|
 |
|
ASSETS
|
|
|
|
|
September 30, 2008
|
|
March 31, 2008
|
|
|
|
(Unaudited)
|
|
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
1,860,931
|
$
|
7,487,808
|
|
|
Restricted cash
|
|
6,717,217
|
|
5,438,809
|
|
|
Notes receivable, net of reserve of $146,664
and $135,563 at September 30, 2008 and March 31, 2008, respectively
|
|
593,990
|
|
647,908
|
|
|
Inventories, net
|
|
567,692 ?/span>
|
|
2,171,040
|
|
|
Prepayments for
goods
|
|
530,835
|
|
1,196,831
|
|
|
Due from
employees
|
|
17,958
|
|
13,213
|
|
|
Other assets
|
|
73,218
|
|
134,993
|
|
|
Due from related
parties
|
|
172,799
|
|
-
|
|
|
Total current
assets
|
|
12,534,640
|
|
17,090,602
|
|
|
|
|
|
|
|
|
|
Long-term
investment
|
|
470,791
|
|
-
|
|
|
Plant and
equipment, net
|
|
19,961,732
|
|
20,102,938
|
|
|
Land use rights,
net
|
|
1,659,591
|
|
1,629,633
|
|
|
Construction in
progress
|
|
21,313,759
|
|
9,740,638
|
|
|
Deposits
|
|
2,050,323
|
|
1,978,389
|
|
|
Deferred taxes
|
|
201,200
|
|
179,541
|
|
|
Other long-term
assets
|
|
12,471
|
|
32,574
|
|
|
Total
long-term assets
|
|
45,669,867
|
|
33,663,713
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
$
|
58,204,507
|
$
|
50,754,315
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
Accounts payable
|
$
|
6,009,712 ?/span>
|
$
|
1,656,883
|
|
|
Other payables
and accrued liabilities
|
|
569,145
|
|
545,090?
|
|
|
Short-term debt
|
|
17,749,293
|
|
17,954,837
|
|
|
Customer deposits
|
|
3,928,665
|
|
4,220,527
|
|
|
Payable to
contractors
|
|
964,146 ?/span>
|
|
506,364?
|
|
|
Due to related
parties
|
|
8,587,539
|
|
5,708,995?
|
|
|
Taxes payable
|
|
845,899 ?/span>
|
|
1,424,992
|
|
|
Total
current liabilities
|
|
38,654,399
|
|
32,017,688?
|
|
|
|
|
|
|
|
|
LONG-TERM
LIABILITIES
|
|
|
|
|
|
|
Long-term notes payable
|
|
532,391
|
|
517,168
|
|
|
Deferred taxes
|
|
772,102
|
|
773,449
|
|
|
Due to employees
|
|
160,684
|
|
156,517
|
|
|
Total
long-term liabilities
|
|
1,465,177
|
|
1,447,134
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
$
|
40,119,576
|
$
|
33,464,822
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
Common stock, par
value $0.001 per share; 30,000,000
shares authorized, 12,640,000 shares issued and outstanding as of September 30, 2008 and March 31, 2008, respectively
|
|
12,640
|
|
12,640
|
|
|
Additional
paid-in capital
|
|
4,573,205
|
|
4,573,205
|
|
|
Retained earnings (restricted
portion was $950,327 as of September 30, 2008 and March 31, 2008, respectively)
|
|
10,872,622
|
|
10,626,499
|
|
|
Accumulated other
comprehensive income
|
|
2,626,464
|
|
2,077,149
|
|
TOTAL SHAREHOLDERS' EQUITY
|
|
18,084,931
|
|
17,289,493
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
58,204,507
|
$
|
50,754,315
|
|
|
|
