SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For September 27, 2004
BONSO ELECTRONICS INTERNATIONAL INC.
---------------------------------------------
(Translation of Registrant's name into English)
Unit 1106-1110, 11F., Star House 3 Salisbury Road,
Tsimshatsui, Kowloon, Hong Kong
--------------------------------------
(Address of principal executive offices)
[Indicate by check mark whether the Registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.]
Form 20-F X Form 40-F
----- -----
[Indicate by check mark whether the Registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
----- -----
BONSO ELECTRONICS INTERNATIONAL INC.
Information for the Quarter Ended June 30, 2004
2
TABLE OF CONTENTS
REPORT FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2004 ON FORM 6-K
Page
----
First Quarter FY2005 Shareholders Letter 4
Consolidated Financial Statements 6
Unaudited Consolidated Statements of Income and
Comprehensive Income for the Three Months
Ended June 30, 2004 and June 30, 2003 6
Unaudited Consolidated Balance Sheet as of
June 30, 2004 and Audited Consolidated Balance Sheet
as of March 31, 2004 7
Management Discussion and Analysis of Financial Conditions
and Results of Operations 8
Exhibit - Press Release dated September 15, 2004
Disclosing First Quarter Results 14
3
[BONSO LETTERHEAD]
Dear Shareholders: 27 September 2004
The first quarter results were mixed with profits flat while sales
decreased 10% as compared to the same period last year. Our sensor-based scale
product sales remained strong but were offset by reduced telecommunications
product sales. We are cautiously optimistic that our telecommunications business
may recover in the coming quarters.
For the three months ended 30 June 2004, net income stayed approximately
equal at $693,000 or $0.12 per share when compared to the same period last year.
With net sales declining approximately 10% to $18,041,000 compared to
$20,045,000 posted during the same period last year, diluted earnings per share
remained at $0.12 per share in spite of the decline in net sales. This was
primarily the result of improved gross profit margins.
We were not able to surpass the record sales we posted in the first quarter
last year, but our improved gross profit margins allowed us to make the same
amount of profit on fewer sales. We attribute this improvement in gross profit
margins to a formal program dedicated to improving manufacturing efficiencies
and overall business processes.
Customer demand for our products and services is strong, and we are
continuing to discover business opportunities for new products within our
sensor-based and telecommunications manufacturing services. Our management team
is up to the challenge and by the end of this calendar year; we anticipate
adding over 100,000 square feet of additional factory and dormitory capacity to
support our future growth. This will increase the size of our facilities by more
than 15% to over 700,000 square feet.
Hopefully, by now, you have had an opportunity to read our Annual Report
for last year. I was pleased to report that last year was the best year in our
history. We delivered record revenue, earnings and cash flow, strengthened our
balance sheet, lowered our interest costs, increased investments in the future
growth of our businesses and provided a dividend to our shareholders. We are
dedicated to continuing these trends in the future. In the first quarter we
delivered on maintaining earnings, improving cash flow, strengthening our
balance sheet, lowering our interest costs and increasing the investment in
future growth. For the items we missed, we will continue to attempt to improve
in these catagories.
We invite you to visit our improved web site: www.bonso.com. Be sure to
view the six minute corporate video which highlights our high technology factory
in China.
4
We are keeping one eye on the future and one eye on the bottom line. We're
working hard to protect and increase the value of the investments that our
shareholders and customers have made in us. And we are excited to share with you
the results we've delivered.
We thank you for your patience and support as we strive for consistency in our
earnings and revenue growth in the future.
Best regards,
Bonso Electronics International, Inc.
Anthony So
Chairman, President and Chief Executive Officer
The statements contained in the press release which are not historical facts are
forward-looking statements that involve certain risks and uncertainties
including, but not limited to, risks associated with the uncertainty of future
financial results, additional financing requirements, development of new
products, government approval processes, the impact of competitive products or
pricing, technological changes, the effect of economic conditions and other
uncertainties detailed in the company's filings with the Securities and Exchange
Commission.
5
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED INCOME STATEMENT
(In Thousands of U.S. Dollars)
Unaudited
Three months ended June 30
--------------------------
2004 2004
---- ----
Net sales 18,041 20,045
Cost of sales (14,421) (16,229)
---------- ----------
Gross margin 3,620 3,816
Selling expenses 699 829
Salaries and related costs 1,252 1,276
Research and development expenses 90 98
Administration and general expenses 673 789
Amortization of brand name and goodwill 53 57
---------- ----------
Income from operations 854 767
Interest Income 43 12
Interest Expenses (207) (274)
Foreign exchange gains/(losses) (51) 18
Other income 40 127
---------- ----------
Income before income taxes & Minority Interest 679 650
Income tax benefit/(expense) (10) 81
Net Income before Minority Interest 669 731
Minority Interest 24 (23)
----------
Net income 693 708
---------- ----------
Earnings per share
Diluted 0.12 0.12
Adjusted weighted average shares 5,825,287 5,689,159
6
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(In U.S. Dollars)
June 30 March 31
------- --------
2004 2004
---- ----
(Unaudited) (Audited)
Assets
Current assets
Cash and cash equivalents 13,001,605 10,815,279
Restricted cash deposits 4,375 4,337
Trade receivables, net 10,535,653 10,389,769
Inventories, net 9,174,587 10,881,932
Tax recoverable 307,217 58,464
Deferred income tax assets - current 186,045 52,057
Other receivables, deposits and prepayments 1,184,477 888,658
----------- -----------
Total current assets 34,393,958 33,090,496
----------- -----------
Deposits 617,056 617,056
Deferred income tax assets - non current 15,178 15,178
Goodwill 1,100,962 1,100,962
Brand name, net 2,347,392 2,397,392
Property, plant and equipment 15,744,571 16,377,361
Total assets 54,219,117 53,598,445
Liabilities and shareholders' equity
Current liabilities
Bank overdraft 261,116 156,429
Notes payable 4,014,170 3,244,194
Accounts payable 7,972,070 8,280,039
Accrued charges and deposits 2,993,469 2,951,797
Income Taxes Payable 278,821 279,485
Short-Term Loans 4,360,181 4,599,652
Current portion of long-term debt and 384,615 678,397
capital lease obligations
----------- -----------
Total current liabilities 20,264,443 20,189,993
----------- -----------
Long-term debt and capital lease obligations, 1,022,164 1,158,081
net of current maturities
Deferred Income Tax 1,421 39,718
Minority Interests (9,910) 14,203
Redeemable Common Stock 1,445,808 1,445,808
Shareholders' equity
Common stock par value $0.003 per share
- authorized shares - 23,333,334
- issued and outstanding shares : 2000-5,712,610; 16,669 16,579
2001-5,496,133 ; 30 September 2001- 5,601,859
Additional paid-in capital 21,723,248 21,665,801
Capital Reserves
Retained earnings 9,208,804 8,515,793
Accumulated other comprehensive income 546,469 552,469
----------- -----------
31,495,190 30,750,642
----------- -----------
Total liabilities and shareholders' equity 54,219,117 53,598,445
7
Management Discussion and Analysis of Financial Conditions and
--------------------------------------------------------------
Results of Operations
---------------------
Period ended June 30, 2004 compared to period ended June 30, 2003
Net Sales. Our sales decreased 10% from approximately $20,045,000 for the
period ended June 30, 2003, to approximately $18,041,000 for the period ended
June 30, 2004, primarily as a result of the decreased demand for our
telecommunication and scales products. Sales from our scales segment decreased
from approximately $11,319,000 for the period ended June 30, 2003, to
approximately $10,842,000 for the period ended June 30, 2004 and
telecommunication segment dropped from approximately $8,726,000 for the period
ended June 30, 2003, to approximately $7,199,000 for the period ended June 30,
2004.
Gross Margin. Gross margin expressed as a percentage of sales increased by
1% to 20% for the three month period ended June 30, 2004, as compared with 19%
for the three months ended June 30, 2003. The improved Gross Margin is
attributed to a formal program dedicated to improving manufacturing efficiencies
and overall business processes.
Selling Expenses. Selling expenses decreased by 15.6% from approximately
$829,000 for the period ended June 30, 2003 to approximately $699,000 for the
period ended June 30, 2004. This increase is attributable primarily to decreased
export transportation costs and less air flight cost.
Salaries And Related Costs. Salaries and related costs decreased 1.9% from
approximately $1,276,000 for the period ended June 30, 2003 to approximately
$1,252,000 for the period ended June 30, 2004. This decrease was primarily the
result of a minor reduction in workforce.
Research And Development. Research and development expenses decreased 8.8%
from approximately $98,000 for the period ended June 30, 2003 to approximately
$90,000 for the period ended June 30, 2004 due to decreased research and
development activities for both scales and telecommunications products.
Administration And General Expenses. Administration and general expenses
decreased by 14.7% from approximately $789,000 for the period ended June 30,
2003 to approximately $673,000 for the period ended June 30, 2004. This decrease
was primarily due to a decrease in professional and legal fees relating to the
Augusta matter. See "Legal Proceedings."
Amortization Of Brand Names and Goodwill. The brand name is amortized using
the straight line method over the related estimated useful life of 15 years.
Pursuant to U.S. GAAP, goodwill is no longer required to be amortized.
Income From Operations. As a result of the above changes, income from
operations increased 11% from approximately $767,000 for the period ended June
30, 2003 to $854,000 for the period ended June 30, 2004.
8
Interest Income. Interest income was approximately $43,000 for the period
ended June 30, 2004, compared to approximately $12,000 for the period ended June
30, 2003. This increase was mainly due to maintaining greater cash balances with
our banks.
Interest Expenses. Interest expenses decreased 24.4% from approximately
$274,000 for the period ended June 30, 2003 to approximately $207,000 for the
period ended June 30, 2004. The decrease is primarily the result of the
decreased utilization of our banking facilities.
Foreign Exchange Losses/Gains. We experienced a foreign currency exchange
loss of approximately $51,000 for the three month period ended June 30, 2004 as
compared to a gain of approximately $18,000 for the period ended June 30, 2002.
The loss was primarily attributable to the stronger U.S. Dollar against the
Canadian dollar and the Euro.
Other Income. Other income decreased 68.5% from approximately $127,000 for
the period ended June 30, 2003 to approximately $40,000 for the period ended
June 30, 2004. This decrease was the result of decreased sales of scrape
material.
Income tax benefit/expense. We recorded a tax expense in the amount of
approximately $10,000 for the period ended June 30, 2004 as compared to an
income tax benefit of approximately $81,000.
Net Income. As a result of the above changes, net income decreased from
approximately $708,000 for the period ended June 30, 2003 to $693,000 for the
period ended June 30, 2004, an decrease of approximately $15,000, or 2.1%.
Legal Proceedings.
Augusta Arbitration
We have been involved in a dispute with Augusta Technologie AG ("Augusta"),
relating to the acquisition of Korona from Augusta. On October 22, 2002, Augusta
filed a request for arbitration in New York asserting breach of the Agreement
and registration rights agreement. Several hearings were held before an ICC
arbitration panel ("Tribunal").
On July 28, 2004, the Tribunal issued a Final Award in favor of Augusta.
The Final Award provided for aggregate payments to Augusta of $2,387,704,
including: (i) an award of monetary damages in the amount of $1,802,029.07
(including principal and interest), (ii) costs arising out of the arbitration in
the amount of (euro)418,956.42 (approximately $504,675 based upon the noon
buying rate in New York City for cable transfers as certified for customs
purposes by the Federal Reserve Bank of New York on July 28, 2004 of 1.2046
dollars per Euro); and (iii) reimbursement of $76,000 of the fees and expenses
of the Tribunal. Management intends to satisfy the award in the near future.
In the fourth quarter of 2004 (i.e. the quarter ended March 31, 2004) a
reserve in the amount of $1.2 million was accrued for interest, attorney fees
and expenses. Management believes this reserve will be sufficient to cover all
items impacting earnings associated with the Award. Therefore, management
9
believes that no further significant financial impact to earnings will be
carried into the current fiscal year (i.e. the year ended March 31, 2005) for
this issue. The cash impact (balance sheet impact only) is estimated to be $2.3
million and will be taken in FY 2004 - 2005.
Jefferson County Colorado Litigation
On or about August 20, 2003, Bonso and three of Bonso's directors were
served with a copy of a Complaint filed on July 23, 2003 in District Court of
Jefferson County, State of Colorado, Case No. 03CV2505. Plaintiffs Doug
Moreland, William Pinard, Richard Pinard, Leigh Investment Company, LP, Patricia
Johnson, Jason Pinard and Larry Rowe (collectively the "Plaintiffs") named
Anthony So, George O'Leary, Henry F. Schlueter, Cathy Pang, and John Stewart
Jackson (the "Individual Defendants") and Bonso as defendants in the case.
The Complaint alleged that the Individual Defendants breached their
fiduciary duties for insider trading and misappropriation of information by
selling shares of Bonso's common stock while in possession of material adverse
non-public information pertaining to Bonso's financial outlook. The Complaint
also alleged that the Individual Defendants breached their fiduciary duties of
care, loyalty, and good faith by causing Bonso, through its directors, to
disseminate to the market materially misleading and inaccurate information and
its failure to correct such information. In addition, further the Complaint
alleged that each of the Individual Defendants failed to disclose materially
adverse information so the stock price would trade at artificially inflated
prices. The Complaint also alleged the Defendants committed corporate waste by
possessing confidential proprietary information and using such information for
their personal benefit by selling shares of Bonso's common stock while providing
no consideration to the Company for such benefit. The Complaint also alleged
negligent misrepresentations and fraud by Bonso and the Individual Defendants
for misrepresenting information concerning Bonso's financial outlook and its
intention to conduct a share buyback. The Complaint sought unspecified damages
in an amount to be determined at trial, plus pre- and post-judgment interest,
and attorneys' fees costs.
On September 26, 2003, Bonso and the Individual Defendants filed a motion
to dismiss the Complaint for lack of standing, failure to state a claim, and
failure to comply with the appropriate procedural requirements for out of state
defendants instituting and maintaining a legal action in the state of Colorado.
On October 30, 2003, the Plaintiff's filed an amended complaint (the
"Amended Complaint") with the substantially the same factual allegations as
asserted in the original Complaint. The Amended Complaint alleged derivative
claims (the "Derivative Claims") against the Individual Defendants for breaches
of fiduciary duties for: (i) insider selling and misappropriation of
information, (ii) dissemination of misleading and inaccurate information and
(iii) waste of corporate assets. The Derivative Claims allege that Bonso has
sustained damages as a result of the Individual Defendants actions. The Amended
Complaint sought disgorgement of all profits realized by the Individual
Defendants, the imposition of a constructive trust in favor of Bonso for the
amount of profits received by the Individual Defendants as a result of their
sales of Bonso stock and damages in favor of Bonso for breaches of the
Individual Defendants fiduciary duties. In response, Bonso engaged an
independent counsel to review the validity and appropriateness of the Derivative
Claims.
10
The Amended Complaint also alleged individual claims (the "Individual
Claims") against the Individual Defendants for breach of fiduciary duty against
the individual defendants for: (i) insider selling and misappropriation of
information, (ii) dissemination of misleading and inaccurate information, (iii)
negligent misrepresentations, and (iv) fraud.
On November 20, 2003, Bonso and the Individual Defendants filed a motion to
dismiss the Amended Complaint for lack of standing and failure to comply with
the appropriate procedural requirements for out of state defendants instituting
and maintaining a legal action in the state of Colorado. On January 8, 2004, the
Court entered an Order denying Defendants' motion to dismiss but requiring the
non-resident Plaintiff to file a cost bond.
Thereafter, Defendants filed a Verified Second Amended Complaint (the
"Second Amended Complaint") on January 21, 2004. While the Second Amended
Complaint asserts essentially the same derivative and direct claims as the
Amended Complaint, it includes new factual allegations concerning Bonso's
December 17, 2003 announcement to extend the expiration date of its December 31,
2003 warrants (the "Warrants") and reduce the exercise price. Specifically,
Plaintiffs allege, upon information and belief, that one or more of the
Individual Defendants purchased Warrants between November 11, 2003 and December
17, 2003 based on information that the Warrants would be extended and the strike
price reduced. We are currently proceeding with discovery in this matter. As
with each of the previous complaints filed by Plaintiffs, Bonso and the
Individual Defendants believe there is no basis for the claims asserted in the
Second Amended Complaint and both intend to defend this action vigorously.
Stock Repurchase Program
In August 2001, the Company's Board of Directors authorized a program for
the Company to repurchase up to $500,000 of its common stock. This repurchase
program does not obligate the Company to acquire any specific number of shares
or acquire shares over any specified period of time. No shares were repurchased
during the first quarter of fiscal 2005. The Company may from time to time
repurchase shares of its Common Stock under this program.
Submission of Matters to a Vote of Security Holders
The Annual Meeting of the Company's shareholders was held on September 7,
2004. The matters considered at the meeting were:
1. The election of Anthony So; Kim Wah Chung; Cathy Kit Teng Pang; Woo
Ping Fok; John Stewart Jackson IV; George O'Leary; and Henry F.
Schlueter as members of the Company's Board of Directors;
2. The approval and ratification of the Company's 2004 Stock Bonus Plan
which authorizes the issuance of up to 500,000 shares of the Company's
$0.003 par value common stock that may be issued under the 2004 Stock
Bonus Plan;
11
3. The ratification of the selection of PricewaterhouseCoopers as the
independent public accountants of the Company for the fiscal year
ending March 31, 2005.
Each of the nominees was elected to the Board of Directors, the 2004 Stock
Bonus Plan was approved and PricewaterhouseCoopers were ratified as the
Company's independent public accountants. The votes cast at the annual meeting
upon the matters considered were as follows:
Nominee For Authority
------- --- ---------
Anthony So 4,882,228 527,687
Kim Wah Chung 4,882,228 527,687
Cathy Kit Teng Pang 4,882,228 527,687
Woo-Ping Fok 4,882,228 527,687
J. Stewart Jackson, IV 4,882,228 527,687
George O'Leary 4,882,228 527,687
Henry F. Schlueter 4,882,228 527,687
For Against Abstain
--- ------- -------
Approval of the 2004 Stock Bonus Plan 2,238,454 793,954 163,606
For Against Abstain
--- ------- -------
Ratification of PricewaterhouseCoopers 5,392,637 11,150 6,128
12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BONSO ELECTRONICS INTERNATIONAL INC.
(Registrant)
Date: September 27, 2004 By: /s/ Henry F. Schlueter
------------------- -------------------------------------
Henry F. Schlueter
Assistant Secretary
13
Press Release Source: Bonso Electronics International Inc.
Bonso Electronics Reports Mixed Results For The First Quarter
Wednesday September 15, 8:30 am ET
HONG KONG, Sept. 15 /Xinhua-PRNewswire-FirstCall/ -- Bonso Electronics
International, Inc (Nasdaq: BNSO - News) a designer and manufacturer of sensor
---- ----
based and telecommunications products, today announced financial results for the
first quarter ended 30 June 2004.
The company reported net income of $693,000 or $0.12 per share on revenues of
$18,041,000 for the three month period ended 30 June 2004. Net income and
earnings per share when compared to the same period last year were approximately
equal, with net sales declining approximately 10%, compared to net sales of
$20,045,000 posted during the same period last year. Diluted earnings per share
remained at $0.12 per share in spite of the decline in net sales primarily as a
result of improved gross margins.
Anthony So, Bonso's Chairman, President and Chief Executive Officer, stated, "We
were not able to surpass the record sales we posted in the first quarter last
year, but both our gross profit margin and net profit margin improved 1.0 %and
0.3%, respectively. We attribute this improvement in gross and net profit
percentages to a formal program dedicated to improving manufacturing
efficiencies and overall business processes. Our sensor based product sales
remained strong but were offset by reduced telecommunications product sales in
the first quarter."
"Customer demand for our traditional products and services is strong, and we are
continuing to discover business opportunities for new products within our
sensor-based and telecommunications manufacturing services," said Anthony So.
"Our management team is up to the challenge and by end of this calendar year, we
anticipate adding over 100,000 square feet of additional factory and dormitory
capacity to support our future growth. This will bring our total factory size to
over 700,000 square feet".
About Bonso Electronics
Headquartered in Hong Kong, Bonso Electronics designs, develops, manufactures,
assembles and markets a comprehensive line of telecommunications products,
electronic scales and weighing instruments and health care products. Bonso
products are manufactured in the People's Republic of China on behalf of
customers primarily located in North America and Europe. Company services
include product design and prototyping, production tooling, procurement of
components, total quality management, and just-in-time delivery. Bonso also
independently designs and develops electronic products for private label
markets. For further information, visit the company's web site at www.bonso.com.
The statements contained in the press release which are not historical facts are
forward-looking statements that involve certain risks and uncertainties
including, but not limited to, risks associated with the uncertainty of future
financial results, additional financing requirements, development of new
products, government approval processes, the impact of competitive products or
pricing, technological changes, the effect of economic conditions and other
uncertainties detailed in the company's filings with the Securities and Exchange
Commission.
14
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED INCOME STATEMENT
(In Thousands of U.S. Dollars)
Unaudited
Three months ended June 30
2004 2003
Net sales 18,041 20,045
Cost of sales (14,421) (16,229)
Gross margin 3,620 3,816
Selling expenses 699 829
Salaries and related costs 1,252 1,276
Research and development expenses 90 98
Administration and general expenses 673 789
Amortization of brand name and
goodwill 53 57
Income from operations 854 767
Interest Income 43 12
Interest Expenses (207) (274)
Foreign exchange gains/(losses) (51) 18
Other income 40 127
Income before income taxes & Minority
Interest 679 650
Income tax benefit/(expense) (10) 81
Net Income before Minority Interest 669 731
Minority Interest 24 (23)
Net income 693 708
Earnings per share
Diluted 0.12 0.12
Adjusted weighted average shares 5,825,287 5,689,159
15
BONSO ELECTRONICS INTERNATIONAL INC.
CONSOLIDATED BALANCE SHEET
(In U.S. Dollars)
June 30 March 31
2004 2004
(Unaudited) (Audited)
Assets
Current assets
Cash and cash equivalents 13,001,605 10,815,279
Restricted cash deposits 4,375 4,337
Trade receivables, net 10,535,653 10,389,769
Inventories, net 9,174,587 10,881,932
Tax recoverable 307,217 58,464
Deferred income tax assets - current 186,045 52,057
Other receivables, deposits and
prepayments 1,184,477 888,658
Total current assets 34,393,958 33,090,496
Deposits 617,056 617,056
Deferred income tax assets - non current 15,178 15,178
Goodwill 1,100,962 1,100,962
Brand name, net 2,347,392 2,397,392
Net property plant & equipment 15,744,571 16,377,361
Total assets 54,219,117 53,598,445
Liabilities and shareholders' equity
Current liabilities
Bank overdraft 261,116 156,429
Notes payable 4,014,170 3,244,194
Accounts payable 7,972,070 8,280,039
Accrued charges and deposits 2,993,469 2,951,797
Income taxs payable 278,821 279,485
Short-term loans 4,360,181 4,599,652
Current portion of long-term debt
and capital lease obligations 384,615 678,397
Total current liabilities 20,264,443 20,189,993
Long-term debt and capital lease
obligations net of current maturities 1,022,164 1,158,081
Deferred income tax 1,421 39,718
Minority Interests (9,910) 14,203
Redeemable Common Stock par value
$0.003 per share 1,445,808 1,445,808
- issued and outstanding shares: 2004 - 180,726
Shareholders' equity
Common stock par value $0.003 per share
- authorized shares - 23,333,334
- issued and outstanding shares :
2003-5,529,133; 2004-5,527,639; 30
June 2004- 5,557,639 16,669 16,579
Additional paid-in capital 21,723,248 21,665,801
Retained earnings 9,208,804 8,515,793
Accumulated other comprehensive
income 546,469 552,469
31,495,190 30,750,642
Total liabilities and shareholders'
equity 54,219,117 53,598,445
16
For more information please contact:
In US
George OLeary
Tel: +1 949 760 9611
Fax: +1 949 760 9607
In Hong Kong
Cathy Pang
Tel: +852 2605 5822
Fax: +852 2691 1724
17