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RELATED PARTY TRANSACTIONS
 12 Months Ended
Mar. 31, 2012
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
15. 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
 March 31,		     As of
 March 31,		  
    2012     2011  
    US$’000     US$’000  
Due from a related party:                
Ms. Zhou Fang Qin     5       8  
                 
Due to related parties:                
Ms. Zhou Fang Qin     824       -  
Mr. Xu Keyong     2       2  
Chisen Glass     1,219       1,201  
Ruilang Electronic     1,387       2,616  
Ai Ge Organism     316       304  
Xinguangyuan     1       -  
Nuo Wan Te Ke     -       3  
                 
      3,749       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:

 

            Years ended March 31,  
Name of related party     Nature of transactions       2012       2011  
              US$’000       US$’000  
Ruilang Electronic     Purchase of raw materials       4,058       8,425  
Chisen Glass     Purchase of raw materials       2,123       3,153  

 

(d) Other arrangements:

 

˙ As of March 31, 2012, Chisen Glass provided guarantees, in aggregate, amounting to US$6,337,000, US$2,376,000 and US$2,376,000 to secure the short-term bank loans, bills financing and notes payable of the Company, respectively.

 

˙ As of March 31, 2012, Ruiling Electronic, Chisen Glass, Mr. Xu Kecheng and Ms. Zhou Fang Qin provided guarantees, in aggregate, amounting to US$7,129,000 to secure the bills financing of the Company.

 

˙ As of March 31, 2012, Mr. Xu Kecheng, Ms. Zhou Fang Qin and a third party provided guarantees, in aggregate, amounting to US$7,920,000 and US$11,881,000 to secure the short term bank loans and bills financing of the Company, respectively.

 

˙ As of March 31, 2012, Xinguangyuan, Mr. Xu Kecheng and Ms. Zhou Fang Qin, provided guarantees, in aggregate, amounting to US$792,000, US$5,545,000 and US$16,603,000 to secure the notes payable, bills financing and short term bank loans of the Company, respectively.

 

˙ As of March 31, 2012, Chisen Glass and a third party provided guarantees, in aggregate, amounting to US$3,961,000, US$2,376,000 and US$792,000 to secure the short term bank loans, bills financing and notes payable of the Company, respectively.

 

˙ As of March 31, 2012, Xinguangyuan provided guarantees, in aggregate, amounting to US$1,361,000 and US$1,584,000 to secure the bills financing and short term bank loan of the Company, respectively.

 

˙ As of March 31, 2012, Xinguangyuan, Chisen Glass and a third party provided guarantees, in aggregate, amounting to US$3,485,000 to secure the bills financing of the Company.

 

˙ As of March 31, 2012, Mr. Xu Kecheng, Ms. Zhou Fang Qin, Xinguangyuan and a third party provided guarantees, in aggregate, amounting to US$3,168,000 to secure the notes payable of the Company.

 

˙ As of March 31, 2012, Chisen Glass, Mr. Xu Kecheng and Ms. Zhou Fang Qin, provided guarantees, in aggregate, amounting to US$3,961,000 to secure the bills financing of the Company.

 

˙ As of March 31, 2012, Ruiling Electronic, Mr. Xu Kecheng and Ms. Zhou Fang Qin provided guarantees, in aggregate, amounting to US$1,109,000 to secure the notes payable of the Company.