v2.3.0.15
RELATED PARTY TRANSACTIONS
6 Months Ended
Sep. 30, 2011
Related Party Transactions [Abstract] 
Related Party Transactions Disclosure [Text Block]
14.
RELATED PARTY TRANSACTIONS
  
 
(a)
Names and relationship of related parties:
       
 
Name of related party
  
Existing relationships with the Company
       
 
Mr. Xu Kecheng
  
Director and controlling stockholder of Chisen Electric
 
Zhejiang Chisen Glass Company Limited (“Chisen Glass”)*
  
A company controlled by a close family member of Mr. Xu Kecheng
 
Mr. Xu Keyong
  
A close family member of Mr. Xu Kecheng
 
Ms. Zhou Fang Qin
  
Spouse of Mr. Xu Kecheng
 
Changxing Chisen Xinguangyuan Company Limited (“Xinguangyuan”)*
  
A company controlled by a close family member of Mr. Xu Kecheng
 
Zhejiang Ai Ge Organism Products Company Limited (“Ai Ge Organism”)*
  
A company controlled by Mr. Xu Kecheng
 
Zhejiang Changxing Nuo Wan Te Ke Glass Company Limited (“Nuo Wan Te Ke”)*
  
A company controlled by a close family member of Mr. Xu Kecheng
 
Zhejiang Changxing Ruilang Electronic Company Limited (“Ruilang Electronic”) *
  
A company controlled by a close family member of Mr. Xu Kecheng
 
*
These are direct translation of the name in Chinese for identification purpose only and are not the official names in English.
 
 
(b) 
Summary of balances with related parties:
 
     
As of
September 30,
    
As of
March 31,
  
     
2011
    
2011
  
     
US$’000
    
US$’000
  
 
Due from a related party:
            
 
Ms. Zhou Fang Qin
     8       8  
                   
 
Due to related parties:
                
 
Mr. Xu Keyong
     2       2  
 
Chisen Glass
     669       1,201  
 
Ruilang Electronic
     1,223       2,616  
 
Ai Ge Organism
     312       304  
 
Nuo Wan Te Ke
     -       3  
 
Xinguangyuan
     3       -  
                   
        2,209       4,126  
 
All amounts due from / to related parties represent unsecured advances which are interest-free and repayable on demand.
 
 
(c) 
Summary of related party transactions:
 
         
Three months ended
September 30,
    
Six months ended
September 30,
  
 
Name of related party
  
Nature of
transactions
  
2011
    
2010
    
2011
    
2010
  
         
US$’000
    
US$’000
    
US$’000
    
US$’000
  
                               
 
Ruilang Electronic
  
Purchase of raw materials
     50       2,201       919       4,134  
                                       
 
Chisen Glass
  
Purchase of raw materials
     4       760       382       1,420  
  
 
(d) 
Other arrangements:
 
 
˙
As of September 30, 2011, Chisen Glass provided guarantees, in aggregate, amounting to US$4,696,000, US$1,174,000 and US$3,522,000 to secure the short-term bank loans, notes payable and bills financing of the Company, respectively.
 
 
˙
As of September 30, 2011, US$1,096,000 of the Company’s notes payable was guaranteed by Ruilang Electronic, Mr. Xu Kecheng and Ms. Zhou Fang Qin.
 
 
˙
As of September 30, 2011, Mr. Xu Kecheng, Ms. Zhou Fang Qin and a third party provided guarantees, in aggregate, amounting to US$2,348,000 to secure the notes payable of the Company.
 
 
˙
As of September 30, 2011, Xinguangyuan, Mr. Xu Kecheng and Ms. Zhou Fang Qin, provided guarantees, in aggregate, amounting to US$12,241,000 and US$1,565,000 to secure the short-term bank loans and notes payable of the Company, respectively.
 
 
˙
As of September 30, 2011, Chisen Glass, Mr. Xu Kecheng and Ms. Zhou Fang Qin provided guarantees, in aggregate, amounting to US$1,565,000 to secure the notes payable of the Company.
 
 
˙
As of September 30, 2011, Chisen Glass, Mr. Xu Kecheng, Ms. Zhou Fang Qin and Ruilang Electronic provided guarantees, in aggregate, amounting to US$3,913,000 and US$3,130,000 to secure the notes payable and bills financing of the Company, respectively.
 
 
˙
As of September 30, 2011, Xinguangyuan provided guarantees, in aggregate, amounting to US$1,565,000 to secure the bills financing of the Company.
 
 
˙
As of September 30, 2011, Xinguangyuan, Mr. Xu Kecheng, Ms. Zhou Fang Qin and certain third parties provided guarantees, in aggregate, amounting to US$4,696,000 to secure the bills financing of the Company.