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ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)
12 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule Of Subsidiaries and Variable Interest Entities [Table Text Block]
 
Origin Agritech Limited (“Agritech”), incorporated under the laws of the British Virgin Islands, and its subsidiaries and variable interest entities (together, the “Company”) are principally engaged in hybrid crop seed development, production and distribution. As of September 30, 2012, details of the Company’s subsidiaries and variable interest entities are as follows:
 
 
 
Date of
 
Place of
 
Percentage
 
 
 
 
Incorporation
 
Incorporation
 
of
 
Principal
Name
 
or Establishment
 
or Establishment
 
Ownership
 
Activity
 
 
 
 
 
 
 
 
 
Subsidiaries:
 
 
 
 
 
 
 
 
State Harvest Holdings Limited (“State Harvest”)
 
October 6, 2004
 
British Virgin Islands
 
100%
 
Investment holding
 
 
 
 
 
 
 
 
 
Beijing Origin State Harvest
 
December 1, 2004
 
People’s Republic
 
100%
 
Hybrid seed
Biotechnology Limited (“BioTech”)
 
 
 
of China (“PRC”)
 
 
 
technology development
 
 
 
 
 
 
 
 
 
Shandong Kunfeng Biochemical Limited (note (iii)) (“Kunfeng”)
 
June 14, 2006
 
PRC
 
100%
 
Agricultural chemical producer
 
 
 
 
 
 
 
 
 
Variable interest entity:
 
 
 
 
 
 
 
 
Beijing Origin Seed Limited (note (i)) (“Beijing Origin”)
 
December 26, 1997
 
PRC
 
-
 
Hybrid crop seed development,
 
 
 
 
 
 
 
 
production and
 
 
 
 
 
 
 
 
distribution
 
 
 
 
 
 
 
 
 
Subsidiaries held by Beijing Origin:
 
 
 
 
 
 
 
 
Henan Origin Cotton Technology Development Limited (note (i)) (“Henan Cotton”)
 
March 2, 2001
 
PRC
 
92.04%
 
Hybrid crop seed development, production and
 
 
 
 
 
 
 
 
distribution
 
 
 
 
 
 
 
 
 
Changchun Origin Seed Technology Development Limited (note (i); note (iv))
 
April 29, 2003
 
PRC
 
99.83%
 
Hybrid crop seed development, production and
(“Changchun Origin”)
 
 
 
 
 
 
 
distribution
 
 
 
 
 
 
 
 
 
Linze Origin Seed Limited (note (i))
 
November 18, 2008
 
PRC
 
100%
 
Hybrid crop seed development, production and
 
 
 
 
 
 
 
 
distribution
 
 
 
 
 
 
 
 
 
Xinjiang Originbo Seed Company Limited (“Xinjiang Origin”) (note (i); note (ii))
 
July 13, 2011
 
PRC
 
51%
 
Hybrid crop seed development, production and
 
 
 
 
 
 
 
 
distribution
 
 
 
 
 
 
 
 
 
Denong Zhengcheng Seed Limited (note v) (“Denong”)
 
June 21, 2000
 
PRC
 
98.58%
 
Hybrid seed development, production and
 
 
 
 
 
 
 
 
distribution
 
Note (i):
Beijing Origin Seed Limited, Henan Origin Cotton Technology Development Limited, Changchun Origin Seed Technology Development Limited, Linze Origin Seed Limited and Xinjiang Originbo Seed Company Limited are collectively referred to as “Beijing Origin”.
Note (ii):
During the year, both Beijing Origin and the non-controlling interest made capital injection to Xinjiang Originbo Seed Company Limited, leading to an increase in its paid in capital to RMB100,000 from RMB40,000 in last year. Subsequent to the capital injection, Beijing Origin holds a 51% ownership interest in Xinjiang Origin.
Note (iii):
As of April 6, 2012, Kunfeng has completed its restructuring procedures and is now a wholly owned subsidiary of BioTech.
Note (iv):
In July 2012, Beijing Origin made capital injection to Changchun Origin, leading to an increase in its paid in capital to RMB30,000 from 5,000 in last year. Subsequent to the capital injection, the share ratio of Beijing Origin increased to 99.83% from 99% last year.
Note (v):
In June 2012, Beijing Origin made capital injection to Denong, leading to an increase in its paid in capital to RMB120,000 from 80,000 last year. Subsequent to the capital injection, the share ratio of Beijing Origin increased to 98.58% from 97.87% last year.
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The net book value of acquired assets and liabilities pursuant to the Share Exchange Transaction is as follows:
 
 
 
RMB
 
Net assets acquired:
 
 
 
 
Cash
 
 
163,517
 
 
 
 
 
 
Other current assets
 
 
6,201
 
Due to State Harvest Shareholders and their designee
 
 
(2,022)
 
Other payables and accrued expenses
 
 
(965)
 
 
 
 
 
 
 
 
 
166,731
 
Less: Transaction costs paid in cash
 
 
(14,430)
 
Tax effect of the Share Exchange Transaction
 
 
(39,060)
 
 
 
 
 
 
 
 
 
113,241
 
Schedule Of Business Acquisition Additional Purchase Price [Table Text Block]
As further additional purchase price, certain State Harvest Shareholders and their designee will be issued an aggregate of 1,500,000 shares of common stock of Agritech for any of the next four years if, on a consolidated basis, Agritech generates after-tax profits (excluding after-tax operating profits from any subsequent acquisitions of securities that have a dilutive effect and before the expenses of this transaction and director and employee option expense) of at least the following amounts:
 
 
 
After-tax profit
 
 
 
US$
 
Twelve months ended June 30,
 
 
 
 
2006
 
 
11,000
 
2007
 
 
16,000
 
2008
 
 
21,000
 
2009
 
 
29,000