Our finished high-end crocodilian leather is sold directly or through distributorship agreements to luxury and fashion product manufacturers in Europe, United States, Asia, South America, Africa and Australia for use in the manufacture of handbags, watchstraps, boots, garments and other fashion accessories.

Europe
More than 50% of our revenue is derived from Europe for the past three financial years ended 31 December 2007, the bulk of which is from sales of farmed alligator leather used by high-end watchstrap makers catering to luxury watch brands.

The other key segment of our customers (either direct or indirect) in Europe includes luxury brand leather goods manufacturers and fashion houses such as Prada and Stefano Ricci.

Asia
Asia is our second largest market segment contributing approximately 24% to 32% of our revenue for the past three financial years ended 31 December 2007, of which Singapore contributes approximately 8% to 11%, followed by the PRC contributing approximately 4% to 10%, South Korea contributing approximately 3% to 8% and Japan contributing approximately 3% to 5%, with the rest of Asia accounting for less than 3% of our overall revenue.

Major customers in Asia include Kwanpen, a well-known local luxury brand of crocodilian leather goods with retail outlets in important cities in Asia, and other leather goods makers in the PRC and Japan catering to the Japanese consumers, as well as leather goods makers in South Korea catering to its domestic market.

Americas & rest of the world
Sales to the Americas and the rest of the world contributed the remaining 15% to 18% of our revenue for the past three financial years ended 31 December 2007, with a significant portion of our business from the Americas currently being derived from makers of western fashion boots and belts using skins of the caiman species.

We are also cultivating the use of high-end crocodilian leather by new and important fashion designers such as Nancy Gonzalez for use in the manufacture of luxury handbags.

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