China Tracker - Details for Man Shing Agricultural Hld. (MSAH)

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 Man Shing Agricultural Hld.
 Business Outlook

Our financial results for the 2011 fiscal third quarter are in line with our expectations and we remain confident in our previously stated financial guidance of $8.8 million in net income for the 2011 fiscal year ending June 30, 2011, which was previously announced as an increase from our original guidance of $8 million in net income for the same period.

(Source: Marketwire, 2011-05-11)

Man Shing Agricultural Holdings has leased an additional 2.4 million square meters, or 3,620 Mu of farmland, increasing total farmland by approximately 45% to 7.7 million square meters. The newly leased farmland is located in close proximity to the 5.3 million square meters of land currently leased by the Company in Anqiu, Shandong Province. This lease furthers the Company's growth strategy. The annual cost for the new lease of 2.4 million square meters of farmland is approximately $530,000. Planting on the new 2.4 million square meters and existing 5.3 million square meters of farmland will begin in April 2011, followed by harvesting in October 2011.

"Today's announcement marks a significant milestone in the history of Man Shing as we have increased total farmland by 45% to 7.7 million square meters of farmland. This production increase bodes very well for our future financial performance, if demand continues to grow for our product and the favorable pricing trend for fresh, high quality ginger continues, as we believe that they will. The significance of finalizing the lease for land in close proximity to existing operations also enables us to ensure that the planting, harvesting, and implementation of quality standards can be done without additional costs beyond the general farming expenses stated. We have also worked closely with the PRC government and the farmland workers of Anqiu. Due to our reputation as one of the market leaders in the production of fresh ginger, Man Shing has gained the trust and respect from both parties allowing us the opportunity to lease more land. Demand for our products remains at an all time high. Due to the timing of this agreement, we can now prepare to plant on the new and existing land as originally scheduled in mid April of this year."

After management evaluates the financial impact of the new farmland and fiscal 2011 results are reported, financial guidance for the fiscal year ending June 30, 2012 will be given.

(Source: Marketwire, 2011-04-05)

Man Shing Agricultural Holdings today announced net income guidance of $8.8 million, or earnings per share of $0.18 based on 50 million fully diluted shares, for the fiscal year ending June 30, 2011, up from previous guidance of $8 million for the same period.

"Several strategic initiatives have already been set in motion for 2011. In December we entered into an agreement to produce ginger in Japan on 70,186 square meters of land. We believe that our presence in Japan will present us with several important advantages, including a higher price point for our ginger. Additionally, due to the high quality and safety standards enforced in Japan, we anticipate increased customer confidence. We will continue to evaluate opportunities to broaden our production capabilities and markets to sell our product."

(Source: Globe Newswire, 2011-03-03)

To meet customer demand for our products, we are continuously evaluating options to increase our current 5.3 million square meters of farmland. We have also been presented with opportunities to partner with farmland owners in strategic locations outside of China, as evidenced by our recent partnership in Japan. We believe that partnerships outside of China will increase the price point for our product, further enhance the marketability of our company, and improve customer relations with those local to our farmland. We believe that our aggressive growth strategy, coupled with the current price appreciation of ginger and our increased operating efficiencies, will cause Man Shing to continue to grow in the foreseeable future.

(Source: Globe Newswire, 2011-02-11)

Effective December 20, 2010, Mr. Eddie Cheung resigned as Chief Executive Officer and a member of the Board of Directors and Mr. Ji Yang resigned as a member of the Board of Directors of Man Shing Agricultural Holdings. The Company received in early October the legal letter from Hong Kong Patrick Mak & Tse, Solicitors demanding the fulfillment of the contents of the Service Agreement entered into between Weifang Xinsheng Food Company, Ltd. (Wholly Owned Subsidiary) and Excel Linker Capital (Asia) Ltd., a letter was sent to the Company by independent directors on December 7, 2010 which reiterated its urgency and importance, as of now nothing has been received regarding an effective response and intention for resolution. On December 9, 2010, Mr. Shili Liu wired out US$1,100,000.00 from the Company's account at HSBC without the knowledge of some of the board members and without discussing this with the Board. Some of the board members are still owed remuneration as of now.

The senders of this letter believe that, under such circumstances, the Company's Board cannot function effectively and the board members are exposed to significant personal risk. In consideration of this, the two Directors, Mr. Eddie Cheung and Mr. Ji Yang, hereby tender their resignation to the Board, effective immediately. Mr. Eddie Cheung will also resign from the Company's Chief Executive Officer's position, effective today.

(Source: 8-K Filing, 2010-12-27)

"In the near future we anticipate the worldwide ginger industry to continue to grow and consumer demand for high quality ginger to continue to increase. Today we lease 5.3 million square meters of farmland and to satisfy this demand we are enacting an aggressive growth strategy to expand to 8 million square meters. Additionally, we anticipate further penetrating the existing markets we export our products to, including Japan and the UK, through the long existing customer relationships we have in those regions and increased marketing of our products. Our goal is to enhance the market share we currently possess as a Chinese exporter of ginger and remain confident in our ability to attain our previously stated guidance of $8 million in net income for the fiscal year 2011."

(Source: Globe Newswire, 2010-11-16)

Man Shing provided 2011 guidance of net income of $8 million which will represent 53% growth. "To satisfy growing demand, we plan to expand farmland from the existing 5.3 million square meters to 8 million square meters in the next year. Due to the environmental factors in Southern China, we expect continued demand to outweigh supply in ginger markets throughout 2011. Also, demand for high quality ginger is expected to be increasing as customers are more concerned with food quality and safety. We aim to be one of the largest exporters of ginger in China and our goal is to capture more of China's ginger export market. Our primary strategy is to increase planting and production capacity to satisfy our customers' demand."

"We will continue to focus resources on our high quality ginger products and on selling our ginger products to customers with high food safety standards. We are working towards leasing more farmland, increasing production and storage capacity and modernizing our product cycle in order to satisfy our current customers' overwhelming demand and further expand our customer base. We remain confident that we will be able to continue our incremental growth and meet our guidance for 2011."

(Source: Globe Newswire, 2010-09-28)
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DETAILS: Safety/Risk Model for MSAH
Current Price:  n/a
F10k Day (2010-02-09): -100.00%$1.01
2010 Close: -100.00%$0.44
2011 Close: -100.00%$0.16
High (2012-02-07): -100.00%$0.23
Low (2012-07-02): -100.00%$0.05
Market Capitalization: n/a
Total Shares: 48.03 mill
Float: n/a
Avg Volume: n/a
Last Quarter: 2010-12-31
Revenue (MRQ): 7.95 mill
Net Income (MRQ): 2.31 mill
Op. Cash Flow (MRQ): 0.10 mill
all financial data provided without warranty