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NOTES PAYABLE
 6 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Notes Payable Disclosure [Text Block]
13. 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 is obligated 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 as set out in Note 5 and long-term land lease prepayments with carrying amount of US$4,741,000 (as of March 31, 2012: US$760,000) as of September 30, 2012.

 

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

 

    As of
September 30,		     As of
 March 31,		  
    2012     2012  
    US$’000     US$’000  
             
Corporate and personal guarantees issued by related parties (Note 16(d))     19,123       4,277  
Corporate guarantees issued by third parties     -       1,584  
Corporate guarantees jointly issued by related parties and third parties (Note 16(d))     6,339       3,960  

  

As of September 30, 2012 and March 31, 2012, the Group had unutilized banking facilities of approximately US$8,500,000 and US$17,991,000, respectively, to meet the liquidity needs.