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China-Biotics, Inc – ‘10-K’ for 3/31/13 – ‘XML.R8’

On:  Friday, 7/12/13, at 10:08am ET   ·   For:  3/31/13   ·   Accession #:  1144204-13-39226   ·   File #:  1-34123

Previous ‘10-K’:  ‘10-K’ on 5/21/13 for 3/31/11   ·   Latest ‘10-K’:  This Filing

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/12/13  China-Biotics, Inc                10-K        3/31/13  178:12M                                    Toppan Merrill/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    820K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     46K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     46K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     42K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     42K 
172: R1          Document And Entity Information                     HTML     72K  
106: R2          Consolidated Balance Sheets                         HTML    149K  
99: R3          Consolidated Balance Sheets [Parenthetical]         HTML     65K 
23: R4          Consolidated Statements of Operations and Other     HTML    118K 
                Comprehensive Income                                             
103: R5          Consolidated Statements of Changes in               HTML     60K  
                Stockholders' Equity                                             
67: R6          Consolidated Statements of Changes in               HTML     42K 
                Stockholders' Equity [Parenthetical]                             
142: R7          Consolidated Statements of Cash Flows               HTML    132K  
70: R8          Organization and Description of Business            HTML     52K 
78: R9          Summary of Principal Accounting Policies            HTML    113K 
24: R10         Earnings Per Share                                  HTML     78K 
73: R11         Risks, Uncertainties, and Concentrations            HTML     51K 
141: R12         Accounts Receivable                                 HTML     55K  
132: R13         Inventories                                         HTML     58K  
100: R14         Loan Receivable                                     HTML     47K  
165: R15         Deposits                                            HTML     65K  
138: R16         Land Use Rights                                     HTML     71K  
20: R17         Property, Plant and Equipment                       HTML     76K 
31: R18         Amount Due to Director                              HTML     46K 
164: R19         Loans Payable                                       HTML     78K  
170: R20         Income Taxes Payable                                HTML    173K  
174: R21         Treasury Stock                                      HTML     46K  
168: R22         Capital and Statutory Reserves                      HTML     45K  
119: R23         Option Incentive Plan                               HTML     91K  
25: R24         Product Return Concessions                          HTML     46K 
65: R25         Retirement Costs                                    HTML     53K 
42: R26         Commitments and Contingencies                       HTML     72K 
41: R27         Business Segments                                   HTML    126K 
80: R28         Schedule I - Condensed Parent Company Financial     HTML    189K 
                Statements                                                       
118: R29         Summary of Principal Accounting Policies            HTML    176K  
                (Policies)                                                       
135: R30         Summary of Principal Accounting Policies (Tables)   HTML     68K  
51: R31         Earnings Per Share (Tables)                         HTML     74K 
81: R32         Accounts Receivable (Tables)                        HTML     55K 
152: R33         Inventories (Tables)                                HTML     56K  
46: R34         Deposits (Tables)                                   HTML     60K 
129: R35         Land Use Rights (Tables)                            HTML     70K  
130: R36         Property, Plant and Equipment (Tables)              HTML     68K  
86: R37         Loans Payable (Tables)                              HTML     61K 
40: R38         Income Taxes Payable (Tables)                       HTML    172K 
126: R39         Option Incentive Plan (Tables)                      HTML     85K  
49: R40         Retirement Costs (Tables)                           HTML     51K 
79: R41         Commitments and Contingencies (Tables)              HTML     51K 
137: R42         Business Segments (Tables)                          HTML    124K  
60: R43         Organization and Description of Business (Details   HTML     67K 
                Textual)                                                         
120: R44         Summary of Principal Accounting Policies (Details)  HTML     47K  
98: R45         Summary of Principal Accounting Policies (Details   HTML     46K 
                1)                                                               
45: R46         Summary of Principal Accounting Policies (Details   HTML     65K 
                Textual)                                                         
147: R47         Earnings Per Share (Details)                        HTML     66K  
36: R48         Earnings Per Share (Details Textual)                HTML     44K 
50: R49         Risks, Uncertainties, and Concentrations (Details   HTML     44K 
                Textual)                                                         
97: R50         Accounts Receivable (Details)                       HTML     49K 
110: R51         Inventories (Details)                               HTML     50K  
145: R52         Loan Receivable (Details Textual)                   HTML     57K  
21: R53         Deposits (Details)                                  HTML     51K 
124: R54         Deposits (Details Textual)                          HTML     55K  
91: R55         Land Use Rights (Details)                           HTML     46K 
29: R56         Land Use Rights (Details 1)                         HTML     58K 
39: R57         Land Use Rights (Details Textual)                   HTML     54K 
104: R58         Property, Plant and Equipment (Details)             HTML     53K  
159: R59         Property, Plant and Equipment (Details Textual)     HTML     64K  
178: R60         Loans Payable (Details)                             HTML     52K  
176: R61         Loans Payable (Details Textual)                     HTML     81K  
133: R62         Income Taxes Payable (Details)                      HTML     45K  
59: R63         Income Taxes Payable (Details 1)                    HTML     51K 
54: R64         Income Taxes Payable (Details 2)                    HTML     69K 
125: R65         Income Taxes Payable (Details 3)                    HTML     60K  
157: R66         Income Taxes Payable (Details 4)                    HTML     56K  
27: R67         Income Taxes Payable (Details 5)                    HTML     49K 
167: R68         Income Taxes Payable (Details Textual)              HTML     79K  
61: R69         Treasury Stock (Details Textual)                    HTML     54K 
87: R70         Capital and Statutory Reserves (Details Textual)    HTML     45K 
82: R71         Option Incentive Plan (Details)                     HTML     62K 
57: R72         Option Incentive Plan (Details 1)                   HTML     54K 
74: R73         Option Incentive Plan (Details Textual)             HTML     75K 
140: R74         Product Return Concessions (Details Textual)        HTML     46K  
115: R75         Retirement Costs (Details)                          HTML     42K  
15: R76         Commitments and Contingencies (Details)             HTML     49K 
121: R77         Commitments and Contingencies (Details Textual)     HTML     64K  
18: R78         Business Segments (Details)                         HTML     61K 
112: R79         Business Segments (Details 1)                       HTML     55K  
37: R80         Schedule I - Condensed Parent Company Financial     HTML     98K 
                Statements (Details)                                             
155: R81         Schedule I - Condensed Parent Company Financial     HTML     90K  
                Statements (Details1)                                            
148: R82         Schedule I - Condensed Parent Company Financial     HTML     86K  
                Statements (Details2)                                            
95: XML         IDEA XML File -- Filing Summary                      XML    181K 
175: XML.R1      Document And Entity Information                      XML    219K  
76: XML.R2      Consolidated Balance Sheets                          XML    378K 
117: XML.R3      Consolidated Balance Sheets [Parenthetical]          XML    140K  
94: XML.R4      Consolidated Statements of Operations and Other      XML    321K 
                Comprehensive Income                                             
90: XML.R5      Consolidated Statements of Changes in                XML    450K 
                Stockholders' Equity                                             
16: XML.R6      Consolidated Statements of Changes in                XML     63K 
                Stockholders' Equity [Parenthetical]                             
108: XML.R7      Consolidated Statements of Cash Flows                XML    388K  
13: XML.R8      Organization and Description of Business             XML     66K 
58: XML.R9      Summary of Principal Accounting Policies             XML    130K 
84: XML.R10     Earnings Per Share                                   XML     96K 
71: XML.R11     Risks, Uncertainties, and Concentrations             XML     64K 
63: XML.R12     Accounts Receivable                                  XML     71K 
149: XML.R13     Inventories                                          XML     75K  
75: XML.R14     Loan Receivable                                      XML     61K 
169: XML.R15     Deposits                                             XML     81K  
113: XML.R16     Land Use Rights                                      XML     88K  
109: XML.R17     Property, Plant and Equipment                        XML     93K  
116: XML.R18     Amount Due to Director                               XML     60K  
48: XML.R19     Loans Payable                                        XML     94K 
102: XML.R20     Income Taxes Payable                                 XML    202K  
134: XML.R21     Treasury Stock                                       XML     60K  
139: XML.R22     Capital and Statutory Reserves                       XML     60K  
151: XML.R23     Option Incentive Plan                                XML    110K  
83: XML.R24     Product Return Concessions                           XML     61K 
35: XML.R25     Retirement Costs                                     XML     68K 
162: XML.R26     Commitments and Contingencies                        XML     83K  
114: XML.R27     Business Segments                                    XML    150K  
163: XML.R28     Schedule I - Condensed Parent Company Financial      XML    225K  
                Statements                                                       
26: XML.R29     Summary of Principal Accounting Policies             XML    278K 
                (Policies)                                                       
131: XML.R30     Summary of Principal Accounting Policies (Tables)    XML     91K  
128: XML.R31     Earnings Per Share (Tables)                          XML     93K  
34: XML.R32     Accounts Receivable (Tables)                         XML     71K 
166: XML.R33     Inventories (Tables)                                 XML     73K  
32: XML.R34     Deposits (Tables)                                    XML     77K 
171: XML.R35     Land Use Rights (Tables)                             XML     92K  
156: XML.R36     Property, Plant and Equipment (Tables)               XML     86K  
146: XML.R37     Loans Payable (Tables)                               XML     79K  
150: XML.R38     Income Taxes Payable (Tables)                        XML    224K  
93: XML.R39     Option Incentive Plan (Tables)                       XML    110K 
68: XML.R40     Retirement Costs (Tables)                            XML     67K 
173: XML.R41     Commitments and Contingencies (Tables)               XML     67K  
127: XML.R42     Business Segments (Tables)                           XML    153K  
161: XML.R43     Organization and Description of Business (Details    XML    346K  
                Textual)                                                         
33: XML.R44     Summary of Principal Accounting Policies (Details)   XML    153K 
111: XML.R45     Summary of Principal Accounting Policies (Details    XML    149K  
                1)                                                               
64: XML.R46     Summary of Principal Accounting Policies (Details    XML    147K 
                Textual)                                                         
107: XML.R47     Earnings Per Share (Details)                         XML    152K  
96: XML.R48     Earnings Per Share (Details Textual)                 XML     93K 
52: XML.R49     Risks, Uncertainties, and Concentrations (Details    XML     72K 
                Textual)                                                         
122: XML.R50     Accounts Receivable (Details)                        XML     80K  
55: XML.R51     Inventories (Details)                                XML     88K 
69: XML.R52     Loan Receivable (Details Textual)                    XML    164K 
19: XML.R53     Deposits (Details)                                   XML    102K 
144: XML.R54     Deposits (Details Textual)                           XML    277K  
158: XML.R55     Land Use Rights (Details)                            XML     78K  
44: XML.R56     Land Use Rights (Details 1)                          XML    120K 
47: XML.R57     Land Use Rights (Details Textual)                    XML    184K 
22: XML.R58     Property, Plant and Equipment (Details)              XML    244K 
160: XML.R59     Property, Plant and Equipment (Details Textual)      XML    314K  
88: XML.R60     Loans Payable (Details)                              XML    167K 
77: XML.R61     Loans Payable (Details Textual)                      XML    841K 
72: XML.R62     Income Taxes Payable (Details)                       XML    171K 
153: XML.R63     Income Taxes Payable (Details 1)                     XML     82K  
123: XML.R64     Income Taxes Payable (Details 2)                     XML    141K  
38: XML.R65     Income Taxes Payable (Details 3)                     XML    221K 
56: XML.R66     Income Taxes Payable (Details 4)                     XML    149K 
66: XML.R67     Income Taxes Payable (Details 5)                     XML     82K 
28: XML.R68     Income Taxes Payable (Details Textual)               XML    399K 
62: XML.R69     Treasury Stock (Details Textual)                     XML    153K 
101: XML.R70     Capital and Statutory Reserves (Details Textual)     XML     66K  
12: XML.R71     Option Incentive Plan (Details)                      XML    145K 
136: XML.R72     Option Incentive Plan (Details 1)                    XML    118K  
105: XML.R73     Option Incentive Plan (Details Textual)              XML    256K  
30: XML.R74     Product Return Concessions (Details Textual)         XML     78K 
143: XML.R75     Retirement Costs (Details)                           XML     62K  
53: XML.R76     Commitments and Contingencies (Details)              XML     74K 
85: XML.R77     Commitments and Contingencies (Details Textual)      XML    323K 
154: XML.R78     Business Segments (Details)                          XML    354K  
89: XML.R79     Business Segments (Details 1)                        XML    166K 
177: XML.R80     Schedule I - Condensed Parent Company Financial      XML    471K  
                Statements (Details)                                             
43: XML.R81     Schedule I - Condensed Parent Company Financial      XML    352K 
                Statements (Details1)                                            
17: XML.R82     Schedule I - Condensed Parent Company Financial      XML    344K 
                Statements (Details2)                                            
92: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS   1.48M 
 6: EX-101.INS  XBRL Instance -- chbt-20130331                       XML   2.01M 
 8: EX-101.CAL  XBRL Calculations -- chbt-20130331_cal               XML    162K 
 9: EX-101.DEF  XBRL Definitions -- chbt-20130331_def                XML    797K 
10: EX-101.LAB  XBRL Labels -- chbt-20130331_lab                     XML    995K 
11: EX-101.PRE  XBRL Presentations -- chbt-20130331_pre              XML    992K 
 7: EX-101.SCH  XBRL Schema -- chbt-20130331                         XSD    226K 
14: ZIP         XBRL Zipped Folder -- 0001144204-13-039226-xbrl      Zip    166K 


‘XML.R8’   —   Organization and Description of Business


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<div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; FONT-SIZE: 10pt"> <table style="clear:both;MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </div> </td> <td style="WIDTH: 0.5in"> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <b>1.</b></div> </td> <td> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> <b>ORGANIZATION AND DESCRIPTION OF BUSINESS</b></div> </td> </tr> </table> </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> China-Biotics, Inc. (sometimes referred to as “China-Biotics” or the “Company”) is engaged in the research, development, production, marketing, and distribution of probiotics products (which we sometimes refer to simply as “probiotics”), which are products that contain live microbial food supplements that beneficially affect the host by improving its intestinal microbial balance.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Corporate Organization and History</b></div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 45pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company was incorporated under the name Otish Resources, Inc. in Delaware in February 2003. On March 22, 2006, the Company completed a securities exchange transaction (the “share exchange”) with Sinosmart Group Inc. (“SGI”) and the shareholders of SGI and issued to the SGI shareholders an aggregate of 15,980,000 shares of newly issued common stock in exchange for all of SGI’s ordinary shares issued and outstanding. The share exchange was treated as a recapitalization with SGI treated as the accounting acquirer, and as a result, the Company became engaged in SGI’s business operations of probiotics products.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> SGI was incorporated in the British Virgin Islands on February 13, 2004. SGI’s original shareholders were Mr. Song Jinan, Ms. Yan Li, Mr. Huang Weida, and Ms. Yan Yihong (the “Original SGI Shareholders”). Until August 2005, the Original SGI Shareholders owned 99.5% of the outstanding stock of Shanghai Shining Biotechnology Co. Ltd. (“Shining”), with Shanghai Shengyuan Property Co., Ltd. (“Shengyuan”) owning the remaining 0.5% of the Shining equity.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On August 11, 2005, SGI entered into an agreement to acquire 100% of the outstanding Shining shares from the Original SGI Shareholders and Shengyuan in exchange for a total cash consideration of $2.3 million dollars (RMB 18,350,000). On August 19, 2005, the transaction was approved by the Economic and Trade Bureau of the Pudong New District, Shanghai, PRC, and in October 2005, SGI made full payment of $2.3 million dollars to the Original SGI Shareholders and Shengyuan. In December 2005, a revised business license was issued to Shining as a Wholly Owned Foreign Corporation, signifying the formal recognition of SGI as Shining’s sole shareholder by the Chinese government authorities.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Also on August 11, 2005, SGI granted the Original SGI Shareholders the option to purchase an aggregate of 9,000 shares of SGI for $1.00 per share. On October 25, 2005, the Original SGI Shareholders exercised the option and purchased 9,000 shares of SGI (representing 90% of the ownership of SGI) for an aggregate of $9,000. In the share exchange, the Original SGI Shareholders exchanged 9,000 shares of SGI for 10,067,400 shares of the Company’s common stock, which represented 63% of the total of 15,980,000 shares received by all SGI shareholders in this transaction.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On December 9, 2005, SGI incorporated a wholly owned subsidiary, Growing State Limited (“GSL”), in accordance with the laws of the British Virgin Islands. On September 22, 2006, GSL established a wholly foreign-owned enterprise, Growing Bioengineering (Shanghai) Company Limited (“Growing”) in the PRC.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Both Shining and Growing are manufacturers and distributors of probiotics products in the PRC.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> On May 4, 2010, the Company incorporated a wholly owned subsidiary, King Treasure Group Limited (“KTG”), in accordance with the laws of the British Virgin Islands. On June 25, 2010, KTG incorporated a wholly owned subsidiary, Best Design Holdings Limited (“BDH”), in Hong Kong and BDH established a wholly foreign-owned enterprise, Growing Bio (Yangling) Company Limited (“Growing Yangling”) in the PRC. Growing Yangling commenced construction a manufacturing plant in Yangling Agricultural High-tech Industries Demonstration Zone in June 2012.</div> </div>
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