WALCOM GROUP LTD - Final Results

                                                                     8 May 2015

                             WALCOM GROUP LIMITED

                          ("Walcom" or "the Company")

               Final results for the year ended 31 December 2014

CHAIRMAN'S STATEMENT

On behalf of the board of directors (the "Board"), I am pleased to present the
final results for the year ended 31 December 2014.

Results

Although the global economy began to show signs of improvement during 2014,
under the present Chinese leadership, the slow growth in the PRC market
continues to impact the Company's results. The Company's sales were affected by
the poor performance of the pig farming industry during the period, and the
adverse impact of increasing production costs and operating expenses resulted
in a loss attributable to the equity shareholders of the Company of HK$0.3
million (2013: Loss HK$0.1 million) for the year under review. Turnover and
gross profit levels for the year decreased by 10 per cent. (2014: HK$43.6
million; 2013: HK$48.6 million) and 12 per cent. (2014: HK$27.2 million; 2013:
HK$30.8 million) respectively compared to the previous year. The Company
reported a minimal net loss of HK$0.03 million for the year under review as
compared to a net profit of HK$0.9 million in 2013. However EBITDA decreased by
63 per cent. to HK$1.5 million in 2014 from HK$3.9 million in 2013.

A summary of the results for the period is set out below:

                                            Year ended   Year ended      Change
                                           31 December  31 December
                                                  2014         2013

                                               HK$'000      HK$'000   per cent.

Turnover                                        43,648       48,622        (10)

Gross profit                                    27,164       30,752        (12)

Operating profit                                   860        2,532        (66)

EBITDA                                           1,471        3,948        (63)

Net finance income / (expense)                      18         (31)         n/a

(Loss) / profit for the year                      (32)          863         n/a

Loss per share attributable to the              (0.44)       (0.17)         159
shareholders of the Company*
                                                (0.44)       (0.17)         159
- basic (HK cents)

- diluted (HK cents)

                                            Year ended   Year ended      Change
                                           31 December  31 December
                                                  2014         2013

                                                                      per cent.

Net asset value per share attributable to        28.32        28.90         (2)
the shareholders of the Company (HK
cents)

* after taking away the non-controlling interests in overseas subsidiaries,
there is a loss attributable to the shareholders of the Company for the year
ended 31 December 2013.

Operation and market review

Under the new normal economic environment in China, the pig farming industry
and the animal feed market weakened during the period under review. Most of the
Company's customers had weaker performance in 2014 than 2013. This led to
disappointing year-on-year sales in China. The PRC sales dropped by 18 per
cent. in terms of sales value during the year when compared to 2013.

Sales in Thailand decreased by 12 per cent. to HK$13.7 million in 2014,
representing 31 per cent. (2013: 32 per cent.) of the Company's total sales.
Despite the change in government in May 2014, the economy in Thailand had not
recovered by the end of the year. This resulted in an overall drop in demand
which led to our poorer performance in the Thai market.

Although there was a decrease in demand in Thailand during 2014, the Company
has been trying to expand the sales to individual customers which showed
reasonable potential of growth. Owing to the credible brand recognition of the
Company's products in Thailand, the Directors expect better performance in
sales in the country in 2015.

Sales in Korea increased more than 7 times to HK$2.5 million in 2014,
representing approximately 6 per cent. (2013: 0.6 per cent.) of the Company's
total sales. The Directors remain confident that Korea is an emerging market
which has a high potential for growth for the Company in the future.

Although the significance of the Thai and Korean markets has increased, China
continues to act as the major market for the Company's products and this is
expected to continue for the foreseeable future.

Recent Developments

During the past few years, the Company has established itself as a provider of
trusted products within its specialized category in the industry. The Company
has built up its brand among its customers and potential customers. Better
channels of communication with existing customers; and direct and personal
relationship with potential customers have been developed and it is expected
that the sales of the Company's products will improve in line with the recovery
of the industry and economy in China in the future.

The Company is researching to develop a new line of composite feed products by
utilizing its in house core technology. If this becomes successful, the
Company's sales will no longer depend on a single line of products.

Patents

At the end of 2014 the Group held 46 granted patents in respect of:

  * its core Cysteamine technology in China, North Korea, New Zealand, Ukraine,
    Russia, South Africa, Australia, India, South Korea and Vietnam;

  * poultry feed in the UK, North Korea, Taiwan, Russia, China, Australia and
    Philippines;

  * dairy cow feed in New Zealand, the UK, Europe, Mexico, India, China,
    Russia, Australia and Malaysia;

  * fish feed in the UK, Indonesia, Russia, China, Thailand, Philippines,
    Vietnam and Taiwan; and

  * shellfish feed in Europe, Vietnam, Indonesia, Malaysia, Taiwan, Philippines
    and China.

Most of the patents which the Company applied for in the past years have been
granted. The Directors believe that there is wide patent coverage in places
where there are significant demands for the Company's products. Some patents
which the Directors believe have a reduced chance of commercialisation were
dropped during the year.

Debt

As at the year end, the Group had a short term bank loan of HK$2.5 million,
which was used to finance the Group's general working capital. The Company
intends to renew this loan in the ordinary course of business, in line with the
Group's prudent cash management policy. As at the financial year end, the Group
had cash and cash equivalents of HK$15.2 million. Accordingly, no further bank
loans will be needed as the Group has adequate working capital for its daily
operations.

Dividend

The Directors do not recommend any dividend payment for the year ended 31
December 2014.

Annual General Meeting

The Annual General Meeting will be held at the offices of the Company's
solicitors, Reeds Smith Richards Butler in Hong Kong at 2:30pm on Friday 12
June 2015.

Outlook

As the Chinese economy is entering into a new normal phase and is trying to
rebalance itself, it will be another difficult year for the Company in 2015. A
further slowing of growth in the Chinese economy may happen if the stimulus
measures implemented by the Central government prove to be insufficient. The
unstable recovery of the United States and the stagnant major European
economies collectively contribute towards an uncertain global economy.
Escalating production costs and operating expenses will continue to be an
adverse factor affecting the Company. However, the Directors are optimistic
that the improving performance in the Thai and Korean markets, coupled with the
Company's new research effort, will result in an increase in its portfolio of
customers which will result in an improved performance in 2015.

On behalf of the Board, I would like to express our gratitude to Mr Eddie K. M.
Chan, our ex non-executive chairman who served the Company as chairman since
the admission of the Company to trading on AIM in December 2006 until 31 March
2015. We would like to thank him for the major contributions and leadership
that he had provided during his term of chairmanship and wish him every success
in his other business interests.

Following Mr Eddie K. M. Chan's resignation, I have been appointed as chairman
of the audit committee and Mr Timothy Nelson has been appointed as chairman of
the remuneration committee.

I would also like to express our sincere thanks to the management team and
staff, professional advisers and shareholders for their continued support and
contributions during the year.

Frankie Y. L. Wong

Chairman

8 May 2015

Further enquiries:

Walcom Group Limited                                   +852 2494 0133
Francis Chi (Chief Executive Officer)
Albert Wong (Chief Financial Officer)

Sanlam Securities UK Limited                           +44 20 7628 2200
Virginia Bull Consolidated statement of profit or loss
For the year ended 31 December 2014
(Expressed in Hong Kong dollars)

                                              Note         2014          2013

                                                            HK$           HK$

Revenue                                              43,647,716    48,621,608

Cost of sales                                       (16,483,709 ) (17,869,133 )

Gross profit                                         27,164,007    30,752,475

Other income                                    3       506,442       327,506

Research and development expenses                    (1,227,825 )  (1,298,237 )

Selling and distribution expenses                   (11,643,034 ) (12,114,993 )

General and administrative expenses                 (13,940,044 ) (15,134,308 )

Profit from operations                                  859,546     2,532,443

Net finance income / (expense)                  4        17,546      ( 30,612 )

Profit before income tax                        5       877,092     2,501,831

Income tax expense                              6     ( 908,987 ) ( 1,638,901 )

(Loss) / profit for the year                           ( 31,895 )     862,930

(Loss) / profit attributable to:

Owners of the Company                                ( 300,602)    ( 114,899)

Non-controlling interests                               268,707       977,829

(Loss) / profit for the year                           ( 31,895 )     862,930

Loss per share - basic, HK cents                8        (0.44)        (0.17)

- diluted, HK cents                                      (0.44)        (0.17) Consolidated statement of profit or loss and other comprehensive income
For the year ended 31 December 2014
(Expressed in Hong Kong dollars)

                                                           2014          2013

                                                            HK$           HK$

(Loss) / profit for the year                            (31,895 )     862,930

Other comprehensive income

Exchange difference on translation of

financial statements of overseas subsidiaries         ( 108,677 )     577,371

Total comprehensive (loss) / income for the           ( 140,572 )   1,440,301
year

Total comprehensive (loss) / income
attributable to:

Owners of the Company                                 ( 402,390 )     622,646

Non-controlling interests                               261,818       817,655

Total comprehensive (loss) / income for the           ( 140,572 )   1,440,301
year Consolidated balance sheet as at 31 December 2014
(Expressed in Hong Kong dollars)

                                            Note          2014            2013

                                                           HK$             HK$

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment                        1,869,520       2,171,788

Patents                                              2,385,921       2,655,975

Goodwill                                                     -               -

                                                     4,255,441       4,827,763

CURRENT ASSETS

Inventories                                          2,343,521       1,652,877

Trade and other receivables                  9       7,797,139       5,720,154

Tax recoverable                                        157,591          56,666

Cash and cash equivalents                    10     15,229,576      18,535,663

Restricted cash                              10        113,350               -

                                                    25,641,177      25,965,360

TOTAL ASSETS                                        29,896,618      30,793,123

EQUITY

Share capital                                          688,344         688,344

Reserves                                            18,802,292      19,204,682

Total equity attributable to OWNERs of the          19,490,636      19,893,026
Company

Non-controlling interests                           2,139,767,       1,877,949

TOTAL EQUITY                                        21,630,403      21,770,975

CURRENT LIABILITIES

Trade and other payables                             5,208,398       5,641,215

Tax payables                                           522,641         837,051

Bank borrowings                              11      2,535,176       2,543,882

                                                     8,266,215       9,022,148

TOTAL LIABILITIES                                    8,266,215       9,022,148

TOTAL EQUITY AND LIABILITIES                        29,896,618      30,793,123

NET CURRENT ASSETS                                  17,374,962      16,943,212

TOTAL ASSETS LESS CURRENT LIABILITIES               21,630,403      21,770,975 Consolidated statement of changes in equity
For the year ended 31 December 2014
(Expressed in Hong Kong dollars)                                                Share-based
                  Share      Share     Merger compensation  Exchange
                capital    premium    reserve      reserve   reserve
                    HK$        HK$        HK$          HK$       HK$

At 1 January    688,344 95,298,644 23,852,469    2,455,408 2,187,379
2013

Comprehensive
income
(Loss) / profit       -          -          -            -         -
for the year

Other
comprehensive
income
Exchange
difference on
translation of
financial       -                -          -            -   737,545
statements of
overseas
subsidiaries

Total           -                -          -            -   737,545
comprehensive
income for the
year

Recognition of
equity-settled
share-based     -                -          -      118,227         -
payments

Lapse of share  -                -          -    (982,040)         -
options

Appropriation   -                -          -            -         -
to surplus
reserve

Dividends to    -                -          -            -         -
non-controlling
interests

At 31 December  688,344 95,298,644 23,852,469    1,591,595 2,924,924
2013

At 1 January    688,344 95,298,644 23,852,469    1,591,595 2,924,924
2014

Comprehensive
income
(Loss) / profit       -          -          -            -         -
for the year

Other
comprehensive
income
Exchange
difference on
translation of
financial       -                -          -            - (101,788)
statements of
overseas
subsidiaries

Total           -                -          -            - (101,788)
comprehensive
income for the
year

Appropriation   -                -          -            -         -
to surplus
reserve

At 31 December  688,344 95,298,644 23,852,469    1,591,595 2,823,136
2014

                                                          Non-
                  Surplus   Accumulated            controlling      Total
                  reserve        losses      Total   interests     equity
                      HK$           HK$        HK$         HK$        HK$

At 1 January    1,931,761 (107,261,852) 19,152,153   1,696,306 20,848,459
2013

Comprehensive
income
(Loss) / profit         -     (114,899)  (114,899)     977,829    862,930
for the year

Other
comprehensive
income
Exchange
difference on
translation of
financial               -             -    737,545   (160,174)    577,371
statements of
overseas
subsidiaries

Total                   -     (114,899)    622,646     817,655  1,440,301
comprehensive
income for the
year

Recognition of
equity-settled
share-based             -             -    118,227           -    118,227
payments

Lapse of share          -       982,040          -           -          -
options

Appropriation     593,541     (593,541)          -           -          -
to surplus
reserve

Dividends to            -             -          -   (636,012)  (636,012)
non-controlling
interests

At 31 December  2,525,302 (106,988,252) 19,893,026   1,877,949 21,770,975
2013

At 1 January    2,525,302 (106,988,252) 19,893,026   1,877,949 21,770,975
2014

Comprehensive
income
(Loss) / profit         -     (300,602)  (300,602)     268,707   (31,895)
for the year

Other
comprehensive
income
Exchange
difference on
translation of
financial               -             -  (101,788)     (6,889)  (108,677)
statements of
overseas
subsidiaries

Total                   -     (300,602)  (402,390)     261,818  (140,572)
comprehensive
income for the
year

Appropriation     398,212     (398,212)          -           -          -
to surplus
reserve

At 31 December  2,923,514 (107,687,066) 19,490,636   2,139,767 21,630,403
2014 Consolidated statement of cash flows
For the year ended 31 December 2014
(Expressed in Hong Kong dollars)

                                                  Note       2014         2013

                                                              HK$          HK$

Cash flow from operating activities

Profit before income tax                                  877,092    2,501,831

Amortisation of patents                           5(b)    270,054      277,524

Bad debts written off                             5(b)          -      508,758

Interest received                                  5    ( 183,538 )  ( 112,204 )

Depreciation                                              341,826      355,301

Foreign exchange loss, net                        5(b)        175      699,677

Interest paid                                      4      165,992      142,816

Gain on disposal of property, plant and equipment  3            -      ( 8,392 )

Patents written off                               5(b)          -      164,197

Inventories written off                                         -       42,840

Share-based compensation                          5(a)          -      118,227

Operating profit before working capital changes         1,471,601    4,690,575

Increase in inventories                                 ( 690,644 )  ( 277,053 )

(Increase) / decrease in trade and other               (2,076,985 )  3,193,866
receivables

Decrease in trade and other payables                    ( 432,817 )  ( 816,710 )

Net cash (used in) / generated from operations         (1,728,845 )  6,790,678

Corporate income tax paid                              (1,324,322 ) (1,698,396 )

Interest paid                                           ( 165,992 )  ( 142,816 )

Net cash (used in) / generated from operating          (3,219,159 )  4,949,466
activities

Cash flow from investing activities

Purchases of property, plant and equipment               ( 43,737 )  ( 762,411 )

Proceeds from sales of property, plant and                      -       42,388
equipment

Interest received                                         183,538      112,204

Net cash generated from / (used in) investing             139,801    ( 607,819 )
activities

Cash flow from financing activities

Dividends paid to minority interests                            -    ( 636,012 )

Increase in restricted bank balances                    ( 113,350 )          -

Repayment of bank borrowings                           (2,543,882 ) (2,466,395 )

Proceeds from new bank borrowings                       2,535,176    2,543,882

Net cash used in financing activities                    (122,056 )   (558,525 )

Net (decrease) / increase in cash and cash             (3,201,414 )  3,783,122
equivalents

Cash and cash equivalents at the beginning of the      18,535,663   14,831,853
year

Exchange loss on cash and cash equivalents               (104,673 )   ( 79,312 )

Cash and cash equivalents at the end of the year   10  15,229,576   18,535,663 Notes to the consolidated financial statements
For the year ended 31 December 2014
(Expressed in Hong Kong dollars)

1 Publication of non-statutory accounts

The financial information set out in this preliminary announcement does not
constitute statutory accounts.

The financial information for the period ended 31 December 2014 has been
extracted from the Company's financial statements to that date which have
received an unqualified auditors' report.

2 Basis of preparation

The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRSs"). These consolidated
financial statements also comply with the applicable disclosure provisions of
the AIM Rules for Companies of the London Stock Exchange. They have been
prepared under the historical cost convention.

The preparation of financial statements in conformity with IFRS requires the
use of certain critical accounting estimates. It also requires management to
exercise its judgement in the process of applying the Group's accounting
policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the consolidated
financial statements, are disclosed in note 27 of the full financial
statements.

3 Other income

                                                                2014       2013

                                                                 HK$        HK$

Gain on disposal of property, plant and equipment                  -      8,392

Government subsidy                                           469,233    284,915

Tax refund                                                     6,298          -

Sundry income                                                 30,911     34,199

                                                             506,442    327,506

Note: During the years ended 31 December 2014 and 2013, the Group received
subsidies from local government bodies in the PRC, which aimed at the
technology development of the Group.

4 Net finance income / (expense)

                                                               2014        2013

                                                                HK$         HK$

Bank interest income                                        183,538     112,204

Interest expense on bank loan                             (165,992)   (142,816)

                                                             17,546    (30,612)

5 Profit before income tax

Profit before income tax is stated after charging the following items :-

(a) Staff costs (including directors' emoluments)

                                                               2014        2013

                                                                HK$         HK$

Salaries, wages and commission                           11,051,612  11,504,604

Contributions to defined contribution retirement            858,474     849,510
plans

Share-based compensation                                          -     118,227

Other staff benefits                                      3,339,342   2,976,576

                                                         15,249,428  15,448,917

(b) Other items

                                                               2014        2013

                                                                HK$         HK$

Amortisation of patents                                     270,054     277,524

Auditor's remuneration                                      315,574     288,407

Bad debts written off                                             -     508,758

Cost of inventories sold (note 17)                       15,502,718  17,157,736

Depreciation                                                241,009     236,910

Exchange losses, net                                            175     699,677

Patents written off                                               -     164,197

Rental charges under operating leases in respect of

land and buildings                                          856,824     857,894

6 Income tax expense

                                                               2014        2013

                                                                HK$         HK$

Current income tax

- Thailand corporate income tax                             195,757     591,038

- Shanghai foreign enterprise income tax                    713,230   1,047,863

                                                            908,987   1,638,901 (a) Taxation for the Company

No provision for profits tax has been made for the Company as it is exempted
from taxation in the British Virgin Islands.

No deferred taxation has been provided as the Company has no material
unprovided deferred tax assets or liabilities which are expected to be
crystallised in the foreseeable future (2013: HK$Nil).

(b) Taxation for the Group

(i) Taxation on overseas profits has been calculated on the estimated
assessable profit for the year at the rate of taxation prevailing in the
countries in which the Group companies operate. The income tax expense stated
in consolidated statement of profit or loss and other comprehensive income
represented the corporate income tax and foreign enterprise income tax arisen
from the business of subsidiaries operating in Thailand and Shanghai
respectively.

Hong Kong Profits Tax is calculated at 16.5% (2013: 16.5%) of the estimated
assessable profit for the year. However, no provision for Hong Kong profits tax
has been made (2013: HK$Nil) as the Group's assessable profit subject to Hong
Kong profits tax for the year is fully set-off by tax loss brought forward from
last year.

Provision for foreign enterprise income tax ("FEIT") in the People's Republic
of China ("PRC") has been made at 15% (2013: 15%) as Shanghai Walcom Bio-Chem
Co., Ltd. ("Shanghai Walcom"), a wholly owned subsidiary operating in Shanghai,
has assessable profits for the year.

Pursuant to the relevant income tax rules and regulations in the PRC, Shanghai
Walcom is granted tax relief whereby the applicable income tax rate was 15% for
the years 2013 and 2014.

Thailand Corporate Income Tax is calculated at 20% (2013: 20%) of the net
profit for the year.

(ii) A reconciliation between the Group's income tax expense and the accounting
profit, at the applicable tax rate, is set out below :-

                                                               2014        2013

                                                                HK$         HK$

Profit before income tax                                    877,092   2,501,831

Notional tax calculated on profit before income tax,
calculated

at the rates applicable to profits in the countries          68,999     423,420
concerned

Tax effect of:

Expenses not deductible for tax purpose                   1,098,739     968,998

Non-taxable revenue                                         (1,214)         (5)

Temporary differences not recognised                            507       (675)

Unused tax losses not recognised                                  -     247,163

Utilisation of previously unrecognised tax losses         (258,044)           -

Income tax charges                                          908,987   1,638,901

(iii) A deferred tax asset amounting to HK$8,570,768 (2013: HK$8,828,812) in
respect of tax losses of a subsidiary incorporated in Hong Kong of
approximately HK$51,944,000 (2013: HK$53,508,000) has not been recognised in
the financial statements as it is not certain that future taxable profit will
be available against which these losses can be utilised.

7 Dividends

The Company does not recommend the payment of any dividend for the year ended
31 December 2014 (2013: HK$Nil).

8 Loss per share

There is no difference between basic and diluted loss per share. The basic and
diluted loss per share for the year ended 31 December 2014 are calculated by
dividing the Group's loss attributable to owners of the Group of HK$300,602
(2013: HK$114,899) by the weighted average number of 68,834,388 ordinary shares
(2013: 68,834,388 ordinary shares). The computation of diluted loss per share
does not assume the exercise of the Company's outstanding share options because
the exercise price of the options is higher than the average market price for
the years ended 31 December 2014 and 2013.

9 Trade and other receivables

                                                           Group

                                                          2014             2013

                                                           HK$              HK$

Trade receivables                                    7,079,319        5,502,500

Less: provision for impairment loss                  (508,758)        (743,813)

Trade receivables - net                              6,570,561        4,758,687

Deposits and prepayments                             1,037,401          840,934

Other receivables                                      189,177          120,533

                                                     7,797,139        5,720,154

All trade and other receivables are expected to be recovered within one year.

 a. Impairment of trade receivables

The movement in the provision of impairment for doubtful debts during the year,
including both specific and collective loss components, is as follows:

                                                            2014           2013

                                                             HK$            HK$

At 1 January                                             743,813        440,942

Impairment loss recognised                                     -        508,758

Written off                                            (235,055)      (213,047)

Exchange difference                                            -          7,160

At 31 December                                           508,758        743,813 At 31 December 2014, the Group's trade receivables of HK$508,758 (2013:
HK$743,813) have been outstanding for a certain period of time. The management
assessed that only a portion of the receivables is expected to be recoverable.
No further individual provision of impairment for doubtful debts was provided
in the year ended 31 December 2014 (2013: HK$508,758).

The Group does not hold any collateral over these balances.

 b. Trade receivables that are not impaired

Majority of the Group's turnover are with credit terms ranging from 30 to 60
days. Ageing analysis of trade receivables that are neither individually nor
collectively considered to be impaired are as follows:

                                                            2014           2013

                                                             HK$            HK$

Neither past due nor impaired                          5,581,041      4,655,477

Less than one month past due                             986,427              -

1 to 4 months past due                                     3,093        103,210

                                                         989,520        103,210

                                                       6,570,561      4,758,687

Receivables that were neither past due nor impaired relate to a wide range of
customers for whom there was no recent history of default.

Receivables that were past due but not impaired relate to a number of
independent customers that have a good track record with the Group. Based on
past experience, management believes that no impairment allowance is necessary
in respect of these balances as there has not been a significant change in
credit quality and the balances are considered fully recoverable. The Group
does not hold any collateral over these balances.

(c) The carrying amounts of trade receivables are denominated in the following
currencies:

                                                            Group

                                                          2014             2013

Thai Baht                                       THB 10,529,375    THB 7,877,900

Renminbi                                         RMB 3,229,200    RMB 2,282,313

10 Cash and bank balances

                                                           Group

                                                          2014             2013

                                                           HK$              HK$

Cash at bank and on hand                            15,342,926       18,535,663

Less: Cash at bank - restricted                      (113,350)                -

Cash and cash equivalents in the statement          15,229,576       18,535,663
of cash flows

                                                        The Company

                                                          2014             2013

                                                          HK$)             HK$)

Cash and cash equivalents in the balance                25,493           25,475
sheet

Included in the cash and cash equivalents of the Group, HK$9,842,160 (2013:
HK$12,650,102) were denominated in RMB and kept in PRC. The remittance of these
funds out of the PRC is subject to the foreign exchange control restrictions
imposed by the PRC government.

As at 31 December 2014, HK$113,350 (2013: HK$Nil) denominated in THB in a
saving bank account in Thailand has been pledged to a bank as security under a
forward exchange contract.

Included in cash and cash equivalents in the consolidated balance sheet are the
following amounts denominated in a currency other than the functional currency
of the entity to which they relate:

                                                      2014                 2013

United States dollars                       US$    458,733      US$      88,151

British Pound                               GB£        484      GB£         484

Thai Baht                                   THB  8,115,079      THB  19,554,135

11 Bank borrowings

At 31 December 2014, the bank borrowings were unsecured and repayable as
follows:

                                                           Group

                                                          2014             2013

                                                           HK$              HK$

Current liabilities

Bank borrowings - unsecured                          2,535,176        2,543,882

Total borrowings                                     2,535,176        2,543,882

 a. The maturity of borrowings is as follows:

                                                          Group

                                                         2014              2013

                                                          HK$               HK$

Within 1 year or on demand                          2,535,176         2,543,882

 b. The effective interest rate per annum for bank borrowings at balance sheet
    date is at 7.8% (2013: 7.2%) per annum.

During the 2014 reporting period, the Group fully repaid a bank borrowing of
HK$2,543,882 denominated in RMB, which was unsecured.

On 13 October 2014, an indirectly held subsidiary of the Group situated in the
PRC ("the subsidiary") has obtained a bank borrowing of HK$2,535,176
denominated in RMB with maturity of 1 year. The bank borrowing was unsecured.

12 Copies of Report and Accounts

Copies of the Report and Accounts will be sent to shareholders shortly and will
be available from the principal place of business of the Company, Part D,
Mingtai Bldg, No 351 Guo Shai Jing Road, ZJ Hi-tech Park, Shanghai 201203, PRC,
and on the Company's website www.walcomgroup.com.