CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

12 Months Ended

Sep. 30, 2015

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, 2014 and 2015, respectively.

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

CONDENSED BALANCE SHEET

	September 30
	2014		2015		2015
	RMB		RMB		US$
ASSETS
Current assets
Cash and cash equivalents		671		341		54
Other receivables		3		3		-
Prepaid expenses		-		481		76
Due from inter-companies		123,601		125,815		19,778
Total current assets		124,275		126,640		19,908
Investment in unconsolidated subsidiaries		145,500		130,013		20,438
Total assets		269,775		256,653		40,346

LIABILITIES AND EQUITY
Current liabilities
Due to related parties		1,459		1,511		238
Other payables and accrued expenses		14		-		-
Total current liabilities		1,473		1,511		238
Long-term loan		12,305		13,948		2,193
Total liabilities		13,778		15,459		2,431
Total stockholders’ equity		255,997		241,194		37,915
Total liabilities and stockholders’ equity		269,775		256,653		40,346

CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME

	Year ended September 30,
	2013		2014		2015		2015
	RMB		RMB		RMB		US$

Revenues		-		-		-		-
Cost of revenues		-		-		-		-
Operating expenses
General and administrative		(5,694)		(5,025)		(4,335)		(681)
Other income, net		296		286		303		48
Loss from operations		(5,398)		(4,739)		(4,032)		(633)
Equity in earnings (loss) of unconsolidated subsidiaries		13,044		(43,579)		(9,223)		(1,449)
Interest expense		(152)		(268)		(553)		(88)
Income (loss) before income taxes		7,494		(48,586)		(13,808)		(2,170)
Income tax (expense) benefits
Income tax expense		-		-		-
Reversal of contingent tax liability		-		39,059		-		-
Income tax (expense) benefits		-		39,059		-		-

Net income(loss)		7,494		(9,527)		(13,808)		(2,170)
Other comprehensive income (loss)
Foreign currency translation difference		1,890		(56)		(2,607)		(410)
Total comprehensive income (loss)		9,384		(9,583)		(16,415)		(2,580)

CONDENSED STATEMENT OF CASH FLOWS

	Year ended September 30,
	2013		2014		2015		2015
	RMB		RMB		RMB		US$

Net cash used in operating activities		(1,666)		(3,288)		(7,242)		(1,139)
Net cash provided by (used in) financing activities		7,907		(452)		3,255		512
Net increase in cash and cash equivalents		6,241		(3,740)		(3,987)		(627)
Cash and cash equivalents, beginning of year		1,991		4,332		671		106
Effect of exchange rate changes on cash and cash equivalents		(3,900)		79		3,657		575
Cash and cash equivalents, end of year		4,332		671		341		54

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.