in the second transaction , global trend merged with and into jerash holdings with jerash holdings being the surviving entity , as a result of which jerash holdings became the direct parent of global trend 's wholly owned operating subsidiaries , jerash garments and treasure success . 21 accounting treatment of merger for accounting purposes , global trend is recognized as the accounting acquirer , and jerash holdings is the legal acquirer or accounting acquiree . as such , following the merger , the historical financial statements of global trend are treated as the historical financial statements of the combined company . accordingly , the financial information in this annual report on form 10-k , including management 's discussion and analysis of financial condition and results of operations and the consolidated financial statements and the related notes thereto appearing elsewhere in this filing , reflect the consolidated financial statements of global trend , its subsidiaries and its affiliate , which includes as a variable interest entity victory apparel jordan company limited ( “ victory apparel ” ) . victory apparel was incorporated in jordan in 2005 and it is a wholly owned subsidiary of wcl . wealth choice limited ( “ wcl ” ) acquired global trend and jerash garments from two third-party individuals on march 21 , 2012. on march 31 , 2006 , victory apparel purchased all of the property and equipment of jerash garments at an industrial building in al tajamouat industrial city purchased by jerash garments on july 31 , 2000. the land and building were not registered in victory apparel 's name , and jerash garments continued to hold the land and building in its name in trust for victory apparel . the declaration of trust was never registered with the land registry of jordan , and on june 30 , 2016 , victory apparel and jerash garments dissolved the sale agreement , resulting in the property and equipment being owned free and clear by jerash garments . victory apparel does not currently have any material assets or operations of its own , and mr. choi and mr. lee , the group 's significant stockholders who together indirectly own 100 % of victory apparel through wcl , intend to dissolve the entity seasonality of sales a significant portion of our revenues are received during the first six months of our fiscal year . the majority of our vf corporation orders are derived from winter season fashions , the sales of which occur in spring and summer and are merchandized by vf corporation during the autumn months ( september through november ) . as such , the second half of our fiscal years reflect lower sales in anticipation of the spring and summer seasons . one of our strategies is to increase sales with other customers where clothing lines are stronger during the spring months . this strategy also reflects our current plan to increase the group 's number of customers to mitigate our current concentration risk with vf corporation . results of operations the following table presents certain information from our statement of income for fiscal years 2017 and 2018 and should be read , along with all of the information in this management 's discussion and analysis , in conjunction with the consolidated financial statements and related notes included elsewhere in this filing . ( all amounts , other than percentages , in thousands of u.s. dollars ) replace_table_token_2_th 22 revenue . revenue increased by approximately $ 7.3 million or 12 % , to approximately $ 69.3 million in fiscal 2018 from approximately $ 62.0 million in fiscal 2017. the growth was mainly the result of the expansion of our business with one of our major customers , particularly , in export product types with higher sales value , such as jackets , and the economic recovery of the u.s. , which remains the group 's major export destination . approximately 88 % and 90 % of our products were exported to the u.s. in fiscal 2018 and 2017 respectively . as a garment manufacturing group , we excel in manufacturing sport and outerwear and derive most of our revenue from the manufacturing and sales of sport and outerwear , which is the only segment in which we operate . the table below presents our revenues for fiscal years 2017 and 2018 by geographic area . revenue by geographic area ( all amounts , other than percentages , in thousands of u.s. dollars ) replace_table_token_3_th since december 2001 , all apparel manufactured in jordan could be exported to the u.s. without duty imposed , pursuant to the u.s. customs and border protection jordan free trade treaty . this treaty provides substantial competitiveness and benefit for us to expand the group 's garment export business in the u.s. our sales to the u.s. increased by approximately 9.8 % in fiscal 2018 compared to fiscal 2017. according to the major shippers report issued by the office of textiles and apparel under the u.s. department of commerce , u.s. apparel import from jordan increased by approximately 6.7 % from $ 1.30 billion in the fiscal year ended march 31 , 2017 to approximately $ 1.38 billion in the fiscal year ended march 31 , 2018. the group 's sales growth ratio has been exceeding the industrial average growth ratio , and the group still has plenty of room to expand our garment export business in the u.s. , as jerash accounts for only 4.8 % of the total jordanian garment exports to the u.s. , according to the world bank . cost of goods sold . story_separator_special_tag revenue is recognized when all four of the following criteria are met : ( i ) persuasive evidence that an arrangement exists ( sales agreements and customer purchase orders are used to determine the existence of an arrangement ) ; ( ii ) delivery of goods has occurred and risks and benefits of ownership have been transferred ( which is when the goods are received by the customer at its designated location in accordance with the sales terms ) ; ( iii ) the sales price is both fixed and determinable , and ( iv ) collectability is reasonably assured . most of the company 's products are custom-made for large brand-name retailers . historically , sales returns have been minimal . accounts receivable accounts receivable are recognized and carried at original invoiced amount less an estimated allowance for uncollectible accounts . the company usually grants credit to customers with good credit standing with a maximum of 90 days and determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends . the company establishes a provision for doubtful receivables when there is objective evidence that the company may not be able to collect amounts due . the allowance is based on management 's best estimates of specific losses on individual exposures , as well as a provision on historical trends of collections . the provision is recorded against accounts receivables balances , with a corresponding charge recorded in the consolidated statements of income and comprehensive income . actual amounts received may differ from management 's estimate of credit worthiness and the economic environment . delinquent account balances are written off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable . no allowance was considered necessary as of march 31 , 2018 and 2017. recent accounting pronouncements the company considers the applicability and impact of all accounting standards updates ( “ asus ” ) . management periodically reviews new accounting standards that are issued . new accounting pronouncements recently adopted in july 2015 , the financial accounting standards board ( “ fasb ” ) issued asu no . 2015-11 , “ simplifying the measurement of inventory . ” asu no . 2015-11 changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value . net realizable value is defined as the estimated selling prices in the ordinary course of business ; less reasonably predictable costs of completion , disposal and transportation . for public business entities , the amendments in this asu are effective for fiscal years beginning after december 15 , 2016 , including interim reporting periods within those fiscal years . the company adopted this guidance in the first quarter of its fiscal year ended march 31 , 2018 using a prospective application . the adoption of this guidance did not have a material impact on the company 's consolidated financial statements and related disclosures . 29 in march 2016 , the fasb issued asu 2016-09 , “ compensation—stock compensation ( topic 718 ) : improvements to employee share-based payment accounting . ” this update addresses several aspects of the accounting for share-based compensation transactions including : ( a ) income tax consequences when awards vest or are settled , ( b ) classification of awards as either equity or liabilities , ( c ) a policy election to account for forfeitures as they occur rather than on an estimated basis and ( d ) classification of excess tax impacts on the statement of cash flows . the company adopted this guidance in the first quarter of its fiscal year ended march 31 , 2018 , which did not have a material impact on the company 's consolidated financial statements and related disclosures . the amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement will be applied prospectively . the company does not expect the future impact to be material to the consolidated results of operations ; however , such determination is subject to change based on facts and circumstances at the time when awards vest or settle . accounting pronouncements not yet adopted in may 2014 , the fasb issued asu no . 2014-09 , “ revenue from contracts with customers ( topic 606 ) ” ( “ topic 606 ” ) . topic 606 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers . topic 606 will replace most existing revenue recognition guidance in u.s. gaap when it becomes effective and permits the use of either the retrospective or cumulative effect transition method . the guidance also requires additional disclosure about the nature , amount , timing and uncertainty of revenue and cash flows arising from customer contracts . in august 2015 , the fasb issued asu no . 2015-14 , “ deferral of the effective date ” , which defers the effective date for topic 606 by one year . for public entities , the guidance in topic 606 will be effective for annual reporting periods beginning after december 15 , 2017 ( including interim reporting periods within those periods ) , and for all other entities , topic 606 will be effective for annual reporting periods beginning after december 15 , 2018 , and interim reporting periods within annual reporting periods beginning after december 15 , 2019. in march 2016 , the fasb issued asu no . 2016-08 , “ principal versus agent considerations ( reporting revenue versus net ) , ” which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard . in april 2016 , the fasb issued asu no . 2016-10 , “ identifying performance obligations and licensing , ” which reduces the complexity when applying the guidance for identifying performance obligations and improves the operability and understandability

liquidity and capital resources jerash holdings is a holding company incorporated in delaware . as a holding company , we rely on dividends and other distributions from our jordanian subsidiaries to satisfy our liquidity requirements . current jordanian regulations permit the group 's jordanian subsidiaries to pay dividends to us only out of their accumulated profits , if any , determined in accordance with jordanian accounting standards and regulations . in addition , our jordanian subsidiaries are required to set aside at least 10 % of their respective accumulated profits each year , if any , to fund certain reserve funds . these reserves are not distributable as cash dividends . the group has relied on direct payments of expenses by the group 's subsidiaries ( which generate revenues ) , to meet the group 's obligations to date . to the extent payments are due in u.s. dollars , the group has occasionally paid such amounts in jordanian dinar to an entity controlled by the group 's management capable of paying such amounts in u.s. dollars . such transactions have been made at prevailing exchange rates and have resulted in immaterial losses or gains on currency exchange but no other profit . as of march 31 , 2018 , we had cash of approximately $ 8.6 million and restricted cash of approximately $ 3.6 million compared to cash of approximately $ 3.7 million and restricted cash of approximately $ 0.5 million as of march 31 , 2017 , which was mainly the security deposit for obtaining the credit facilities from hsbc . our current assets as of march 31 , 2018 were approximately $ 36.9 million , and our current liabilities were approximately $ 7.9 million , which resulted in a current ratio of approximately 4.7:1. our current assets as of march 31 , 2017 were approximately $ 30.3 million , and our current liabilities were approximately $ 11.9 million , which resulted in a current ratio of approximately 2.5:1. total equity as of march 31 , 2018 and 2017 was approximately $ 34.1 million and 22.0 million , respectively . we had net working capital of $ 29.0 million and $ 18.4 million as of march 31 , 2018 and 2017 , respectively .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources jerash holdings is a holding company incorporated in delaware . as a holding company , we rely on dividends and other distributions from our jordanian subsidiaries to satisfy our liquidity requirements . current jordanian regulations permit the group 's jordanian subsidiaries to pay dividends to us only out of their accumulated profits , if any , determined in accordance with jordanian accounting standards and regulations . in addition , our jordanian subsidiaries are required to set aside at least 10 % of their respective accumulated profits each year , if any , to fund certain reserve funds . these reserves are not distributable as cash dividends . the group has relied on direct payments of expenses by the group 's subsidiaries ( which generate revenues ) , to meet the group 's obligations to date . to the extent payments are due in u.s. dollars , the group has occasionally paid such amounts in jordanian dinar to an entity controlled by the group 's management capable of paying such amounts in u.s. dollars . such transactions have been made at prevailing exchange rates and have resulted in immaterial losses or gains on currency exchange but no other profit . as of march 31 , 2018 , we had cash of approximately $ 8.6 million and restricted cash of approximately $ 3.6 million compared to cash of approximately $ 3.7 million and restricted cash of approximately $ 0.5 million as of march 31 , 2017 , which was mainly the security deposit for obtaining the credit facilities from hsbc . our current assets as of march 31 , 2018 were approximately $ 36.9 million , and our current liabilities were approximately $ 7.9 million , which resulted in a current ratio of approximately 4.7:1. our current assets as of march 31 , 2017 were approximately $ 30.3 million , and our current liabilities were approximately $ 11.9 million , which resulted in a current ratio of approximately 2.5:1. total equity as of march 31 , 2018 and 2017 was approximately $ 34.1 million and 22.0 million , respectively . we had net working capital of $ 29.0 million and $ 18.4 million as of march 31 , 2018 and 2017 , respectively .
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 Suspicious Activity Report : in the second transaction , global trend merged with and into jerash holdings with jerash holdings being the surviving entity , as a result of which jerash holdings became the direct parent of global trend 's wholly owned operating subsidiaries , jerash garments and treasure success . 21 accounting treatment of merger for accounting purposes , global trend is recognized as the accounting acquirer , and jerash holdings is the legal acquirer or accounting acquiree . as such , following the merger , the historical financial statements of global trend are treated as the historical financial statements of the combined company . accordingly , the financial information in this annual report on form 10-k , including management 's discussion and analysis of financial condition and results of operations and the consolidated financial statements and the related notes thereto appearing elsewhere in this filing , reflect the consolidated financial statements of global trend , its subsidiaries and its affiliate , which includes as a variable interest entity victory apparel jordan company limited ( “ victory apparel ” ) . victory apparel was incorporated in jordan in 2005 and it is a wholly owned subsidiary of wcl . wealth choice limited ( “ wcl ” ) acquired global trend and jerash garments from two third-party individuals on march 21 , 2012. on march 31 , 2006 , victory apparel purchased all of the property and equipment of jerash garments at an industrial building in al tajamouat industrial city purchased by jerash garments on july 31 , 2000. the land and building were not registered in victory apparel 's name , and jerash garments continued to hold the land and building in its name in trust for victory apparel . the declaration of trust was never registered with the land registry of jordan , and on june 30 , 2016 , victory apparel and jerash garments dissolved the sale agreement , resulting in the property and equipment being owned free and clear by jerash garments . victory apparel does not currently have any material assets or operations of its own , and mr. choi and mr. lee , the group 's significant stockholders who together indirectly own 100 % of victory apparel through wcl , intend to dissolve the entity seasonality of sales a significant portion of our revenues are received during the first six months of our fiscal year . the majority of our vf corporation orders are derived from winter season fashions , the sales of which occur in spring and summer and are merchandized by vf corporation during the autumn months ( september through november ) . as such , the second half of our fiscal years reflect lower sales in anticipation of the spring and summer seasons . one of our strategies is to increase sales with other customers where clothing lines are stronger during the spring months . this strategy also reflects our current plan to increase the group 's number of customers to mitigate our current concentration risk with vf corporation . results of operations the following table presents certain information from our statement of income for fiscal years 2017 and 2018 and should be read , along with all of the information in this management 's discussion and analysis , in conjunction with the consolidated financial statements and related notes included elsewhere in this filing . ( all amounts , other than percentages , in thousands of u.s. dollars ) replace_table_token_2_th 22 revenue . revenue increased by approximately $ 7.3 million or 12 % , to approximately $ 69.3 million in fiscal 2018 from approximately $ 62.0 million in fiscal 2017. the growth was mainly the result of the expansion of our business with one of our major customers , particularly , in export product types with higher sales value , such as jackets , and the economic recovery of the u.s. , which remains the group 's major export destination . approximately 88 % and 90 % of our products were exported to the u.s. in fiscal 2018 and 2017 respectively . as a garment manufacturing group , we excel in manufacturing sport and outerwear and derive most of our revenue from the manufacturing and sales of sport and outerwear , which is the only segment in which we operate . the table below presents our revenues for fiscal years 2017 and 2018 by geographic area . revenue by geographic area ( all amounts , other than percentages , in thousands of u.s. dollars ) replace_table_token_3_th since december 2001 , all apparel manufactured in jordan could be exported to the u.s. without duty imposed , pursuant to the u.s. customs and border protection jordan free trade treaty . this treaty provides substantial competitiveness and benefit for us to expand the group 's garment export business in the u.s. our sales to the u.s. increased by approximately 9.8 % in fiscal 2018 compared to fiscal 2017. according to the major shippers report issued by the office of textiles and apparel under the u.s. department of commerce , u.s. apparel import from jordan increased by approximately 6.7 % from $ 1.30 billion in the fiscal year ended march 31 , 2017 to approximately $ 1.38 billion in the fiscal year ended march 31 , 2018. the group 's sales growth ratio has been exceeding the industrial average growth ratio , and the group still has plenty of room to expand our garment export business in the u.s. , as jerash accounts for only 4.8 % of the total jordanian garment exports to the u.s. , according to the world bank . cost of goods sold . story_separator_special_tag revenue is recognized when all four of the following criteria are met : ( i ) persuasive evidence that an arrangement exists ( sales agreements and customer purchase orders are used to determine the existence of an arrangement ) ; ( ii ) delivery of goods has occurred and risks and benefits of ownership have been transferred ( which is when the goods are received by the customer at its designated location in accordance with the sales terms ) ; ( iii ) the sales price is both fixed and determinable , and ( iv ) collectability is reasonably assured . most of the company 's products are custom-made for large brand-name retailers . historically , sales returns have been minimal . accounts receivable accounts receivable are recognized and carried at original invoiced amount less an estimated allowance for uncollectible accounts . the company usually grants credit to customers with good credit standing with a maximum of 90 days and determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collection trends . the company establishes a provision for doubtful receivables when there is objective evidence that the company may not be able to collect amounts due . the allowance is based on management 's best estimates of specific losses on individual exposures , as well as a provision on historical trends of collections . the provision is recorded against accounts receivables balances , with a corresponding charge recorded in the consolidated statements of income and comprehensive income . actual amounts received may differ from management 's estimate of credit worthiness and the economic environment . delinquent account balances are written off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable . no allowance was considered necessary as of march 31 , 2018 and 2017. recent accounting pronouncements the company considers the applicability and impact of all accounting standards updates ( “ asus ” ) . management periodically reviews new accounting standards that are issued . new accounting pronouncements recently adopted in july 2015 , the financial accounting standards board ( “ fasb ” ) issued asu no . 2015-11 , “ simplifying the measurement of inventory . ” asu no . 2015-11 changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value . net realizable value is defined as the estimated selling prices in the ordinary course of business ; less reasonably predictable costs of completion , disposal and transportation . for public business entities , the amendments in this asu are effective for fiscal years beginning after december 15 , 2016 , including interim reporting periods within those fiscal years . the company adopted this guidance in the first quarter of its fiscal year ended march 31 , 2018 using a prospective application . the adoption of this guidance did not have a material impact on the company 's consolidated financial statements and related disclosures . 29 in march 2016 , the fasb issued asu 2016-09 , “ compensation—stock compensation ( topic 718 ) : improvements to employee share-based payment accounting . ” this update addresses several aspects of the accounting for share-based compensation transactions including : ( a ) income tax consequences when awards vest or are settled , ( b ) classification of awards as either equity or liabilities , ( c ) a policy election to account for forfeitures as they occur rather than on an estimated basis and ( d ) classification of excess tax impacts on the statement of cash flows . the company adopted this guidance in the first quarter of its fiscal year ended march 31 , 2018 , which did not have a material impact on the company 's consolidated financial statements and related disclosures . the amendments requiring recognition of excess tax benefits and tax deficiencies in the income statement will be applied prospectively . the company does not expect the future impact to be material to the consolidated results of operations ; however , such determination is subject to change based on facts and circumstances at the time when awards vest or settle . accounting pronouncements not yet adopted in may 2014 , the fasb issued asu no . 2014-09 , “ revenue from contracts with customers ( topic 606 ) ” ( “ topic 606 ” ) . topic 606 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers . topic 606 will replace most existing revenue recognition guidance in u.s. gaap when it becomes effective and permits the use of either the retrospective or cumulative effect transition method . the guidance also requires additional disclosure about the nature , amount , timing and uncertainty of revenue and cash flows arising from customer contracts . in august 2015 , the fasb issued asu no . 2015-14 , “ deferral of the effective date ” , which defers the effective date for topic 606 by one year . for public entities , the guidance in topic 606 will be effective for annual reporting periods beginning after december 15 , 2017 ( including interim reporting periods within those periods ) , and for all other entities , topic 606 will be effective for annual reporting periods beginning after december 15 , 2018 , and interim reporting periods within annual reporting periods beginning after december 15 , 2019. in march 2016 , the fasb issued asu no . 2016-08 , “ principal versus agent considerations ( reporting revenue versus net ) , ” which clarifies the implementation guidance on principal versus agent considerations in the new revenue recognition standard . in april 2016 , the fasb issued asu no . 2016-10 , “ identifying performance obligations and licensing , ” which reduces the complexity when applying the guidance for identifying performance obligations and improves the operability and understandability

