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EXCEL - IDEA: XBRL DOCUMENT - Fushi Copperweld, Inc.Financial_Report.xls
10-Q - FORM 10-Q - Fushi Copperweld, Inc.v325512_10q.htm
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v2.4.0.6
Basis of presentation and significant concentrations and risks (Policies)
9 Months Ended
Sep. 30, 2012
Basis of presentation and significant concentrations and risks [Abstract]  
Basis of presentation

(a) Basis of presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted as permitted by rules and regulations of the US Securities and Exchange Commission (the ''SEC''). The condensed consolidated balance sheet as of December 31, 2011 was derived from the audited consolidated financial statements of Fushi Copperweld, Inc. ("Fushi") and subsidiaries (collectively the ''Company''). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated balance sheet of the Company as of December 31, 2011, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended included in Fushi's Annual Report on Form 10-K filed with the SEC.

 

In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of the financial position as of September 30, 2012, the results of operations for the three-month periods ended September 30, 2012 and 2011, and the results of operations and cash flows for the nine-month periods ended September 30, 2012 and 2011, have been made.

 

The preparation of consolidated financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the fair values of assets acquired and liabilities assumed in business combinations, the recoverability of the carrying amounts of property, plant and equipment, goodwill and intangible assets, the realizability of inventories and deferred income tax assets, the useful lives of property, plant and equipment and intangible assets, the collectibility of accounts receivable, the fair values of share-based compensation awards, and the accruals for tax uncertainties and other contingencies. The current economic environment has increased the degree of uncertainty inherent in those estimates and assumptions.

 

Significant concentrations and risks

(b) Significant concentrations and risks

 

The percentage of the Company's total revenues from customers located in the People's Republic of China ("PRC"), United States ("US") and other countries is as follows:

 

    Three-Month Period Ended September 30,  
    2012     2011  
    USD     %     USD     %  
                                 
PRC     57,228,308       79 %     60,378,513       81 %
US     8,995,727       12 %     10,195,436       14 %
Other countries     6,383,107       9 %     3,705,391       5 %
Total     72,607,142       100 %     74,279,340       100 %

 

 

    Nine-Month Period Ended September 30,  
    2012     2011  
    USD     %     USD     %  
                         
PRC     161,458,954       76 %     173,356,367       79 %
US     32,157,378       15 %     32,561,751       15 %
Other countries     18,440,470       9 %     13,240,648       6 %
Total     212,056,802       100 %     219,158,766       100 %

 

The Company expects revenues from customers located in the PRC and US to continue to represent a substantial portion of its revenues in the future. Any factors adversely affecting the bimetallic wire sector in the PRC and US will have a material adverse effect on the Company's business, financial position and results of operations.

 

The Company purchases raw materials from a limited number of suppliers. In the aggregate, five major suppliers provided approximately 66% and 59% of the Company's raw materials for the nine-month periods ended September 30, 2012 and 2011, respectively. Management believes that other suppliers could provide similar raw materials on comparable terms. A change in suppliers, however, could cause a delay in manufacturing and a possible loss of sales, which would adversely affect the Company's business, financial position and results of operations.

 

To limit exposure to credit risk relating to bank deposits, the Company primarily places bank deposits with large financial institutions in the PRC with acceptable credit rating. As of September 30, 2012 and December 31, 2011, the Company placed 92% and 88% of its total cash, respectively, with Industrial and Commercial Bank of China, a large state-owned bank in China. Bank deposits placed in financial institutions in the PRC are uninsured by the government authority.