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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Jerash Holdings (US) Inc    JRSH

JERASH HOLDINGS (US) INC

(JRSH)
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Delayed Quote. Delayed Nasdaq - 08/16 03:59:49 pm
7.5 USD   +2.74%
2018JERASH US : Animals from Middle East war zones find peace at sanctuary in Jordan
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JERASH (US) : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

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08/14/2019 | 03:36pm EDT

Forward-Looking Statements




This Quarterly Report on Form 10-Q contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995 (the
"PSLRA"). All statements other than statements of historical fact are
"forward-looking statements" for purposes of federal and state securities laws,
including, but not limited to: any projections of earnings, revenues or other
financial items; any statements regarding the adequacy, availability and sources
of capital, any statements of the plans, strategies and objectives of management
for future operations; any statements concerning proposed new products, services
or developments; any statements regarding future economic conditions or
performance; any statements of belief; and any statements of assumptions
underlying any of the foregoing. Forward-looking statements may include the
words "may," "will," "estimate," "intend," "continue," "believe," "expect,"
"plan" "project" or "anticipate" and other similar words. In addition to any
assumptions and other factors and matters referred to specifically in connection
with such forward-looking statements, factors that could cause actual results or
outcomes to differ materially from those contained in the forward-looking
statements include those factors set forth in the "Risk Factors" section
included in our Annual Report on Form 10-K for the year ended March 31, 2019 and
in subsequent reports that we file with the Securities and Exchange Commission
(the "SEC").


Although we believe that the expectations reflected in our forward-looking
statements are reasonable, actual results could differ materially from those
projected or assumed. Our future financial condition and results of operations,
as well as any forward-looking statements, are subject to change and to inherent
risks and uncertainties, such as those disclosed in this Quarterly Report. We do
not intend, and undertake no obligation, to update any forward-looking
statement, except as required by law.



The information included in this Management's Discussion and Analysis of
Financial Condition and Results of Operations should be read in conjunction with
our unaudited condensed consolidated financial statements and the notes included
in this Quarterly Report, and the audited consolidated financial statements and
notes and Management's Discussion and Analysis of Financial Condition and
Results of Operations contained in our Annual Report on Form 10-K for the year
ended March 31, 2019, filed with the SEC on June 28, 2019. References to fiscal
2020 and fiscal 2019 in this Management's Discussion and Analysis of Financial
Condition and Results of Operations refer to our fiscal years ending March 31,
2020 and March 31, 2019, respectively.



Results of Operations


Three months ended June 30, 2019 and 2018

The following table summarizes the results of our operations during the three-month periods ended June 30, 2019 and 2018 and provides information regarding the dollar and percentage increase or (decrease) during such periods.




      (All amounts, other than percentages, in thousands of U.S. dollars)



                                   Three Months               Three Months              Period over Period
                                  Ended June 30,             Ended June 30,                  Increase
                                       2019                       2018                      (Decrease)
Statement of                                 As % of                    As % of
Income Data:                    Amount        Sales        Amount        Sales           Amount          %
Revenue                       $ 22,527           100 %   $ 18,363           100 %    $     4,164            23 %
Cost of goods sold              18,014            80 %     13,703            75 %          4,311            31 %
Gross profit                     4,513            20 %      4,660            25 %           (147 )          (3 )%
Selling, general and
administrative expenses          2,624            12 %      1,979            11 %            645            33 %
Stock-based compensation
expenses                             -             -        3,206            17 %         (3,206 )           -
Other (expense) income, net         (5 )           0 %          6             0 %            (11 )        (183 )%
Net income /(loss) before
provision for income tax      $  1,884             8 %   $   (519 )          (3 )%   $     2,403           463 %
Income tax expense                 335             1 %        366            (2 )%          (31)           (8) %
Net income/ (loss)            $  1,549             7 %   $   (885 )          (5 )%   $     2,434           275 %




  32






Revenue. Revenue increased by approximately $4.2 million or 23%, to $22.5
million, for the three months ended June 30, 2019 from approximately $18.4
million for the same period in fiscal 2019. The increase was mainly the result
of the increase in sales to one of our major customers in the United States, our
major export destination, and also our execution of local orders in Jordan.

The following table outlines the dollar amount and percentage of total sales to our customers for the three months ended June 30, 2019.




      (All amounts, other than percentages, in thousands of U.S. dollars)



                                Three Months Ended June 30,
                                           2019
                                 Sales
                                 Amount                %
VF Corporation(1)            $       21,731                 97 %
Dynamic Sourcing Ent, Inc.              310                  1 %
Others                                  486                  2 %
Total                        $       22,527              100.0 %



(1) Substantially all of our products are sold under The North Face brand that is

    owned by VF Corporation.




                           Revenue by Geographic Area

      (All amounts, other than percentages, in thousands of U.S. dollars)



                  Three Months Ended          Three Months Ended          

Period over Period

                     June 30, 2019               June 30, 2018            Increase (decrease)
Region             Amount           %          Amount           %         Amount            %
United States   $     22,041         98 %   $     17,809         97 %   $     4,232           24 %
Jordan                   486          2 %            130          1 %           356          274 %
Others                     -          0 %            424          2 %          (424 )       (100 )%
Total           $     22,527        100 %   $     18,363        100 %   $     4,164           23 %




According to the U.S. Customs and Border Protection Jordan Free Trade Treaty,
which became effective December 2001, all apparel manufactured in Jordan can be
exported to the U.S. with free duty. This treaty provides substantial benefits
to us by allowing us to compete and to expand our garment export business in the
U.S.
The increase in sales to the U.S. of approximately 24% in the three months ended
June 30, 2019, was mainly attributable to the increase in shipments to one of
our major customers in the U.S. Revenue from Jordan also increased significantly
due to stronger demand of apparel products manufactured in Jordan.



  33






Cost of goods sold. Following the increase in sales revenue, our cost of goods
sold increased by approximately $4.3 million or 31%, to approximately $18.0
million, for the three months ended June 30, 2019 compared to approximately
$13.7 million for the same period in fiscal 2019. As a percentage of revenues,
the cost of goods sold increased by approximately 5% to 80% for the three months
ended June 30, 2019 compared to 75% for the same period in fiscal 2019. The
increase in cost of goods sold as a percentage of revenues was primarily
attributable to the additional costs of commencing operations at the new
facilities acquired in the quarter from Al-Mutafaweq Co. for Garments
Manufacturing Ltd. ("Paramount"), a contract manufacturer located in Jordan.
These costs include labor and overhead. For the three months ended June 30,
2019, we purchased approximately 29% and 13% of our raw materials from two major
suppliers. For the three months ended June 30, 2018, the Company purchased
approximately 30% and 13% of its raw materials from two major suppliers.



Gross profit margin. Gross profit margin was approximately 20% for the three
months ended June 30, 2019, which was lower by 5% from 25% for the same period
in fiscal 2019. The lower gross profit margin was attributable to higher average
costs associated with the costs of commencing operations of the Paramount
facility in the quarter.



Selling, general and administrative expenses. Selling, general and
administrative expenses increased by approximately 33% from approximately $2.0
million for the three months ended June 30, 2018 to approximately $2.6 million
for the three months ended June 30, 2019. The increase was primarily due to
provision of approximately $107,000 for a cash bonus pool approved by the
compensation committee of the Board of Directors on February 8, 2019, pursuant
to which certain of the Company's employees are eligible to receive cash
bonuses, increases in expenses to expand marketing and supporting functions in
the Hong Kong office, expenses related to banking and finance functions, and
legal and professional fees and compliance costs after we became a company
listed on the Nasdaq in May 2018.



Stock-based compensation expenses. There was a stock-based compensation expense
related to the issuance of stock options and warrants in relation to the IPO in
May 2018, of $3.2 million in the quarter ended June 30, 2018. There were no
share-based compensation expenses in the quarter ended June 30, 2019.



Other (expenses) income, net. Other expense, net was approximately $5,000 for
the three months ended June 30, 2019, as compared to other income, net of
approximately $6,000 for the same period in fiscal 2019. This increase in
expense was primarily due to the foreign currency exchange gain from converting
Jordanian Dinars to U.S. Dollars for financial reporting.



Net income before provision for income tax. Net income before taxation for the
three months ended June 30, 2019 was $1.9 million compared to net loss before
taxation of approximately $520,000 in the three months ended June 30, 2018. The
increase was mainly because there was no stock-based compensation expense in the
quarter ended June 30, 2019.


Income tax expense. Income tax expense for the three months ended June 30, 2019
was $335,000 compared to income tax expense of $366,000 in the three months
ended June 30, 2018. The effective tax rate of 17.8% for the three months ended
June 30, 2019 differs from the U.S. statutory rate of 21% primarily due to
corporate tax rates in Jordan which are lower than the U.S. rate. See further
discussion in Note 15.


Net income (loss). Net income for the three months ended June 30, 2019 was $1.5
million compared to a net loss of $885,000 for the same period in fiscal 2019.
The increase was mainly because there was no stock-based compensation expense in
the quarter ended June 30, 2019.



                        Liquidity and Capital Resources


We are a holding company incorporated in the U.S. We may need dividends and
other distributions on equity from our Jordanian subsidiaries to satisfy our
liquidity requirements. Current Jordanian regulations permit our Jordanian
subsidiaries to pay dividends to us only out of their accumulated profits, if
any, determined in accordance with Jordanian accounting standards and
regulations. In addition, our Jordanian subsidiaries are required to set aside
at least 10% of their respective accumulated profits each year, if any, to fund
certain reserve funds. These reserves are not distributable as cash dividends.
We have relied on direct payments of expenses by our subsidiaries (which
generate all of our revenues) to meet our obligations to date. To the extent
payments are due in U.S. dollars, we have occasionally paid such amounts in
Jordanian Dinar ("JOD") to an entity controlled by our management capable of
paying such amounts in U.S. dollars. Such transactions have been made at
prevailing exchange rates and have resulted in immaterial losses or gains on
currency exchange.



As of June 30, 2019, we had cash of approximately $16.1 million and restricted
cash of approximately $0.8 million compared to cash of approximately $27.2
million and restricted cash of approximately $0.7 million at March 31, 2019. The
reduction in cash is a result of working capital uses, purchase of property,
plant, and equipment, acquisition of assets, dividend distribution, and
repayment of our working capital line of credit.



  34






Our current assets as of June 30, 2019 were approximately $54.3 million, and our
current liabilities were approximately $7.3 million, which resulted in a ratio
of approximately 7.4. As of March 31, 2019, our current assets were
approximately $55.4 million, and our current liabilities were $7.6 million,
resulting in a ratio of 7.3. Primary drivers in the decrease in current assets
are a decrease in cash offset by increases in accounts receivable and advances
to suppliers. Accounts receivable increased $9.4 million as shipments in the
quarter have not been fully collected. Primary drivers in the decrease in
current liabilities are a reduction in amounts due under credit facilities and
accounts payable offset by increases in accrued expenses and current income
taxes payable.



Total equity as of June 30, 2019 was approximately $51.2 million compared to $50.3 million as of March 31, 2019.




We had net working capital of $47.0 million and $47.8 million as of June 30,
2019 and March 31, 2019, respectively. Based on the Group's current operating
plan, we believe that cash on hand and cash generated from operation will be
sufficient to support our working capital needs for the next 12 months from
the
date this document is filed.


We have funded our working capital needs from our operations. Our working capital requirements are influenced by the level of our operations, the numerical and dollar volume of our sales contracts, the progress of execution on our customer contracts, and the timing of accounts receivable collections.




On May 17, 2019, our Board of Directors approved a cash dividend of $0.05 per
share. The dividend was paid on June 5, 2019 to stockholders of record as of May
28, 2019.



  35






                               Credit Facilities



HSBC Facility



On May 29, 2017, the Group's wholly owned subsidiary, Treasure Success, entered
into a facility letter ("2017 Facility Letter") with Hong Kong and Shanghai
Banking Corporation ("HSBC") to provide credit to the Group, which was later
amended by an offer letter between HSBC, Treasure Success and Jerash Garments
dated June 19, 2018 ("2018 Facility Letter," and together with the 2017 Facility
Letter, the "HSBC Facility"). The 2018 Facility Letter, which became effective
on January 22, 2019, served to extend the term of the 2017 Facility Letter with
some changes to the collateral for the HSBC Facility. Under the terms of the
HSBC Facility, the Group has a total credit limit of $8,000,000. The 2018
Facility Letter extends the HSBC Facility through May 1, 2019, and the Group
anticipates amending the HSBC Facility to extend the term of the facility with
substantially similar terms and that the Group will continue to be able to use
the borrowings under the HSBC facility through any negotiation period. The HSBC
Facility currently provides us with various credit facilities for importing and
settling payment for goods purchased from the Group's suppliers. The available
credit facilities as described in greater detail below includes an import
facility, import facilities with loan against import, trust receipts, clean
import loan, and advances to us against purchase orders. HSBC charges an
interest rate of 1.5% per annum over LIBOR or HIBOR, as applicable, for credit
related to the release of goods immediately on the Group's documentary credit.
LIBOR was 2.56% and HIBOR was 1.75% at March 31, 2019. HSBC charges a commission
of: i) 0.25% for the first $50,000, ii) 0.125% for the balance in excess of
$50,000 and up to $100,000 and iii) 0.0625% for balance in excess of $100,000
and an interest rate of 1.5% per annum over LIBOR or HIBOR, as applicable, for
credit related to trust receipts whereby HSBC has title to the goods or
merchandise released immediately to us. HSBC has approved certain of the Group's
suppliers that are eligible to use clean import loans. HSBC charges a commission
of: i) 0.25% for the first $50,000, ii) 0.125% for the balance in excess of
$50,000 and up to $100,000 and iii) 0.0625% for balance in excess of $100,000
and an interest of 1.5% per annum over LIBOR or HIBOR, as applicable, for credit
services related to clean import loans or release of the goods or merchandise
based on evidence of delivery or invoice. HSBC will advance up to 70% of the
purchase order value in the Group's favor. HSBC charges a handling fee of 0.25%
and an interest rate of 1.5% per annum over LIBOR or HIBOR, as applicable, for
credit services related to advances. Previously, the HSBC the Facility was
collateralized by the guarantees of us, Jerash Garments, Treasure Success and
the personal guarantees of Mr. Choi and Mr. Ng Tsze Lun. Jerash Garments is also
required to maintain an account at HSBC for receiving payments from VF Sourcing
Asia S.A.R.L. and its related companies. In addition, to secure the Facility
Letter, the Group had granted HSBC a charge of $3,000,000 over the Company's
deposits. This charge was accounted for as restricted cash in our balance sheet
at March 31, 2018. Following the effectiveness of the 2018 Facility Letter, the
security collateral of $3,000,000 was released. HSBC has agreed to release the
personal guarantees of Mr. Choi and Mr. Ng which we anticipate will occur during
calendar year 2019. The HSBC Facility is subject to review at any time. HSBC has
discretion on whether to renew the HSBC Facility prior to expiration and the
Group is currently negotiating an extension of the Facility Letter on similar
terms. As of June 30, 2019, no amounts were outstanding under the Facility
Letter. Borrowings under the Facility Letter are due within 120 days of each
borrowing date or upon demand by HSBC.



HSBC Factoring Agreement



On June 5, 2017, Treasure Success entered into an Offer Letter - Invoice
Discounting / Factoring Agreement and on August 21, 2017, Treasure Success
entered into the Invoice Discounting/Factoring Agreement (together, the "2017
Factoring Agreement") with HSBC for certain debt purchase services related to
the Group's accounts receivables. On June 14, 2018, Treasure Success and Jerash
Garments entered into another Offer Letter - Invoice Discounting / Factoring
Agreement with HSBC (the "2018 Factoring Agreement, and together with the 2017
Factoring Agreement, the "HSBC Factoring Agreement"), which amends the 2017
Factoring Agreement. The HSBC Factoring Agreement is effective through May 1,
2019. The Group anticipates amending the HSBC Factoring Agreement to extend the
term of the facility with substantially similar terms and that the Group will
continue to be able to use the borrowings under the HSBC Factoring Agreement
through any negotiation period. Under the current terms of the HSBC Factoring
Agreement, the Group may borrow up to $12,000,000. In exchange for advances on
eligible invoices from HSBC for the Group's approved customers, HSBC charges a
fee to advance such payments at a discounting charge of 1.5% per annum over
2-month LIBOR or HIBOR, as applicable. Such fee accrues on a daily basis on the
amount of funds in use. HSBC has final determination of the percentage amount
available for prepayment from each of the Group's approved customers. The Group
may not prepay an amount from a customer in excess of 85% of the funds available
for borrowing. As of June 30, 2019, $68,222 was outstanding under the Factoring
Agreement. HSBC also provides credit protection and debt services related to
each of the Group's preapproved customers. For any approved debts or collections
assigned to HSBC, HSBC charges a flat fee of 0.35% on the face value of the
invoice for such debt or collection. The Group may assign debtor payments that
are to be paid to HSBC within 90 days, defined as the maximum terms of payment.
The Group may receive advances on invoices that are due within 30 days of the
delivery of the Group's goods, defined as the maximum invoicing period. The
advances made by HSBC were collateralized by the guarantees of us, Jerash
Garments and Treasure Success and the personal guarantees of Mr. Choi and Mr. Ng
Tsze Lun. If the Group fails to pay any sum due to HSBC, HSBC may charge a
default interest at the rate of 8.5% per annum over the best lending rate quoted
by HSBC on such defaulted amount. In addition, to secure the Factoring
Agreement, the Group had granted HSBC a charge of $3,000,000 over the Group's
deposits. Following the effectiveness of the 2018 Factoring Agreement, the
security collateral of $3,000,000 was released as of January 22, 2019. HSBC has
agreed to release the personal guarantees of Mr. Choi and Mr. Ng, which we
anticipate will occur during calendar year 2019. The HSBC Factoring Agreement is
subject to the review by HSBC at any time and HSBC has discretion on whether to
renew the HSBC Factoring Agreement. Either party may terminate the agreement
subject to a 30-day notice period.



  36






SCBHK Facility Letter



Pursuant to the SCBHK facility letter dated June 15, 2018 and issued to Treasure
Success International Limited by SCBHK, on January 31, 2019, SCBHK offered to
provide an import facility of up to $3.0 million to Treasure Success. The SCBHK
facility covers import invoice financing and pre-shipment financing under export
orders with a combined limit of $3 million. SCBHK charges interest at 1.3% per
annum over SCBHK's cost of funds. In consideration for arranging the SCBHK
facility, Treasure Success paid SCBHK HKD50,000. The Company was informed by
SCBHK on January 31, 2019 that the SCBHK facility has been activated. As of June
30, 2019, there were no outstanding amounts under the SCBHK facility.



Three months ended June 30, 2019 and 2018




The following table sets forth a summary of our cash flows for the periods
indicated:



                 (All in amounts in thousands of U.S. dollars)



                                                               Three months ended June 30,
                                                                2019                 2018
Net cash used in operating activities                      $       (8,399 )$      (10,112 )
Net cash used in investing activities                              (1,374 )               (482 )
Net cash (used in) provided by financing activities                (1,146 )             15,006
Effect of exchange rate changes on cash                                 4                   (6 )
Net (decrease) increase in cash                                   (10,915 )              4,406
Cash, beginning of three month period                              27,834               12,196
Cash, end of three month period                            $       16,919
    $       16,602




Operating Activities



Net cash used in operating activities was approximately $8.4 million for the
three months ended June 30, 2019, compared to cash used in operating activities
of approximately $10.1 million for the same period in fiscal 2019. The decrease
in net cash used in operating activities was primarily attributable to the
following factors:



· An increase of net income to $1.5 million in the quarter ended June 30, 2019

from a net loss of $885,000 in the same period in fiscal 2019.

· A decrease of accounts payable of $914,000 in the quarter ended June 30, 2019

while the decrease was $3.6 million in the same period in fiscal 2019.

· An increase of accounts receivable of $9.4 million in the quarter ended June

30, 2019 while the increase was $8.0 million in the same period in fiscal

    2019.




Investing Activities



Net cash used in investing activities was approximately $1.3 million for the
three months ended June 30, 2019 compared to $482,000 in the same period in
fiscal 2019. The net cash used in investing activities in the three-month period
this year were used in purchases of property, plant and equipment, and the
acquisition of Paramount and its production facilities that started production
in this quarter.



Financing Activities



Net cash used in financing activities was approximately $1.1 million for the
three months ended June 30, 2019 for repayment of short-term loans and the
payment of the dividend. There was a net cash inflow of $15.0 million in the
same period in fiscal 2019 resulting from the net proceeds of $8.9 million of
the IPO which closed on May 2, 2018, and an increase in bank loans of $6.1
million under the bank facilities given to Treasure Success International
Limited.



  37






Statutory Reserves


In accordance with the Corporate Law in Jordan, the subsidiaries in Jordan are
required to make appropriations to certain reserve funds, based on net income
determined in accordance with generally accepted accounting principles in
Jordan. Appropriations to the statutory reserve are required to be 10% of net
income until the reserve is equal to 100% of the entity's share capital. This
reserve is not available for dividend distribution. As our subsidiaries have
already reserved the maximum required by law, they did not reserve any
additional amounts during the three months ended June 30, 2019 and 2018.



The following table provides the amount of our statutory reserves, the amount of
restricted net assets, consolidated net assets, and the amount of restricted net
assets as a percentage of consolidated net assets, as of June 30, 2019 and
2018.



                                                                 As of June 30,
                                                              2019            2018
Statutory Reserves                                         $       213$        72
Total Restricted Net Assets                                $       213$        72
Consolidated Net Assets                                    $    51,246$    45,009
Restricted Net Assets as Percentage of Consolidated Net
Assets                                                            0.42 %          0.16 %



Total restricted net assets accounted for approximately 0.42% of our consolidated net assets as of June 30, 2019. As discussed above, our subsidiaries in Jordan are required to reserve 10% of net profits until the reserve is equal to 100% of the subsidiary's share capital. Our subsidiaries have already reserved the maximum amount required. We believe the potential impact of such restricted net assets on our liquidity is limited.



Capital Expenditures


We had capital expenditures of approximately $1.4 million and $482,000 for the
three months ended June 30, 2019 and 2018, respectively, including the purchase
of equipment in connection with purchasing Paramount. Additions in plant and
machinery amounted to approximately $1.1 million and approximately $400,000 for
the three months ended June 30, 2019 and 2018, respectively, and additions to
leasehold improvements amounted to approximately $230,000 and $46,000 for the
three months ended June 30, 2019 and 2018 respectively.



In 2015, we commenced a project to build a 4,800 square foot facility in the
Tafilah Governorate of Jordan, which was initially intended to be used as a
sewing workshop for Jerash Garments, but we now intend to use as a dormitory.
This dormitory is expected to be operational in September 2019 and is expected
to house workers for the 54,000 square foot workshop in Al-Hasa County. This
project is expected to cost approximately $200,000 upon completion.



In 2018, we commenced another project to build a 54,000 square foot workshop in
Al-Hasa County in the Tafilah Governorate of Jordan, which is expected to be
completed in September 2019. Provided that we satisfy certain employment
requirements over certain time periods, we do not anticipate incurring any
significant costs for the project, which is being constructed in conjunction
with the Jordanian Ministry of Labor and the Jordanian Education and Training
Department. In the event we breach our agreement with these government agencies,
we will have to pay such agencies JOD250,000 or approximately $353,000.



On December 11, 2018, we entered into an agreement through Jerash Garments to
acquire all of the stock of Paramount, an existing garment manufacturing
business, in order to operate its fourth manufacturing facility in Al Tajamouat
Industrial City in Amman, Jordan. We have paid approximately $980,000 in
aggregate as of the closing date of the transaction on June 18, 2019.



We projected that there will be an aggregate of approximately $15 million of
capital expenditures in both the fiscal years ending March 31, 2020 and 2021 for
further enhancement of business and production capacity to meet future sales
growth. We expect that our capital expenditures will increase in the future as
our business continues to develop and expand. We have used cash generated from
our subsidiaries' operations to fund our capital commitments in the past and
anticipate using such funds and proceeds received from our IPO to fund capital
expenditure commitments in the future.



  38





Off-balance Sheet Commitments and Arrangements




We have not entered into any other financial guarantees or other commitments to
guarantee the payment obligations of any third parties. In addition, we have not
entered into any derivative contracts that are indexed to our own shares and
classified as shareholders' equity, or that are not reflected in our
consolidated financial statements.



                          Critical Accounting Policies



We prepare our financial statements in conformity with accounting principles
generally accepted by the United States of America ("U.S. GAAP"), which require
us to make judgments, estimates and assumptions that affect our reported amount
of assets, liabilities, revenue, costs and expenses, and any related
disclosures. Although there were no material changes made to the accounting
estimates and assumptions in the past three years, we continually evaluate these
estimates and assumptions based on the most recently available information, our
own historical experience and various other assumptions that we believe to be
reasonable under the circumstances. Since the use of estimates is an integral
component of the financial reporting process, actual results could differ from
our expectations as a result of changes in our estimates.



We believe that our accounting policies involve a higher degree of judgment and
complexity in their application and require us to make significant accounting
estimates. Accordingly, these are the policies we believe are the most critical
to understanding and evaluating our consolidated financial condition and results
of operations are summarized in Note 2 - Summary of Significant Accounting
Policies in the notes to our unaudited condensed consolidated financial
statements.



Recent Accounting Pronouncements

See Note 3 - Recent Accounting Pronouncements in the notes to our unaudited condensed consolidated financial statements for a discussion of recent accounting pronouncements.

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Financials (USD)
Sales 2020 101 M
EBIT 2020 10,4 M
Net income 2020 8,80 M
Finance 2020 22,2 M
Yield 2020 -
P/E ratio 2020 -
P/E ratio 2021 -
EV / Sales2020 0,62x
EV / Sales2021 0,48x
Capitalization 84,9 M
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EPS Revisions
Managers
NameTitle
Lin Hung Choi Chairman, President, CEO & Treasurer
Karl Brenza Head-US Operations
Richard J. Shaw Chief Financial Officer
Wei Yang Secretary, Executive Director & Vice President
Gary J. Haseley Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
JERASH HOLDINGS (US) INC22.95%83
NANJI E-COMMERCE CO LTD--.--%3 424
TEIJIN LTD6.87%3 339
COATS GROUP PLC-12.58%1 272
KOLON INDUSTRIES INC--.--%890
SHENZHEN FUANNA BEDDG AND FURNSHG CO LTD--.--%843