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RELATED PARTY TRANSACTIONS
 6 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
16. 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
     
Mr. Xu Zhaoyu   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,		  
    2012     2012  
    US$’000     US$’000  
Due from a related party:            
Ms. Zhou Fang Qin     26       5  
                 
Due to related parties:                
Ms. Zhou Fang Qin     155       824  
Mr. Xu Keyong     2       2  
Chisen Glass     1,307       1,219  
Ruilang Electronic     2,147       1,387  
Ai Ge Organism     316       316  
Xinguangyuan     -       1  
                 
      3,927       3,749  

 

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		   2012     2011     2012     2011  
        US$’000     US$’000     US$’000     US$’000  
                             
Ruilang Electronic   Purchase of raw materials     1,388       50       2,711       919  
                                     
Chisen Glass   Purchase of raw materials     759       4       1,612       382  

 

(d) Other arrangements:

 

˙ As of September 30, 2012, Chisen Glass provided guarantees, in aggregate, amounting to US$6,339,000, US$2,271,000 and US$2,482,000 to secure the short-term bank loans, bills financing and notes payable of the Company, respectively.

 

˙ As of September 30, 2012, Ruiling Electronic, Chisen Glass, Mr. Xu Kecheng and Ms. Zhou Fang Qin provided guarantees, in aggregate, amounting to US$11,094,000 to secure notes payable of the Company.

 

˙ As of September 30, 2012, Mr. Xu Kecheng, Ms. Zhou Fang Qin and a third party provided guarantees, in aggregate, amounting to US$11,094,000, US$7,924,000 and US$6,339,000 to secure the short-term bank loans, bills financing and notes payable of the Company, respectively.

 

˙ As of September 30, 2012, Xinguangyuan, Mr. Xu Kecheng and Ms. Zhou Fang Qin, provided guarantees, in aggregate, amounting to US$16,609,000, US$2,377,000 and US$3,962,000 to secure the short-term bank loans, bills financing and notes payable of the Company, respectively.

 

˙ As of September 30, 2012, Chisen Glass and a third party provided guarantees, in aggregate, amounting to US$3,962,000 and US$1,981,000 to secure the short-term bank loans and bills financing of the Company, respectively.

 

˙ As of September 30, 2012, Xinguangyuan provided guarantees, in aggregate, amounting to US$32,945,000 to secure the bills financing of the Company.

 

˙ As of September 30, 2012, Xinguangyuan, Chisen Glass and a third party provided guarantees, in aggregate, amounting to US$3,613,000 to secure the short-term bank loans of the Company.

 

˙ As of September 30, 2012, Mr. Xu Kecheng, Ms. Zhou Fang Qin, Xinguangyuan and a third party provided guarantees, in aggregate, amounting to US$4,754,000 to secure the short-term bank loans of the Company.

 

˙ As of September 30, 2012, Chisen Glass and Xinguangyuan provided guarantees, in aggregate, amounting to US$4,438,000 to secure the bills financing of the Company.

 

˙ As of September 30, 2012, Ruiling Electronic, Mr. Xu Kecheng and Ms. Zhou Fang Qin provided guarantees, in aggregate, amounting to US$1,585,000 to secure the bills financing of the Company.

 

˙ As of September 30, 2012, Xinguangyuan, Chisen Glass, Mr. Xu Kecheng and Ms. Zhou Fang Qin provided guarantees, in aggregate, amounting to US$5,895,000 to secure the short-term bank loans of the Company.

 

˙ As of September 30, 2012, Xinguangyuan, Mr. Xu Kecheng and Ms. Zhou Fang Qin and a third party provided guarantees, in aggregate, amounting to US$1,585,000 to secure the bills financing of the Company.

 

˙ As of September 30, 2012, Mr. Xu Kecheng and Ms. Zhou Fang Qin provided guarantees, in aggregate, amounting to US$6,339,000 and US$1,585,000 to secure the short-term bank loans and notes payable of the Company, respectively.