Eratat Lifestyle

Harvest Time...MomoEagle was trying to challenge your thesis/comment about the payment of consistent dividends signalling that the cash on the balance sheet is real.

MomoEagle was not defending Eratat.

You should read the previous discussions/historical Eratat threads, especially the comments by MomoEagle -> he's one of the few that found Eratat fishy and dared to voiced his suspicions.

(24-06-2014, 12:49 AM)Harvest Time Wrote: Eratat ask for money quite consistent.


proposed issue of (i) non-convertible bonds of up to an aggregate principal amount of RMB250 million,
and (ii) up to 82,500,000 warrants, each warrant entitling the warrantholder to subscribe for one (1)
new share in the capital of the Company (together, the “Proposed Issue”)
http://infopub.sgx.com/FileOpen/Eratat_2...leID=13168
Money raise RMB$250m (slightly more than S$50m)


Placement 15m shares at 21.52 cents on 21 Apr 2011
http://infopub.sgx.com/FileOpen/Eratat-P...eID=112564
Money raise $3.228m


Placement 45m shares at 20.2 cents on 14 Apr 2011
http://infopub.sgx.com/FileOpen/Eratat_2...eID=107200
Money raise $9.09m

Apr 2008
The 163,000,000 Invitation Shares which are the subject of this Invitation comprising 124,883,157 New Shares and 38,116,843 Vendor Shares (IPO price at 30 cents)
Money raise $37.465m

(24-06-2014, 01:11 AM)Aldar Wrote: Harvest Time...MomoEagle was trying to challenge your thesis/comment about the payment of consistent dividends signalling that the cash on the balance sheet is real.

MomoEagle was not defending Eratat.

You should read the previous discussions/historical Eratat threads, especially the comments by MomoEagle -> he's one of the few that found Eratat fishy and dared to voiced his suspicions.

(24-06-2014, 12:49 AM)Harvest Time Wrote: Eratat ask for money quite consistent.


proposed issue of (i) non-convertible bonds of up to an aggregate principal amount of RMB250 million,
and (ii) up to 82,500,000 warrants, each warrant entitling the warrantholder to subscribe for one (1)
new share in the capital of the Company (together, the “Proposed Issue”)
http://infopub.sgx.com/FileOpen/Eratat_2...leID=13168
Money raise RMB$250m (slightly more than S$50m)


Placement 15m shares at 21.52 cents on 21 Apr 2011
http://infopub.sgx.com/FileOpen/Eratat-P...eID=112564
Money raise $3.228m


Placement 45m shares at 20.2 cents on 14 Apr 2011
http://infopub.sgx.com/FileOpen/Eratat_2...eID=107200
Money raise $9.09m

Apr 2008
The 163,000,000 Invitation Shares which are the subject of this Invitation comprising 124,883,157 New Shares and 38,116,843 Vendor Shares (IPO price at 30 cents)
Money raise $37.465m

Noted. Thanks. I did not read all the past postings.

No worries. Was merely trying to share

COURT APPLICATION BY THE BONDHOLDER TO PLACE THE COMPANY UNDER JUDICIAL MANAGEMENT
http://infopub.sgx.com/FileOpen/Eratat-A...eID=306194

What a huge different, the actual 73,321.63 yuan, and reported 577 mil yuan...

(not vested)

---------
ERATAT Lifestyle said on Monday the China Banking Regulatory Commission (CBRC) has found a forged bank confirmation linked to the company's subsidiary.

The footwear and apparel company had earlier announced a cash discrepancy at its main subsidiary, HMW. It showed the unit's cash balance was 73,321.63 yuan (S$14,852) as at last December 31, instead of 577 million yuan as indicated in an earlier document issued by ABC Bank, the subsidiary's bank in China.

The discrepancy was highlighted by an investigation by the Chinese bank, which also noted that the unit had bank borrowings of 34 million yuan as well as trade bills of 30 million yuan as at December 31, 2013.
...
Source: Business Times Breaking News

Where has the cash gone?

http://www.themalaymailonline.com/money/...-cash-gone

Previously I remembered saying that "bank confirmation" statement can be forged but no one believed me.

ABC bank is one of the biggest banks in China..

http://www.abchina.com/en/

IMHO, anything can "happen" in China when the primary motivation is to earn quick buck with little regard to morality and ethical values.

I have many Chinese friends who told me that they managed to get "bank cash confirmation" to secure their VISA approval (e.g. for study, etc)

I just hope that MAS and SGX can just purge out all S-chips from Spore markets.
Minority shareholders have suffered enough.
And enough is enough...(sigh)

(18-08-2014, 03:33 PM)CityFarmer Wrote: What a huge different, the actual 73,321.63 yuan, and reported 577 mil yuan...

(not vested)

---------
ERATAT Lifestyle said on Monday the China Banking Regulatory Commission (CBRC) has found a forged bank confirmation linked to the company's subsidiary.

The footwear and apparel company had earlier announced a cash discrepancy at its main subsidiary, HMW. It showed the unit's cash balance was 73,321.63 yuan (S$14,852) as at last December 31, instead of 577 million yuan as indicated in an earlier document issued by ABC Bank, the subsidiary's bank in China.

The discrepancy was highlighted by an investigation by the Chinese bank, which also noted that the unit had bank borrowings of 34 million yuan as well as trade bills of 30 million yuan as at December 31, 2013.
...
Source: Business Times Breaking News

Doesn't that implied the accounting of China banks are very questionable as well?

The best strategy is avoid all S-chips...

there is enough undervalued non-Schip counters out there for us to avoid S-chips altogether...

(18-08-2014, 09:00 PM)GPD Wrote: Doesn't that implied the accounting of China banks are very questionable as well?

It's not just Eratat that is struggling. Even the once number market leader Li Ning is still coping with losses. You would be better off if you had invested in Anta, China Dong Xiang, Anta or Peak Sports.