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CONCENTRATIONS

6 Months Ended

Dec. 31, 2013

Concentration Risk Disclosure [Text Block]

NOTE 18. CONCENTRATIONS

For the three months ended December 31, 2012 and 2013, the two largest customers, China National Petroleum Corporation (“CNPC”) and China Petroleum & Chemical Corporation Limited (“SINOPEC”), represented 22.6%, 58.6% and 50.7%, 14.0% of the Company’s revenue, respectively.

For the six months ended December 31, 2012 and 2013, the two largest customers, China National Petroleum Corporation (“CNPC”) and China Petroleum & Chemical Corporation Limited (“SINOPEC”), represented 28.2%, 51.1% and 48.04%, 18.01% of the Company’s revenue, respectively.

For the three and six months ended December 31, 2012, one supplier, Hebei Huanghua Xiangtong Technical Co. Ltd, accounted for 23% and 27% of the company’s total purchases. For the three and six months ended December 31, 2013, four major suppliers accounted for 52.7% and 48.8% of the company’s total purchases

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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