Sutor Technology Group LTD - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - May 11, 2012

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v2.4.0.6
Significant Concentrations
 9 Months Ended
Mar. 31, 2012
Significant Concentrations [Abstract]  
Significant Concentrations

NOTE 15 – SIGNIFICANT CONCENTRATIONS

 

A significant portion of the Company’s purchases and revenues consist of transactions with Shanghai Huaye and its subsidiaries. For the three months ended March 31, 2012 and 2011, approximately 29.7% and 38.3%, respectively, of the Company’s revenues was derived from Shanghai Huaye and its subsidiaries, and approximately 17.4% and 70.0%, respectively, of the Company’s purchases was from Shanghai Huaye and its subsidiaries. For the nine months ended March 31, 2012 and 2011, approximately 25.6% and 47.9%, respectively, of the Company’s revenues was derived from Shanghai Huaye and its subsidiaries, and approximately 33.7% and 63.5%, respectively, of the Company’s purchases was from Shanghai Huaye and its subsidiaries.

 

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents and restricted cash. As of March 31, 2012 and June 30, 2011, substantially all of the Company’s cash and cash equivalents and restricted cash were held by major financial institutions located in the PRC, which management believes are of high credit quality.

 

The Company made advance payments to suppliers for purchase of raw materials. As of March 31, 2012 and June 30, 2011, approximately 73.4% and 73.5%, respectively, of the Company’s advances to suppliers was made to Shanghai Huaye and its subsidiaries.

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