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Thursday, March 20, 2014 11:48:47 AM

Re: sopis post# 60717

Post# of 163612

It is a signed legal contract, on paper only. But the collection of the AR is not even a remote possibility.

Sell cattle to a farmer on credit. The farmer nourishes the cattle in SIAF facilities (at a fee the farmer pays) and then sells it back to SIAF for a higher price. The difference is the cost of labor (net of fee to be paid to SIAF) plus a profit to paid to the farmer. The AR is not completely cleared in this transaction, as the farmer takes on more cattle in the next round. At any given point, there is an outstanding AR that will never be cleared. To halt the transaction with that farmer, SIAF has to write off that AR or the cattle in possession of the farmer in that cycle. No corporate legal contract can help collect from that below-the-poverty line farmer. That is the nature of co-op farming.

The AR table that SIAF files should be deducted from its asset numbers to publish the asset value. The difference in AR in each Q should be deducted from income to calculate the true margin or eps in each Q.

This is just the cost doing business through a co-op structure. The amount to be collected from a JV partner is even more messy and complicated, unless one wants to write-off that JV. The JVs hold the relationship with the local officials. Does not pay to enforce collection. Bake AR changes by Q into the margins to calculate the true margin or eps.

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