Available-for-Sale Investments

12 Months Ended

Mar. 31, 2015

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, 2015 and 2014:

Cost

Net unrealized gains

Fair values

2015 US$

2014 US$

2015 US$

2014 US$

2015 US$

2014 US$

Current assets:

Unlisted investments

—

1,000,000

—

50,500

—

1,050,500

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, 2015 and 2013, 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, 2015, 2014 and 2013 of nil, US$50,500 and US$61,054, respectively, and gross unrealized losses as at March 31, 2015, 2014 and 2013 of nil, nil and US$1,839, respectively.

The proceeds from the disposal of available-for-sale investments for the fiscal years ended March 31, 2015, 2014 and 2013 were US$1,000,000, US$18,218 and US$2,000,000, 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) (2015 and 2013: nil) granted to a Hong Kong subsidiary for the fiscal year ended March 31, 2014.