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NOTES PAYABLE
 12 Months Ended
Mar. 31, 2012
Debt Disclosure [Abstract]  
Notes Payable Disclosure [Text Block]
12. 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 March 31, 2012 (as of March 31, 2011: the notes payable were collateralized by restricted bank balances).

 

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

 

    As of
 March 31,		     As of
 March 31,		  
    2012     2011  
    US$’000     US$’000  
             
Corporate and personal guarantees issued by related parties (Note 15(d))     4,277       17,557  
Corporate guarantees issued by third parties     1,584       3,435  
Corporate guarantees jointly issued by related parties and third parties (Note 15(d))     3,960       -  

 

As of March 31, 2012 and 2011, the Group had unutilized banking facilities of approximately US$17,991,000 and US$4,809,000 to meet the liquidity needs