COMMITMENTS AND CONTINGENCIES

9 Months Ended

Mar. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

NOTE 15 - COMMITMENTS AND CONTINGENCIES

Operating lease commitments - As of March 31, 2013, the Company has future minimum lease payments under non-cancelable operating leases in relation to office premises consisting of the following:

		Lease Payment
Remainder of the year ending June 30, 2013		38,252
For the year ending June 30, 2014		153,010
For the year ending June 30, 2015		12,751
Total	$	204,013

Capital commitments – The Company entered into agreements with suppliers to purchase property, plant and equipment. As of March 31, 2013 and June 30, 2012, the Company had purchase obligations totaled $8,205,560 and $8,153,319, respectively.

Indemnification Obligations – The Company entered into agreements whereby its directors are indemnified for certain events or occurrences while the director is, or was, serving at the Company's request in such capacity. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a directors' liability insurance policy that reduces its exposure and enables the Company to recover a portion of future amounts paid. As a result of the Company's insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal. Accordingly, no liabilities have been recorded for these agreements as of March 31, 2013.