11.	NOTES PAYABLE

Notes payable were issued by the Company to creditors with the banker’s acceptance payable at the maturity date for the purchase of raw materials for production exclusively. The Company has to repay the notes within nine months from date of issuance and service fees would be charged by banks for the issuance of the notes. The notes payable were collateralized by restricted bank balances and a long-term land lease prepayment with carrying amount of US$760,000 as of September 30, 2011 (as of March 31, 2011: US$Nil) .

In addition, various parties have issued guarantee against these notes payable as follows:

	As of September 30,		As of March 31,
	2011		2011
	US$’000		US$’000

Corporate and personal guarantees jointly issued by related parties (Note 14(d))		9,313		17,557
Corporate guarantees issued by third parties		1,957		3,435
Corporate guarantees jointly issued by related parties and third parties (Note 14(d))		2,348		-

As of September 30, 2011 and March 31, 2011, the Company had unutilized banking facilities of approximately US$33,185,000 and US$4,809,000 respectively to meet the liquidity needs.