Sino Grandness

[fatpudge]

Maybe I guess you traced the IP address, but maybe you can also traced the IP to that of a high profile listed company we are working in. We feels free and would gladly meet you in person to clarify. Thank you.

[BlueKelah]

Maybe I guess you traced the IP address, but maybe you can also traced the IP to that of a high profile listed company we are working in.  We feels free and would gladly meet you in person to clarify.  Thank you.

butcher got banned huh, i was half expecting other nick.

duplicate ID must be fatpudge then. Kudos to moderators

IMHO there is no need for multiple ID active in a forum, unless one is up to no good.

[fatpudge]

To correct you. You should get your facts right from your friends. Butcher was banned and now fatpudge was created. Butcher was never used after Butcher was banned. Don't try mislead. The different person is another colleague which the admin should know very well.

I remember blue have posted alot on sino grandness too. I would love to have your views on sino after recent corporate actions. Thank you.

Also, like i mentioned, we would be delighted to meet the admin in persons. Thank you.

[CityFarmer]

To correct you. You should get your facts right from your friends. Butcher was banned and now fatpudge was created. Butcher was never used after Butcher was banned. Don't try mislead. The different person is another colleague which the admin should know very well.

I remember blue have posted alot on sino grandness too. I would love to have your views on sino after recent corporate actions.  Thank you.  

Also, like i mentioned, we would be delighted to meet the admin in persons. Thank you.

We normally don't meet VB face-to-face on moderation, otherwise i need to be full time to manage it. I am regret not be able to fulfill your request [removed as requested]

Both of us, have pretty sure on our findings. You are free to continue posting with the ID

No further argument on this. Let's move on to save both of our time. Anyway, VB is just a forum.

Regards
Moderator

P/S: I removed info from the post, due to a protest. FYI, we did more investigation than just IP matching.

[cyclone]

I think no need for apology. CF did not disclose your name. We even do not know your name. How do we breach Personal Data Protection Act ? I think you are here to make troubles ?

[CityFarmer]

Moderator Log:

Thank cyclone.

Firstly, it is done in a moderation, which fatpudge has denied owning the two IDs. Both IDs belong to him, rather than colleagues, based on registration info.

Next. only surname is used, and is used within VB moderation. I don't think IPDC is violated. Can I do it better? May be Mr. Mx is a better approach which serves similar purpose.

Lastly, we have wasted enough time and energy on moderating this case. I have banned the ID. Let's move on

Thank you

Regards
Moderator

[specuvestor]

I think no need for apology. CF did not disclose your name. We even do not know your name. How do we breach Personal Data Protection Act ? I think you are here to make troubles ?

Unless his surname is unique in the entire Singapore to trace to an individual, it is not contravening.
http://www.lawgazette.com.sg/2014-04/1014.htm

Yes let's move on. There's a reasonable limit to tolerance

[Boon]

From page 79 of Sino G's AR2015:
 
As of 31-Dec-2015, of the RMB 595.777 m deposit paid for non-current assets, RMB 573.245 m are advances to suppliers for purchases of plant and machineries by Sino G as a Group.
 
Of this RMB 573.245 m, Garden Fresh’s share was RMB 350.311 m (103.511 m +  246.800 m).
 
However, as reported on page 241 of the “Application Proof” document, as of 31-Dec-2015, prepayment to suppliers for Garden Fresh Group only amounted to RMB 72.200 m
 
Does it make sense? 
___________________________________________________________________________________________________________________________

RMB 72.2m was not for capital projects.

Please refer to the balance sheet attached to the accountant's report in the application poof.

Deposit paid for non-current assets was RMB 350.31m, which tallies with what you have shown. Note 18 shows the breakdown.

Thanks portuser,

 Garden Fresh does not have a subsidiary in Anhui (page 125).
 
Page 148 of Application Proof:
“We plan to establish a new production plant in Anhui Province at the premises which we leased from Grandness Anhui. We plan to establish two cold can filling lines at this new plant. The addition of these two new production lines is expected to allow us to produce an additional 240,000 tonnes of beverages per year. We incurred capital expenditure of approximately RMB300.0 million in connection with the construction and purchase of property and equipment for the plant in Anhui Province in 2015. We expect to further incur approximately RMB50.0 million which will be financed by net proceeds from the [REDACTED]. We expect to complete the construction of the two production lines in the second half of 2016 and the first half of 2017, respectively”.
 
Table on page 149 of Application Proof:
Estimated cost for the Anhui production lines = RMB 50 m
 
Page I-31 (Item 18) of Application Proof:
“As at 31 December 2015, deposit of RMB246,800,000 and RMB103,511,000 had been paid to independent third party suppliers for acquisition of production equipments in Anhui Province, PRC and the construction of production hub in Hubei Province, PRC, respectively.”  
 
Page 79 of AR2015 (Sino G):
The RMB 246.8 m deposit was paid by Garden Fresh Shenzhen.
 
Question:
So what is the correct cost for the production equipment for the Anhui plant ?
 
RMB 50 m or at least RMB 246.8 m ?
__________________________________________________________________________________________________________________________

[portuser]

Boon

You are correct that Garden Fresh has no subsidiary in Anhui, as indicated in page 125 of the application proof.

But read on and you will find that in page 185 that Garden Fresh Shenzhen leases space from Grandness (Anhui), who owns the factory in Anhui, to produce juice.

You are asking whether at least $246.8m or RMB 50m is the cost for the production equipment for the Anhui juice plant.
  
There are four figures in the various pages identified by you. 

Page 148 of application proof
"capital expenditure of approximately RMB300.0 million in connection with the construction and purchase of property and equipment for the plant in Anhui Province in 2015. We expect to further incur approximately RMB50.0 million which will be financed by net proceeds from the [REDACTED]."

Page 149 of Application Proof
Estimated cost for the Anhui production lines = RMB 50 m
 
From the way it is presented, it is clear that the RMB 50m in page 149 is the balance of the project cost to be funded by IPO money in 2016 as stated in page 148.

Page I-31 (Item 18) of Application Proof
“As at 31 December 2015, deposit of RMB246,800,000 ..... had been paid to independent third party suppliers for acquisition of production equipments in Anhui ...”  
 
Page 79 of 2015 annual report of Sino Grandness
"The RMB 246.8 m deposit was paid by Garden Fresh Shenzhen."

The RMB 246,800,000 was the outstanding deposit paid by Garden Fresh Shenzhen. In 2015, Garden Fresh spent RMB 64,703,000 on capex (cash flow statement in I 9 of application proof). Unfortunately, there was no breakdown of RMB 64,703,000 for us to know the shares of Garden Fresh Shenzhen and Garden Fresh (Hubei).

The project cost of 240,000-tonne juice capacity in Anhui should therefore = an unknown portion of RMB 64,703,000 spent in 2015 + RMB 246,800,000 deposit as at end-2015 + RMB 50,000,000 to be spent in 2016.  

You have been wondering why the environmental impact report dated April 2014 gave a mere RMB 21m as the project cost for the Sichuan's 150,000-tonne juice production capacity, whereas some RMB 300m is needed for the 240,000-tonne capacity at Anhui. 

The Sichuan factory has been in operation since 2012. It will be good to clarify with the company the context in which the environmental report was prepared as well as the accuracy of the numbers. (According to earlier info provided by the company in connection with the construction of Hubei factory, the capacity of Sichuan factory was 90,000 tonnes.)

[specuvestor]

Hi portuser

The capacity for the Sichuan factory should be for canned food, which I think has a very different process from PET bottled drinks