XML 51 R39.htm IDEA: XBRL DOCUMENT v3.3.1.900
ADVANCES TO SUPPLIERS (Details)
¥ in Thousands
Dec. 31, 2015
USD ($)
Dec. 31, 2015
CNY (¥)
Jun. 30, 2015
USD ($)
Advance To Suppliers [Line Items]      
Others $ 1,874   $ 2,579
Total 1,874   50,975
Sainuo Investment Management Ltd [Member]      
Advance To Suppliers [Line Items]      
Advances To Investment Advisory Services $ 46,188 [1] ¥ 300 $ 48,396 [1]
[1] On November 3, 2014, the Company entered into an advisory service agreement with Sainuo Investment Management Ltd. (“Sainuo”) whereby Sainuo, a professional services firm based in the PRC specializing in mergers and acquisitions, business restructuring and appraisal, had been engaged to assist the Company in the identification of suitable acquisition candidates, performance of required due diligence and other business advisory services. Pursuant to the service agreement, Sainuo is entitled to a service fee (which amount is calculated based on 8% of the value of the acquisition but not to exceed RMB 3.5 million). On November 24, 2014, the Company advanced RMB 3.5 million to Sainuo in accordance with the service agreement, in connection with the Company’s decision to acquire Rong Zhou (see note 8), a small oil/chemical product tanker identified by Sainuo as an acquisition candidate (the “Vessel Acquisition”). Sainuo, Rong Yao International Shipping Limited, a Hong Kong company (the “Vessel Seller”). Sino-Global executed an agreement on April 22, 2015 whereby Sainuo shall collect a service fee of RMB 300,000 from the Company and remit RMB 3.2 million to the Vessel Seller as Sino-Global’s partial payment of the Vessel purchase price. The Company made a payment of RMB 3.5 million to Sainuo upon the earlier agreement, including RMB 300 thousand (US $46,188) as its advance to Sainuo for the completion of the agreed-upon advisory services, in addition to the offer of the 1.2 million shares issued to the Vessel Seller (see note 10).