Annual report pursuant to Section 13 and 15(d)

Certain Risks and Concentrations

v3.3.1.900
Certain Risks and Concentrations
12 Months Ended
Dec. 31, 2015
Certain Risks and Concentrations [Abstract]  
CERTAIN RISKS AND CONCENTRATIONS

NOTE 16 – CERTAIN RISKS AND CONCENTRATIONS

 

Credit risk

 

At December 31, 2015 and 2014, the Company’s cash included bank deposits in accounts maintained within the PRC and Hong Kong where there are currently no rules or regulations 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

 

No customer accounted for 10% or more of the Company’s sales during the years ended December 31, 2015, 2014 and 2013.

 

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, 2015, 2014 and 2013.

 

    Year Ended December 31,  
Supplier   2015     2014     2013  
A     *       10 %     22 %
B (PT Avona Mina Lestari, a related party)     34 %     *       26 %
C (Hong Fa Shipping Limited, a related party)     30 %     23 %     23 %
D (Hong Long, a related party)     11 %     44 %     *  
E (Hai Yi Shipping Limited, a related party)     14 %     *       *  

 

* less than 10%