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CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY
 12 Months Ended
Sep. 30, 2018
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 RMB84,517 and RMB84,517 as of September 30, 2017 and 2018, respectively.
 
The following represents condensed unconsolidated financial information of the parent company only:
 
CONDENSED BALANCE SHEET
 
 
 
September 30
 
 
 
2017
 
 
2018
 
 
2018
 
 
 
RMB
 
 
RMB
 
 
US$
 
ASSETS (LIABILITIES)
 
 
 
 
 
 
 
 
 
 
 
 
Current assets (liabilities)
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
17
 
 
 
47
 
 
 
7
 
Other receivables
 
 
3
 
 
 
4
 
 
 
1
 
Due from inter-companies
 
 
109,321
 
 
 
132,842
 
 
 
19,311
 
Due to related parties
 
 
(1,576
)
 
 
(1,634
)
 
 
(240
)
Total current assets (liabilities)
 
 
107,765
 
 
 
131,259
 
 
 
19,079
 
Investment in unconsolidated subsidiaries
 
 
4,544
 
 
 
(155,970
)
 
 
(22,673
)
Total assets (liabilities)
 
 
112,309
 
 
 
(24,711
)
 
 
(3,594
)
 
 
 
 
 
 
 
 
 
 
 
 
 
AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity
 
 
112,309
 
 
 
(24,711
)
 
 
(3,594
)
 
CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
 
 
 
Year ended September 30,
 
 
 
2016
 
 
2017
 
 
2018
 
 
2018
 
 
 
RMB
 
 
RMB
 
 
RMB
 
 
US$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
204
 
 
 
-
 
 
 
-
 
 
 
-
 
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
General and administrative
 
 
(16,035
)
 
 
(3,016
)
 
 
(5,147
)
 
 
(748
)
Loss from operations
 
 
(15,831
)
 
 
(3,016
)
 
 
(5,147
)
 
 
(748
)
Equity method loss
 
 
(49,009
)
 
 
(72,491
)
 
 
(148,514
)
 
 
(21,589
)
Interest expense
 
 
(738
)
 
 
(167
)
 
 
(2
)
 
 
-
 
Loss before income taxes
 
 
(65,578
)
 
 
(75,674
)
 
 
(153,663
)
 
 
(22,337
)
Income tax expense
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss
 
 
(65,578
)
 
 
(75,674
)
 
 
(153,663
)
 
 
(22,337
)
Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation difference
 
 
(4,124
)
 
 
(7,644
)
 
 
(3,315
)
 
 
(482
)
Total comprehensive loss
 
 
(69,702
)
 
 
(83,318
)
 
 
(156,978
)
 
 
(22,819
)
 
CONDENSED STATEMENT OF CASH FLOWS
 
 
 
Year ended September 30,
 
 
 
2016
 
 
2017
 
 
2018
 
 
2018
 
 
 
RMB
 
 
RMB
 
 
RMB
 
 
US$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
 
 
(20,009
)
 
 
20,456
 
 
 
3,345
 
 
 
486
 
Net cash provided by (used in) financing activities
 
 
14,881
 
 
 
(13,376
)
 
 
-
 
 
 
-
 
Net increase (decrease) in cash and cash equivalents
 
 
(5,128
)
 
 
7,080
 
 
 
3,345
 
 
 
486
 
Cash and cash equivalents, beginning of year
 
 
341
 
 
 
581
 
 
 
17
 
 
 
2
 
Effect of exchange rate changes on cash and cash equivalents
 
 
5,368
 
 
 
(7,644
)
 
 
(3,315
)
 
 
(482
)
Cash and cash equivalents, end of year
 
 
581
 
 
 
17
 
 
 
47
 
 
 
6
 
 
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.