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Accrued Expenses and Other Payables

9 Months Ended

Jun. 30, 2013

Accrued Expenses and Other Payables [Text Block]

10. Accrued Expenses and Other Payables

Accrued expenses and other payables as of September 30, 2012 and June 30, 2013 consisted of the following:

			September 30,		June 30,
			2012		2013

Advances from unrelated third parties (note (a))
-	Tianjin Zhantuo International Trading Co., Ltd	$	5,727,286	$	-
-	Shenzhen Zhong Yi Li International Loading Ricegerent Co., Ltd. (a potential supplier of the Company)		-		8,961,742
-	Mr Qiu Sheng Dan (a construction sub-contractor of the Company)		-		2,536,100
-	Shenzhen Wellgain Industrial Co., Ltd.		-		3,258,815
-	Gold State Securities Limited		-		2,444,111
			5,727,286		17,200,768
Advance from related parties (note (b))			1,224,287		-
Construction costs payable			1,688,862		8,665,905
Equipment purchase payable			5,465,281		6,219,969
Customer deposits			4,097,251		2,021,590
Other payables and accruals			7,183,311		11,732,356
Staff and workers’ welfare and bonus			574,153		560,550

		$	25,960,431	$	46,401,138

(a) As of September 30, 2012 and June 30, 2013, the Company had advances from unrelated parties of $5,727,286 and $17,200,768, respectively, all of which are unsecured, non interest bearing and repayable on demand except for:-

	-	a loan of $3,258,815 from Shenzhen Wellgain Industrial Co., Ltd. which bears interest at 0.5% per month and is repayable on July 9, 2013 , guaranteed by Mr. Xiangqian Li; and Mr. Chunzhi Zhang.

	-	a loan of $2,444,111 from Gold State Securities Limited which bears interest at 2.31% per annum, secured by fixed deposits of the same amount plus interest placed with a bank (note 2) and guaranteed by Mr. Xiangqian Li and is repayable on June 6, 2014.

(b) In 2012, the Company obtained interest-free loans from related parties which are under the common control by Mr. Li. These loans were fully repaid.