Securities code: Hisense Home Appliances Group Co.Ltd(000921) securities abbreviation: Hisense Home Appliances Group Co.Ltd(000921) Announcement No.: 2022016 Hisense Home Appliances Group Co.Ltd(000921)
Announcement on providing guarantee for joint stock companies
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
1、 Overview of guarantee
Hisense Home Appliances Group Co.Ltd(000921) ("the company") intends to provide joint and several liability guarantee for sanpak engineering industries (PVT) Ltd. ("SPK"), a joint-stock company of the company's holding subsidiary Sandian Co., Ltd. ("Sandian company"), when applying for credit extension to local banks in Pakistan, with a guarantee limit of no more than US $4 million and a guarantee period of no more than six months. The guarantee method is to issue a bank guarantee letter. SPK is a joint-stock subsidiary of Sandian in Pakistan. Its main business is the manufacturing and sales of automotive equipment such as automotive air conditioning compressor and automotive air conditioning system.
The above proposal has been deliberated and adopted at the second extraordinary meeting of the 11th board of directors in 2022 with 9 votes in favor, 0 against and 0 abstention. This guarantee does not need to be submitted to the general meeting of shareholders for approval.
2、 Basic information of the guaranteed
1. Basic information
Company name: sanpak engineering industries (PVT) Ltd
Date of establishment: August 26, 1993
Legal representative: sakabe Zhenghe
Registered address: 4-km, Raiwind manga Road, district Kasur, Punjab Pakistan
Office address: 4-km, Raiwind manga Road, district Kasur, Punjab Pakistan
Registered capital: PKR 95000000
Main business: manufacturing and sales of automotive equipment such as automotive air conditioning compressor and automotive air conditioning system.
2. Ownership structure
Name of shareholder shareholding ratio
Sandian 36.8%
Local Sponsor Group 32.2%
IB Capital B.S.C (c) 31.0%
Note: the company is mainly responsible for the production and technology of SPK; Local sponsor group ("LSG") is a local family in Pakistan, which is composed of several natural persons. It is mainly responsible for the sales business of SPK and the maintenance of local relations and resources; IB capital b.s.c (c) ("IB capital") is an investment company and does not participate in the business activities of SPK. SPK has no actual controller.
3. Main financial data of the guaranteed in the latest year
Unit: Pakistan rupees 10000 yuan
Project June 30, 2021 December 31, 2021
(audited) (Unaudited)
Total assets 176695217949
Total liabilities 76569101031
Including: total current liabilities 7510399564
Including: total bank loans 3205043250
Total amount involved in contingencies 0
Net assets 100126116918
Asset liability ratio 43% 46%
Latest issue of the latest year
Project (fiscal year 2020: July 1, 2020 (July 1, 2021 - June 30, 2021) December 31, 2020)
(audited) (Unaudited)
Operating income 370786262904
Total profit 3280820446
Net profit 2118216686
Note: the above data are taken from the audited financial report of spk2020 fiscal year and the unaudited financial report from July to December 2021. The relevant financial statements are issued in accordance with the accounting standards of Pakistan.
3、 Signing and execution of guarantee agreement
The company provides joint and several liability guarantee for the guaranteed by issuing a bank guarantee letter from a bank in China to the bank where the guaranteed is located. The guarantee amount shall not exceed US $4 million and the guarantee period shall not exceed 6 months.
The above guarantee agreement has not been signed, and the main contents of the guarantee agreement will be determined by the guarantor, the company and the bank through negotiation.
4、 Opinions of the board of directors
(I) SPK is a joint-stock company of Sandian in Pakistan, which is responsible for the manufacturing and sales of automobile air conditioning compressors, automobile air conditioning systems and other automobile equipment of Sandian in Pakistan and other regions. The company's guarantee for SPK this time is conducive to the business development of SDC in Pakistan.
(II) the CEO of SPK is appointed by Sandian company, and there are seven members of the board of directors, of which Sandian company accounts for three. The company requires SPK to submit financial statements every month, approve major matters in advance, and timely understand the operation status and operation risks of the guaranteed party. SPK has stable performance, sustained profitability and low asset liability ratio. The board of directors of the company believes that SPK is solvent, the guarantee risk is controllable and will not harm the interests of the company.
(III) in order to meet the demand for operating funds, SPK applied for a credit line of about 30.88 million yuan (about 4.86 million US dollars converted at the exchange rate on March 31, 2022) in a local bank in Pakistan, which was guaranteed by the local shareholder LSG; Apply for a credit line of no more than US $4 million in a local bank, and it is proposed to be guaranteed by home appliance group (Sandian company is lack of bank credit line due to ADR); As an investment company, IB capital does not participate in the daily operation of SPK and does not provide guarantee for SPK. According to SPK's asset status and operation, the company believes that the guarantee risk is controllable and there is no situation damaging the interests of the listed company.
5、 Amount of overdue guarantee and accumulative amount of external guarantee
After this guarantee, the total amount of the guarantee amount of the company and its holding subsidiaries is equivalent to about RMB 2.640 billion, and the total balance of external guarantee is equivalent to about RMB 1.766 billion, accounting for about 17.08% of the company's net assets attributable to shareholders of Listed Companies in the latest audit, of which the total balance of guarantee provided to units outside the consolidated statements is equivalent to about RMB 25 million, Accounting for about 0.25% of the company's latest audited net assets attributable to shareholders of listed companies. The company has no overdue guarantee, guarantee involving litigation and guarantee amount to be borne due to losing the lawsuit.
It is hereby announced.
Hisense Home Appliances Group Co.Ltd(000921) board of directors April 2, 2022
