""Crowe Horwath reviewed Tianli's financial statements for the second and third quarters of 2011 and during the course of its work ***found nothing that required revisions to Tianli's prior financial statements.*** "We initially determined to appoint Crowe Horwath as our auditor in the belief that it would inspire confidence in the market. We constantly monitor our business in an effort to contain costs and improve our profitability where appropriate. Given the current state of the market for Chinese companies, after conferring with our audit committee, our management team decided to retain our previous auditor, Sherb principally due to the resulting cost savings. While our shareholders might deem this change to be abrupt, we hope they understand that we are acting in their best interests to improve the profitability of our Company," commented Ms. Hanying Li, Chairwoman and CEO of Tianli.""
Biosecurity issues. Personally, I don't want my "stock" infected. Take the farm tour they offer and let us know if you still feel the same. Thanks in advance for you expense.
SCEI? What has that got to do with OINK. Your reference to that is irrelevant to the argument at hand and rather than validating your argument your use of irrelevant outliers just raises any readers suspicion level.
Why no access to a company that has no international reputation and is in the business of charging companies for investor exposure (quote again) “Do you represent this company? Learn how we can help increase your exposure to investors”.
Also as I understand it OINK conducts genetic, breeding and nutrition research and has a proprietary biofeed premix. Proprietary interests need protection and it is Tianli’s fiduciary responsibility to protect their intellectual property.
Geo states (from the part quoted in another message thread) that the inspection was only inconclusive.
“ We were openly invited by Tianli Agritech’s senior management to attend meetings and farm site tours on February 23 to 25, 2011. While we certainly appreciated having the opportunity to meet with management and visit the hog farms, access to the farms was generally limited to the front gate so we did not gain much information in addition to what we had already gleaned from OINK’s SEC filings.”
“access to the farms was generally limited” Generally does not mean Exclusively so they did have some access.
I did not want to pay 120 per year to Geo for access to their report. I wonder what Geo would charge Tianli for investor exposure? I tried to find out but interestingly the pertinent document says that “This document has either been removed or made private by its owner.”
As you say… What is "(their)" there to hide?
After researching Crowe Horwath I’m sure they followed all the due diligence necessary to insure product and accounting papers matched. They are one of the top 10 accounting and consulting firms in the United State with proven high standards for audit quality and have global expertise in international accounting standards.
Now as to Geoinvesting, I found an advertisement all over their website and on the OINK information page essentially asking ***“Do you represent this company? Learn how we can help increase your exposure to investors.”***
Talk about RED FLAGS as this is a Clear CONFLICT of INTEREST by any standards as Geo is in the business of Investor Reporting/Investigation and at the same time in the business of Representing Businesses to Investors.
LOL talk about have your cake and eat it too!
So went from Top 1 ranked auditor to not ranked? To each his own point of view. A center cut porkchop equals a New York strip steak? You get what you pay for. You want to stay at a top notch hotel or motel.
OINK Tianli Agritech Crowe Horwath Top 1 ONBI.OB One Bio Corp Jewett Schwartz Wolfe not ranked ONP Orient Paper BDO Limited Top 1 ORSX.PK Orsus Xelent Technologies Kabani & Company Top 10 OSN Ossen Innovation BDO China Li Xin Da Hua Top 1 PFGY.OB Perfectenergy International BDO China Shu Lun Pan TopW 1 PUDA.PK Puda Coal currently none not ranked QIHU Qihoo 360 Technology Deloitte Touche Big QKLS QKL Stores BDO China Shu Lun Pan Top 1 RCON Recon Technology Marcum Bernstein & Pinchuk Top 10 RDBO.OB Rodobo International Friedman Top 10 RENN Renren Deloitte Touche Big RINO.PK RINO International Frazer Frost not ranked SBAY.PK Subaye currently none not ranked SCEI Sino Clean Energy Weinberg & Company Top 10 SCOK SinoCoking Coal Friedman Top 10 SDTHQ.PK ShengdaTech currently none not ranked SFUN SouFun Holdings Ernst & Young Big SGAS.OB Sino Gas International Samuel H. Wong & Co. not ranked SGLA.OB Sino Green Land Marcum Bernstein & Pinchuk Top 10 SGTI.OB Shengtai Pharmaceutical Kabani & Company Top 10 SGZH.OB U.S. China Mining Group Goldman Parks Kurland Mohidin not ranked SHP ShangPharma PricewaterhouseCoopers Big SHZ China Shen Zhou Mining Sherb & Co. not ranked
Oh I did not know that the Crowe Horwath auditor was rated a "Top 1". The management at Tainli must have had to incur a financial burden to have it's statements re-evaluated by this top rated auditing firm to prove it's books are in proper order to the satisfaction of all investors. They also showed fiduciary responsibility by not retaining this expensive firm after confirmation of Tainli's integrity. After all this is a modest pig farm and not General Motors.
Thanks for the info that Crowe Harwarth is so highly rated. I now have even more confidence about my investment with OINK.