Sino Grandness

[cyclone]

Hi portuser,

I'm confused. Why it does not tally ?

On Sino Grandness 2010 Annual Report :
Page 41, Statement of Financial Position For the Group, 31 December 2009 (RMB)
1. EQUITY AND LIABILITIES : 282,766,437
2. Non-Current Liabilities : 86,521,003
3. Current Liabilities : 152,681,878
Total 1 + 2 + 3 = 521,969,318

Total equity and liabilities stated in that page is 524,969,318

Please correct me if the amounts are wrong. Thanks.

[newborn1000]

Hi portuser,

I'm confused. Why it does not tally ?

On Sino Grandness 2010 Annual Report :
Page 41, Statement of Financial Position For the Group, 31 December 2009 (RMB)
1. EQUITY AND LIABILITIES : 282,766,437
2. Non-Current Liabilities : 86,521,003
3. Current Liabilities : 152,681,878
Total 1 + 2 + 3 = 521,969,318

Total equity and liabilities stated in that page is 524,969,318

Please correct me if the amounts are wrong. Thanks.

Seems like they restated e 3375000 other payables from trade and other payables and yet did the total calculations wrongly...... See for urself, total up e differemt sections, its wrong then compare it with 2009 report

[portuser]

Hi portuser,

I'm confused. Why it does not tally ?

On Sino Grandness 2010 Annual Report :
Page 41, Statement of Financial Position For the Group, 31 December 2009 (RMB)
1. EQUITY AND LIABILITIES : 282,766,437
2. Non-Current Liabilities : 86,521,003
3. Current Liabilities : 152,681,878
Total 1 + 2 + 3 = 521,969,318

Total equity and liabilities stated in that page is 524,969,318

Please correct me if the amounts are wrong. Thanks.

The three components of non-current assets sum to RMB RMB 89m, and not RMB 86m as printed. That explains the discrepancy of RMB 3m.

They did not proof read?

[Arowana]

I sold all share and booked S$190K losses.
Have to cut loss. At least I take back S$300K+, feeling better now and don't have to worry about tomorrow.

Bye Bye Sino Grandness.....

[chinafarmer]

Hi portuser,

I'm confused. Why it does not tally ?

On Sino Grandness 2010 Annual Report :
Page 41, Statement of Financial Position For the Group, 31 December 2009 (RMB)
1. EQUITY AND LIABILITIES : 282,766,437
2. Non-Current Liabilities : 86,521,003
3. Current Liabilities : 152,681,878
Total 1 + 2 + 3 = 521,969,318

Total equity and liabilities stated in that page is 524,969,318

Please correct me if the amounts are wrong. Thanks.

The three components of non-current assets sum to RMB RMB 89m, and not RMB 86m as printed. That explains the discrepancy of RMB 3m.

They did not proof read?

Correct me if I am wrong but are you guys saying that the figures in the loquat annual report contain some discrepancy? If so, how can the auditors or board of directors sign off?

[portuser]

There are earlier reports that Garden Fresh is heading for IPO on the Hong Kong bourse where several leading food & beverage makers* are listed. The reports also make the point that unlike Singapore where share valuation is based on historical earnings, Hong Kong allows the use of estimated earnings.

*such as Tingyi, Huiyuan, Want Want, Uni-president and Vitasoy

When Want Want issued its IPO prospectus in early 2008, profit of the whole of 2007 was not available.
https://www.quamnet.com/media/IPO/0151_prospectus_e.pdf

Page 11 of the prospectus provides profit estimate of HK $1,362 m for 2007, and states that if share is issued for HK$ 3, price/earnings multiple will be 25.7; and multiple will be higher, 35.1, for issue price of HK$ 4.10.

Appendix III of the prospectus sets out what Pricewaterhousecoopers (PWC), the reporting accountant for the IPO process, and joint sponsors had done in relation to the profit estimate.

PWC states:
“It is the responsibility solely of the directors of the Company to prepare the Unaudited Pro Forma Financial Information in accordance with……………………………
It is our responsibility to form an opinion, as required by rule 4.29(7) of the Listing Rules, on the Unaudited Pro Forma Financial Information and to report our opinion to you. We do not accept any responsibility for any reports previously given by us on any financial information used in the compilation of the Unaudited Pro Forma Financial Information beyond that owed to those to whom those reports were addressed by us at the dates of their issue.”


The joint sponsors (four of them) state:
“On the basis of the information comprising the Profit Estimate and on the basis of the accounting policies and calculations adopted by you and reviewed by PricewaterhouseCoopers, Certified Public Accountants, Hong Kong, we are of the opinion that the Profit Estimate, for which you as directors of the Company are solely responsible, has been made after due and careful enquiry.”

I have no idea what these statements really mean, but friends in the accounting profession have told me that disclaimers do not provide full protection, and accountant and joint sponsors ought to have taken their tasks seriously.

In its 2013 full-year results announcement, Sino Grandness stated that RMB 9.8m was spent in 4Q for engagement of professionals for IPO of Garden Fresh. Sino also indicated that the professionals would start work in early 2014.

Scepticism about sales reported by Garden Fresh abounds.

It is reasonable to doubt Garden Fresh sold around RMB 1.4b worth of its juices in 2013, when Huiyuan, with a much wider market presence, achieved RMB 4b.

Will it be reasonable to assume the reporting accountant has no similar doubt? Will it also be reasonable to assume further that he has not read surveys by Euromonitor and Nielsen?

If it is hard to believe 2013 sales, then the reported sales of RMB 869m in first half of 2014 (50% higher than RMB 581m the year before) are even more incredible. More startling are 2Q 14 sales of RMB 535m, 55% higher than prior year’s RMB 344m.

Thai investors made reference to financials in the following statement dated 1 Oct 14:
“SINO GRANDNESS’s revenue in 2013 stands at RMB 2,261 million (or approx THB 11,952 million), which has grown at a compound annual growth rate of 52% over the past five years with an annual average gross profit margin of 39% and a net profit margin of 18% over the past three years. To finance and continue its fast-paced and profitable growth, the company had sought to increase capital and potential geography market expansion into South East Asia.”

For sure, whether Thai investors had scrutinised the numbers before endorsing, we do not know.

[chinafarmer]

It is stated in the annoucement regarding the placement to Thai.


5.1 Conditions Precedent
Pursuant to the Subscription Agreements, Completion is conditional upon inter alia the fulfilment (or waiver) of several conditions more particularly set out in Clause 4.1 of the respective Subscription Agreements. These include the Company obtaining approval from the SGX-ST for the listing of the Placement Shares and approval from the relevant Thai authorities in relation to exchange control and payments to be made out of Thailand, as well as listing approval from the SGX-ST.

Subject to the Subscription Agreements, if certain conditions set out in Clause 4.1 of the respective Subscription Agreements are not fulfilled (or waived) by the Long-Stop Date, the Subscribers shall have the right at any time thereafter to terminate the Subscription Agreements. The Company shall have the right to terminate the Subscription Agreements if approval from the relevant Thai authorities in relation to exchange control and payments to be made out of Thailand is not obtained by the Subscribers by the Long-Stop Date.


14. DOCUMENTS AVAILABLE FOR INSPECTION
Copies of the following documents may be inspected at 6 Battery Road #10-01 Singapore 049909 during normal office hours for a period of three (3) months from the date of this Announcement:-
(i) the PM Group Subscription Agreement dated 1 October 2014;
(ii) the Soleado Subscription Agreement dated 1 October 2014;
(iii) the Letter Agreement dated 1 October 2014 entered into between PM Group and the Company; and
(iv) the Letter Agreement dated 1 October 2014 entered into between Soleado and the Company.


“Long-Stop Date” means the date falling 10 weeks after the date of the Subscription Agreements or such other date as the Subscribers and the Company may mutually agree;



What are the conditions set out in Clause 4.1 of the respective Subscription Agreements?

Loquat investors should make a trip down to the above address and inspect the documents personally.

[Behappyalways]

not vested

(Sino needs the $$$.....)

The Issue Price of the Placement Shares as set out in clause 2.1 of the Subscription Agreement will be adjusted from S$0.61 for each Placement Share to the following:
(a) S$0.50 per Placement Share; or
(b) the volume weighted average price per Share traded on the SGX-ST on the last market day immediately preceding the date of Completion,

PLACEMENT – SUPPLEMENTAL DEEDS TO SUBSCRIPTION AGREEMENTS
http://infopub.sgx.com/FileOpen/Sino_Gra...eID=320992

[xkclzf]

look like the price will down again tmr
so sad

vested

[CY09]

Hi portuser,

I will like to enquire how much must sino pay to bondholders if there is no ipo under a) Sino puts in effort to list but fails and b) Sino puts in no effort to list by 30 June 2015

My gut feel is that garden fresh may not be listed by then. And the recent proceeds are cash to raise for redemption

Vested