XML 30 R19.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Dec. 31, 2017

Schedule of Variable Interest Entities [Table Text Block]

The following table sets forth the carrying amounts of the assets and liabilities of the VIE, Victory Apparel, which was included in the Company’s consolidated balance sheets:

	December 31, 2017		March 31, 2017
Current assets	$	2,069	$	2,096
Intercompany receivables*		311,393		321,317
Total assets		313,462		323,413

Third party current liabilities		-		(6,815)
Total liabilities		-		(6,815)
Net assets	$	313,462	$	316,598

* Receivables from Jerash Garments are eliminated upon consolidation.

Schedule of Depreciation and Amortization Expense Related to Property, Plant and Equipment [Table Text Block]

The estimated useful lives of depreciation and amortization of the principal classes of assets are as follows:

		Useful life
Land		Infinite
Property and buildings		15 years
Equipment and machinery		3-5 years
Office and electronic equipment		3-5 years
Automobiles		5 years
Leasehold improvements		Lesser of useful life and lease term

Schedule of Differences between Reported Amount and Reporting Currency Denominated Amount [Table Text Block]

The following table outlines the currency exchange rates that were used in creating the consolidated financial statements in this report:

	December 31, 2017	March 31, 2017	December 31, 2016
Period-end spot rate	US$1=JOD 0.7097	US$1=JOD 0.7090	US$1=JOD 0.7106
	US$1=HKD 0.1282	US$1=HKD 0.1287	US$1=HKD 0.1289
Average rate	US$1=JOD 0.7093	US$1=JOD 0.7086	US$1=JOD 0.7109
	US$1=HKD 0.1280	US$1=HKD 0.1289	US$1=HKD 0.1289

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details