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CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
 12 Months Ended
Sep. 30, 2017
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
27.
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 RMB84,517 as of September 30, 2016 and 2017, respectively.
 
The following represents condensed unconsolidated financial information of the parent company only:
 
CONDENSED BALANCE SHEET
 
 
 
September 30
 
 
 
2016
 
 
2017
 
 
2017
 
 
 
RMB
 
 
RMB
 
 
US$
 
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
581
 
 
 
17
 
 
 
3
 
Other receivables
 
 
3
 
 
 
3
 
 
 
1
 
Prepaid expenses
 
 
-
 
 
 
-
 
 
 
-
 
Due from inter-companies
 
 
129,811
 
 
 
109,321
 
 
 
16,472
 
Total current assets
 
 
130,395
 
 
 
109,341
 
 
 
16,476
 
Investment in unconsolidated subsidiaries
 
 
71,512
 
 
 
4,544
 
 
 
684
 
Total assets
 
 
201,907
 
 
 
113,885
 
 
 
17,160
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Due to related parties
 
 
1,586
 
 
 
1,576
 
 
 
238
 
Total current liabilities
 
 
1,586
 
 
 
1,576
 
 
 
238
 
Long-term borrowings
 
 
20,033
 
 
 
-
 
 
 
-
 
Total liabilities
 
 
21,619
 
 
 
1,576
 
 
 
238
 
Total stockholders’ equity
 
 
180,288
 
 
 
112,309
 
 
 
16,922
 
Total liabilities and stockholders’ equity
 
 
201,907
 
 
 
113,885
 
 
 
17,160
 


CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
 
 
Year ended September 30,
 
 
 
2015
 
 
2016
 
 
2017
 
 
2017
 
 
 
RMB
 
 
RMB
 
 
RMB
 
 
US$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
303
 
 
 
204
 
 
 
-
 
 
 
-
 
Cost of revenues
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General and administrative
 
 
(4,335
)
 
 
(16,035
)
 
 
(3,016
)
 
 
(455
)
Loss from operations
 
 
(4,032
)
 
 
(15,831
)
 
 
(3,016
)
 
 
(455
)
Equity method loss
 
 
(9,223
)
 
 
(49,009
)
 
 
(72,491
)
 
 
(10,922
)
Interest expense
 
 
(553
)
 
 
(738
)
 
 
(167
)
 
 
(25
)
Loss before income taxes
 
 
(13,808
)
 
 
(65,578
)
 
 
(75,674
)
 
 
(11,402
)
Income tax (expense) benefits
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income tax expense
 
 
-
 
 
 
-
 
 
 
-
 
 
 
 
 
Reversal of contingent tax liability
 
 
-
 
 
 
-
 
 
 
-
 
 
 
 
 
Income tax benefits
 
 
-
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
 
(13,808
)
 
 
(65,578
)
 
 
(75,674
)
 
 
(11,402
)
Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation difference
 
 
(2,607
)
 
 
(4,124
)
 
 
(7,644
)
 
 
(1,152
)
Total comprehensive loss
 
 
(16,415
)
 
 
(69,702
)
 
 
(83,318
)
 
 
(12,554
)
 
CONDENSED STATEMENT OF CASH FLOWS
 
 
 
Year ended September 30,
 
 
 
2015
 
 
2016
 
 
2017
 
 
2017
 
 
 
RMB
 
 
RMB
 
 
RMB
 
 
US$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
 
 
(7,242
)
 
 
(20,009
)
 
 
20,456
 
 
 
3,082
 
Net cash provided by (used in) financing activities
 
 
3,255
 
 
 
14,881
 
 
 
(13,376
)
 
 
(2,015
)
Net increase (decrease) in cash and cash equivalents
 
 
(3,987
)
 
 
(5,128
)
 
 
7,080
 
 
 
1,067
 
Cash and cash equivalents, beginning of year
 
 
671
 
 
 
341
 
 
 
581
 
 
 
88
 
Effect of exchange rate changes on cash and cash equivalents
 
 
3,657
 
 
 
5,368
 
 
 
(7,644
)
 
 
(1,152
)
Cash and cash equivalents, end of year
 
 
341
 
 
 
581
 
 
 
17
 
 
 
3
 
 
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.