Quarterly report pursuant to Section 13 or 15(d)

CERTAIN RISKS AND COCENTRATIONS

CERTAIN RISKS AND COCENTRATIONS

9 Months Ended

Sep. 30, 2014

Concentration Risk Disclosure [Text Block]

NOTE 15 – CERTAIN RISKS AND COCENTRATIONS

Credit risk

Substantially all of the Company’s cash is maintained with state-owned banks within the PRC, and none of these deposits are covered by insurance. The Company has not experienced any losses in such accounts and believes it is not exposed to any 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 three and nine months ended September 30, 2014 and 2013.

Three Months Ended

Nine Months Ended

September 30

September 30,

Customer

2014

2013

2014

2013

(As Restated)

Shenzhen Western Coast Fisherman Pier Co., Ltd, a related party

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 three and nine months ended September 30, 2014 and 2013.

	Three Months Ended							Nine Months Ended
	September 30							September 30,
Supplier	2014				2013			2014				2013
				(As Restated)							(As Restated)
A		*				31	%		*				19	%
B		*				*			*				14	%
C (Hong Long, a related party)		48	%			26	%		47	%			22	%
D (Hong Fa Shipping Limited, a related party)		28	%			*			29	%			*
E (PT. Avona Mina Lestari, a related party)		13	%			29	%		*				35	%

Less than 10%.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References + Details