Annual report pursuant to Section 13 and 15(d)

Certain Risks and Concentrations

v2.4.1.9
Certain Risks and Concentrations
12 Months Ended
Dec. 31, 2014
Certain Risks and Concentrations [Abstract]  
CERTAIN RISKS AND CONCENTRATIONS

NOTE 15 – CERTAIN RISKS AND CONCENTRATIONS

 

Credit risk

 

As of December 31, 2014 and 2013, a substantial portion 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 event of bank failure. However, the Company does not experience any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.

 

Major customers

 

The following table sets forth information as to each customer that accounted for 10% or more of the Company’s sales for the years ended December 31, 2014, 2013 and 2012.

 

    Years Ended December 31,  
Customer   2014     2013     2012  
Fujian Xinnong Ocean Fisheries Development Co., Ltd, a related party     *       *       13 %

 

 

*less than 10%

  

Major suppliers

 

The following table sets forth information as to each supplier that accounted for 10% or more of the Company’s purchases for the years ended December 31, 2014, 2013 and 2012.

    Years Ended December 31,  
Supplier   2014     2013     2012  
A     10 %     22 %     34 %
B (PT Avona Mina Lestari, a related party)     *       26 %     38 %
C (Hong Fa Shipping Limited, a related party)     23 %     23 %     *  
D (Hong Long, a related party)     44 %     *       *  


 

*less than 10%