UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 December 31, 2007
   
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
 
SECURITIES EXCHANGE ACT OF 1934
   
 
For the transition period from ______________  to                                       . 

Commission File No. 333-112111

Zhongpin Inc.
(Exact Name of Registrant as Specified in Its Charter)

Delaware
 
54-2100419
(State or Other Jurisdiction
 
(I.R.S. Employer Identification No.)
of  Incorporation or Organization)
   
 
21Changshe Road, Changge City, Henan Province
   
The People’s Republic of China
   
(Address of Principal Executive Offices)
 
(Zip Code)

011 86 374-6216633
(Registrant’s Telephone Number, Including Area Code)

Securities registered under Section 12(b) of the Exchange Act:
None

Securities registered under Section 12(g) of the Exchange Act:
Common Stock, par value $.001 per share
 
 
 
 
 
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 Act.
Yes   x   No   ¨

Indicate by check mark whether the registrant (1) has filed all reports required to be filed 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K 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    x    

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check One):

Large accelerated filer ¨   Accelerated filer  x   Non-accelerated filer ¨ Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ¨        No  x

On March 20, 2008, 26,274,470 shares of the registrant’s common stock, and 3,125,000 shares of the registrant’s Series A preferred stock, each such share convertible into one share of the registrant’s common stock, were outstanding.

The aggregate market value of the registrant’s voting stock held by non-affiliates of the registrant was approximately $112,287,689 as of June 30, 2007.  Shares of voting stock held by each executive officer and director of the registrant and each person who beneficially owns 10% or more of the registrant’s outstanding voting stock has been excluded from the calculation.

Documents Incorporated by Reference: Portions of the registrant’s proxy statement for its 2008 annual meeting of stockholders, which the registrant expects to file with the Securities and Exchange Commission within 120 days after December 31, 2007, are incorporated by reference into Part III of this report.
 
 
ii
 

EXPLANATORY NOTE

In this Amendment No. 1 to the Annual Report on Form 10-K, we will refer to Zhongpin Inc., a Delaware corporation, as  “our company,” “we,” “us,” and “our.”

We are filing this Amendment No. 1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2007, as originally filed with the Securities and Exchange Commission on March 28, 2008 (our “Report”), to correct Item  9A. – Controls and Procedures, which will be amended in response to comments made by the Staff of the Securities and Exchange Commission on December 18, 2008 in connection with its review of our Report.  The amendments to our Report effected by this Amendment No. 1 are the following:

Item 9A.  Controls and Procedures

· 
We added additional disclosures regarding management’s conclusion on the effectiveness of our disclosure controls and procedures at December 31, 2007.  We also added disclosures regarding management’s conclusion on the effectiveness of our internal control over financial reporting at December 31, 2007.

This Form 10-K/A continues to speak as of the date of our Report and other than as specifically reflected in this Form 10-K/A does not reflect events occurring after the filing of our Report or modify or update any related disclosures.

 
 
 

Item 9A. – Controls and Procedures.

Disclosure Controls and Procedures .

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of December 31, 2007.  Disclosure controls and procedures are those controls and other procedures designed to ensure that information required to be disclosed by us in our SEC reports under the Exchange Act is recorded, processed, summarized and reported with the time periods specified in the rules and forms of the SEC and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.  Based upon its evaluation, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has concluded that our disclosure controls and procedures were ineffective as of December 31, 2007, solely as the result of our failure to complete our assessment of internal control over financial reporting as of December 31, 2007, as required by Item 308 of Regulation S-K, prior to filing this Report with the Commission, due to the absence of a suitable control framework and certain deficiencies with respect to our internal control over financial reporting as of such date.

Management’s Report on Internal Control Over Financial Reporting

Our management, under the supervision of our Chief Executive Officer and Chief Financial Officer, is required to assess and report on the effectiveness of our internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002 (“Section 404”).  We had been preparing to be in compliance with Section 404 for our fiscal year ending December 31, 2008 and only recently became aware of the need to comply with Section 404 for our fiscal year ended December 31, 2007.  Therefore, we have not completed all of the evaluations necessary to make a definitive determination regarding the effectiveness of our internal controls.  Although management has selected the framework set forth by the Committee of Sponsoring Organizations of the Treadway Commissions (COSO) in its Internal Control-Integrated Framework to make its assessment and report as required by Section 404, and management has been working with independent consultants, as described below, to implement this framework to enable management to complete its assessment on our internal control over financial reporting, in accordance with Section 404, the framework was not in place at the date of filing of this Report to allow management to fully assess and report on our internal control over financial reporting for our fiscal year ended December 31, 2007.

Our internal control over financial reporting is designed by, or under the supervision of, our Chief Executive Officer and our Chief Financial Officer, or persons performing similar functions, and is effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles, and includes those policies and procedures that:

(1)           pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

(2)            provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

 
 
 
 
(3)           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.

We have retained Horwath International, an independent third party consulting firm, to assist our management team in evaluating our internal controls and procedures.  While we are in the process of evaluating our internal control over financial reporting, we have not yet been able to complete our assessment of which, if any, control deficiencies constitute “material weaknesses” as defined under Public Accounting Oversight Board Auditing  Standard No. 5.  However, we are currently aware of and are seeking to remediate the following deficiencies:

· 
the need to hire additional accountants trained in U.S. generally accepted accounting principles;

· 
the need to upgrade our accounting software so as to provide for more timely access to financial reports; and

· 
inadequate planning and execution of our Sarbanes-Oxley Section 404 project to meet the requirements of the Sarbanes-Oxley Act of 2002 on a timely basis.

At December 31, 2007, the COSO framework was not in place, and as of the date of this Report, we are unable to fully complete our assessment on our internal control over financial reporting at December 31, 2007. Therefore, management, with the participation of our Chief Executive Officer and Chief Financial Officer, has concluded that our internal control over financial reporting was not effective as of December 31, 2007.

Notwithstanding the foregoing, the reportable conditions and other areas of our internal control over financial reporting identified by us as needing improvement have not resulted in a material restatement of our financial statements. Nor are we aware of any instance where such reportable conditions or other identified areas of weakness have resulted in a material misstatement or omission in any report we have filed with or submitted to the Commission.

Our management's inability to complete an assessment of our internal control over financial reporting in accordance with Section 404 for the year ended December 31, 2007, does not necessarily imply that a significant deficiency or material weakness exists in our internal control over financial reporting. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.   Our management is not aware of any material weaknesses in our internal control over financial reporting, and nothing has come to the attention of management which causes them to believe that any material inaccuracies or errors exist in our financial statements as of December 31, 2007.  Despite the fact management has not currently identified any material weaknesses in our internal control over financial reporting, it is possible that as our management continues to evaluate our  internal control over financial reporting, management could discover a material weakness.

 
2
 
 
Inherent Limitations Over Internal Controls

Because of its inherent limitations, internal control over financial reporting may not prevent or detect all errors or misstatements and all fraud. Therefore, even those systems determined to be effective can provide only reasonable, not absolute, assurance that the objectives of the policies and procedures are met. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

This Report does not include an attestation report of our company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our company’s registered public accounting firm pursuant to temporary rules of the Commission that permit us to provide only management's report in this Report.

Changes in Internal Control Over Financial Reporting

There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of 2007 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 
3
 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, we have duly caused this Report on Form 10-K/A to be signed on our behalf by the undersigned, thereunto duly authorized on the 9 th day of February, 2009.

Zhongpin Inc.
(Company)
   
   
   
By:
 /s/Xianfu Zhu
 
 
Xianfu Zhu
 
Chief Executive Officer

 
4
 
Grafico Azioni Zhongpin Inc. (MM) (NASDAQ:HOGS)
Storico
Da Giu 2024 a Lug 2024 Clicca qui per i Grafici di Zhongpin Inc. (MM)
Grafico Azioni Zhongpin Inc. (MM) (NASDAQ:HOGS)
Storico
Da Lug 2023 a Lug 2024 Clicca qui per i Grafici di Zhongpin Inc. (MM)