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Concentrations of Credit Risk and Major Customers | 12 Months Ended
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Mar. 31, 2023
Concentrations of Credit Risk and Major Customers [Abstract] |
CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS |
17. | CONCENTRATIONS OF CREDIT RISK AND MAJOR CUSTOMERS
The Group’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash and cash equivalents and accounts receivables. The Group’s cash and cash equivalents are high-quality deposits placed with authorized banking institutions. This investment policy limits the Group’s exposure to concentrations of credit risk. Accounts receivable from the four customers with the largest receivable balances or customers that individually comprised 10% or more of receivable balance as of March 31, 2022 and 2023 are as follows:
|  | Percentage of accounts receivable |
|  | 2022 |  |  | 2023 |
|  | % |  |  | % |
Customer B |  |  | 23.3 |  |  |  | 31.7 |
Customer A |  |  | 30.3 |  |  |  | 30.2 |
Customer D |  |  | 12.5 |  |  |  | 14.5 |
Customer C |  |  | 22.0 |  |  |  | 14.1 |
Four largest receivable balances |  |  | 88.1 |  |  |  | 90.5 |
A substantial percentage of the Group’s sales are made to three customers and are typically on an open account basis. Customers accounting for 10% or more of total revenue from contracts with customers in any of the years ended March 31, 2021, 2022 and 2023 are as follows:
|  | Year ended March 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |
|  | % |  |  | % |  |  | % |
Customer B (note a) |  |  | 46.6 |  |  |  | 33.4 |  |  |  | 35.3 |
Customer C (note b) |  |  | 25.9 |  |  |  | 26.5 |  |  |  | 33.0 |
Customer D (note a) |  |  | 15.3 |  |  |  | 16.7 |  |  |  | 16.5 |
Customer E (note a) |  |  | *** |  |  |  | *** |  |  |  | 10.0 |
|  |  | 87.8 |  |  |  | 76.6 |  |  |  | 94.8 |
Notes:
| (a) | Sales to this customer were reported in both of the Metal Stamping and Mechanical OEM and Electric OEM operating segments.
| (b) | Sales to this customer was reported in the Metal Stamping operating segment.

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent + Details
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