Available-for-Sale Investments

12 Months Ended

Mar. 31, 2014

Investments Debt And Equity Securities [Abstract]

Available-for-Sale Investments

7. AVAILABLE-FOR-SALE INVESTMENTS

The following is a summary of available-for-sale debt and equity securities as of March 31, 2014 and 2013:

	Cost				Net unrealized gains				Fair values
	2014 US$		2013 US$		2014 US$		2013 US$		2014 US$		2013 US$
Current assets:
Unlisted investments		1,000,000		—		50,500		—		1,050,500		—
Listed equity securities		—		3,138		—		14,015		—		17,153
		1,000,000		3,138		50,500		14,015		1,050,500		17,153
Non-current assets:
Unlisted investments		—		1,000,000		—		45,200		—		1,045,200
		1,000,000		1,003,138		50,500		59,215		1,050,500		1,062,353

As of March 31, 2014 and 2013, investments totaling nil and US$2,235 were in unrealized loss positions of nil and US$1,839 respectively. During the fiscal year ended March 31, 2014, a gain of US$1,052 was recognized on the disposal of the Company’s listed equity securities in available-for-sale investments. During the fiscal years ended March 31, 2013 and 2012, no significant gain or loss was recognized on the disposal of the Company’s available-for-sale investments.

The fair values of listed equity securities are based on quoted market prices at the balance sheet date.

Unlisted investments which have remaining terms of less than 1 year are measured at fair value using a price quoted by a third party, such as a broker or bank, at the balance sheet date.

The net unrealized gains consisted of gross unrealized gains as at March 31, 2014, 2013 and 2012 of US$50,500, US$61,054 and US$38,680, respectively, and gross unrealized losses as at March 31, 2014, 2013 and 2012 of nil, US$1,839 and US$1,952, respectively.

The proceeds from the disposal of available-for-sale investments for the fiscal years ended March 31, 2014, 2013 and 2012 were US$18,218, US$2,000,000 and US$9,000,000, respectively.

As detailed in note 14 of the consolidated financial statements, the unlisted investments had been pledged to a bank as security for the short term bank loans of HK$8,008,123 (equivalent to US$1,032,334) (2013: nil) granted to a Hong Kong subsidiary.