Announcement on behalf of Sincere Navigation’s major subsidiary, Norley Corporation, Capital loan of 40 million US dollars given to Sincere Navigation.

Announcement on behalf of Sincere Navigation’s major subsidiary, Norley Corporation, Capital loan of 40 million US dollars given to Sincere Navigation.
Announcement on behalf of Sincere Navigation’s major subsidiary, Norley Corporation, Capital loan of 40 million US dollars given to Sincere Navigation.
Posted in Company News
  1. Date of occurrence of the event: 2014/03/28
    • 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):3247145
    • Balance of the original loan(thousand dollars): 273500
    • Amount of this new loan(thousand dollars): 1220000
    • 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): 1493500
    • Reason for this new loan: to provide the parent company with working capital
  3. Collateral provided by the company receiving the loan:
    • Content: NA
    • Value(thousand dollars): 0
  4. Financial reports of the company receiving the loan:
    • Capital(thousand dollars): 5,683,042
    • Accumulated earnings(thousand dollars):5915949
  5. Types of interests: zero interest rate
  6. Conditions of return of the loan: Return in one year after date of occurrence of the event
  7. Balance of loan till date of occurrence of the event:
  8. Ratio of balance of loan to fair value of the company shown in the latest financial report till date of occurrence of the event: 0.10
  9. Source of loan lending to others: The subsidiary itself
  10. Any other matters that need to be specified: None