CHINA-BIOTICS, INC

CIK:0001271057|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (USD $)	3 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Net sales	$ 13,136,530	$ 17,382,483
Cost of sales	6,308,168	7,278,378
Gross profit	6,828,362	10,104,105
Operating expenses:
Selling expenses	2,206,452	4,036,365
General and administrative expenses	2,951,526	2,354,571
Research and development expenses	1,573,637	1,304,525
Total operating expenses	6,731,615	7,695,461
Income from operations	96,747	2,408,644
Other income and expenses:
Interest expense	(271,933)	(145,460)
Interest income	184,665	194,973
Investment income, net of fees	789,869	776,683
Exchange (loss) gain, net	(2,264)	8,987
Miscellaneous	3,693	(102,892)
Total other income	704,030	732,291
Income before taxes	800,777	3,140,935
Income taxes	646,857	1,068,972
Net income	153,920	2,071,963
Other comprehensive income
Foreign currency translation adjustment	3,222,726	298,763
Comprehensive income	$ 3,376,646	$ 2,370,726
Weighted average number of shares
Basic (in shares)	22,150,200	22,150,200
Diluted (in shares)	22,150,200	22,326,563
Income per common stock
Basic (in dollars per share)	$ 0.01	$ 0.09
Diluted (in dollars per share)	$ 0.01	$ 0.09

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Jun. 30, 2013	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 153,920	$ 2,071,963
Adjustments to reconcile net income to cash provided by operating activities:
Amortization	26,656	26,206
Depreciation	1,562,096	1,177,403
Fair value of vested options	505,419	336,946
Change in deferred taxes	(11,088)	0
Change in operating assets and liabilities :
- Accounts receivable	3,136,335	2,836,504
- Interest income receivable, net of fee payable	795,546	(1,258,703)
- Inventories	(1,073,925)	(236,697)
- Prepayments	240,429	(107,363)
- Other current assets	1,530	(34,351)
- Accounts payable	208,390	(1,132,783)
- Other payables and accruals	(1,476,519)	494,378
- Taxes payable	(579,114)	(1,936,093)
- Amount due to director	165,000	0
NET CASH PROVIDED BY OPERATING ACTIVITIES	3,654,675	2,237,410
CASH FLOWS FROM INVESTING ACTIVITIES
Prepayments for equipment	(2,647,608)	(12,197,260)
Purchase of property, plant and equipment	(176,582)	(8,734,151)
NET CASH USED IN INVESTING ACTIVITIES	(2,824,190)	(20,931,411)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of bank loan	0	(792,670)
Advance from director	150,000	111,228
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	150,000	(681,442)
Effect of exchange rate changes on cash and cash equivalents	1,174,942	(41,315)
NET CHANGES IN CASH AND CASH EQUIVALENTS BALANCES	2,155,427	(19,416,758)
CASH AND CASH EQUIVALENTS BALANCES, beginning of period	75,866,328	70,086,074
CASH AND CASH EQUIVALENTS BALANCES, end of period	78,021,755	50,669,316
Supplemental disclosure of cash flow information:
Interest paid	271,933	145,460
Income taxes paid	630,657	2,622,353
Non cash investing and financing activities:
Transfer of prepayments to property, plant and equipment	$ 7,965,453	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2013	Mar. 31, 2013
ASSETS
Cash and cash equivalents	$ 78,021,755	$ 75,866,328
Accounts receivable, net of allowance for doubtful accounts of $4,292,750 and $4,228,769 as of June 30, 2013 and March 31, 2013, respectively	24,329,442	27,071,080
Investment income receivable, net of fees payable	2,121,428	2,877,218
Inventories	3,340,077	2,227,355
Prepayments	980,604	1,203,958
Refundable deposit for terminated acquisition	24,298,581	23,936,425
Loan receivable	21,241,819	0
Deferred tax asset	1,547,009	1,535,921
Other current assets	142,030	141,428
Total current assets	156,022,745	134,859,713
Loan receivable	0	20,925,223
Prepayments - long term	14,964,778	20,005,186
Property, plant and equipment, net	105,167,013	97,227,027
Land use rights	5,043,424	4,994,639
Total assets	281,197,960	278,011,788
Liabilities and Equity [Abstract]
Accounts payable	1,604,967	1,374,787
Other payables and accruals	5,240,002	6,654,085
Tax payables	32,143,902	32,244,385
Short term loans	16,199,054	15,957,617
Amount due to director	1,098,847	751,791
Total current liabilities	56,286,772	56,982,665
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value of $0.01, 10,000,000 shares authorized, none issued
Common stock, par value of $0.0001, 100,000,000 shares authorized,42,370,000 shares issued and 22,150,200 outstanding as of June 30, 2013 and March 31, 2013, respectively	4,237	4,237
Additional paid-in capital	86,749,293	86,243,874
Retained earnings	120,691,016	120,537,096
Treasury stock at cost, 20,219,800 shares as of June 30, 2013 and March 31, 2013, respectively	(2,741,634)	(2,741,634)
Accumulated other comprehensive income	17,182,482	13,959,756
Capital and statutory reserves	3,025,794	3,025,794
Total stockholders’ equity	224,911,188	221,029,123
Total liabilities and stockholders' equity	$ 281,197,960	$ 278,011,788