Sutor Technology Group LTD - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - May 11, 2012
|
Organization and Nature of Operations
|
9 Months Ended |
|---|---|
|
Mar. 31, 2012
|
|
| Organization And Nature Of Operations [Abstract] | |
| Organization And Nature Of Operations | NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS
Sutor Technology Group Limited and subsidiaries (the “Company”) includes its wholly owned subsidiaries Sutor Steel Technology Co., Ltd. (“Sutor Steel”), Changshu Huaye Steel Strip Co., Ltd. (“Changshu Huaye”), Jiangsu Cold-Rolled Technology Co., Ltd. (“Jiangsu Cold-Rolled”), Ningbo Zhehua Heavy Steel Pipe Manufacturing Co., Ltd. (“Ningbo Zhehua”) and Sutor Technology Co., Ltd (“Sutor Technology”) as of March 31, 2012.
Ningbo Zhehua was organized under the laws of the People’s Republic of China (the “PRC”) on April 5, 2004. On November 10, 2009, pursuant to the Equity Transfer Agreement (the “Agreement”), Changshu Huaye acquired 100% of the equity interests of Ningbo Zhehua from Shanghai Huaye Iron & Steel Co., Ltd., (an entity under common control with the Company) (“Shanghai Huaye”) for approximately $6,615,825 in cash. The acquisition was a transfer of equity interests between entities under common control and was recognized as a recapitalization of Ningbo Zhehua into the Company in a manner similar to the pooling-of-interests method of accounting, with the assets and liabilities of Ningbo Zhehua recognized at their historical carrying amounts.
Nature of Operations - The Company’s operations are located in the PRC. For the three months ended March 31, 2012 and 2011, approximately 94.2% and 87.4%, respectively, of the Company’s revenue was derived from sales of steel products within PRC. For the nine months ended March 31, 2012 and 2011, approximately 86.9% and 91.0%, respectively, of the Company’s revenue was derived from sales of steel products within PRC. Changshu Huaye manufactures hot-dip galvanized steel and pre-painted galvanized steel. Jiangsu Cold-Rolled operates several production lines that refine products such as cold-rolled steel, acid pickled steel and hot-dip galvanized steel. Ningbo Zhehua primarily manufactures heavy steel pipe. Sutor Technology engages in trading of steel products. |
User Contributions:
Comment about this document or add new information about this topic:
This web site and associated pages are not associated with, endorsed by, or sponsored by Sutor Technology Group LTD and has no official or unofficial affiliation with Sutor Technology Group LTD
Based on public records. Inadvertent errors are possible.
Faqs.org does not guarantee the accuracy or timeliness of any information on this site. Use at your own risk.
This website is not associated with the SEC
Some parts © 2013 Advameg, Inc.
