Quarterly report pursuant to sections 13 or 15(d)

CERTAIN RISKS AND CONCENTRATIONS

v2.4.0.8
CERTAIN RISKS AND CONCENTRATIONS
9 Months Ended
Sep. 30, 2013
Risks and Uncertainties [Abstract]  
Concentration Risk Disclosure [Text Block]
18.
CERTAIN RISKS AND CONCENTRATIONS
 
 
(a)
Credit risk
 
 
 
 
 
As of September 30, 2013 and December 31, 2012, a substantial portion part of the Company’s cash included bank deposits in accounts maintained within the PRC where there is currently no rule or regulation in place for obligatory insurance to cover bank deposits in the event of bank failure. However, the Company does not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.
 
 
 
 
(b)
Major customers
 
 
 
 
 
Customers accounting for 10% or more of the Company’s revenues were as follows:
 
 
 
 
 
Merchant Supreme
  
 
 
For the Three Months Ended
September 30,
 
For the Nine Months Ended
September 30,
 
 
 
2013
 
2012
 
2013
 
 
2012
 
 
 
(Unaudited)
 
(Unaudited)
 
(Unaudited)
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fujian Xinnong Ocean Fisheries
    Development Co., Ltd
 
 
-
 
 
-
 
 
-
 
 
 
23
%
Fuzhou Haifeng Dafu Ocean
    Fishing Co., Ltd
 
 
-
 
 
-
 
 
-
 
 
 
12
%
Shenzhen Western Coast Fisherman
    Pier Co., Ltd. (Related Party)
 
 
-
 
 
-
 
 
17
%
 
 
-
 
 
 
 
-
 
 
-
 
 
17
%
 
 
35
%
 
 
(b)
Major suppliers
 
 
 
 
 
Suppliers accounting for 10% or more of the Company’s total purchases were as follows:
 
 
 
 
 
Merchant Supreme
 
 
 
For the Three Months Ended
September 30,
 
 
For the Nine Months Ended
September 30,
 
 
 
2013
 
 
2012
 
 
2013
 
 
2012
 
 
 
(Unaudited)
 
 
(Unaudited)
 
 
(Unaudited)
 
 
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fuzhou Honglong Ocean Fishery
    Co., Ltd (“Hong Long”) (Related Party)
 
 
-
 
 
 
24
%
 
 
-
 
 
 
14
%
PT. Avona Mina Lestari (Related Party)
 
 
37
%
 
 
47
%
 
 
45
%
 
 
32
%
Supplier A
 
 
28
%
 
 
22
%
 
 
24
%
 
 
38
%
 
 
 
65
%
 
 
93
%
 
 
69
%
 
 
84
%