VARIABLE INTEREST ENTITIES

6 Months Ended

Dec. 31, 2013

Disclosure Of Variable Interest Entities [Abstract]

Disclosure Of Variable Interest Entities [Text Block]

NOTE 21. Variable Interest Entities

The Company reports its VIEs’ portion of consolidated net income and stockholders’ equity as non-controlling interests in the condensed consolidated financial statements.

Summary information regarding consolidated VIEs is as follows:

	June 30, 2013		December 31, 2013		December 31, 2013
	RMB		RMB		U.S. Dollars
ASSETS
Current Assets

Cash and cash equivalents	¥	10,341,778	¥	8,934,932	$	1,462,250

Trade accounts receivable, net		57,393,144		84,530,402		13,833,857

Notes receivable		2,578,855		-		-

Purchase advances		17,862,507		17,524,066		2,867,908

Other assets		29,974,454		36,230,550		5,929,325

Total current assets	¥	118,150,738	¥	147,219,950	$	24,093,340

Non-current assets		1,705,940		1,441,876		235,971

Total Assets	¥	119,856,678	¥	148,661,826	$	24,329,311

LIABILITIES

Trade accounts payable	¥	11,378,883	¥	23,101,652	$	3,780,710

Taxes payable		6,754,428		10,047,403		1,644,312

Other liabilities		24,770,161		29,139,023		4,768,759

Total current liabilities		42,903,472		62,288,078		10,193,781

Total Liabilities	¥	42,903,472	¥	62,288,078	$	10,193,781

The financial performance of VIEs reported in the condensed consolidated statement of income and comprehensive income for the three months ended December 31, 2013 includes revenues of ¥46,266,327 ($7,571,735), gross profit of ¥16,524,423 ($2,704,309), operating expenses of ¥6,487,564 ($1,061,725), other income of ¥210,386 ($34,431) and a net income of ¥8,995,372($1,472,141).

The financial performance of VIEs reported in the condensed consolidated statement of income and comprehensive income for the six months ended December 31, 2013 includes revenues of ¥57,779,037 ($9,455,852), gross profit of ¥21,815,513 ($3,570,227), operating expenses of ¥9,875,573 ($1,616,191), other income of ¥401,376 ($65,687) and a net income of ¥10,882,127($1,780,919).