平。管理層每日監控所有外匯持倉。is kept

191、 to an acceptable level by buying or selling foreigncurrencies at spot rates where necessary to address short-term imbalances. The management monitors all the foreigncurrency positions on a daily basis.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報BIOGRAPHIES OF DIRECTORSAND SENIOR MANAGEMENT董事及高級管理層簡歷董事及高級管

192、理層簡歷101312981153124671. Mr. YIP Mow Lum (Chairman) 2. Mr. CHAN Kai Fung (Executive Director & Chief Executive Officer) 3. Mr. KWOK Sze Chi (Executive Director & MarketingDirector) 4. Mr. CHAN Wing Shing, Wilson (Executive Director & Dealing Director) 5. Mr. YU Yun Kong (Independent Non-executive Dir

193、ector) 6. Mr. SZETO Wai Sun(Independent Non-executive Director) 7. Mr. LING Kwok Fai, Joseph (Independent Non-executive Director) 8. Mr. NG Kim Wah (Chief Executive Officer) 9. Mr.LEONG Yean-Shen, Jimmy (Chief Executive Officer) 10. Mr. SHIU Yuk Lun, Godwin (Head of Legal and Compliance) 11. Mr. WON

194、G Wing Man (Head of InformationTechnology) 12. Ms. LI Wan Mei (Chief Financial Officer) 13. Ms. LAM Mei Kam, Catharine (Company Secretary)1. 葉茂林先生（主席） 2. 陳啟峰先生（執行董事兼行政總裁） 3. 郭思治先生（執行董事兼市務總監） 4. 陳永誠先生（執行董事兼交易總監） 5. 余韌剛先生（獨立非執行董事） 6. 司徒維新先生（獨立非執行董事） 7. 凌國輝先生（獨立非執行董事） 8. 吳劍華先生（行政總裁） 9. 梁衍燊先生（行政總裁） 10.

195、邵玉麟先生（法律及合規部主管） 11. 黃穎文先生（資訊科技部主管） 12. 李韻媚小姐（財務總監） 13. 林美金女士（公司秘書）33BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層簡歷董事及高級管理層簡歷EXECUTIVE DIRECTORSMr. YIP Mow LumChairman(Appointed as a director on 4 August 2009 and elected as theChairman on 4 August 2010)Aged 60, is the founder, the Chairman

196、of the Board and thecontrolling shareholder of the Company. Mr. Yip is also theChairman of the Nomination Committee and a member of theRemuneration Committee of the Company. He is responsiblefor the formulation of corporate strategies, overseeingoperations and the overall steering of the Groupsmanag

197、ement. Mr. Yip has solid experience in the brokerageindustry and investment and has over 10 years managementexperience in securities and futures brokerage. He is a directorof Bright Smart Asset Management Limited (“Bright SmartAsset Management”), Bright Smart FX & Bullion Limited(“Bright Smart FX”),

198、 Bright Smart Futures & CommoditiesCompany Limited (“Bright Smart Futures”), Bright SmartSecurities International (H.K.) Limited (“Bright SmartSecurities”) and Bright Smart Investment Holdings Limited(“Bright Smart Investment”). Mr. Yip is a responsible officerrecognised by the Securities & Futures

199、Commission of HongKong (“SFC”) for engaging in the Type 2 (dealing in futurescontracts) regulated activity. He is the sole director of NewCharming Holdings Limited, the controlling shareholder of theCompany and the uncle of Mr. Chan Wing Shing, Wilson, oneof the Executive Directors of the Company.Mr

200、. CHAN Kai FungExecutive Director & Chief Executive Officer(Appointed as a director on 4 August 2009 and designated asan executive director on 4 August 2010)Aged 45, is an Executive Director and a Chief Executive Officerwith overall responsibility for the business and operations ofthe Group. Mr. Cha

201、n has over nine years managementexperience in securities and futures businesses, andspecialises in IPO financing project. He is also a director ofBright Smart Asset Management, Bright Smart FX, BrightSmart Futures, Bright Smart Securities and Bright Smart執行董事執行董事葉茂林先生葉茂林先生主席（於二零零九年八月四日獲委任為董事並於二零一零年八

202、月四日獲推選為主席）60 歲，為本公司創辦人、董事會主席及控股股東。葉先生亦為本公司提名委員會之主席及薪酬委員會之成員。彼負責制定公司策略、監察營運及監督本集團之整體管理工作。葉先生於經紀業及投資方面具備豐富知識，並擁有超過 10 年管理證券及期貨經紀業務之經驗。彼為耀才資產管理有限公司（耀才資 產 管 理 ）、 耀 才 外 匯 黃 金 有 限 公 司（ 耀 才 外匯）、耀才期貨及商品有限公司（耀才期貨）、耀才證券國際（香港）有限公司（耀才證劵）及耀才投資控股有限公司（耀才投資）之董事。葉先生為香港證券及期貨事務監察委員會（香港證監會）認可第二類（期貨合約交易）受規管活動之負責人員。彼為本公司

203、控股股東，新長明控股有限公司，之唯一董事及本公司另一名執行董事陳永誠先生之舅父。陳啟峰先生陳啟峰先生執行董事兼行政總裁（於二零零九年八月四日獲委任為董事並於二零一零年八月四日獲指定為執行董事）45 歲，為本公司執行董事及行政總裁，負責本集團整體業務及營運。陳先生於證券及期貨業積逾九年之管理經驗，專長於首次公開發售融資項目。陳先生亦為耀才資產管理、耀才外匯、耀才期貨、耀才證劵及耀才投資之董事。加入本集團前，陳先生曾任湧金有限公司（一所證券經紀公司）及大富地產有限公司之董事及萬景企業有限公司之行政部經理。Investment. Before joining the Group, Mr. Chan

204、was a directorof Coin Fall Limited (a securities brokerage company) andLucky Man Properties Limited as well as the administrationmanager of Maxview Enterprises Limited.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報34BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層簡歷董事及高級管理層簡歷Mr. KWOK Sze ChiExecutive D

205、irector & Marketing Director(Appointed on 4 August 2010)Aged 57, an Executive Director of the Company and theMarketing Director of the Group with responsibilities for theformulation of marketing strategy of the Group, themanagement of the analysts team as well as the marketingand business developmen

206、t of Bright Smart Securities andBright Smart Futures. Mr. Kwok has over 20 years experiencein securities and futures businesses and has expertise inmarketing strategy, securities analysis and corporatemanagement. Mr. Kwok is also a director of Bright Smart AssetManagement, an independent non-executi

207、ve director ofVictory City International Holdings Limited (a listed company inHong Kong) and has been a director of The Institute ofSecurities Dealers Limited and a vice chairman of The HongKong Institute of Financial Analysts and ProfessionalCommentators Limited since 2001 and 2004 respectively. Pr

208、iorto joining the Group, Mr. Kwok held senior positions in PeaceTown Securities Limited and Cheerful Securities Limited. He isa responsible officer recognised by the SFC for engaging in theType 1 (dealing in securities), Type 4 (advising on securities),Type 7 (providing automated trading services) a

209、nd Type 9(asset management) regulated activities. He is also arepresentative recognised by the SFC for engaging in the Type2 (dealing in futures contracts) regulated activity.Mr. CHAN Wing Shing, WilsonExecutive Director & Dealing Director(Appointed on 4 August 2010)Aged 47, is an Executive Director

210、 of the Company and theDealing Director of the Group in charge of the daily dealingoperations of Bright Smart Securities and Bright Smart Futures.Mr. Chan is also a director of Bright Smart Securities andBright Smart Futures. He has over nine years experience insecurities and futures businesses and

211、is a responsible officerrecognised by the SFC for engaging in the Type 1 (dealing insecurities), Type 2 (dealing in futures contracts), Type 4(advising on securities), Type 5 (advising on futures contracts)郭思治先生郭思治先生執行董事兼市務總監（於二零一零年八月四日獲委任）57 歲，為本公司之執行董事及本集團之市務總監，負責制定本集團市場策略、管理分析員團隊以及耀才證券及耀才期貨之市場推廣及

212、業務發展。郭先生於證券及期貨業積逾 20 年經驗，在市場策略、證券分析及企業管理方面具備專業知識。郭先生亦為耀才資產管理之董事、冠華國際控股有限公司（一所香港上市公司）之獨立非執行董事以及自二零零一年及二零零四年起分別擔任證券商協會有限公司董事及香港專業財經分析及評論家協會副會長。加入本集團前，郭先生於平和證券有限公司及時富證券有限公司任職高層。彼為香港證監會認可第一類（證券交易）、第四類（就證券提供意見）、第七類（提供自動化交易服務）及第九類（提供資產管理）受規管活動之負責人員，並為香港證監會認可第二類（期貨合約交易）受規管活動之持牌代表。陳永誠先生陳永誠先生執行董事兼交易總監（於二零一零年

213、八月四日獲委任）47 歲，為本公司之執行董事及本集團之交易總監，負責監督耀才證券及耀才期貨之日常交易運作。陳先生亦為耀才證券及耀才期貨之董事。彼於證券及期貨業積逾九年經驗並為香港證監會認可第一類（證券交易）、第二類（期貨合約交易）、第四類（就證券提供意見）、第五類（就期貨合約提供意見）及第七類（提供自動化交易服務）受規管活動之負責人員。陳先生為本公司創辦人、董事會主席及控股股東葉先生之外甥。and Type 7 (providing automated trading services) regulatedactivities. Mr. Chan is the nephew of Mr. Yi

214、p, the founder, theChairman of the Board and the controlling shareholder of theCompany.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1235BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層簡歷董事及高級管理層簡歷INDEPENDENT NON-EXECUTIVE DIRECTORSMr. YU Yun KongIndependent Non-execut

215、ive Director(Appointed on 4 August 2010)Aged 46, is an Independent Non-executive Director, theChairman of the Audit Committee and the RemunerationCommittee and a member of the Nomination Committee ofthe Company. Mr. Yu is a practising certified public accountantwith over 20 years experience in publi

216、c accounting practice.He is a fellow member of the Association of CharteredCertified Accountants and a member of the Hong KongInstitute of Certified Public Accountants.Mr. SZETO Wai SunIndependent Non-executive Director(Appointed on 4 August 2010)Aged 53, is an Independent Non-executive Director, a

217、memberof the Audit Committee, the Nomination Committee and theRemuneration Committee of the Company. Mr. Szeto holds aBachelors Degree in Laws (Hons) and a PostgraduateCertificate in Laws from The University of Hong Kong. He wasadmitted as a solicitor in Hong Kong in 1985 and worked in anumber of la

218、w firms in Hong Kong including Chan & Co., Y. T.and Cheung & Co., Edmund before becoming a partner inSzeto W.S. & Lee. Mr. Szeto obtained the ProfessionalCertificate in Chinese Civil & Commercial Law, a course whichwas jointly organised by Tsinghua University in the PRC andthe School of Professional

219、 and Continuing Education of TheUniversity of Hong Kong in 2002.Mr. LING Kwok Fai, JosephIndependent Non-executive Director(Appointed on 4 August 2010)Aged 56, is an Independent Non-executive Director, a memberof the Audit Committee, the Nomination Committee and theRemuneration Committee of the Comp

220、any. Mr. Ling has over16 years experience in accounting, finance and administrationand has been a director and the company secretary of acharitable organisation since 2004. Mr. Ling joined MidlandRealty (Holdings) Limited in 1990 and was the executivedirector when he left the company in 1997. Prior

221、to that, hewas a controller of Hong Kong Telephone Company Limited獨立非執行董事獨立非執行董事余韌剛先生余韌剛先生獨立非執行董事（於二零一零年八月四日獲委任）46 歲，本公司之獨立非執行董事、審核委員會及薪酬委員會主席以及提名委員會成員。余先生為執業會計師，於會計界積逾 20 年執業經驗。彼為英國特許公認會計師公會資深會員及香港會計師公會會員。司徒維新先生司徒維新先生獨立非執行董事（於二零一零年八月四日獲委任）53 歲，為本公司之獨立非執行董事、審核委員會、提名委員會及薪酬委員會成員。司徒先生持有香港大 學 法 律 榮 譽 學

222、士 學 位 及 法 律 專 業 證 書。 彼 於一九八五年取得香港執業律師資格，並曾在陳應達律師事務所及張恩純、葉健民律師行等多家香港律師行任職，其後自行執業成為司徒維新律師行合夥人。司徒先生於二零零二年取得中國清華大學與香港大學專業進修學院合辦之中國民商法專業課程進修結業證書。凌國輝先生凌國輝先生獨立非執行董事（於二零一零年八月四日獲委任）56 歲，為本公司之獨立非執行董事、審核委員會、提名委員會及薪酬委員會成員。凌先生於會計、財務及行政方面積逾 16 年經驗並自二零零四年起出任一家慈善組織之董事兼公司秘書。凌先生於一九九零年加入美聯物業（集團）有限公司，於一九九七年離職時為該公司之執行董事

223、。在此之前，彼曾任香港電話有限公司總監並於美國大通銀行及波士頓第一國民銀行出任會計工作。凌先生為英國特許秘書及行政人員公會及香港公司秘書公會會員。and has also worked at Chase Manhattan Bank and the FirstNational Bank of Boston in the accounting field. Mr. Ling is anassociate member of the Institute of Chartered Secretariesand Administrators and the Hong Kong Institute of

224、 CompanySecretaries.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報36BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層簡歷董事及高級管理層簡歷SENIOR MANAGEMENTMr. NG Kim WahChief Executive Officer(Joined the Group in January 2012)Aged 42, is a Chief Executive Officer with overall responsibilityfor the business and o

225、perations of the Group. Mr. Ng has over15 years of extensive experience in the banking industry andfinancial sector. Prior to joining the Group, he was the RegionalHead of Bank Relations, Asia Pacific, at an internationalfinancial institution where his responsibilities included credit &risk manageme

226、nt, assets & liabilities management and capital& funding management for the Asia Pacific region. Mr. Ng hasassumed different senior roles in various reputable banks,including Oversea-Chinese Banking Corporation Limited,Sumitomo Mitsui Banking Corporation Limited and Bank ofChina (Hong Kong) Limited

227、and has extensive knowledge andexperience in the operations of financial institutions. Mr. Nggraduated from The University of Winnipeg, Canada, with aBachelors Degree in Arts (major in Statistics) and obtained aMasters Degree in Finance from RMIT University Australia.Mr. LEONG Yean-Shen, JimmyChief

228、Executive Officer(Joined the Group in January 2012)Aged 41, is a Chief Executive Officer with overall responsibilityfor the business and operations of the Group. Mr. Leong hasover 19 years of comprehensive international experience withfinancial institutions both locally and overseas. He hasassumed d

229、ifferent management positions during the periodand brings with him extensive knowledge in treasury, financialmarkets, capital markets, fund and investment management.Before joining the Group, Mr. Leong worked for an internationalfinancial institution as the Regional Treasurer for Asia Pacificand was

230、 responsible for all aspects of the treasury functionacross seven countries within the Asia Pacific region. Prior tothat, he held senior level appointments at an Asian regional高級管理層高級管理層吳劍華先生吳劍華先生行政總裁（於二零一二年一月加入本集團）42 歲，為本集團之行政總裁，負責本集團整體業務及營運。吳先生於銀行業及金融界擁有超過 15 年之豐富經驗。在加入本集團前，吳先生為一所國際金融機構之亞太區銀行關連業務主

231、管，主要職責包括該機構於亞太區內之信貸及風險管理、資產及負債管理以及資本及資金管理。吳先生亦曾於不同的著名銀行擔任高級職位，包括星加坡華僑銀行、三井住友銀行及中國銀行（香港）有限公司，於金融機構之營運上具豐富的知識及經驗。吳先生畢業於加拿大溫尼伯大學，取得文學士學位（主修統計學），並於澳洲皇家墨爾本理工大學取得金融學碩士學位。梁衍燊先生梁衍燊先生行政總裁（於二零一二年一月加入本集團）41 歲，為本集團之行政總裁，負責本集團整體業務及營運。梁先生在本地及海外之金融機構擁有超過19 年之廣泛國際經驗。期間，彼曾擔任不同之管理職位，在財資、金融市場、資本市場、基金及投資管理上獲得豐富知識。在加入本集

232、團前，梁先生為一所國際金融機構之亞太區地區司庫，負責該機構亞太區內橫跨七個國家之所有司庫職責。在此之前，梁先生歷任不同之高級職位，彼曾為一所亞洲區域銀行之司庫及駐守香港之海外金融市場主管以及於其他金融機構包括於倫敦及新加坡之 JP 摩根有限公司及渣打銀行任職。梁先生持有美國密蘇里州聖路易斯華盛頓大學電機工程學理學士學位。bank as the Treasurer and Head of Overseas Financial Marketsbased in Hong Kong and other financial institutions includingJ.P. Morgan and St

233、andard Chartered Bank in London andSingapore. Mr. Leong holds a Bachelor of Science degree inElectrical Engineering from Washington University in SaintLouis, Missouri, USA.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1237BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理

234、層簡歷董事及高級管理層簡歷Mr. SHIU Yuk Lun, GodwinHead of Legal and Compliance(Joined the Group in March 2012)Aged 50, is the Head of Legal and Compliance of the Group incharge of all legal and compliance aspects of the Group. Mr.Shiu has served for the Hong Kong Monetary Authority, HangSeng Bank Limited, DBS Ba

235、nk Limited, KBC Bank,Commonwealth Bank of Australia and Citibank N.A. whichbrings him with over 20 years rich experience in InternalAudit, Legal and Regulatory Compliance. He is currently amember of Hong Kong Securities Institute, a senior associateof Financial Services Institute of Australia, a Cer

236、tified InternalAuditor of Institute of Internal Auditors Inc., U.S.A. and aCertified Practicing Accountant of CPA Australia. Mr. Shiuholds a Masters Degree in Laws in Chinese Business Law anda Bachelors Degree in Business Administration from TheChinese University of Hong Kong as well as a Masters De

237、greein Accountancy from The University of Wollongong, Australia.Mr. WONG Wing ManHead of Information Technology(Joined the Group in March 2009)Aged 41, is the Head of Information Technology responsiblefor the formulation of information technology strategy as wellas administration and development of

238、the informationtechnology system of the Group. Mr. Wong holds a BachelorsDegree in Engineering from The University of Hong Kong. Hehas over 10 years experience in design and development oftrading systems. Prior to joining the Group, Mr. Wong was thechief technology officer of Ayers Solutions Limited

239、 where hewas responsible for developing its flagship software product Ayers GTS online securities/futures trading system.Ms. LI Wan MeiChief Financial Officer(Joined the Group in November 2008)Aged 28, is the Chief Financial Officer in charge of the overallfinancial and accounting management of the

240、Group. Ms. Lihas over six years accounting experience, including threeyears experience gained in PricewaterhouseCoopers. Sheholds a Bachelors Degree (first class honours) in Business邵玉麟先生邵玉麟先生法律及合規部主管（於二零一二年三月加入本集團）50 歲，為本集團之法律及合規部主管，負責本集團所有法律及合規事宜。邵先生曾服務香港金融管理局、恒生銀行有限公司、星展銀行有限公司、比利時聯合銀行、澳州聯邦銀行及花旗銀行

241、，獲得超過二十年之內部審計、法律及合規工作之豐富經驗。彼現時為香港證券專業學會會員、澳州金融財務協會資深會員、美國內部審計協會認可內部審計師及澳州註冊會計師。邵先生持有香港中文大學法律學院法學碩士及工商管理學院會計系學士學位以及澳州臥龍崗大學會計學碩士學位。黃穎文先生黃穎文先生資訊科技部主管（於二零零九年三月加入本集團）41 歲，為本集團之資訊科技部主管，負責制定本集團資訊科技策略以及資訊科技系統之行政及開發。黃先生持有香港大學工程學士學位。彼擁有超過 10年設計及開發交易系統之經驗。加入本集團前，黃先生曾任艾雅斯資訊科技有限公司技術總監，負責開發其旗艦軟件產品 Ayers GTS 網上證券期

242、貨交易系統。李韻媚小姐李韻媚小姐財務總監（於二零零八年十一月加入本集團）28 歲，為本集團之財務總監，負責本集團之整體財務及會計管理工作。彼擁有超過六年之會計經驗，包括三年於羅兵咸永道會計師事務所之經驗。彼持有嶺南大學工商管理學士（一級榮譽）學位（主修會計學）並為香港會計師公會會員。Administration (major in Accounting) from Lingnan Universityand is a member of the Hong Kong Institute of Certified PublicAccountants.耀才證券金融集團有限公司耀才證券金融集團有限公司

243、 二零一一 / 一二年年報38BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層簡歷董事及高級管理層簡歷Ms. LAM Mei Kam, CatharineCompany Secretary(Joined the Group in January 2012)Aged 42, is the Company Secretary of the Group. Ms. Lam has15 years extensive experience in company secretarialpractices. Before joining the G

244、roup, she worked in the board/company secretarial department of BOC Hong Kong (Holdings)Limited, Nanyang Commercial Bank, Limited andPricewaterhouseCoopers. Ms. Lam is an associate member ofthe Institute of Chartered Secretaries and Administrators and林美金女士林美金女士公司秘書（於二零一二年一月加入本集團）42 歲，為本集團之公司秘書，林女士於公

245、司秘書實務具有十五年豐富經驗。在彼加盟本集團前，彼曾於中銀香港（控股）有限公司、南洋商業銀行有限公司及羅兵咸永會計事務所之董事會公司秘書部門工作。林女士為英國特許秘書及行政人員公會及香港特許秘書公會會員並持有香港浸會大學工商管理（榮譽）學士學位。Hong Kong Institute of Chartered Secretaries and holds aBachelors Degree with Honours in Business Administrationfrom Hong Kong Baptist University.Bright Smart Securities & Commo

246、dities Group Limited Annual Report 2011/1239CORPORATE GOVERNANCE REPORT企業管治報告企業管治報告CORPORATE GOVERNANCE PRACTICESThe Board is committed to ensuring high standards ofcorporate governance practices and believes that they areessential for maintaining and promoting investors confidence.The Board reviews

247、 its corporate governance practices fromtime to time in order to meet public and shareholdersexpectations and to comply with increasingly stringentregulatory requirements, as well as to fulfil its commitment forexcellence in corporate governance.The Corporate Governance Code (“CG Code”), issued by t

248、heStock Exchange, sets out two levels of corporate governancepractices, namely mandatory code provisions that listedcompanies must comply with or explain their non-compliance,and recommended best practices that listed companies areencouraged to comply with but need not disclose in the caseof non-com

249、pliance. For the year ended 31 March 2012, theCompany fully complied with the mandatory code provisionsof the CG Code.BOARD OF DIRECTORSThe Boards primary responsibilities are to formulate theCompanys long-term corporate strategy, oversee themanagement of the Group, evaluate the performance of theGr

250、oup and assess the achievement of targets periodicallyset by the Board. In addition, the Board has also established企業管治常規企業管治常規董事會恪守維持高水平之企業管治常規之承諾，並堅信此對於維持及提高投資者之信心至為重要。為達到公眾及股東之期望，符合日趨嚴謹之監管要求，以及實踐董事會對堅守優越企業管治之承諾，董事會時刻檢討集團之企業管治常規。聯交所發出之企業管治常規守則（企業管治守則）載有兩個層次之企業管治常規，包括：強制守則條文 上市公司必須遵守，或對任何不遵守之情況作出解釋

251、；及建議最佳常規 鼓勵上市公司加以遵守，但毋須披露不遵守之情況。截至二零一二年三月三十一日止年度，本公司完全遵守企業管治守則之強制守則條文。董事會董事會董事會之主要職責為制定本公司之長期公司策略、監督本集團之管理、評估本集團之表現及評核能否達到董事會定期設定之目標。此外，董事會亦已成立三個董事會轄下之委員會，並按該等委員會之職權範圍，將不同責任轉授該等委員會負責。three Board Committees and has delegated to these BoardCommittees various responsibilities set out in their terms ofr

252、eference.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報討。40CORPORATE GOVERNANCE REPORT企業管治報告企業管治報告BOARD COMPOSITIONThe Board comprises seven Directors, of whom more thanone-third are non-executive and independent of themanagement. The Board is collectively responsible forpromoting the success of the Company

253、by directing andsupervising the Companys affairs. The Board has a balance ofskills and experience appropriate for the requirements of theGroups businesses. As at 31 March 2012, four of the Directorsare executive, namely Mr. Yip Mow Lum (Chairman), Mr. ChanKai Fung (Chief Executive Officer), Mr. Kwok

254、 Sze Chi and Mr.Chan Wing Shing, Wilson, and three of the Directors areindependent non-executive, namely Mr. Yu Yun Kong, Mr.Szeto Wai Sun and Mr. Ling Kwok Fai, Joseph. The biographicaldetails of the Directors are set out in the “Biographies ofDirectors and Senior Management” section of this annual

255、report.During the year ended 31 March 2012, the Board at all timesmet the minimum requirements of the Rules Governing theListing of Securities on The Stock Exchange of Hong KongLimited (the “Listing Rules”) relating to the appointment of atleast three independent non-executive directors, andcomplied

256、 with the requirement that these should include onesuch director with appropriate professional qualifications ofaccounting or related financial management expertise. BothMr. Yu Yun Kong and Mr. Ling Kwok Fai, Joseph have theappropriate professional qualifications and experience in thefinancial matte

257、rs required. Pursuant to the requirement in theListing Rules, the Company has received written confirmationfrom each of the Independent Non-executive Directors of hisindependence from the Company.Mr. Chan Wing Shing, Wilson is a nephew of Mr. Yip Mow Lum.Mr. Yip Mow Lum, Mr. Chan Kai Fung, Mr. Kwok

258、Sze Chi andMr. Chan Wing Shing, Wilson are directors of a subsidiary orseveral subsidiaries of the Company. Save as disclosed above,there are no other relationships between the Board members,including financial, business, family or other material/relevantrelationships.During the Year, the Company ar

259、ranged for appropriate coveron Directors Liability Insurance Policy to indemnify theDirectors for liabilities arising from the corporate activities. The董事會組成董事會組成董事會由七名董事組成，超過三分之一之董事為非執行董事，並且獨立於管理層。透過指示並監督本公司之事務，董事會共同負責推動本公司之成功發展。董事會擁有本集團業務所需之各種合適技能及經驗。於二零一二年三月三十一日，四名董事會成員為執行董事，分別為葉茂林先生（主席）、陳啟峰先生（行政

260、總裁）、郭思治先生及陳永誠先生，另外三名董事會成員為獨立非執行董事，分別為余韌剛先生、司徒維新先生及凌國輝先生。各董事之簡歷載於本年報董事及高級管理層簡歷一節。於截至二零一二年三月三十一日止年度，董事會一直符合香港聯合交易所有限公司證券上市規則（上市規則）對委任最少三名獨立非執行董事之最低要求，並遵守當中應包括一名具備適當之專業會計資格或相關財務管理專長之董事之規定。余韌剛先生及凌國輝先生均具備所需之適當專業資格及財務事宜方面之經驗。根據上市規則之規定，本公司已收到各獨立非執行董事就其獨立性而向本公司發出之書面確認。陳永誠先生為葉茂林先生之外甥。葉茂林先生、陳啟峰先生、郭思治先生及陳永誠先生為

261、本公司一間或數間附屬公司之董事。除上述披露外，董事會成員間並無任何關係，包括財務、業務、家屬或其他重大或相關關係。本公司於年內已為各董事會成員購買適當的董事責任保險，以保障其因企業行為而引起之賠償責任，本公司均會為該保險的保額及保障範圍進行年度檢coverage and the amount insured under such policy arereviewed annually by the Company.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1241CORPORATE GOVERN

262、ANCE REPORT企業管治報告企業管治報告BOARD PRACTICESThe Board holds at least four regular meetings each year atapproximately quarterly intervals to discuss the Groupsbusiness development, operations and financial performance.Notice of at least fourteen days is given to all Directors for allregular Board meetings.

263、 All regular Board meetings adhere toa formal agenda in which a schedule of matters is addressedto the Board. All Directors have access to the Board papersand related materials, and are provided with adequateinformation which enables the Board to make informeddecisions on the matters to be discussed

264、 and considered atthe Board meetings. Minutes of Board meetings are kept bythe Company Secretary and are open for inspection by anyDirector at any reasonable time on reasonable notice. Tofacilitate the decision-making process, the Directors are freeto have access to the management for enquiries and

265、to obtainfurther information, when required, and the Directors canobtain independent professional advice at the Companysexpense.During the year ended 31 March 2012, four full Board meetingsand an annual general meeting (“AGM”) were held. Details ofthe attendance of the Directors to the Board meeting

266、s andAGM are as follows:董事會常規董事會常規董事會每年最少舉行四次定期會議，約每季舉行一次，討論本集團之業務發展、營運及財務表現。就董事會所有定期會議，全體董事均會獲發最少十四天通知。所有定期董事會會議均設有正式議程，具體列出待議事項供董事會審議。全體董事均有權查閱董事會文件及有關材料，並會獲提供充分資料，使董事會可就提呈董事會會議討論及省覽之事項作出知情決定。董事會會議記錄由公司秘書備存，任何董事可藉發出合理通知而於任何合理時間查閱董事會會議記錄。為加快決策程序，董事可於需要時隨時聯絡管理層以查詢並索取進一步資料，董事亦可諮詢獨立專業人士之意見，費用由本公司承擔。截至

267、二零一二年三月三十一日止年度，董事會已舉行四次全體董事會會議及一次股東週年大會。董事於董事會會議及股東週年大會之出席率詳情如下：Number offull BoardNumber ofgeneralmeetingsattended出席全體董事會出席全體董事會Attendanceratemeetingsattended出席股東大會出席股東大會AttendancerateName of Directors董事姓名董事姓名會議之次數會議之次數出席率出席率之次數之次數出席率出席率Executive Directors:執行董事：執行董事：Mr. YIP Mow LumMr. CHAN Kai Fung

268、Mr. KWOK Sze ChiMr. CHAN Wing Shing, Wilson葉茂林先生陳啟峰先生郭思治先生陳永誠先生4/44/44/43/4100%100%100%75%1/11/11/11/1100%100%100%100%Independent Non-executiveDirectors:獨立非執行董事：獨立非執行董事：Mr. YU Yun KongMr. SZETO Wai SunMr. LING Kwok Fai, Joseph余韌剛先生司徒維新先生凌國輝先生4/43/44/4100%75%100%1/10/11/1100%0%100%耀才證券金融集團有限公司耀才證券金融集

269、團有限公司 二零一一 / 一二年年報42CORPORATE GOVERNANCE REPORT企業管治報告企業管治報告CONTINUOUS PROFESSIONAL DEVELOPMENTThe Directors have been informed of the requirement underCode provision A.6.5 of the New CG Code regardingcontinuous professional development. Details of how eachDirector complies with such requirement for

270、the year ending31 March 2013 will be set out in the corporate governancereport in the Companys 2012/2013 annual report.APPOINTMENT AND RE-ELECTION OFDIRECTORSEach of the Executive Directors has entered into a serviceagreement with the Company for an initial fixed term of threeyears with effect from

271、25 August 2010, which willautomatically be renewable for one successive year, and willcontinue thereafter unless and until terminated by either partygiving the other prior notice in writing (not less than threemonths notice for Mr. Yip Mow Lum and Mr. Chan Kai Fung;and not less than twelve months no

272、tice for Mr. Chan WingShing, Wilson and Mr. Kwok Sze Chi). They are subject toretirement from office by rotation at annual general meetingsin accordance with the Articles of Association of the Company(“Articles of Association”).CG Code provision A.4.1 stipulates that non-executivedirectors should be

273、 appointed for a specific term subject tore-election. The Independent Non-executive Directors of theCompany are appointed for a specific term. Mr. Yu Yun Kongand Mr. Ling Kwok Fai, Joseph have been appointed for a fixedterm of three years with effect from 25 August 2010 and Mr.Szeto Wai Sun for a fi

274、xed term of one year with effect from 25August 2010 and with extension of term for further two yearsafterward. Either the Company or any of the threeIndependent Non-executive Directors may terminate theservice by giving the other party three months prior notice in持續專業發展持續專業發展董事已獲悉新企業管治守則第 A.6.5 條有關持

275、續專業發展的守則條文規定。截至二零一三年三月三十一日止年度各董事如何遵守該規定的詳情，將載於本公司二零一二二零一三年年報的企業管治報告。委任及重選董事委任及重選董事各執行董事已與本公司訂立服務協議，初步固定年期由二零一零年八月二十五日起計為期三年，可自動續期一年及於其後繼續生效，除非及直至任何一方向對方發出事先書面通知（就葉茂林先生及陳啟峰先生而言不少於三個月通知；而就陳永誠先生及郭思治先生而言不少於十二個月通知）終止為止。彼等須按本公司之組織章程細則（組織章程細則）之規定於股東週年大會上輪值告退。企業管治守則條文 A.4.1 規定，非執行董事之委任應有指定任期，並須接受重新選舉。本公司獨立非

276、執行董事之委任具有指定任期，余韌剛先生及凌國輝先生之固定任期由二零一零年八月二十五日起計為期三年，而司徒維新先生之固定任期則由二零一零年八月二十五日起計為期一年及之後再伸延兩年固定任期。本公司或三名獨立非執行董事之任何一人均可透過向對方發出三個月之事先書面通知終止服務。三名獨立非執行董事須根據組織章程細則之條文輪值告退及合資格於本公司之股東週年大會上膺選連任。writing. All three Independent Non-executive Directors aresubject to retirement by rotation and are eligible forre-elec

277、tion at the annual general meetings of the Companyaccording to the provisions of the Articles of Association.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1243CORPORATE GOVERNANCE REPORT企業管治報告企業管治報告According to the Articles of Association, at each annualgeneral meeting of th

278、e Company, one-third of the currentDirectors, or if there are not three or a multiple of three, thenthe number nearest to but not less than one-third, shouldretire from office by rotation at least once every three years. Aretiring Director shall be eligible for re-election. Further, anyDirector appo

279、inted to fill a casual vacancy or as an addition tothe Board should hold office only until the first generalmeeting of the Company after his appointment and shall besubject to re-election at such meeting.MODEL CODE FOR SECURITIES TRANSACTIONSThe Company has adopted the Model Code for SecuritiesTrans

280、actions by Directors of Listed Issuers (the “Model Code”)set out in Appendix 10 to the Listing Rules as its own code ofconduct regarding securities transactions by the Directors. Allthe Directors have confirmed that they have complied with therequired standard set out in the Model Code throughout th

281、eyear ended 31 March 2012.COMPLIANCE MANUALTo ensure the Company operates according to the higheststandards of ethical conduct and professional competence, allDirectors, management and staff are required to strictly followthe Companys Compliance Manual which places them underspecific obligations as

282、to the ethics and principles by whichthe Companys business is conducted. With reference to theapplicable regulatory guidelines and other industry bestpractices, the Compliance Manual sets out ethical standardsand values on topics such as staff dealing in securities, anti-money laundering and persona

283、l benefits.CHAIRMAN AND CHIEF EXECUTIVE OFFICERSCG Code provision A.2.1 stipulates that the roles of chairmanand chief executive officer (“CEO”) should be separate andshould not be performed by the same individual. To balancepower and authority, Mr. Yip Mow Lum presently acts as theChairman of the C

284、ompany, and Messrs. Chan Kai Fung, Ng根據組織章程細則，在本公司每屆股東週年大會上，三分之一現任董事，或倘人數並非三或三之倍數，則最接近三分之一，但不少於三分之一人數之董事須最少每三年輪值退任一次。退任董事可合資格膺選連任。此外，任何獲委任以填補臨時空缺或增加董事會名額之董事，應僅任職至彼獲委任後本公司首次舉行之股東大會為止，並須於該大會上接受重新選舉。證券交易之標準守則證券交易之標準守則本公司已採納上市規則附錄 10 所載上市發行人董事進行證券交易之標準守則（標準守則）作為董事進行證券交易之行為守則。全體董事均已確認，彼等於截至二零一二年三月三十一日止年度

285、內，一直遵守標準守則所訂之標準。合規手冊合規手冊為確保本公司以最高道德水平及專業操守經營，全體董事、管理層及員工均須嚴格遵守本公司之合規手冊，當中列明彼等在本公司經營業務所依據之道德及原則方面之具體責任。參照適用監管指引及其他行業最佳常規，合規手冊載有員工買賣證券、反洗黑錢及私人利益等項目的道德標準及價值觀。主席及行政總裁主席及行政總裁企業管治守則條文 A.2.1 規定，主席與行政總裁（行政總裁）之角色應有區分，不應由一人同時兼任。為平衡權力及權限，葉茂林先生現時擔任本公司之主席，而陳啟峰先生、吳劍華先生及梁衍燊先生現時擔任本公司之行政總裁。Kim Wah and Leong Yean-She

286、n, Jimmy act as the CEOs of theCompany.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報略。44CORPORATE GOVERNANCE REPORT企業管治報告企業管治報告Their respective responsibilities are clearly established. TheChairman is responsible for ensuring that the Board properlydischarges its responsibilities and conforms to good corpor

287、ategovernance practices and procedures. In addition, as theChairman of the Board, he is also responsible for ensuring thatall Directors are properly briefed on issues arising at Boardmeetings and that all Directors receive adequate, completeand reliable information in a timely manner. The CEOs arere

288、sponsible for day-to-day management of the Groupsbusiness, including the implementation of significant strategiesformulated by the Board.COMMITTEES OF THE BOARDAudit CommitteeThe Audit Committee currently comprises three members, allof whom are Independent Non-executive Directors, namely,Mr. Yu Yun

289、Kong, Mr. Szeto Wai Sun and Mr. Ling Kwok Fai,Joseph, none of whom are involved in the day-to-daymanagement of the Company.The Audit Committee is responsible for reviewing theCompanys financial information (including the Companysfinancial statements, annual reports, interim reports and majorcomments

290、 on financial reporting contained in the financialstatements and reports), examining and studying theCompanys financial reporting system and proceduresfor internal supervision and control, and makingrecommendations to the Board on matters regarding theappointment of external auditors and the fixing

291、of the auditfee, etc.The works performed by the Audit Committee during the Yearincluded the review and, where applicable, approval of:the audited financial statements of the Company for theyear ended 31 March 2011;彼等各自之責任均有清楚界定。主席負責確保董事會適當地履行其職能，貫徹良好企業管治常規及程序。此外，作為董事會主席，彼亦負責確保所有董事均適當知悉董事會會議上審議之事項，及時

292、得到完備、可靠及充足之信息，而行政總裁則負責本集團業務之日常管理，包括實行董事會制定之重要策董事會轄下之委員會董事會轄下之委員會審核委員會審核委員會審核委員會現由三名成員組成，全部均為獨立非執行董事，分別為余韌剛先生、司徒維新先生及凌國輝先生，彼等並無參與本公司之日常管理。審核委員會負責審閱本公司之財務資料（包括本公司之財務報表、年度報告、中期報告及有關財務報表及報告所載之財務申報之主要意見）、檢視及研究本公司之財務申報系統及進行內部監督及監控之程序，就委任外聘核數師及審核費等事宜向董事會提供建議。審核委員會於年內之工作主要包括審議及（如適用）審批：本公司截至二零一一年三月三十一日止之經審核財

293、務報表；the internal control system;the interim financial statements of the Company for thesix months ended 30 September 2011; andadoption of new terms of reference of the Audit內部控制系統；本公司截至二零一一年九月三十日止之中期財務報表；及審核委員會之新職責約章之採納。Committee.Bright Smart Securities & Commodities Group Limited Annual Report 2011

294、/12）45CORPORATE GOVERNANCE REPORT企業管治報告企業管治報告Two Audit Committee meetings were held in the Year withattendance rate of 100%. Attendance records of relevant審 核 委 員 會 於 年 內 共 召 開 兩 次 會 議， 出 席 率 達100%，有關董事的出席率詳列如下：Directors are set out as follows:Number ofmeetings attendedAttendance rateName of Directo

295、rsMr. YU Yun Kong (Chairman)Mr. SZETO Wai SunMr. LING Kwok Fai, Joseph董事姓名董事姓名余韌剛先生（主席）司徒維新先生凌國輝先生出席會議之次數出席會議之次數2/22/22/2出席率出席率100%100%100%The Audit Committee has recommended to the Board thatKPMG, Certified Public Accountants (“KPMG”), be nominatedfor re-appointment as the external auditor of the C

296、ompany atthe forthcoming annual general meeting of the Company.Nomination CommitteeThe Nomination Committee comprises four members,including Mr. Yip Mow Lum, Chairman of the Board, togetherwith three Independent Non-executive Directors, namely, Mr.Yu Yun Kong, Mr. Szeto Wai Sun and Mr. Ling Kwok Fai

297、,Joseph.The Nomination Committee was established to makerecommendations for all appointments, re-designations andreappointments of Directors to the Board. It is also responsiblefor determining the independence of each Independent Non-executive Director and conducting a formal assessment onthe effect

298、iveness of the Board as a whole, as well asdetermining the contribution of each Director to theeffectiveness of the Board. In evaluating the Boardsperformance, the Nomination Committee considers a numberof factors, including appropriate professional knowledge andindustry experience, personal ethics,

299、 integrity and personal審核委員會已向董事會建議，在本公司應屆股東週年大會上提名續聘執業會計師畢馬威會計師事務所（畢馬威為本公司之外聘核數師。提名委員會提名委員會提名委員會由四名成員組成，包括董事會主席葉茂林先生及三名獨立非執行董事余韌剛先生、司徒維新先生及凌國輝先生。成立提名委員會旨在就董事之一切委任、調任及續任事項向董事會提供建議。提名委員會亦負責釐定各獨立非執行董事之獨立性，對董事會整體工作之成效進行正式評核以及釐定各董事對促進董事會有效工作所作之貢獻。於評估董事會之表現時，提名委員會考慮多項因素，包括合適專業知識及行業經驗、個 人 操 守、誠 信、個 人 才 能

300、及 成 員 所 投 入 時間。提名委員會每年最少舉行一次會議，以檢討現任董事會之架構、人數及組成，並就董事會成員及本公司高層人員之架構、人數及組成（包括其技能、知識及經驗）向董事會提供建議。skills, as well as time commitments of members. TheNomination Committee meets at least once a year to reviewthe structure, size and composition of the existing Board, andto recommend to the Board the struc

301、ture, size andcomposition (including the skills, knowledge and experience)of the Board members and senior staff of the Company.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報46CORPORATE GOVERNANCE REPORT企業管治報告企業管治報告The works performed by the Nomination Committee duringthe Year included the review and, where a

302、pplicable, approvalof:composition of the Board and its committees;nomination of chief executive officers; andadoption of new terms of reference of the NominationCommittee.One Nomination Committee meeting was held in the Year withattendance rate of 100%. Attendance records of relevant提名委員會於年內之工作主要包括審

303、議及（如適用）審批：董事會及其委員會之組成；行政總裁之提名；及提名委員會之新職責約章之採納。提 名 委 員 會 於 年 內 共 召 開 一 次 會 議， 出 席 率 達100%，有關董事的出席率詳列如下：Directors are set out as follows:Number ofmeetings attendedAttendance rateName of DirectorsMr. YIP Mow Lum (Chairman)Mr. YU Yun KongMr. SZETO Wai SunMr. LING Kwok Fai, Joseph董事姓名董事姓名葉茂林先生（主席）余韌剛先生司徒

304、維新先生凌國輝先生出席會議之次數出席會議之次數1/11/11/11/1出席率出席率100%100%100%100%Remuneration CommitteeThe Remuneration Committee currently comprises fourmembers, including Mr. Yip Mow Lum, Chairman of the Board,together with three Independent Non-executive Directors,namely, Mr. Yu Yun Kong, Mr. Szeto Wai Sun and Mr. LingK

305、wok Fai, Joseph.With effect from 28 February 2012, Mr. Yip Mow Lum hasresigned as the Chairman of the Remuneration Committee butremained as a member. Mr. Yu Yun Kong was appointed as薪酬委員會薪酬委員會薪酬委員會現由主席葉茂林先生及三名獨立非執行董事余韌剛先生、司徒維新先生及凌國輝先生組成。自二零一二年二月二十八日起，葉茂林先生辭任薪酬委員會之主席，但留任為該委員會成員。余韌剛先生則獲委任為該委員會之主席。the

306、Chairman.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1247CORPORATE GOVERNANCE REPORT企業管治報告企業管治報告The duties of the Remuneration Committee include makingrecommendations to the Board on the remuneration policyand structure of the Directors and senior management,approving the

307、remuneration, determining the remunerationpackages of all Directors and senior management andapproving the compensation to Directors and seniormanagement on termination or dismissal, provided that noDirector was involved in deciding his own remuneration.Details of the amount of Directors emoluments

308、during thefinancial year ended 31 March 2012 are set out in note 8 tothe financial statements in this annual report. The emolumentpolicy of the employees of the Group is set up on the basis oftheir merit, qualifications and competence, as well as markettrend. The Directors emoluments are determined

309、withreference to the Companys operating results, individualperformance and the prevailing market rates.The works performed by the Remuneration Committee duringthe Year included the review and, where applicable, approvalof:remuneration scheme of the Group;change of Chairman of the Remuneration Commit

310、tee;andadoption of new terms of reference of the RemunerationCommittee.One Remuneration Committee meeting was held in the Yearwith attendance rate of 100%. Attendance records of relevant薪酬委員會之職責包括就董事及高級管理層之薪酬政策及架構向董事會提供建議、批准薪酬、釐定全體董事及高級管理層之薪酬福利，以及批准董事及高級管理層終止受聘或被免職時獲發之賠償，惟董事不得參與決定其自身薪酬。於截至二零一二年三月三十一

311、日止財政年度之董事酬金詳情載於本年報財務報表附註 8。本集團僱員之酬金政策乃按彼等之功績、資歷及能力以及市場趨勢而訂立。董事酬金乃參考本公司之經營業績、個人表現及現行市場水平而釐定。薪酬委員會於年內之工作主要包括審議及（如適用）審批：本集團之薪酬制度；薪酬委員會主席之變更；及薪酬委員會之新職責約章之採納。薪 酬 委 員 會 於 年 內 共 召 開 一 次 會 議， 出 席 率 達100%，有關董事的出席率詳列如下：Directors are set out as follows:Number ofmeetings attendedAttendance rateName of Directors

312、Mr. YU Yun Kong (Chairman)Mr. YIP Mow LumMr. SZETO Wai SunMr. LING Kwok Fai, Joseph董事姓名董事姓名余韌剛先生（主席）葉茂林先生司徒維新先生凌國輝先生出席會議之次數出席會議之次數1/11/11/11/1出席率出席率100%100%100%100%耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報48CORPORATE GOVERNANCE REPORT企業管治報告企業管治報告ACCOUNTABILITY AND AUDITThe Board is responsible for overs

313、eeing the preparation offinancial statements for each financial period, which give atrue and fair view of the state of affairs of the Company, andof the results and cash flow for that period. In preparing thefinancial statements for the year ended 31 March 2012, theBoard has selected suitable accoun

314、ting policies and hasapplied them consistently, adopted appropriate Hong KongFinancial Reporting Standards and Hong Kong AccountingStandards which are pertinent to its operations and relevantto the financial statements, made judgments and estimatesthat are prudent and reasonable, and has prepared th

315、efinancial statements on a going concern basis.EXTERNAL AUDITORFor the year ended 31 March 2012, KPMG, the external auditorof the Group, provided the following services to the Group:問責及審核問責及審核董事會負責監察各財政期間之財務報表之編製工作，有關財務報表須真實及公平地反映本公司之事務狀況及該期間之業績及現金流量。編製截至二零一二年三月三十一日止年度之財務報表時，董事會已選擇並貫徹採用合適之會計政策、採納與集團

316、業務及財務報表有關之適當香港財務報告準則及香港會計準則、作出審慎合理之判斷及估計，並已按持續經營基準編製財務報表。外聘核數師外聘核數師截至二零一二年三月三十一日止年度，本集團之外聘核數師畢馬威向本集團提供以下服務：HK$000Services renderedAudit servicesAnnual auditNon-audit servicesInterim reviewTaxation servicesTotal所提供服務所提供服務審核服務審核服務年度審核非審核服務非審核服務中期審閱稅務服務總計千港元1,189358591,606INTERNAL CONTROL AND RISK MANA

317、GEMENTThe Board is responsible for safeguarding the shareholdersinvestment and the Groups assets as well as for achieving theobjectives of the Group. Thus, a comprehensive internalcontrol system is established and implemented throughoutthe Group during the Year to meet the Groups particularneeds and

318、 the risks to which it is exposed, and by its nature內部監控及風險管理內部監控及風險管理董事會負責保障股東之投資及本集團之資產以及達至本集團之目標。因此，本集團已建立一套完善之內部監控系統並於本年度內持續實行該系統，以符合本集團特定需要及應付本集團面對之風險。因其性質使然，此系統僅就任何失實陳述或損失提供合理但非絕對之保證。can only provide reasonable, but not absolute assuranceagainst misstatement or loss.Bright Smart Securities & C

319、ommodities Group Limited Annual Report 2011/1249CORPORATE GOVERNANCE REPORT企業管治報告企業管治報告The Board confirms that it has reviewed the effectiveness ofthe system of internal control of the Company and itssubsidiaries for the year ended 31 March 2012 and that itconsiders that the system is reasonably eff

320、ective andadequate. The review covered all material controls includingfinancial, operational and compliance controls and the riskmanagement function, as well as the adequacy of resources,qualifications and experience of staff of the Groupsaccounting and financial reporting function, and their traini

321、ngprogrammes and budget.SHAREHOLDERS RIGHTSShareholders are entitled to convene an extraordinary generalmeeting and propose a person for election as a director.Please see the detailed procedures as follows:the way in which shareholders can convenean extraordinary general meeting:Any shareholder(s) h

322、olding, at the date of deposit of therequisition, not less than 10% of the paid up capital ofthe Company may request the Board of Directors toconvene an extraordinary general meeting. Therequisition, duly signed by the shareholder(s) concerned,must clearly state the objects of the meeting and mustbe

323、 deposited at the head office of the Company, 10/F,Wing On House, 71 Des Voeux Road Central, Central,Hong Kong. The Company would take appropriateactions and make necessary arrangements inaccordance with the requirements under Article 64 ofthe Companys Articles of Association once a validrequisition

324、 is received.the procedure for Directors nomination andelection by shareholders:If a shareholder wishes to propose a person other thana retiring Director for election as a Director at a generalmeeting, the shareholder should lodge at the head officeof the Company (10/F, Wing On House, 71 Des VoeuxRo

325、ad Central, Central, Hong Kong), (a) a notice signed bysuch shareholder (other than the proposed person) dulyqualified to attend and vote at the meeting of his/herintention to propose such person for election; (b) anotice signed by the proposed person indicating his/herwillingness to be elected toge

326、ther with the information董事會確認已檢討截至二零一二年三月三十一日止年度本公司及其附屬公司之內部監控系統之成效；董事會認為該系統合理有效及足夠。有關檢討工作涵蓋所有關鍵監控層面，包括財務、營運及合規監控以及風險管理職能，以及本集團負責會計及財務申報職能之員工所獲得之資源、資歷及經驗，以及有關員工之培訓計劃及預算是否足夠。股東權利股東權利股東有權召開股東特別大會及提名任何人士參與董事選舉。詳細程序請參見下文：股東召開股東特別大會的方式：股東召開股東特別大會的方式：任何於寄存有關要求當日持有本公司已繳足股本不低於 10% 的股東可要求董事會召開股東特別大會。經由該股東正式

327、簽署的請求書須述明會議目的，並須交到本公司總辦事處（香港中環德輔道中 71 號永安集團大廈 10 樓）。於收到有效請求書後，本公司將按本公司組織章程細則第 64 條的規定採取適當行動，並作出必要安排。股東提名選舉董事的程序：股東提名選舉董事的程序：如股東有意於股東大會上提名某位人士（退任董事除外）參選為董事，該股東應向本公司的總辦事處（香港中環德輔道中 71 號永安集團大廈 10 樓）提交 (a) 一份由該名有權參加股東大會並可於會上投票的股東（被提名人士除外）簽署的通告，以表明其就建議該名人士參選的意願、(b) 一份由被提名人士簽署的通告，以表示其參選意向並列載按上市規則第 13.51(2)

328、 條規定須予披露的資料及 (c) 被提名人士同意公布其個人資料的同意書。as required to be disclosed under Rule 13.51(2) of theListing Rules and (c) a written consent by the proposedperson for the publication of his/her personal data.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報50CORPORATE GOVERNANCE REPORT企業管治報告企業管治報告The period during which t

329、he aforesaid notices may begiven within the period of not less than 7 dayscommencing no earlier than the day after the dispatchof the notice of the meeting appointed for such electionand ending no later than 7 days prior to the date of suchmeeting. The Company would take appropriate actionsand make

330、necessary arrangements once valid noticesare received.Shareholders are welcome to send in any written enquiries tothe Board for the attention of the Company Secretary by postto the head office of the Company at 10/F, Wing On House, 71Des Voeux Road Central, Central, Hong Kong. The CompanySecretary w

331、ould direct the enquiries received to appropriateBoard Member(s) or the Chairman of the Board Committee(s)who is in charge of the areas of concern referred therein forfurther handling. The Board, assisted by the CompanySecretary, would make its best efforts to ensure that all suchenquiries are addre

332、ssed in a timely manner.INVESTOR RELATIONSIn order to develop and maintain a continuing investorsrelationship with the Companys shareholders, the Companyhas compiled a Shareholders Communication Policy andestablished various channels of communication with itsshareholders, such as publication of inte

333、rim and annualreports, press releases and announcements of the latestdevelopment of the Company in a timely manner. The annualgeneral meeting provides an opportunity for shareholders toexchange views with the Board. The Chairman and membersof different Committees are available to answer shareholders

334、questions. Moreover, resolutions are proposed at annualgeneral meetings on each substantially separate issue,including the election of individual Directors and details of theproposed resolutions are set out in the Circular.The financial and other information relating to the Group hasbeen published o

335、n the websites of the Stock Exchange(www.hkexnews.hk) and the Company (.hk).上述通告可於該有關股東大會之通告寄發翌日開始計算，且不遲於該股東大會舉行日期 7 天前結束，該期間至少應為 7 天。於收到該等有效通告後，本公司將採取適當行動及作出必要安排。本公司歡迎股東向董事會提出任何書面查詢，股東可將該等查詢透過郵遞至本公司總辦事處：香港中環德輔道中 71 號永安集團大廈 10 樓公司秘書收。公司秘書會將收到的查詢直接轉達予有關的董事會成員或負責該等事務的相關董事會附屬委員會主席以作跟進處理。董事會在公司秘書協助下，將盡最

336、大努力確保即時處理所有查詢。投資者關係投資者關係為與本公司股東發展及維繫持續之投資者關係，本公司已制定股東通訊政策及建立多個渠道與股東溝通，如刊發中期報告及年報，就本公司之最新發展適時地發出新聞稿及公佈。股東亦可藉股東週年大會與董事會交換意見。主席以及各委員會之成員會親自解答股東之提問。此外，於股東週年大會上將就各項重要議題（包括個別董事之選舉）提呈決議案。所提呈決議案之詳情會載於通函內。有關本集團之財務及其他資料已登載於聯交所 網 站 (www.hkexnews.hk) 及 本 公 司 網 站(.hk)。Bright Smart Securities & Commodities Group

337、Limited Annual Report 2011/1251DIRECTORS REPORT董事會報告董事會報告The Board of Directors is pleased to present their reporttogether with the audited consolidated financial statements ofthe Company and its subsidiaries (the “Group”) for the yearended 31 March 2012.PRINCIPAL ACTIVITIESThe principal activity of

338、 the Company is investment holding,while the principal activity of the Group is the provision offinancial services, including securities brokerage, marginfinancing and commodities and futures brokerage.ANALYSIS OF OPERATIONSDetails of the analysis of the Groups turnover and profit forthe Year contri

339、buted by operating segments are set out innote 12 to the financial statements.FINANCIAL STATEMENTSThe profit of the Group for the year ended 31 March 2012 andthe state of the Companys and the Groups affairs as at thatdate are set out in the financial statements on pages 75 to147.TRANSFER TO RESERVES

340、Profits attributable to shareholders of the Company beforedividend is HK$60,635,866 (2011: HK$40,618,068) which havebeen transferred to reserves. Details of movements inreserves of the Group and the Company during the Year areset out in the consolidated statement of changes in equity andnote 24(a) t

341、o the financial statements respectively.DIVIDENDSThe Board of Directors recommended a final dividend of HK1.8cents per share, subject to the approval of shareholders at theforthcoming annual general meeting to be held on Thursday,16 August 2012. If approved, the final dividend will be paid onThursda

342、y, 6 September 2012 to the shareholders whosenames appear on the Register of Members of the Company on董事會謹此提呈截至二零一二年三月三十一日止年度之董事會報告及本公司及其附屬公司（本集團）之經審核綜合財務報表。主要業務主要業務本公司之主要業務為投資控股，而本集團之主要業務則為提供金融服務，包括證券經紀、孖展融資以及商品及期貨經紀。業務分析業務分析本集團本年度按經營範圍劃分之營業額及溢利之分析載於財務報表附註 12。財務報表財務報表本集團截至二零一二年三月三十一日止年度之溢利以及本公司及本集團

343、於該日之事務狀況載於財務報表第 75 至 147 頁。轉撥至儲備轉撥至儲備本公司股東應佔扣除股息前溢利為 60,635,866 港元（二零一一年：40,618,068 港元）。該溢利已轉撥至儲備。年內，本集團及本公司之儲備變動詳情分別載於綜合權益變動表及財務報表附註 24(a)。股息股息董事會建議派發末期股息每股 1.8 港仙，惟必須待股東於二零一二年八月十六日（星期四）舉行之股東週年大會上批准後方可作實。如獲批准，是項末期股息將於二零一二年九月六日（星期四）向於二零一二年八月二十八日（星期二）名列本公司股東名冊內之股東派發。Tuesday, 28 August 2012.耀才證券金融集團有限

344、公司耀才證券金融集團有限公司 二零一一 / 一二年年報52DIRECTORS REPORT董事會報告董事會報告CLOSURE OF REGISTER OF MEMBERS FORENTITLEMENT TO ATTEND AND VOTE ATANNUAL GENERAL MEETINGThe Register of Members of the Company will be closed, forthe purpose of determining shareholders entitlement toattend and vote at the meeting, from Tuesday

345、, 14 August 2012to Thursday, 16 August 2012 (both days inclusive), duringwhich period no transfer of shares will be registered. In orderto attend and vote at the meeting, shareholders should ensurethat all transfer documents, accompanied by the relevantshare certificates, are lodged with the Company

346、s branchshare registrar in Hong Kong, Tricor Investor Services Limited,at 26th Floor, Tesbury Centre, 28 Queens Road East, Wanchai,Hong Kong for registration, not later than 4:30 p.m. onMonday, 13 August 2012. The Annual General Meeting of theCompany will be held at 10:00 a.m. on Thursday, 16 August

347、2012.CLOSURE OF REGISTER OF MEMBERS FORENTITLEMENT TO FINAL DIVIDENDThe Register of Members of the Company will be closed, forthe purpose of determining shareholders entitlement to theproposed final dividend, from Friday, 24 August 2012 toTuesday, 28 August 2012 (both days inclusive), during whichpe

348、riod no transfer of shares will be registered. In order toqualify for the proposed final dividend, shareholders shouldensure that all transfer documents, accompanied by therelevant share certificates, are lodged with the Companysbranch share registrar in Hong Kong, Tricor Investor ServicesLimited, a

349、t 26th Floor, Tesbury Centre, 28 Queens Road East,Wanchai, Hong Kong for registration, not later than 4:30 p.m.暫停辦理股份過戶登記手續以確定享有出暫停辦理股份過戶登記手續以確定享有出席股東週年大會並可於會上投票之權利席股東週年大會並可於會上投票之權利本公司將由二零一二年八月十四日（星期二）至八月十六日（星期四）（包括首尾兩天）暫停辦理股份過戶登記，以確定有權參加大會並可於會上投票的股東名單，期間將不會辦理股份過戶手續。股東如欲參加大會並於會上投票，須於二零一二年八月十三日（星期一）下

350、午四時三十分前，將股票連同所有過戶文件一併送交本公司香港股份過戶登記分處卓佳證券 登 記 有 限 公 司， 地 址 為 香 港 灣 仔 皇 后 大 道 東二十八號金鐘匯中心二十六，辦 理過戶登記手續。本公司股東週年大會將於二零一二年八月十六日（星期四）上午十時正舉行。暫停辦理股份過戶登記手續以確定享有收暫停辦理股份過戶登記手續以確定享有收取末期股息之權利取末期股息之權利本公司將由二零一二年八月二十四日（星期五）至八月二十八日（星期二）（包括首尾兩天）暫停辦理股份過戶登記，以確定有權收取所建議的末期股息的股東名單，期間將不會辦理股份過戶手續。股東如欲收 取 所 建 議 的 末 期 股 息， 須

351、於 二 零 一 二 年 八 月二十三日（星期四）下午四時三十分前，將股票連同所有過戶文件一併送交本公司香港股份過戶登記分處卓佳證券登記有限公司，地址為香港灣仔皇后大道東二十八號金鐘匯中心二十六，辦理過戶登記手續。本公司股份將由二零一二年八月二十二日（星期三）起除息。on Thursday, 23 August 2012. Shares of the Company will betraded ex-dividend as from Wednesday, 22 August 2012.Bright Smart Securities & Commodities Group Limited Annu

352、al Report 2011/1253DIRECTORS REPORT董事會報告董事會報告SHARE CAPITALDetails of the movements in the share capital of the Companyare set out in note 24(a) to the financial statements.SHARE PREMIUM AND RESERVESMovements in the share premium and reserves of the Groupand the Company during the Year are set out in

353、 theconsolidated statement of changes in equity and note 24(a) tothe financial statements respectively.DISTRIBUTABLE RESERVESAs at 31 March 2012, the reserves of the Company availablefor distribution to shareholders amounted to approximatelyHK$193.6 million (2011: HK$191.8 million).DONATIONSCharitab

354、le donations made by the Group during the Yearamounted to HK$239,000 (2011: HK$1,267,000).FIXED ASSETSDetails of the movements in fixed assets of the Group are setout in note 13 to the financial statements.FIVE-YEAR FINANCIAL SUMMARYA summary of the results, assets and liabilities of the Groupfor th

355、e last five years ended 31 March 2012 are set out in the“Five-year Financial Summary” section on page 148 of thisannual report.PRE-EMPTIVE RIGHTSThere are no provisions for pre-emptive rights under theCompanys Articles of Association or the relevant laws of theCayman Islands which would oblige the C

356、ompany to offer new股本股本本公司之股本變動詳情載於財務報表附註 24(a)。股份溢價及儲備股份溢價及儲備年內，本集團及本公司之股份溢價及儲備變動分別載於綜合權益變動表及財務報表附註 24(a)。可供分派儲備可供分派儲備於二零一二年三月三十一日，本公司可分派予股東之儲備約為 193.6 百萬港元（二零一一年：191.8 百萬港元）。捐款捐款本年度，本集團作出之慈善捐款達 239,000 港元（二零一一年：1,267,000 港元）。固定資產固定資產本集團固定資產之變動詳情載於財務報表附註 13。財務概要財務概要本集團截至二零一二年三月三十一日止過往五個財政年度之業績、資產及負

357、債概要載於本年報第 148頁之五年財務摘要一節。優先購股優先購股權權本公司組織章程細則或開曼群島法例並無載列本公司須按比例向其現有股東發售新股份之優先購股權之規定。shares on a pro-rata basis to its existing shareholders.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報(i)(i)(ii)(ii)）54DIRECTORS REPORT董事會報告董事會報告PURCHASE, SALE OR REDEMPTION OF THECOMPANYS SHARESDuring the Year, neither the Com

358、pany nor any of itssubsidiaries has purchased, sold or redeemed any of theCompanys listed securities, other than as an agent for clientsof the Company or its subsidiaries.SHARE OPTION SCHEMEOn 4 August 2010, the Company conditionally approved andadopted a share option scheme (the “Scheme”) for thepu

359、rpose of enabling the Group to grant share options (the“Options”) to selected participants as incentives or rewardsfor their contribution to the Group. The major terms of theScheme are set out as follows:The participants included any employees (whether fulltime or part time), executives and officers

360、 (includingExecutive and Non-executive Directors), shareholders,suppliers, customers, consultants, advisors, business orjoint venture partners, franchisees, contractors, agentsor representatives of any members of the Group;The maximum number of shares which may be allottedand issued upon exercise of

361、 all Options to be grantedunder the Scheme and any other share option schemeof the Group must not in aggregate exceed 10% of theshares in issue as at the Listing Date (the “SchemeMandate Limit”) provided that the Company may seekapproval from its shareholders in general meeting torefresh the Scheme

362、Mandate Limit. The maximumnumber of shares which may be allotted and issuedupon exercise of all Options to be granted under theScheme was 66,680,000 shares. However, the maximumnumber of shares which may be allotted and issued購買、銷售或贖回本公司之股份購買、銷售或贖回本公司之股份年內，本公司或其附屬公司概無購買、出售或贖回任何本公司之股份，惟作為本公司或其附屬公司客戶之

363、代理者除外。購股權計劃購股權計劃於二零一零年八月四日，本公司有條件性批准及採納一項購股權計劃（該計劃），以使本集團可授出購股權（購股權予選定參與者，作為激勵或回報彼等對本集團所作之貢獻。該計劃之主要條款載列如下：參與者包括本集團任何成員公司之任何僱員（不論全職或兼職）、行政及高級人員（包括執行及非執行董事）、股東、供應商、顧客、顧問、諮詢人士、業務或合營夥伴、特許經營商、承包商、代理或代表；因行使根據該計劃及本集團任何其他購股權計劃將予授出之所有購股權而可能配發及發行之最高股份數目，合共不得超過於上市日期已發行股份數目之 10%（計劃授權上限），惟本公司可於股東大會尋求其股東批准更新計劃授權上

364、限。因行使根據該計劃將予授出之所有購股權而可能配發及發行之最高股份數目為66,680,000 股股份。然而，可能因悉數行使根據該計劃已授出但尚未行使之購股權及根據任何其他購股權計劃已授出但尚未行使之任何其他購股權而配發及發行之最高股份數目，不得超過本公司不時已發行股本之 30%；upon exercise of all outstanding Options granted and yetto be exercised under the Scheme and any other optionsgranted and yet to be exercised under any other sh

365、areoption scheme shall not exceed 30% of the Companysissued share capital from time to time;Bright Smart Securities & Commodities Group Limited Annual Report 2011/12(iii)(iii)(iv)(iv)(v)(v)55DIRECTORS REPORT董事會報告董事會報告No Options may be granted to any one person such thatthe total number of shares iss

366、ued and to be issued uponexercise of Options granted and to be granted to thatperson in any 12-month period up to the date of thelatest grant exceeds 1% of the Companys issued sharecapital from time to time;There is no minimum period for which an Option mustbe held before it can be exercised save as

367、 determinedby the Board of the Company and provided in the offerof grant of Options;Subject to the terms of the Scheme where any offer ofan Option is proposed to be made to any Director, ChiefExecutive or Substantial Shareholder of the Company orany of their respective associates, such offer must fi

368、rstbe approved by the Independent Non-executiveDirectors; where any grant of Options to a SubstantialShareholder or an Independent Non-executive Director,or any of their respective associates, would result in theshares issued and to be issued upon exercise of allOptions already granted and to be gra

369、nted (includingOptions exercised, cancelled and outstanding) to suchperson in the 12-month period up to and including thedate of such grant:representing in aggregate over 0.1% of the sharesin issue; andhaving an aggregate value, based on the closingprice of the shares at the date of each offer, inex

370、cess of HK$5 million;then such further grant of Options must be approved by倘任何一名人士因行使在截至最後授出日期止任何12個月期間內已獲授及將獲授之購股權，而已發行及將予發行之股份總數超過本公司不時已發行股本 1%，則不得向該名人士授出任何購股權；除本公司董事會釐定及授出購股權要約所規定外，於購股權可獲行使前並無必須持有購股權之最短期限；根據該計劃條款，向任何本公司董事、主要行政人員或主要股東或彼等各自之任何聯繫人士建議提呈之任何購股權，必須經獨立非執行董事事先批准；倘向主要股東或獨立非執行董事或彼等各自之任何聯繫人士

371、授出購股權，將致使該人士於截至授出日期止 12 個月期間（包括授出日期當日）因行使所有已獲授及將獲授之購股權（包括已行使、已註銷及尚未行使購股權）而已發行及將予發行之股份：合共超過已發行股份之 0.1%；及根據各授出日期股份之收市價計算，總值超過 5 百萬港元；則進一步授出之購股權必須經股東批准；shareholders;耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報(vi)(vi)(vii)(vii)56DIRECTORS REPORT董事會報告董事會報告An offer of the grant of an Option shall remain open fo

372、racceptance by the grantee for a period of 28 days fromthe offer date. An Option shall have been accepted bythe grantee and to have taken effect when the duplicateoffer letter comprising acceptance of the offer of theOption duly signed by the grantee together with aremittance in favour of the Compan

373、y of HK$1 by way ofconsideration for the grant thereof is received by theCompany on or before 30 days after the offer date. Suchremittance shall in no circumstances be refundable;The Board shall not make an offer to grant any Optionunder the Scheme after a price sensitive event hasoccurred or a pric

374、e sensitive matter has been thesubject of a decision until such price sensitiveinformation has been announced in accordance with therequirements of the Listing Rules. In particular, no Optionshall be granted on any day on which the Companysfinancial results are published and (a) during the periodof

375、60 days immediately preceding the publication date ofits annual results or, if shorter, the period from the endof the relevant financial year up to the publication dateof the results; and (b) during the period of 30 daysimmediately preceding the publication date of itsquarterly results (if any) and

376、half-year results or, ifshorter, the period from the end of the relevant quarterlyor half-year period up to the publication date of theresults;(viii) The exercise price of an Option shall not be less thanwhichever is the highest of:the nominal value of a share;the closing price of a share as stated

377、in the StockExchanges daily quotations sheet on the offer提呈授出之購股權可由提呈日期起計 28 日期間內供承授人接納。當本公司於提呈日期後 30日或之前收到一式兩份由承授人正式簽署構成接納提呈購股權之提呈函件連同支付本公司之款項 1 港元作為獲授購股權之代價後，則購股權已獲承授人接納及已生效。上述款項在任何情況下均不可退還；董事會於可能影響股價之事件發生後，或已就可能影響股價之事項作出決定時，不得根據該計劃建議授出任何購股權，直至該等可能影響股價的資料根據上市規則規定公佈為止。尤其是，於本公司刊發任何財務業績當日及 (a) 緊接其全年業

378、績刊發日期前 60 日期間，或（倘屬較短期間）有關財政年度年結日至業績刊發日期止期間；及 (b) 緊接其季度業績（如有）及半年業績刊發日期前 30 日期間，或（倘屬較短期間）有關季度或半年期間結算日至業績刊發日期止期間內，概不得授出購股權；(viii) 購股權之行使價須不低於以下最高者：股份面值；股份於提呈日期在聯交所每日報價表所列收市價；及date; andBright Smart Securities & Commodities Group Limited Annual Report 2011/12(ix)(ix)無無無無57DIRECTORS REPORT董事會報告董事會報告the av

379、erage closing price of a share as stated inthe Stock Exchanges daily quotation sheets forthe five business days immediately preceding theoffer date;The life of the Scheme is effective for 10 years from 25August 2010.Other particulars of the Scheme are set out in note 25 to thefinancial statements.Th

380、e following table discloses details of the Companysoutstanding Options held by the Directors, certain employees,consultants and contractors of the Company under theScheme and its movement during the year ended 31 March2012:緊接提呈日期前五個營業日股份於聯交所每日報價表所列平均收市價；該計劃之有效期由二零一零年八月二十五日起為期十年。該計劃之其他詳細資料載於財務報表附註 25

381、。下表披露本公司董事、若干僱員、顧問及承包商根據該計劃持有本公司之未行使購股權及截至二零一二年三月三十一日止年度之變動詳情：Options heldat 1 April2011於二零一一年於二零一一年四月一日四月一日持有之持有之購股權購股權Optionsgrantedduring theYear本年度內授出本年度內授出之購股權之購股權Optionsexercisedduring theYear本年度內行使本年度內行使之購股權之購股權Optionscancelledduring theYear本年度內註銷本年度內註銷之購股權之購股權Optionslapsedduring theYear本年度內失

382、效本年度內失效之購股權之購股權Options heldat 31 March2012於二零一二年於二零一二年三月三十一日三月三十一日持有之持有之購股權購股權Exerciseprice Date of grant行使價行使價 授出日期授出日期Exercise period行使期行使期Vestingconditions歸屬條件歸屬條件HK$港元Executive Directors:執行董事執行董事：Mr. Yip Mow Lum葉茂林先生Mr. Chan Kai Fung2,000,000(2,000,000)1.12 25/02/2011 25/02/2011Nil陳啟峰先生二零一一年二月二十

383、五日24/02/2013二零一一年二月二十五日至二零一三年二月二十四日2,000,0002,000,0000.69 13/10/2011 13/10/2011Nil12/10/2013二零一一年十月十三日二零一一年十月十三日至二零一三年十月十二日Mr. Kwok Sze Chi2,000,000(2,000,000)1.12 25/02/2011 25/02/2011Nil郭思治先生二零一一年二月二十五日24/02/2013二零一一年二月二十五日至二零一三年二月二十四日2,000,0002,000,0000.69 13/10/2011 13/10/2011Nil12/10/2013二零一一年十

384、月十三日二零一一年十月十三日至二零一三年十月十二日耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報無無無無無無無無58DIRECTORS REPORT董事會報告董事會報告Options heldat 1 April2011於二零一一年於二零一一年四月一日四月一日持有之持有之購股權購股權Optionsgrantedduring theYear本年度內授出本年度內授出之購股權之購股權Optionsexercisedduring theYear本年度內行使本年度內行使之購股權之購股權Optionscancelledduring theYear本年度內註銷本年度內註銷之購股權

385、之購股權Optionslapsedduring theYear本年度內失效本年度內失效之購股權之購股權Options heldat 31 March2012於二零一二年於二零一二年三月三十一日三月三十一日持有之持有之購股權購股權Exerciseprice Date of grant行使價行使價 授出日期授出日期Exercise period行使期行使期Vestingconditions歸屬條件歸屬條件HK$港元Mr. Chan Wing Shing, 400,000(400,000)1.12 25/02/2011 25/02/2011NilWilson24/02/2013陳永誠先生二零一一年二

386、月二十五日二零一一年二月二十五日至二零一三年二月二十四日400,000400,0000.69 13/10/2011 13/10/2011Nil12/10/2013二零一一年十月十三日二零一一年十月十三日至二零一三年十月十二日Independent Non-executive Directors:獨立非執行董事：獨立非執行董事：Mr. Yu Yun Kong666,000(666,000)1.12 25/02/2011 25/02/2011Nil余韌剛先生二零一一年二月二十五日24/02/2013二零一一年二月二十五日至二零一三年二月二十四日666,000666,0000.69 13/10/20

387、11 13/10/2011Nil12/10/2013二零一一年十月十三日二零一一年十月十三日至二零一三年十月十二日Mr. Szeto Wai Sun666,000(666,000)1.12 25/02/2011 25/02/2011Nil司徒維新先生二零一一年二月二十五日24/02/2013二零一一年二月二十五日至二零一三年二月二十四日666,000666,0000.69 13/10/2011 13/10/2011Nil12/10/2013二零一一年十月十三日二零一一年十月十三日至二零一三年十月十二日Mr. Ling Kwok Fai,666,000(666,000)1.12 25/02/20

388、11 25/02/2011NilJoseph24/02/2013凌國輝先生二零一一年二月二十五日二零一一年二月二十五日至二零一三年二月二十四日666,000666,0000.69 13/10/2011 13/10/2011Nil12/10/2013二零一一年十月十三日二零一一年十月十三日至二零一三年十月十二日Bright Smart Securities & Commodities Group Limited Annual Report 2011/12無無無無59DIRECTORS REPORT董事會報告董事會報告Options heldat 1 April2011於二零一一年於二零一一年四月

389、一日四月一日持有之持有之購股權購股權Optionsgrantedduring theYear本年度內授出本年度內授出之購股權之購股權Optionsexercisedduring theYear本年度內行使本年度內行使之購股權之購股權Optionscancelledduring theYear本年度內註銷本年度內註銷之購股權之購股權Optionslapsedduring theYear本年度內失效本年度內失效之購股權之購股權Options heldat 31 March2012於二零一二年於二零一二年三月三十一日三月三十一日持有之持有之購股權購股權Exerciseprice Date of gr

390、ant行使價行使價 授出日期授出日期Exercise period行使期行使期Vestingconditions歸屬條件歸屬條件HK$港元Employees8,450,000(6,370,000) (2,080,000)1.12 25/02/2011 25/02/2011Nil僱員二零一一年二月二十五日24/02/2013二零一一年二月二十五日至二零一三年二月二十四日9,680,000(3,140,000)(170,000)6,370,0000.69 13/10/2011 13/10/2011Nil12/10/2013二零一一年十月十三日二零一一年十月十三日至二零一三年十月十二日Consult

391、ants and3,500,000(3,500,000)1.12 25/02/2011 25/02/2011Nilcontractors24/02/2013顧問及承包商二零一一年二月二十五日二零一一年二月二十五日至二零一三年二月二十四日3,500,0003,500,0000.69 13/10/2011 13/10/2011Nil12/10/2013二零一一年十月十三日二零一一年十月十三日至二零一三年十月十二日18,348,00019,578,000(3,140,000) (16,268,000) (2,250,000) 16,268,000Notes:The accounting policy

392、 adopted for Options is consistent with thatdescribed in the financial statements for the year ended 31 March2012.As at 31 March 2012, Options to subscribe for a total of16,268,000 shares granted by the Company pursuant to theScheme remained valid and outstanding and the Optionsrepresenting approxim

393、ately 2.4% of the total number of issued附註：購股權採用之會計政策與截至二零一二年三月三十一日止年度之財務報表所描述之會計政策一致。於二零一二年三月三十一日，本公司根據該計劃授出以認購合共 16,268,000 股股份之購股權仍然有效及尚未行使，而該等購股權佔本報告日期已發行股份總數約 2.4%。shares as at the date of this report.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報60DIRECTORS REPORT董事會報告董事會報告SUBSIDIARIESDetails of the Co

394、mpanys subsidiaries as at 31 March 2012 areset out in note 18(a) to the financial statements.MAJOR CUSTOMERSDuring the year ended 31 March 2012, the percentage of theGroups turnover attributable to the Groups largest client andthe five largest clients in aggregate were 2.2% and 4.9%respectively. The

395、 Groups principal activities are providingsecurities, commodities and futures brokerage services. In theBoards opinion, the Group has no major suppliers due to thenature of the Groups principal activities of providingsecurities, commodities and futures brokerage services.During the year ended 31 Mar

396、ch 2012, none of the Directorsor any of their associates or any shareholders which to thebest knowledge of the Directors, who own more than 5% ofthe Companys issued share capital, had any interest in any ofthe Groups five largest customers.DIRECTORS INTERESTS IN COMPETINGBUSINESSAs at 31 March 2012,

397、 none of the Directors were interested inany business, apart from the Groups businesses, whichcompetes or is likely to compete, either directly or indirectly,with the businesses of the Group.RETIREMENT SCHEMEThe Group has a Mandatory Provident Fund Scheme.Particulars of the Mandatory Provident Fund

398、Scheme are setout in note 22 to the financial statements.REMUNERATION POLICYThe primary goal of our policy for remuneration packages is toensure that the Directors are fairly rewarded and that theyreceive appropriate incentives to maintain high standards ofperformance.Details of the Directors emolum

399、ents and the five highest paidindividuals of the Group for the year ended 31 March 2012 are附屬公司附屬公司於二零一二年三月三十一日本公司附屬公司之詳情載於財務報表附註 18(a)。主要客戶主要客戶於截至二零一二年三月三十一日止年度，本集團最大客戶及五大客戶合共佔本集團之營業額分別 2.2%及 4.9%。本集團之主要業務為提供證券、商品及期貨經紀服務。董事會認為，基於本集團之主要業務為提供證券、商品及期貨經紀服務，因此本集團並無主要供應商。於截至二零一二年三月三十一日止年度，據董事所知，概無董事或任何彼等

400、之聯繫人士或任何股東（擁有本公司已發行股本超過 5% 者）於本集團任何五大客戶中擁有權益。董事於競爭業務中之權益董事於競爭業務中之權益於二零一二年三月三十一日，概無董事於任何直接或間接與本集團業務構成競爭或會構成競爭之業務（惟本集團之業務除外）中擁有任何權益。退休計劃退休計劃本集團設有強制性公積金計劃。強制性公積金計劃詳情載於財務報表附註 22。薪酬政策薪酬政策本公司薪酬政策之主要目的旨在確保董事獲得公平報酬及適當激勵，以保持高水準表現。截至二零一二年三月三十一日之董事薪酬及本集團五位最高薪酬人士之詳情載於財務報表附註 8 及 9。set out in notes 8 and 9 to the

401、 financial statements.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1261DIRECTORS REPORT董事會報告董事會報告DIRECTORSThe Directors of the Company during the Year and up to thedate of this report were:Executive Directors:Mr. Yip Mow Lum (Chairman)Mr. Chan Kai Fung (Chief Executive Offi

402、cer)Mr. Kwok Sze ChiMr. Chan Wing Shing, WilsonIndependent Non-executive Directors:Mr. Yu Yun KongMr. Szeto Wai SunMr. Ling Kwok Fai, JosephIn accordance with the Companys Articles of Association, Mr.Yip Mow Lum, Mr. Kwok Sze Chi and Mr. Yu Yun Kong willretire at the forthcoming annual general meeti

403、ng. All of thembeing eligible, will offer themselves for re-election.The biographical details of the Directors and seniormanagement of the Company at the date of this annual reportare set out in the “Biographies of Directors and SeniorManagement” section on pages 32 to 38 of this annual report.DIREC

404、TORS SERVICE AGREEMENTSNo Director offering for re-election at the forthcoming annualgeneral meeting has a service contract with the Company orits subsidiaries which is not terminated by the employingcompany within one year or with payment of compensationother than statutory compensation.DIRECTORS I

405、NTERESTS IN CONTRACTS OFSIGNIFICANCESave for the contracts described under the section headed“Connected Transactions/Continuing Connected Transactions”below, no contracts of significance in relation to the Groupsbusiness to which the Company, its holding company or anyof its subsidiaries or fellow s

406、ubsidiaries was a party and in董事董事年內及直至本報告日期，本公司之董事為：執行董事：執行董事：葉茂林先生（主席）陳啟峰先生（行政總裁）郭思治先生陳永誠先生獨立非執行董事：獨立非執行董事：余韌剛先生司徒維新先生凌國輝先生根據本公司組織章程細則，葉茂林先生、郭思治先生及余韌剛先生將於應屆股東週年大會上退任。彼等均符合資格並願意膺選連任。於本年報日期，本公司之董事及高級管理層簡歷載於本年報第 32 至 38 頁之董事及高級管理層簡歷一節。董事之服務協議董事之服務協議所有在即將舉行之股東週年大會上膺選連任之董事，均未與本公司或其附屬公司訂立任何於一年內不能終止，或除正常

407、法定補償外還須支付任何補償方可終止之服務合約。董事於重大合約董事於重大合約之權益之權益除下文關連交易持續關連交易一節所述合約外，於年終或本年度任何時間，本公司、其控股公司、或其任何附屬公司或各同系附屬公司概無就本集團業務訂立任何董事直接或間接擁有重大權益之合約。which a Director of the Company had a material interest,whether directly or indirectly, subsisted at the end of the Yearor at any time during the Year.耀才證券金融集團有限公司耀才證券金融

408、集團有限公司 二零一一 / 一二年年報62DIRECTORS REPORT董事會報告董事會報告CONNECTED TRANSACTIONS/CONTINUINGCONNECTED TRANSACTIONS關連交易關連交易 持續關連交易持續關連交易1.Tenancy AgreementsThe Group entered into several tenancy agreements (asthe tenant) with some connected parties, whichconstituted continuing connected transactions of the1.租賃協議

409、租賃協議本集團（作為租戶）與關連人士訂立若干租賃協議，此等租賃協議構成上市規則項下本集團之持續關連交易：Group under the Listing Rules:Name ofTerm ofAmount forTransaction交易交易(Note 1)（附註1）counterparty交易對方交易對方(Note 2)（附註2）agreement協議年期協議年期Address of premises物業地址物業地址the Year本年度總額本年度總額(Note 5)（附註5）HK$港元Tenancy made on 1 June 2010(monthly rental: HK$670,00

410、0)於二零一零年六月一日訂立之租約（月租：670,000港元）Victory Beauty Limitedas the landlord冬勝有限公司作為業主9 June 2010 to31 March 2013二零一零年六月九日至10/F, Wing On House,71 Des Voeux RoadCentral, Central,Hong Kong8,040,000二零一三年三月三十一日香港中環德輔道中71號永安集團大廈10樓Tenancy made on 28 May 2010(monthly rental: HK$42,000)於二零一零年五月二十八日訂立之租約（月租：42,000港

411、元）Great Challenge Limitedas the landlord溢暢有限公司作為業主1 June 2010 to31 March 2013(Note 3)二零一零年11/F, Shun FengInternational Centre,182 Queens Road East,Wanchai, Hong Kong181,548六月一日至二零一三年三月三十一日（附註3）香港灣仔皇后大道東182號順豐國際中心11樓Tenancy made on 1 March 2010(monthly rental: HK$160,000)於二零一零年三月一日訂立之租約（月租：160,000港元）

412、Well Point Limitedas the landlord泓鼎有限公司作為業主1 March 2010 to28 February 2013二零一零年三月一日至Mezzanine Floor, Peter Building,5860 Queens Road Central,1317 Stanley Street,Central, Hong Kong1,841,778二零一三年二月二十八日香港中環士丹利街1317號皇后大道中5860號振邦大廈閣樓Tenancy made on 15 April 2010(monthly rental: HK$90,000)於二零一零年四月十五日訂立之租約

413、（月租：90,000港元）Sea Magic Limitedas the landlord妙詩有限公司作為業主15 April 2010 to31 March 2013二零一零年四月十五日至G/F. & Cockloft,Nos. 141145 Kwong Fuk Road,Tai Po, New Territories,Hong Kong1,049,577二零一三年三月三十一日香港新界大埔廣福道141145號地下及閣樓Bright Smart Securities & Commodities Group Limited Annual Report 2011/121.1.2.2.3.3.4.4

414、.5.5.63DIRECTORS REPORT董事會報告董事會報告Name ofTerm ofAmount forTransaction交易交易(Note 1)（附註1）counterparty交易對方交易對方(Note 2)（附註2）agreement協議年期協議年期Address of premises物業地址物業地址the Year本年度總額本年度總額(Note 5)（附註5）HK$港元Tenancy made on 28 February 2011(monthly rental: HK$90,000)於二零一一年二月二十八日訂立之租約（月租：90,000港元）Top Sunshine

415、DevelopmentLimited as the landlord冠旭發展有限公司作為業主16 March 2011to 15 March 2014(Note 4)二零一一年1/F, Golden HillCommercial Building,Nos. 3941 Argyle Street,Mongkok, Kowloon,272,903三月十六日至二零一四年三月十五日（附註4）Hong Kong香港九龍旺角亞皆老街3941號金山商業大廈1樓Tenancy made on 13 October 2011(monthly rental: HK$105,000)於二零一一年十月十三日訂立之租約

416、（月租：105,000港元）Resultever Limitedas the landlordResultever Limited作為業主13 October 2011to 31 March 2013二零一一年十月十三日至Cockloft Nos. 16 andShop No. 7 on G/F & Cockloft,Tak Lee Building,No. 993 Kings Road, Quarry Bay,554,355TOTAL總計總計二零一三年三月三十一日Hong Kong香港鰂魚涌英皇道993號得利樓16號閣樓及7號地舖及閣樓11,940,161Notes:Monthly rent

417、al was exclusive of management fees andrates.Each an associate of Mr. Yip Mow Lum, Chairman,Executive Director and controlling shareholder of theCompany (“Mr. Yip”).The term relevant to the continuing connectedtransaction commenced from 1 June 2010 and ended on10 August 2011 (both days inclusive).Th

418、e term relevant to the continuing connectedtransaction shall commence from 30 December 2011and end on 15 March 2014 (both days inclusive).The aggregate annual cap for the above tenancyagreements for the year ended 31 March 2012 was附註：月租不包括管理費及差餉。各自為本公司主席、執行董事兼控股股東葉茂林先生（葉先生）之聯繫人士。有關持續關連交易為期由二零一零年六月一日

419、開始至二零一一年八月十日終止（包括首尾兩日）有關持續關連交易為期由二零一一年十二月三十日開始至二零一四年三月十五日終止（包括首尾兩日）截至二零一二年三月三十一日止年度，上述租賃協議之總計年度上限為 12,336,000 港元。HK$12,336,000.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報8,517，）96），9,83064DIRECTORS REPORT董事會報告董事會報告2.Financial Services Agreements2.金融服務協議金融服務協議MaximumPayment from/amountName ofAmount forto t

420、he Groupfor the YearAmount forconnected person關連人士姓名關連人士姓名Annual cap年度上限年度上限the Year本年度金額本年度金額本集團支付本集團支付 付予本集團之金額付予本集團之金額本年度本年度最高金額最高金額the Year本年度總額本年度總額HK$港元HK$港元HK$港元Mr. Yip and his associates beinghis sons and certain privatecompanies controlled by Mr. Yip,together as “Mr. Yips Group”IPO Annual C

421、ap首次公開發售年度上限Margin Annual Cap孖展年度上限221,600,00031,200,000Advance from the Group本集團之墊款Advance from the Group本集團之墊款86,355,422葉先生及其聯繫人士（即其兒子及葉先生控制之若干私人公司）統稱葉先生集團Interest paid to the Group支付予本集團之利息Madam Hung Seu Ying(“Madam Hung”)熊少英女士（熊女士IPO Annual Cap首次公開發售年度上限Margin Annual Cap24,600,00082,400,000Advan

422、ce from the Group本集團之墊款Advance from the Group12,336,489孖展年度上限本集團之墊款Interest paid to the Group支付予本集團之利息1,217Mr. Chan Wing Shing, Wilson(“Mr. Wilson Chan”) andhis associate being his wife,together as “Mr. WilsonIPO Annual Cap首次公開發售年度上限Margin Annual Cap孖展年度上限20,000,000Advance from the Group本集團之墊款Advanc

423、e from the Group本集團之墊款581,806Chans Group”陳永誠先生（陳永誠先生及其聯繫人士（即其妻子）統稱陳永誠先生集團Interest paid to the Group支付予本集團之利息Sub-total of Mr. Yips Group,Madam Hung and Mr. WilsonChans Group (together“Mr. Yips Family”)IPO Annual Cap首次公開發售年度上限Margin Annual Cap孖展年度上限266,200,000113,600,000Advance from the Group本集團之墊款Adv

424、ance from the Group本集團之墊款86,355,422葉先生集團、熊女士及陳永誠先生集團，Interest paid to the Group支付予本集團之利息統稱葉先生家族小計Bright Smart Securities & Commodities Group Limited Annual Report 2011/125,522），）65DIRECTORS REPORT董事會報告董事會報告MaximumPayment from/amountName ofAmount forto the Groupfor the YearAmount forconnected person關

425、連人士姓名關連人士姓名Annual cap年度上限年度上限the Year本年度金額本年度金額本集團支付本集團支付 付予本集團之金額付予本集團之金額本年度本年度最高金額最高金額the Year本年度總額本年度總額HK$港元HK$港元HK$港元Mr. Chan Kai Fung (“Mr. KF Chan”)and his associates being his wifeand sister, together as“Mr. KF Chans Group”IPO Annual Cap首次公開發售年度上限Margin Annual Cap孖展年度上限49,900,0001,400,000Adva

426、nce from the Group本集團之墊款Advance from the Group本集團之墊款26,043,699417,854陳啟峰先生（陳啟峰先生及其聯繫人士（即其妻子及胞姊）統稱陳啟峰先生集團Interest paid to the Group支付予本集團之利息Mr. Kwok Sze Chi (“Mr. Kwok”)郭思治先生（郭先生IPO Annual Cap首次公開發售年度上限Margin Annual Cap孖展年度上限20,000,000Advance from the Group本集團之墊款Advance from the Group本集團之墊款Interest p

427、aid to the Group支付予本集團之利息Note:Mr. Yip, Mr. Wilson Chan, Mr. KF Chan and Mr. Kwok areExecutive Directors of the Company. Madam Hung is a Directorof Bright Smart Investment Holdings Limited and Bright SmartSecurities International (H.K.) Limited and the mother of Mr. Yip.附註：葉先生、陳永誠先生、陳啟峰先生及郭先生為本公司執行董事

428、。熊女士為耀才投資控股有限公司董事、耀才證券國際（香港）有限公司董事及葉先生之母親。陳永誠先生為葉先生之外甥。Mr. Wilson Chan is a nephew of Mr. Yip.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報#Note:66DIRECTORS REPORT董事會報告董事會報告3.Brokerage Services AgreementsThe aggregate amount of brokerage commission incomepaid by the relevant connected persons for the3.經紀服務協

429、議經紀服務協議本年度，相關關連人士就本集團提供之經紀服務所付經紀佣金收入總額載列如下：brokerage services provided by the Group for the Yearare set out as below:Amount forName of connected person關連人士姓名關連人士姓名Annual Cap年度上限年度上限the Year本年度總額本年度總額Mr. Yips Group葉先生集團HK$港元HK$港元494,401Madam Hung熊女士Mr. Wilson Chans Group陳永誠先生集團Sub-total of Mr. Yips F

430、amily葉先生家族小計Mr. KF Chans Group陳啟峰先生集團Mr. Kwok郭先生1,050,000#1,490,000284939495,62483,72211,992The annual cap is set at the de minimis threshold.The amounts of brokerage commission income payablefor the Year by (i) Madam Hung did not exceed HK$1.05million; (ii) except for Madam Hung, each of the otherc

431、onnected persons did not exceed the de minimisthreshold; and (iii) Mr. Yips Family did not exceed年度上限定於最低豁免額。附註： (i) 熊女士應付之本年度經紀佣金收入不超過1.05 百萬港元；(ii) 除熊女士外，其他關連人士各自所付之本年度經紀佣金收入不超過最低豁免額；及 (iii) 葉先生家族所付之本年度經紀佣金收入不超過 1.49 百萬港元。HK$1.49 million.Bright Smart Securities & Commodities Group Limited Annual R

432、eport 2011/124.4.定。67DIRECTORS REPORT董事會報告董事會報告Shareholders financial assistanceOn 31 March 2011, Bright Smart Securities International(H.K.) Limited (“BSSI”), an indirect wholly ownedsubsidiary of the Company, entered into a loan facilityletter with China Finance (Worldwide) Limited (“CFW”), acompa

433、ny which is 100% beneficially owned by Mr. Yip,for provision of a HK$310,000,000 revolving loan facilityfrom CFW to BSSI for BSSIs general working capitalpurpose. The maximum loan amount drawn during theYear is HK$280,000,000 (2011: Nil). Interest expense ofHK$3,145,095 was paid to CFW during the Ye

434、ar (2011:Nil). The loan bears interest at HIBOR plus 2.25% perannum, is unsecured and repayable on demand. As at31 March 2012, BSSI has drawn HK$180,000,000 (2011:Nil) under this facility.On 31 March 2011, the Company entered into a loanfacility letter with World Mix Limited (“WML”), a companywhich

435、is 100% beneficially owned by Mr. Yip, forprovision of a HK$310,000,000 revolving loan facilityfrom WML to the Company for the Companys generalworking capital purpose. The maximum loan amountdrawn during the Year is HK$100,000,000 (2011: Nil).Interest expense of HK$1,220,663 was paid to WMLduring th

436、e Year (2011: Nil). The loan bears interest atHIBOR plus 2.25% per annum, is unsecured andrepayable on demand. As at 31 March 2012, nodrawdown was made (2011: Nil) under this facility.The Directors, including the Independent Non-executiveDirectors, were of the opinion that the entering into thetwo a

437、foresaid facility letters and the transactionscontemplated thereunder were on normal commercialterms and were fair and reasonable and was for thebenefit of the Group and no security over the assets of股東之財務資助股東之財務資助於二零一一年三月三十一日，耀才證券國際（香港）有限公司（耀才證券，本公司之間接全資附屬公司）與中國財務（國際）有限公司（中國財務，葉先生全資實益擁有之公司）簽訂貸款融資函件

438、，內容有關中國財務向耀才證券提供循環貸款融資 310,000,000 港元，用作一 般 營 運 資 金。 年 內 所 提 取 最 高 貸 款 額 為280,000,000 港元（二零一一年：零）。年內向中 國 財 務 支 付 利 息 開 支 3,145,095 港 元（二 零一 一 年：零）。貸 款 按 香 港 銀 行 同 業 拆 息 加2.25% 年 利 率 計 息，為 無 抵 押 及 須 按 要 求 償還。於二零一二年三月三十一日，耀才證券根據該融資已提取180,000,000港元（二零一一年：零）。於二零一一年三月三十一日，本公司與世綸有限公司（世綸，葉先生全資實益擁有之公司）簽訂貸款融

439、資函件，內容有關世綸向本公司提供循環貸款融資 310,000,000 港元，用作一般營 運 資 金。 年 內 所 提 取 最 高 貸 款 額 為100,000,000 港元（二零一一年：零）。年內向世綸支付利息開支1,220,663港元（二零一一年：零）。貸款按香港銀行同業拆息加 2.25% 年利率計息，為無抵押及須按要求償還。於二零一二年三月三十一日，概無提取任何有關融資（二零一一年：零）。董事（包括獨立非執行董事）認為，訂立上述兩份融資函件及其項下擬進行之交易乃根據一般商業條款訂立，並屬公平合理，且符合本集團利益，以及並無就該等交易抵押本公司資產。因 此， 該 等 交 易 可 獲 豁 免

440、遵 守 上 市 規 則 第14A.65(4) 條之申報、公佈及獨立股東批准之規the Group was granted in respect of the transactions.The transactions were thus exempted from thereporting, announcement and independentshareholders approval requirements pursuant to Rule14A .65(4) of the Listing Rules.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報5.5.(

441、a)(a)(b)(b)(c)(c)68DIRECTORS REPORT董事會報告董事會報告Annual review of the continuing connectedtransactionsThe Independent Non-executive Directors had reviewedthe above continuing connected transactions andconfirmed that the transactions were:entered into in the ordinary and usual course ofbusiness of the Gr

442、oup;conducted on normal commercial terms or onterms no less favourable to the Group than termsavailable to or from independent third parties; andentered into in accordance with the relevantagreements governing them on terms that are fairand reasonable and in the interests of theshareholders of the C

443、ompany as a whole.The Companys auditor was engaged to report on theGroups continuing connected transactions inaccordance with Hong Kong Standard on AssuranceEngagements 3000 “Assurance Engagements OtherThan Audits or Reviews of Historical FinancialInformation” and with reference to Practice Note 740

444、“Auditors Letter on Continuing Connected Transactionsunder the Hong Kong Listing Rules” issued by the HongKong Institute of Certified Public Accountants. Theauditor has issued his unqualified letter containing hisfindings and conclusions in respect of the continuingconnected transactions disclosed b

445、y the Group inaccordance with Main Board Listing Rule 14A.38. A copyof the auditors letter has been provided by theCompany to the Stock Exchange.RELATED PARTY TRANSACTIONSDetails of the material related party transactions undertakenby the Group in its normal course of business are set out innote 29

446、to the financial statements. Those related partytransactions which constituted connected transactions/continuing connected transactions under the Listing Rules,持續關連交易之年度檢討持續關連交易之年度檢討獨立非執行董事已檢討上述持續關連交易並確認該等交易：於本集團之日常及一般業務過程中訂立；按一般商業條款或按不遜於本集團給予或來自獨立第三者之條款進行；及根據相關監管協議，按公平合理及符合本公司股東整體利益之條款訂立。本公司核數師已獲委聘

447、，以根據香港核證委聘準則第 3000 號審核或審閱過去財務資料以外之核證委聘，並參照香港會計師公會頒佈之實務說明第 740 號關於香港上市規則所述持續關連交易的核數師函件就本集團之持續關 連 交 易 作 出 報 告。 根 據 主 板 上 市 規 則 第14A.38 條，核數師已就其對本集團所披露之持續關連交易之審查結果及結論，發出載有其無保留意見之函件。本公司已向聯交所提交核數師函件副本。關連人士交易關連人士交易本集團於日常業務過程中進行之重大關連人士交易之詳情載於財務報表附註 29 內。根據上市規則構成關連交易持續關連交易（載於本年報第 62 至 68 頁之關連交易持續關連交易一節）之該等關

448、連人士交易已遵守上市規則第 14A 章。which are set out in the section headed “ConnectedTransactions/Continuing Connected Transactions” on pages62 to 68 of this annual report, have complied with Chapter 14Aof the Listing Rules.Bright Smart Securities & Commodities Group Limited Annual Report 2011/12Note:69DIRECTORS R

449、EPORT董事會報告董事會報告DIRECTORS AND CHIEF EXECUTIVEOFFICERS INTERESTS IN SHARES ANDUNDERLYING SHARESAs at 31 March 2012, the Directors and the Chief ExecutiveOfficers of the Company and their respective associates hadthe following interests in the shares and underlying shares ofthe Company as recorded in t

450、he register required to be keptby the Company pursuant to section 352 of the SFO or asotherwise notified to the Company and the Stock Exchangepursuant to the Model Code for Securities Transactions byDirectors of Listed Issuers:(A) Interests in shares and underlying shares of董事及行政總裁於股份及相關股份之權益董事及行政總裁

451、於股份及相關股份之權益於二零一二年三月三十一日，本公司董事及行政總裁及彼等各自之聯繫人於本公司之股份及相關股份中擁有以下權益，而該等權益是根據證券及期貨條例第 352 條規定須備存之登記冊內記錄或根據上市發行人董事進行證券交易之標準守則須知會本公司及聯交所之權益：(A) 於本公司股份及相關股份之權益於本公司股份及相關股份之權益the CompanyApproximatepercentage ofthe issuedshare capitalLong/Number of 佔已發行股本之佔已發行股本之Name of Director董事姓名董事姓名Mr. Yip Mow Lum (Note)葉茂林

452、先生（附註）Nature of interest權益性質權益性質Interest in a controlledcorporationshort positions好好 淡倉淡倉Long position好倉shares股份數目股份數目450,000,000概約百分比概約百分比(%)65.9%受控法團權益Mr. Yip Mow Lum葉茂林先生Beneficial owner實益擁有人Long position好倉36,012,0005.3%The 450,000,000 shares were held by New CharmingHoldings Limited, a company w

453、holly owned by Mr. YipMow Lum, the Chairman of the Board. Therefore, Mr.Yip Mow Lum is deemed to be interested in theseshares.Save as disclosed above, as at 31 March 2012, none of theDirectors or the Chief Executive Officers of the Company ortheir respective associates had any interest or short posi

454、tionin the shares, underlying shares and debentures of theCompany or any of its associated corporations (within themeaning of Part XV of the SFO) as recorded in the registerrequired to be kept by the Company pursuant to section 352of the SFO or as otherwise notified to the Company and the附註： 450,000

455、,000 股股份由新長明控股有限公司（董事會主席葉茂林先生全資擁有之公司）持有。因此，葉茂林先生被視為於該等股份中擁有權益。除上文披露外，於二零一二年三月三十一日，本公司各董事、行政總裁或彼等各自之聯繫人士概無在本公司或其任何相關法團（按證券及期貨條例第XV 部所指之定義）之股份、相關股份或債券中擁有任何權益或淡倉，而該等權益或淡倉是根據證券及期貨條例第 352 條規定須備存之登記冊內所記錄，或根據上市發行人董事進行證券交易之標準守則須知會本公司及聯交所之權益。Stock Exchange pursuant to the Model Code for SecuritiesTransaction

456、s by Directors of Listed Issuers.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報70DIRECTORS REPORT董事會報告董事會報告(B) Share optionsThe interests of the Directors and Chief ExecutiveOfficers in the share options of the Company aredetailed in the section headed “Share Option Scheme”on pages 54 to 59 of this annual re

457、port.Save as disclosed above, at no time during the Year, theDirectors and Chief Executive Officers (including theirspouses and children under 18 years of age) had anyinterest in, or had been granted, or exercised, any rightsto subscribe for shares (or warrants or debentures, ifapplicable) of the Co

458、mpany or its associatedcorporations required to be disclosed pursuant to theSFO.INTERESTS AND SHORT POSITIONS OFSUBSTANTIAL SHAREHOLDERS IN THE SHARECAPITAL OF THE COMPANYAs at 31 March 2012, the interests of substantial shareholdersin the shares or the underlying shares of the Company whichwere req

459、uired to be notified to the Company pursuant toDivisions 2 and 3 of Part XV of the SFO, or which were required(B) 購股權購股權董事及行政總裁於本公司購股權之權益於本年報第 54 至 59 頁之購股權計劃一節詳述。除上文所披露外，於年內任何時間，各董事及行政總裁（包括彼等之配偶及未滿18歲之子女）概無擁有、獲授或行使任何根據證券及期貨條例須予披露可認購本公司或其相聯法團股份（或認股權證或債券，如適用）之權利。主要股東於本公司股本中之權益及淡倉主要股東於本公司股本中之權益及淡倉於二零一

460、二年三月三十一日，根據證券及期貨條例第 XV 部第 2 及第 3 分部須知會本公司，或須記錄於根據證券及期貨條例第 336 條規定須備存之登記冊之本公司股份或相關股份之主要股東權益如下：to be recorded in the register required to be kept by theCompany under section 336 of the SFO were as follows:Approximatepercentage ofthe issuedshare capitalLong/Number of 佔已發行股本之佔已發行股本之Name of shareholder股東

461、名稱股東名稱Nature of interest權益性質權益性質short positions好好 淡倉淡倉shares股份數目股份數目概約百分比概約百分比(%)New Charming Holdings Limited Beneficial owner新長明控股有限公司實益擁有人Long position好倉450,000,00065.9%Mr. Yip Mow Lum (Note 1)葉茂林先生（附註 1）Interest in a controlledcorporationLong position好倉450,000,00065.9%受控法團權益Mr. Yip Mow Lum葉茂林先生B

462、OCOM International HoldingsCompany LimitedBeneficial owner實益擁有人Beneficial owner實益擁有人Long position好倉Long position好倉36,012,00050,000,0005.3%7.3%交銀國際控股有限公司Bank of CommunicationsCo., Limited (Note 2)Interest in a controlledcorporationLong position好倉50,000,0007.3%交通銀行股份有限公司受控法團權益（附註 2）Bright Smart Securi

463、ties & Commodities Group Limited Annual Report 2011/12(1)(1)(2)(2)71DIRECTORS REPORT董事會報告董事會報告Notes:The 450,000,000 shares were held by New Charming HoldingsLimited, a company wholly owned by Mr. Yip Mow Lum, theChairman of the Board. Therefore, Mr. Yip Mow Lum is deemedto be interested in these sha

464、res.The 50,000,000 shares were held by BOCOM InternationalHoldings Company Limited, a company wholly owned by theBank of Communications Co. Limited. Therefore, the Bank ofCommunications Co. Limited is deemed to be interested inthese shares.Save as disclosed on page 70, as at 31 March 2012, there was

465、no other person who had any interest or short position in theshares or underlying shares of the Company which would fallto be disclosed to the Company under the provisions ofDivisions 2 and 3 of Part XV of the SFO, or which wererecorded in the register required to be kept by the Companyunder Section

466、 336 of the SFO, or as otherwise notified to theCompany and the Stock Exchange.SUFFICIENCY OF PUBLIC FLOATBased on the information that is publicly available to theCompany and within the knowledge of the Board of Directors,as at the date of this report, there has been sufficient publicfloat of more

467、than 25% of the Companys issued shares asrequired under the Listing Rules.MANAGEMENT CONTRACTSNo contracts concerning the management and administrationof the whole or any substantial part of the business of theCompany were entered into or existed during the Year.CORPORATE GOVERNANCEPrincipal corpora

468、te governance practices adopted by theCompany are set out in the “Corporate Governance Report”section on pages 39 to 50 of this annual report.CONFIRMATION OF INDEPENDENCE OFINDEPENDENT NON-EXECUTIVE DIRECTORSThe Company has received from each of the IndependentNon-executive Directors an annual confi

469、rmation of hisindependence pursuant to Rule 3.13 of the Listing Rules. The附註：450,000,000 股股份由新長明控股有限公司（董事會主席葉茂林先生全資擁有之公司）持有。因此，葉茂林先生被視為於該等股份中擁有權益。50,000,000 股股份由交銀國際控股有限公司（交通銀行股份有限公司全資擁有之公司）持有。因此，交通銀行股份有限公司被視為於該等股份中擁有權益。除第 70 頁披露外，於二零一二年三月三十一日，概無其他人士於本公司股份或相關股份中，擁有根據證券及期貨條例第 XV 部第 2 及第 3 分部規定須向本公司披露

470、，或已記錄於根據證券及期貨條例第336 條規定須備存之登記冊，或須以其他方式知會本公司及聯交所之任何權益或淡倉。充足公眾持股量充足公眾持股量根據本公司可取得之公開資料及據董事會所知，截至本報告日期，本公司已發行股份中有超過 25% 由公眾持有，符合上市規則所規定之充足公眾持股量要求。管理合約管理合約本年度內並無訂立或存續與本公司整體或任何重要業務有關之管理及行政合約。企業管治企業管治本公司所採納之主要企業管治常規載於本年報第 39至 50 頁之企業管治報告一節。獨立非執行董事之獨立性確認獨立非執行董事之獨立性確認本公司已接獲各獨立非執行董事之年度確認書，確認彼等符合上市規則第 3.13 條之獨

471、立性。本公司認為全體獨立非執行董事均為獨立人士。Company considers all of the Independent Non-executiveDirectors to be independent.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報案。72DIRECTORS REPORT董事會報告董事會報告INDEPENDENT AUDITORThe financial statements for the year ended 31 March 2012have been audited by Messrs. KPMG, who will retire

472、at theconclusion of the forthcoming annual general meeting.Messrs. KPMG, being eligible, will offer themselves for re-appointment. A resolution for the re-appointment of Messrs.KPMG as the independent auditor of the Company will beproposed at the forthcoming annual general meeting.PROFESSIONAL TAX A

473、DVICE RECOMMENDEDIf the shareholders of the Company are unsure about thetaxation implications of purchasing, holding, disposing of,dealing in, or the exercise of any rights in relation to theshares of the Company, they are advised to consult an expert.BOARD OF DIRECTORS RESPONSIBILITIESFOR THE ACCOU

474、NTSThe Board of Directors is responsible for the preparation ofaccounts for each financial period, which gives a true and fairview of the state of affairs of the Group and of the results andcash flows for that period. In preparing these accounts for theyear ended 31 March 2012, the Board of Director

475、s hasselected suitable accounting policies and applied themconsistently, made judgments and estimates that are prudentand reasonable, and has prepared the accounts on a goingconcern basis. The Board of Directors is responsible forkeeping proper accounting records which disclose, withreasonable accur

476、acy at any time, the financial position of theGroup.On behalf of the BoardChan Kai FungExecutive Director & Chief Executive OfficerHong Kong25 June 2012獨立核數師獨立核數師截至二零一二年三月三十一日止年度之財務報表已獲畢馬威會計師事務所審核，畢馬威會計師事務所將於應屆股東週年大會結束時退任，惟合資格並願意膺選連任。董事會將於應屆股東週年大會上，提呈續聘畢馬威會計師事務所為本公司核數師之決議建議之專業稅務意見建議之專業稅務意見如本公司股東未能確定

477、購買、持有、出售、處理或行使本公司有關股份之任何權利之稅務影響，謹請彼等諮詢專業人士。董事會對賬目的職責董事會對賬目的職責董事會須負責編製各財政期間能真實及公平地反映本集團之事務狀況、該期間業績及現金流量之賬目。於編製截至二零一二年三月三十一日止年度之賬目時，董事會已選取並貫徹應用合適之會計政策、作出審慎合理之判斷及估計，並已按持續經營基準編製賬目。董事會負責保存適當之會計紀錄，以能隨時合理準確地披露本集團之財務狀況。代表董事會陳啟峰陳啟峰執行董事兼行政總裁香港二零一二年六月二十五日Bright Smart Securities & Commodities Group Limited Annu

478、al Report 2011/12）73INDEPENDENT AUDITORS REPORT獨立核數師報告獨立核數師報告Independent auditors report to the shareholders ofBright Smart Securities & Commodities Group Limited(incorporated in the Cayman Islands with limited liability)We have audited the consolidated financial statements ofBright Smart Securities

479、 & Commodities Group Limited (the“Company”) and its subsidiaries (together the “Group”) set outon pages 75 to 147, which comprise the consolidated andcompany statements of financial position as at 31 March 2012,the consolidated statement of comprehensive income,consolidated statement of changes in e

480、quity and consolidatedcash flow statement for the year then ended and a summaryof significant accounting policies and other explanatoryinformation.DIRECTORS RESPONSIBILITY FOR THECONSOLIDATED FINANCIAL STATEMENTSThe directors of the Company are responsible for thepreparation of consolidated financia

481、l statements that give atrue and fair view in accordance with Hong Kong FinancialReporting Standards issued by the Hong Kong Institute ofCertified Public Accountants and the Hong Kong CompaniesOrdinance and for such internal control as the directorsdetermine is necessary to enable the preparation of

482、consolidated financial statements that are free from materialmisstatement, whether due to fraud or error.AUDITORS RESPONSIBILITYOur responsibility is to express an opinion on theseconsolidated financial statements based on our audit. Thisreport is made solely to you, as a body, in accordance withsec

483、tion 141 of the Hong Kong Companies Ordinance, and forno other purpose. We do not assume responsibility towards oraccept liability to any other person for the contents of thisreport.We conducted our audit in accordance with Hong KongStandards on Auditing issued by the Hong Kong Institute ofCertified

484、 Public Accountants. Those standards require that wecomply with ethical requirements and plan and perform the致耀才證券金融集團有限公司股東之致耀才證券金融集團有限公司股東之獨立核數師報告獨立核數師報告（於開曼群島註冊成立之有限公司）本核數師（以下簡稱我們）已審計列載於第 75 至147 頁耀才證券金融集團有限公司（貴公司）及其附屬公司（以下統稱貴集團的綜合財務報表，此綜合財務報表包括於二零一二年三月三十一日的綜合財務狀況表及 貴公司的財務狀況表，截至該日止年度的綜合全面收益表、綜合權益

485、變動表和綜合現金流量表以及主要會計政策概要及其他附註解釋資料。董事就綜合財務報表須承擔的責任董事就綜合財務報表須承擔的責任貴公司的董事須負責根據香港會計師公會頒佈的香港財務報告準則及香港公司條例編製綜合財務報表，以令綜合財務報表作出真實而公平的反映及落實其認為編製綜合財務報表所必要的內部控制，以使綜合財務報表不存在由於欺詐或錯誤而導致的重大錯誤陳述。核數師的責任核數師的責任我們的責任是根據我們的審計對該等綜合財務報表作出意見。我們是按照香港公司條例第 141 條的規定，僅向整體股東報告。除此以外，我們的報告不可用作其他用途。我們概不就本報告的內容，對任何其他人士負責或承擔法律責任。我們已根據香

486、港會計師公會頒佈的香港審計準則進行審計。該等準則要求我們遵守道德規範，並規劃及執行審計，以合理確定綜合財務報表是否不存在任何重大錯誤陳述。audit to obtain reasonable assurance about whether theconsolidated financial statements are free from materialmisstatement.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報的74INDEPENDENT AUDITORS REPORT獨立核數師報告獨立核數師報告An audit involves performin

487、g procedures to obtain auditevidence about the amounts and disclosures in theconsolidated financial statements. The procedures selecteddepend on the auditors judgement, including the assessmentof the risks of material misstatement of the consolidatedfinancial statements, whether due to fraud or erro

488、r. In makingthose risk assessments, the auditor considers internal controlrelevant to the entitys preparation of the consolidatedfinancial statements that give a true and fair view in order todesign audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing anop

489、inion on the effectiveness of the entitys internal control. Anaudit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness ofaccounting estimates made by the directors, as well asevaluating the overall presentation of the consolidatedfinancial statements.We be

490、lieve that the audit evidence we have obtained issufficient and appropriate to provide a basis for our auditopinion.OPINIONIn our opinion, the consolidated financial statements give a審計涉及執行程序以獲取有關綜合財務報表所載金額及披露資料的審計憑證。所選定的程序取決於核數師的判斷，包括評估由於欺詐或錯誤而導致綜合財務報表存在重大錯誤陳述的風險。在評估該等風險時，核數師考慮與該公司編製綜合財務報表以作出真實而公平的

491、反映相關的內部控制，以設計適當的審計程序，但目的並非對公司內部控制的有效性發表意見。審計亦包括評價董事所採用會計政策的合適性及作出會計估計的合理性，以及評價綜合財務報表的整體列報方式。我們相信，我們所獲得的審計憑證能充足和適當地為我們的審計意見提供基礎。意見意見我們認為，該等綜合財務報表已根據香港財務報告true and fair view of the state of affairs of the Company and of準則真實而公平地反映 貴公司及貴集團於二零the Group as at 31 March 2012 and of the Groups profit andcash

492、 flows for the year then ended in accordance with HongKong Financial Reporting Standards and have been properlyprepared in accordance with the Hong Kong CompaniesOrdinance.KPMGCertified Public Accountants8th Floor, Princes Building10 Chater RoadCentral, Hong Kong25 June 2012一二年三月三十一日的事務狀況及截至該日止年度貴集團

493、溢利及現金流量，並已按照香港公司條例妥為編製。畢馬威會計師事務所畢馬威會計師事務所執業會計師香港中環遮打道 10 號太子大廈 8 樓二零一二年六月二十五日Bright Smart Securities & Commodities Group Limited Annual Report 2011/123456775CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME綜合全面收益表綜合全面收益表For the year ended 31 March 2012 (Expressed in Hong Kong dollars)截至二零一二年三月三十一日止年度（以

494、港元列示）2012二零一二年二零一二年2011二零一一年Note附註$元元$元TurnoverOther revenueOther net loss營業額營業額其他收益其他虧損淨額228,707,15936,971,598(759,801)264,918,956188,201,88921,630,482(826,266)209,006,105Staff costsDepreciationOther operating expensesProfit from operationsFinance costsProfit before taxationIncome tax員工成本折舊其他經營開支經營

495、溢利經營溢利財務成本除稅前溢利除稅前溢利所得稅6(b)6(c)6(a)(74,719,545)(10,588,179)(93,719,607)85,891,625(12,541,095)73,350,530(12,714,664)(67,802,349)(6,908,917)(77,652,097)56,642,742(8,008,036)48,634,706(8,016,638)Profit and total comprehensiveincome attributable to equity權益股東應佔年內溢利權益股東應佔年內溢利及全面收益總額及全面收益總額shareholders fo

496、r the yearEarnings per share每股盈利每股盈利60,635,86640,618,068Basic (cents)Diluted (cents)基本（仙）攤薄（仙）11118.928.896.696.69The notes on pages 81 to 147 form part of these financialstatements. Details of dividends declared for the year are set第 81 至 147 頁之附註構成此等財務報表其中部分。年內宣派股息之詳情載於附註 24(b)。out in note 24(b).耀

497、才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報141516192076CONSOLIDATED STATEMENT OF FINANCIAL POSITION綜合財務狀況表綜合財務狀況表At 31 March 2012 (Expressed in Hong Kong dollars)於二零一二年三月三十一日（以港元列示）2012二零一二年二零一二年2011二零一一年Non-current assets非流動資產非流動資產Note附註$元元$元Fixed assetsOther non-current assetsTotal non-current assets固定資產

498、其他非流動資產非流動資產總值非流動資產總值1326,197,0078,490,03234,687,03923,897,55921,868,92345,766,482Current assets流動資產流動資產Accounts receivableOther receivables, deposits andprepayments應收賬款其他應收款項、按金及預付款項1,145,959,33012,479,6691,344,636,59512,885,488Taxation recoverableCash and cash equivalentsTotal current assets可收回稅項現

499、金及現金等價物流動資產總值流動資產總值23(a)17(a)397,052,9891,555,491,9881,818,947349,858,2571,709,199,287Current liabilities流動負債流動負債Accounts payableAccrued expenses and other payables應付賬款應計開支及其他應付款項469,737,17117,687,699475,966,07519,751,202Bank loansCurrent taxationAmount due to a related companyTotal current liabilit

500、iesNet current assetsTotal assets less current liabilities銀行貸款即期稅項應付一家關連公司款項流動負債總額流動負債總額流動資產淨值流動資產淨值資產總值減流動負債資產總值減流動負債2123(a)29(c)(iv)425,000,0003,763,141180,000,0001,096,188,011459,303,977493,991,016815,000,0002,154,3001,312,871,577396,327,710442,094,192Non-current liabilities非流動負債非流動負債Deferred tax

501、 liabilitiesNET ASSETS遞延稅項負債資產淨值資產淨值23(b)192,551493,798,465515,059441,579,133Bright Smart Securities & Commodities Group Limited Annual Report 2011/12242477CONSOLIDATED STATEMENT OF FINANCIAL POSITION綜合財務狀況表綜合財務狀況表At 31 March 2012 (Expressed in Hong Kong dollars)於二零一二年三月三十一日（以港元列示）2012二零一二年二零一二年2011

502、二零一一年EQUITY權益權益Note附註$元元$元Share capitalShare premiumMerger reserveShare option reserveRetained profitsTOTAL EQUITY股本股份溢價合併儲備購股權儲備保留溢利權益總值權益總值2424204,846,600181,907,382(19,999,991)3,427,420123,617,054493,798,465203,904,600192,255,508(19,999,991)2,749,52562,669,491441,579,133Approved and authorised fo

503、r issue by the board of directorson 25 June 2012.Directors董事Yip Mow Lum葉茂林葉茂林The notes on pages 81 to 147 form part of these financial經董事會於二零一二年六月二十五日批准並授權刊發。Chan Kai Fung陳啟峰陳啟峰第 81 至 147 頁之附註構成此等財務報表其中部分。statements.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報182478STATEMENT OF FINANCIAL POSITION財務狀況表財務狀況表

504、At 31 March 2012 (Expressed in Hong Kong dollars)於二零一二年三月三十一日（以港元列示）2012二零一二年二零一二年2011二零一一年Non-current assets非流動資產非流動資產Note附註$元元$元Investment in subsidiariesTotal non-current assetsCurrent assets於附屬公司之投資非流動資產總值非流動資產總值流動資產流動資產4,089,7504,089,7502,750,3052,750,305Amounts due from subsidiariesCash and ca

505、sh equivalentsTotal current assets應收附屬公司款項現金及現金等價物流動資產總值流動資產總值18(b)17(a)395,999,9923,058,959399,058,951430,999,9925,912,091436,912,083Current liabilities流動負債流動負債Other payablesAmounts due to subsidiariesBank loansTotal current liabilitiesNet current assetsNET ASSETS其他應付款項應付附屬公司款項銀行貸款流動負債總額流動負債總額流動資產淨

506、值流動資產淨值資產淨值資產淨值2018(b)2117,3251,271,7131,289,038397,769,913401,859,6631,235,71340,000,00041,235,713395,676,370398,426,675EQUITY權益權益Share capitalShare premiumShare option reserveRetained profits/(Accumulated losses)TOTAL EQUITY股本股份溢價購股權儲備保留溢利（累計虧損）權益總值權益總值2424204,846,600181,907,3823,427,42011,678,261

507、401,859,663203,904,600192,255,5082,749,525(482,958)398,426,675Approved and authorised for issue by the board of directorson 25 June 2012.Directors董事Yip Mow Lum葉茂林葉茂林The notes on pages 81 to 147 form part of these financial經董事會於二零一二年六月二十五日批准並授權刊發。Chan Kai Fung陳啟峰陳啟峰第 81 至 147 頁之附註構成此等財務報表其中部分。stateme

508、nts.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1279CONSOLIDATED STATEMENT OF CHANGES IN EQUITY綜合權益變動表綜合權益變動表For the year ended 31 March 2012 (Expressed in Hong Kong dollars)截至二零一二年三月三十一日止年度（以港元列示）ShareSharecapital股本股本Sharepremium股份溢價股份溢價Mergerreserve合併儲備合併儲備optionreserve購

509、股權儲備購股權儲備Retainedprofits保留溢利保留溢利Totalequity權益總值權益總值Note附註$元$元$元$元$元$元Balance at 1 April 2010於二零一零年於二零一零年四月一日之結餘四月一日之結餘130,000,00922,051,423152,051,432Changes in equity for the year 截至二零一一年截至二零一一年ended 31 March 2011:Merger reserve arising from三月三十一日止年度三月三十一日止年度之權益變動：之權益變動：重組產生之合併儲備reorganisation24(d)

510、(ii)(130,000,001)(19,999,991)(149,999,992)Issue of shares pursuant to根據重組發行股份reorganisation24(c)(i)149,999,992149,999,992Issue of new shares in首次公開發售時發行Initial Public OfferingShare issuance costs新股份股份發行成本24(c)(ii)53,904,600233,574,602(41,319,094)287,479,202(41,319,094)Profit and total comprehensive年

511、內溢利及全面收益總額income for the year40,618,06840,618,068Equity-settled share-based權益結算以股份為payments基礎之款項2,749,5252,749,525Balance at 31 March 2011於二零一一年於二零一一年三月三十一日之結餘三月三十一日之結餘203,904,600192,255,508(19,999,991)2,749,52562,669,491441,579,133Balance at 1 April 2011於二零一一年於二零一一年四月一日之結餘四月一日之結餘203,904,600192,255,

512、508(19,999,991)2,749,52562,669,491441,579,133Changes in equity for the year 截至二零一二年截至二零一二年ended 31 March 2012:三月三十一日止年度三月三十一日止年度之權益變動：之權益變動：Dividend paid during the year年內派付股息24(b)(12,234,276)(12,234,276)Shares issued under購股權計劃項下share option scheme已發行股份24(c)(iii)942,0001,886,150(661,550)2,166,600Pr

513、ofit and total comprehensive年內溢利及全面收益總額income for the year60,635,86660,635,866Equity-settled share-based權益結算以股份為payments基礎之款項1,339,445311,6971,651,142Balance at 31 March 2012於二零一二年於二零一二年三月三十一日之結餘三月三十一日之結餘204,846,600181,907,382(19,999,991)3,427,420123,617,054493,798,465The notes on pages 81 to 147 fo

514、rm part of these financial第 81 至 147 頁之附註構成此等財務報表其中部分。statements.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報80CONSOLIDATED CASH FLOW STATEMENT綜合現金流量表綜合現金流量表For the year ended 31 March 2012 (Expressed in Hong Kong dollars)截至二零一二年三月三十一日止年度（以港元列示）2012二零一二年二零一二年2011二零一一年Operating activities經營活動經營活動Note附註$元元$元

515、Cash generated from/(used in) operations 經營業務所得（所用）現金17(b)289,214,946(249,371,517)Hong Kong Profits Tax paidNet cash generated from/(used in)operating activitiesInvesting activitiesPayment for purchase of fixed assetsProceeds from sale of fixed assetsInterest receivedNet cash generated from/(used in

516、)investing activitiesFinancing activities(Repayment of)/proceeds from bank loansProceeds from a related company loanDividend paidInterest paidProceeds from shares issuedPayment of share issuance costsNet cash (used in)/generated fromfinancing activitiesNet increase in cash andcash equivalentsCash an

517、d cash equivalents at 1 AprilCash and cash equivalents at已付香港利得稅經營活動所得經營活動所得 （所用）現金淨額（所用）現金淨額投資活動投資活動購買固定資產付款銷售固定資產所得款項已收利息投資活動所得投資活動所得 （所用）現金淨額（所用）現金淨額融資活動融資活動銀行貸款（還款）所得款項一家關連公司貸款所得款項已付股息已付利息發行股份所得款項支付股份發行成本融資活動（所用）融資活動（所用） 所得現金淨額所得現金淨額現金及現金等價物增加淨額現金及現金等價物增加淨額於四月一日之現金及於四月一日之現金及現金等價物現金等價物於三月三十一日之現金及

518、於三月三十一日之現金及(9,609,384)279,605,562(14,210,677)270,00014,138,618197,941(390,000,000)180,000,000(12,234,276)(12,541,095)2,166,600(232,608,771)47,194,732349,858,257(15,622,207)(264,993,724)(23,615,275)4,833,572(18,781,703)374,000,000(136,050,000)(8,008,036)287,479,202(41,319,094)476,102,072192,326,64515

519、7,531,61231 March現金等價物現金等價物17(a)397,052,989349,858,257The notes on pages 81 to 147 form part of these financial第 81 至 147 頁之附註構成此等財務報表其中部分。statements.Bright Smart Securities & Commodities Group Limited Annual Report 2011/12）22（81NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註1GENERAL INFORMATIONBright

520、 Smart Securities & Commodities Group Limited(“the Company”) was incorporated in the CaymanIslands on 4 August 2009 as an exempted company withlimited liability under the Companies Law, Cap 22 (Law 3of 1961, as consolidated and revised) of the CaymanIslands. The registered office of the Company is S

521、cotiaCentre, 4th Floor, P.O. Box 2804, George Town, GrandCayman KY1-1112, Cayman Islands. The consolidatedfinancial statements for the year ended 31 March 20121一般資料一般資料耀才證券金融集團有限公司（本公司）於二零零九年八月四日根據開曼群島法例第 22 章公司法（一九六一年第三法例，經綜合及修訂）在開曼群島註冊成立為獲豁免有限公司。本公司之註冊辦事處為 Scotia Centre, 4th Floor, P.O.Box 2804，Ge

522、orge Town, Grand Cayman KY1-1112，Cayman Islands。截至二零一二年三月三十一日止年度之綜合財務報表涵蓋本公司及其附屬公司（統稱本集團。comprise the Company and its subsidiaries (togetherreferred to as the “Group”).The principal activity of the Company is investmentholding. The principal activities and other particulars ofits subsidiaries are se

523、t out in note 18 to the financialstatements.Pursuant to a reorganisation (the “Reorganisation”) ofthe Group to rationalise the group structure inpreparation for the listing of the Companys shares onthe Main Board of The Stock Exchange of Hong KongLimited (the “Stock Exchange”), the Company becamethe

524、 holding company of the Group on 29 June 2010.Details of the Reorganisation are set out in theprospectus of the Company dated 12 August 2010. TheCompanys shares were listed on the Stock Exchange on25 August 2010.SIGNIFICANT ACCOUNTING POLICIES本公司之主要業務為投資控股。其附屬公司之主要業務及其他詳情載於財務報表附註 18。根據本集團為籌備本公司股份於香港

525、聯合交易所有限公司（聯交所）主板上市而整頓集團架構之重組（重組），本公司於二零一零年六月二十九日成為本集團之控股公司。重組詳情載於本公司日期為二零一零年八月十二日之招股章程。本公司股份於二零一零年八月二十五日於聯交所上市。重大會計政策重大會計政策(a)Statement of complianceThese financial statements have been prepared inaccordance with all applicable Hong Kong FinancialReporting Standards (“HKFRSs”), which collectiveterm

526、includes all applicable individual HKFRSs,Hong Kong Accounting Standards (“HKASs”) andInterpretations issued by the Hong Kong Instituteof Certified Public Accountants (“HKICPA”),accounting principles generally accepted in HongKong and the requirements of the Hong KongCompanies Ordinance. These finan

527、cial statements(a)合規聲明合規聲明此等財務報表已遵照香港會計師公會（香港會計師公會）頒佈之所有適用香港財務報告準則 香港財務報告準則，包括所有適用之個別香港財務報告準則、香港會計準則香港會計準則）及詮釋）、香港公認會計原則及香港公司條例之規定編製。此等財務報表亦符合香港聯合交易所有限公司證券上市規則之適用披露規定。本集團採納之重大會計政策概要載於下文。also comply with the applicable disclosureprovisions of the Rules Governing the Listing ofSecurities on The Stock

528、Exchange of Hong KongLimited. A summary of the significant accountingpolicies adopted by the Group is set out below.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報2282NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(a)Statement of compliance (Continued)The

529、 HKICPA has issued certain new and revisedHKFRSs that are first effective or available for earlyadoption for the current accounting period of theGroup and the Company. Of these, the followingdevelopments are relevant to the Groups financialstatements for the current and prior accounting(a)合規聲明合規聲明（續

530、）香港會計師公會已頒佈若干新訂及經修訂香港財務報告準則，該等新訂及經修訂準則於本集團及本公司當前會計期間首次生效或可供提早採納。其中以下變動與本集團於當前會計期間及過往會計期間之財務報表有關：periods:HKAS 24 (revised 2009), Related partydisclosuresImprovements to HKFRSs (2010)The Group has not applied any new standard orinterpretation that is not yet effective for thecurrent accounting period

531、(see note 32).The impacts of the above developments arediscussed below:HKAS 24 (revised 2009) revises the definitionof a related party. As a result, the Group hasre-assessed the identification of relatedparties and concluded that the reviseddefinition does not have any material impacton the Groups r

532、elated party disclosures inthe current and previous period. HKAS 24(revised 2009) also introduces modifieddisclosure requirements for government-related entities. This does not impact theGroup because the Group is not agovernment-related entity.Improvements to HKFRSs (2010) omnibusstandard introduce

533、s a number ofamendments to the disclosure requirementsin HKFRS 7, Financial instruments:Disclosures. The disclosures about theGroups financial instruments in note 27 hasbeen conformed to the amended disclosurerequirements. These amendments do nothave any material impact on the香港會計準則第 24 號（二零零九年經修訂），

534、關連人士交易香港財務報告準則之改進（二零一零年）本集團並無應用任何於本會計期間尚未生效之新訂準則或詮釋（見附註 32）。上述變動之影響載述如下：香港會計準則第 24 號（二零零九年經修訂）修訂關連人士之定義。因此，本集團已重新評估關連人士之身分，並認為經修訂之定義對本集團於本期間及過往期間之關連人士披露並無任何重大影響。香港會計準則第 24 號（二零零九年經修訂）亦對政府相關實體之披露規定作出修改。由於本集團並非政府相關實體，此修訂對本集團並無影響。香港財務報告準則之改進（二零一零年）綜合準則對香港財務報告準則第 7 號金融工具：披露 內之披露規 定 作 出 多 項 修 訂。附 註 27 所

535、載有關本集團金融工具之披露符合經修訂之披露規定。該等修訂對本期間及過往期間於財務報表內確認之金額之分類、確認及計量並無任何重大影響。classification, recognition and measurementsof the amounts recognised in the financialstatements in the current and previousperiods.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1222計。83NOTES TO THE FINANCIAL

536、STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(b)Basis of preparation of the financial(b)財務報表編製基準財務報表編製基準statementsThe measurement basis used in the preparation ofthe financial statements is the historical cost basis.The preparation of financial statements inconformi

537、ty with HKFRSs requires management tomake judgments, estimates and assumptions thataffect the application of policies and reportedamounts of assets, liabilities, income andexpenses. The estimates and associatedassumptions are based on historical experienceand various other factors that are believed

538、to bereasonable under the circumstances, the resultsof which form the basis of making the judgmentsabout carrying values of assets and liabilities thatare not readily apparent from other sources.Actual results may differ from these estimates.The estimates and underlying assumptions arereviewed on an

539、 ongoing basis. Revisions toaccounting estimates are recognised in the year inwhich the estimate is revised if the revision affectsonly that year, or in the year of the revision andfuture years if the revision affects both current and財務報表按歷史成本法之計量基準編製。按照香港財務報告準則編製財務報表要求管理層作出判斷、估計及假設，該等判斷、估計及假設會影響政策應

540、用及所呈報之資產、負債、收入及開支金額。此等估計及相關假設乃基於過往經驗及在有關情況下相信為合理之其他各項因素得出，所得結果乃用作判斷目前顯然無法通過其他來源獲得資產與負債賬面值之依據。實際結果或會有別於此等估此等估計及相關假設會持續檢討。倘會計估計之修訂僅對作出修訂之年度產生影響，則有關修訂只會在該年度內確認；倘有關修訂對當前及未來年度均產生影響，則會同時在作出該修訂年度及未來年度確認。future years.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報2284NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNI

541、FICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(c)Basis of consolidation(c)綜合賬目基準綜合賬目基準(i)SubsidiariesSubsidiaries are entities controlled by theGroup. Control exists when the Group hasthe power to govern the financial andoperating policies of an entity so as to obtainbenefits from its activiti

542、es. In assessing(i)附屬公司附屬公司附屬公司指本集團控制之實體。倘本集團有權支配實體之財務及經營政策，藉此自其活動中取得利益，則存在控制權。在評估控制權時，會考慮目前可行使之潛在表決權。control, potential voting rights that presentlyare exercisable are taken into account.An investment in a subsidiary is consolidatedinto the consolidated financial statementsfrom the date that contro

543、l commences untilthe date that control ceases. Intra-groupbalances and transactions and anyunrealised profits arising from intra-grouptransactions are eliminated in full inpreparing the consolidated financialstatements. Unrealised losses resulting fromintra-group transactions are eliminated in thesa

544、me way as unrealised gains but only to theextent that there is no evidence ofimpairment.In the Companys statement of financialposition, an investment in a subsidiary isstated at cost less impairment losses (seenote 2(f), unless the investment is classified於附屬公司之投資自控制權開始當日綜合計入綜合財務報表，直至控制權終止當日為止。集團內結餘

545、及交易以及集團內交易所產生之任何未變現溢利，在編製綜合財務報表時全數對銷。集團內交易所產生之未變現虧損僅在並無出現減值證據之情況下以與未變現收益相同之方式予以對銷。除非投資分類為可供出售，否則於本公司之財務狀況表內，於附屬公司之投資乃按成本減減值虧損列賬（見附註 2(f)）。as held for sale.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1222(ii)(ii)85NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACC

546、OUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(c)Basis of consolidation (Continued)Business combinations involving(c)綜合賬目基準綜合賬目基準（續）涉及共同控制實體之業務合併涉及共同控制實體之業務合併entities under common controlThe consolidated financial statementsincorporate the financial statements of thecombining entities or businesses as i

547、f theyhad been combined from the date when thecombining entities or business first cameunder the control of the controlling parties.The net assets of the combining entities orbusiness are recognised at the carryingvalues prior to the common controlcombination.The consolidated financial statementsinc

548、lude the results of each of the combiningentities or business from the earliest datepresented or since the date when combiningentities or business first came under thecontrol of the controlling parties, where thisis a shorter period, regardless of the date ofthe common control combination.The compar

549、ative amounts in theconsolidated financial statements arepresented as if the entities or businesseshad been combined at the previous reporting綜合財務報表包含合併實體或業務之財務報表，猶如該等實體或業務自控制方首次控制合併實體或業務當日起經已合併。合併實體或業務之資產淨值於共同控制合併前以賬面值確認。綜合財務報表包括各合併實體或業務自呈列最早日期起，或自控制方首次控制合併實體或業務當日起（不論共同控制合併之日期）之較短期間之業績。綜合財務報表呈列之比較金

550、額按猶如實體或業務於上一個報告日期或首次受控制方控制時（以較短者為準）經已合併之基準呈列。date or when they first came under controlof the controlling parties, whichever isshorter.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報2286NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(d)Fixed assetsFixed a

551、ssets are stated in the consolidatedstatement of financial position at cost less(d)固定資產固定資產固定資產按成本減累計折舊及減值虧損（見附註 2(f)(ii)）於綜合財務狀況表列賬。accumulated depreciation and impairment losses(see note 2(f)(ii).Gains or losses arising from the retirement ordisposal of an item of fixed assets are determinedas the

552、 difference between the net disposalproceeds and the carrying amount of the item andare recognised in profit or loss on the date ofretirement or disposal.Depreciation is calculated to write off the cost ofitems of fixed assets, less their estimated residualvalue, if any, using the straight-line meth

553、od overtheir estimated useful lives as follows:報廢或出售固定資產項目所產生之損益以該項目的出售所得款項淨額與其賬面值之間之差額釐定，並於報廢或出售當日在損益確認。固定資產折舊以固定資產項目成本減其估計剩餘價值（如有）撇銷，並以直線法按其預計可用年限計算如下： Leasehold improvements Motor vehicles Office equipment Furniture and fixtures Computers and softwareShorter of the unexpired termof lease or 3 yea

554、rs5 years5 years5 years5 years 裝修 汽車 辦公室設備 傢具及裝置 電腦及軟件未屆滿租期或 3 年（以較短期為準）5 年5 年5 年5 年Both the useful life of an asset and its residualvalue, if any, are reviewed annually.資產之可使用年限及其剩餘價值（如有）會每年進行檢討。Bright Smart Securities & Commodities Group Limited Annual Report 2011/1222(i)(i)下：87NOTES TO THE FINANC

555、IAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(e)Operating lease chargesLeases which do not transfer substantially all therisks and rewards of ownership to the Group areclassified as operating leases. Where the Grouphas the use of assets under operating leases,pa

556、yments made under the leases are charged toprofit or loss in equal instalments over theaccounting periods covered by the lease terms,except where an alternative basis is morerepresentative of the pattern of benefits to bederived from the leased asset. Lease incentives(e)經營租約支出經營租約支出凡並無將擁有權之絕大風險及回報轉讓

557、予本集團之租賃，均分類為經營租約。倘本集團使用經營租約下之資產，則根據租約支付之款項會於租期所涵蓋之會計期間，以等額分期於損益中扣除，除非有其他基準更能代表租賃資產所產生之利益模式則屬例外。獲取之租約優惠於損益確認為淨租金總額之組成部分。或然租金於其產生之會計期間內於損益中扣除。received are recognised in profit or loss as anintegral part of the aggregate net lease paymentsmade. Contingent rentals are charged to profit orloss in the acc

558、ounting period in which they areincurred.(f)Impairment of assetsImpairment of investments insubsidiaries and accounts receivable(f)資產減值資產減值於附屬公司之投資以及應收賬款及於附屬公司之投資以及應收賬款及其他應收款項減值其他應收款項減值and other receivablesInvestments in subsidiaries and accountsreceivable and other receivables that arecarried at co

559、st or amortised cost arereviewed at each reporting date todetermine whether there is objectiveevidence of impairment. If any such evidenceexists, any impairment loss is determinedand recognised as follows:For investments in subsidiaries, theimpairment loss is measured bycomparing the recoverable amo

560、unt inthe investment with its carryingamount in accordance with note 2(f)(ii).The impairment loss is reversed ifthere has been a favourable change in按成本或攤銷成本列賬之於附屬公司之投資、應收賬款及其他應收款項於各報告日期審閱，以確定有否客觀減值證據。倘存在任何該等證據，任 何 減 值 虧 損 釐 定 及 確 認 如就於附屬公司之投資而言，減值虧損乃根據附註 2(f)(ii) 所述按投資之可收回金額與其賬面值之差額計量。倘根據附註 2(f)(ii

561、) 所述用於釐定可收回金額之估計出現有利變動，則會撥回減值虧損。the estimates used to determine therecoverable amount in accordancewith note 2 (f)(ii).耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報22(i)(i)88NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(f)Impairment of assets (Continu

562、ed)Impairment of investments insubsidiaries and accounts receivable(f)資產減值資產減值（續）於附屬公司之投資以及應收賬款及於附屬公司之投資以及應收賬款及其他應收款項減值其他應收款項減值（續）and other receivables (Continued)For accounts receivable and otherreceivables carried at amortised cost,the impairment loss is measured asthe difference between the asset

563、scarrying amount and the present valueof estimated future cash flows,discounted at the financial assetsoriginal effective interest rate (i.e. theeffective interest rate computed atinitial recognition of these assets),where the effect of discounting ismaterial. This assessment is madecollectively whe

564、re financial assetscarried at amortised cost share similarrisk characteristics, such as similarpast due status, and have not beenindividually assessed as impaired.Future cash flows for financial assetswhich are assessed for impairmentcollectively are based on historical lossexperience for assets wit

565、h credit riskcharacteristics similar to the collectivegroup.If in a subsequent period the amountof an impairment loss decreases andthe decrease can be linked objectivelyto an event occurring after theimpairment loss was recognised, theimpairment loss is reversed throughprofit or loss. A reversal of

566、animpairment loss shall not result in the就按攤銷成本列賬之應收賬款及其他應收款項而言，倘貼現影響重大，減值虧損按資產賬面值與估計未來現金流量現值之差額，按財務資產原先實際利率（即初步確認該等資產時計算之實際利率）貼現計算。倘按攤銷成本列賬之財務資產承擔之風險特徵相近（如逾期狀況相似）及並未個別評估為出現減值等，則會以集體形式進行評估。經集體評估為減值之財務資產之未來現金流量乃以信貸風險特徵類似該集合組別之資產之過往虧損經驗為依據。倘於往後期間之減值虧損金額減少，而有關減幅客觀上與確認減值虧損後發生之事件有關，則減值虧損會於損益撥回。減值虧損之撥回不應導

567、致資產賬面值超過其在過往期間並無確認減值虧損時原應釐定之金額。assets carrying amount exceeding thatwhich would have been determinedhad no impairment loss beenrecognised in prior periods.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1222。89NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING

568、 POLICIES(Continued)重大會計政策重大會計政策（續）(f)Impairment of assets (Continued)(f)資產減值資產減值（續）(ii)Impairment of fixed assetsInternal and external sources of informationare reviewed at each reporting date toidentify indications that fixed assets may beimpaired or an impairment loss previouslyrecognised no long

569、er exists or may have(ii)固定資產減值固定資產減值源自內部及外部之資料乃於各報告日期審閱，以識別固定資產可能出現減值或過往確認之減值虧損不再存在或可能已減少之跡象。decreased.If any such indication exists, the assetsrecoverable amount is estimated.倘存在任何該等跡象，則會估計資產之可收回金額。Calculation of recoverable amountThe recoverable amount of an asset isthe greater of its fair value

570、less costs tosell and value in use. In assessing valuein use, the estimated future cash flowsare discounted to their present valueusing a pre-tax discount rate thatreflects current market assessments oftime value of money and the risksspecific to the asset. Where an assetdoes not generate cash inflo

571、ws largelyindependent of those from otherassets, the recoverable amount isdetermined for the smallest group ofassets that generates cash inflows計算可收回金額資產之可收回金額為其公平值減銷售成本及使用價值兩者之較高者。於評估使用價值時，估計未來現金流量採用反映貨幣時間價值及資產特定風險之現時市場評估之稅前貼現率貼現至其現值。倘資產所產生現金流入很大程度上並非獨立於其他資產所產生者，則就獨立產生現金流入之最小一組資產（即現金產生單位）釐 定可收回金額。i

572、ndependently (i.e. a cash-generatingunit).Recognition of impairment lossesAn impairment loss is recognised inprofit or loss if the carrying amount ofan asset, or the cash-generating unit towhich it belongs, exceeds itsrecoverable amount. Impairmentlosses recognised in respect of cash-generating unit

573、s are allocated toreduce the carrying amount of theassets in the unit (or group of units) ona pro rata basis, except that thecarrying value of an asset will not be確認減值虧損倘資產或其所屬現金產生單位之賬面值超過其可收回金額， 則 於 損 益 確 認 減 值 虧損。就現金產生單位確認之減值虧損予以分配，以按比例扣減單位（或一組單位）之資產賬面值，惟資產賬面值將不會調減至低於其個別公平值減銷售成本或使用價值（如可釐定）reduced

574、below its individual fair valueless costs to sell, or value in use, ifdeterminable.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報22(g)(g)(h)(h)90NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(f)Impairment of assets (Continued)(f)資產減值資產減值（續）(ii)Impairmen

575、t of fixed assets (Continued)(ii)固定資產減值固定資產減值（續）Reversals of impairment lossesAn impairment loss is reversed if therehas been a favourable change in theestimates used to determine therecoverable amount. A reversal ofimpairment loss is limited to the assetscarrying amount that would have beendetermin

576、ed had no impairment loss撥回減值虧損倘用以釐定可收回金額之估計出現有利變動，則會撥回減值虧損。撥回減值虧損限於過往期間並無確認減值虧損時原應釐定之資產賬面值。減值虧損撥回於確認撥回期間計入損益。been recognised in prior periods.Reversals of impairment losses arecredited to profit or loss in the periodin which the reversals are recognised.Accounts receivable and otherreceivablesAccou

577、nts receivable and other receivables areinitially recognised at fair value and thereafterstated at amortised cost using the effectiveinterest method less allowance for impairment ofdoubtful debts (see note 2(f)(i), except where thereceivables are interest-free loans made to relatedparties without an

578、y fixed repayment terms or theeffect of discounting would be immaterial. In suchcases, the receivables are stated at cost lessallowance for impairment of doubtful debts (seenote 2(f)(i).Accounts payable and other payablesAccounts payable and other payables are initiallyrecognised at fair value and t

579、hereafter stated atamortised cost unless the effect of discounting應收賬款及其他應收款項應收賬款及其他應收款項應收賬款及其他應收款項初步按公平值確認，其後則使用實際利率法按攤銷成本 扣 除 呆 賬 減 值 撥 備 列 賬（ 見 附 註 2(f)(i)），惟倘若應收款項為給予關連人士之無固定還款期免息貸款，或貼現影響並不重大者則除外。於該等情況下，應收款項按成本扣除呆賬減值撥備列賬（見附註 2(f)(i)）。應付賬款及其他應付款項應付賬款及其他應付款項應付賬款及其他應付款項初步按公平值確認，其後則按攤銷成本列賬，惟倘若貼現影響並不

580、重大，則按成本列賬。would be immaterial, in which case they are statedat cost.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1222(j)(j)(i)(i)(ii)(ii)(iii)(iii)91NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(i)Interest-bearing bor

581、rowingsInterest-bearing borrowings are recognised initiallyat fair value less attributable transaction costs.Subsequent to initial recognition, interest-bearingborrowings are stated at amortised cost with anydifference between the amount initially recognised(i)計息借貸計息借貸計息借貸初步以公平值減應佔交易成本確認。在初步確認後，計息借貸

582、按攤銷成本列賬，而初步確認金額與贖回價值之間之任何差額連同任何應付利息及費用在借貸期間以實際利率法在損益確認。and redemption value being recognised in profit orloss over the period of the borrowings, togetherwith any interest and fees payable, using theeffective interest method.Cash and cash equivalentsCash and cash equivalents comprise cash at bankand

583、on hand, and demand deposits with banks.現金及現金等價物現金及現金等價物現金及現金等價物包括銀行存款及手頭現金以及活期銀行存款。(k)Employee benefitsSalaries, annual bonuses, paid annual leave,contributions to defined contributionretirement plans and the cost of non-monetary benefits are accrued in the year in(k)僱員福利僱員福利薪金、年終花紅、有薪年假、向定額供款退休計劃作

584、出之供款及非貨幣福利成本於僱員提供相關服務之年度計算。which the associated services are renderedby employees.Contributions to Mandatory Provident Fundsas required under the Hong Kong MandatoryProvident Fund Schemes Ordinance arerecognised as an expense in profit or loss asincurred.The fair value of share options granted toemp

585、loyees is recognised as an employeecost with a corresponding increase in ashare option reserve within equity. The fairvalue is measured at the grant date usingthe Black-Scholes model, taking into accountthe terms and conditions upon which theoptions were granted. Where the employeeshave to meet vest

586、ing conditions before根據香港強制性公積金計劃條例規定向強制性公積金作出之供款於產生時在損益確認為開支。授予僱員購股權之公平值確認為僱員成本，相應之增加會於權益內之購股權儲備反映。公平值在授出日期採用柏力克 舒爾斯模式，經考慮授出購股權之條款及條件而計量。倘僱員須符合歸屬條件才有權無條件行使購股權，則購股權之估計總公平值會於考慮購股權將歸屬之可能性後在歸屬期內分攤。becoming unconditionally entitled to theoptions, the total estimated fair value of theoptions is spread ov

587、er the vesting period,taking into account the probability that theoptions will vest.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報22(iii)。92NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(k)Employee benefits (Continued)(Continued)Where the Company enters

588、 into equity-settled share-based payment arrangementsinvolving employees of subsidiaries, the costis recognised in “Investment in subsidiaries”and credited to the “Share option reserve”over the vesting period. The equity amountis recognised in the capital reserve untileither the option is exercised

589、(when it is(k)僱員福利僱員福利（續）(iii) （續）倘本公司訂立之權益結算以股份為基礎之付款安排涉及附屬公司僱員，有關成本會於歸屬期內在於附屬公司之投資內確認，並撥入購股權儲備。股本金額乃於資本儲 備 內 確 認，直 至 購 股 權 獲 行 使（轉撥至股份溢價賬）或歸屬權已屆滿（直接撥入保留溢利）transferred to the share premium account)or the vested option expires (when it isreleased directly to retained profits).(l)Income taxIncome tax

590、 for the year comprises current tax andmovements in deferred tax assets and liabilities.Current tax and movements in deferred tax assetsand liabilities are recognised in profit or lossexcept to the extent that they relate to itemsrecognised in other comprehensive income or(l)所得稅所得稅本年度之所得稅包括即期稅項及遞延稅項

591、資產與負債變動。即期稅項及遞延稅項資產與負債變動在損益確認，惟涉及於其他全面收益或直接於權益確認之項目，其相關稅款分別在其他全面收益或直接於權益確認。directly in equity, in which case the relevantamounts of tax are recognised in othercomprehensive income or directly in equity,respectively.Current tax is the expected tax payable on thetaxable income for the year, using tax

592、ratesenacted or substantively enacted at the reportingdate, and any adjustment to tax payable in respectof previous years.Deferred tax assets and liabilities arise fromdeductible and taxable temporary differencesrespectively, being the differences between thecarrying amounts of assets and liabilitie

593、s forfinancial reporting purposes and their tax bases.即期稅項指就本年度應課稅收入採用於報告日期已頒布或實質頒布之稅率計算之預期應繳稅項，以及就過往年度應繳稅項所作之任何調整。遞延稅項資產及負債分別來自可扣稅及應課稅暫時差額，即就財務申報目的之資產及負債賬面值與其稅基之間之差額。遞延稅項資產亦源自未動用稅項虧損及未動用稅項抵免。Deferred tax assets also arise from unused taxlosses and unused tax credits.Bright Smart Securities & Commod

594、ities Group Limited Annual Report 2011/122293NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(l)Income tax (Continued)Apart from certain limited exceptions, all deferredtax liabilities, and all deferred tax assets to theextent that it is probable

595、 that future taxable profitswill be available against which the asset can beutilised, are recognised. Future taxable profits thatmay support the recognition of deferred tax assetsarising from deductible temporary differencesinclude those that will arise from the reversal ofexisting taxable temporary

596、 differences, providedthose differences relate to the same taxationauthority and the same taxable entity, and areexpected to reverse either in the same period asthe expected reversal of the deductible temporarydifference or in periods into which a tax lossarising from the deferred tax asset can be c

597、arriedback or forward. The same criteria are adoptedwhen determining whether existing taxable(l)所得稅所得稅（續）除若干有限例外情況外，所有遞延稅項負債及遞延稅項資產（僅限於有可能用以抵銷日後應課稅溢利之部分）均予確認。可支持確認源自可扣稅暫時差額之遞延稅項資產之未來應課稅溢利包括撥回現有應課稅暫時差額產生之款項，惟該等差額須與同一徵稅機關及同一應課稅實體有關，並預期會於預料撥回可扣稅暫時差額之同一期間或遞延稅項資產所產生稅項虧損可往撥回或結轉之期間內撥回。該項準則亦適用於釐定現有應課稅暫時差額可否

598、支持確認未動用稅項虧損及稅項抵免所產生遞延稅項資產，即該等差額倘與同一徵稅機關及同一應課稅實體有關時將予以計入，並預期於稅項虧損或稅項抵免可予使用之一段期間或多段期間撥回。temporary differences support the recognition ofdeferred tax assets arising from unused tax lossesand credits, that is, those differences are takeninto account if they relate to the same taxationauthority and the s

599、ame taxable entity, and areexpected to reverse in a period, or periods, inwhich the tax loss or credit can be utilised.The limited exceptions to recognition of deferredtax assets and liabilities are those temporarydifferences arising from goodwill not deductiblefor tax purposes, the initial recognit

600、ion of assets orliabilities that affect neither accounting nor taxableprofit (provided they are not part of a businesscombination), and temporary differences relatingto investments in subsidiaries to the extent that, inthe case of taxable differences, the Group controls確認遞延稅項資產及負債之有限例外情況 包 括： 不 可 扣

601、稅 商 譽 產 生 之 暫 時 差額、初步確認不影響會計或應課稅溢利之資產或負債（不屬業務合併之部分）以及與投資於附屬公司有關之暫時差額；如屬應課稅差額，以本集團可控制撥回時間及不大可能在可預見未來撥回差額為限；或如屬可扣稅差額，則以可能在未來撥回差額為限。the timing of the reversal and it is probable thatthe differences will not reverse in the foreseeablefuture, or in the case of deductible differences,unless it is probable

602、 that they will reverse in thefuture.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報2294NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(l)Income tax (Continued)The amount of deferred tax recognised ismeasured based on the expected manner ofrealisation or

603、settlement of the carrying amount ofthe assets and liabilities, using tax rates enacted(l)所得稅所得稅（續）已確認遞延稅項金額按資產及負債賬面值之預期變現或結算方式，採用報告日期已頒布或實質頒布之稅率計算。遞延稅項資產及負債均不予貼現。or substantively enacted at the reporting date.Deferred tax assets and liabilities are notdiscounted.The carrying amount of a deferred ta

604、x asset isreviewed at each reporting date and is reduced tothe extent that it is no longer probable thatsufficient taxable profit will be available to allowthe related tax benefit to be utilised. Any suchreduction is reversed to the extent that it becomesprobable that sufficient taxable profits will

605、 beavailable.Additional income taxes that arise from thedistribution of dividends are recognised when theliability to pay the related dividends is recognised.Current tax balances and deferred tax balances,and movements therein, are presented separatelyfrom each other and are not offset. Current taxa

606、ssets are offset against current tax liabilities, anddeferred tax assets against deferred tax liabilities ifthe Group has the legally enforceable right to setoff current tax assets against current tax liabilitiesand the following additional conditions are met:in the case of current tax assets andlia

607、bilities, the Group intends either to settleon a net basis, or to realise the asset and遞延稅項資產賬面值於各報告日期檢討，倘不再可能備有足夠應課稅溢利可供動用相關稅務利益，則須削減遞延稅項資產賬面值。倘很可能有足夠應課稅溢利，則會撥回有關減額。派付股息所產生額外所得稅乃於確認支付相關股息之負債時確認。即期稅項結餘及遞延稅項結餘以及其變動乃分開各自呈列，且不予抵銷。倘本集團有法定行使權以即期稅項資產抵銷即期稅項負債，且符合以下附帶條件，可以即期稅項資產及遞延稅項資產分別抵銷即期稅項負債及遞延稅項負債：就即期稅

608、項資產及負債而言，本集團計劃按淨額基準結算，或在變現資產之同時清償負債；或settle the liability simultaneously; orBright Smart Securities & Commodities Group Limited Annual Report 2011/122295NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(l)Income tax (Continued)in the case of defer

609、red tax assets andliabilities, if they relate to income taxes leviedby the same taxation authority on either:the same taxable entity; ordifferent taxable entities, which, ineach future period in which significantamounts of deferred tax liabilities orassets are expected to be settled orrecovered, int

610、end to realise the currenttax assets and settle the current taxliabilities on a net basis or realise and(l)所得稅所得稅（續）就遞延稅項資產及負債而言，倘該等資產及負債與同一稅務機關就下列任何實體徵收之所得稅有關：同一應課稅實體；或不同應課稅實體，而該等實體計劃在預期有大額遞延稅項負債或資產須予清償或收回之各個未來期間，按淨額基準變現即期稅項資產及清償即期稅項負債，或同時進行變現及清償。settle simultaneously.(m) Provisions and contingent

611、liabilitiesProvisions are recognised for other liabilities ofuncertain timing or amount when the Group has alegal or constructive obligation arising as a resultof a past event, it is probable that an outflow ofeconomic benefits will be required to settle theobligation and a reliable estimate can be

612、made.Where the time value of money is material,provisions are stated at the present value of theexpenditure expected to settle the obligation.Where it is not probable that an outflow ofeconomic benefits will be required, or the amountcannot be estimated reliably, the obligation isdisclosed as a cont

613、ingent liability, unless theprobability of outflow of economic benefits isremote. Possible obligations, whose existence willonly be confirmed by the occurrence or non-(m) 撥備及或然負債撥備及或然負債於本集團須就過往事件承擔法律或推定責任，而履行該責任很可能須流出經濟利益，且能夠作出可靠估計時，將就不確定時間或款額之其他負債確認撥備。倘貨幣時間價值重大，則按預計履行責任所需開支之現值撥備。倘需要經濟利益流出之可能性不大，或無法

614、對有關款額作出可靠估計，則會將該責任披露為或然負債，惟該等經濟利益流出之機會極低則除外。除非經濟利益流出之可能性極低，否則視乎某宗或多宗未來事件是否發生方可確定是否存在之潛在責任，亦會披露為或然負債。occurrence of one or more future events are alsodisclosed as contingent liabilities unless theprobability of outflow of economic benefits isremote.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報2296NOTES TO THE

615、 FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(n)Revenue recognitionRevenue is measured at the fair value of theconsideration received or receivable. Provided it isprobable that the economic benefits will flow tothe Group and the revenue and costs, if appl

616、icable,(n)收益確認收益確認收益乃按已收或應收代價之公平值計量。當經濟利益可能流入本集團，加上收益及成本（如適用）能可靠計量時，將按以下方式於損益內確認收益：can be measured reliably, revenue is recognised inprofit or loss as follows:(i)Brokerage commission incomeBrokerage commission income is recognisedon a trade date basis when the relevanttransactions are executed. Volu

617、me rebate tocustomers is recognised as a reduction inbrokerage commission income whenpayment of the rebate is probable and theamounts can be estimated reliably. The fairvalue of the consideration received orreceivable in respect of the initial tradeunder customer loyalty programmes isallocated betwe

618、en the award credits and(i)經紀佣金收入經紀佣金收入經紀佣金收入乃於進行相關交易時按交易日基準確認。向客戶提供大額交易回贈乃於可支付有關回贈且有關金額能可靠計量時確認為經紀佣金收入扣減。於長期客戶計劃項下進行首宗交易之已收或應收代價之公平值乃按其各自之公平值分配至積分獎賞及其他交易部分。積分獎賞均遞延入賬，只於本集團履行責任提供免費或優惠經紀服務時方確認收益。other components of the trade by referenceto their relative fair value. The award creditsare deferred and

619、revenue is recognised onlywhen the Group fulfils its obligation toprovide free or discounted brokerageservices.(ii)(iii)Interest incomeInterest income is recognised as it accruesusing the effective interest method.Handling and settlement fee incomeHandling and settlement fee income arerecognised whe

620、n the related services are(ii)(iii)利息收入利息收入利息收入按實際利率法於產生時確認。手續費及結算費用收入手續費及結算費用收入手續費及結算費用收入於提供相關服務時確認。rendered.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1222(i)(i)(1)(1)(2)(2)(3)(3)97NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大

621、會計政策重大會計政策（續）(o)Translation of foreign currenciesForeign currency transactions during the year aretranslated at the foreign exchange rates ruling atthe transaction dates. Monetary assets andliabilities denominated in foreign currencies are(o)外幣換算外幣換算本年度之外幣交易按交易日之匯率換算。以外幣結算之貨幣資產及負債則按呈報期間結束時之匯率換算。匯兌盈虧

622、於損益確認。translated at the foreign exchange rates ruling atthe end of reporting period. Exchange gains andlosses are recognised in profit or loss.Non-monetary assets and liabilities that aremeasured in terms of historical cost in a foreigncurrency are translated using the foreign exchangerates ruling a

623、t the transaction dates.以外幣按歷史成本計算之非貨幣資產及負債使用交易日之匯率換算。(p)Fiduciary activitiesThe Group commonly acts as trustees and in otherfiduciary capacities that result in the holding orplacing of assets on behalf of its customers. Theseassets arising thereon are excluded from the(p)信託活動信託活動本集團一般擔任信託人，及以導致代客戶持

624、有或配售資產之其他受託身分行事。由於就此產生之該等資產並非本集團資產，故並無包括於綜合財務報表內。consolidated financial statements, as they are notassets of the Group.(q)Related partiesA person, or a close member of that personsfamily, is related to the Group if that person:has control or joint control over the(q)關連人士關連人士倘屬以下人士，則該人士或該人士之近親與本集團有關連

625、：控制或共同控制本集團；Group;has significant influence over theGroup; oris a member of the key managementpersonnel of the Group or the Groups對本集團有重大影響；或為本集團或本集團母公司之主要管理人員。parents.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報22(ii)(ii)(1)(1)(2)(2)(3)(3)(4)(4)(5)(5)(6)(6)(7)(7)98NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務

626、報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(q)Related parties (Continued)An entity is related to the Group if any of thefollowing conditions applies:The entity and the Group are membersof the same group (which means thateach parent, subsidiary and fellowsubsidiary is related to the

627、 others).One entity is an associate or jointventure of the other entity (or anassociate or joint venture of a memberof a group of which the other entity is(q)關連人士關連人士（續）倘符合下列任何條件，則該實體與本集團有關連：該實體與本集團屬同一集團之成員公司（即各母公司、附屬公司及同系附屬公司之間互有關連）。一間實體為另一實體之聯營公司或合營企業（或為該另一實體所屬集團旗下成員公司之聯營公司或合營企業）。a member).Both en

628、tities are joint ventures of thesame third party.One entity is a joint venture of a thirdentity and the other entity is anassociate of the third party.The entity is a post-employmentbenefit plan for the benefit ofemployees of either the Group or anentity related to the Group.The entity is controlled

629、 or jointlycontrolled by a person identified in (i).A person identified in (i)(1) hassignificant influence over the entity oris a member of the key managementpersonnel of the entity (or of a parentof the entity).Close members of the family of a person arethose family members who may be expectedto in

630、fluence, or be influenced by, that person兩間實體均為同一第三方之合營企業。一間實體為第三方實體之合營企業，而另一實體為該第三方實體之聯營公司。實體為本集團或與本集團有關連之實體就僱員利益設立之離職後福利計劃。實體受 (i) 項所識別人士控制或共同控制。(i)(1) 項 所 識 別 人 士 對 實 體 有重大影響力或屬該實體（或該實體之母公司）之主要管理層成員。任何人士之近親是指與該實體交易時預期可影響該名人士或受該人士影響之家庭成員。in their dealings with the entity.Bright Smart Securities &

631、Commodities Group Limited Annual Report 2011/122299NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註SIGNIFICANT ACCOUNTING POLICIES(Continued)重大會計政策重大會計政策（續）(r)Segment reportingOperating segments, and the amounts of eachsegment item reported in the consolidatedfinancial statements, are identified from t

632、hefinancial information provided regularly to theGroups most senior executive management for(r)分部報告分部報告經營分部及綜合財務報表所呈報之各分部項目金額，乃根據就分配資源予本集團各業務及地區分部及評估其表現而定期提拱予本集團最高行政管理人員之財務資料確定。the purposes of allocating resources to, andassessing the performance of, the Groups variouslines of business and geographi

633、cal locations.Individually material operating segments are notaggregated for financial reporting purposes unlessthe segments have similar economiccharacteristics and are similar in respect of thenature of products and services, the nature ofproduction processes, the type or class ofcustomers, the me

634、thods used to distribute theproducts or provide the services, and the nature ofthe regulatory environment. Operating segmentswhich are not individually material may beaggregated if they share a majority of thesecriteria.就財務報告而言，個別重要經營分部不會綜合呈報，除非此等分部具有類似經濟特徵以及在產品及服務性質、生產程序性質、客戶類型或類別、分銷產品或提供服務所採用之方式及監

635、管環境性質方面類似。倘個別並非屬重大之經營分部共同存在上述大部分特徵，則可綜合計算。3TURNOVERThe principal activities of the Group are securitiesbroking, margin financing and commodities and futures3營業額營業額本集團主要業務為證券經紀、孖展融資以及商品及期貨經紀。broking.Turnover represents the brokerage commission fromsecurities, commodities and futures broking and inter

636、estincome from margin and initial public offering (“IPO”)financings as follows:營業額指來自證券、商品及期貨經紀之經紀佣金、孖展融資及首次公開發售（首次公開發售）融資所得利息收入如下：2012二零一二年二零一二年$元元2011二零一一年$元Brokerage commissionInterest income from margin financingInterest income from IPO financing經紀佣金孖展融資利息收入首次公開發售融資利息收入183,935,19043,967,010804,9

637、59228,707,159148,947,18333,019,4106,235,296188,201,889耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報3355100NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註TURNOVER (Continued)The Groups customer base is diversified and nocustomer had transactions which exceeded 10% of theGroups revenue.營業額營業額（續）本集團客戶基礎甚廣，概無與單一客

638、戶進行之交易超過本集團收益 10%。4OTHER REVENUEInterest income from利息收入來自4其他收益其他收益2012二零一二年二零一二年$元元2011二零一一年$元 Authorised institutions OthersHandling and settlement feesSundry incomeOTHER NET LOSSLoss on disposal of fixed assets 認可機構 其他手續費及結算費用雜項收入出售固定資產虧損7,660,7246,477,89414,138,61822,502,663330,31736,971,598其他虧損

639、淨額其他虧損淨額2012二零一二年二零一二年$元元(1,053,050)1,121,9263,711,6464,833,57215,924,959871,95121,630,4822011二零一一年$元Error trades arising from securities,證券、商品及期貨交易之commodities and futures dealingsNet foreign exchange gain錯誤交易外匯收益淨額(666,926)960,175(759,801)(962,970)136,704(826,266)Bright Smart Securities & Commodit

640、ies Group Limited Annual Report 2011/1266101NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註PROFIT BEFORE TAXATIONProfit before taxation is arrived at after charging:除稅前溢利除稅前溢利除稅前溢利已扣除下列各項：2012二零一二年二零一二年$元元2011二零一一年$元(a)Finance costsInterest expense onBank loans for IPO financing(a)財務成本財務成本以下各項利息開支首次公開

641、發售融資之銀行貸款357,0213,161,545Other bank loans and overdrafts其他銀行貸款及透支7,818,3164,846,491Loans from related companies來自關連公司貸款4,365,75812,541,0958,008,036(b)Staff costs(b)員工成本員工成本Salaries, allowances and benefits in kindDiscretionary bonusesContributions to MandatoryProvident FundEquity-settled share-based

642、 payments薪金、津貼及實物福利酌情花紅強積金供款權益結算以股份為基礎之款項62,552,3318,309,8532,206,2191,651,14274,719,54550,278,98912,930,6971,843,1382,749,52567,802,349(c)Other operating expenses(c)其他經營開支其他經營開支Advertising and promotion expensesAuditors remunerationCommission expense tooverseas brokersHandling and settlement expens

643、esInformation and communicationexpensesLegal and professional feesOperating lease payments property rentalsRates and building management feesMiscellaneous expenses廣告及宣傳開支核數師酬金海外經紀佣金開支手續費及結算費用資訊及通訊開支法律及專業費用經營租約付款 物業租金差餉及樓宇管理費雜項開支6,954,8041,546,3354,523,08418,409,22120,507,4332,961,32125,988,1993,056,

644、9999,772,21193,719,6078,456,9801,617,5002,294,93912,270,38214,325,1226,602,25818,941,5032,073,09611,070,31777,652,097耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報77(a)(a)102NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註INCOME TAX IN THE CONSOLIDATEDSTATEMENT OF COMPREHENSIVEINCOMETaxation in the consolidated

645、 statementof comprehensive income represents:綜合全面收益表之所得稅綜合全面收益表之所得稅綜合全面收益表之稅項指：綜合全面收益表之稅項指：2012二零一二年二零一二年$元元2011二零一一年$元Current tax Hong Kong Profits Tax即期稅項即期稅項 香港利得稅香港利得稅Provision for the yearUnder/(over)-provision in respect ofprior yearsDeferred taxOrigination and reversal of temporarydifferences

646、 (note 23(b)年內撥備過往年度撥備不足（超額撥備）遞延稅項遞延稅項暫時差額之來源及撥回（附註 23(b)）11,922,3211,114,85113,037,172(322,508)12,714,6647,044,329(7,735)7,036,594980,0448,016,638The provision for Hong Kong Profits Tax for theyear ended 31 March 2012 is calculated at 16.5%(2011: 16.5%) of the estimated assessable profits截至二零一二年三月三

647、十一日止年度之香港利得稅撥備按年內估計應課稅溢利16.5%（二零一一年：16.5%）計算。for the year.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1277(b)(b)103NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註INCOME TAX IN THE CONSOLIDATEDSTATEMENT OF COMPREHENSIVEINCOME (Continued)Reconciliation between tax expenseand a

648、ccounting profit at applicable taxrates:綜合全面收益表之所得稅綜合全面收益表之所得稅（續）按適用稅率計算之稅項開支與會計按適用稅率計算之稅項開支與會計溢利對賬：溢利對賬：2012二零一二年二零一二年$元元2011二零一一年$元Profit before taxationNotional tax on profit before taxation,calculated at 16.5% (2011: 16.5%)Tax effect of non-deductible expensesTax effect of non-taxable revenueTax

649、 effect of unused tax lossesnot recognisedUnder/(over)-provision in respect ofprior yearsOthersActual tax expense除稅前溢利按 16.5%（二零一一年：16.5%）計算之除稅前溢利名義稅項不可扣稅開支之稅務影響毋須課稅收益之稅務影響未確認未動用稅項虧損之稅務影響過往年度撥備不足（超額撥備）其他實際稅項開支73,350,53012,102,838466,786(1,418,019)303,8141,114,851144,39412,714,66448,634,7068,024,7261

650、2,885(177,540)97,527(7,735)66,7758,016,638耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報下：104NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註8DIRECTORS REMUNERATIONDirectors remuneration disclosed pursuant to section8董事酬金董事酬金根據香港公司條例第 161 條披露之董事酬金如161 of the Hong Kong Companies Ordinance is asfollows:2012二零一二年二

651、零一二年Equity-settledSalaries,share-basedallowancesContributionspaymentsand benefitsto MandatoryPayment(Note)Directorsin kind Discretionary Providentin lieu權益結算以股份權益結算以股份fees董事袍金董事袍金$元元薪金、津貼薪金、津貼及實物福利及實物福利$元元bonuses酌情花紅酌情花紅$元元Fund強積金供款強積金供款$元元of notice代通知金代通知金$元元為基礎之款項為基礎之款項（附註）（附註）$元元Total總計總計$元元Yip M

652、ow LumChan Kai FungKwok Sze ChiChan Wing Shing, WilsonYu Yun KongSzeto Wai SunLing Kwok Fai, JosephTotal葉茂林陳啟峰郭思治陳永誠余韌剛司徒維新凌國輝總計150,507129,000107,505387,0121,540,0001,440,0001,320,000660,0004,960,000201,951185,122108,893495,96612,00012,00012,00012,00048,000166,740166,74033,34855,52455,52455,524533,4

653、001,552,0001,820,6911,683,862814,241206,031184,524163,0296,424,3782011二零一一年Equity-settledSalaries,share-basedallowancesContributionspaymentsand benefitsto MandatoryPayment(Note)Directorsin kind DiscretionaryProvidentin lieu權益結算以股份fees董事袍金$元薪金、津貼及實物福利$元bonuses酌情花紅$元Fund強積金供款$元of notice代通知金$元為基礎之款項（附註

654、）$元Total總計$元Yip Mow LumChan Kai FungKwok Sze ChiChan Wing Shing, Wilson葉茂林陳啟峰郭思治陳永誠818,0651,058,0651,220,000560,000588,915599,115317,08512,00012,00012,00012,000299,708299,70859,942830,0651,958,6882,130,823949,027Hui Wah Chiu (resigned on 許華釗（於二零一零年30 October 2010)Yu Yun KongSzeto Wai SunLing Kwok Fa

655、i, JosephTotal十月三十日辭任）余韌剛司徒維新凌國輝總計84,30472,25860,220216,782699,5654,355,6951,013,2422,518,3579,00057,0001,200,0001,200,00099,80399,80399,803958,7672,921,807184,107172,061160,0239,306,601Bright Smart Securities & Commodities Group Limited Annual Report 2011/128899下：105NOTES TO THE FINANCIAL STATEMENT

656、S財務報表附註財務報表附註DIRECTORS REMUNERATION (Continued)Except for the payment in lieu of notice of $1,200,000paid to Hui Wah Chiu during the year ended 31 March2011, no director received any emoluments from theGroup as an inducement to join or leave the Group orcompensation for loss of office and, no direct

657、or waivedor has agreed to waive any emoluments.Note: These represent the estimated value of share optionsgranted to the directors under the Companys shareoption scheme. The value of these share options ismeasured according to the Groups accounting policiesfor share-based payment transactions as set

658、out in note2(k)(iii).The details of these benefits in kind, including theprincipal terms and number of options granted, aredisclosed under the paragraph “Share option scheme” inthe directors report and note 25.INDIVIDUAL WITH HIGHESTEMOLUMENTSOf the five individuals with the highest emoluments,three

659、 (2011: three) are directors whose emoluments aredisclosed in note 8. The aggregate of the emoluments inrespect of the other two (2011: two) individuals are asfollows:董事酬金董事酬金（續）除於截至二零一一年三月三十一日止年度支付予許華釗之代通知金 1,200,000 元外，概無董事自本集團收取任何酬金，作為加盟或離開本集團之獎金或離職補償，亦無董事放棄或同意放棄任何酬金。附註：該等款項指根據本公司購股權計劃授予董事購股權之估計價

660、值。該等購股權之價值乃根據附註 2(k)(iii) 所載本集團有關以股份為基礎之款項交易之會計政策計算。該等實物福利（包括授出之購股權主要條款及數目）之詳情於董事會報告購股權計劃一段及附註 25 披露。最高薪酬人士最高薪酬人士五名最高薪酬人士中包括三名（二零一一年：三名）董事，彼等之酬金於附註 8 披露。餘下兩名（二零一一年：兩名）人士之酬金總額如2012二零一二年二零一二年$元元2011二零一一年$元Salaries, allowances and benefits in kindDiscretionary bonusesContributions to Mandatory Providen

661、t FundPayment in lieu of noticeEquity-settled share-based payments薪金、津貼及實物福利酌情花紅強積金供款代通知金權益結算以股份為基礎之款項3,077,500383,38112,000206,7033,679,5842,694,7821,100,29917,7391,200,000299,7085,312,528耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報991111106NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註INDIVIDUAL WITH HIGH

662、EST EMOLUMENTS(Continued)The emoluments of the two (2011: two) individuals withthe highest emoluments are within the following bands:最高薪酬人士最高薪酬人士（續）該兩名（二零一一年：兩名）最高薪酬人士之酬金介乎以下範圍：Numbers of individuals人數人數2012二零一二年二零一二年2011二零一一年Nil to $1,000,000$2,000,001 to $2,500,000$2,500,001 to $3,000,000$3,000,00

663、1 to $3,500,000零至 1,000,000 元2,000,001 元至 2,500,000 元2,500,001 元至 3,000,000 元3,000,001 元至 3,500,000 元Except for the payment in lieu of notice of $1,200,000paid to an individual for the year ended 31 March 2011,no emoluments have been paid to these individuals asan inducement to join or upon joining

664、the Group or ascompensation for loss of office during the financial year.10 PROFIT ATTRIBUTABLE TO EQUITYSHAREHOLDERS OF THE COMPANYThe consolidated profit attributable to equityshareholders of the Company includes a loss of $78,781(2011: $453,903) which has been dealt with in thefinancial statement

665、s of the Company.11 EARNINGS PER SHAREThe calculation of basic earnings per share is based onthe profit attributable to equity shareholders of theCompany for the year ended 31 March 2012 of$60,635,866 (2011: $40,618,068), and the weightedaverage number of shares in issue during the yearended 31 Marc

666、h 2012 of 679,946,372 (2011:606,997,458).The calculation of diluted earnings per share is based onthe profit attributable to equity shareholders of theCompany for the year ended 31 March 2012 of$60,635,866 and the weighted average number of sharesin issue and the effect of deemed issue of shares und

667、erthe Companys share option scheme (note 25) duringthe year ended 31 March 2012 of 681,823,449. For theyear ended 31 March 2011, as the average market shareprice of the ordinary shares during the year was lower除於截至二零一一年三月三十一日止年度支付予一名人士之代通知金 1,200,000 元外，於財政年度內概無向該等人士支付任何酬金作為加盟本集團或於加入時之獎金或作為離職補償。10 本

668、公司權益股東應佔溢利本公司權益股東應佔溢利本公司權益股東應佔綜合溢利包括一筆為數78,781 元之虧損（二零一一年：453,903 元），此虧損已於本公司財務報表處理。11 每股盈利每股盈利每股基本盈利乃按截至二零一二年三月三十一日止年度本公司權益股東應佔溢利 60,635,866元（ 二 零 一 一 年：40,618,068 元 ）及 截 至 二 零一二年三月三十一日止年度已發行股份加權平均數 679,946,372 股（二零一一年：606,997,458股）計算。每股攤薄盈利乃按截至二零一二年三月三十一日止年度之本公司權益股東應佔溢利60,635,866 元以及截至二零一二年三月三十一日止

669、年度已發行股份加權平均數及視作根據本公司購股權計劃發行股份（附註 25）之影響之681,823,449 股 計 算。 截 至 二 零 一 一 年 三 月三十一日止年度，由於年內普通股之平均市價低於尚未行使購股權之行使價，故每股攤薄盈利與每股基本盈利相等。than the exercise price of the outstanding share options,the diluted earnings per share was equal to the basicearnings per share.Bright Smart Securities & Commodities Group

670、Limited Annual Report 2011/12務。(a)(a)107NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註12 SEGMENT REPORTINGThe Group manages its businesses by divisions, whichare organised by business lines. In a manner consistentwith the way in which information is reported internallyto the Groups most senior execut

671、ive management forthe purposes of resource allocation and performanceassessment, the Group has presented the following tworeportable segments. No operating segments have beenaggregated to form the following reportable segments.Securities broking provision of broking servicesin securities traded in H

672、ong Kong and selectedoverseas markets, and margin financing servicesto those broking clients.Commodities and futures broking provision ofbroking services in commodities and futurescontracts traded in Hong Kong and selectedoverseas markets.Segment results, assets and liabilitiesFor the purposes of as

673、sessing segmentperformance and allocating resources betweensegments, the Groups senior executivemanagement monitors the results, assets andliabilities attributable to each reportable segmenton the following bases:Segment assets include all tangible assets andcurrent assets with the exception of taxa

674、tionrecoverable and other corporate assets. Segmentliabilities include trade creditors and accrualsattributable to the activities of the individualsegments.The measure used for reporting segment profit isearnings before finance costs and taxes (“EBIT”).To arrive at EBIT, the Groups earnings are furt

675、heradjusted for items not specifically attributed toindividual segments, such as corporate12 分部報告分部報告本集團按業務類別劃分之分部管理其業務。本集團按與就資源分配及表現評估向本集團最高行政管理人員內部呈報資料一致方式呈列以下兩個可報告分部。概無合併經營分部以組成下列可報告分部。證券經紀 提供於香港及特定海外市場買賣之證券經紀服務及向經紀客戶提供孖展融資服務。商品及期貨經紀 提供於香港及特定海外市場買賣之商品及期貨合約之經紀服分部業績、資產及負債分部業績、資產及負債為評估分部表現及於各分部間分配資源

676、，本集團最高行政管理人員按以下基準監察各可報告分部應佔業績、資產及負債：分部資產包括所有有形資產及流動資產， 惟 可 收 回 稅 項 及 其 他 公 司 資 產 除外。分部負債包括個別分部活動應佔之交易應付賬款及應計開支。就報告分部溢利採用之計量標準為除財務成本及稅項前之盈利（EBIT）。於得出 EBIT 時，本集團盈利就並無指定歸屬個別分部之項目（如公司行政成本）作出進一步調整。administration costs.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報108NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註12

677、 SEGMENT REPORTING (Continued)12 分部報告分部報告（續）(b)Segment information(b)分部資料分部資料2012二零一二年二零一二年Commoditiesand futuresSecuritiesbrokingRevenue fromexternal customers:來自外界客戶之收益：broking證券經紀證券經紀$元元商品及商品及期貨經紀期貨經紀$元元Total總計總計$元元 Brokerage commission 經紀佣金119,464,27764,470,913183,935,190 Interest income from 孖展

678、融資margin financing Interest income from利息收入 首次公開發售43,967,01043,967,010IPO financingConsolidated turnoverHandling and settlement feesReportable segment revenue融資利息收入綜合營業額手續費及結算費用可報告分部收益804,959164,236,24622,482,493186,718,73964,470,91320,17064,491,083804,959228,707,15922,502,663251,209,822Reportable s

679、egment profit可報告分部溢利(EBIT)Depreciation for the yearOther interest incomeFinance costs(EBIT)年內折舊其他利息收入財務成本39,627,130(10,373,721)13,100,832(12,541,095)49,182,647(12,089)1,036,78288,809,777(10,385,810)14,137,614(12,541,095)Additions to non-currentsegment assets during年內添置之非流動分部資產the year13,987,14113,98

680、7,141Reportable segment assets可報告分部資產1,376,915,135210,302,7361,587,217,871Reportable segment liabilities可報告分部負債(990,107,029)(104,131,143) (1,094,238,172)Bright Smart Securities & Commodities Group Limited Annual Report 2011/12109NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註12 SEGMENT REPORTING (Cont

681、inued)12 分部報告分部報告（續）(b)Segment information (Continued)(b)分部資料分部資料（續）2011二零一一年Commoditiesand futuresSecuritiesbrokingRevenue fromexternal customers:來自外界客戶之收益：broking證券經紀$元商品及期貨經紀$元Total總計$元 Brokerage commission 經紀佣金111,210,45037,736,733148,947,183 Interest income from 孖展融資margin financing利息收入33,019,4

682、1033,019,410 Interest income from 首次公開發售IPO financing融資利息收入6,235,2966,235,296Consolidated turnoverHandling and settlement feesReportable segment revenue綜合營業額手續費及結算費用可報告分部收益150,465,15615,924,959166,390,11537,736,73337,736,733188,201,88915,924,959204,126,848Reportable segment profit可報告分部溢利(EBIT)Deprec

683、iation for the yearOther interest incomeFinance costs(EBIT)年內折舊其他利息收入財務成本29,008,005(6,848,437)4,773,593(8,007,898)28,225,804(17,152)59,979(138)57,233,809(6,865,589)4,833,572(8,008,036)Additions to non-currentsegment assets during年內添置之非流動分部資產the year22,263,5646,50022,270,064Reportable segment assetsR

684、eportable segment liabilities可報告分部資產可報告分部負債1,552,541,809(1,186,660,201)194,923,040(123,899,390)1,747,464,849(1,310,559,591)耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報(c)(c)賬賬110NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註12 SEGMENT REPORTING (Continued)Reconciliation of reportable segmentprofit, assets a

685、nd liabilities12 分部報告分部報告（續）可報告分部溢利、資產及負債之對可報告分部溢利、資產及負債之對2012二零一二年二零一二年$元元2011二零一一年$元Profit溢利溢利Reportable segment profit (EBIT)Finance costsUnallocated corporate expensesConsolidated profit before taxationAssetsReportable segment assetsElimination of inter-segment receivableTaxation recoverableUnal

686、located corporate assetsConsolidated total assetsLiabilitiesReportable segment liabilitiesElimination of inter-segment payableCurrent taxationDeferred tax liabilitiesUnallocated corporate liabilitiesConsolidated total liabilities可報告分部溢利 (EBIT)財務成本未分配公司開支綜合除稅前溢利資產資產可報告分部資產對銷分部間應收款項可收回稅項未分配公司資產綜合資產總值負

687、債負債可報告分部負債對銷分部間應付款項即期稅項遞延稅項負債未分配公司負債綜合負債總額88,809,777(12,541,095)(2,918,152)73,350,5301,587,217,871(6,137,151)9,098,3071,590,179,027(1,094,238,172)1,881,968(3,763,141)(192,551)(68,666)(1,096,380,562)57,233,809(8,008,036)(591,067)48,634,7061,747,464,849(3,856,365)1,818,9479,538,3381,754,965,769(1,310,

688、559,591)40,000,000(2,154,300)(515,059)(40,157,686)(1,313,386,636)Bright Smart Securities & Commodities Group Limited Annual Report 2011/12111NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註13 FIXED ASSETS13 固定資產固定資產LeaseholdMotorOfficeFurnitureComputersimprovements裝修裝修$元vehicles汽車汽車$元equipment辦公室設備辦公室設

689、備$元and fixtures傢具及裝置傢具及裝置$元and software電腦及軟件電腦及軟件$元Total總計總計$元Cost:成本：成本：At 1 April 2010AdditionsAt 31 March 2011At 1 April 2011AdditionsDisposalsAt 31 March 2012於二零一零年四月一日添置於二零一一年三月三十一日於二零一一年四月一日添置出售於二零一二年三月三十一日7,808,9617,983,74915,792,71015,792,7109,305,851(681,641)24,416,920175,000403,700578,7005

690、78,700(400,000)178,7003,316,1957,116,56110,432,75610,432,7561,533,33411,966,0903,408,9553,473,4006,882,3556,882,355680,332(263,571)7,299,1164,680,8224,637,8659,318,6879,318,6872,691,160(223,535)11,786,31219,389,93323,615,27543,005,20843,005,20814,210,677(1,568,747)55,647,138Accumulated depreciation:

691、累積折舊：累積折舊：At 1 April 2010Charge for the yearAt 31 March 2011At 1 April 2011Charge for the yearWritten back on disposalsAt 31 March 2012於二零一零年四月一日年內開支於二零一一年三月三十一日於二零一一年四月一日年內開支於出售時撥回於二零一二年三月三十一日5,607,3823,158,4268,765,8088,765,8085,336,832(133,003)13,969,6372,91755,31558,23258,23282,417(66,670)73,979

692、2,254,0631,364,4883,618,5513,618,5511,906,2445,524,7952,296,019804,5243,100,5433,100,5431,072,190(30,857)4,141,8762,038,3511,526,1643,564,5153,564,5152,190,496(15,167)5,739,84412,198,7326,908,91719,107,64919,107,64910,588,179(245,697)29,450,131Net book value:賬面淨值：賬面淨值：At 31 March 2012At 31 March 201

693、1於二零一二年三月三十一日於二零一一年三月三十一日10,447,2837,026,902104,721520,4686,441,2956,814,2053,157,2403,781,8126,046,4685,754,17226,197,00723,897,559耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報112NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註14 OTHER NON-CURRENT ASSETS14 其他非流動資產其他非流動資產2012二零一二年二零一二年$元元2011二零一一年$元Statutory d

694、eposits with exchanges交易及結算所之法定按金and clearing houses15 ACCOUNTS RECEIVABLEAccounts receivable from應收賬款來自15 應收賬款應收賬款8,490,0322012二零一二年二零一二年$元元21,868,9232011二零一一年$元 Cash clients Margin clients Clearing houses Brokers and dealersLess: allowance for doubtful debts 現金客戶 孖展客戶 結算所 經紀及交易商減：呆賬撥備110,688,22989

695、3,571,157127,318,84415,345,484(964,384)1,145,959,33062,895,693997,367,347266,424,16917,949,3861,344,636,595Bright Smart Securities & Commodities Group Limited Annual Report 2011/12113NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註15 ACCOUNTS RECEIVABLE (Continued)15 應收賬款應收賬款（續）(a)Ageing analysisThe ag

696、eing analysis of accounts receivable fromcash clients as of the end of the reporting period is(a)賬齡分析賬齡分析於報告期末之應收現金客戶賬款賬齡分析如下：as follows:2012二零一二年二零一二年$元元2011二零一一年$元CurrentLess than 1 month past due1 to 3 months past dueMore than 3 months past dueAmounts past due即期逾期少於 1 個月逾期 1 至 3 個月逾期超過 3 個月逾期金額38

697、,637,87759,540,9346,738,6315,770,78772,050,352110,688,22935,656,59017,229,5666,073,7293,935,80827,239,10362,895,693Accounts receivable from cash clients relate to awide range of customers for whom there was norecent history of default. Based on pastexperience, management believes that noimpairment a

698、llowance is necessary in respect ofthese balances as there has not been a significantchange in credit quality and the balances areconsidered fully recoverable.Margin loans due from margin clients are currentand repayable on demand. Margin clients arerequired to pledge securities collateral to theGro

699、up in order to obtain credit facilities forsecurities trading. The amount of credit facilitiesgranted to them is determined by the discountedvalue of securities accepted by the Group. At 31March 2012, the total market value of securitiespledged as collateral in respect of the loans to應收現金客戶賬款涉及多名近期並

700、無欠款記錄之客戶。根據過往經驗，管理層相信毋須就該等結餘作出減值撥備，原因為信貸質素並無重大變動及有關結餘被視為可全數收回。應收孖展客戶之孖展貸款為即期及須按要求償還。孖展客戶須向本集團抵押證券 抵 押 品， 以 就 證 券 交 易 獲 取 信 貸 融資。授予彼等之信貸融資金額按本集團接納之證券貼現價值釐定。於二零一二年三月三十一日，就孖展客戶獲授貸款已抵押證券作為抵押品之市值總額約為2,941,959,839 元（ 二 零 一 一 年：3,573,187,167 元）。margin clients was approximately $2,941,959,839(2011: $3,573,1

701、87,167).耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報(b)(b)(i)）。114NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註15 ACCOUNTS RECEIVABLE (Continued)15 應收賬款應收賬款（續）(a)Ageing analysis (Continued)Accounts receivable from clearing houses, brokersand dealers are current. These represent (1)pending trades arising fr

702、om the business of dealingin securities, which are normally due within a fewdays after the trade date and (2) margin deposits(a)賬齡分析賬齡分析（續）應收結算所、經紀及交易商之賬款為即期，有關賬款來自 (1) 買賣證券業務之待結算買賣交易，一般於交易日後數日內到期，及 (2) 買賣期貨合約業務之孖展保證金。arising from the business of dealing in futurescontracts.Further details on the Gr

703、oups credit policy are setout in note 27(a).Impairment of margin clients andbrokers and dealers receivablesImpairment losses in respect of margin clients andbrokers and dealers receivables are recordedusing an allowance account unless the Group issatisfied that recovery of the amount is remote, inwh

704、ich case the impairment loss is written offagainst margin clients and brokers and dealersreceivables directly (see note 2(f)(i).The movement in the allowance for doubtful debtsduring the year is as follows:本集團信貸政策之進一步詳情載於附註27(a)。應收孖展客戶以及經紀及交易商款應收孖展客戶以及經紀及交易商款項減值項減值應收孖展客戶以及經紀及交易商款項之減值虧損以撥備賬記賬，惟本集團確信可

705、收回款項的可能性不大者除外，在此情況下，減值虧損直接與應收孖展客戶以及經紀及交易商款項撇銷（見附註 2(f)呆賬撥備之年內變動如下：2012二零一二年二零一二年$元元2011二零一一年$元At 1 AprilImpairment loss recognisedAt 31 March於四月一日已確認減值虧損於三月三十一日964,384964,384At 31 March 2012, receivables from margin clientsand brokers and dealers of $964,384 (2011: $Nil)were determined to be impaire

706、d. The impairedreceivables related to margin clients and a brokerthat were in financial difficulties and managementassessed that only a portion of the receivables is於二零一二年三月三十一日，來自孖展客戶以及經紀及交易商之應收款項964,384 元（二零一一年：零元）已確認為已減值。已減值應收款項與財政出現困難之孖展客戶以及一名經紀商有關，管理層預期僅可收回部分應收款。expected to be recovered.Bright

707、Smart Securities & Commodities Group Limited Annual Report 2011/12(a)(a)115NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註16 OTHER RECEIVABLES, DEPOSITS ANDPREPAYMENTS16 其他應收款項、按金及預付款項其他應收款項、按金及預付款項2012二零一二年二零一二年$元元2011二零一一年$元Rental and utility depositsPrepaymentsOther receivables租金及水電費按金預付款項其他應收款項8,3

708、70,3022,451,8941,657,47312,479,6697,640,3312,568,0582,677,09912,885,488Included in the above balances are amounts of$9,478,094 and $7,677,359 as at 31 March 2012 and2011 respectively which are expected to be recovered inmore than one year.17 CASH AND CASH EQUIVALENTSCash and cash equivalents compris

709、e:於二零一二年及二零一一年三月三十一日，計入 上 述 結 餘 之 款 項 分 別 為 9,478,094 元 及7,677,359 元預期將於一年後收回。17 現金及現金等價物現金及現金等價物現金及現金等價物包括：現金及現金等價物包括：The Group本集團本集團The Company本公司本公司2012二零一二年二零一二年$元元2011二零一一年$元2012二零一二年二零一二年$元元2011二零一一年$元Deposits with banksCash at bank and in hand銀行存款銀行及手頭現金249,483,240147,569,749397,052,989265,86

710、8,80983,989,448349,858,25717,9523,041,0073,058,9595,912,0915,912,091耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報(a)(a)(b)(b)116NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註17 CASH AND CASH EQUIVALENTS (Continued)Cash and cash equivalents comprise:(Continued)The Group maintains segregated accounts withautho

711、rised institutions to hold client money in thenormal course of business.At 31 March 2012, client monies maintained insegregated accounts not otherwise dealt with inthe financial statements amounted to$1,744,633,782 (2011: $1,114,430,601).Reconciliation of profit before taxationto cash generated from

712、/(used in)operations:17 現金及現金等價物現金及現金等價物（續）現金及現金等價物包括：現金及現金等價物包括：（續）本集團於認可機構設有獨立賬戶，於日常業務過程中持有客戶資金。於二零一二年三月三十一日，存置於獨立賬戶且並無於財務報表其他部分處理之客戶資金合共為 1,744,633,782 元（二零一一年：1,114,430,601 元）。除稅前溢利與經營業務所得除稅前溢利與經營業務所得 （所用）（所用）現金之對賬：現金之對賬：2012二零一二年二零一二年$元元2011二零一一年$元Profit before taxationAdjustments for:Depreciat

713、ionFinance costsInterest income (excluding interestincome from margin andIPO financings)Loss on disposals of fixed assetsEquity-settled share-based paymentsChanges in working capital:Decrease/(increase) inother non-current assetsDecrease/(increase) inaccounts receivableDecrease/(increase) in other r

714、eceivables,deposits and prepayments(Decrease)/increase in accounts payable(Decrease)/increase in accrued expensesand other payablesCash generated from/(used in) operations除稅前溢利就以下各項作出調整：折舊財務成本利息收入（不包括孖展融資及首次公開發售融資之利息收入）出售固定資產之虧損權益結算以股份為基礎之款項營運資金變動：其他非流動資產減少（增加）應收賬款減少（增加）其他應收款項、按金及預付款項減少（增加）應付賬款（減少）增

715、加應計開支及其他應付款項（減少）增加經營業務所得（所用）現金73,350,53010,588,17912,541,095(14,138,618)1,053,0501,651,14213,378,891198,677,265405,819(6,228,904)(2,063,503)289,214,94648,634,7066,908,9178,008,036(4,833,572)2,749,525(17,286,316)(581,503,130)(3,464,847)286,870,2464,544,918(249,371,517)Bright Smart Securities & Commod

716、ities Group Limited Annual Report 2011/12(a)(a)）117NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註18 INVESTMENT IN SUBSIDIARIES18 於附屬公司之投資於附屬公司之投資The Company本公司本公司2012二零一二年二零一二年$元元2011二零一一年$元Unlisted shares, at costCapital contribution非上市股份，成本值注資7804,088,9704,089,7507802,749,5252,750,305Capital contri

717、bution represents the fair value of shareoptions granted to the employees of a subsidiary of theCompany in accordance with the accounting policy setout in note 2(k)(iii).At 31 March 2012, the Company had direct orindirect interests in the following subsidiaries, allof which are private companies, pa

718、rticulars ofwhich are set out below:Place andIssued and注資為根據附註 2(k)(iii) 所載會計政策授予本公司附屬公司僱員之購股權公平值。於二零一二年三月三十一日，本公司於以下附屬公司擁有直接或間接權益，該等附屬公司均為私人公司，詳情如下：date offully paid-upAttributableName of company公司名稱公司名稱incorporation註冊成立地點及日期註冊成立地點及日期capital已發行及繳足股本已發行及繳足股本equity interest應佔股本權益應佔股本權益Principal activ

719、ities主要業務主要業務Direct直接Indirect間接Bright Smart InvestmentHoldings Limited耀才投資控股有限公司British VirginIslands (BVI)/22 October 2009US$100 at US$1per share100美元，每股面值100%Investment holding投資控股（英屬處女群島英屬處女群島二零零九年十月二十二日1美元Bright Smart SecuritiesInternational (H.K.) Limited耀才證券國際（香港）有限公司Hong Kong/10 August 1998香港

720、一九九八年HK$326,000,000 atHK$1 per share326,000,000港元，100%Securities broking andmargin financing證券經紀及孖展融資八月十日每股面值1港元耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報118NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註18 INVESTMENT IN SUBSIDIARIES (Continued)18 於附屬公司之投資於附屬公司之投資（續）(a)(Continued)Place andIssued and(a) （續）

721、date offully paid-upAttributableName of company公司名稱公司名稱incorporation註冊成立地點及日期註冊成立地點及日期capital已發行及繳足股本已發行及繳足股本equity interest應佔股本權益應佔股本權益Principal activities主要業務主要業務Direct直接Indirect間接Bright Smart Futures& Commodities Co., Ltd耀才期貨及商品有限公司Hong Kong/14 November 1995香港一九九五年HK$44,000,000 atHK$1 per share44

722、,000,000港元，100%Commodities and futuresbroking商品及期貨經紀十一月十四日每股面值1港元Bright Smart AssetManagement LimitedHong Kong/18 August 2011HK$5,000,000 atHK$1 per share100%Inactive暫無營業耀才資產管理有限公司香港二零一一年八月十八日5,000,000港元，每股面值1港元Merit Act Limited浤烽有限公司Hong Kong/3 November 2009HK$1 atHK$1 per share100%Administrative s

723、ervices行政服務香港二零零九年十一月三日1港元，每股面值1港元Huge Dynasty Limited展躍有限公司Hong Kong/13 January 2010HK$1 atHK$1 per share100%Administrative services行政服務香港二零一零年一月十三日1港元，每股面值1港元Ideal Magic Limited裕驊有限公司Hong Kong/13 January 2010HK$1 atHK$1 per share100%Administrative services行政服務香港二零一零年一月十三日1港元，每股面值1港元Glow Dragon Lim

724、ited晴龍有限公司Hong Kong/21 January 2010HK$1 atHK$1 per share100%Administrative services行政服務香港二零一零年一月二十一日1港元，每股面值1港元Victor Tone Limited圍通有限公司Hong Kong/21 January 2010HK$1 atHK$1 per share100%Administrative services行政服務香港二零一零年一月二十一日1港元，每股面值1港元Bright Smart Securities & Commodities Group Limited Annual Repo

725、rt 2011/12(b)(b)119NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註18 INVESTMENT IN SUBSIDIARIES (Continued)18 於附屬公司之投資於附屬公司之投資（續）(a)(Continued)Place andIssued and(a) （續）date offully paid-upAttributableName of company公司名稱公司名稱incorporation註冊成立地點及日期註冊成立地點及日期capital已發行及繳足股本已發行及繳足股本equity interest應佔股本權益應佔股

726、本權益Principal activities主要業務主要業務Direct直接Indirect間接Everlasting Source Limited粵彩有限公司Hong Kong/8 December 2010HK$1 atHK$1 per share100%Administrative services行政服務香港二零一零年十二月八日1港元，每股面值1港元Bright Smart InvestmentConsultancy (China)Company Limited耀才投資諮詢顧問（中國）Hong Kong/9 November 2010香港二零一零年十一月九日HK$1 atHK$1 p

727、er share1港元，每股面值1港元100%Investment holding投資控股有限公司耀才商務諮詢（深圳）有限公司(Note)（附註）Peoples Republicof China/HK$1,000,0001,000,000港元100%Inactive暫無營業10 January 2011中華人民共和國二零一一年一月十日Note: It is registered as a wholly foreign-ownedenterprise under the laws of the Peoples Republicof China.Amounts due from/(to) subs

728、idiariesAs at 31 March 2012 and 2011, the amounts duefrom/(to) subsidiaries are unsecured, interest-freeand repayable on demand, except for the amountdue from a subsidiary of $40,000,000 as at 31March 2011 was unsecured, repayable on demandand bore interest at HIBOR+ 1.5% per annum. Thecarrying amou

729、nt approximates to its fair value asat the reporting date.附註：此公司乃根據中華人民共和國法律註冊為一間外商獨資企業。應收應收 （付）附屬公司款項（付）附屬公司款項除於二零一一年三月三十一日為數40,000,000 元之應收一間附屬公司款項為無抵押、須按要求償還及按香港銀行同業拆息加 1.5% 年利率計息外，於二零一二年及二零一一年三月三十一日，應收（付）附屬公司款項均為無抵押、免息及須按要求償還。賬面值與其於報告日期之公平值相若。耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報120NOTES TO THE

730、FINANCIAL STATEMENTS財務報表附註財務報表附註19 ACCOUNTS PAYABLE19 應付賬款應付賬款The Group本集團本集團2012二零一二年二零一二年$元元2011二零一一年$元Accounts payable應付賬款 Cash clients Margin clients Clearing houses 現金客戶 孖展客戶 結算所66,866,180161,168,878241,702,113469,737,171182,796,758270,682,03922,487,278475,966,075All of the accounts payable are

731、 aged and due within onemonth or on demand.20 ACCRUED EXPENSES AND OTHERPAYABLES所有應付賬款之賬齡為一個月內及於一個月內到期或須應要求償還。20 應計開支及其他應付款項應計開支及其他應付款項The Group本集團本集團2012二零一二年二零一二年$元元2011二零一一年$元Commission rebate payableAccrued bonusesStamp duty, trading levy and trading feepayablesOther payables應付佣金回贈應計花紅應付印花稅、交易徵費

732、及交易費其他應付款項4,139,0553,018,5163,182,7197,347,40917,687,6995,575,7433,951,8453,546,6886,676,92619,751,202Bright Smart Securities & Commodities Group Limited Annual Report 2011/12121NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註20 ACCRUED EXPENSES AND OTHERPAYABLES (Continued)20 應計開支及其他應付款項應計開支及其他應付款項（續）

733、The Company本公司本公司2012二零一二年二零一二年$元元2011二零一一年$元Other payables其他應付款項17,325All accrued expenses and other payables are expectedto be settled or recognised as income within one year.21 BANK LOANS預期所有應計開支及其他應付款項將於一年內償還或確認為收入。21 銀行貸款銀行貸款The Group本集團本集團The Company本公司本公司2012二零一二年二零一二年$元元2011二零一一年$元2012二零一二年二

734、零一二年$元元2011二零一一年$元Bank loans銀行貸款425,000,000815,000,00040,000,000All the bank loans are repayable within one year andclassified as current liabilities. The carrying amounts ofthe bank borrowings approximate their fair value.The bank loans as at 31 March 2012 are interest-bearingat 2.05% (2011: 1.09%)

735、 per annum. Securities collateraldeposited by the Groups margin clients was re-pledgedto banks to secure these loan facilities. The fair value ofthe collateral re-pledged to banks as at 31 March 2012amounted to $916,921,500 (2011: $1,257,394,000). Suchbanking facilities amounted to $2,073,000,000 (2

736、011:$1,266,000,000) and were utilised to the extent of$425,000,000 (2011: $775,000,000).所有銀行貸款須於一年內償還及分類為流動負債。銀行借貸之賬面值與其公平值相若。於二零一二年三月三十一日之銀行貸款按年利率 2.05%（二零一一年：1.09%）計息。本集團之孖展客戶所存置證券抵押品再抵押予銀行，以 取 得 有 關 貸 款 融 資。 於 二 零 一 二 年 三 月三十一日，再抵押予銀行之抵押品公平值合共為 916,921,500 元（二零一一年：1,257,394,000元）。有關銀行融資合共為 2,073,

737、000,000 元（二零 一 一 年：1,266,000,000 元 ）， 已 動 用425,000,000元（二零一一年：775,000,000元）。耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報(a)(a)122NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註22 EMPLOYEE RETIREMENT BENEFITS DEFINED CONTRIBUTION RETIREMENTPLANThe Group operates a Mandatory Provident FundScheme (“the MPF sche

738、me”) under the Hong KongMandatory Provident Fund Schemes Ordinance foremployees employed under the jurisdiction of the HongKong Employment Ordinance and not previously coveredby the defined benefit retirement plan. The MPF schemeis a defined contribution retirement plan administeredby independent tr

739、ustees. Under the MPF scheme, theemployer and its employees are each required to makecontributions to the plan at 5% of the employeesrelevant income, subject to a cap of monthly relevantincome of $20,000. Contributions to the plan vestimmediately.23 INCOME TAX IN THE CONSOLIDATEDSTATEMENT OF FINANCI

740、AL POSITIONCurrent taxation in the consolidatedstatement of financial positionrepresents:22 僱員退休福利僱員退休福利 定額供款退休計劃定額供款退休計劃本集團根據香港強制性公積金計劃條例為根據香港僱傭條例於司法權區聘用及以往不受定額福利退休計劃保障之僱員設立強制性公積金計劃（強積金計劃）。強積金計劃為定額供款退休計劃，由獨立信託人管理。根據強積金計劃，僱主及其僱員各自須按僱員相關收入之5%向計劃作出供款，惟以每月相關收入 20,000 元為上限。計劃供款即時歸屬。23 綜合財務狀況表之所得稅綜合財務狀況表

741、之所得稅綜合財務狀況表之即期稅項指：綜合財務狀況表之即期稅項指：2012二零一二年二零一二年$元元2011二零一一年$元Provision for Hong Kong Profits Tax年內香港利得稅撥備for the year11,922,3217,044,329Provisional Profits Tax paidRepresenting:Taxation recoverableCurrent taxation已付暫繳利得稅指：指：可收回稅項即期稅項(8,159,180)3,763,1413,763,1413,763,141(6,708,976)335,353(1,818,947)2

742、,154,300335,353Bright Smart Securities & Commodities Group Limited Annual Report 2011/12123NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註23 INCOME TAX IN THE CONSOLIDATEDSTATEMENT OF FINANCIAL POSITION(Continued)23 綜合財務狀況表之所得稅綜合財務狀況表之所得稅（續）(b)Deferred tax liabilities represents:The components of defe

743、rred tax liabilitiesrecognised in the consolidated statement of(b)遞延稅項負債指：遞延稅項負債指：於綜合財務狀況表確認之遞延稅項負債組成部分及年內變動如下：financial position and the movements during theyear are as follows:Depreciationallowancein excess ofPrepaidAccruedthe relatedbonusesbonuses depreciation超出相關折舊超出相關折舊Total預付花紅預付花紅$元應計花紅應計花紅$元

744、之折舊撥備之折舊撥備$元總計總計$元Deferred tax liabilities/ 就以下各項產生之就以下各項產生之(assets) arising from:At 1 April 2010遞延稅項遞延稅項負債負債 （資產）：（資產）：於二零一零年四月一日147,812(707,757)94,960(464,985)(Credited)/charged to於損益（計入）profit or loss (note 7(a)扣除（附註 7(a)）(16,500)55,703940,841980,044At 31 March 2011於二零一一年三月三十一日131,312(652,054)1,0

745、35,801515,059At 1 April 2011於二零一一年四月一日131,312(652,054)1,035,801515,059(Credited)/charged to於損益（計入）profit or loss (note 7(a)扣除（附註 7(a)）(16,500)153,999(460,007)(322,508)At 31 March 2012於二零一二年三月三十一日114,812(498,055)575,794192,551耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報8124NOTES TO THE FINANCIAL STATEMENTS財

746、務報表附註財務報表附註24 CAPITAL, RESERVES AND DIVIDENDS24 資本、儲備及股息資本、儲備及股息(a)Movement in components of equityThe reconciliation between the opening andclosing balances of each component of theGroups consolidated equity is set out in theconsolidated statement of changes in equity.(a)權益組成部分之變動權益組成部分之變動本集團綜合權益各組

747、成部分期初與期末結餘之對賬載於綜合權益變動表。本公司各個權益組成部分於本年度期初及期末間之變動詳情載列如下：Details of the changes in the Companys individualcomponents of equity between the beginning andthe end of the year are set out below:The Company本公司本公司(Accumulatedlosses)/ShareShare Share optionRetainedcapitalpremiumreserveprofitsTotal（累計虧損）（累計虧損）

748、 股本股本$元股份溢價股份溢價$元購股權儲備購股權儲備$元保留溢利保留溢利$元總計總計$元At 1 April 2010於二零一零年四月一日(29,055)(29,047)Issue of shares pursuant to 根據重組發行股份reorganisation149,999,992149,999,992Issue of new shares in Initial首次公開發售時發行新股份Public Offering53,904,600233,574,602287,479,202Share issuance costs股份發行成本(41,319,094)(41,319,094)(Lo

749、ss) and total comprehensive年內（虧損）及全面收益總額income for the year(453,903)(453,903)Equity-settled share-based 權益結算以股份為基礎transactionsAt 31 March 2011At 1 April 2011Dividend paid during the year之交易於二零一一年三月三十一日於二零一一年四月一日年內派付股息203,904,600203,904,600192,255,508192,255,508(12,234,276)2,749,5252,749,5252,749,525

750、(482,958)(482,958)2,749,525398,426,675398,426,675(12,234,276)Shares issued under share option購股權計劃項下已發行股份scheme942,0001,886,150(661,550)2,166,600Profit and total comprehensive年內溢利及全面收益總額income for the year12,161,21912,161,219Equity-settled share-based 權益結算以股份為基礎transactionsAt 31 March 2012之交易於二零一二年三

751、月三十一日204,846,600181,907,3821,339,4453,427,42011,678,2611,339,445401,859,663Bright Smart Securities & Commodities Group Limited Annual Report 2011/1218125NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註24 CAPITAL, RESERVES AND DIVIDENDS(Continued)24 資本、儲備及股息資本、儲備及股息（續）(b)DividendsDividends declared in r

752、espect of the current year(b)股息股息就本年度已宣派股息如下：are as follows:2012二零一二年二零一二年$元元2011二零一一年$元Final dividend proposed after the endof the reporting period of 1.8 centsper ordinary share (2011: 1.8 cents報告期末後建議末期股息每股普通股 1.8 仙（二零一一年：每股per ordinary share)普通股 1.8 仙）12,290,79612,234,276The final dividend propo

753、sed after the end of thereporting period has not been recognised as aliability at the end of the reporting period.報告期末後建議末期股息並無於報告期末確認為負債。(c)Share capital(c)股本股本Authorised and issued share capital2012二零一二年二零一二年法定及已發行股本法定及已發行股本2011二零一一年Authorised法定法定No. ofshares股份數目股份數目Nominalvalue面值面值$元元No. ofshares

754、股份數目Nominalvalue面值$元At 1 AprilShare adjustment (note(i)Ordinary shares createdduring the year (note (i)At 31st March於四月一日股份調整（附註(i)）年內增設之普通股（附註(i)）於三月三十一日2,000,000,0002,000,000,000600,000,000600,000,00050,0001,250,0001,998,700,0002,000,000,000390,000599,610,000600,000,000Issued and fully paid已發行及繳足已

755、發行及繳足At 1st April於四月一日679,682,000203,904,600Share adjustment (note (i)Shares issued pursuantto reorganisation (note (i)Shares issued through股份調整（附註(i)）因重組而發行股份（附註(i)）透過首次公開發售25499,999,974149,999,992initial public offering發行股份(note (ii)Shares issued under（附註(ii)）根據購股權計劃發行179,682,00053,904,600share op

756、tion scheme(note (iii)At 31st March股份（附註(iii)）於三月三十一日3,140,000682,822,000942,000204,846,600679,682,000203,904,600耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報(i)(i)126NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註24 CAPITAL, RESERVES AND DIVIDENDS(Continued)24 資本、儲備及股息資本、儲備及股息（續）(c)Share capital (Continued)A

757、uthorised and issued share capital(c)股本股本（續）法定及已發行股本法定及已發行股本（續）(Continued)The holders of ordinary shares are entitled toreceive dividends as declared from time to timeand are entitled to one vote per share at meetingsof the company. All ordinary shares rank equallywith regard to the companys residua

758、l assets.Issue of shares pursuant toreorganisationThe Company was incorporated on 4 August2009 with an authorised share capital ofUS$50,000 divided into 50,000 ordinaryshares of US$1 each. The Company issuedone ordinary share for a total considerationof US$1 (equivalent to HK$7.8) on 4 August2009. P

759、ursuant to the resolutions of the soleshareholder of the Company passed on 8April 2010, the denomination of the currencyin the authorised share capital of theCompany was changed from U.S. dollars toHong Kong dollars at the rate of HK$7.8 perUS$1 and upon such change of currencydenomination becoming

760、effective, eachordinary share of par value HK$7.8 each wassubdivided into 78 ordinary shares of par普通股持有人有權收取不時宣派之股息及有權於本公司大會就每股股份投一票。就本公司餘下資產而言，所有普通股均享有同等地位。根據重組發行股份根據重組發行股份本公司於二零零九年八月四日註冊成立，法定股本為 50,000 美元，分為 50,000 股每股面值 1 美元之普通股。於二零零九年八月四日，本公司已發行 1 股普通股，總代價為 1美元（相當於 7.8 港元）。根據本公司之唯一股東於二零一零年四月八日通

761、過之決議案，本公司法定股本之 計 值 貨 幣 已 按 7.8 港 元 兌 1 美 元之匯率由美元轉為港元，而於有關計值貨幣轉換生效後，每股面值7.8港元之普通股則拆細為 78 股每股面值 0.1 港元之普通股。緊隨上述計值貨幣轉換後，本公司之法定股本 為 390,000 港 元， 分 為 3,900,000股每股面值 0.1 港元之普通股。value HK$0.1 each. Immediately followingthe change of currency denomination, theauthorised share capital of the Companybecame HK$

762、390,000 divided into 3,900,000ordinary shares of par value HK$0.1 each.Bright Smart Securities & Commodities Group Limited Annual Report 2011/12(i)(i)127NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註24 CAPITAL, RESERVES AND DIVIDENDS(Continued)24 資本、儲備及股息資本、儲備及股息（續）(c)Share capital (Continued)Issue o

763、f shares pursuant to(c)股本股本（續）根據重組發行股份（續）根據重組發行股份（續）reorganisation (Continued)Pursuant to the resolutions of the soleshareholder of the Company passed on 29June 2010, every three issued and unissuedshares of par value HK$0.1 each in the thenshare capital of the Company wereconsolidated into one ordi

764、nary share of parvalue $0.3 each. Immediately following suchconsolidation, the authorised share capital ofthe Company was increased fromHK$390,000 to HK$600,000,000 by thecreation of 1,998,700,000 new ordinaryshares of par value HK$0.3 each.On 29 June 2010, the Company acquired theentire issued shar

765、e capital of Bright SmartFutures & Commodities Co., Ltd, BrightSmart Securities International (H.K.) Limitedand Merit Act Limited through Bright SmartInvestment Holdings Limited from theirrespective shareholders (“the Vendors”). TheCompany allotted and issued, credited asfully paid, an aggregate of

766、499,999,974shares of par value HK$0.3 each totallingHK$149,999,992, to the ControllingShareholders at the directions of the Vendors根據本公司之唯一股東於二零一零年六月二十九日通過之決議案，本公司當時之股本中每三股每股面值0.1 港元之已發行及未發行股份合併為一股每股面值 0.3 港元之普通股。緊隨上述合併後，本公司之法定股本已透過增設 1,998,700,000 股每股面值 0.3 港元之新普通股，由390,000港元增至600,000,000港元。於二零一零年六

767、月二十九日，本公司透過耀才投資控股有限公司向耀才期貨及商品有限公司、耀才證券國際（香港）有限公司及浤烽有限公司之有關股東（賣方）收購該等公司之全部已發行股本，而本公司已按賣方之指示向控股股東配發及發行合共 499,999,974 股每股面值 0.3港 元（合 共 149,999,992 港 元）入 賬列 作 繳 足 股 份 作 為 收 購 代 價。其後，本公司成為本集團旗下公司之控股公司。as consideration for their acquisition.Thereafter, the Company became theholding company of the companie

768、scomprising the Group.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報(ii)(ii)(iii)(iii)128NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註24 CAPITAL, RESERVES AND DIVIDENDS(Continued)24 資本、儲備及股息資本、儲備及股息（續）(c)Share capital (Continued)Issue of new shares in Initial Public(c)股本股本（續）首次公開發售時發行新股份首次公開發售時發行新股份OfferingO

769、n 25 August 2010, the Company wassuccessfully listed on the Stock Exchangefollowing the completion of its initial publicoffering of 166,800,000 shares with a parvalue of HK$0.3 each, at a price of HK$1.60per share to the investors. On 17 September2010, a further 12,882,000 shares wereissued pursuant

770、 to the exercise of the Over-Allotment Option (as defined in theCompanys prospectus dated 12 August2010). The proceeds of HK$53,904,600representing the par value, were credited tothe Companys share capital. The remainingproceeds of HK$233,574,602, before theshare issuance costs of HK$41,319,094, wer

771、ecredited to the share premium account.Shares issued under the share optionscheme during the year aresummarised as follows:Number of於二零一零年八月二十五日，本公司於完成其按每股 1.60 港元之價格向投資者首次公開發售166,800,000股每股面值 0.3 港元之股份後，於聯交所成功上市。於二零一零年九月十七日，因超額配股權（定義見本公司日期為二零一零年八月十二日之招股章程）獲行使而發行額外12,882,000 股 股 份。 所 得 款 項53,904,600

772、 港元相當於票面值，已撥 入 本 公 司 股 本。所 得 款 項 餘 額233,574,602 港元（扣除股份發行成本 41,319,094 港 元 前）則 撥 入 股 份溢價賬。年內購股權計劃項下已發行股份概年內購股權計劃項下已發行股份概述如下：述如下：share optionsShareShare Share optionShare options exercised in:exercised Considerationcapitalpremiumreserve獲行使購股權獲行使購股權購股權於以下時間行使：購股權於以下時間行使：數目數目代價代價$元股本股本$元股份溢價股份溢價$元購股權儲備

773、購股權儲備$元February 2012March 2012二零一二年二月二零一二年三月3,020,000120,0002,083,80082,800906,00036,0001,814,06872,082(636,268)(25,282)For the year ended截至二零一二年31 March 2012三月三十一日止年度3,140,0002,166,600942,0001,886,150(661,550)Bright Smart Securities & Commodities Group Limited Annual Report 2011/12(iv)(iv)129NOTES

774、TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註24 CAPITAL, RESERVES AND DIVIDENDS(Continued)24 資本、儲備及股息資本、儲備及股息（續）(c)Share capital (Continued)Terms of unexpired and unexercisedshare options at the end of the(c)股本股本（續）於報告期末尚未屆滿及尚未行使之於報告期末尚未屆滿及尚未行使之認股權期限認股權期限reporting period2012二零一二年二零一二年2011二零一一年ExerciseNumb

775、er ofNumber ofExercise periodprice share optionsshare options行使期行使期25 February 2011 to二零一一年二月二十五日行使價行使價購股權數目購股權數目購股權數目24 February 201313 October 2011 to12 October 2013至二零一三年二月二十四日二零一一年十月十三日至二零一三年十月十二日$1.12$0.6916,268,00016,268,00018,348,00018,348,000(d)Nature and purpose of reserve(d)儲備性質及目的儲備性質及目的(

776、i)Share premiumUnder the Companies Law of the CaymanIslands, the share premium account of theCompany may be applied for payment ofdistributions or dividends to shareholdersprovided that immediately following the date(i)股份溢價股份溢價根據開曼群島公司法，本公司之股份溢價賬可用作支付應派付予股東之分派或股息，惟緊隨擬支付分派或派付股息日期後，本公司仍可在日常業務過程中償付其到期債

777、務。on which the distribution or dividend isproposed to be paid, the Company is able topay its debts as they fall due in the ordinarycourse of business.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報130NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註24 CAPITAL, RESERVES AND DIVIDENDS(Continued)24 資本、儲備及股息資本、儲備及股息（

778、續）(d)Nature and purpose of reserve (Continued)(d)儲備性質及目的儲備性質及目的（續）(ii)Merger reserveOn 29 June 2010, the Company acquired theentire issued share capital of Bright SmartFutures & Commodities Co., Ltd, BrightSmart Securities International (H.K.) Limitedand Merit Act Limited through Bright SmartInvestm

779、ent Holdings Limited from theirrespective shareholders. The differencebetween the nominal value of the sharecapital of the subsidiaries acquired as aresult of the restructuring exercise and the(ii)合併儲備合併儲備於二零一零年六月二十九日，本公司透過耀才投資控股有限公司向耀才期貨及商品有限公司、耀才證券國際（香港）有限公司及浤烽有限公司之有關股東收購該等公司之全部已發行股本。因重組活動被收購之附屬公司

780、之股本面值與本公司發行之股本面值（作為代價）兩者之差額視作權益變動處理，並記錄在合併儲備內。nominal value of the share capital of theCompany issued in exchange thereof istreated as an equity movement and recordedin “Merger reserve”.(iii)Share option reserveThe share option reserve comprises the fairvalue of the actual number of unexercisedshare

781、 options granted under the shareoption scheme recognised in accordance(iii)購股權儲備購股權儲備購股權儲備包括根據附註 2(k)(iii) 內以股份為基礎之款項採用之會計政策確認根據購股權計劃授予之未行使購股權實際數目之公平值。with the accounting policy adopted forshare-based payments in note 2(k)(iii).(iv)Distributability of reserveThe reserves of the Company aredistributa

782、ble to the equity shareholderssubject to the provisions of the CompanysMemorandum and Articles of Associationand provided that immediately following the(iv)分派儲備分派儲備根據本公司之組織章程大綱及細則條文，並在緊隨作出分派後本公司可償還於一般日常業務過程中到期債務之前提下，本公司可向權益股東分派儲備。distribution the Company is able to pay itsdebts as they fall due in t

783、he ordinary courseof business.At 31 March 2012, the aggregate amount ofreserves available for distribution to equityshareholders of the Company was$193,585,643 (2011: $191,772,550).於二零一二年三月三十一日，可供分派予本公司權益股東之儲備總金額 為 193,585,643 元（二 零 一 一 年：191,772,550 元）。Bright Smart Securities & Commodities Group Li

784、mited Annual Report 2011/12131NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註24 CAPITAL, RESERVES AND DIVIDENDS(Continued)24 資本、儲備及股息資本、儲備及股息（續）(e)Capital managementThe Groups primary objective when managingcapital is to safeguard the Groups ability tocontinue as a going concern, so that it cancontinu

785、e to provide returns for shareholders andbenefits for other stakeholders, by pricing productsand services commensurately with the level of riskand by securing access to finance at a reasonablecost. In addition, certain subsidiaries of the Grouplicensed by the Securities and Futures Commission(e)資本管理

786、資本管理本集團管理資本之首要目標為保障本集團持續經營之能力，透過因應風險水平為產品及服務定價以及以合理成本取得融資，繼續為股東帶來回報及為其他權益持有人帶來利益。此外，獲證券及期貨事務監察委員會（證監會）認可發牌之本集團若干附屬公司須於任何時候符合證券及期貨（財政資源）規則（財政資源規則）項下之監管流動資金規定。(“SFC”) are obliged to meet the regulatory liquidcapital requirements under the Securities andFutures (Financial Resources) Rules (“FRR”) at al

787、ltimes.The Group actively and regularly reviews andmanages its capital structure to maintain a balancebetween the higher shareholder returns that mightbe possible with higher levels of borrowings andthe advantages and security afforded by a soundcapital position, and makes adjustments to thecapital

788、structure in light of changes in economicconditions. For the licensed subsidiaries, theGroup ensures each of them maintains a liquidcapital level adequate to support the level ofactivities with sufficient buffer to accommodate forincreases in liquidity requirements arising from本集團積極及定期檢討及管理資本結構，在可能伴

789、隨較高借貸水平之較高股東回報與穩健資本狀況帶來之好處及保障之間取得平衡，並因應經濟環境之轉變對資本結構作出調整。就持牌附屬公司而言，本集團確保各附屬公司均保持資金靈活周轉，足以支持業務經營，以及在業務活動可能轉趨頻繁而引致對流動資金之需求上升時亦能應付自如。於財政年度的任何時候，所有持牌附屬公司均遵守財政資源規則項下之流動資金規定。potential increases in the level of businessactivities. During the financial year, all the licensedsubsidiaries complied with the liq

790、uid capitalrequirements under the FRR at all times.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報(a)(a)132NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註25 EQUITY-SETTLED SHARE-BASEDPAYMENTSThe Company has a share option scheme which wasadopted on 4 August 2010 by a resolution of the boardof directors of the C

791、ompany whereby the employees,consultants, contractors and directors of the Group areentitled to the share option scheme. The options grantedduring the year have no vesting condition and are thenexercisable within a period of two years. Each optiongives the holder the right to subscribe for one ordin

792、aryshare of the Company.The terms and conditions of the grants25 權益結算以股份為基礎之款項權益結算以股份為基礎之款項本公司設有一項購股權計劃，於二零一零年八月四日由本公司董事會通過決議案採納，本集團僱員、顧問、承包商及董事有權參與購股權計劃。年內授出之購股權並無歸屬條件及可於兩年期內行使。每份購股權賦予持有人權利認購一股本公司普通股。年內授出之條款及條件如下：年內授出之條款及條件如下：during the year are as follows:ContractualShare options granted todirecto

793、rs: on 13 October 2011向董事授出之購股權： 於二零一一年Number ofshare options購股權數目購股權數目Vestingconditions歸屬條件歸屬條件life of shareoptions購股權購股權訂約年期訂約年期Share options granted toemployees: on 13 October 2011Share options granted toconsultants and contractors: on 13 October 2011Total share options granted十月十三日向僱員授出之購股權： 於二零

794、一一年十月十三日向顧問及承包商授出之購股權： 於二零一一年十月十三日授出之購股權總數6,398,0009,680,0003,500,00019,578,000Nil無Nil無Nil無2 years兩年2 years兩年2 years兩年Bright Smart Securities & Commodities Group Limited Annual Report 2011/12(b)(b)133NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註25 EQUITY-SETTLED SHARE-BASEDPAYMENTS (Continued)The nu

795、mber and weighted averageexercise prices of share options are asfollows:25 權益結算以股份為基礎之款項權益結算以股份為基礎之款項（續）購股權數目及加權平均行使價如下：購股權數目及加權平均行使價如下：2012二零一二年二零一二年Weighted2011二零一一年WeightedOutstanding at the年初尚未行使Number ofshareoptions購股權數目購股權數目averageexerciseprice加權平均加權平均行使價行使價$元元Number ofshareoptions購股權數目average

796、exerciseprice加權平均行使價$元beginning of the year18,348,0001.12Granted during the yearExercised during the yearCancelled during the yearLapsed during the year年內授出年內行使年內註銷年內失效19,578,000(3,140,000)(16,268,000)(2,250,000)0.690.691.121.0918,518,000(170,000)1.121.12Outstanding at the end of年終尚未行使the year16,268

797、,0000.6918,348,0001.12Exercisable at the end of年終可予行使the year16,268,0000.6918,348,0001.12The options outstanding at 31 March 2012 had anexercise price of $0.69 (2011: $1.12) and aweighted average remaining contractual life of 1.5years (2011: 1.92 years).於二零一二年三月三十一日尚未行使之購 股 權 行 使 價 為 0.69 元（ 二 零 一 一

798、 年：1.12元），而加權平均餘下訂約年期為1.5年（二零一一年：1.92 年）。耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報(c)(c)(d)(d)134NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註25 EQUITY-SETTLED SHARE-BASEDPAYMENTS (Continued)Modification of the share option change of exercise price and expiry dateOn 13 October 2011, the Board approved a

799、 boardresolution to cancel all remaining 16,268,000share options granted on 25 February 2011 withan exercise price of $1.12 and grant new optionsto the same grantees in exchange therefor withan exercise price of $0.69. This was effectively amodification to the share option scheme reducingthe exercis

800、e price for the share options grantedon 25 February 2011 from $1.12 to $0.69. Theexpiry date for the share options was amendedto 12 October 2013. The reduction of exerciseprice and the amendment of expiry date of theabove share options resulted in an incrementalfair value of $1,356,263 at the modifi

801、cation date.The incremental fair value was recognised as anequity-settled share-based payment expenseduring the year.Fair value of share options andassumptionsThe fair value of services received in return forshare options granted is measured by reference tothe fair value of share options granted. Th

802、eestimate of the fair value of the share optionsgranted is measured based on the Black-Scholesmodel. The contractual life of the share option is25 權益結算以股份為基礎之款項權益結算以股份為基礎之款項（續）購股權修訂購股權修訂 行使價及到期日變更行使價及到期日變更於二零一一年十月十三日，董事會批准董事會決議案，註銷所有於二零一一年二月二十五日授出之餘下共 16,268,000份購股權，其行使價為 1.12 元，而向相同承授人授予新購股權以作交換，其行

803、使價為 0.69 元，因而導致就購股權計劃作 出 有 效 修 訂， 將 於 二 零 一 一 年 二 月二十五日授出之購股權行使價由 1.12 元下調至 0.69 元。購股權之到期日修訂為二零一三年十月十二日。上述購股權行使價下調及到期日修訂導致公平值於修改日期增加 1,356,263 元。公平值之增加於年內確認為權益結算以股份為基礎之款項開支。購股權之公平值及假設購股權之公平值及假設就換取授出購股權所獲得服務之公平值乃參考所授出購股權之公平值計量。所授出購股權之估計公平值乃根據柏力克 舒爾斯模式計量。購股權之訂約年期已輸入該模式。預期提早行使亦套用於柏力克 舒爾斯模式。used as an i

804、nput into this model. Expectations ofearly exercise are incorporated into the Black-Scholes model.Bright Smart Securities & Commodities Group Limited Annual Report 2011/12(d)(d)135NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註25 EQUITY-SETTLED SHARE-BASEDPAYMENTS (Continued)Fair value of share option

805、s andassumptions (Continued)25 權益結算以股份為基礎之款項權益結算以股份為基礎之款項（續）購股權之公平值及假設購股權之公平值及假設（續）Fair value of share options and assumptions購股權公平值及假設購股權公平值及假設Fair value at measurement date於計量日期之公平值Share price股價Exercise price行使價Expected volatility預期波幅Option life購股權年期Expected dividends預期股息Risk-free interest rate無風險

806、利率2012二零一二年二零一二年$0.100.10 元元$0.690.69 元元$0.690.69 元元40.0%1 year1 年年2.61%0.23%2011二零一一年$0.150.15 元$1.071.07 元$1.121.12 元39.4%1 year1 年Nil無0.64%The expected volatility is derived with reference tothe historic volatilities of a number of comparablecompanies operating within a similar industry andbusine

807、ss based on publicly available information.Expected dividend yield is based on historicaldividends. Changes in the subjective inputassumptions could materially affect the fair valueestimate.Share options were granted under no vestingcondition. There was no market condition預期波幅乃參考根據公開可得資料所載經營類似行業及業務之

808、眾多可資比較公司之歷史波幅而釐定。預期股息率按過往股息而定。主觀輸入假設之轉變可能會對公平值之估算造成重大影響。購股權並非根據歸屬條件而授出。授出購股權並無相關之市場條件。associated with the share option granted.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報136NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註26 OPERATING LEASE COMMITMENTSThe total future minimum lease payments under non-cancella

809、ble operating lease on properties are payable asfollows:26 經營租約承擔經營租約承擔根據物業之不可撤銷經營租約項下之未來最低租賃款項總額須於下列期間支付：2012二零一二年二零一二年$元元2011二零一一年$元Within one yearAfter one year but within five years一年內一年後但五年內28,162,9138,100,26936,263,18225,136,33626,391,85051,528,186The Group leases a number of properties undero

810、perating leases. The leases typically run for an initialperiod of one year to four years, with an option to renewthe leases when all terms are renegotiated. None of theleases includes contingent rentals.27 FINANCIAL RISK MANAGEMENT ANDFAIR VALUESExposure to credit, liquidity, interest rate and forei

811、gncurrency risks arises in the normal course of the Groupsbusiness. The Groups exposure to these risks and thefinancial risk management policies and practices usedby the Group to manage these risks are describedbelow.本集團根據經營租約租賃多項物業。該等租約一般初步為期一年至四年，可選擇重新商定所有條款予以重續。租約概不包括或然租金。27 財務風險管理及公平值財務風險管理及公平值本

812、集團之日常業務中產生信貸、流動資金、利率及外匯風險。下文載述本集團所面對之該等風險及本集團就管理此等風險所採取之財務風險管理政策及慣例。(a)Credit riskThe Groups credit risk is primarily attributable toaccounts receivable due from clients, brokers andclearing houses. Management has a credit policy(a)信貸風險信貸風險本集團之信貸風險主要來自應收客戶、經紀及結算所之賬款。管理層訂有信貸政策，並持續監控信貸風險。in place and

813、the exposure to the credit risk ismonitored on an ongoing basis.Bright Smart Securities & Commodities Group Limited Annual Report 2011/12137NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註27 FINANCIAL RISK MANAGEMENT ANDFAIR VALUES (Continued)27 財務風險管理及公平值財務風險管理及公平值（續）(a)Credit risk (Continued)In respe

814、ct of accounts receivable due from clients,individual credit evaluations are performed on allclients including cash and margin clients. Cashclients are required to place deposits as prescribedby the Groups credit policy before execution ofany purchase transactions. Receivables due fromcash clients a

815、re due within the settlement periodcommonly adopted by the relevant marketconvention, which is usually within a few daysfrom the trade date. Because of the prescribeddeposit requirements and the short settlementperiod involved, credit risk arising from theaccounts receivable due from cash clients is

816、considered small. The Group normally obtainsliquid securities and/or cash deposits as collateralfor providing margin financing to its clients. Marginloans due from margin clients are repayable on(a)信貸風險信貸風險（續）就應收客戶賬款方面，所有客戶（包括現金及孖展客戶）均須接受個別信貸評估。於執行任何購買交易前，現金客戶須按本集團之信貸政策向指定戶口存款。應收現金客戶款項乃於相關市場慣例普遍採用之結

817、算期內到期，一般為交易日後數天內。基於指定存款規定及所涉及結算期短，故應收現金客戶賬款產生之信貸風險甚微。本集團一般會向其客戶取得流動證券及或現金存款作為向其客戶提供孖展融資之抵押品。應收孖展客戶之孖展貸款須應要求償還。就商品及期貨經紀業務而言，於開倉前須支付基本按金。管理層會每日監察市況以及各孖展賬戶及期貨賬戶之證券抵押品及保證金是否足夠，如有需要，會追繳保證金及強行斬倉。demand. For commodities and futures broking,initial margin is required before opening of atrading position. Mar

818、ket conditions and adequacyof securities collateral and margin deposits of eachmargin account and futures account are monitoredby management on a daily basis. Margin calls andforced liquidation are made where necessary.In respect of accounts receivable from brokers andclearing houses, credit risks a

819、re considered low asthe Group normally enters into transactions withbrokers and clearing houses which are registeredwith regulatory bodies and with sound reputationin the industry.The Group has no significant concentration ofcredit risk as credits are granted to a largepopulation of clients.The maxi

820、mum exposure to credit risk withouttaking account of any collateral held is representedby the carrying amount of each financial asset inthe statement of financial position. The Group由於本集團一般與已向監管機構註冊並於業內享有良好聲譽之經紀及結算所進行交易，故應收經紀及結算所賬款之信貸風險甚低。由於本集團向眾多客戶提供信貸，故並無重大集中信貸風險。最高信貸風險（並無計及任何所持抵押品）指財務狀況表內各財務資產之賬面

821、值。本集團並無提供任何其他擔保，致令本集團面對信貸風險。does not provide any other guarantees whichwould expose the Group to credit risk.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報138NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註27 FINANCIAL RISK MANAGEMENT ANDFAIR VALUES (Continued)27 財務風險管理及公平值財務風險管理及公平值（續）(b)Liquidity riskIndividu

822、al operating entities within the Group areresponsible for their own cash management,including the raising of loans to cover expectedcash demands, and to ensure compliance withFRR. The Groups policy is to regularly monitor itsliquidity requirement and its compliance withlending covenants, to ensure t

823、hat it maintains(b)流動資金風險流動資金風險本集團內個別經營實體負責各自之現金管 理， 包 括 籌 措 貸 款 應 付 預 期 現 金 需要，並確保符合財政資源規則。本集團之政策為定期監察其流動資金需要，並遵守借貸契諾，確保維持足夠現金儲備及來自大型財務機構之充足承諾融資額度，以應付長短期流動資金需要。sufficient reserves of cash and adequatecommitted lines of funding from major financialinstitutions to meet its liquidity requirements in t

824、heshort and long term.The Groups policy is to regularly monitor currentand expected liquidity requirements to ensure thatit maintains sufficient reserves of cash and fundingin the short and longer term. All of the Groupsliabilities are expected to be settled within oneyear. Except for bank loans, th

825、e carrying amountsof all financial liabilities equal the contractualundiscounted cash outflow. The contractualundiscounted cash outflow of bank loans and loanfrom a related company as at 31 March 2012本集團之政策為定期監管當前及預期流動資金需要，確保維持足夠現金及資金儲備應付長短期需要。本集團之所有負債 預 期 將 於 一 年 內 償 付。 除 銀 行 貸 款外，所有財務負債之賬面值均與已訂約未貼

826、現現金流出量相等。於二零一二年三月三十一日，銀行貸款及來自一家關連公司之貸款之已訂約未貼現現金流 出 量 為 605,395,808 元（ 二 零 一 一 年：815,102,448 元）。amounted to $605,395,808 (2011: $815,102,448).Bright Smart Securities & Commodities Group Limited Annual Report 2011/12$N/A139NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註27 FINANCIAL RISK MANAGEMENT ANDFA

827、IR VALUES (Continued)27 財務風險管理及公平值財務風險管理及公平值（續）(c)Interest rate risk(c)利率風險利率風險(i)Interest rate profileThe Group charges interest on its marginclients on the basis of its cost of funding plusa mark-up. Financial assets such as marginloans and deposit with banks and financialliabilities such as bank

828、loans and loan from arelated company are primarily at fixed rates.The Groups income and operating cash(i)利率組合利率組合本集團按其資金成本另加漲價向孖展客戶收取利息。財務資產（如孖展貸款及銀行存款）及財務負債（如銀行貸款及來自一家關連公司之貸款）主要按固定息率計息。本集團之收入及經營現金流量並無面對重大利率風險。flows are not subject to significant interestrate risk.The interest rate profile of the Gr

829、oup at thereporting date is as follows:2012二零一二年二零一二年Effectiveinterest rate下表載列本集團於報告日期之利率組合：2011二零一一年Effectiveinterest rateAssets資產資產實際利率實際利率元元實際利率元Deposits with banksMargin loans銀行存款孖展貸款0.0011.4%3.88%4.88%249,483,240893,164,8380.0010.01%4.88%265,868,809997,367,3471,142,648,0781,263,236,156Liabilit

830、ies負債負債Bank loans銀行貸款2.05%425,000,0001.09%815,000,000Loan from a related company 來自一家關連公司之貸款2.55%180,000,000不適用605,000,000815,000,000耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報行。140NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註27 FINANCIAL RISK MANAGEMENT ANDFAIR VALUES (Continued)27 財務風險管理及公平值財務風險管理及公平值（續

831、）(c)Interest rate risk (Continued)(c)利率風險利率風險（續）(ii)Sensitivity analysisAs at 31 March 2012, if interest rates hadbeen 100 basis points higher with all othervariables held constant, the Groups profitbefore taxation would have increased byapproximately $5,400,000 (2011: $4,500,000).As at 31 March 201

832、2, if interest rates hadbeen 1 basis point lower with all othervariables held constant, the Groups profitbefore taxation would have decreased byapproximately $54,000 (2011: $45,000).The increased/decreased profit beforetaxation results mainly from higher/lowerinterest income from deposits with banks

833、and margin loans and higher/lower interestexpense on bank loans and loan from arelated company. Other components of(ii)敏感度分析敏感度分析於二零一二年三月三十一日，在所有其他變數維持不變之情況下，倘利率上調 100 個基點，則本集團之除 稅 前 溢 利 應 增 加 約 5,400,000 元（二零一一年：4,500,000 元）。於二零一二年三月三十一日，在所有其他變數維持不變之情況下，倘利率下調 1 個基點，則本集團之除稅前溢利應減少約 54,000 元（二零一一年：45,

834、000 元）。除稅前溢利增加減少主要由於銀行存款及孖展貸款之利息收入增加減少及銀行貸款以及來自一家關連公司之貸款利息開支增加減少所致。權益之其他組成部分不會受利率變動而有重大影響。equity would not be significantly affected bythe changes in interest rates.The sensitivity analysis above indicates theinstantaneous change in the Groups profitbefore taxation that would arise assumingthat the

835、change in interest rates hadoccurred at the reporting dates and hadbeen applied to re-measure those financial上述敏感度分析顯示假設利率變動於報告日期出現，且已應用於重新計算本集團所持有於報告日期須面對利率風險之金融工具，對本集團之除稅前溢利所造成即時變動。分析乃按與二零一一年之相同基準進instruments held by the Group which exposethe Group to interest rate risk at thereporting dates. The

836、analysis is performedon the same basis for 2011.Bright Smart Securities & Commodities Group Limited Annual Report 2011/1255141NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註27 FINANCIAL RISK MANAGEMENT ANDFAIR VALUES (Continued)27 財務風險管理及公平值財務風險管理及公平值（續）(d)Foreign currency riskThe Group is exposed to

837、currency risk primarilyarising from financial instruments that aredenominated in United States dollars (“USD”) andRenminbi (“RMB”). As the Hong Kong dollar (“HKD”)is pegged to the USD, the Group considers the riskof movements in exchange rates between the HKDand the USD to be insignificant. In respe

838、ct offinancial instruments denominated in RMB, theGroup ensures that the net exposure is kept to an(d)外匯風險外匯風險本集團所承受外匯風險主要源自以美元（美元）及人民幣（人民幣）計值之金融工具。由於港元與美元掛鈎，本集團認 為， 港 元 與 美 元 之 匯 率 變 動 風 險 輕微。就以人民幣計值之金融工具而言，本集團在有需要的情況下按即期匯率購入或出售外幣以處理短期之不平衡情況，藉以確保風險淨額維持於可接受之水平。管理層每日監控所有外匯持倉。acceptable level by buyin

839、g or selling foreigncurrencies at spot rates where necessary toaddress short-term imbalances. The managementmonitors all the foreign currency positions on adaily basis.Exposure to currency risk and sensitivityanalysisThe Groups net exposure to RMB at the reportingdate and the estimated impact to the

840、 Groupsprofit before tax and retained profits for the yearhad the foreign exchange rates of RMB changed atthat date are illustrated below. In this respect, it isassumed that the pegged rate between the HKDand the USD would be materially unaffected byany changes in movement in value of the USDagainst

841、 other currencies.外幣風險承擔及敏感度分析外幣風險承擔及敏感度分析倘報告日之人民幣匯率有所變動，本集團於報告日就人民幣所承受風險淨額，以及其對本集團年內之除稅前溢利及保留 溢 利 之 估 計 影 響 列 示 如 下。 就 此 而言，已假設港元與美元匯率掛鈎不會因美元兌其他貨幣匯價之任何變動而受到重大影響。2012二零一二年二零一二年Effect on2011二零一一年Effect onAppreciation/ profit beforeAppreciation/profit beforeNet assets (depreciation)tax andNet assets(d

842、epreciation)tax andin foreigncurrencyin foreigncurrencyretainedprofitsin foreigncurrencyin foreigncurrencyretainedprofits對除稅前對除稅前溢利及溢利及對除稅前溢利及以外幣計算以外幣計算之資產淨值之資產淨值HK$港元港元外幣升值外幣升值 （貶值）（貶值）%保留溢利保留溢利之影響之影響HK$港元港元以外幣計算之資產淨值HK$港元外幣升值（貶值）%保留溢利之影響HK$港元Renminbi人民幣6,860,309(5)343,015(343,015)346,419(5)17,321(

843、17,321)耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報142NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註27 FINANCIAL RISK MANAGEMENT ANDFAIR VALUES (Continued)27 財務風險管理及公平值財務風險管理及公平值（續）(d)Foreign currency risk (Continued)Exposure to currency risk and sensitivity(d)外匯風險外匯風險（續）外幣風險承擔及敏感度分析外幣風險承擔及敏感度分析（續）analysis

844、(Continued)The sensitivity analysis assumes that the change inforeign exchange rates had been applied to re-measure those financial instruments which exposethe Group to foreign currency risk at the end of thereporting period. The analysis is performed on thesame basis for 2011.敏感性分析已假設外幣匯率之變動已應用於重新計

845、量於報告期間結算日導致本集團面臨外匯風險之金融工具。該項分析乃採用與二零一一年相同之基準進行。(e)Fair values(e)公平值公平值All financial assets and liabilities are carried atamounts not materially different from their fairvalues as at 31 March 2012 and 2011.28 CONTINGENT LIABILITIESAs at the end of the reporting period, subsidiaries of theCompany enga

846、ging in securities and futures brokinghave secured banking facilities from authorisedinstitutions for a total amount of $623,000,000 (2011:$466,000,000). The Company has issued corporateguarantees for a total principal amount of $623,000,000(2011: $466,000,000) for these facilities. As at 31 March20

847、12, the subsidiary has utilised $325,000,000 of theseaggregate banking facilities (2011: $145,000,000).As at the end of the reporting period, the directors donot consider it probable a claim will be made against theCompany under any of the guarantees. The Companyhas not recognised any deferred incom

848、e in respect of於二零一二年及二零一一年三月三十一日，所有財務資產及負債之賬面值與公平值並無重大差異。28 或然負債或然負債於報告期末，從事證券及期貨經紀之本公司附屬公司自認可機構取得有抵押銀行融資合共623,000,000元（二零一一年：466,000,000元）。本公司已就該等融資發出本金總額為623,000,000 元（ 二 零 一 一 年：466,000,000 元 ）之公司擔保。於二零一二年三月三十一日，附屬公司已動用該等銀行融資總額 325,000,000元（二零一一年：145,000,000 元）。於報告期末，董事認為就任何擔保對本公司提出任何申索的機會不大。由於擔

849、保之公平值不能可靠計量及交易價為零，故本公司並無就該等擔保確認任何遞延收入。the guarantees as their fair value cannot be reliablymeasured and the transaction price was nil.Bright Smart Securities & Commodities Group Limited Annual Report 2011/12（143NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註29 MATERIAL RELATED PARTYTRANSACTIONSIn addi

850、tion to the related party information disclosedelsewhere in the financial statements, the Group enteredinto the following material related party transactions.29 重大關連人士交易重大關連人士交易除財務報表其他部分披露之關連人士資料外，本集團訂有下列重大關連人士交易。(a)Key management personnel(a)主要管理人員薪酬主要管理人員薪酬remunerationRemuneration for key manageme

851、nt personnel ofthe Group, including amounts paid to theCompanys directors as disclosed in note 8 andcertain of the highest paid employees as disclosedin note 9, is as follows:本集團主要管理人員之薪酬（包括附註 8所披露向本公司董事及附註 9 所披露向若干最高薪酬僱員支付之金額）如下：2012二零一二年二零一二年$元元2011二零一一年$元Directors feesSalaries, allowances and ben

852、efits in kindDiscretionary bonusesContributions to MandatoryProvident FundPayment in lieu of noticeEquity-settled share-based payments董事袍金薪金、津貼及實物福利酌情花紅強積金供款代通知金權益結算以股份為基礎之款項387,0129,326,904914,35081,000733,48911,442,755216,7828,216,6384,082,840102,7392,400,0001,438,30116,457,300Total remuneration i

853、s included in “staff costs” (see薪酬總額計入員工成本見附註 6(b)）。note 6(b).耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報(i)(i)(ii)(ii)(c)(c)(i)(i)(ii)(ii)算。144NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註29 MATERIAL RELATED PARTYTRANSACTIONS (Continued)29 重大關連人士交易重大關連人士交易（續）(b)Balances with related partiesAs at 31 March

854、 2012, the Group hadaccounts payable to related parties of$5,192,421 (2011: $366,535), which werearising from the Groups ordinary course ofbusiness in securities broking, marginfinancing and commodities and futures(b)與關連人士之結餘與關連人士之結餘於二零一二年三月三十一日，本集團應付關連人士之賬款為5,192,421元（二 零 一 一 年：366,535 元），此乃來自本集團日常

855、業務中所進行之證券經紀、孖展融資以及商品與期貨經紀業務。broking.Accounts payable to related parties are setat same terms as those normally offered tothird party clients.As at 31 March 2012, included in the otherreceivables, deposits and prepayments wererental and office management deposits of$3,562,373 (2011: $3,187,117) which

856、 hadbeen made to related companies owned bya director of the Company. These amountswere unsecured, interest-free and repayableupon expiry of the respective leases.Other transactions with related partiesBrokerage income of $591,338 (2011:$296,035) was received from the directors ofthe Company, their

857、close family membersand related companies owned by a directorof the Company in the ordinary course of theGroups business of securities broking andcommodities and futures broking.Commission rates are set at the same levelas those normally offered to third partyclients.Rental expenses of $11,940,161 (

858、2011:$10,716,053) paid to related companiesowned by a director of the Company, werecharged at a rate mutually agreed between應付關連人士賬款與一般提供予第三方客戶者條款相同。於二零一二年三月三十一日，其他應 收 款 項、按 金 及 預 付 款 項 中 有3,562,373 元（ 二 零 一 一 年：3,187,117 元）屬於向本公司一名董事擁有之關連公司支付之租金及辦公室管理按金。此等款項為無抵押及免息，並將於個別租約屆滿時償還。與關連人士之其他交易與關連人士之其他交易

859、經紀收入 591,338 元（二零一一年：296,035 元）乃本集團日常業務中進行證券經紀以及商品及期貨經紀業務而向本公司董事、彼等之家族成員及本公司一名董事擁有之關連公司收取。佣金收費定於一般向第三方客戶提供之相同水平。已付一名本公司董事擁有之關連公司 之 租 金 開 支 11,940,161 元（ 二 零一 一 年：10,716,053 元 ）乃 按 訂 約方參考市場租值後協定之租值計the parties involved with reference to marketrates.Bright Smart Securities & Commodities Group Limited

860、Annual Report 2011/12(c)(c)(iii)(iii)(iv)(iv)145NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註29 MATERIAL RELATED PARTYTRANSACTIONS (Continued)Other transactions with related parties(Continued)The total future minimum lease paymentunder non-cancellable operating lease onproperties are payable to rela

861、ted companiesowned by a director of the Company asfollows:29 重大關連人士交易重大關連人士交易（續）與關連人士之其他交易與關連人士之其他交易（續）根據不可撤回經營租約就物業應付本公司一名董事擁有之關連公司之未來最低租賃款項總額如下：2012二零一二年二零一二年$元元2011二零一一年$元Within one year一年內13,220,00011,544,000After one year but within five years 一年後但五年內1,035,00014,255,00011,384,00022,928,000On 31

862、 March 2011, Bright Smart SecuritiesInternational (H.K.) Limited (“BSSI”), anindirect wholly owned subsidiary of theCompany, entered into a loan facility letterwith China Finance (Worldwide) Limited(“CFW”), a company which is 100%beneficially owned by the controllingshareholder of the Company, for p

863、rovision ofa $310,000,000 revolving loan facility by CFWto BSSI for general working capital purposes.Interest expense of $3,145,095 was paid toCFW during the year (2011: $Nil). The loanbears interest at HIBOR plus 2.25% perannum, is unsecured and repayable ondemand. As at 31 March 2012, BSSI hasdraw

864、n $180,000,000 (2011: $Nil) under this於二零一一年三月三十一日，耀才證券國際（香港）有限公司（BSSI，本公司之間接全資附屬公司）與中國財務（國際）有限公司（中國財務，本公司之控股股東全資實益擁有之公司）簽訂貸款融資函件，內容有關中國財務向 BSSI 提供循環貸 款 融 資 310,000,000 元， 用 作 一般營運資金。年內向中國財務支付利息開支3,145,095元（二零一一年：零元）。貸款按香港銀行同業拆息加 2.25% 年利率計息，為無抵押及須按要求償還。於二零一二年三月三十一日，BSSI 根據該融資已提取180,000,000 元（ 二 零 一

865、 一 年： 零元）。facility.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報(c)(c)(v)(v)表。146NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註29 MATERIAL RELATED PARTYTRANSACTIONS (Continued)Other transactions with related parties(Continued)On 31 March 2011, the Company enteredinto a loan facility letter with World MixLimi

866、ted (“WML”), a company which is 100%beneficially owned by the controllingshareholder of the Company, for provision ofa $310,000,000 revolving loan facility by WMLto the Company for general working capitalpurposes. Interest expense of $1,220,663was paid to WML during the year (2011: $Nil).The loan be

867、ars interest at HIBOR plus 2.25%per annum, is unsecured and repayable ondemand. As at 31 March 2012, no drawdownwas made (2011: $Nil) under this facility.30 NON-ADJUSTING EVENT AFTER THEREPORTING PERIODBright Smart Securities International (H.K.) Limited, oneof the Groups subsidiaries, is defending

868、a defamationclaim brought against it by Chief Securities Limited on 15May 2012 for an unquantified amount of damages andcosts. The matter is now in its early stage of proceeding.The Group is pending senior counsels advice and isunable to assess the outcome of this claim, noprovisions have been made

869、in respect of this claim.31 IMMEDIATE AND ULTIMATE HOLDINGCOMPANYThe directors consider the immediate parent andultimate holding company of the Company as at 31March 2012 to be New Charming Holdings Limited,which is incorporated under the laws of the British VirginIslands and beneficially owned by M

870、r. YIP Mow Lum.29 重大關連人士交易重大關連人士交易（續）與關連人士之其他交易與關連人士之其他交易（續）於二零一一年三月三十一日，本公司與世綸有限公司（世綸，本公司之控股股東全資實益擁有之公司）簽訂貸款融資函件，內容有關世綸向本公司提供循環貸款融資310,000,000 元， 用 作 一 般 營 運 資金。 年 內 向 世 綸 支 付 利 息 開 支1,220,663 元（二零一一年：零元）。貸款按香港銀行同業拆息加 2.25%年利率計息，為無抵押及須按要求償 還。於 二 零 一 二 年 三 月 三 十 一日，概無提取任何有關融資（二零一一年：零元）。30 報告期間後非調整事項

871、報告期間後非調整事項本集團附屬公司之一耀才證券國際（香港）有限公司現正就致富證券有限公司於二零一二年五月十五日作出之誹謗的申索提出抗辯，該申索所產生之損失及費用未能確定。案件現已進入法律程序的初步階段，本集團正等待資深大律師的法律意見及尚未能評估有關申索之結果，故此並無就此提取撥備。31 直接及最終控股公司直接及最終控股公司董事認為，於二零一二年三月三十一日，本公司之直接母公司及最終控股公司為新長明控股有限公司，該公司乃根據英屬處女群島之法例註冊成立，並由葉茂林先生實益擁有。新長明控股有限公司並無編製可供公眾使用之財務報New Charming Holdings Limited does no

872、t producefinancial statements available for public use.Bright Smart Securities & Commodities Group Limited Annual Report 2011/12147NOTES TO THE FINANCIAL STATEMENTS財務報表附註財務報表附註32 POSSIBLE IMPACT OF AMENDMENTS,NEW STANDARDS ANDINTERPRETATIONS ISSUED BUT NOT YETEFFECTIVE FOR THE YEAR ENDED 31MARCH 201

873、2Up to the date of issue of these financial statements, theHKICPA has issued a number of amendments and fivenew standards which are not yet effective for the yearended 31 March 2012 and which have not been adoptedin these financial statements. These include the32 於截至二零一二年三月三十一日止年於截至二零一二年三月三十一日止年度已頒佈

874、但尚未生效之修訂、新準則度已頒佈但尚未生效之修訂、新準則及詮釋可能產生之影響及詮釋可能產生之影響截至此等財務報表刊發日期，香港會計師公會已頒佈下列於截至二零一二年三月三十一日止年度尚未生效且並無於此等財務報表中採納之若干修訂及五項新準則，包括以下與本集團有關者。following which may be relevant to the Group.Effective foraccounting periodsbeginning on or after於會計期間於會計期間或之後開始生效或之後開始生效Amendments to HKFRS 7, Financial instruments:Dis

875、closures Transfers of financial assets香港財務報告準則第 7 號之修訂，金融工具：披露 轉讓金融資產Amendments to HKAS 12, Income taxes Deferred tax:Recovery of underlying assets香港會計準則第 12 號之修訂，所得稅 遞延稅項：收回相關資產Amendments to HKAS 1, Presentation of financial statements Presentation of items of other comprehensive income香港會計準則第 1 號之

876、修訂，財務報表之呈報 其他全面收入項目之呈報HKFRS 10, Consolidated financial statements香港財務報告準則第 10 號，綜合財務報表HKFRS 12, Disclosure of interests in other entities香港財務報告準則第 12 號，其他實體權益之披露HKFRS 13, Fair value measurement香港財務報告準則第 13 號，公平值計量HKAS 27, Separate financial statements (2011)香港會計準則第 27 號，獨立財務報表（二零一一年）Revised HKAS 19,

877、 Employee benefits香港會計準則第 19 號（經修訂），僱員福利HKFRS 9, Financial instruments香港財務報告準則第 9 號，金融工具The Group is in the process of assessing of what theimpact of these amendments is expected to be in theperiod of initial application. So far it has concluded thatthe adoption of them is unlikely to have a signifi

878、cant1 July 2011二零一一年七月一日1 January 2012二零一二年一月一日1 July 2012二零一二年七月一日1 January 2013二零一三年一月一日1 January 2013二零一三年一月一日1 January 2013二零一三年一月一日1 January 2013二零一三年一月一日1 January 2013二零一三年一月一日1 January 2015二零一五年一月一日本集團正在評估該等修訂在首次應用期間預期產生之影響。迄今，結論為採納上述各項不大可能對本集團之經營業績及財務狀況造成重大影響。impact on the Groups results of

879、operations and financialposition.耀才證券金融集團有限公司耀才證券金融集團有限公司 二零一一 / 一二年年報148FIVE-YEAR FINANCIAL SUMMARY五年財務摘要五年財務摘要Year ended 31 March截至三月三十一日止年度截至三月三十一日止年度ResultsTurnoverProfit before taxationIncome taxProfit for the year業績業績營業額除稅前溢利所得稅年內溢利2012二零一二年二零一二年HK$000千港元千港元228,70773,351(12,715)60,6362011二零一一年

880、HK$000千港元188,20248,635(8,017)40,6182010二零一零年HK$000千港元140,24072,211(11,927)60,2842009二零零九年HK$000千港元78,74325,011(3,876)21,1352008二零零八年HK$000千港元176,35372,141(12,057)60,084As at 31 March於三月三十一日於三月三十一日Assets and LiabilitiesCurrent assetsNon-current assetsTotal assetsCurrent liabilitiesNon-current liabili

881、tiesTotal liabilitiesNet assets資產及負債資產及負債流動資產非流動資產資產總值流動負債非流動負債負債總值資產淨值2012二零一二年二零一二年HK$000千港元千港元1,555,49234,6871,590,1791,096,1881931,096,381493,7982011二零一一年HK$000千港元1,709,19945,7661,754,9651,312,8715151,313,386441,5792010二零一零年HK$000千港元930,08612,239942,325790,273790,273152,0522009二零零九年HK$000千港元388,

882、6519,486398,137190,032288190,320207,8172008二零零八年HK$000千港元417,33511,606428,941242,152107242,259186,682The results and summary of assets and liabilities for the yearsended 31 March 2008, 2009 and 2010 which were extractedfrom the Companys prospectus dated 12 August 2010 havebeen prepared on a combined

883、 basis to indicate the results ofthe Group as if the group structure, at the time when theCompanys shares were listed on the Stock Exchange, had截至二零零八年、二零零九年及二零一零年三月三十一日止年度之業績及資產及負債摘要（摘錄自本公司於二零一零年八月十二日刊發之招股章程）乃根據綜合基準編製，以顯示本集團之業績（猶如本公司股份於聯交所上市時本集團架構於整個相關年度已存在）。been in existence throughout those years.Bright Smart Securities & Commodities Group Limited Annual Report 2011/12