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Emerald Dairy Inc fka EMDY RSS Feed

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About Emerald Dairy, Inc.:

 Company

Emerald Dairy conducts operations through its wholly-owned subsidiaries, Heilongjiang Xing An Ling Dairy and Heilongjiang Beian Nongken Changxing Lvbao Dairy. Founded in 1980, Emerald Dairy is one of the leading producers of infant formula, milk powder, soybean and rice powders products in China. The Company is headquartered in Beian City, Heilongjiang, one of China’s largest milk production bases.

With the access to quality resources and the Company’s commitment to quality control, Emerald Dairy provides consumers best quality products at a competitive price. In 2005, “Xing An Ling,” the Company’s principle brand, was named one of the leading brands by the Government of Heilongjiang. In addition to being ISO 90001 certified, the Company‘s products are certified by the national government as organic products.

Today, the Company’s products are distributed under brands “Xing An Ling” and “Yi Bai” throughout 20 provinces in China, servicing second- and third-tier city consumers. Going into 2008 and onward, Emerald Dairy will continue to pursue growth opportunities through capacity expansion, continued commitment to best quality and increasing popularity of its brands.

Our Company

Emerald Dairy conducts operations through its wholly-owned subsidiaries, Heilongjiang Xing An Ling Dairy and Heilongjiang Beian Nongken Changxing Lvbao Dairy. Founded in 1980, Emerald Dairy is one of the leading producers of infant formula, milk powder, soybean and rice powders products in China. The Company is headquartered in Beian City, Heilongjiang, one of China’s largest milk production bases.

With the access to quality resources and the Company’s commitment to quality control, Emerald Dairy provides consumers best quality products at a competitive price. In 2005, “Xing An Ling,” the Company’s principle brand, was named one of the leading brands by the Government of Heilongjiang. In addition to being ISO 90001 certified, the Company‘s products are certified by the national government as organic products.

Today, the Company’s products are distributed under brands “Xing An Ling” and “Yi Bai” throughout 20 provinces in China, servicing second- and third-tier city consumers. Going into 2008 and onward, Emerald Dairy will continue to pursue growth opportunities through capacity expansion, continued commitment to best quality and increasing popularity of its brands.

Our Company

Emerald Dairy conducts operations through its wholly-owned subsidiaries, Heilongjiang Xing An Ling Dairy and Heilongjiang Beian Nongken Changxing Lvbao Dairy. Founded in 1980, Emerald Dairy is one of the leading producers of infant formula, milk powder, soybean and rice powders products in China. The Company is headquartered in Beian City, Heilongjiang, one of China’s largest milk production bases.

With the access to quality resources and the Company’s commitment to quality control, Emerald Dairy provides consumers best quality products at a competitive price. In 2005, “Xing An Ling,” the Company’s principle brand, was named one of the leading brands by the Government of Heilongjiang. In addition to being ISO 90001 certified, the Company‘s products are certified by the national government as organic products.

Today, the Company’s products are distributed under brands “Xing An Ling” and “Yi Bai” throughout 20 provinces in China, servicing second- and third-tier city consumers. Going into 2008 and onward, Emerald Dairy will continue to pursue growth opportunities through capacity expansion, continued commitment to best quality and increasing popularity of its brands.

Our Company

Emerald Dairy conducts operations through its wholly-owned subsidiaries, Heilongjiang Xing An Ling Dairy and Heilongjiang Beian Nongken Changxing Lvbao Dairy. Founded in 1980, Emerald Dairy is one of the leading producers of infant formula, milk powder, soybean and rice powders products in China. The Company is headquartered in Beian City, Heilongjiang, one of China’s largest milk production bases.

With the access to quality resources and the Company’s commitment to quality control, Emerald Dairy provides consumers best quality products at a competitive price. In 2005, “Xing An Ling,” the Company’s principle brand, was named one of the leading brands by the Government of Heilongjiang. In addition to being ISO 90001 certified, the Company‘s products are certified by the national government as organic products.

Today, the Company’s products are distributed under brands “Xing An Ling” and “Yi Bai” throughout 20 provinces in China, servicing second- and third-tier city consumers. Going into 2008 and onward, Emerald Dairy will continue to pursue growth opportunities through capacity expansion, continued commitment to best quality and increasing popularity of its brands.

 

  • Yang Yongshan - Chief Executive Officer and President
    More than 20 years experience in the dairy industry
    Six years as Director of the Company
    Degree in Food Engineering from North Eastern Agriculture University in China

     
  • Shu Kaneko - Chief Financial Officer, Secretary and Director
    14 years experience in financial service industry
    More than six years with Ernst & Young Financial Services Advisory Group
    M.B.A. from Georgetown University

     
  • Niu Wan Chen – VP of Sales and Director
    More than 15 years experience in the dairy industry
    Bachelor’s degree in business administration from Northeast Forest University in 1995
    Has been Vice President of Sales since October 2005

     
  • Qin Si Bo – Chief Operating Officer and Director
    More than 18 years in the dairy industry
    Bachelor’s degree in Food and Nutrition from the Northeast Agricultural University in 1993
    Has been Vice President of Production since July 2000

     
  • Yuan Yong Wei – VP of Operations and Director
    Has over 20 years of experience in the dairy industry
    Bachelor’s degree in business administration from Northeast Forest University
    Has been Vice President of Operation since July 2000

 

Emerald Dairy Inc. and Subsidiaries

Consolidated Balance Sheet
December 31, 2009

 
   
December 31,
   
December 31,
 
   
2009
   
2008
 
ASSETS
           
             
Current Assets
           
Cash and cash equivalents
  $ 13,486,429     $ 7,343,588  
Trade accounts receivable,net
    7,223,016       6,146,228  
Inventory, net
    1,298,488       883,233  
Advances to equipment supplier
    3,710,707       3,712,883  
Advances to suppliers and other receivables
    1,221,151       549,835  
Deposits
    71,598       74,614  
Total current assets
    27,011,389       18,710,381  
                 
Property, plant and equipment
               
Property, plant and equipment, net
    5,946,330       6,101,566  
Contruction in progress
    8,772,931       2,482,339  
      14,719,261       8,583,905  
                 
Intangible assets, net
    1,341,534       1,380,089  
                 
    $ 43,072,184     $ 28,674,375  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
                 
Current Liabilities
               
Accounts payable
  $ 2,308,866     $ 3,264,066  
Accrued expenses
    608,932       1,387,881  
Notes payable, net of debt discount of $729,830 and $87,888 at December 31, 2009 and 2008, respectively
    5,843,472       2,662,112  
Advances from employees
    -       248,424  
Taxes payable
    704,056       480,435  
Loan from shareholder
    210,142       210,265  
Total current liabilities
    9,675,468       8,253,183  
                 
Commitments and Contingencies (Note 21)
               
                 
Stockholders' Equity
               
Preferred stock ($0.001 par value, 10,000,000 shares authorized, none issued and outstanding at December 31, 2009 and 2008)
    -       -  
Common stock ($0.001 par value, 100,000,000 shares authorized, 34,890,267 and 31,243,776 issued and outstanding at December 31, 2009 and 2008, respectively)
    34,890       31,244  
Treasury Stock (1,944,444 shares at December 31, 2009 and 2008, respectively)
    (1,944 )     (1,944 )
Additional paid-in capital
    17,003,093       8,225,922  
Retained earnings (of which $1,834,742 and $1,314,861 are restricted at December 31, 2009 and 2008, respectively, for common welfare reserves)
    14,318,425       10,106,402  
Accumulated other comprehensive income
    2,042,252       2,059,568  
Total stockholders' equity
    33,396,716       20,421,192  
                 
    $ 43,072,184     $ 28,674,375  

 


 
The accompanying notes are an integral part of these consolidated financial statements.


 

 
F-3

 


Emerald Dairy Inc. and Subsidiaries
Consolidated Statements of Operations
For the Years Ended December 31, 2009 and 2008

 
   
2009
   
2008
 
             
Sales
  $ 44,729,276     $ 44,325,179  
                 
Cost of Goods Sold
    24,056,601       26,546,291  
                 
Gross Profit
    20,672,675       17,778,888  
                 
Operating Expenses
               
Selling expenses
    10,047,861       10,602,185  
Administrative expenses
    3,271,892       3,494,733  
Depreciation and amortization
    178,281       113,660  
Total operating expenses
    13,498,034       14,210,578  
                 
Other Income (Expense)
               
Interest income
    6,187       13,041  
Interest expense
    (236,226 )     (426,646 )
Loss on extinguishment of debt
    (1,405,052 )     -  
Total other income (expense)
    (1,635,091 )     (413,605 )
                 
Net Income Before Provision for Income Tax
    5,539,550       3,154,705  
                 
Provision for Income Taxes
               
Current
    1,327,527       840,198  
      1,327,527       840,198  
                 
Net Income
  $ 4,212,023     $ 2,314,507