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(14-11-2015, 06:58 PM)BlueDogMeow Wrote: (14-11-2015, 06:41 PM)leeeta Wrote: BDM ,
please read up what are export tax refund, VAT receivables and Sino's plan for anhui plant before commenting.. just wasting everybody's time. It would be good if you go to IRAS website to see how GST works in Singapore..this would help you understand how VAT works in China.
why dont you walk me through the nearly 400m rise in other receivables in 1 quarter. BDM
You have asked why other receivables related to CAPEX is put under current asset.
Are you not aware that prepayment is payment before the actual construction. It therefore cannot be put under fixed assets.
As I said before, it will be good if you do some background reading before posting.
You have also said Sino is a bad business.
This is not what we are discussing now. We are discussing trade receivables and other receivables.
If Sino has been able to collect from distributors, its profit is real and good.
You have the habit of throwing in new things to divert attention
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(15-11-2015, 08:38 AM)leeeta Wrote: (14-11-2015, 06:58 PM)BlueDogMeow Wrote: (14-11-2015, 06:41 PM)leeeta Wrote: BDM ,
please read up what are export tax refund, VAT receivables and Sino's plan for anhui plant before commenting.. just wasting everybody's time. It would be good if you go to IRAS website to see how GST works in Singapore..this would help you understand how VAT works in China.
why dont you walk me through the nearly 400m rise in other receivables in 1 quarter. BDM
You have asked why other receivables related to CAPEX is put under current asset.
Are you not aware that prepayment is payment before the actual construction. It therefore cannot be put under fixed assets.
As I said before, it will be good if you do some background reading before posting.
You have also said Sino is a bad business.
This is not what we are discussing now. We are discussing trade receivables and other receivables.
If Sino has been able to collect from distributors, its profit is real and good.
You have the habit of throwing in new things to divert attention
Wow. Never knew prepaid expenses or investments are considered an accrued revenue line item.
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discussion points
1) receivables. other receivables = prepayment? what new world accounting is this?
Lets go on to another point shall we?
2) margins.
they dont really break it out on a quarterly basis but according to 2014 data, the beverage segment has an EBIT margin of 25%. Do you guys know how high 25% margins is? ting yi ebit margin is 7%. uni-pres is 5%. even china minzhong, which apparently everybody love to compare with, has a 13-14% ebit margin.
EVEN IF SinoG financials are legit, and that is a massive IF, arent you guys afraid of competitive pressure? Doesnt seem like a complex business. Low barrier of entry. Anyone can do it. If EBIT margin drops to 10%, and that is only requires GPM to drop from 41.7% to a still incredible high 30% GPM, guess what net income will be? It rhymes with hero.
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I do agree the 400m jump in "other receivables" seem fishy.
As mentioned by others on this thread "other receivables comprise VAT receivables, export tax refunds, deposit and prepayments."
Given that Anhui's construction was completed and production commenced in oct 14. There should be no extra receivables for anhui development. This leaves it to possible VAT receivables. Assuming the chinese govt is incompetent and has not paid. This will rightfully translate to a rise in other receivables by approx RMB 400 mil which concides with the number. However, I will rule this possibility out because companies like Osim, Kingsmen, United food and Dukang Distiller are not experiencing such problems in their China operations. This too is applicable to listed China food companies (such as Bright Dairy & Food) who do not have expanding "other receivables".
This leaves us with two remaining answer - a) the increase in receivable is due to a sudden increase in pre payment to suppliers (not a good sign as it may mean terrible business condition, which may lead to a sudden write off in prepayment to suppliers e.g. Leader Environment) or b) the 2.4Bil RMB sales is not fully accurate.
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(15-11-2015, 12:35 PM)CY09 Wrote: I do agree the 400m jump in "other receivables" seem fishy.
As mentioned by others on this thread "other receivables comprise VAT receivables, export tax refunds, deposit and prepayments."
Given that Anhui's construction was completed and production commenced in oct 14. There should be no extra receivables for anhui development. This leaves it to possible VAT receivables. Assuming the chinese govt is incompetent and has not paid. This will rightfully translate to a rise in other receivables by approx RMB 400 mil which concides with the number. However, I will rule this possibility out because companies like Osim, Kingsmen, United food and Dukang Distiller are not experiencing such problems in their China operations. This too is applicable to listed China food companies (such as Bright Dairy & Food) who do not have expanding "other receivables".
This leaves us with two remaining answer - a) the increase in receivable is due to a sudden increase in pre payment to suppliers (not a good sign as it may mean terrible business condition, which may lead to a sudden write off in prepayment to suppliers e.g. Leader Environment) or b) the 2.4Bil RMB sales is not fully accurate.
Bro ~ Oct'14 was Hubei plant , not anhui plant leh....
"There is also a difference between An Ophthalmologist & Optometrist"
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15-11-2015, 07:04 PM
(This post was last modified: 15-11-2015, 07:06 PM by leeeta.)
(15-11-2015, 11:51 AM)BlueDogMeow Wrote: (15-11-2015, 08:38 AM)leeeta Wrote: (14-11-2015, 06:58 PM)BlueDogMeow Wrote: (14-11-2015, 06:41 PM)leeeta Wrote: BDM ,
please read up what are export tax refund, VAT receivables and Sino's plan for anhui plant before commenting.. just wasting everybody's time. It would be good if you go to IRAS website to see how GST works in Singapore..this would help you understand how VAT works in China.
why dont you walk me through the nearly 400m rise in other receivables in 1 quarter. BDM
You have asked why other receivables related to CAPEX is put under current asset.
Are you not aware that prepayment is payment before the actual construction. It therefore cannot be put under fixed assets.
As I said before, it will be good if you do some background reading before posting.
You have also said Sino is a bad business.
This is not what we are discussing now. We are discussing trade receivables and other receivables.
If Sino has been able to collect from distributors, its profit is real and good.
You have the habit of throwing in new things to divert attention
Wow. Never knew prepaid expenses or investments are considered an accrued revenue line item.
Wow. Just realise that you do not even know prepayment is classified as other receivables.
You need to read Accounting 101.
Pl see page 118 of Tat Hong annual report:
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Specuvestor: Asset - Business - Structure.
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(15-11-2015, 07:31 PM)cyclone Wrote: Lorem ipsum dolor sit amet, consectetur adipiscing elit. Phasellus ut eleifend ligula. Aliquam et faucibus lorem, malesuada pulvinar velit. Etiam ornare varius ipsum, at ultricies diam feugiat a. Cras dictum faucibus risus, nec fringilla neque fringilla et. Integer id neque pretium, aliquam mauris at, tempor nulla. Integer egestas euismod enim. Mauris scelerisque porta faucibus. Ut vestibulum non nisl eget tempor. Cras ultricies ac leo vitae dapibus. Maecenas sit amet nisi quis orci venenatis suscipit. Sed a lorem vel ex faucibus placerat id in tortor. Curabitur laoreet lacus vitae dignissim tincidunt.
LOL ?
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15-11-2015, 09:30 PM
(This post was last modified: 15-11-2015, 10:24 PM by leeeta.)
admin
I can understand why some of BDm's post were removed as they contained unfounded allegations against TTA and Sino however I cannot understand why my last post was deleted. There was nothing offensive in my last post. Can you please explain?
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(15-11-2015, 07:31 PM)cyclone Wrote: Lorem ipsum dolor sit amet, consectetur adipiscing elit. Phasellus ut eleifend ligula. Aliquam et faucibus lorem, malesuada pulvinar velit. Etiam ornare varius ipsum, at ultricies diam feugiat a. Cras dictum faucibus risus, nec fringilla neque fringilla et. Integer id neque pretium, aliquam mauris at, tempor nulla. Integer egestas euismod enim. Mauris scelerisque porta faucibus. Ut vestibulum non nisl eget tempor. Cras ultricies ac leo vitae dapibus. Maecenas sit amet nisi quis orci venenatis suscipit. Sed a lorem vel ex faucibus placerat id in tortor. Curabitur laoreet lacus vitae dignissim tincidunt.
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