Letter To Shareholders - Mitac
Letter To Shareholders - Mitac
Letter To Shareholders - Mitac
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Investor<br />
Silver Star<br />
Developments<br />
Ltd. (SSDL)<br />
〃<br />
〃<br />
〃<br />
〃<br />
Tsu Fung<br />
Investment<br />
Corp.<br />
Investee<br />
Company<br />
Harbinger II<br />
(BVI) Venture<br />
Capital Corp.<br />
Mainpower<br />
International Ltd.<br />
Synnex<br />
Corporation<br />
Suzhou MiTAC<br />
Precision<br />
Technology Co.,<br />
Ltd.<br />
Harbinger Ruyi<br />
Venture Ltd.<br />
Mio Technology<br />
Corp.<br />
Location<br />
(Country)<br />
British Virgin<br />
Islands<br />
Main business<br />
operations<br />
Ending<br />
balance<br />
Investment $ 46,695<br />
(US$1,458)<br />
〃 〃 176,165<br />
(US$5,500)<br />
USA Information<br />
633,142<br />
process services, (US$19,767)<br />
sales of computer<br />
peripheral, system<br />
and network<br />
products<br />
China<br />
British Virgin<br />
Islands<br />
Taiwan<br />
Manufacturing of<br />
mainboard,<br />
desktop computers,<br />
interfere cards, etc.<br />
(2) Loans granted during the year ended December 31, 2009:<br />
Creditor Borrower<br />
Silver Star<br />
Developments<br />
Ltd.<br />
〃<br />
〃<br />
〃<br />
Tyan Computer<br />
Corp.-USA<br />
MiTAC<br />
Cooperatie<br />
U.A.<br />
Mio<br />
Technology<br />
UK LTd.<br />
MiTAC Digital<br />
Corporation<br />
MiTAC<br />
International<br />
Corp.<br />
MiTAC Digital<br />
Corporation<br />
General<br />
ledger<br />
account<br />
Affiliated<br />
loans<br />
receivable<br />
Original amount Shares held by the Company<br />
432,405<br />
(US$13,500)<br />
Investment $32,030<br />
(US$1,000)<br />
Information<br />
process service and<br />
sales of software.<br />
Maximum<br />
outstanding<br />
Ending<br />
balance<br />
Beginning<br />
balance<br />
$ 46,695<br />
(US$1,458)<br />
176,165<br />
(US$5,500)<br />
728,458<br />
(US$22,743)<br />
432,405<br />
(US$13,500)<br />
~148~<br />
Number of shares<br />
Percentage<br />
owned<br />
Book value<br />
Income (loss) of the<br />
investee Company<br />
Gain/Loss<br />
recognized by<br />
the Company<br />
1,457,850 49.96% $ 48,090 ($ 1,551) Investee<br />
accounted for<br />
under equity<br />
method by<br />
SSDL<br />
5,500,001 26.19% 160,803 (22,499) 〃<br />
6,738,412 19.69% 5,133,509 3,044,185 〃<br />
- 21.62% 242,480 (46,182) 〃<br />
$32,030<br />
(US$1,000)<br />
1,000,000 28.57% 32,169 31 〃<br />
5,000 5,000 500,000 100.00% 25,620 2,854 Subsidiary of<br />
Tsu Fung<br />
Investment<br />
Corp.<br />
Interest<br />
rate<br />
Nature of<br />
loan<br />
Amount of<br />
transaction<br />
with<br />
borrower<br />
Reason of<br />
short-term<br />
financing<br />
Collateral<br />
Allowance<br />
for<br />
doubtful<br />
accounts Item Value<br />
Limit on loans granted<br />
to a singly party<br />
$ 982 $ 900 - Note 1 $ - Operations $ - None $ - $6,004,347<br />
(Note 2)<br />
Note<br />
Ceiling on total<br />
loans granted<br />
$6,004,347<br />
(Note 2)<br />
〃 236,592 - - 〃 - 〃 - 〃 - 〃 〃<br />
〃 678,340 - - 〃 - 〃 - 〃 - 〃 〃<br />
〃 1,441,350 1,441,350 - 〃 - 〃 - 〃 - 〃 〃<br />
Accounts<br />
receivable<br />
from related<br />
parties<br />
224,210 224,210 0.69% 〃 - 〃 - 〃 - 252,956<br />
(Note 3)<br />
Note 1: The borrowers required short-term capital.<br />
Note 2: Equal to 40% of the net worth based on the financial statements audited or reviewed by independent accountants.<br />
252,956<br />
(Note 3)
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