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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
Principles of Consolidation (Policies)
9 Months Ended
Sep. 30, 2012
Principles of Consolidation [Abstract]  
Principles of Consolidation

Note 2 - Principles of Consolidation

 

The consolidated financial statements include the financial statements of Fushi, its wholly-owned subsidiaries and consolidated variable interest entity ("VIE"), in which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated on consolidation.

 

Fushi has no direct or indirect legal ownership interest in Dalian Fushi Bimetallic Manufacturing Co., Ltd.( "Dalian Fushi" ). The legal registered capital interests of Dalian Fushi are held by four individuals as nominee shareholders. Through a series of contractual agreements, including the Entrusted Management Agreement, the Voting Proxy Agreement, the Share Pledge Agreement and Exclusive Option Agreement (collectively, the "VIE Agreements") among Fushi International (Dalian) Bimetallic Cable Co., Ltd. ("Fushi International"), Dalian Fushi and its shareholders, Fushi, through Fushi International, has a controlling financial interest in Dalian Fushi. The Company holds an exclusive call option to acquire Dalian Fushi for nil consideration and has provided financing to Dalian Fushi. Dalian Fushi holds the titles to an office building and land use rights in Dalian on behalf of the Company and does not conduct any business operation.

 

In accordance with ASC Sub-topic 810-10, Dalian Fushi is determined to be a VIE because (i) the registered capital interests of Dalian Fushi that are held by nominee shareholders do not allow the nominee shareholders to participate in any profit or loss of Dalian Fushi and (ii) the nominee shareholders do not have the power to direct the activities of Dalian Fushi that most significantly impact its economic performance and do not have the obligation to absorb the expected losses and right to receive the expected residual returns of Dalian Fushi.

 

In accordance with ASC Sub-topic 810-10, the Company is determined to be the primary beneficiary of Dalian Fushi and the financial statements of Dalian Fushi are consolidated in the Company's consolidated financial statements.

 

The Company is the primary beneficiary of Dalian Fushi because the Company has (i) the power to direct activities of Dalian Fushi that most significantly impact the economic performance of Dalian Fushi; (ii) the obligation to absorb the expected losses and the right to receive expected residual return of Dalian Fushi that could potentially be significant to Dalian Fushi; and (iii) there is no party apart from the Company that holds any variable interest in Dalian Fushi.

 

Under the terms of the VIE Agreements, the Company (i) is irrevocably appointed by the nominee shareholders of Dalian Fushi with the exclusive right to exercise the shareholder's voting rights of Dalian Fushi, (ii) has the right to independently manage Dalian Fushi's business, including appointing all directors to its board of directors, and management, (iii) has the right to receive Dalian Fushi's profits and bear its losses, (iv) has the right to dispose all assets of Dalian Fushi, and (v) the option to acquire 100% of the registered capital interests in Dalian Fushi for nil consideration.

 

The assets and liabilities of Dalian Fushi as of September 30, 2012 and December 31, 2011, and revenues and net loss of Dalian Fushi for the three and nine-month periods ended September 30, 2012 and 2011 are as follows:

 

    September 30, 2012     December 31, 2011  
    USD     USD  
             
Property, plant and equipment, net     43,223,948       45,529,419  
Land use rights     5,194,637       5,282,596  
Other assets     287,415       404,539  
Total assets     48,706,000       51,216,554  
                 
Amounts due to Fushi International (i)     24,678,547       24,482,686  
Other liabilities     737,691       512,857  
Total liabilities     25,416,238       24,995,543  

 

  (i) This amount is eliminated on consolidation.

 

    Three-Month Period Ended September 30,  
    2012     2011  
    USD     USD  
             
Revenues     -       -  
Net loss     949,485       893,696  

 

    Nine-Month Period Ended September 30,  
    2012     2011  
    USD     USD  
             
Revenues     -       -  
Net loss     2,947,747       2,569,305