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PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Property Plant and Equipment Disclosure [Text Block]

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment as of March 31, 2013 and June 30, 2012 consisted of the following:

		March 31,				June 30,
		2013				2012
Buildings and plant		$	45,681,258			$	43,402,250
Machinery			71,982,225				71,825,535
Office and other equipment			1,319,384				1,383,305
Vehicles			464,438				488,268
			119,447,305				117,099,358
Less: accumulated depreciation			(50,707,833	)			(44,421,165	)
			68,739,472				72,678,193
Construction in progress			4,308,276				4,553,080
Property, Plant and Equipment, net		$	73,047,748			$	77,231,273

As of March 31, 2013 and June 30, 2012, certain of the Company’s property, plant and equipment with net value of approximately $45 million, was pledged to banks to secure the loan granted to the Company (Note 9).

Depreciation expense for the three months ended March 31, 2013 and 2012 was $2,180,003 and $2,294,093, respectively. Depreciation expense for the nine month ended March 31, 2013 and 2012 was $6,506,727 and $6,437,047, respectively.

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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