EQUITY METHOD INVESTMENTS

9 Months Ended

Mar. 31, 2013

Equity Method Investments [Abstract]

Investments In and Advances To Affiliates, Schedule Of Investments [Text Block]

NOTE 8 – EQUITY METHOD INVESTMENTS

In August 2012, the Company together with other two unrelated companies jointly established China Railway Materials Suzhou Company Limited (“CRM Suzhou”). The Company holds 39% equity interest in CRM Suzhou with the consideration of $6,165,326 in cash. The Company evaluated its interest in CRM Suzhou under relevant guidance in ASC 810 and ASC 323 pertaining to consolidation and equity method accounting, respectively. The Company determined that it does not have a controlling financial interest in the investee, but rather possesses significant influence. Accordingly, the Company has accounted for this investment under the equity method.

	Balance as of June 30, 2012		Equity investment		Share of income		Translation difference		Balance as of March 31, 2013
Equity interest in CRM Suzhou		-		6,165,326		225,444		51,636		6,442,406