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CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
 12 Months Ended
Sep. 30, 2012
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]

25.         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 RMB109,651 and RMB109,651 as of September 30, 2011 and 2012, respectively.

 

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

 

CONDENSED BALANCE SHEET

 

    September 30  
    2011     2012  
    RMB     RMB  
ASSETS                
Current assets                
Cash and cash equivalents     1,099       1,991  
Other receivables     118       3  
Acquired intangible assets, net     1       -  
Due from inter-companies     136,796       129,807  
Total current assets     138,014       131,801  
Investment in unconsolidated subsidiaries     165,522       170,383  
Total assets     303,536       302,184  

 

LIABILITIES AND EQUITY                
Current liabilities                
Due to related parties     1,509       1,506  
Other payables and accrued expenses     3,931       572  
Income tax payable     39,059       39,059  
Total current liabilities     44,499       41,137  
Total stockholders’ equity     259,037       261,047  
Total liabilities and stockholders’ equity     303,536       302,184  

 

CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME

 

    Year ended September 30,  
    2010     2011     2012  
    RMB     RMB     RMB  
                   
Cost of revenues     (208 )     (21 )     -  
Operating expenses                        
Selling and marketing     (295 )     (29 )     -  
General and administrative     (11,058 )     (11,596 )     (7,475 )
Research and development     (146 )     (32 )     -  
Other income, net     -       -       1,595  
(Loss) from operations     (11,707 )     (11,678 )     (5,880 )
Equity in earnings of unconsolidated subsidiaries     60,507       (11,402 )     4,446  
Interest income     253       1       -  
Interest expense     -       -       -  
Profit (loss) before income taxes     49,053       (23,079 )     (1,434 )
Income tax expense     -       -       -  
Net profit (loss)     49,053       (23,079 )     (1,434 )

 

CONDENSED STATEMENT OF CASH FLOWS

 

    Year ended September 30,  
    2010     2011     2012  
    RMB     RMB     RMB  
                   
Net cash provided by/(used in) operating activities     108,012       (3,745 )     (2,137 )
Net cash provided by/(used in) financing activities     (106,493 )     7,292       3,327  
Net increase/(decrease) in cash and cash equivalents     1,519       3,547       1,190  
Cash and cash equivalents, beginning of year     6,245       4,995       1,099  
Effect of exchange rate changes on cash and cash equivalents     (2,769 )     (7,443 )     (298 )
Cash and cash equivalents, end of year     4,995       1,099       1,991  

 

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.