Announcement on behalf of Sincere Navigation’s major subsidiary, Norley Corporation, Capital loan of 30 million US dollars given to Sincere Navigation.
Posted in Company News
- Date of occurrence of the event: March 27, 2015
- Company name of whom taken the loan: Sincere Navigation Corporation
- Relationship with the company: 100% shares held parent company
- Limitation of the loan (thousand dollars): 1,563,481
- Balance of the original loan(thousand dollars): 148
- Amount of this new loan(thousand dollars): 936,300
- If Board of Director authorizes Chairman of Board to the same loan object or cycle loan :NA
- Amount loaned till date of occurrence of the event(thousand dollars): 936,448
- Reason for this new loan: to provide the parent company with working capital
- Collateral provided by the company receiving the loan:
- Content: NA
- Value(thousand dollars): 0
- Financial reports of the company receiving the loan:
- Capital(thousand dollars): 5,683,042
- Accumulated earnings(thousand dollars): 6,469,543
- Types of interests: zero interest rate
- Conditions of return of the loan: Return in one year after date of occurrence of the event
- Balance of loan till date of occurrence of the event:936,448
- Ratio of balance of loan to fair value of the company shown in the latest financial report till date of occurrence of the event: 0.06
- Source of loan lending to others: The subsidiary itself
- Any other matters that need to be specified: None