CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

12 Months Ended

Sep. 30, 2011

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

26.	CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

The condensed financial statements of Origin Agritech Limited (the “parent company”) have been prepared in accordance with accounting principles generally accepted in the United States of America. Under the PRC laws and regulations, the Company’s PRC subsidiaries are restricted in their ability to transfer certain of their net assets to the parent company in the form of dividend payments, loans or advances. The amounts restricted include paid-in capital, capital surplus and statutory reserves, as determined pursuant to PRC generally accepted accounting principles, totaling RMB132,168 and RMB109,651 as of September 30, 2010 and 2011, respectively.

The following represents condensed unconsolidated financial information of the parent company only:

CONDENSED BALANCE SHEET

	September 30
	2010		2011
	RMB		RMB
ASSETS
Current assets
Cash and cash equivalents		4,995		1,099
Other receivables		189		118
Acquired intangible assets, net		5		1
Due from inter-companies		144,249		136,796
Total current assets		149,438		138,014
Investment in unconsolidated subsidiaries		166,542		165,522
Total assets		315,980		303,536

LIABILITIES AND EQUITY
Current liabilities
Due to related parties		1,592		1,509
Other payables and accrued expenses		3,444		3,931
Income tax payable		39,059		39,059
Total current liabilities		44,095		44,499
Total stockholders’ equity		271,885		259,037
Total liabilities and stockholders’ equity		315,980		303,536

CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME

	Year ended September 30,
	2009			2010			2011
	RMB			RMB			RMB

Cost of revenues		(494	)		(208	)		(21	)
Operating expenses
Selling and marketing		(992	)		(295	)		(29	)
General and administrative		(9,388	)		(11,058	)		(11,596	)
Research and development		(272	)		(146	)		(32	)
Changes in the fair value of embedded derivatives		3,300			-			-
Loss on repurchase of convertible notes		(51,101	)		-			-
Other expenses, net		(20	)		-			-
(Loss) from operations		(58,967	)		(11,707	)		(11,678	)
Equity in earnings of unconsolidated subsidiaries		23,283			60,507			(11,402	)
Interest income		77			253			1
Interest expense		(5,210	)		-			-
Profit (loss) before income taxes		(40,817	)		49,053			(23,079	)
Income tax expense		-			-			-
Net profit (loss)		(40,817	)		49,053			(23,079	)

CONDENSED STATEMENT OF CASH FLOWS

	Year ended September 30,
	2009			2010			2011
	RMB			RMB			RMB

Net cash provided by/(used in) operating activities		(28,433	)		108,012			(3,745	)
Net cash provided by/(used in) financing activities		21,781			(106,493	)		7,292
Net increase/(decrease) in cash and cash equivalents		(6,652	)		1,519			3,547
Cash and cash equivalents, beginning of year		12,209			6,245			4,995
Effect of exchange rate changes on cash and cash equivalents		688			(2,769	)		(7,443	)
Cash and cash equivalents, end of year		6,245			4,995			1,099

BASIS OF PRESENTATION

The condensed financial information has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company has used equity method to account for its investments in subsidiaries.

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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