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RELATED PARTY TRANSACTIONS
 9 Months Ended
Dec. 31, 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
 December 31,		     As of
 March 31,		  
    2011     2011  
    US$’000     US$’000  
Due from a related party:                
Ms. Zhou Fang Qin     5       8  
                 
Due to related parties:                
Mr. Xu Keyong     2       2  
Chisen Glass     1,176       1,201  
Ruilang Electronic     1,863       2,616  
Ai Ge Organism     314       304  
Nuo Wan Te Ke     -       3  
Xinguangyuan     1       -  
                 
      3,356       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
December 31, 		     Nine months ended
December 31,		  
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       2,969       2,609       3,888       6,743  
Chisen Glass     Purchase of raw materials       1,453       988       1,835       2,408  

 

(d)    Other arrangements:

  

˙ As of December 31, 2011, Chisen Glass provided guarantees, in aggregate, amounting to US$4,723,000, US$1,181,000 and US$3,542,000 to secure the short-term bank loans, notes payable and bills financing of the Company, respectively.

 

˙ As of December 31, 2011, Mr. Xu Kecheng, Ms. Zhou Fang Qin and a third party provided guarantees, in aggregate, amounting to US$2,361,000 to secure the bills financing of the Company.

 

˙ As of December 31, 2011, Xinguangyuan, Mr. Xu Kecheng and Ms. Zhou Fang Qin, provided guarantees, in aggregate, amounting to US$12,311,000 and US$1,574,000 to secure the short-term bank loans and notes payable of the Company, respectively.

 

˙ As of December 31, 2011, Chisen Glass, Mr. Xu Kecheng, Ms. Zhou Fang Qin and Ruilang Electronic provided guarantees, in aggregate, amounting to US$1,102,000 and US$11,020,000 to secure the notes payable and bills financing of the Company, respectively.

 

˙ As of December 31, 2011, Xinguangyuan provided guarantees, in aggregate, amounting to US$13,544,000 to secure the bills financing of the Company.

 

˙ As of December 31, 2011, Chisen Glass and certain third parties provided guarantees, in aggregate, amounting to US$3,936,000, US$787,000 and US$2,361,000 to secure the short-term bank loans, notes payable and bills financing of the Company, respectively.

 

˙ As of December 31, 2011, Chisen Glass, Xinguangyuan, and certain third parties provided guarantees, in aggregate, amounting to US$3,463,000 to secure the bills financing of the Company.

 

˙ As of December 31, 2011, Mr. Xu Kecheng, Ms. Zhou Fang Qin, Xinguangyuan and certain third parties provided guarantees, in aggregate, amounting to US$5,986,000 to secure the bills financing of the Company.