0000950103-12-000672.txt : 20120209 0000950103-12-000672.hdr.sgml : 20120209 20120209163234 ACCESSION NUMBER: 0000950103-12-000672 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120209 DATE AS OF CHANGE: 20120209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Synutra International, Inc. CENTRAL INDEX KEY: 0001293593 STANDARD INDUSTRIAL CLASSIFICATION: DAIRY PRODUCTS [2020] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-33397 FILM NUMBER: 12587637 BUSINESS ADDRESS: STREET 1: 15200 SHADY GROVE ROAD #350 CITY: ROCKVILLE STATE: MD ZIP: 20850 BUSINESS PHONE: 3018403888 MAIL ADDRESS: STREET 1: 15200 SHADY GROVE ROAD #350 CITY: ROCKVILLE STATE: MD ZIP: 20850 FORMER COMPANY: FORMER CONFORMED NAME: Vorsatech Ventures, Inc. DATE OF NAME CHANGE: 20040614 10-Q 1 dp28622_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2011

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission file number 001-33397

SYNUTRA INTERNATIONAL, INC.

DELAWARE		13-4306188
(State or Other Jurisdiction of Incorporation or Organization)		I.R.S. Employer Identification No.
	2275 Research Blvd., Suite 500 Rockville, Maryland 20850
(Address of Principal Executive Offices, Zip Code)

(301) 840-3888
(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Accelerated filer x

Non-accelerated filer o

Smaller reporting company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of February 9, 2012, there were 57,300,713 shares of the registrant’s common stock outstanding.

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Page

PART I

Item 1. Financial Statements (unaudited)	1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

Item 3. Quantitative and Qualitative Disclosures About Market Risk	24

Item 4. Controls and Procedures	24

PART II

Item 1. Legal Proceedings	25

Item 1A. Risk Factors	25

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	25

Item 3. Defaults Upon Senior Securities	25

Item 4. Mine Safety Disclosures	25

Item 5. Other Information	25

Item 6. Exhibits	25

Signatures	26

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PART I

FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED).

SYNUTRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	December 31, 2011			March 31, 2011
	unaudited			audited

	(in thousands, except share par value)
ASSETS
Current Assets:
Cash and cash equivalents	$	45,776		$	48,741
Restricted cash		28,531			37,690
Accounts receivable, net of allowance of $13,192 and $8,779, respectively		55,264			46,021
Inventories		54,372			67,372
Due from related parties		8,663			13,708
Income tax receivable		269			259
Receivable from assets disposal		1,378			1,714
Prepaid expenses and other current assets		16,195			11,562
Deferred tax assets		14,638			20,922
Total current assets		225,086			247,989

Property, plant and equipment, net		118,298			109,811
Land use rights, net		9,561			6,096
Intangible assets, net		3,168			3,140
Restricted cash		20,997			—
Other assets		1,303			4,022
Deferred tax assets		28,667			27,646
TOTAL ASSETS	$	407,080		$	398,704
LIABILITIES AND EQUITY
Current Liabilities:
Short-term debt	$	94,165		$	124,281
Long-term debt due within one year		58,404			38,131
Accounts payable		54,586			52,923
Due to related parties		1,675			2,330
Advances from customers		6,366			4,890
Other current liabilities		34,627			25,913
Total current liabilities		249,823			248,468

Long-term debt		55,739			62,722
Deferred revenue		4,438			4,456
Capital lease obligations		5,741			5,540
Other long-term liabilities		1,855			1,592
Total liabilities		317,596			322,778
Equity:
Synutra International, Inc. stockholders’ equity
Common stock, $.0001 par value: 250,000 authorized; 57,301 and 57,301 issued and outstanding at December 31, 2011 and March 31, 2011, respectively		6			6
Additional paid-in capital		135,440			135,440
Accumulated deficit		(79,142	)		(88,357	)
Accumulated other comprehensive income		32,088			28,204
Total Synutra common stockholders’ equity		88,392			75,293
Noncontrolling interest		1,092			633
Total equity		89,484			75,926
TOTAL LIABILITIES AND EQUITY	$	407,080		$	398,704

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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SYNUTRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATION

(unaudited)

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2011			2010			2011		2010
	(in thousands, except earnings per share)
Net sales	$	114,362		$	44,233		$	257,172	$	169,222
Cost of sales		67,078			39,211			151,810		108,943
Gross profit		47,284			5,022			105,362		60,279

Selling and distribution expenses		12,619			12,714			37,408		37,551
Advertising and promotion expenses		7,588			10,451			22,638		35,107
General and administrative expenses		7,365			6,130			20,616		20,576
Impairment of goodwill		—			—			—		1,440
Other operating income, net		1,721			173			1,901		484
Income (loss) from operations		21,433			(24,100	)		26,601		(33,911	)

Interest expense		3,841			2,626			11,125		7,401
Interest income		481			187			1,404		432
Other income (expense), net		(509	)		73			63		298
Income (loss) before income tax expense (benefit)		17,564			(26,466	)		16,943		(40,582	)

Income tax expense (benefit)		7,162			(5,920	)		7,370		(8,922	)
Net income (loss)		10,402			(20,546	)		9,573		(31,660	)

Net income (loss) attributable to the noncontrolling interest		116			(67	)		358		(131	)
Net income (loss) attributable to Synutra International, Inc. common stockholders	$	10,286		$	(20,479	)	$	9,215	$	(31,529	)

Earnings (loss) per share – basic	$	0.18		$	(0.36	)	$	0.16	$	(0.56	)
Earnings (loss) per share – diluted	$	0.18		$	(0.36	)	$	0.16	$	(0.56	)
Weighted average common shares outstanding – basic		57,301			57,301			57,301		56,201
Weighted average common shares outstanding – diluted		57,301			57,301			57,301		56,201

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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SYNUTRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)

	Three Months Ended					Nine Months Ended
	December 31,					December 31,
	2011		2010			2011		2010
	(in thousands)
Net income (loss)	$	10,402	$	(20,546	)	$	9,573	$	(31,660	)
Currency translation adjustments		962		1,125			3,900		3,331
Total comprehensive income (loss)		11,364		(19,421	)		13,473		(28,329	)
Less: Comprehensive income (loss) attributable to noncontrolling interest		120		(63	)		374		(120	)
Comprehensive income (loss) attributable to Synutra International, Inc. common stockholders	$	11,244	$	(19,358	)	$	13,099	$	(28,209	)

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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SYNUTRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)

	Synutra International, Inc. Common Stockholders
	Common Stock
	Shares		Amount		Additional paid-in capital		Retained earnings (accumulated deficit)			Accumulated other comprehensive income		Noncontrolling Interest			Total equity
	(in thousands)
Balance, March 31, 2010		54,001	$	5	$	76,607	$	(48,289	)	$	24,015	$	593		$	52,931
Net loss		—		—		—		(31,529	)		—		(131	)		(31,660	)
Issuance of common stock		3,300		1		58,833		—			—		—			58,834
Currency translation adjustments		—		—		—		—			3,320		11			3,331
Other		—		—		—		—			—		112			112
Balance, December 31, 2010		57,301	$	6	$	135,440	$	(79,818	)	$	27,335	$	585		$	83,548

Balance, March 31, 2011		57,301	$	6	$	135,440	$	(88,357	)	$	28,204	$	633		$	75,926
Net income		—		—		—		9,215			—		358			9,573
Currency translation adjustments		—		—		—		—			3,884		16			3,900
Other		—		—		—		—			—		85			85
Balance, December 31, 2011		57,301	$	6	$	135,440	$	(79,142	)	$	32,088	$	1,092		$	89,484

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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SYNUTRA INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Nine Months Ended December 31,
	2011			2010
	(in thousands)
Operating activities:
Net income (loss)	$	9,573		$	(31,660	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of debt issuance costs		—			175
Depreciation and amortization		8,611			7,834
Bad debt expense		6,709			2,679
Goodwill and intangible asset impairment		—			1,700
Loss (gain) on disposal of property, plant and equipment		269			(10	)
Deferred income tax		7,191			18
Other compensation expense		85			112
Changes in assets and liabilities:
Accounts receivable		(14,103	)		(20,579	)
Inventories		15,629			(16,275	)
Due from related parties		3,884			(4,466	)
Prepaid expenses and other current assets		(12,101	)		(3,225	)
Prepaid land use right		(3,397	)		—
Accounts payable		595			1,186
Due to related parties		1,535			1,413
Advances from customers		1,351			2,297
Income tax receivable		(29	)		(8,597	)
Deferred revenue		(198	)		(104	)
Other liabilities		14,171			7,627
Net cash provided by (used in) operating activities	$	39,775		$	(59,875	)

Investing activities:
Acquisition of property, plant and equipment		(10,565	)		(3,840	)
Change in restricted cash		(9,849	)		(7,080	)
Proceeds from assets disposal		405			8,795
Net cash used in investing activities	$	(20,009	)	$	(2,125	)

Financing activities:
Proceeds from short-term debt		157,951			147,225
Repayment of short-term debt		(194,439	)		(133,197	)
Proceeds from long-term debt		60,494			57,491
Repayment of long-term debt		(48,555	)		(67,339	)
Payment on capital lease obligations		—			(9,104	)
Proceeds from issuance of common stock		—			62,700
Issuance costs for common stock issuance		—			(3,866	)
Net cash provided by (used in) financing activities	$	(24,549	)	$	53,910

Effect of exchange rate changes on cash and cash equivalents	$	1,818		$	1,389

Net change in cash and cash equivalents		(2,965	)		(6,701	)
Cash and cash equivalents, beginning of year	$	48,741		$	48,693
Cash and cash equivalents, end of year	$	45,776		$	41,992

Supplemental cash flow information:
Interest paid		10,855			6,598
Income tax paid		82			168

Non-cash investing and financing activities:
Purchase of property, plant and equipment by accounts payable		(650	)		(372	)
Assets disposal by other receivable		—			1,890

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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SYNUTRA INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES

Directly or through its wholly owned subsidiary, Synutra International, Inc. (collectively with its subsidiaries, the “Company” or “Synutra”) owns all or majority of the equity interests of the entities in the People’s Republic of China (“China” or “PRC”) that are principally engaged in the production, marketing and distribution of dairy based nutritional products under the Company’s own brands in China. The Company produces, markets and sells nutritional products under the “Shengyuan” or “Synutra” name, together with other complementary brands. The Company focuses on selling premium infant formula products, which are supplemented by more affordable infant formula products targeting the mass market as well as other nutritional products, such as adult powdered milk formula and prepared baby food, and certain nutritional ingredients and supplements.

2.	BASIS OF PRESENTATION

The Company is responsible for the unaudited condensed consolidated financial statements included in this document, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results. The Company prepared these statements following the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, the Company condensed or omitted certain footnotes or other financial information that are normally required by GAAP for annual financial statements. These statements should be read in combination with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2011.

The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. Under that assumption, it is expected that assets will be realized and liabilities will be satisfied in the normal course of business. In August 2010, there were several media reports alleging the Company’s infant formula products caused symptoms of hormone-triggered sexual prematurity in infants in the Hubei province of China (“prematurity event”). Although the Ministry of Health (“MOH”) of China conducted tests on samples of the Company’s products and concluded that there was no link between the infant milk powder products and premature development in infants, the Company’s business was significantly impacted. As a result, the Company experienced a net loss and negative cash flows from operations in the year ended March 31, 2011. The Company initiated a series of marketing strategies to emphasize close communication with the end customers, including reiterating the safety of formula products on major TV stations, inviting consumers to visit the production plant, after the prematurity event. As a result of the Company’s effort, sales order amounts have been increasing quarter by quarter, the Company has returned to profitability and has positive operating cash flow for the fiscal quarters ended September 30, 2011 and December 31, 2011. Considering these facts, the Company regards the going concern assumption as appropriate. The Company will be able to realize its assets and satisfy its liabilities in the normal course of business. As a result, the accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern.

The unaudited condensed consolidated financial statements include the financial statements of Synutra International, Inc. and its subsidiaries, its consolidated variable interest entity, Beijing Shengyuan Huimin Technology Service Co., Ltd., and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year

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3.	INVENTORIES

The Company’s inventories at December 31, 2011 and March 31, 2011 are summarized as follows:

	December 31, 2011		March 31, 2011
	(In thousands)
Raw materials	$	36,273	$	52,817
Work-in-progress		5,446		4,262
Finished goods		12,653		10,293
Total	$	54,372	$	67,372

The value of goods-in-transit included in raw materials was $18.3 million and $26.4 million as of December 31, 2011 and March 31, 2011, respectively, which mainly represented the overseas purchase of milk powder and whey protein.

4.	DUE FROM (TO) RELATED PARTIES AND RELATED PARTY TRANSACTIONS

A.	Classification of related party balances by name

a.	Due from related parties

	December 31, 2011		March 31, 2011
	(In thousands)
Sheng Zhi Da Dairy Group Corporation	$	1,872	$	1,800
Beijing Honnete Dairy Co., Ltd.		1,101		7,419
St. Angel (Beijing) Business Service Co. Ltd.		5,690		528
Beijing Dongan Hengxin Property Development Co., Ltd.		—		3,961
Total	$	8,663	$	13,708

b.	Due to related parties

	December 31, 2011		March 31, 2011
	(In thousands)
Sheng Zhi Da Dairy Group Corporation	$	1,168	$	1,639
Beijing Honnete Dairy Co., Ltd.		500		534
Beijing St. Angel Cultural Communication Co., Ltd.		7		157
Total	$	1,675	$	2,330

The Company had certain related party borrowings which were recorded in long-term debt. See Note 7. Except for the related party borrowings, the amount due to and due from related parties were unsecured and interest free.

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B.	Sales to related parties

In the three and nine months ended December 31, 2011, the Company’s sales to the related parties included whey protein to Beijing Honnete Dairy Co., Ltd. and powdered formula products to St. Angel (Beijing) Business Service Co., Ltd.. In the three and nine months ended December 31, 2010, the Company’s sales to the related parties included milk powder and whey protein to Beijing Honnete Dairy Co., Ltd., milk powder to Beijing Kelqin Dairy Co., Ltd., and powdered formula products to St. Angel (Beijing) Business Service Co., Ltd..

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2011		2010		2011		2010
	(In thousands)
Beijing Honnete Dairy Co., Ltd.	$	163	$	2,164	$	1,242	$	2,598
Beijing Kelqin Dairy Co., Ltd.		—		—		—		23
St. Angel (Beijing) Business Service Co., Ltd.		3,679		87		6,303		527
Total	$	3,842	$	2,251	$	7,545	$	3,148

Before September 2011, St. Angel (Beijing) Business Service Co., Ltd. also acted as a sub-distributor of the Company's products. From September 2011, St. Angel (Beijing) Business Service Co., Ltd. began to make all the purchases directly from the Company, which also led to the increase in the amount due from St. Angel (Beijing) Business Service Co., Ltd. Sales of powdered formula products from independent distributors to St. Angel (Beijing) Business Service Co., Ltd. were nil and $7.5 million for the three and nine months ended December 31, 2011, respectively, and $2.8 million and $16.9 million for the three and nine months ended December 31, 2010, respectively, which were not included in the above table.

C.	Purchases from related parties

In the three and nine months ended December 31, 2011 and 2010, the Company’s purchases from related parties included marketing videos from St. Angel Cultural Communication Co., Ltd., which engages in television programming and production.

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
	2011		2010		2011		2010
	(In thousands)
Beijing St. Angel Cultural Communication Co. Ltd.	$	169	$	—	$	169	$	52

5.	PREPAID EXPENSES AND OTHER CURRENT ASSETS

	December 31, 2011		March 31, 2011
	(In thousands)
Prepaid expense	$	5,664	$	3,573
Prepaid other taxes		5,573		6,781
Advance to suppliers		1,317		396
Subsidy receivable		1,567		—
Other		2,074		812
Total	$	16,195	$	11,562

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6.	PROPERTY, PLANT AND EQUIPMENT, NET

	December 31, 2011		March 31, 2011
	(In thousands)
Property, plant and equipment, cost:
Capital lease of building	$	5,789	$	5,563
Buildings		55,437		52,686
Plant and machinery		81,533		78,015
Office equipment and furnishings		4,145		3,431
Motor vehicles		2,739		2,606
Others		513		437
Total cost	$	150,156	$	142,738
Less: Accumulated depreciation:
Capital lease of building		494		371
Buildings		11,352		8,947
Plant and machinery		31,471		25,070
Office equipment and furnishings		2,622		2,139
Motor vehicles		1,815		1,472
Others		415		371
Total accumulated depreciation		48,169		38,370
Construction in progress		16,311		5,443
Property, plant and equipment, net	$	118,298	$	109,811

Construction in progress mainly represents leasehold improvements, manufacturing equipment and facilities, and milk collection station.

The Company recorded depreciation expense of $2.9 million and $2.7 million for the fiscal quarters ended December 31, 2011 and 2010, and $8.6million and $7.7 million for the nine months ended December 31, 2011 and 2010, respectively.

DEBT

As of December 31, 2011 and March 31, 2011, the Company had short-term debt from PRC banks in the amount of $94.2 million and $124.3 million, respectively. The maturity dates of the short-term debt outstanding range from January 2012 to December 2012. The weighted average interest rate on short-term debt from banks outstanding at December 31, 2011 and March 31, 2011 was 6.2% and 5.0%, respectively. The short-term debt from banks at December 31, 2011 and March 31, 2011 were secured by the pledge of certain fixed assets held by the Company of $23.5 million and $24.4 million, respectively; the pledge of the Company’s land use right of $0.8 million and $0.8 million, respectively; and the pledge of cash deposits of $14.5 million and $16.8 million, respectively.

As of December 31, 2011 and March 31, 2011, the Company had long-term debt, including current portion, from banks in the amount of $110.3 million and $96.1 million, respectively. The maturity dates of the long-term debt outstanding range from January 2012 to September 2013. The weighted average interest rate of outstanding long-term debt at December 31, 2011 and March 31, 2011 was 6.3% and 6.0%, respectively. The indebtedness at December 31, 2011 and March 31, 2011 was secured by the pledge of certain fixed assets of $8.0 million and $8.0 million, respectively; the pledge of land use right of $1.9 million and $1.9 million, respectively; and the pledge of cash deposits of $21.0 million and nil, respectively.

As of December 31, 2011, the Company had long-term loan from a related party of $3.9 million. The maturity date of the long-term related party loan is in November 2013, and is extendable on the same terms upon maturity as agreed by both parties. The interest rate of the long-term loan at December 31, 2011 and March 31, 2011 was 10.0%. The interest expense of related party loans for the fiscal quarters ended December 31, 2011 and 2010 were both $97,000, and for nine months ended December 31, 2011 and 2010 were both $290,000, respectively. On October 4, 2011, the Company made an early repayment of $1.0 million of interest after receiving approval of the Board of Directors. The related party loan balance as of March 31, 2011 included principal of $3.9 million and interest of $0.9 million.

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8.	OTHER CURRENT LIABILITIES

	December 31, 2011		March 31, 2011
	(In thousands)
Accrued sales deduction	$	2,523	$	3,898
Payroll and bonus payables		6,865		4,907
Accrued selling and marketing expenses		1,428		1,486
Accrued advertising and promotion expenses		16,326		11,726
Other tax payable		3,250		—
Others		4,235		3,896
Total	$	34,627	$	25,913

9.	INCOME TAXES

The effective tax rate is based on expected income (loss), statutory tax rates and incentives available in the various jurisdictions in which the Company operates. For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records a quarterly income tax provision (benefit) in accordance with the ASC No. 740-270, “Income tax – Interim reporting”. As the year progresses, the Company refines the estimates of the year’s taxable income as new information becomes available. This continual estimation process often results in a change to the expected effective tax rate for the year. When this occurs, the Company adjusts the income tax provision (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual tax rate.

10.	EARNINGS (LOSS) PER SHARE

For purposes of calculating basic and diluted earnings (loss) per share, the Company used the following weighted average shares of common stock outstanding:

	Three Months Ended					Nine Months Ended
	December 31,					December 31,
	2011		2010			2011		2010
	(In thousands)
Net income (loss) attributable to common stockholders	$	10,286	$	(20,479	)	$	9,215	$	(31,529	)
Basic weighted average shares of common stock outstanding		57,301		57,301			57,301		56,201
Dilutive potential shares of common stock		—		—			—		—
Diluted weighted average shares outstanding		57,301		57,301			57,301		56,201
Earnings (loss) per share-basic	$	0.18	$	(0.36	)	$	0.16	$	(0.56	)
Earnings (loss) per share-diluted	$	0.18	$	(0.36	)	$	0.16	$	(0.56	)

The Company granted The Royal Bank of Scotland N.V. (“RBS”) warrants to purchase 400,000 shares of common stock in connection with a loan we had with RBS in fiscal year 2008. These warrants were excluded from the computation of diluted earnings per share for the three and nine months ended December 31, 2011 and 2010 as they would be anti-dilutive.

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11.	SEGMENT REPORTING

The Company focuses on selling premium infant formula products, which are supplemented by more affordable infant formula products targeting the mass market as well as other nutritional products, such as adult powdered formula and prepared baby food, and certain nutritional ingredients and supplements. The activities of each segment are as follows:

Powdered Formula - Sales of powdered infant and adult formula products.

Baby Food - Sales of prepared baby food for babies and children.

Nutritional Ingredients and Supplements - Sales of nutritional ingredients and supplements such as chondroitin sulfate, and microencapsulated Docosahexanoic Acid (“DHA”) and Arachidonic Acid (“ARA”).

“All Other” includes non-core businesses such as sales of ingredients and materials to industrial customers.

The Company’s underlying accounting records are maintained on a legal entity basis for government and public reporting requirements. Segment disclosures are on a performance basis consistent with internal management reporting.

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2011			2010			2011			2010
	(In thousands)
NET SALES TO EXTERNAL CUSTOMERS
Powdered formula	$	99,843		$	20,722		$	219,115		$	137,251
Baby food		76			107			249			304
Nutritional ingredients and supplements		195			108			808			975
All other		14,248			23,296			37,000			30,692
Net sales	$	114,362		$	44,233		$	257,172		$	169,222
INTERSEGMENT SALES
Powdered formula	$	—		$	1		$	—		$	1
Baby food		150			107			330			278
Nutritional ingredients and supplements		3,325			620			8,265			6,061
All other		61			724			1,200			1,615
Intersegment sales	$	3,536		$	1,452		$	9,795		$	7,955
GROSS PROFIT
Powdered formula	$	48,674		$	3,332		$	104,455		$	59,031
Baby food		(372	)		(462	)		(1,064	)		(674	)
Nutritional ingredients and supplements		(618	)		(148	)		(1,374	)		(877	)
All other		(400	)		2,300			3,345			2,799
Gross profit	$	47,284		$	5,022		$	105,362		$	60,279
Selling and distribution expenses		12,619			12,714			37,408			37,551
Advertising and promotion expenses		7,588			10,451			22,638			35,107
General and administrative expenses		7,365			6,130			20,616			20,576
Impairment of goodwill		—			—			—			1,440
Other operating income, net		1,721			173			1,901			484
Income (loss) from operations		21,433			(24,100	)		26,601			(33,911	)
Interest expense		3,841			2,626			11,125			7,401
Interest income		481			187			1,404			432
Other income (expense), net		(509	)		73			63			298
Income (loss) before income tax expense (benefit)	$	17,564		$	(26,466	)	$	16,943		$	(40,582	)

	December 31, 2011			March 31, 2011
	(In thousands)
TOTAL ASSETS
Powdered formula	$	400,049		$	398,801
Baby food		27,224			26,991
Nutritional ingredients and supplements		30,371			32,637
All other		152,959			138,385
Intersegment elimination		(203,523	)		(198,110	)
Total	$	407,080		$	398,704

12.	CONTINGENCIES

The Company is subject to legal proceedings and claims which arise in the ordinary course of business. Claims have been made against the Company from time to time. The Company intends to contest each lawsuit vigorously. The Company is not involved in any legal proceedings which it believes will have the potential for a materially adverse impact on the Company’s business or financial condition, results of operations or cash flows.

13.	SUBSEQUENT EVENTS

There was no material event to be reported.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Sections of this Quarterly Report on Form 10-Q (the “Form 10-Q”) including, in particular, the Company’s Management’s Discussion and Analysis of Financial Condition and Results of Operations contain forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict; therefore, actual results may differ materially from those expressed, implied or forecasted in any such forward-looking statements.

Expressions of future goals and expectations or similar expressions including, without limitation, “may,” “should,” “could,” “expects,” “does not currently expect,” “plans,” “anticipates,” “intends,” “believes,” “estimates,” “predicts,” “potential,” “targets,” or “continue,” reflecting something other than historical fact are intended to identify forward-looking statements. The factors described in the Company’s Annual Report on Form 10-K under Part I. Item 1A. Risk Factors and below in Part II. Other Information – Item 1A. Risk Factors could cause the Company’s actual results to differ materially from those described in the forward-looking statements. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, readers should carefully review the reports and documents the Company files from time to time with the SEC, particularly its Quarterly Reports on Form 10-Q, Annual Report on Form 10-K , Current Reports on Form 8-K and all amendments to those reports.

Available Information

The Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are filed with the SEC. Such reports and other information filed by the Company with the SEC are available on the Company’s website at http://www.synutra.com when such reports are available on the SEC website. The public may read and copy any materials filed by the Company with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Room 1580, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at http://www.sec.gov. The contents of these websites are not incorporated into this filing. Further, the Company’s references to the URLs for these websites are intended to be inactive textual references only.

Overview

We are a leading infant formula company in China. We principally produce, market and sell our products under the “Shengyuan” or “Synutra” name, together with other complementary brands in mainland China. We focus on selling premium infant formula products, which are supplemented by more affordable infant formulas targeting the mass market as well as other nutritional products and ingredients. We sell our products through an extensive nationwide sales and distribution network covering all provinces and provincial-level municipalities in mainland China. As of December 31, 2011, this network is comprised of over 650 independent distributors and over 860 independent sub-distributors who sell our products in over 68,000 retail outlets.

We currently have three reportable segments which are:

o	Powdered formula segment: Powdered formula segment covers the sale of powdered infant and adult formula products. Major brands include Super, U-Smart, My Angel and Helanruniu;

o	Baby food segment: Baby food segment covers the sale of prepared baby food for babies and children. It includes the brand of Huiliduo;

o	Nutritional ingredients and supplements segment: Nutritional ingredients and supplements segment covers the production and sale of nutritional ingredients and supplements such as chondroitin sulfate, and microencapsulated Docosahexanoic Acid (“DHA”) and Arachidonic Acid (“ARA”).

Our Other business includes non-core businesses such as sales of milk powder, whey protein and raw milk to industrial customers.

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In August 2010, there were several media reports alleging our infant formula products caused symptoms of hormone-triggered sexual prematurity in infants in the Hubei province of China (the media reports, together with the reactions thereto, the “prematurity event”). In response to such media reports, the Ministry of Health (“MOH”) of China conducted tests on samples of our products and concluded that there was no link between our infant milk powder products and premature development in infants.

The following table shows our results as impacted by the prematurity event and our efforts to recover from it:

		Fiscal Year 2011											Fiscal Year 2012
		Q1		Q2			Q3			Q4			Q1			Q2			Q3
Powdered formula segment		(in thousands)
- Net sales	$	79,244	$	37,285		$	20,722		$	48,318		$	40,163	*	$	79,109	#	$	99,843
- Gross profit		45,054		10,645			3,332			19,280			16,936			38,845			48,674
- Gross margin		56.9%		28.6%			16.1%			39.9%			42.2%			49.1%			48.8%

Overall
- Income (loss) from operations		16,290		(26,101	)		(24,100	)		(6,431	)		(9,859	)		15,027			21,433

* Excluding the net sales of $16.6 million for the delayed shipment which was recorded in July 2011 as discussed below.

# Including the above net sales of $16.6 million for delayed shipment from the prior period. The gross profit amount of the delayed shipment would have been approximately $9 million.

Our net sales of powdered formula segment for the fiscal quarter ended December 31, 2011 was $99.8 million, compared to $79.1 million for the previous quarter. Our gross profit of the powdered formula segment for the fiscal quarter ended December 31, 2011 was $48.7 million, compared to $38.8 million for the previous quarter. Our net income attributable to Synutra International, Inc. common stockholders for the fiscal quarter ended December 31, 2011 was $10.3 million, compared to $8.5 million for the previous quarter.

Due to a delay in the shipment of high oil whey powder from our overseas supplier during the quarter ended June 30, 2011, we produced high oil whey powder at our Zhangjiakou plant to make up for the shortfall. However, we detected an excess amount of Enterobacter Sakazakii, a kind of bacteria, during our quality control procedures which prompted us to stop the production process and conduct a thorough cleaning of the production line. This cleaning process took time and caused the shipments of certain customer orders to be delayed until July. As a result, a portion of the sales that would have been recognized during the June quarter were delayed to the September quarter. Had the delayed shipments been made on time, we would have had an additional $16.6 million in net sales in the June quarter. Excluding the impact of the delayed shipment, our net sales of powdered formula segment would have been $56.8 million in the fiscal quarter ended June 30, 2011 and our net sales for the fiscal quarter ended September 30, 2011 would have been $62.5 million, representing steady sequential improvements. Had the sales been recognized in the June quarter, we estimate that the net loss attributable to Synutra International, Inc. common stockholders in the fiscal quarter ended June 30, 2011 would have been approximately $3 million as compared to the $9.6 million reported in our First Quarter 10-Q. We estimate that the net income for the fiscal quarter ended September 30, 2011 would have been approximately $2 million as compared to the $8.5 million reported. We do not expect similar shipment delays to occur in our normal course of business operation in the following reporting periods.

In addition, we recorded imported whole milk powder sales of $11.5 million in other business during the quarter ended December 31, 2011, comparing to $16.0 million in the prior quarter. As discussed in our prior filings, the sale of imported whole milk powder is not part of our core business. Depending on our cash flow situation, we adjust the amount of whole milk powder imported and sold from time to time.

We rely less on television advertising than our multinational competitors. In the quarter ended December 31, 2011, we continued to focus on enhancing the effectiveness of our sales network, and emphasizing close communications with our end customers. We continued to provide educational and information support to healthcare professionals, especially in rural areas, and to provide advices to parents on feeding babies. We implemented marketing strategies which involve face to face meetings with end customers, conducting retail site demonstrations, organizing local promotional events, and sponsoring community workshops and projects. We believe these close contacts with end customers contributed to our recovery and growth.

In particular, in the quarter ended December 31, 2011, we performed nation-wide promotional activities on the Super – Love series, a sub-brand of Super series, which increased the sales volume of the series. The net sales of Helanruniu series also increased in this quarter as Helanruniu brand adult milk powder products are often purchased as gifts to friends and family ahead of the spring festival holiday in January.

In addition, since the week-long spring festival holiday came early in mid January 2012, certain distributors placed their January 2012 orders in December, 2011. We estimate that approximately $6 million of December 2011 sales can be attributed to the early spring festival. This also contributed to the increases of net income in the quarter ended December 31, 2011.

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In January 2012, several Chinese media outlets reported that a pair of 4-month old twins in Jiangxi province became ill with severe intestinal symptoms. One passed away from hyperthermia and multi-functional organ failure on January 7, 2012. The other has recovered following hospitalization. Both infants were reported to have been consuming the Company’s powdered milk formula products for weeks before the sudden onset of their illnesses. In response to this event, the Jiangxi Province Center for Disease Control and Prevention and the Jiangxi Dairy Quality Supervision and Inspection Center (the “Authorities”) conducted tests on samples of the Company’s products that were sold in the store where the infants’ family purchased the formula and concluded that there was no link between the infant milk powder products and the death of the baby or the illness of his twin sister. Management is evaluating the impact of this event on its business.

Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the mid rate published by the People’s Bank of China, or the mid rate, as of December 31, 2011, which was RMB 6.3009 to $1.00. We make no representation that the Renminbi amounts referred to in this Quarterly Report on Form 10-Q could have been or could be converted into U.S. dollars at any particular rate or at all. On February 6, 2012, the mid rate was RMB 6.3108 to $1.00.

Critical Accounting Policies and Estimates

We follow certain significant accounting policies when preparing our consolidated financial statements. A summary of these policies is included in our Annual Report on Form 10-K for the year ended March 31, 2011 under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates”. The preparation of these financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and judgments that affect our reported amounts of assets, liabilities, revenues and expenses, and the related disclosures of contingent assets and liabilities at the date of the financial statements. We evaluate these estimates and judgments on an ongoing basis and base our estimates on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Our actual results may differ from these estimates.

We believe that the estimates, assumptions and judgments involved in the accounting policies described in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of our most recent Annual Report on Form 10-K have the greatest potential impact on our financial statements, so we consider these to be our critical accounting policies.

We recognize revenue based on the terms and conditions described in the distributor agreements and described in our Annual Report on Form 10-K for the year ended March 31, 2011 under the Revenue section of “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Estimates”. Revenue was recognized when title and risk and rewards for the products are transferred to the distributor, price was fixed and determinable and collectability was reasonably assured. Under the distributor arrangement, evidenced by purchase order together with advance payment, sales revenue was realized and earned upon acceptance of delivery of products by the distributors.

In August 2011, we amended our distribution agreement with a significant distributor, which provided that the title of the goods is not provided to the distributor until cash is received. Revenue is now recognized when cash is received from that distributor for sales in which (i) there is evidence of an arrangement, (ii) delivery has occurred, (iii) pricing is determinable, and (iv) collection is made. Inventory held on consignment by the distributor is now included in our finished goods inventory.

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RESULTS OF OPERATIONS

Three months ended December 31, 2011 and 2010

Net Sales

Net sales for the fiscal quarter ended December 31, 2011 was $114.4 million compared to $44.2 million for the same period in the previous year. This increase in net sales was mainly due to the increase in net sales of the powdered formula segment, as the business was recovering steadily.

Powdered formula segment

Net sales of our powdered formula products, including infant powdered formula and other powdered formula products for children and adults under the brand names such as Super, U-Smart, My Angel, Helanruniu, accounted for 87.3% of our total sales for the fiscal quarter ended December 31, 2011. Net sales of our powdered formula products for the fiscal quarter ended December 31, 2011 was $99.8 million, compared to $20.7 million for the same period in the previous year, primarily as a result of the following factors:

Sales volume of powdered formula products increased to 9,088 tons for the fiscal quarter ended December 31, 2011 from 4,063 tons for the same period in the previous year, due primarily to the recovery from the prematurity event.

The average selling price of our powdered formula products for the fiscal quarter ended December 31, 2011 was $10,986 per ton, compared to $5,100 per ton for the same period in the previous year. The increase in average selling price is mainly due to our fixed discounts to our distributors. Since our sales volume increased as a result of recovery from the prematurity event and the discounts have decreased as a percentage of sales, our average selling price has improved and returned to the level before the prematurity event.

Baby food segment

Net sales of baby food segment for the fiscal quarter ended December 31, 2011 was $76,000, compared to $107,000 for the same period in the previous year. The product mix in this segment is comprised mainly of prepared baby food, such as cooked meat and vegetables. As part of our sustained response to the prematurity event, we continued to focus our efforts during the quarter on the recovery of the powdered formula segment, and did not develop the baby food segment as planned.

Nutritional ingredients and supplements segment

Net sales of nutritional ingredients and supplements segment was $195,000 and $108,000 for the fiscal quarter ended December 31, 2011 and 2010, respectively. The product mix in this segment is comprised mainly of chondroitin sulfate sold to third parties. There were also inter-segment sales of $3.3 million of nutritional ingredients, such as microencapsulated DHA and ARA, which were used in the production of powdered infant formula products, compared to $620,000 for the same period in the previous year.

Other

Other sales for the fiscal quarter ended December 31, 2011 were $14.2 million, which mainly included sales of whole milk powder imported from New Zealand of $11.5 million, compared to $23.3 million for the same period in the previous year.

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Cost of Sales

Cost of sales for the fiscal quarter ended December 31, 2011 was $67.1 million, compared to $39.2 million for the same period in the previous year. The increase in the cost of sales is mainly due to the increased sales of powdered formula products.

Powdered formula segment

Cost of sales for the powdered formula segment for the fiscal quarter ended December 31, 2011 was $51.2 million, compared to $17.4 million for the same period in the previous year. The increase in the cost of sales is due to the increase in sales volume as we are recovering from the prematurity event, and the increase in promotional product cost.

Baby food segment

Cost of sales for the baby food segment for the fiscal quarter ended December 31, 2011 was $448,000, compared to $569,000 for the same period in the previous year.

Nutritional ingredients and supplements segment

Cost of sales for the nutritional ingredients and supplements segment was $813,000 and $256,000 for the fiscal quarter ended December 31, 2011 and 2010, respectively.

Other

Other cost of sales for the fiscal quarter ended December 31, 2011 was $14.6 million, which mainly included the cost of sales of whole milk powder imported from New Zealand of $12.6 million, compared to $21.0 million for the same period in the previous year.

Gross Profit and Gross Margin

As a result of the foregoing, gross profit for the fiscal quarter ended December 31, 2011 was $47.3 million, compared to $5.0 million for the same period in the previous year. Gross profit for our powdered formula products for the fiscal quarter ended December 31, 2011 was $48.7 million, compared to $3.3 million for the same period in the previous year.

Our overall gross margin increased to 41.3% for the fiscal quarter ended December 31, 2011 from 11.4% for the same period in the previous year. Our gross margin for powdered formula segment was 48.8% for the fiscal quarter ended December 31, 2011, compared to 16.1% for the same period in the previous year.

Selling and Distribution Expenses

Selling and distribution expenses for the fiscal quarter ended December 31, 2011 decreased slightly to $12.6 million from $12.7 million for the same period in the previous year. The major portion of selling and distribution expenses are compensation expense, freight charges, and travelling expense. The slight decrease was mainly due to the decrease in travelling expense, as we had tight expense control, partially offset by the increase in freight charges caused by increased sales volume.

Advertising and Promotion Expenses

Advertising and promotion expenses for the fiscal quarter ended December 31, 2011 was $7.6 million, compared to $10.5 million for the same period in the previous year. Advertising expenses for the fiscal quarter ended December 31, 2011 were $2.6 million, compared to $6.6 million for the same period in the previous year, as we spent significantly on media advertising immediately after the prematurity event to advocate our position. Promotion expenses for the fiscal quarter ended December 31, 2011 were $5.0 million, compared to $3.8 million for the same period in the previous year, which mainly consists of accrual for the bonus point plan.

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General and Administrative Expenses

General and administrative expenses for the fiscal quarter ended December 31, 2011 was $7.4 million, compared to $6.1 million for the same period in the previous year.

Other Operating Income, Net

Other operating income for the fiscal quarter ended December 31, 2011 was $1.7 million, compared to $173,000 for the same period in the previous year. The income represented general purpose subsidy from a local government agent.

Interest Expense

Interest expense for the fiscal quarter ended December 31, 2011 increased to $3.8 million from $2.6 million for the same period in the previous year. The increase was mainly due to the increase in weighted average loan balance, and the increase in weighted average interest rate of borrowings from PRC banks, as China’s central bank raised benchmark lending rates several times since October 2010.

Interest Income

Interest income for the fiscal quarter ended December 31, 2011 was $481,000, compared to $187,000 for the same period in the previous year. The increase is mainly due to the increased weighted average restricted cash balance, which earns a higher interest rate than cash and cash equivalents, and the increase in the interest rate of deposit, as China’s central bank raised benchmark deposit rates several times since October 2010.

Other Income (Expense), Net

Other expense for the fiscal quarter ended December 31, 2011 was $509,000, which was mainly due to donations of powdered formula products of $515,000 to welfare centers for children in the northeast region of China. Other income for the fiscal quarter ended December 31, 2010 was $73,000.

Income Tax Expense

As a result of the income generated, we recorded an income tax expense of $7.2 million for the fiscal quarter ended December 31, 2011, compared to income tax benefit of $5.9 million for the same period in the previous year.

Net income (Loss) Attributable to Synutra International, Inc. Common Stockholders

As a result of the foregoing, net income attributable to Synutra International, Inc. for the fiscal quarter ended December 31, 2011 was $10.3 million, compared to net loss of $20.5 million for the same period in the previous year.

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Nine months ended December 31, 2011 and 2010

Net Sales

Net sales for the nine months ended December 31, 2011 was $257.2 million, compared to $169.2 million for the same period in the previous year. This increase in net sales was mainly due to the increases in powdered milk formula sales.

Powdered formula segment

Net sales of our powdered formula products, including infant powdered formula and other powdered formula products for children and adults under the brand names such as Super, U-Smart, My Angel, Helanruniu, etc, accounted for 85.2% of our total sales for the nine months ended December 31, 2011. Net sales of our powdered formula products for the nine months ended December 31, 2011 was $219.1 million, compared to $137.3 million for the same period in the previous year, primarily as a result of the following factors:

Sales volume of powdered formula products was 21,716 tons for the nine months ended December 31, 2011, compared to 18,870 tons for the same period in the previous year, due primarily to the recovery from the prematurity event since the second quarter of fiscal year 2012.

The average selling price of our powdered formula products for the nine months ended December 31, 2011 was $10,090 per ton from $7,274 per ton for the same period in the previous year. The increase in average selling price is mainly due to our fixed discounts to our distributors. Since our sales volume increased along with our recovery from the prematurity event and the discounts have decreased as a percentage of sales, our average selling price has been improving and has returned to the level before the prematurity event.

Baby food segment

Net sales of baby food segment for the nine months ended December 31, 2011 was $249,000, compared to $304,000 for the same period in the previous year. The product mix in this segment is comprised mainly of prepared baby food, such as cooked meat and vegetables. As part of our sustained response to the prematurity event, we continued to focus our efforts during the nine months on the recovery of the powdered formula segment, and did not develop the baby food segment as planned.

Nutritional ingredients and supplements segment

Net sales of nutritional ingredients and supplements segment was $808,000 and $975,000 for the nine months ended December 31, 2011 and 2010, respectively. The product mix in this segment is comprised mainly of chondroitin sulfate sold to third parties. There were also inter-segment sales of $8.3 million of nutritional ingredients, such as microencapsulated DHA and ARA, which were used in the production of powdered infant formula products, compared to $6.1 million for the same period in the previous year.

Other

Other sales for the nine months ended December 31, 2011 were $37.0 million which mainly included sales of whole milk powder imported from New Zealand of $26.4 million, compared to $30.7 million for the same period in the previous year.

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Cost of Sales

Cost of sales for the nine months ended December 31, 2011 was $151.8 million, compared to $108.9 million for the same period in the previous year. The increase in the cost of sales is mainly due to the cost of sales of powdered formula segment.

Powdered formula segment

Cost of sales for the powdered formula segment for the nine months ended December 31, 2011 was $114.7 million, compared to $78.2 million for the same period in the previous year. The increase in the cost of sales is due to the increase in sales volume, and the increase in promotional product cost.

Baby food segment

Cost of sales for the baby food segment for the nine months ended December 31, 2011 was $1.3 million, compared to $978,000 for the same period in the previous year.

Nutritional ingredients and supplements segment

Cost of sales for the nutritional ingredients and supplements segment was $2.2 million and $1.9 million for the nine months ended December 31, 2011 and 2010, respectively.

Other

Other cost of sales for the nine months ended December 31, 2011 was $33.7 million which mainly included the cost of sales of whole milk powder imported from New Zealand of $27.5 million, compared to $27.9 million for the same period in the previous year.

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Gross Profit and Gross Margin

As a result of the foregoing, gross profit for the nine months ended December 31, 2011 was $105.4 million, compared to $60.3 million for the same period in the previous year. Gross profit for our powdered formula products for the fiscal quarter ended December 31, 2011 was $104.5 million, compared to $59.0 million for the same period in the previous year.

Our overall gross margin was 41.0% for the nine months ended December 31, 2011, compared to 35.6% for the same period in the previous year. Our gross margin for powdered formula segment was 47.7% for the fiscal quarter ended December 31, 2011, compared to 43.0% for the same period in the previous year.

Selling and Distribution Expenses

Selling and distribution expenses for the nine months ended December 31, 2011 was $37.4 million, compared to $37.6 million for the same period in the previous year. The major portion of the selling and distribution expenses are compensation expense, freight charges, and travelling expense. The slight decrease was mainly due to the decrease in travelling expense, as we had tight expense control, partially offset by the increase in freight charges caused by increased sales volume.

Advertising and Promotion Expenses

Advertising and promotion expenses for the nine months ended December 31, 2011 was $22.6 million, compared to $35.1 million for the same period in the previous year. Advertising expenses for the nine months ended December 31, 2011 decreased to $8.1 million from $20.6 million for the same period in the previous year, as we spent significantly on media advertising immediately after the prematurity event to advocate our position. Promotion expenses for the nine months ended December 31, 2011 was $14.5 million, compared to $14.5 million for the same period in the previous year.

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General and Administrative Expenses

General and administrative expenses stayed constant at $20.6 million for both the nine months ended December 31, 2011 and 2010.

Impairment of goodwill

No goodwill impairment occurred in the nine months ended December 31, 2011. Impairment of goodwill for the nine months ended December 31, 2010 was $1.4 million, which represented the difference between the estimated fair value and carrying value of goodwill generated in the acquisition of the baby food business.

Other Operating Income, Net

Other operating income for the nine months ended December 31, 2011 was $1.9 million, compared to $484,000 for the same period in the previous year. The income represented general purpose subsidy from a local government agent.

Interest Expense

Interest expense for the nine months ended December 31, 2011 increased to $11.1 million from $7.4 million for the same period in the previous year. The increase was mainly due to the increase in weighted average loan balance, and the increase in weighted average interest rate of borrowings from PRC banks, as China’s central bank raised benchmark lending rates several times since October 2010.

Interest Income

Interest income for the nine months ended December 31, 2011 was $1.4 million, compared to $432,000 for the same period in the previous year. The increase is mainly due to the increased weighted average restricted cash balance, which earns a higher interest rate than cash and cash equivalents, and the increase in the interest rate of deposit, as China’s central bank raised benchmark deposit rates several times since October 2010.

Other Income, Net

Other income for the nine months ended December 31, 2011 was $63,000, comparing to $298,000 for the nine months ended December 31, 2010.

Income Tax Benefit

As a result of the income generated, we recorded an income tax expense of $7.4 million for the nine months ended December 31, 2011, compared to income tax benefit of $8.9 million for the same period in the previous year. Our effective tax rate was 43.5% for the nine months ended December 31, 2011 compared to 22.0% for the same period in the previous year, which was mainly due to impairment of certain PRC subsidiaries’ deferred tax assets related to loss carryforwards.

Net income (Loss) Attributable to Synutra International, Inc. Common Stockholders

As a result of the foregoing, net income attributable to Synutra International, Inc. for the nine months ended December 31, 2011 was $9.2 million, compared to net loss of $31.5 million for the same period in the previous year.

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Liquidity and Capital Resources

Our primary sources of liquidity are cash from operations and available borrowings. Cash flows from operating activities represent the inflow of cash from our customers and the outflow of cash for inventory purchases, manufacturing, operating expenses, interest and taxes. Cash flows used in investing activities primarily represent capital expenditures for equipment and buildings. Cash flows from financing activities primarily represent borrowings from banks, and for the nine months ended December 31, 2010, it also includes the issuance of 3.3 million shares of common stock, with net proceeds of approximately $58.8 million.

Our cash and cash equivalent decreased from $48.7 million as of March 31, 2011 to $45.8 million as of December 31, 2011. As we improve our financial performance, we believe that our future cash and cash equivalent will be sufficient for our operating needs. Depending on our cash flow situation, we may from time to time adjust the amount of milk powder imported and sold.

The following table sets forth, for the periods indicated, certain information relating to our cash flows:

	Nine Months Ended December 31,
	2011			2010
		(in thousands)
Net cash provided by (used in) operating activities	$	39,775		$	(59,875	)
Net cash used in investing activities		(20,009	)		(2,125	)
Net cash provided by (used in) financing activities		(24,549	)		53,910
Effect of foreign currency translation on cash and cash equivalents		1,818			1,389
Net cash flow	$	(2,965	)	$	(6,701	)

Cash Flows from Operating Activities

Net cash provided by operating activities was $39.8 million for the nine months ended December 31, 2011, compared to net cash used in operating activities of $59.9 million for the nine months ended December 31, 2010. Net cash provided by operating activities for the nine months ended December 31, 2011 included net income of $9.6 million, non-cash items not affecting cash flows of $22.9 million, and a $7.3 million decrease in working capital. Accounts receivable increased along with the increase in net sales. Inventory decreased as we disposed surplus imported milk powder. We accrued for the promotion related cost which increased the other current liabilities’ balance. In the nine months ended December 31, 2011, we spent $203.2 million to purchase raw materials and other production materials, $33.0 million in staff compensation and social welfare, $19.4 million in other taxes, $36.7 million in selling and distribution, advertising and promotion, and general and administrative expenses, $10.9 million in interest payment, and received $343.1 million from our customers.

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Cash Flows from Investing Activities

Net cash used in investing activities was $20.0 million for the nine months ended December 31, 2011, compared to net cash used in investing activities of $2.1 million for the nine months ended December 31, 2010. Cash invested in purchases of property and equipment was $10.6 million and $3.8 million for the nine months ended December 31, 2011 and 2010, respectively. Cash outflow for restricted cash was $9.8 million for the nine months ended December 31, 2011, compared to cash outflow of $7.1 million for the comparing period. Restricted cash represents cash deposited with banks as security against the issuance of letters of credit for the import of raw materials and as pledges for certain short-term and long-term borrowings.

Cash Flows from Financing Activities

Net cash used in financing activities was $24.6 million for the nine months ended December 31, 2011, as compared to net cash provided by financing activities of $53.9 million for the nine months ended December 31, 2010. Cash used in financing activities during the nine months ended December 31, 2011 was primarily related to the difference between the $218.4 million in short and long-term loans received from banks and the $243.0 million in short and long-term loans repaid to banks.

Outstanding Indebtedness

For information on our short-term and long-term borrowings, see “Item 1. Financial Statements—Note 7.”

Contractual Obligations

For information on our contractual obligations, please refer to Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Tabular Disclosure of Contractual Obligations.”as presented in our Annual Report on Form 10-K for the fiscal year ended March 31, 2011.

Capital Expenditures

Our capital expenditures for the nine months ended December 31, 2011 were $10.6 million, compared to $3.8 million for the same period in the previous year.

Off-Balance Sheet Arrangements

We do not have off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There is no material change in the information reported under Item 7A, “Foreign Exchange Risk”, “Inflation”, “Interest Rate Risk”, “Concentration of Credit Risk” and “Commodities Risk” contained in our Form 10-K for the fiscal year ended March 31, 2011.

ITEM 4. CONTROLS AND PROCEDURES

Conclusion Regarding Effectiveness of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Interim Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act) as of the end of the period covered by this report.

Based on such evaluation, the Company’s Chief Executive Officer and Interim Chief Financial Officer have concluded that, as of December 31, 2011, the Company’s disclosure controls and procedures were effective to ensure that the information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is (a) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and (b) accumulated and communicated to the Company’s management, including its Chief Executive Officer and Interim Chief Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

Other than the change described below, there have been no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the fiscal quarter ended December 31, 2011, that has materially affected, or is reasonably likely to materially affect the Company’s internal control over financial reporting.

We are in the process of conducting a search to replace the Chief Financial Officer (“CFO”) that resigned on August 29, 2011. In the interim, Mr. Weiguo Zhang has served as interim CFO. We are continuing to actively search for a qualified candidate. However, until we are able to fill this position, our internal control over financial reporting (as defined in Rule 13a-15 (f) and 15d-15 (f) of the Exchange Act) may be materially affected.

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PART II

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

As of December 31, 2011, the end of the period covered by this report, the Company was subject to legal proceedings and claims discussed below, as well as certain other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. Other than as discussed below, in the opinion of management, the Company does not have a potential liability related to any current legal proceedings and claims that would individually or in the aggregate have a material adverse effect on its financial condition or operating results. However, the results of legal proceedings cannot be predicted with certainty. The Company intends to contest each lawsuit vigorously but should the Company fail to prevail in any of these legal matters or should several of these legal matters be resolved against the Company in the same reporting period, the operating results of a particular reporting period could be materially and adversely affected.

ITEM 1A. RISK FACTORS

For information regarding the risks and uncertainties affecting our business, please refer to “Part I, Item 1A Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended March 31, 2011. There have been no material changes to these risks and uncertainties during the fiscal quarter ended December 31, 2011.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit Number		Description
31.1		Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended
31.2		Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a), promulgated under the Securities and Exchange Act of 1934, as amended
32.1		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer)
32.2		Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer)
101		Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Consolidated Balance Sheets—December 31, 2011 and March 31, 2011, (ii) the Condensed Consolidated Statements of Operation—Three Months and Nine months Ended December 31, 2011 and 2010, (iii) the Condensed Consolidated Statements of Comprehensive Income(Loss)—Three Months and Nine months Ended December 31, 2011 and 2010, (iv) the Condensed Consolidated Statements of Equity—Nine months Ended December 31, 2011 and 2010, (v) the Condensed Consolidated Statements of Cash Flows—Nine months Ended December 31, 2011 and 2010, and (vi) Notes to Condensed Consolidated Financial Statements (unaudited).*

*	As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SYNUTRA INTERNATIONAL, INC.


Date: February 9, 2012	By:	/s/ Liang Zhang
		Name:	Liang Zhang
		Title:	Chief Executive Officer and Chairman

	By:	/s/ Weiguo Zhang
		Name:	Weiguo Zhang
		Title:	Interim Chief Financial Officer and President

EX-31.1 2 dp28622_ex3101.htm EXHIBIT 31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13A-14(A)

AND RULE 15D-14(A), PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF

1934, AS AMENDED

I, Liang Zhang, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Synutra International, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 9, 2012

/s/ Liang Zhang
Name: Liang Zhang
Title: Chief Executive Officer

EX-31.2 3 dp28622_ex3102.htm EXHIBIT 31.2

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO RULE 13A-14(A)

AND RULE 15D-14(A), PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF

1934, AS AMENDED

I, Weiguo Zhang, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Synutra International, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 9, 2012

/s/ Weiguo Zhang
Name: Weiguo Zhang
Title: Interim Chief Financial Officer and President

EX-32.1 4 dp28622_ex3201.htm EXHIBIT 32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, the undersigned, Liang Zhang, Chief Executive Officer of Synutra International, Inc. (the “Registrant”), hereby certifies, to his knowledge, that the Registrant’s quarterly report on Form 10-Q for the fiscal quarter ended December 31, 2011 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 9, 2012	/s/ Liang Zhang
	Name: Liang Zhang
	Title: Chief Executive Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished with the Registrant’s Report pursuant to 18 U.S.C. Section 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and it is not to be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

EX-32.2 5 dp28622_ex3202.htm EXHIBIT 32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, the undersigned, Weiguo Zhang, Interim Chief Financial Officer of Synutra International, Inc. (the “Registrant”), hereby certifies, to his knowledge, that the Registrant’s quarterly report on Form 10-Q for the fiscal quarter ended December 31, 2011 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: February 9, 2012	/s/ Weiguo Zhang
	Name: Weiguo Zhang
	Title: Interim Chief Financial Officer and President

EX-101.INS 6 syut-20111231.xml EXHIBIT 101.INS 0001293593 us-gaap:AdditionalPaidInCapitalMember 2010-04-01 2010-12-31 0001293593 us-gaap:CommonStockMember 2010-04-01 2010-12-31 0001293593 us-gaap:RetainedEarningsMember 2011-12-31 0001293593 us-gaap:NoncontrollingInterestMember 2011-12-31 0001293593 us-gaap:AdditionalPaidInCapitalMember 2011-12-31 0001293593 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-12-31 0001293593 us-gaap:RetainedEarningsMember 2011-03-31 0001293593 us-gaap:NoncontrollingInterestMember 2011-03-31 0001293593 us-gaap:AdditionalPaidInCapitalMember 2011-03-31 0001293593 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-03-31 0001293593 us-gaap:RetainedEarningsMember 2010-12-31 0001293593 us-gaap:NoncontrollingInterestMember 2010-12-31 0001293593 us-gaap:AdditionalPaidInCapitalMember 2010-12-31 0001293593 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-12-31 0001293593 us-gaap:RetainedEarningsMember 2010-03-31 0001293593 us-gaap:NoncontrollingInterestMember 2010-03-31 0001293593 us-gaap:AdditionalPaidInCapitalMember 2010-03-31 0001293593 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-03-31 0001293593 us-gaap:CommonStockMember 2011-12-31 0001293593 us-gaap:CommonStockMember 2011-03-31 0001293593 us-gaap:CommonStockMember 2010-12-31 0001293593 us-gaap:CommonStockMember 2010-03-31 0001293593 us-gaap:RetainedEarningsMember 2011-04-01 2011-12-31 0001293593 us-gaap:RetainedEarningsMember 2010-04-01 2010-12-31 0001293593 us-gaap:NoncontrollingInterestMember 2011-04-01 2011-12-31 0001293593 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-04-01 2011-12-31 0001293593 us-gaap:NoncontrollingInterestMember 2010-04-01 2010-12-31 0001293593 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-04-01 2010-12-31 0001293593 2011-10-01 2011-12-31 0001293593 2010-10-01 2010-12-31 0001293593 2010-12-31 0001293593 2010-03-31 0001293593 2011-12-31 0001293593 2011-03-31 0001293593 2010-04-01 2010-12-31 0001293593 2012-02-09 0001293593 2011-04-01 2011-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares false --03-31 Q3 2012 2011-12-31 10-Q 0001293593 57300713 Accelerated Filer Synutra International, Inc. 1890000 3397000 6096000 9561000 <div> 5. PREPAID EXPENSES AND OTHER CURRENT ASSETS <div align="left"> <table border="0" cellspacing="0"> <tr><td width="48%"> </td> <td width="6%"> </td> <td width="11%"> </td> <td width="3%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="3%"> </td> <td width="7%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="center"> </td> <td colspan="3" align="center">Three Months Ended</td> <td colspan="4" align="center">Nine Months Ended</td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">December 31,</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">December 31,</td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2010</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2010</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="left">(In thousands)</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" align="left">Beijing St. Angel Cultural Communication Co. Ltd.</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">169</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">$</td> <td style="border-bottom: #000000 3px double; text-indent: 6px;" bgcolor="#d6eaea" align="left">—</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">169</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">52</td></tr></table></div>   <div align="left"> <table border="0" cellspacing="0"> <tr><td width="65%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="4%"> </td> <td width="12%"> </td></tr> <tr valign="bottom"><td width="65%" align="left"> </td> <td width="3%" align="center"> </td> <td width="11%" align="center">December</td> <td width="4%" align="center"> </td> <td style="text-indent: 1px;" width="12%" align="center">March</td></tr> <tr valign="bottom"><td width="65%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">31, 2011</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">31, 2011</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="65%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="27%" colspan="3" align="center">(In thousands)</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="65%" align="left">Prepaid expense</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="11%" align="right">5,664</td> <td bgcolor="#d6eaea" width="4%" align="right">$</td> <td bgcolor="#d6eaea" width="12%" align="right">3,573</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="65%" align="left">Prepaid other taxes</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">5,573</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">6,781</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="65%" align="left">Advance to suppliers</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="11%" align="right">1,317</td> <td bgcolor="#d6eaea" width="4%" align="right"> </td> <td bgcolor="#d6eaea" width="12%" align="right">396</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="65%" align="left">Subsidy receivable</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">1,567</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">—</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="65%" align="left">Other</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="11%" align="right">2,074</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="4%" align="right"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="12%" align="right">812</td></tr> <tr valign="bottom"><td width="65%" align="left">Total</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="11%" align="right">16,195</td> <td style="border-bottom: #000000 3px double;" width="4%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="12%" align="right">11,562</td></tr></table></div> </div>

52923000

54586000

46021000

55264000

28204000

32088000

135440000

8779000

13192000

175000

398704000

407080000

247989000

225086000

1714000

1378000

5540000

5741000

48693000

41992000

48741000

45776000

-6701000

-2965000

<div> 12. CONTINGENCIES      The Company is subject to legal proceedings and claims which arise in the ordinary course of business. Claims have been made against the Company from time to time. The Company intends to contest each lawsuit vigorously. The Company is not involved in any legal proceedings which it believes will have the potential for a materially adverse impact on the Company's business or financial condition, results of operations or cash flows. <div align="left"> <table border="0" cellspacing="0"> <tr><td width="62%"> </td> <td width="3%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="62%" align="left"> </td> <td width="3%" align="center"> </td> <td width="10%" align="center">December</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td style="text-indent: 2px;" width="11%" align="center">March</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="62%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="center">31, 2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">31, 2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="62%" align="left"> </td> <td width="3%" align="center"> </td> <td style="text-indent: 1px;" width="25%" colspan="4" align="center">(In thousands)</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="62%" align="left">TOTAL ASSETS</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="62%" align="left">Powdered formula</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="10%" align="right">400,049</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="right">$</td> <td bgcolor="#d6eaea" width="11%" align="right">398,801</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="62%" align="left">Baby food</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">27,224</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">26,991</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="62%" align="left">Nutritional ingredients and supplements</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="10%" align="right">30,371</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="right"> </td> <td bgcolor="#d6eaea" width="11%" align="right">32,637</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="62%" align="left">All other</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">152,959</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">138,385</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="62%" align="left">Intersegment elimination</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="10%" align="right">(203,523</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="right"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="11%" align="right">(198,110</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="62%" align="left">Total</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">407,080</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="11%" align="right">398,704</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td></tr></table></div> </div>

0.0001

250000000

57301000

6000

-28209000

-19358000

13099000

11244000

-120000

-63000

374000

120000

-28329000

-19421000

13473000

11364000

108943000

39211000

151810000

67078000

4890000

6366000

<div> 7. DEBT      As of December 31, 2011 and March 31, 2011, the Company had short-term debt from PRC banks in the amount of $94.2 million and $124.3 million, respectively. The maturity dates of the short-term debt outstanding range from January 2012 to December 2012. The weighted average interest rate on short-term debt from banks outstanding at December 31, 2011 and March 31, 2011 was 6.2% and 5.0%, respectively. The short-term debt from banks at December 31, 2011 and March 31, 2011 were secured by the pledge of certain fixed assets held by the Company of $23.5 million and $24.4 million, respectively; the pledge of the Company's land use right of $0.8 million and $0.8 million, respectively; and the pledge of cash deposits of $14.5 million and $16.8 million, respectively.      As of December 31, 2011 and March 31, 2011, the Company had long-term debt, including current portion, from banks in the amount of $110.3 million and $96.1 million, respectively. The maturity dates of the long-term debt outstanding range from January 2012 to September 2013. The weighted average interest rate of outstanding long-term debt at December 31, 2011 and March 31, 2011 was 6.3% and 6.0%, respectively. The indebtedness at December 31, 2011 and March 31, 2011 was secured by the pledge of certain fixed assets of $8.0 million and $8.0 million, respectively; the pledge of land use right of $1.9 million and $1.9 million, respectively; and the pledge of cash deposits of $21.0 million and nil, respectively.      As of December 31, 2011, the Company had long-term loan from a related party of $3.9 million. The maturity date of the long-term related party loan is in November 2013, and is extendable on the same terms upon maturity as agreed by both parties. The interest rate of the long-term loan at December 31, 2011 and March 31, 2011 was 10.0%. The interest expense of related party loans for the fiscal quarters <div> </div> ended December 31, 2011 and 2010 were both $97,000, and for nine months ended December 31, 2011 and 2010 were both $290,000, respectively. On October 4, 2011, the Company made an early repayment of $1.0 million of interest after receiving approval of the Board of Directors. The related party loan balance as of March 31, 2011 included principal of $3.9 million and interest of $0.9 million. </div>

18000

7191000

4456000

4438000

20922000

14638000

27646000

28667000

7834000

8611000

13708000

8663000

2330000

1675000

-0.56

-0.36

0.16

0.18

-0.56

-0.36

0.16

0.18

<div> 10. EARNINGS (LOSS) PER SHARE      For purposes of calculating basic and diluted earnings (loss) per share, the Company used the following weighted average shares of common stock outstanding: <div align="left"> <table border="0" cellspacing="0"> <tr><td width="48%"> </td> <td width="3%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="center"> </td> <td colspan="8" align="center">Three Months Ended Nine Months Ended</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">December 31,</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="4" align="center">December 31,</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2010</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2010</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td align="center"> </td> <td style="border-bottom: #000000 1px solid;" colspan="3" align="center">(In thousands)</td> <td align="center"> </td> <td align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" align="left">Net income (loss) attributable to common stockholders</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">10,286</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">(20,479</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">)$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">9,215</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" colspan="2" align="right">(31,529</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">)</td></tr> <tr valign="bottom"><td align="left">Basic weighted average shares of common stock</td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td> <td align="right"> </td> <td align="left"> </td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">outstanding</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">57,301</td> <td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">57,301</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">57,301</td> <td align="right"> </td> <td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right">56,201</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" align="left">Dilutive potential shares of common stock</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">—</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">—</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">—</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">—</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" align="left">Diluted weighted average shares outstanding</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="right">57,301</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="right">57,301</td> <td style="border-bottom: #000000 3px double;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="right">57,301</td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="left"> </td> <td style="border-bottom: #000000 3px double;" align="right">56,201</td> <td style="border-bottom: #000000 3px double;" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" align="left">Earnings (loss) per share-basic</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">0.18</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">(0.36</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">)$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">0.16</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="right">(0.56</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" align="left">)</td></tr> <tr valign="bottom"><td align="left">Earnings (loss) per share-diluted</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">0.18</td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(0.36</td> <td style="border-bottom: #000000 3px double;" align="left">)$</td> <td style="border-bottom: #000000 3px double;" align="right">0.16</td> <td style="border-bottom: #000000 3px double;" align="right"> </td> <td style="border-bottom: #000000 3px double;" align="left">$</td> <td style="border-bottom: #000000 3px double;" align="right">(0.56</td> <td style="border-bottom: #000000 3px double;" align="left">)</td></tr></table></div>        The Company granted The Royal Bank of Scotland N.V. ("RBS") warrants to purchase 400,000 shares of common stock in connection with a loan we had with RBS in fiscal year 2008. These warrants <div> </div> were excluded from the computation of diluted earnings per share for the three and nine months ended December 31, 2011 and 2010 as they would be anti-dilutive. </div>

1389000

1818000

10000

-269000

20576000

6130000

20616000

7365000

1700000

1440000

60279000

5022000

105362000

47284000

-40582000

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16943000

17564000

<div> 9. INCOME TAXES      The effective tax rate is based on expected income (loss), statutory tax rates and incentives available in the various jurisdictions in which the Company operates. For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records a quarterly income tax provision (benefit) in accordance with the ASC No. 740-270, "Income tax – Interim reporting". As the year progresses, the Company refines the estimates of the year's taxable income as new information becomes available. This continual estimation process often results in a change to the expected effective tax rate for the year. When this occurs, the Company adjusts the income tax provision (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual tax rate. </div>

168000

82000

259000

269000

-8922000

-5920000

7370000

7162000

1186000

595000

20579000

14103000

2297000

1351000

-104000

-198000

4466000

-3884000

1413000

1535000

8597000

29000

16275000

-15629000

7627000

14171000

3225000

12101000

7080000

9849000

3140000

3168000

7401000

2626000

11125000

3841000

6598000

10855000

<div> 3. INVENTORIES The Company's inventories at December 31, 2011 and March 31, 2011 are summarized as follows: <div align="left"> <table border="0" cellspacing="0"> <tr><td width="68%"> </td> <td width="3%"> </td> <td width="13%"> </td> <td width="3%"> </td> <td width="10%"> </td></tr> <tr valign="bottom"><td width="68%" align="left"> </td> <td width="3%" align="center"> </td> <td width="13%" align="center">December</td> <td width="3%" align="center"> </td> <td width="10%" align="center">March</td></tr> <tr valign="bottom"><td width="68%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="center">31, 2011</td> <td style="border-bottom: #000000 1px solid;" width="13%" colspan="2" align="center">31, 2011</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="68%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="26%" colspan="3" align="center">(In thousands)</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="68%" align="left">Raw materials</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="13%" align="right">36,273</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="10%" align="right">52,817</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="68%" align="left">Work-in-progress</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">5,446</td> <td width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">4,262</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="68%" align="left">Finished goods</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="13%" align="right">12,653</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="10%" align="right">10,293</td></tr> <tr valign="bottom"><td width="68%" align="left">Total</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="13%" align="right">54,372</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">67,372</td></tr></table></div>        The value of goods-in-transit included in raw materials was $18.3 million and $26.4 million as of December 31, 2011 and March 31, 2011, respectively, which mainly represented the overseas purchase of milk powder and whey protein. </div>

67372000

54372000

432000

187000

1404000

481000

322778000

317596000

398704000

407080000

248468000

249823000

38131000

58404000

62722000

55739000

35107000

10451000

22638000

7588000

633000

1092000

<div> <div> 1. ORGANIZATION AND PRINCIPAL ACTIVITIES      Directly or through its wholly owned subsidiary, Synutra International, Inc. (collectively with its subsidiaries, the "Company" or "Synutra") owns all or majority of the equity interests of the entities in the People's Republic of China ("China" or "PRC") that are principally engaged in the production, marketing and distribution of dairy based nutritional products under the Company's own brands in China. The Company produces, markets and sells nutritional products under the "Shengyuan" or "Synutra" name, together with other complementary brands. The Company focuses on selling premium infant formula products, which are supplemented by more affordable infant formula products targeting the mass market as well as other nutritional products, such as adult powdered milk formula and prepared baby food, and certain nutritional ingredients and supplements.</div> </div>

53910000

-24549000

-2125000

-20009000

-59875000

39775000

-31529000

-20479000

9215000

10286000

-131000

-67000

358000

116000

-372000

-650000

-33911000

-24100000

26601000

21433000

<div> 2. BASIS OF PRESENTATION      The Company is responsible for the unaudited condensed consolidated financial statements included in this document, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results. The Company prepared these statements following the requirements of the U.S. Securities and Exchange Commission (the "SEC") for interim reporting. As permitted under those rules, the Company condensed or omitted certain footnotes or other financial information that are normally required by GAAP for annual financial statements. These statements should be read in combination with the consolidated financial statements in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2011.      The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. Under that assumption, it is expected that assets will be realized and liabilities will be satisfied in the normal course of business. In August 2010, there were several media reports alleging the Company's infant formula products caused symptoms of hormone-triggered sexual prematurity in infants in the Hubei province of China ("prematurity event"). Although the Ministry of Health ("MOH") of China conducted tests on samples of the Company's products and concluded that there was no link between the infant milk powder products and premature development in infants, the Company's business was significantly impacted. As a result, the Company experienced a net loss and negative cash flows from operations in the year ended March 31, 2011. The Company initiated a series of marketing strategies to emphasize close communication with the end customers, including reiterating the safety of formula products on major TV stations, inviting consumers to visit the production plant, after the prematurity event. As a result of the Company's effort, sales order amounts have been increasing quarter by quarter, the Company has returned to profitability and has positive operating cash flow for the fiscal quarters ended September 30, 2011 and December 31, 2011. Considering these facts, the Company regards the going concern assumption as appropriate. The Company will be able to realize its assets and satisfy its liabilities in the normal course of business. As a result, the accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern.      The unaudited condensed consolidated financial statements include the financial statements of Synutra International, Inc. and its subsidiaries, its consolidated variable interest entity, Beijing Shengyuan Huimin Technology Service Co., Ltd., and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.      The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year </div>

4022000

1303000

3331000

3320000

11000

1125000

3900000

3884000

16000

962000

25913000

34627000

<div> 8. OTHER CURRENT LIABILITIES <div align="left"> <table border="0" cellspacing="0"> <tr><td width="71%"> </td> <td width="3%"> </td> <td width="10%"> </td> <td width="4%"> </td> <td width="11%"> </td></tr> <tr valign="bottom"><td width="71%" align="left"> </td> <td width="3%" align="center"> </td> <td width="10%" align="center">December</td> <td width="4%" align="center"> </td> <td style="text-indent: 1px;" width="11%" align="center">March</td></tr> <tr valign="bottom"><td width="71%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="center">31, 2011</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">31, 2011</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="71%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="25%" colspan="3" align="right">(In thousands)</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="71%" align="left">Accrued sales deduction</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="10%" align="right">2,523</td> <td bgcolor="#d6eaea" width="4%" align="right">$</td> <td bgcolor="#d6eaea" width="11%" align="right">3,898</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="71%" align="left">Payroll and bonus payables</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">6,865</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">4,907</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="71%" align="left">Accrued selling and marketing expenses</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="10%" align="right">1,428</td> <td bgcolor="#d6eaea" width="4%" align="right"> </td> <td bgcolor="#d6eaea" width="11%" align="right">1,486</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="71%" align="left">Accrued advertising and promotion expenses</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">16,326</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">11,726</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="71%" align="left">Other tax payable</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="10%" align="right">3,250</td> <td bgcolor="#d6eaea" width="4%" align="right"> </td> <td bgcolor="#d6eaea" width="11%" align="right">—</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="71%" align="left">Others</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">4,235</td> <td style="border-bottom: #000000 3px double;" width="4%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="11%" align="right">3,896</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="71%" align="left">Total</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="10%" align="right">34,627</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="4%" align="right">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="11%" align="right">25,913</td></tr></table></div> </div>

1592000

1855000

298000

73000

63000

-509000

484000

173000

1901000

1721000

112000

85000

3866000

3840000

10565000

11562000

16195000

62700000

57491000

60494000

8795000

405000

147225000

157951000

-31660000

-131000

-31529000

-20546000

9573000

358000

9215000

10402000

<div> 6. PROPERTY, PLANT AND EQUIPMENT, NET <div align="left"> <table border="0" cellspacing="0"> <tr><td width="69%"> </td> <td width="3%"> </td> <td width="10%"> </td> <td width="4%"> </td> <td width="11%"> </td></tr> <tr valign="bottom"><td width="69%" align="left"> </td> <td width="3%" align="center"> </td> <td width="10%" align="center">December</td> <td width="4%" align="center"> </td> <td style="text-indent: 1px;" width="11%" align="center">March</td></tr> <tr valign="bottom"><td width="69%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="center">31, 2011</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">31, 2011</td></tr> <tr valign="bottom"><td width="69%" align="left"> </td> <td width="3%" align="center"> </td> <td width="25%" colspan="3" align="center">(In thousands)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="69%" align="left">Property, plant and equipment, cost:</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="69%" align="left">Capital lease of building</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="10%" align="right">5,789</td> <td bgcolor="#d6eaea" width="4%" align="right">$</td> <td bgcolor="#d6eaea" width="11%" align="right">5,563</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="69%" align="left">Buildings</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">55,437</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">52,686</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="69%" align="left">Plant and machinery</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="10%" align="right">81,533</td> <td bgcolor="#d6eaea" width="4%" align="right"> </td> <td bgcolor="#d6eaea" width="11%" align="right">78,015</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="69%" align="left">Office equipment and furnishings</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">4,145</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">3,431</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="69%" align="left">Motor vehicles</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="10%" align="right">2,739</td> <td bgcolor="#d6eaea" width="4%" align="right"> </td> <td bgcolor="#d6eaea" width="11%" align="right">2,606</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="69%" align="left">Others</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">513</td> <td style="border-bottom: #000000 3px double;" width="4%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="11%" align="right">437</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="69%" align="left">Total cost</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="10%" align="right">150,156</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="4%" align="right">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="11%" align="right">142,738</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="69%" align="left">Less: Accumulated depreciation:</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="69%" align="left">Capital lease of building</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="10%" align="right">494</td> <td bgcolor="#d6eaea" width="4%" align="right"> </td> <td bgcolor="#d6eaea" width="11%" align="right">371</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="69%" align="left">Buildings</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">11,352</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">8,947</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="69%" align="left">Plant and machinery</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="10%" align="right">31,471</td> <td bgcolor="#d6eaea" width="4%" align="right"> </td> <td bgcolor="#d6eaea" width="11%" align="right">25,070</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="69%" align="left">Office equipment and furnishings</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">2,622</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">2,139</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="69%" align="left">Motor vehicles</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="10%" align="right">1,815</td> <td bgcolor="#d6eaea" width="4%" align="right"> </td> <td bgcolor="#d6eaea" width="11%" align="right">1,472</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="69%" align="left">Others</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">415</td> <td style="border-bottom: #000000 3px double;" width="4%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="11%" align="right">371</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="69%" align="left">Total accumulated depreciation</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="10%" align="right">48,169</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="4%" align="right"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="11%" align="right">38,370</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="69%" align="left">Construction in progress</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">16,311</td> <td style="border-bottom: #000000 3px double;" width="4%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="11%" align="right">5,443</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="69%" align="left">Property, plant and equipment, net</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="10%" align="right">118,298</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="4%" align="right">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="11%" align="right">109,811</td></tr></table></div>        Construction in progress mainly represents leasehold improvements, manufacturing equipment and facilities, and milk collection station.      The Company recorded depreciation expense of $2.9 million and $2.7 million for the fiscal quarters ended December 31, 2011 and 2010, and $8.6million and $7.7 million for the nine months ended December 31, 2011 and 2010, respectively. </div>

109811000

118298000

2679000

6709000

<div> 4. DUE FROM (TO) RELATED PARTIES AND RELATED PARTY TRANSACTIONS A. Classification of related party balances by name a. Due from related parties <div align="left"> <table border="0" cellspacing="0"> <tr><td width="72%"> </td> <td width="3%"> </td> <td width="9%"> </td> <td width="3%"> </td> <td width="10%"> </td></tr> <tr valign="bottom"><td width="72%" align="left"> </td> <td width="3%" align="left"> </td> <td width="9%" align="center">December</td> <td width="3%" align="center"> </td> <td width="10%" align="center">March</td></tr> <tr valign="bottom"><td width="72%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="center">31, 2011</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="center">31, 2011</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="72%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="22%" colspan="3" align="center">(In thousands)</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="72%" align="left">Sheng Zhi Da Dairy Group Corporation</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="9%" align="right">1,872</td> <td bgcolor="#d6eaea" width="3%" align="right">$</td> <td bgcolor="#d6eaea" width="10%" align="right">1,800</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="72%" align="left">Beijing Honnete Dairy Co., Ltd.</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" align="right">1,101</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">7,419</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="72%" align="left">St. Angel (Beijing) Business Service Co. Ltd.</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="9%" align="right">5,690</td> <td bgcolor="#d6eaea" width="3%" align="right"> </td> <td bgcolor="#d6eaea" width="10%" align="right">528</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="72%" align="left">Beijing Dongan Hengxin Property Development Co., Ltd.</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="9%" align="right">—</td> <td style="border-bottom: #000000 3px double;" width="3%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">3,961</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="72%" align="left">Total</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="9%" align="right">8,663</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="right">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="10%" align="right">13,708</td></tr></table></div>   b. Due to related parties <div align="left"> <table border="0" cellspacing="0"> <tr><td width="74%"> </td> <td width="3%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="8%"> </td></tr> <tr valign="bottom"><td width="74%" align="left"> </td> <td width="3%" align="center"> </td> <td width="11%" align="center">December</td> <td width="2%" align="center"> </td> <td width="8%" align="center">March</td></tr> <tr valign="bottom"><td width="74%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">31, 2011</td> <td style="border-bottom: #000000 1px solid;" width="10%" colspan="2" align="center">31, 2011</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="74%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="21%" colspan="3" align="center">(In thousands)</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="74%" align="left">Sheng Zhi Da Dairy Group Corporation</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="11%" align="right">1,168</td> <td bgcolor="#d6eaea" width="2%" align="left">$</td> <td bgcolor="#d6eaea" width="8%" align="right">1,639</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="74%" align="left">Beijing Honnete Dairy Co., Ltd.</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="right">500</td> <td width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">534</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="74%" align="left">Beijing St. Angel Cultural Communication Co., Ltd.</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="11%" align="right">7</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="8%" align="right">157</td></tr> <tr valign="bottom"><td width="74%" align="left">Total</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="11%" align="right">1,675</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">2,330</td></tr></table></div>        The Company had certain related party borrowings which were recorded in long-term debt. See Note 7. Except for the related party borrowings, the amount due to and due from related parties were unsecured and interest free. <div> </div> B. Sales to related parties      In the three and nine months ended December 31, 2011, the Company's sales to the related parties included whey protein to Beijing Honnete Dairy Co., Ltd. and powdered formula products to St. Angel (Beijing) Business Service Co., Ltd.. In the three and nine months ended December 31, 2010, the Company's sales to the related parties included milk powder and whey protein to Beijing Honnete Dairy Co., Ltd., milk powder to Beijing Kelqin Dairy Co., Ltd., and powdered formula products to St. Angel (Beijing) Business Service Co., Ltd <div align="left"> <table border="0" cellspacing="0"> <tr><td width="52%"> </td> <td width="3%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="7%"> </td></tr> <tr valign="bottom"><td width="52%" align="left"> </td> <td width="3%" align="center"> </td> <td width="18%" colspan="3" align="center">Three Months Ended</td> <td width="19%" colspan="4" align="center">Nine Months Ended</td></tr> <tr valign="bottom"><td width="52%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" colspan="3" align="center">December 31,</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 1px;" width="17%" colspan="3" align="center">December 31,</td></tr> <tr valign="bottom"><td width="52%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center">2010</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center">2010</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="52%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" colspan="3" align="center">(In thousands)</td> <td width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="52%" align="left">Beijing Honnete Dairy Co., Ltd.</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="8%" align="right">163</td> <td bgcolor="#d6eaea" width="2%" align="left">$</td> <td bgcolor="#d6eaea" width="8%" align="right">2,164</td> <td bgcolor="#d6eaea" width="2%" align="left">$</td> <td bgcolor="#d6eaea" width="8%" align="right">1,242</td> <td bgcolor="#d6eaea" width="2%" align="left">$</td> <td bgcolor="#d6eaea" width="7%" align="right">2,598</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="52%" align="left">Beijing Kelqin Dairy Co., Ltd.</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">—</td> <td width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">—</td> <td width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">23</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="52%" align="left">St. Angel (Beijing) Business Service Co., Ltd.</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="8%" align="right">3,679</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="8%" align="right">87</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="8%" align="right">6,303</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="7%" align="right">527</td></tr> <tr valign="bottom"><td width="52%" align="left">Total</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">3,842</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">2,251</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">7,545</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">3,148</td></tr></table></div>        Before September 2011, St. Angel (Beijing) Business Service Co., Ltd. also acted as a sub-distributor of the Company's products. From September 2011, St. Angel (Beijing) Business Service Co., Ltd. began to make all the purchases directly from the Company, which also led to the increase in the amount due from St. Angel (Beijing) Business Service Co., Ltd. Sales of powdered formula products from independent distributors to St. Angel (Beijing) Business Service Co., Ltd. were nil and $7.5 million for the three and nine months ended December 31, 2011, respectively, and $2.8 million and $16.9 million for the three and nine months ended December 31, 2010, respectively, which were not included in the above table. C. Purchases from related parties      In the three and nine months ended December 31, 2011 and 2010, the Company's purchases from related parties included marketing videos from St. Angel Cultural Communication Co., Ltd., which engages in television programming and production. </div>

9104000

67339000

48555000

133197000

194439000

37690000

28531000

20997000

-88357000

-79142000

169222000

44233000

257172000

114362000

<div> 11. SEGMENT REPORTING      The Company focuses on selling premium infant formula products, which are supplemented by more affordable infant formula products targeting the mass market as well as other nutritional products, such as adult powdered formula and prepared baby food, and certain nutritional ingredients and supplements. The activities of each segment are as follows: Powdered Formula - Sales of powdered infant and adult formula products. Baby Food - Sales of prepared baby food for babies and children.      Nutritional Ingredients and Supplements - Sales of nutritional ingredients and supplements such as chondroitin sulfate, and microencapsulated Docosahexanoic Acid ("DHA") and Arachidonic Acid ("ARA").      "All Other" includes non-core businesses such as sales of ingredients and materials to industrial customers.      The Company's underlying accounting records are maintained on a legal entity basis for government and public reporting requirements. Segment disclosures are on a performance basis consistent with internal management reporting. <div> </div> <div align="left"> <table border="0" cellspacing="0"> <tr><td width="49%"> </td> <td width="3%"> </td> <td width="8%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="8%"> </td> <td width="3%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="3%"> </td> <td width="6%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td width="49%" align="left"> </td> <td width="3%" align="center"> </td> <td width="20%" colspan="4" align="center">Three Months Ended</td> <td width="3%" align="center"> </td> <td width="2%" align="center"> </td> <td width="18%" colspan="4" align="center">Nine Months Ended</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="49%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="4" align="center">December 31,</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" colspan="4" align="center">December 31,</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="49%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="center">2010</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="6%" align="center">2010</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="49%" align="left"> </td> <td width="3%" align="left"> </td> <td width="8%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="20%" colspan="4" align="center">(In thousands)</td> <td width="2%" align="left"> </td> <td width="3%" align="right"> </td> <td width="6%" align="left"> </td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">NET SALES TO EXTERNAL CUSTOMERS</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="6%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="49%" align="left">Powdered formula</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="8%" align="right">99,843</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="left">$</td> <td bgcolor="#d6eaea" width="8%" align="right">20,722</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="right">$</td> <td bgcolor="#d6eaea" width="7%" align="right">219,115</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="3%" align="right">$</td> <td bgcolor="#d6eaea" width="6%" align="right">137,251</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">Baby food</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">76</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">107</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">249</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="6%" align="right">304</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="49%" align="left">Nutritional ingredients and supplements</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">195</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">108</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="right"> </td> <td bgcolor="#d6eaea" width="7%" align="right">808</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="3%" align="right"> </td> <td bgcolor="#d6eaea" width="6%" align="right">975</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">All other</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">14,248</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">23,296</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">37,000</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="6%" align="right">30,692</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="49%" align="left">Net sales</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="8%" align="right">114,362</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="8%" align="right">44,233</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="7%" align="right">257,172</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="right">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="6%" align="right">169,222</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">INTERSEGMENT SALES</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="6%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="49%" align="left">Powdered formula</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="8%" align="right">—</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="left">$</td> <td bgcolor="#d6eaea" width="8%" align="right">1</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="right">$</td> <td bgcolor="#d6eaea" width="7%" align="right">—</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="3%" align="right">$</td> <td bgcolor="#d6eaea" width="6%" align="right">1</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">Baby food</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">150</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">107</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">330</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="6%" align="right">278</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="49%" align="left">Nutritional ingredients and supplements</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">3,325</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">620</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="right"> </td> <td bgcolor="#d6eaea" width="7%" align="right">8,265</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="3%" align="right"> </td> <td bgcolor="#d6eaea" width="6%" align="right">6,061</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">All other</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">61</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">724</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">1,200</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="6%" align="right">1,615</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="49%" align="left">Intersegment sales</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="8%" align="right">3,536</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="8%" align="right">1,452</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="7%" align="right">9,795</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="right">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="6%" align="right">7,955</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">GROSS PROFIT</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="6%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="49%" align="left">Powdered formula</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="8%" align="right">48,674</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="left">$</td> <td bgcolor="#d6eaea" width="8%" align="right">3,332</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="right">$</td> <td bgcolor="#d6eaea" width="7%" align="right">104,455</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="3%" align="right">$</td> <td bgcolor="#d6eaea" width="6%" align="right">59,031</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">Baby food</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">(372</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">(462</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">)</td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(1,064</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="6%" align="right">(674</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left">)</td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="49%" align="left">Nutritional ingredients and supplements</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">(618</td> <td bgcolor="#d6eaea" width="2%" align="left">)</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">(148</td> <td bgcolor="#d6eaea" width="3%" align="left">)</td> <td bgcolor="#d6eaea" width="2%" align="right"> </td> <td bgcolor="#d6eaea" width="7%" align="right">(1,374</td> <td bgcolor="#d6eaea" width="2%" align="left">)</td> <td bgcolor="#d6eaea" width="3%" align="right"> </td> <td bgcolor="#d6eaea" width="6%" align="right">(877</td> <td bgcolor="#d6eaea" width="3%" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">All other</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">(400</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">2,300</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">3,345</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="6%" align="right">2,799</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="49%" align="left">Gross profit</td> <td bgcolor="#d6eaea" width="3%" align="left">$</td> <td bgcolor="#d6eaea" width="8%" align="right">47,284</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="left">$</td> <td bgcolor="#d6eaea" width="8%" align="right">5,022</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="right">$</td> <td bgcolor="#d6eaea" width="7%" align="right">105,362</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="3%" align="right">$</td> <td bgcolor="#d6eaea" width="6%" align="right">60,279</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">Selling and distribution expenses</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">12,619</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">12,714</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">37,408</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="6%" align="right">37,551</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="49%" align="left">Advertising and promotion expenses</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">7,588</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">10,451</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="right"> </td> <td bgcolor="#d6eaea" width="7%" align="right">22,638</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="3%" align="right"> </td> <td bgcolor="#d6eaea" width="6%" align="right">35,107</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">General and administrative expenses</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">7,365</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">6,130</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">20,616</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="6%" align="right">20,576</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="49%" align="left">Impairment of goodwill</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">—</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">—</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="right"> </td> <td bgcolor="#d6eaea" width="7%" align="right">—</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="3%" align="right"> </td> <td bgcolor="#d6eaea" width="6%" align="right">1,440</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">Other operating income, net</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">1,721</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">173</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">1,901</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="6%" align="right">484</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="49%" align="left">Income (loss) from operations</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">21,433</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">(24,100</td> <td bgcolor="#d6eaea" width="3%" align="left">)</td> <td bgcolor="#d6eaea" width="2%" align="right"> </td> <td bgcolor="#d6eaea" width="7%" align="right">26,601</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="3%" align="right"> </td> <td bgcolor="#d6eaea" width="6%" align="right">(33,911</td> <td bgcolor="#d6eaea" width="3%" align="left">)</td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">Interest expense</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">3,841</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="8%" align="right">2,626</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td> <td width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">11,125</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="6%" align="right">7,401</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td bgcolor="#d6eaea" width="49%" align="left">Interest income</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">481</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="8%" align="right">187</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td> <td bgcolor="#d6eaea" width="2%" align="right"> </td> <td bgcolor="#d6eaea" width="7%" align="right">1,404</td> <td bgcolor="#d6eaea" width="2%" align="left"> </td> <td bgcolor="#d6eaea" width="3%" align="right"> </td> <td bgcolor="#d6eaea" width="6%" align="right">432</td> <td bgcolor="#d6eaea" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" width="49%" align="left">Other income (expense), net</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">(509</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="8%" align="right">73</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">63</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 3px double;" width="6%" align="right">298</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td style="border-bottom: #000000 1px solid;" bgcolor="#d6eaea" width="49%" align="left">Income (loss) before income tax expense (benefit)</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="8%" align="right">17,564</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="8%" align="right">(26,466</td> <td bgcolor="#d6eaea" width="3%" align="right">)  </td> <td bgcolor="#d6eaea" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="7%" align="right">16,943</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="right">$</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="6%" align="right">(40,582</td> <td style="border-bottom: #000000 3px double;" bgcolor="#d6eaea" width="3%" align="left">)</td></tr></table></div> </div>

37551000

12714000

37408000

12619000

54001000

57301000

124281000

94165000

75293000

88392000

52931000

24015000

76607000

5000

593000

-48289000

83548000

27335000

135440000

6000

585000

-79818000

75926000

28204000

135440000

6000

633000

-88357000

89484000

32088000

135440000

6000

1092000

-79142000

-112000

-85000

3300000

58834000

58833000

1000

<div> <table style="width: 100%; font-family: 'Calibri','sans-serif'; font-size: 11pt;" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td style="padding-bottom: 0in; padding-left: 0in; width: 0.25in; padding-right: 0in; padding-top: 0in;" valign="top" width="24"> 13. </td> <td style="padding-bottom: 0in; padding-left: 0in; padding-right: 0in; padding-top: 0in;" valign="top"> SUBSEQUENT EVENTS </td></tr></table>   There was no material event to be reported. </div>

56201000

57301000

56201000

57301000

EX-101.SCH 7 syut-20111231.xsd EXHIBIT 101.SCH 00100 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - Condensed Consolidated Statements Of Operation link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - Condensed Consolidated Statements Of Comprehensive Income (Loss) link:presentationLink link:calculationLink link:definitionLink 00500 - Statement - Condensed Consolidated Statements Of Cash Flows link:presentationLink link:calculationLink link:definitionLink 00090 - Document - Document And Entity Information link:presentationLink link:calculationLink link:definitionLink 00105 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00400 - Statement - Condensed Consolidated Statements Of Equity link:presentationLink link:calculationLink link:definitionLink 10101 - Disclosure - Organization And Principal Activities link:presentationLink link:calculationLink link:definitionLink 10201 - Disclosure - Basis Of Presentation link:presentationLink link:calculationLink link:definitionLink 10301 - Disclosure - Inventories link:presentationLink link:calculationLink link:definitionLink 10401 - Disclosure - Due From (To) Related Parties And Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - Prepaid Expenses And Other Current Assets link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - Property, Plant And Equipment, Net link:presentationLink link:calculationLink link:definitionLink 10701 - Disclosure - Debt link:presentationLink link:calculationLink link:definitionLink 10801 - Disclosure - Other Current Liabilities link:presentationLink link:calculationLink link:definitionLink 10901 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 11001 - Disclosure - Earnings (Loss) Per Share link:presentationLink link:calculationLink link:definitionLink 11101 - Disclosure - Segment Reporting link:presentationLink link:calculationLink link:definitionLink 11201 - Disclosure - Contingencies link:presentationLink link:calculationLink link:definitionLink 11301 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 syut-20111231_cal.xml EXHIBIT 101.CAL EX-101.DEF 9 syut-20111231_def.xml EXHIBIT 101.DEF EX-101.LAB 10 syut-20111231_lab.xml EXHIBIT 101.LAB Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document And Entity Information Statement [Table] Statement [Line Items] Document Type Amendment Flag Document Period End Date Document Fiscal Year Focus Document Fiscal Period Focus Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Condensed Consolidated Balance Sheets [Abstract] ASSETS Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents, end of year Cash and cash equivalents, beginning of year Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value, Total Restricted Cash and Cash Equivalents, Current Restricted cash Accounts Receivable, Net, Current Accounts receivable, net of allowance of $13,192 and $8,779, respectively Accounts Receivable, Net, Current, Total Inventory, Net Inventories Inventory, Net, Total Due from Related Parties, Current Due from related parties Due from Related Parties, Current, Total Income Taxes Receivable, Current Income tax receivable Receivable From Assets Disposal Receivable from assets disposal Assets of Disposal Group, Including Discontinued Operation, Current, Total Prepaid Expense and Other Assets, Current Prepaid expenses and other current assets Prepaid Expense and Other Assets, Current, Total Deferred Tax Assets, Net, Current Deferred Tax Assets, Net, Current, Ending Balance Deferred Tax Assets, Net, Current, Beginning Balance Deferred tax assets Deferred Tax Assets, Net, Current, Total Assets, Current Total current assets Property, Plant and Equipment, Net . 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Noncontrolling Interest Balance Balance Total equity Liabilities and Equity, TOTAL LIABILITIES AND EQUITY Allowance for Doubtful Accounts Receivable, Current Allowance for Doubtful Accounts Receivable, Current, Ending Balance Allowance for Doubtful Accounts Receivable, Current, Beginning Balance Allowance for accounts receivable, current Common Stock, Par or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares, issued Common Stock, Shares, Issued, Total Common Stock, Shares, Outstanding Common Stock, Shares, Outstanding, Ending Balance Balance, shares Common stock, shares, outstanding Condensed Consolidated Statements Of Operation [Abstract] Revenue, Net Net sales Revenue, Net, Total Cost of Revenue Cost of sales Cost of Revenue, Total Gross Profit Gross profit Gross profit Selling and Distribution Expences Selling and distribution expenses Selling and Marketing Expense, Total 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Basis Of Presentation	9 Months Ended
Basis Of Presentation	Dec. 31, 2011
Basis Of Presentation [Abstract]
Basis Of Presentation	2. BASIS OF PRESENTATION The Company is responsible for the unaudited condensed consolidated financial statements included in this document, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results. The Company prepared these statements following the requirements of the U.S. Securities and Exchange Commission (the "SEC") for interim reporting. As permitted under those rules, the Company condensed or omitted certain footnotes or other financial information that are normally required by GAAP for annual financial statements. These statements should be read in combination with the consolidated financial statements in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2011. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. Under that assumption, it is expected that assets will be realized and liabilities will be satisfied in the normal course of business. In August 2010, there were several media reports alleging the Company's infant formula products caused symptoms of hormone-triggered sexual prematurity in infants in the Hubei province of China ("prematurity event"). Although the Ministry of Health ("MOH") of China conducted tests on samples of the Company's products and concluded that there was no link between the infant milk powder products and premature development in infants, the Company's business was significantly impacted. As a result, the Company experienced a net loss and negative cash flows from operations in the year ended March 31, 2011. The Company initiated a series of marketing strategies to emphasize close communication with the end customers, including reiterating the safety of formula products on major TV stations, inviting consumers to visit the production plant, after the prematurity event. As a result of the Company's effort, sales order amounts have been increasing quarter by quarter, the Company has returned to profitability and has positive operating cash flow for the fiscal quarters ended September 30, 2011 and December 31, 2011. Considering these facts, the Company regards the going concern assumption as appropriate. The Company will be able to realize its assets and satisfy its liabilities in the normal course of business. As a result, the accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. The unaudited condensed consolidated financial statements include the financial statements of Synutra International, Inc. and its subsidiaries, its consolidated variable interest entity, Beijing Shengyuan Huimin Technology Service Co., Ltd., and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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Organization And Principal Activities
9 Months Ended

Dec. 31, 2011

Organization And Principal Activities [Abstract]

Organization And Principal Activities

1. ORGANIZATION AND PRINCIPAL ACTIVITIES

 Directly or through its wholly owned subsidiary, Synutra International, Inc. (collectively with its subsidiaries, the "Company" or "Synutra") owns all or majority of the equity interests of the entities in the People's Republic of China ("China" or "PRC") that are principally engaged in the production, marketing and distribution of dairy based nutritional products under the Company's own brands in China. The Company produces, markets and sells nutritional products under the "Shengyuan" or "Synutra" name, together with other complementary brands. The Company focuses on selling premium infant formula products, which are supplemented by more affordable infant formula products targeting the mass market as well as other nutritional products, such as adult powdered milk formula and prepared baby food, and certain nutritional ingredients and supplements.

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Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2011

Mar. 31, 2011

ASSETS

Cash and cash equivalents $ 45,776 $ 48,741

Restricted cash 28,531 37,690

Accounts receivable, net of allowance of $13,192 and $8,779, respectively 55,264 46,021

Inventories 54,372 67,372

Due from related parties 8,663 13,708

Income tax receivable 269 259

Receivable from assets disposal 1,378 1,714

Prepaid expenses and other current assets 16,195 11,562

Deferred tax assets 14,638 20,922

Total current assets 225,086 247,989

Property, plant and equipment, net 118,298 109,811

Land use rights, net 9,561 6,096

Intangible assets, net 3,168 3,140

Restricted cash 20,997

Other assets 1,303 4,022

Deferred tax assets 28,667 27,646

TOTAL ASSETS 407,080 398,704

LIABILITIES AND EQUITY

Short-term debt 94,165 124,281

Long-term debt due within one year 58,404 38,131

Accounts payable 54,586 52,923

Due to related parties 1,675 2,330

Advances from customers 6,366 4,890

Other current liabilities 34,627 25,913

Total current liabilities 249,823 248,468

Long-term debt 55,739 62,722

Deferred revenue 4,438 4,456

Capital lease obligations 5,741 5,540

Other long-term liabilities 1,855 1,592

Total liabilities 317,596 322,778

Equity:

Common stock, $.0001 par value: 250,000 authorized; 57,301 and 57,301 issued and outstanding at December 31, 2011 and March 31, 2011, respectively 6 6

Additional paid-in capital 135,440 135,440

Accumulated deficit (79,142) (88,357)

Accumulated other comprehensive income 32,088 28,204

Total Synutra common stockholders' equity 88,392 75,293

Noncontrolling interest 1,092 633

Total equity 89,484 75,926

TOTAL LIABILITIES AND EQUITY $ 407,080 $ 398,704

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Additional Paid-In Capital [Member]

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Amortization of debt issuance costs 175

Depreciation and amortization 8,611 7,834

Bad debt expense 6,709 2,679

Goodwill and intangible asset impairment 1,700

Loss (gain) on disposal of property, plant and equipment 269 (10)

Deferred income tax 7,191 18

Other compensation expense 85 112

Changes in assets and liabilities:

Accounts receivable (14,103) (20,579)

Inventories 15,629 (16,275)

Due from related parties 3,884 (4,466)

Prepaid expenses and other current assets (12,101) (3,225)

Prepaid land use right (3,397)

Accounts payable 595 1,186

Due to related parties 1,535 1,413

Advances from customers 1,351 2,297

Income tax receivable (29) (8,597)

Deferred revenue (198) (104)

Other liabilities 14,171 7,627

Net cash provided by (used in) operating activities 39,775 (59,875)

Investing activities:

Acquisition of property, plant and equipment (10,565) (3,840)

Change in restricted cash (9,849) (7,080)

Proceeds from assets disposal 405 8,795

Net cash used in investing activities (20,009) (2,125)

Financing activities:

Proceeds from short-term debt 157,951 147,225

Repayment of short-term debt (194,439) (133,197)

Proceeds from long-term debt 60,494 57,491

Repayment of long-term debt (48,555) (67,339)

Payment on capital lease obligations (9,104)

Proceeds from issuance of common stock 62,700

Issuance costs for common stock issuance (3,866)

Net cash provided by (used in) financing activities (24,549) 53,910

Effect of exchange rate changes on cash and cash equivalents 1,818 1,389

Net change in cash and cash equivalents (2,965) (6,701)

Cash and cash equivalents, beginning of year 48,741 48,693

Cash and cash equivalents, end of year 45,776 41,992

Supplemental cash flow information:

Interest paid 10,855 6,598

Income tax paid 82 168

Non-cash investing and financing activities:

Purchase of property, plant and equipment by accounts payable (650) (372)

Assets disposal by other receivable $ 1,890

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Earnings (Loss) Per Share
9 Months Ended

Dec. 31, 2011

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

10. EARNINGS (LOSS) PER SHARE

 For purposes of calculating basic and diluted earnings (loss) per share, the Company used the following weighted average shares of common stock outstanding:

Three Months Ended Nine Months Ended

December 31, December 31,

2011 2010 2011 2010

(In thousands)

Net income (loss) attributable to common stockholders $ 10,286 $ (20,479 )$ 9,215 $ (31,529 )

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Earnings (loss) per share-basic $ 0.18 $ (0.36 )$ 0.16 $ (0.56 )

Earnings (loss) per share-diluted $ 0.18 $ (0.36 )$ 0.16 $ (0.56 )

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Segment Reporting
9 Months Ended

Dec. 31, 2011

Segment Reporting [Abstract]

Segment Reporting

11. SEGMENT REPORTING

 The Company focuses on selling premium infant formula products, which are supplemented by more affordable infant formula products targeting the mass market as well as other nutritional products, such as adult powdered formula and prepared baby food, and certain nutritional ingredients and supplements. The activities of each segment are as follows:

Powdered Formula - Sales of powdered infant and adult formula products.

Baby Food - Sales of prepared baby food for babies and children.

 Nutritional Ingredients and Supplements - Sales of nutritional ingredients and supplements such as chondroitin sulfate, and microencapsulated Docosahexanoic Acid ("DHA") and Arachidonic Acid ("ARA").

 "All Other" includes non-core businesses such as sales of ingredients and materials to industrial customers.

 The Company's underlying accounting records are maintained on a legal entity basis for government and public reporting requirements. Segment disclosures are on a performance basis consistent with internal management reporting.

Three Months Ended Nine Months Ended

December 31, December 31,

2011 2010 2011 2010

(In thousands)

NET SALES TO EXTERNAL CUSTOMERS

Powdered formula $ 99,843 $ 20,722 $ 219,115 $ 137,251

Baby food 76 107 249 304

Nutritional ingredients and supplements 195 108 808 975

All other 14,248 23,296 37,000 30,692

Net sales $ 114,362 $ 44,233 $ 257,172 $ 169,222

INTERSEGMENT SALES

Powdered formula $ — $ 1 $ — $ 1

Baby food 150 107 330 278

Nutritional ingredients and supplements 3,325 620 8,265 6,061

All other 61 724 1,200 1,615

Intersegment sales $ 3,536 $ 1,452 $ 9,795 $ 7,955

GROSS PROFIT

Powdered formula $ 48,674 $ 3,332 $ 104,455 $ 59,031

Baby food (372 ) (462 ) (1,064 ) (674 )

Nutritional ingredients and supplements (618 ) (148 ) (1,374 ) (877 )

All other (400 ) 2,300 3,345 2,799

Gross profit $ 47,284 $ 5,022 $ 105,362 $ 60,279

Selling and distribution expenses 12,619 12,714 37,408 37,551

Advertising and promotion expenses 7,588 10,451 22,638 35,107

General and administrative expenses 7,365 6,130 20,616 20,576

Impairment of goodwill — — — 1,440

Other operating income, net 1,721 173 1,901 484

Income (loss) from operations 21,433 (24,100 ) 26,601 (33,911 )

Interest expense 3,841 2,626 11,125 7,401

Interest income 481 187 1,404 432

Other income (expense), net (509 ) 73 63 298

Income (loss) before income tax expense (benefit) $ 17,564 $ (26,466 ) $ 16,943 $ (40,582 )

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Dec. 31, 2010

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Prepaid Expenses And Other Current Assets
9 Months Ended

Dec. 31, 2011

Prepaid Expenses And Other Current Assets [Abstract]

Prepaid Expenses And Other Current Assets

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Three Months Ended Nine Months Ended

December 31, December 31,

2011 2010 2011 2010

(In thousands)

Beijing St. Angel Cultural Communication Co. Ltd. $ 169 $ — $ 169 $ 52

December March

31, 2011 31, 2011

(In thousands)

Prepaid expense $ 5,664 $ 3,573

Prepaid other taxes 5,573 6,781

Advance to suppliers 1,317 396

Subsidy receivable 1,567 —

Other 2,074 812

Total $ 16,195 $ 11,562

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Due From (To) Related Parties And Related Party Transactions
9 Months Ended

Dec. 31, 2011

Due From (To) Related Parties And Related Party Transactions [Abstract]

Due From (To) Related Parties And Related Party Transactions

4. DUE FROM (TO) RELATED PARTIES AND RELATED PARTY TRANSACTIONS

A. Classification of related party balances by name

a. Due from related parties

December March

31, 2011 31, 2011

(In thousands)

Sheng Zhi Da Dairy Group Corporation $ 1,872 $ 1,800

Beijing Honnete Dairy Co., Ltd. 1,101 7,419

St. Angel (Beijing) Business Service Co. Ltd. 5,690 528

Beijing Dongan Hengxin Property Development Co., Ltd. — 3,961

Total $ 8,663 $ 13,708

b. Due to related parties

December March

31, 2011 31, 2011

(In thousands)

Sheng Zhi Da Dairy Group Corporation $ 1,168 $ 1,639

Beijing Honnete Dairy Co., Ltd. 500 534

Beijing St. Angel Cultural Communication Co., Ltd. 7 157

Total $ 1,675 $ 2,330

 The Company had certain related party borrowings which were recorded in long-term debt. See Note 7. Except for the related party borrowings, the amount due to and due from related parties were unsecured and interest free.

B. Sales to related parties

 In the three and nine months ended December 31, 2011, the Company's sales to the related parties included whey protein to Beijing Honnete Dairy Co., Ltd. and powdered formula products to St. Angel (Beijing) Business Service Co., Ltd.. In the three and nine months ended December 31, 2010, the Company's sales to the related parties included milk powder and whey protein to Beijing Honnete Dairy Co., Ltd., milk powder to Beijing Kelqin Dairy Co., Ltd., and powdered formula products to St. Angel (Beijing) Business Service Co., Ltd

Three Months Ended Nine Months Ended

December 31, December 31,

2011 2010 2011 2010

(In thousands)

Beijing Honnete Dairy Co., Ltd. $ 163 $ 2,164 $ 1,242 $ 2,598

Beijing Kelqin Dairy Co., Ltd. — — — 23

St. Angel (Beijing) Business Service Co., Ltd. 3,679 87 6,303 527

Total $ 3,842 $ 2,251 $ 7,545 $ 3,148

 Before September 2011, St. Angel (Beijing) Business Service Co., Ltd. also acted as a sub-distributor of the Company's products. From September 2011, St. Angel (Beijing) Business Service Co., Ltd. began to make all the purchases directly from the Company, which also led to the increase in the amount due from St. Angel (Beijing) Business Service Co., Ltd. Sales of powdered formula products from independent distributors to St. Angel (Beijing) Business Service Co., Ltd. were nil and $7.5 million for the three and nine months ended December 31, 2011, respectively, and $2.8 million and $16.9 million for the three and nine months ended December 31, 2010, respectively, which were not included in the above table.

C. Purchases from related parties

 In the three and nine months ended December 31, 2011 and 2010, the Company's purchases from related parties included marketing videos from St. Angel Cultural Communication Co., Ltd., which engages in television programming and production.

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Contingencies
9 Months Ended

Dec. 31, 2011

Contingencies [Abstract]

Contingencies

12. CONTINGENCIES

 The Company is subject to legal proceedings and claims which arise in the ordinary course of business. Claims have been made against the Company from time to time. The Company intends to contest each lawsuit vigorously. The Company is not involved in any legal proceedings which it believes will have the potential for a materially adverse impact on the Company's business or financial condition, results of operations or cash flows.

December March

31, 2011 31, 2011

(In thousands)

TOTAL ASSETS

Powdered formula $ 400,049 $ 398,801

Baby food 27,224 26,991

Nutritional ingredients and supplements 30,371 32,637

All other 152,959 138,385

Intersegment elimination (203,523 ) (198,110 )

Total $ 407,080 $ 398,704

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Other Current Liabilities
9 Months Ended

Dec. 31, 2011

Other Current Liabilities [Abstract]

Other Current Liabilities

8. OTHER CURRENT LIABILITIES

December March

31, 2011 31, 2011

(In thousands)

Accrued sales deduction $ 2,523 $ 3,898

Payroll and bonus payables 6,865 4,907

Accrued selling and marketing expenses 1,428 1,486

Accrued advertising and promotion expenses 16,326 11,726

Other tax payable 3,250 —

Others 4,235 3,896

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Property, Plant And Equipment, Net
9 Months Ended

Dec. 31, 2011

Property, Plant And Equipment, Net [Abstract]

Property, Plant And Equipment, Net

6. PROPERTY, PLANT AND EQUIPMENT, NET

December March

31, 2011 31, 2011

(In thousands)

Property, plant and equipment, cost:

Capital lease of building $ 5,789 $ 5,563

Buildings 55,437 52,686

Plant and machinery 81,533 78,015

Office equipment and furnishings 4,145 3,431

Motor vehicles 2,739 2,606

Others 513 437

Total cost $ 150,156 $ 142,738

Less: Accumulated depreciation:

Capital lease of building 494 371

Buildings 11,352 8,947

Plant and machinery 31,471 25,070

Office equipment and furnishings 2,622 2,139

Motor vehicles 1,815 1,472

Others 415 371

Total accumulated depreciation 48,169 38,370

Construction in progress 16,311 5,443

Property, plant and equipment, net $ 118,298 $ 109,811

 Construction in progress mainly represents leasehold improvements, manufacturing equipment and facilities, and milk collection station.

 The Company recorded depreciation expense of $2.9 million and $2.7 million for the fiscal quarters ended December 31, 2011 and 2010, and $8.6million and $7.7 million for the nine months ended December 31, 2011 and 2010, respectively.

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Debt
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Debt [Abstract]

Debt

7. DEBT

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ended December 31, 2011 and 2010 were both $97,000, and for nine months ended December 31, 2011 and 2010 were both $290,000, respectively. On October 4, 2011, the Company made an early repayment of $1.0 million of interest after receiving approval of the Board of Directors. The related party loan balance as of March 31, 2011 included principal of $3.9 million and interest of $0.9 million.

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Income Taxes
9 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

9. INCOME TAXES

 The effective tax rate is based on expected income (loss), statutory tax rates and incentives available in the various jurisdictions in which the Company operates. For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records a quarterly income tax provision (benefit) in accordance with the ASC No. 740-270, "Income tax – Interim reporting". As the year progresses, the Company refines the estimates of the year's taxable income as new information becomes available. This continual estimation process often results in a change to the expected effective tax rate for the year. When this occurs, the Company adjusts the income tax provision (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual tax rate.

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Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 9 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2011

Dec. 31, 2010

Condensed Consolidated Statements Of Comprehensive Income (Loss) [Abstract]

Net income (loss) $ 10,402 $ (20,546) $ 9,573 $ (31,660)

Currency translation adjustments 962 1,125 3,900 3,331

Total comprehensive income (loss) 11,364 (19,421) 13,473 (28,329)

Less: Comprehensive income (loss) attributable to noncontrolling interest 120 (63) 374 (120)

Comprehensive income (loss) attributable to Synutra International, Inc. common stockholders $ 11,244 $ (19,358) $ 13,099 $ (28,209)

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Inventories
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Inventories

3. INVENTORIES

The Company's inventories at December 31, 2011 and March 31, 2011 are summarized as follows:

December March

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Work-in-progress 5,446 4,262

Finished goods 12,653 10,293

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Subsequent Events
9 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events

13.

SUBSEQUENT EVENTS

There was no material event to be reported.

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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

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Organization And Principal Activities	9 Months Ended
Organization And Principal Activities	Dec. 31, 2011
Organization And Principal Activities [Abstract]
Organization And Principal Activities	1. ORGANIZATION AND PRINCIPAL ACTIVITIES Directly or through its wholly owned subsidiary, Synutra International, Inc. (collectively with its subsidiaries, the "Company" or "Synutra") owns all or majority of the equity interests of the entities in the People's Republic of China ("China" or "PRC") that are principally engaged in the production, marketing and distribution of dairy based nutritional products under the Company's own brands in China. The Company produces, markets and sells nutritional products under the "Shengyuan" or "Synutra" name, together with other complementary brands. The Company focuses on selling premium infant formula products, which are supplemented by more affordable infant formula products targeting the mass market as well as other nutritional products, such as adult powdered milk formula and prepared baby food, and certain nutritional ingredients and supplements.

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Mar. 31, 2011
ASSETS
Cash and cash equivalents	$ 45,776	$ 48,741
Restricted cash	28,531	37,690
Accounts receivable, net of allowance of $13,192 and $8,779, respectively	55,264	46,021
Inventories	54,372	67,372
Due from related parties	8,663	13,708
Income tax receivable	269	259
Receivable from assets disposal	1,378	1,714
Prepaid expenses and other current assets	16,195	11,562
Deferred tax assets	14,638	20,922
Total current assets	225,086	247,989
Property, plant and equipment, net	118,298	109,811
Land use rights, net	9,561	6,096
Intangible assets, net	3,168	3,140
Restricted cash	20,997
Other assets	1,303	4,022
Deferred tax assets	28,667	27,646
TOTAL ASSETS	407,080	398,704
LIABILITIES AND EQUITY
Short-term debt	94,165	124,281
Long-term debt due within one year	58,404	38,131
Accounts payable	54,586	52,923
Due to related parties	1,675	2,330
Advances from customers	6,366	4,890
Other current liabilities	34,627	25,913
Total current liabilities	249,823	248,468
Long-term debt	55,739	62,722
Deferred revenue	4,438	4,456
Capital lease obligations	5,741	5,540
Other long-term liabilities	1,855	1,592
Total liabilities	317,596	322,778
Equity:
Common stock, $.0001 par value: 250,000 authorized; 57,301 and 57,301 issued and outstanding at December 31, 2011 and March 31, 2011, respectively	6	6
Additional paid-in capital	135,440	135,440
Accumulated deficit	(79,142)	(88,357)
Accumulated other comprehensive income	32,088	28,204
Total Synutra common stockholders' equity	88,392	75,293
Noncontrolling interest	1,092	633
Total equity	89,484	75,926
TOTAL LIABILITIES AND EQUITY	$ 407,080	$ 398,704

Condensed Consolidated Statements Of Equity (USD $) In Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income [Member]	Noncontrolling Interest [Member]	Total
Balance at Mar. 31, 2010	$ 5	$ 76,607	$ (48,289)	$ 24,015	$ 593	$ 52,931
Balance, shares at Mar. 31, 2010	54,001
Net income (loss)			(31,529)		(131)	(31,660)
Issuance of common stock	1	58,833				58,834
Issuance of common stock, shares	3,300
Currency translation adjustments				3,320	11	3,331
Other					112	112
Balance at Dec. 31, 2010	6	135,440	(79,818)	27,335	585	83,548
Balance, shares at Dec. 31, 2010	57,301
Balance at Mar. 31, 2011	6	135,440	(88,357)	28,204	633	75,926
Balance, shares at Mar. 31, 2011	57,301
Net income (loss)			9,215		358	9,573
Currency translation adjustments				3,884	16	3,900
Other					85	85
Balance at Dec. 31, 2011	$ 6	$ 135,440	$ (79,142)	$ 32,088	$ 1,092	$ 89,484
Balance, shares at Dec. 31, 2011	57,301

Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Operating activities:
Net income (loss)	$ 9,573	$ (31,660)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization of debt issuance costs		175
Depreciation and amortization	8,611	7,834
Bad debt expense	6,709	2,679
Goodwill and intangible asset impairment		1,700
Loss (gain) on disposal of property, plant and equipment	269	(10)
Deferred income tax	7,191	18
Other compensation expense	85	112
Changes in assets and liabilities:
Accounts receivable	(14,103)	(20,579)
Inventories	15,629	(16,275)
Due from related parties	3,884	(4,466)
Prepaid expenses and other current assets	(12,101)	(3,225)
Prepaid land use right	(3,397)
Accounts payable	595	1,186
Due to related parties	1,535	1,413
Advances from customers	1,351	2,297
Income tax receivable	(29)	(8,597)
Deferred revenue	(198)	(104)
Other liabilities	14,171	7,627
Net cash provided by (used in) operating activities	39,775	(59,875)
Investing activities:
Acquisition of property, plant and equipment	(10,565)	(3,840)
Change in restricted cash	(9,849)	(7,080)
Proceeds from assets disposal	405	8,795
Net cash used in investing activities	(20,009)	(2,125)
Financing activities:
Proceeds from short-term debt	157,951	147,225
Repayment of short-term debt	(194,439)	(133,197)
Proceeds from long-term debt	60,494	57,491
Repayment of long-term debt	(48,555)	(67,339)
Payment on capital lease obligations		(9,104)
Proceeds from issuance of common stock		62,700
Issuance costs for common stock issuance		(3,866)
Net cash provided by (used in) financing activities	(24,549)	53,910
Effect of exchange rate changes on cash and cash equivalents	1,818	1,389
Net change in cash and cash equivalents	(2,965)	(6,701)
Cash and cash equivalents, beginning of year	48,741	48,693
Cash and cash equivalents, end of year	45,776	41,992
Supplemental cash flow information:
Interest paid	10,855	6,598
Income tax paid	82	168
Non-cash investing and financing activities:
Purchase of property, plant and equipment by accounts payable	(650)	(372)
Assets disposal by other receivable		$ 1,890

Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2011	Mar. 31, 2011
Condensed Consolidated Balance Sheets [Abstract]
Allowance for accounts receivable, current	$ 13,192	$ 8,779
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000	250,000
Common stock, shares, issued	57,301	57,301
Common stock, shares, outstanding	57,301	57,301

Document And Entity Information	9 Months Ended
Document And Entity Information	Dec. 31, 2011	Feb. 09, 2012
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Entity Registrant Name	Synutra International, Inc.
Entity Central Index Key	0001293593
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		57,300,713

Debt	9 Months Ended
Debt	Dec. 31, 2011
Debt [Abstract]
Debt	7. DEBT As of December 31, 2011 and March 31, 2011, the Company had short-term debt from PRC banks in the amount of $94.2 million and $124.3 million, respectively. The maturity dates of the short-term debt outstanding range from January 2012 to December 2012. The weighted average interest rate on short-term debt from banks outstanding at December 31, 2011 and March 31, 2011 was 6.2% and 5.0%, respectively. The short-term debt from banks at December 31, 2011 and March 31, 2011 were secured by the pledge of certain fixed assets held by the Company of $23.5 million and $24.4 million, respectively; the pledge of the Company's land use right of $0.8 million and $0.8 million, respectively; and the pledge of cash deposits of $14.5 million and $16.8 million, respectively. As of December 31, 2011 and March 31, 2011, the Company had long-term debt, including current portion, from banks in the amount of $110.3 million and $96.1 million, respectively. The maturity dates of the long-term debt outstanding range from January 2012 to September 2013. The weighted average interest rate of outstanding long-term debt at December 31, 2011 and March 31, 2011 was 6.3% and 6.0%, respectively. The indebtedness at December 31, 2011 and March 31, 2011 was secured by the pledge of certain fixed assets of $8.0 million and $8.0 million, respectively; the pledge of land use right of $1.9 million and $1.9 million, respectively; and the pledge of cash deposits of $21.0 million and nil, respectively. As of December 31, 2011, the Company had long-term loan from a related party of $3.9 million. The maturity date of the long-term related party loan is in November 2013, and is extendable on the same terms upon maturity as agreed by both parties. The interest rate of the long-term loan at December 31, 2011 and March 31, 2011 was 10.0%. The interest expense of related party loans for the fiscal quarters ended December 31, 2011 and 2010 were both $97,000, and for nine months ended December 31, 2011 and 2010 were both $290,000, respectively. On October 4, 2011, the Company made an early repayment of $1.0 million of interest after receiving approval of the Board of Directors. The related party loan balance as of March 31, 2011 included principal of $3.9 million and interest of $0.9 million.

Income Taxes	9 Months Ended
Income Taxes	Dec. 31, 2011
Income Taxes [Abstract]
Income Taxes	9. INCOME TAXES The effective tax rate is based on expected income (loss), statutory tax rates and incentives available in the various jurisdictions in which the Company operates. For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records a quarterly income tax provision (benefit) in accordance with the ASC No. 740-270, "Income tax – Interim reporting". As the year progresses, the Company refines the estimates of the year's taxable income as new information becomes available. This continual estimation process often results in a change to the expected effective tax rate for the year. When this occurs, the Company adjusts the income tax provision (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual tax rate.