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EXCEL - IDEA: XBRL DOCUMENT - China Precision Steel, Inc.Financial_Report.xls
10-Q - QUARTERLY REPORT - China Precision Steel, Inc.form10q.htm
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v2.4.0.6
Inventories
3 Months Ended
Sep. 30, 2012
Inventory Disclosure [Abstract]  
Inventories

6. Inventories

 

ASC 330-10-35, “Adjustments to Lower of Cost or Market”, requires us to reduce the carrying value of inventory when there is evidence that the utility of goods will be less than cost, whether due to physical deterioration, obsolescence, changes in price levels or other causes. The Company recorded inventory write-downs in the amounts of $400,762 and $396,322for the three months ended September 30, 2012 and 2011, respectively. These amounts were recognized as a loss in each respective period.

 

As of September 30, 2012 and June 30, 2012, inventories consisted of the following:

 

At cost:   September 30, 2012     June 30, 2012  
Raw materials   $ 1,772,554     $ 1,711,735  
Work in progress     996,977       1,064,229  
Finished goods     8,516,329       6,409,395  
Consumable items     6,730,353       6,727,183  
      18,016,213       15,912,542  
Less: provision     (400,762 )     (396,322 )
    $ 17,615,451     $ 15,516,220  

 

Costs of finished goods include direct labor, direct materials, and production overhead before the goods are ready for sale.

 

Consumable items represent parts used in our cold rolling mills and other equipment that need to be replaced from time to time when necessary to ensure optimal operating results, such as bearings and rollers.

 

Inventories amounting to $6,817,371 (June 30, 2012: $6,299,566) were pledged for short-term loans totaling $19,571,342 at September 30, 2012 (June 30, 2012: $19,354,534).