China Tracker - Details for China Valves Technology (CVVT)

Warning: fopen(): php_network_getaddresses: getaddrinfo failed: Name or service not known in /home/fixyou/public_html/tracker_details.php on line 58

Warning: fopen( failed to open stream: php_network_getaddresses: getaddrinfo failed: Name or service not known in /home/fixyou/public_html/tracker_details.php on line 58

Warning: fgetcsv() expects parameter 1 to be resource, boolean given in /home/fixyou/public_html/tracker_details.php on line 60

Warning: fclose() expects parameter 1 to be resource, boolean given in /home/fixyou/public_html/tracker_details.php on line 61
 China Valves Technology
 Basic Facts and History
Data Source: Annual Report for the period ended 2010-12-31
Reporting Type: U.S. Company (10-K Filings) 
Incorporation: Nevada 
Corporate Headquarters: China (Henan) 
Going Public: Reverse Merger on 2007-12-18 
Previous Entity: Intercontinental Resources, Inc. 
Uplisting to Senior Exchange: on 2009-11-16 at $9.00 (-100.00% since Uplisting)
Main Operating Subsidiary: Henan Kaifeng High Pressure Valve Co., founded 1959 
Investor Relations: Investor Relations Website 
Internal Controls: not effective 
Internal Controls Audit: not effective 
Auditor Opinion:

The following material weakness has been identified and included in management\'s assessment:

Control Environment - The Company\'s control environment did not sufficiently promote effective internal control over financial reporting. Specifically, the Company did not conduct a comprehensive risk assessment during the year with all of its major transactions. In addition, the lack of oversight from top management also result in incomplete disclosure on its acquisitions. These control deficiencies by themselves do not directly result in a material misstatement to the financial statements; however, deficiencies in the control environment are pervasive in nature.

Accounting and Finance Personnel Weaknesses – US GAAP expertise. The Company\'s current accounting staff is relatively new and inexperienced, and needs substantial training to meet the higher demands of being a U.S. public company. The accounting skills and understanding necessary to fulfill the requirements of U.S. GAAP-based reporting, including the skills of subsidiary financial statements consolidation, are inadequate and were inadequately supervised. The lack of sufficient and adequately trained accounting and finance personnel resulted in ineffective top level review and analysis of year-end evaluation of the Company\'s inventory and AR allowance This material weakness was considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2010 financial statements, and this report does not affect our report dated March 16, 2011 on those financial statements.

In our opinion, because of the effect of the material weakness described above on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2010. (Frazer Frost, LLP)

This company is overdue with their latest quarterly or annual report! The Trading China Rating is suspended until the company is back in compliance with SEC filing rules.

This company has been publicly accused with fraud! You may want to look further into possible issues before making an investment decision. Trading China makes no judgment on the validity of fraud accusations, however the Trading China Rating is suspended until those issues are fully resolved.

Main Shareholder: Bin Li (SAM Sustainable Asset Management Ltd. ) 
Ownership: 34.31% 
 Auditor Trail (since January 1, 2009)
2010-01-01Frazer FrostAppointment (Merger)
2010-01-01Moore Stephens Wurth Frazer and TorbetResignation (Merger)
2008-02-19Moore Stephens Wurth Frazer and TorbetAppointment
2008-02-19Madsen & AssociatesDismissal
2007-12-16Madsen & AssociatesAppointment
 Senior Management Trail (since January 1, 2009)
2010-12-16Gang WeiCFOAppointment
2010-12-16Tang Ren RuiCFOResignation
2010-10-08Jianbao WangCEOAppointment
2010-10-08Siping FangCEOResignation
2010-05-27Tang Ren RuiCFOAppointment
2010-05-27Ichi ShihCFOResignation
2009-07-01Ichi ShihCFOAppointment
2009-07-01Tang Ren RuiCFOResignation
2009-01-01Tang Ren RuiCFOAppointment
2009-01-01Veronica Jing ChenCFOResignation
2008-10-07Veronica Jing ChenCFOAppointment
2008-10-07Li JianxingCFOResignation
2008-03-29Li JianxingCFOAppointment
2008-03-29Tang Ren RuiCFOResignation
2007-12-16Tang Ren RuiCFOAppointment
 Fiscal Year
Fiscal Year ends: December 31 
First Quarter 10-Q: due by 2019-05-15 
Second Quarter 10-Q: due by 2019-08-15 
Third Quarter 10-Q: due by 2018-11-15 
Annual Report 10-K: due by 2019-03-31 
READ: Score Cards Explained
DETAILS: Safety/Risk Model for CVVT
Current Price:  n/a
F10k Day (2009-04-23): -100.00%$2.76
2009 Close: -100.00%$9.24
2010 Close: -100.00%$10.48
2011 Close: -100.00%$2.13
High (2012-02-08): -100.00%$3.12
Low (2012-09-21): -100.00%$0.40
Market Capitalization: n/a
Total Shares: 35.68 mill
Float: n/a
Avg Volume: 198.00 k
Short Interest: 3.10 mill
Short Ratio: 15.33%15.6 d
Last Quarter: 2011-03-31
Revenue (MRQ): 41.95 mill
Net Income (MRQ): 6.66 mill
Op. Cash Flow (MRQ): -10.42 mill
all financial data provided without warranty