Attached files
| file | filename |
|---|---|
| EX-31.1 - EXHIBIT 31.1 - MAN SHING AGRICULTURAL HOLDINGS, INC | v239361_ex31-1.htm |
| EX-31.2 - EXHIBIT 31.2 - MAN SHING AGRICULTURAL HOLDINGS, INC | v239361_ex31-2.htm |
| EX-32.1 - EXHIBIT 32.1 - MAN SHING AGRICULTURAL HOLDINGS, INC | v239361_ex32-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
|
x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the fiscal year ended June 30, 2010
or
|
¨
|
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from _____________ to ________________
Commission file number 000-53146
MAN SHING AGRICULTURAL HOLDINGS, INC.
|
(Exact name of registrant as specified in its charter)
|
|
Nevada
|
98-0660577
|
|
|
(State or other jurisdiction of
|
||
|
incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
|
Linghe Town, Anqiu City
|
|
|
|
Weifang, Shandong Province
|
||
|
People’s Republic of China 262127
|
NA
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code: (86) 536-4644888
Securities registered pursuant to Section 12(b) of the Act: None.
Name of each exchange on which registered: None.
Securities registered pursuant to Section 12(g) of the Act: Common Stock, par value $0.001.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ¨ No x
Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer ¨
|
Accelerated filer ¨
|
|
Non-accelerated filer ¨
|
Smaller reporting company x
|
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
The aggregate market value of the voting stock held by non-affiliates of the Registrant as of December 31, 2009 was $30,995,874.
The number of shares outstanding of the registrant’s common stock as of September 27, 2010 was 38,026,958.
DOCUMENTS INCORPORATED BY REFERENCE
None.
Explanatory Note
This Amendment No. 1 to our Annual Report on Form 10-K/A ("Form 10-K/A") is being filed to amend our Annual Report on Form 10-K for the year ended June 30, 2010, which was originally filed with the Securities and Exchange Commission (the "SEC") on September 28, 2010. We are filing this amendment to amend and restate Item 9.A., Controls and Procedures, to disclose a material weakness in our internal controls over financial reporting consistent with comments received by the SEC. Except as indicated above, no changes have been made.
|
ITEM 9.A.
|
CONTROLS AND PROCEDURES
|
Disclosure Controls and Procedures
Disclosure controls and procedures are our controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Management is responsible for establishing and maintaining adequate internal control over financial reporting.
Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Exchange Act as of June 30, 2010, and, based on their evaluation, as of the end of such period, that our disclosure controls and procedures were not effective as of the end of the period covered by the Annual Report due to the material weakness in our internal control over financial reporting described below.
Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Our management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and concluded that as of June 30, 2010, our internal controls over financial reporting were not effective.
The material weakness and significant deficiency identified by our management as of June 30, 2010 relates to our ability to record transactions and provide disclosures in accordance with U.S. GAAP. We did not have sufficient and skilled accounting personnel with an appropriate level of technical accounting knowledge and experience in the application of US GAAP commensurate with our financial reporting requirements. For example, our staff members do not hold licenses such as Certified Public Accountant in the U.S., have not attended U.S. institutions for training as accountants, and have not attended extended educational programs that would provide sufficient relevant education relating to U.S. GAAP. Our staff needs substantial training to meet the demands of a U.S. public company and our staff’s understanding of the requirements of U.S. GAAP-based reporting are inadequate.
Changes in Internal Controls over Financial Reporting
For the fourth quarter of the year ended June 30, 2010, our management determined that our internal controls over financial reporting were ineffective, as described in further detail above. There were no changes in our internal controls over financial reporting (as defined in Rules 13a-15 or 15d-15 under the 1934 Act) during the fourth quarter of the year ended June 30, 2010 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations Over Internal Controls
Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Our internal control over financial reporting includes those policies and procedures that:
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements;
3
Management, including our principal executive officer and principal financial officer, does not expect that our internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of controls in future periods are subject to the risk that those internal controls may become inadequate because of changes in business conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Attestation Report of the Registered Public Accounting Firm
Man Shing is not required to provide an attestation report of its registered public accounting firm.
4
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
MAN SHING AGRICULTURAL HOLDINGS, INC.
|
||
|
Dated: December 1, 2011
|
By:
|
/s/Shili Liu
|
|
Name:
|
Shili Liu
|
|
|
Title:
|
Chief Executive Officer, President and Chairman
(principal executive officer)
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
Dated: December 1, 2011
|
By:
|
/s/Shili Liu
|
|
Name:
|
Shili Liu
|
|
|
Title:
|
Chief Executive Officer, President and Chairman
(principal executive officer)
|
|
|
Dated: December 1, 2011
|
By:
|
/s/Kenny Chow
|
|
Name:
|
Kenny Chow
|
|
|
Title:
|
Chief Financial Officer and Director (principal
accounting and financial officer)
|
|
|
Dated: December 1, 2011
|
By:
|
/s/Peter Cho
|
|
Name:
|
Peter Cho
|
|
|
Title:
|
Director
|
|
|
Dated: December 1, 2011
|
By:
|
/s/Xuguang Qiao
|
|
Name:
|
Xuguang Qiao
|
|
|
Title:
|
Director
|
|
|
Dated: December 1, 2011
|
By:
|
/s/Kun Xu
|
|
Name:
|
Kun Xu
|
|
|
Title:
|
Director
|
5