0000950103-16-010902.txt : 20160205 0000950103-16-010902.hdr.sgml : 20160205 20160205065041 ACCESSION NUMBER: 0000950103-16-010902 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 60 CONFORMED PERIOD OF REPORT: 20151231 FILED AS OF DATE: 20160205 DATE AS OF CHANGE: 20160205 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: 161390156 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 dp63166_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, 2015

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 4, 2016, there were 56,836,797 shares of the registrant’s common stock outstanding.

TABLE OF CONTENTS

Page

PART I FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)			1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			14

Item 3. Quantitative and Qualitative Disclosures About Market Risk			29

Item 4. Controls and Procedures			29

PART II OTHER INFORMATION

Item 1. Legal Proceedings			30

Item 1A. Risk Factors			30

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			30

Item 3. Defaults Upon Senior Securities			31

Item 4. Mine Safety Disclosures			31

Item 5. Other Information			31

Item 6. Exhibits			31

Signatures			32

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

SYNUTRA INTERNATIONAL, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars and shares in thousands, except per share data)

(UNAUDITED)

	December 31, 2015			March 31, 2015
ASSETS
Current Assets:
Cash and cash equivalents	$	65,206		$	85,171
Restricted cash		110,703			145,906
Accounts receivable, net of allowance of $1,197 and $1,824, respectively		24,024			15,405
Inventories		86,926			87,754
Due from related parties		17			2,629
Prepaid income tax		2,606			0
Receivable from disposal of subsidiaries		1,156			6,726
Deferred tax assets		11,707			12,267
Prepayments, tax receivables and others		39,974			27,012
Total current assets		342,319			382,870

Property, plant and equipment, net		275,017			187,085
Land use rights, net		8,549			8,657
Intangible assets, net		2,577			2,588
Restricted cash		113,419			78,799
Due from related parties		529			2,139
Deferred tax assets		376			298
Long-term loan receivable		9,240			0
Other non-current assets		5,019			2,449
TOTAL ASSETS	$	757,045		$	664,885
LIABILITIES AND EQUITY
Current Liabilities:
Short-term debt	$	98,677		$	145,639
Long-term debt due within one year		74,985			130,426
Accounts payable		62,381			47,764
Income taxes payable		0			1,233
Due to related parties		242			130
Advances from customers		22,705			14,844
Other current liabilities		50,045			46,790
Total current liabilities		309,035			386,826
Long-term debt		300,323			144,627
Deferred government subsidy		4,756			3,816
Capital lease obligations		7,305			7,806
Other long-term liabilities		6,427			7,241
Total liabilities		627,846			550,316

Equity:
Common stockholders’ equity:
Common stock, $.0001 par value: 250,000 authorized; 57,301 issued and 56,837 outstanding at December 31, 2015, 57,301 and 57,301 issued and outstanding at March 31, 2015, respectively		6			6
Additional paid-in capital		135,319			135,440
Accumulated deficit		(14,906	)		(35,046	)
Accumulated other comprehensive income		8,930			11,526
Noncontrolling shareholders’ contribution receivable		(3,735)			0
Total common stockholders’ equity		125,614			111,926
Noncontrolling interest		3,585			2,643
Total equity		129,199			114,569

TOTAL LIABILITIES AND EQUITY	$	757,045		$	664,885

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

SYNUTRA INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share data)

(UNAUDITED)

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2015			2014			2015			2014
Net sales	$	109,256		$	115,331		$	278,933		$	303,770
Cost of sales		53,891			62,614			141,031			168,390
Gross profit		55,365			52,717			137,902			135,380
Selling and distribution expenses		14,001			15,851			40,569			43,300
Advertising and promotion expenses		12,835			10,498			30,921			29,113
General and administrative expenses		8,000			7,295			20,701			21,542
Gain on disposal and liquidation of subsidiaries		0			0			0			15,294
Government subsidies		105			152			307			447
Income from operations		20,634			19,225			46,018			57,166
Interest expense		4,117			3,315			12,495			11,855
Interest income		2,179			1,807			6,713			5,212
Foreign currency exchange (loss) gain, net		(2,423	)		504			(10,975	)		1,133
Other expense, net		(179	)		(161	)		(599	)		(824	)
Income before income tax expense		16,094			18,060			28,662			50,832
Income tax expense		3,823			205			7,754			3,076
Net income		12,271			17,855			20,908			47,756
Net income attributable to the noncontrolling interest		233			591			768			2,315
Net income attributable to common stockholders	$	12,038		$	17,264		$	20,140		$	45,441

Weighted average common stock outstanding – basic and diluted		57,026			57,301			57,163			57,301
Earnings per share – basic and diluted	$	0.21		$	0.30		$	0.35		$	0.79

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

SYNUTRA INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

(UNAUDITED)

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
	2015			2014			2015			2014
Net income	$	12,271		$	17,855		$	20,908		$	47,756
Other comprehensive income, net of tax:
Foreign currency translation adjustments
Unrealized translation loss during the period		(3,773	)		(1,293	)		(2,422	)		(4,674	)
Reclassification of currency translation adjustments realized upon disposal and liquidation of subsidiaries		0			0			0			(7,011	)
Other comprehensive income		(3,773	)		(1,293	)		(2,422	)		(11,685	)
Comprehensive income		8,498			16,562			18,486			36,071
Less: Comprehensive income attributable to noncontrolling interest		416			591			942			2,316
Comprehensive income attributable to common stockholders	$	8,082		$	15,971		$	17,544		$	33,755

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

SYNUTRA INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars and shares in thousands)
(UNAUDITED)

	Synutra International, Inc. Stockholders’ Equity
	Common Stock					Additional paid-in capital			Accumulated deficit			Accumulated other comprehensive income			Noncontrolling shareholders’ contribution receivable			Noncontrolling interest			Total equity
	Shares			Amount
Balance, March 31, 2014		57,301		$	6	$	135,440		$	(104,579	)	$	30,529		$	0		$	(140	)	$	61,256
Net income		0			0		0			45,441			0			0			2,315			47,756
Other comprehensive income, net of tax of nil		0			0		0			0			(11,686	)		0			1			(11,685	)
Incorporation of a majority owned subsidiary		0			0		0			0			0			0			284			284
Balance, December 31, 2014		57,301		$	6	$	135,440		$	(59,138	)	$	18,843			0		$	2,460		$	97,611

Balance, March 31, 2015		57,301		$	6	$	135,440		$	(35,046	)	$	11,526			0		$	2,643		$	114,569
Net income		0			0		0			20,140			0			0			768			20,908
Other comprehensive income, net of tax of nil		0			0		0			0			(2,596	)		0			174			(2,422	)
Repurchase of noncontrolling interest		0			0		1,820			0			186			0			(3,491	)		(1,485	)
Contribution from noncontrolling shareholders.		0			0		430			0			(186	)		(3,735	)		3,491			0
Shares repurchased		(464	)		0		(2,371	)		0			0			0			0			(2,371	)
Balance,December 31, 2015		57,837		$	6	$	135,319		$	(14,906	)	$	8,930		$	(3,735	)	$	3,585		$	129,199

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

SYNUTRA INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(UNAUDITED)

	Nine Months Ended December 31,
	2015			2014
Operating activities:
Net income	$	20,908		$	47,756
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		7,247			10,953
Reversal of allowance for bad debt		(1,367	)		(1,699	)
Inventory write down		5,491			3,838
Deferred income tax		(214	)		0
Gain on disposal and liquidation of subsidiaries		0			(15,294	)
Other		61			365
Changes in assets and liabilities:
Accounts receivable		(8,067	)		(6,025	)
Inventories		(10,069	)		(9,326	)
Due from related parties		958			(1,222	)
Prepaid land use right		(518	)		97
Prepayments and other current assets		(17,745	)		(2,672	)
Accounts payable		23,326			8,858
Due to related parties		117			(549	)
Advances from customers		9,127			3,176
Income tax receivable/payable		(3,894	)		(4,616	)
Other current liabilities		6,028			1,861
Other noncurrent liabilities		373			(835	)
Net cash provided by operating activities		31,762			34,666

Investing activities:
Acquisition of property, plant and equipment		(96,914	)		(59,691	)
Acquisition of subsidiaries		(1,486	)		0
Change in restricted cash		(12,127	)		(21,964	)
Proceeds from assets disposal		16			377
Proceeds from disposal of noncontrolling interest and subsidiaries		5,617			22,186
Changes in long-term loan receivable		(9,809	)		0

Net cash used in investing activities		(114,703	)		(59,092	)

Financing activities:
Proceeds from short-term debt		110,441			125,114
Repayment of short-term debt		(155,683	)		(112,465	)
Proceeds from long-term debt		211,914			101,716
Repayment of long-term debt		(98,972	)		(94,498	)
Payment on capital lease obligations		(13	)		(567	)
Payment on shares repurchased		(2,371	)		0
Net cash provided by financing activities		65,316			19,300

Effect of exchange rate changes on cash and cash equivalents		(2,340	)		(321	)

Net change in cash and cash equivalents		(19,965	)		(5,447	)
Cash and cash equivalents, beginning of period		85,171			90,915
Cash and cash equivalents, end of period	$	65,206		$	85,468

Supplemental cash flow information:
Interest paid (net of interest capitalized)	$	10,677		$	10,465
Income tax paid		11,858			4,869

Non-cash investing and financing activities:
Purchase of property, plant and equipment included in accounts payable	$	13,202		$	15,416
Disposal of subsidiaries included in receivables and noncontrolling shareholders’ contribution receivable		4,891			6,951

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

SYNUTRA INTERNATIONAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES

Synutra International, Inc. and its subsidiaries (hereinafter collectively referred to as the “Company” or “Synutra”) are principally engaged in production, distribution and sales of dairy based nutritional products under the “Shengyuan” or “Synutra” line of brands in the People’s Republic of China (“China” or “PRC”). The Company focuses on selling powdered formula products for infants and adults, and also engages in other nutritional product offerings, such as certain nutritional supplement.

2.	BASIS OF PRESENTATION

The Company is responsible for the unaudited consolidated financial statements included in this document, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“US 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 US 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, 2015.

The unaudited 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. (the variable interest entity, or "VIE"), in which the Company has a controlling financial interest. A controlling financial interest is typically determined when a company holds a majority of the voting equity interest in an entity. US GAAP provides guidance on the identification and financial reporting for entities over which control is achieved through means other than voting interests, which requires certain VIEs to be consolidated by the primary beneficiary of the entity if the equity investors in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Through the contractual arrangements between the Company and the VIE, the Company controls the operating activities and holds all the beneficial interests of the VIE and has been determined to be the primary beneficiary of the VIE. The Company has concluded that such contractual arrangements are legally enforceable. The operations associated with the consolidated VIE are insignificant and hold de minimis assets and liabilities.

Net income or loss of a subsidiary is attributed to the Company and to the noncontrolling interests on the basis of relative ownership interest. Noncontrolling interests in subsidiaries are presented separately from the Company's equity therein.

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.

3.	INVENTORIES

The Company’s inventories at December 31, 2015 and March 31, 2015 are summarized as follows:

(In thousands)	December 31, 2015		March 31, 2015
Raw materials	$	46,211	$	50,578
Work-in-progress		17,771		17,905
Finished goods		22,944		19,271
Total	$	86,926	$	87,754

The value of goods-in-transit included in raw materials was $7.3 million and $11.9 million as of December 31, 2015 and March 31, 2015, respectively, which mainly represented the purchase of milk powder and whey powder from international sources.

The Company recorded lower of cost or market provisions for inventory of $0.5 million and $1.8 million for the quarter ended December 31, 2015 and 2014, respectively, and $5.5 million and $3.8 million for the nine months ended December 31, 2015 and 2014, respectively.

4.	RELATED PARTIES AND RELATED PARTY TRANSACTIONS

A.	Related party balances

a.	Due from related parties, including current and non-current portion

(In thousands)	December 31, 2015		March 31, 2015
Sheng Zhi Da Dairy Group Corporation	$	529	$	1,025
Beijing Honnete Dairy Co., Ltd.		0		2
St. Angel (Beijing) Business Service Co. Ltd.		0		3,732
Beijing St. Angel Cultural Communication Co., Ltd.		17		6
Beijing AoNaier Feed Stuff Co., Ltd.		0		3
Total	$	546	$	4,768


b.	Due to related parties

(In thousands)	December 31, 2015		March 31, 2015
Beijing St. Angel Cultural Communication Co., Ltd.	$	132	$	130
Beijing AoNaier Feed Stuff Co., Ltd.		107		0
St. Angel (Beijing ) Business Service Co. Ltd.		3		0
Total	$	242	$	130

The amount due to and due from related parties were unsecured and interest free.

B.	Sales to and services for related parties

In the three and nine months ended December 31, 2015, the Company’s sales to related parties mainly included feed grade milk powder sold to AoNaier and powdered formula products sold to St. Angel (Beijing) Business Service. Other immaterial transactions with related parties included renting office spaces to Honnete, AoNaier, St. Angel (Beijing) Business Service and St. Angel Cultural Communication. In the three and nine months ended December 31, 2014, the Company’s sales to related parties mainly included feed grade milk powder and whey powder to AoNaier, and powdered formula products to St. Angel (Beijing) Business Service.

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
(In thousands)	2015		2014		2015		2014
Beijing Honnete Dairy Co., Ltd.	$	2	$	0	$	6	$	7
St. Angel (Beijing) Business Service Co., Ltd.		3,559		1,190		8,827		3,061
Qingdao Lvyin Waste Disposal Investment Management Co., Ltd.		0		0		2		0
Beijing AoNaier Feed Stuff Co., Ltd.		26		250		93		398
Beijing St. Angel Cultural Communication Co., Ltd.		6		0		18		19
Total	$	3,593	$	1,440	$	8,946	$	3,485

C.	Purchases from related parties

In the three and nine months ended December 31, 2015 and 2014, St. Angel Cultural Communication implemented certain marketing activities for the Company.

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
(In thousands)	2015		2014		2015		2014
Beijing St. Angel Cultural Communication Co. Ltd.	$	118	$	115	$	347	$	345

5.	PROPERTY, PLANT AND EQUIPMENT, NET

(In thousands)	December 31, 2015		March 31, 2015
Property, plant and equipment, cost:
Land	$	1,669	$	1,447
Capital lease of building		5,441		5,753
Buildings and renovations		79,588		80,013
Plant and machinery		63,998		65,790
Office equipment and furnishings		11,846		11,146
Motor vehicles		2,454		2,577
Others		1,113		1,140
Total cost	$	166,109	$	167,866
Less: Accumulated depreciation:
Capital lease of building		1,063		992
Buildings and renovations		19,748		17,790
Plant and machinery		44,668		44,193
Office equipment and furnishings		9,525		9,599
Motor vehicles		1,885		1,834
Others		819		764
Total accumulated depreciation		77,708		75,172
Construction in progress		186,616		94,391
Property, plant and equipment, net	$	275,017	$	187,085

Construction in progress mainly represents construction and equipment purchase for the French subsidiary as of December 31, 2015 and March 31, 2015

The Company recorded depreciation expense for owned assets and capital leased assets of $2.4 million and $3.3 million for the quarter ended December 31, 2015 and 2014, respectively, and $7.2 million and $10.9 million for the nine months ended December 31, 2015 and 2014, respectively.

6.	LONG-TERM LOAN RECEIVABLE

In May 2015, the Company granted a four-year long-term loan of RMB 60.0 million (equivalent to $9.4 million) with interest rate of 7% to Qingdao Jisheng Iron Printing and Tin Making Co.,LTD. (“Qingdao Jisheng”), a supplier for the iron sheet used for our formula products. Qingdao Jisheng shall use the loan to expand its own upstream manufacturing capacity. RMB10.0 million, RMB20.0 million and RMB30.0 million shall be repaid by Qingdao Jisheng in May 2017, 2018 and 2019, respectively. The outstanding loan amount is recorded as long-term loan receivable on the consolidated balance sheet.

DEBT

The Company’s debts consisted of the following:

(In thousands)	December 31, 2015		March 31, 2015
Short-term debt	$	98,677	$	145,639
Long-term debt due within one year		74,985		130,426
Total debt, current		173,662		276,065
Long-term debt, non-current portion		300,323		144,627
Total	$	473,985	$	420,692

Long-term debt

The long-term debts, including current portion, as of December 31, 2015 and March 31, 2015 are comprised of:

(In thousands)	December 31, 2015		March 31, 2015
Long-term debt borrowed in Mainland China	$	221,010	$	154,393
Long-term debt borrowed in Hong Kong		78,031		93,099
Long-term debt borrowed in France		76,267		27,561
Total	$	375,308	$	275,053

As of December 31, 2015, long-term debts which were borrowed from banks in Mainland China were secured by restricted cash deposits of $61.6 million. Most of these debts have floating interest rates range from 1.22% to 6.00%, which are calculated based on the benchmark lending interest rate published by China’s central bank. The maturity dates range from January 2016 to December 2018.

As of December 31, 2015, long-term debts which were borrowed from banks in Hong Kong were secured by restricted cash deposits of $56.9 million. These debts have floating interest rates range from Libor+1.1% to Libor+2.60%, which are calculated based on LIBOR. The maturity dates of the used facilities range from February 2016 to December 2017.

As of December 31, 2015, long-term debts which were borrowed from banks in France were secured by restricted cash deposits of $35.7million and all the long-lived assets of the French Project. $29.9 million of these debts have floating interest rates range from Libor+3% to Libor+3.4%, which are calculated based on LIBOR, and $46.4 million of these debts have fixed interest rates range from 2.2% to 4.3%. The maturity dates of the borrowed debts range from January 2019 to September 2022. As of December 31, 2015, the company has €6.7 million available for further draw down under committed long-term bank loan facility for Synutra France.

The weighted average interest rate as of December 31, 2015 and March 31, 2015 for the long-term debts was 4.3% and 4.4%, respectively.

The total amount of interest cost incurred was $5.4 million and $3.8 million, and the amount thereof that has been capitalized was $1.3 million and $0.5 million, for the quarter ended December 31, 2015 and 2014, respectively. The total amount of interest cost incurred was $15.7 million and $13.1 million, and the amount thereof that has been capitalized was $3.2 million and $1.3 million, for the nine months ended December 31, 2015 and 2014, respectively.

As of December 31, 2015, borrowings both in short-term and long-term, including current portion, denominated in RMB, USD and EUR were $200.8 million, $141.3 million and $131.9 million, respectively.

Maturities on long-term debt, including current and non-current portion, subject to mandatory redemption are as follows:

(In thousands)	Twelve Months Ended
December 31, 2016	$	74,985
December 31, 2017		130,709
December 31, 2018		93,346
December 31, 2019		29,939
December 31, 2020		46,329
Total	$	375,308

8.	OTHER CURRENT LIABILITIES

(In thousands)	December 31, 2015		March 31, 2015
Accrued discount, rebate and slotting fee	$	24,477	$	24,861
Payroll and bonus payables		9,725		8,825
Accrued selling expenses		3,223		3,404
Accrued advertising and promotion expenses		2,615		3,980
Others		10,005		5,720
Total	$	50,045	$	46,790

In May 2015, Qingdao Jisheng agreed to pay RMB 27.0 million (equivalent to $4.4 million) to the Company to secure the exclusive iron sheet supplier status for the Company's French Project for ten years starting from its commercial operation. Under the agreement, the Company is required to fulfill a contractual amount of minimum purchase volume at fair market value each year for a period of ten years. If the Company failed to meet this minimum annual purchase volume, the Company is obligated to compensate Qingdao Jisheng at RMB 0.1 per tin for the shortfall. By December 31, 2015, the Company had received RMB 10.0 million (equivalent to $1.5 million) upfront prepayment from Qingdao Jisheng. As the Company’s French Project is still under construction, it has not begun purchasing iron sheet by December 31, 2015. $0.3 million and $1.2 million were recorded in "other current liabilities" and "other noncurrent liabilities" respectively. The amount will be recognized based on actual order as a reduction to cost.

	9.	EQUITY

(In thousands)	December 31, 2015			March 31, 2015
Common stock, $.0001 par value: 250,000 authorized; 57,301 issued and 56,837 outstanding at December 31, 2015, 57,301 and 57,301 issued and outstanding at March 31, 2015, respectively	$	6		$	6
Additional paid-in capital		135,319			135,440
Accumulated deficit		(14,906	)		(35,046	)
Accumulated other comprehensive income		8,930			11,526
Noncontrolling shareholders’ contribution receivable		(3,735)			0
Total common stockholders’ equity		125,614			111,926
Noncontrolling interest		3,585			2,643
Total equity	$	129,199		$	114,569

On September 10, 2015, our board of directors approved a share repurchase program authorizing the repurchase of up to an aggregate amount of $20,000,000 of our common stock from time to time through September 10, 2016. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. Following the approval, we entered into a Rule 10b5-1 trading plan under the Exchange Act permitting open market repurchases of our common stock based on certain triggers described in the trading plan. During the three months ended December 31, 2015, we repurchased 352,000 shares of our common stock under the Rule 10b5-1 trading plan at an aggregate cost of $1.8 million, which was paid for through cash on hand. As of December 31, 2015, we have $17.6 million available for stock repurchases under our board approved stock repurchase program through September 10, 2016. The share repurchase program had automatically terminated due to our public announcement of receiving a non-binding proposal letter, dated January14, 2016, from Mr. Liang Zhang, Chairman and CEO of the Company, and an affiliated entity of his, proposing a “going-private” transaction. For detail, please refer to 8-K filed on January 15, 2016.

30% of the equity interest of a subsidiary of the Company, Meitek Technology (Qingdao) Co., Ltd. ("Meitek"), was held by three individuals, who are also Meitek's management. In December 2015, the company and three individual undertook a restructuring of the noncontrolling interest of Meitek, whereby the Company repurchased the 30% interest from these three individuals for a cash consideration $1.5 million, which is determined as 30% of the fair value of Meitek at $12.7 million, less 30% of the registered capital of Meitek. Subsequently, in December 2015, the Company sold the 30% equity interest for a total cash consideration of $3.8 million, to Qingdao Boda Fanglue Trading Co., Ltd. (17%) and Qingdao Shuofeng Equity Investment Management Limited Partnership Enterprise (13%), which both entities are ultimately controlled by employees of the Company. The cash consideration is based on 30% of the fair value of Meitek, which is determined by an independent valuation firm. As a result of the restructuring, an additional contribution of $2.3 million was injected by the new noncontrolling shareholders and recorded under "Additional paid in capital" and $3.8 million was recorded under "Noncontrolling shareholders' contribution receivable" as of December 31, 2015. The cash consideration was subsequently collected by the Company in January 2016.

10.

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.

The Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company's experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. The Company's ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carryforward periods provided for in the tax law.

11.

EARNINGS PER SHARE

For purposes of calculating basic and diluted earnings per share, the Company used the following weighted average common stocks outstanding:

	Three Months Ended				Nine Months Ended
	December 31,				December 31,
(In thousands except for per share data)	2015		2014		2015		2014
Net income attributable to common stockholders	$	12,038	$	17,264	$	20,140	$	45,441
Weighted average common stock outstanding – basic and diluted		57,026		57,301		57,163		57,301
Earnings per share - basic and diluted	$	0.21	$	0.30	$	0.35	$	0.79

12.

SEGMENT REPORTING

The Company’s chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. In fiscal year 2014, the Company operated and reported its performance in four segments. However, starting from fiscal year 2015, the Company has operated the Powdered Formula and Foods segments as a single business segment based on a shared distribution network and similar marketing strategies. Therefore, there are only three reportable segments for fiscal year 2015, and the segment information in prior years was restated to be consistent with the current year reportable segments. The three reportable segments are:

Nutritional food - Sales of powdered infant and adult formula products, and prepared foods.

Nutritional supplement - Sales of nutritional supplement such as chondroitin sulfate to external customers, and microencapsulated Docosahexanoic Acid (“DHA”) and Arachidonic Acid (“ARA”) to powdered formula segment.

Other business - Other business includes non-core businesses such as ancillary sales of excess or unusable ingredients and materials to industrial customers, providing genetic diagnostic services for new born babies, and sales of cosmetics to pregnant women.

Segment disclosures are on a performance basis consistent with internal management reporting. The following tables summarized the Company’s revenue and cost generated from different revenue streams.

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
(In thousands)	2015			2014			2015			2014
NET SALES TO EXTERNAL CUSTOMERS
- Nutritional food	$	96,258		$	106,608		$	248,249		$	281,742
- Nutritional supplement		10,569			5,613			26,684			13,960
- Other business		2,429			3,110			4,000			8,068
Net sales	$	109,256		$	115,331		$	278,933		$	303,770
INTERSEGMENT SALES
- Nutritional food	$	220		$	72		$	278		$	82
- Nutritional supplement		3,436			3,908			9,291			12,731
- Other business		354			0			491			0
Intersegment sales	$	4,010		$	3,980		$	10,060		$	12,813
GROSS PROFIT (LOSS)
- Nutritional food	$	54,860		$	52,884		$	136,252		$	134,209
- Nutritional supplement		923			304			2,011			1,544
- Other business		(418	)		(471	)		(361	)		(373	)
Gross profit	$	55,365		$	52,717		$	137,902		$	135,380

(In thousands)	December 31, 2015			March 31, 2015
TOTAL ASSETS
- Nutritional food	$	705,815		$	626,317
- Nutritional supplement		48,459			38,878
- Other business		3,916			2,169
- Unallocated assets		7,285			10,528
- Intersegment elimination		(8,430	)		(13,007	)
Total	$	757,045		$	664,885

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 engage in the production, distribution and sale of dairy based nutritional products under the “Shengyuan” or “Synutra” line of brands in the PRC. We focus on selling powdered formula products for infants and adults, and also engage in other nutritional product offerings, such as prepared foods and certain nutritional ingredients and supplements. We sell most of our products through an extensive nationwide sales and distribution network covering all provinces and provincial-level municipalities in mainland China. As of December 31, 2015, this network comprised over 790 independent distributors and over 290 independent sub-distributors who sell our products in approximately 24,330 retail outlets.

In fiscal years 2014 and 2013, the Company operated and reported its performance in four segments. However, starting from fiscal year 2015, the Company has operated the Powdered Formula and Foods segments as a single business segment based on a shared distribution network and similar marketing strategies. Therefore, there are only three reportable segments for fiscal year 2016, and the segment information in prior years was restated to be consistent with the current year reportable segments. The three reportable segments are:

	●	Nutritional Food: includes the sale of powdered infant and adult formula products, with major brands including Super, My Angel and Dutch Cow, as well as the sale of prepared foods under the brand of Huiliduo;

	●	Nutritional Supplement: includes the production and sale of nutritional supplements such as chondroitin sulfate to third parties, and microencapsulated Docosahexanoic Acid (“DHA”) and Arachidonic Acid (“ARA”) to the nutritional food segment for use in powdered formula production; and

●

Other Business: includes non-core businesses such as ancillary sales of excess or unusable ingredients and materials to industrial customers, providing genetic diagnostic services for new born babies, and sales of cosmetics to pregnant women.

Executive Summary

After the successful implementation of the Gold Mining program in fiscal 2014 and 2015, which consolidated our retail outlets and improved our management of distributors and stores with regard to both inventories and expenses, as more fully described in the Annual Report on Form 10-K for the fiscal year ended March 31, 2015, we continue to execute the same management philosophy in fiscal 2016. We continue to focus on store profitability, channel inventory levels and the effectiveness of promotional discounts and expenses.

The Kangaroo program which we launched in fiscal 2015 was intended to enhance customer service and brand equity. The primary purpose of this program is to encourage our in-store promoters to better serve our consumers through our membership royalty program. Promoters’ compensation was previously solely based on the commission they received on the sales in the stores where they worked and only during the hours they worked. In the second quarter of fiscal 2015, we started to reward bonuses to promoters based on the royalty points accumulated by their members, regardless of where and when sales occur, which encouraged promoters to maintain an accurate and updated list of their members in our central database. In the third quarter of fiscal 2015, we launched our self-developed sales management mobile application, called “Treasure in Hand”. All of our promoters were required to download this application and use it to manage or monitor cell phone-based communications with their members, including calls, short messages and WeChat messages (the dominant mobile communication application in China). Our sales staff manages these promoters based on the recorded interactions in Treasure in Hand, and our central database supporting this application has become the centralized platform to distribute information, as well as to analyze and manage sales and service behavior. The next stage of this program, which started in the last quarter of fiscal 2015, is to encourage our promoters to further consolidate their form of communication to WeChat-based group chats to help build a sense of community that matches the nature of our products, and which will allow us to send tailored messages to tens of thousands of such groups in a direct and personal way.

As the next stage of our Online to Offline (O2O) membership service program, in the first quarter of fiscal 2016 we continue to develop the ThumbMama membership community and the ThumbMall e-commerce platform. The Company has a public WeChat account by the name of “Mu Zhi Ma Ma”, or ThumbMama, under which we can assign one to three subaccounts to each of our nutritional consultants. These subgroups function just like a normal WeChat friends chat group on WeChat but the Company maintains ownership and back door monitoring of these groups. Since the beginning of fiscal 2016 when we formally launched our ThumbMall WeChat store which is linked to those ThumbMama subaccounts, we have seen ten times growth in monthly sales through ThumbMall, which now accounts for over 25% of our sales of the Super brand IMF products that in turn accounts for about two-thirds of our total sales. We now have approximately 8,000 part-time nutritional consultants on the ThumbMama WeChat platform, in addition to the more than 6,000 full-time in store promoters who are also ThumbMama consultants. In contrast to the full time promoters who expect to earn at least RMB2,000 a month working for us, the part-time consultants have no base salary or total compensation expectation and are purely paid on commission after sales. As such we have built up a significant team of promoters in addition to our traditional in-store promoters at very low cost, who promote both our products and the ThumbMama/ThumbMall platform. We believe this is the primary reason that we are able to maintain profitability in the face of intensified market competition since the beginning of fiscal 2016.We view this strategic initiative as a platform from which we will be able to drive sales sustainably over time, particularly as our premium, imported products from our French facility are brought to market in the early part of next year.

We continue to execute on our French Project, which includes two spray drying towers, one for whole milk powder and one for oil wrapped whey protein powder, each with an annual capacity of 45,000 metric tons, as well as mixing and canning capacity for powdered formula products of 60,000 metric tons per annum. The total budget for investments in buildings and major production related equipment for this project is €161 million. During the third quarter of fiscal 2016, we continued to conduct test operations in the two drying towers and we completed the mixing and canning line, and we manufactured the first batch of 8 cans of Super brand infant milk formula products in January 2016. However, the test operation at the two drying towers is taking longer than we previously expected due to some delay in the final installation and testing of the drying/evaporation equipment. As such we now expect the project to be fully operational no later than April 1, 2016. We expect to receive the necessary operating approval and import accreditation from the French and Chinese authorities right after we start our commercial operations and to start importing into the Chinese market in the first quarter of fiscal 2017. The increased costs incurred by other construction or equipment suppliers due to the prolonged testing process is expected to be partially offset by the expected remediation from the supplier of the drying/evaporation equipment. However we may incur additional management costs in the last quarter of fiscal 2016 as we have arranged for the staffing and raw material supply for the French project with a starting date of January 1, 2016.

Three Months Results of Operations

Below is a summary of selected comparative results of operations for the three months ended December 31, 2015 and 2014:

	Three Months Ended December 31,
(In thousands, except per share data)	2015			2014			% Change
Net sales	$	109,256		$	115,331			-5	%
- Nutritional food segment		96,258			106,608			-10	%
Cost of sales		53,891			62,614			-14	%
- Nutritional food segment		41,398			53,724			-23	%
Gross profit		55,365			52,717			5	%
- Nutritional food segment		54,860			52,884			4	%
Gross Margin		51	%		46	%		11	%
- Nutritional food segment		57	%		50	%		15	%
Income from operations		20,634			19,225			7	%
Interest expense, net		1,938			1,508			29	%
Foreign currency exchange (loss) gain, net		(2,423	)		504			-581	%
Income before income tax expense		16,094			18,060			-11	%
Income tax expense		3,823			205			1,765	%
Net income		12,271			17,855			-31	%
Net income attributable to common stockholders	$	12,038		$	17,264			-30	%
Weighted average common stock outstanding – basic and diluted		57,026			57,301			-1	%
Earnings per share – basic and diluted	$	0.21		$	0.30			-30	%

Net Sales

Our net sales by reportable segments are shown in the table below:

	Three Months Ended December 31,							% Change in
(In thousands, except percentage data)	2015		2014		% Change			Volume			Price
Nutritional food	$	96,258	$	106,608		-10	%		-4	%		-6	%
Nutritional supplement		10,569		5,613		88	%
Other business		2,429		3,110		-22	%
Net sales	$	109,256	$	115,331		-5	%

Net sales of our nutritional food segment include powdered formula products for infants, children and adults, and prepared food. The decrease in net sales of our nutritional food segment was mainly due to the following factors:

	●	Sales volume of nutritional food products for the three months ended December 31, 2015 was 7,647 metric tons, as compared to 8,006 metric tons for the same period in the previous year. The decrease was primarily due to increased competition in our traditional channels, while our traditional niche products such as My Angel, specialty milk powder and adult formula products faced different challenges.

●

The average selling price of our nutritional food products for the three months ended December 31, 2015 was $12,588 per ton, compared to $13,316 per ton for the same period in the previous year. Average selling price is calculated as net sales, after deducting sales discounts and rebates, divided by sales volume. The decrease in average selling price was mainly due to change of product mix and a negative impact from exchange rate changes.

The sales volume and average selling price exclude the amount of free products provided to customers, which was recorded as cost of sales in the period.

The product mix in the nutritional supplement segment mainly consists of external sales of chondroitin sulfate materials to international pharmaceutical companies.

Other business mainly included ancillary sales of excess or unusable ingredients and materials to industrial customers. The decrease in sales of our other business was mainly due to the decreased sales volume of milk powder. We now have a higher utilization rate of the whole milk powder we purchase from Fonterra as we have switched to a more selective grade of Fonterra WMP products.

Cost of Sales

Our cost of sales by reportable segments is shown in the table below:

	Three Months Ended December 31,
(In thousands, except percentage data)	2015		2014		% Change
Nutritional food	$	41,398	$	53,724		-23	%
Nutritional supplement		9,646		5,309		82	%
Other business		2,847		3,581		-20	%
Cost of sales	$	53,891	$	62,614		-14	%

The decrease in the cost of sales of the nutritional food segment was mainly due to decreased raw material purchase prices and decreased sales volume for the three months ended December 31, 2015.

The increase in the cost of sales of the nutritional supplement segment was mainly due to the increased sales volume of chondroitin sulfate.

The decrease in cost of our other business was mainly due to the decreased sales volume of milk powder.

Gross Profit and Gross Margin

	Three Months Ended December 31,
(In thousands, except percentage data)	2015			2014			% Change
Gross profit	$	55,365		$	52,717			5	%
- Nutritional food		54,860			52,884			4	%
Gross margin		51	%		46	%
- Nutritional food		57	%		50	%

The increase in gross margin was primarily attributable to the lower raw material purchase costs, partially offset by the decreased average selling price.

Expenses

	Three Months Ended December 31,
(In thousands, except percentage data)	2015		2014		% Change
Selling and distribution expenses	$	14,001	$	15,851		-12	%
Advertising and promotion expenses		12,835		10,498		22	%
- Advertising expenses		3,238		2,032		59	%
- Promotion expenses		9,597		8,466		13	%
General and administrative expenses		8,000		7,295		10	%
Government subsidies		105		152		-31	%

Selling and distribution expenses primarily include compensation expense for sales staff, freight charges and travel expenses. The decrease in selling and distribution expenses was mainly due to decreased bonuses for sales staff in line with decreased net sales in the quarter ended December 31, 2015.

Advertising expenses primarily include media expenses paid to TV stations and e-commerce providers. We believe the influence from traditional TV advertising has diminished recently and as a result we have substantially cut back advertising on TV. Instead, we have shifted our advertising focus to e-commerce providers, mostly for our specialty infant formula products with special nutritional focus, which was the primary reason for the increase in advertising expenses. Promotion expenses primarily include promotional products provided to end customers, and service charges for our consumer loyalty program administered by a third party. Based on our brand positioning, we believe direct communication with end customers is a more cost-effective way to market our products compared to mass media advertising. As a result, we now allocate more resources to such promotional activities.

General and administrative expenses primarily include salaries for staff and management, depreciation, office rental, office supplies and bad debt expense. The increase was mainly due to less reversal of bad debt expense, more R&D expenses on new product experiment and other office expenses.

Government subsidies represented the receipt of general purpose subsidies from local governments.

Interest Expense and Interest Income

	Three Months Ended December 31,
(In thousands, except percentage data)	2015		2014		% Change
Interest expense	$	4,117	$	3,315		24	%
Interest income		2,179		1,807		21	%

The increase in interest expense was mainly due to an increase in loan balance. There was $1.3 million of interest expenses capitalized for the French Project in the quarter ended December 31, 2015.

The increase in interest income was mainly due to an increase in average restricted cash balance, which earned a higher interest rate than cash and cash equivalents.

Foreign currency exchange gain (loss), net

The significant foreign currency exchange loss incurred this quarter was mainly due to that one of our PRC subsidiaries using RMB as its functional currency had borrowed significant loans denominated in US Dollar and EURO, which had appreciated significantly against RMB in this quarter.

Net Income Attributable to Common Stockholders

As a result of the foregoing, net income attributable to common stockholders for the three months ended December 31, 2015 was $12.0 million, compared to $17.3 million for the same period in the previous year.

Nine Months Results of Operations

Below is a summary of selected comparative results of operations for the nine months ended December 31, 2015 and 2014:

	Nine Months Ended December 31,
(In thousands, except per share data)	2015			2014			% Change
Net sales	$	278,933		$	303,770			-8	%
- Nutritional food segment		248,249			281,742			-12	%
Cost of sales		141,031			168,390			-16	%
- Nutritional food segment		111,997			147,533			-24	%
Gross profit		137,902			135,380			2	%
- Nutritional food segment		136,252			134,209			2	%
Gross Margin		49	%		45	%		11	%
- Nutritional food segment		55	%		48	%		15	%
Income from operations		46,018			57,166			-20	%
Interest expense, net		5,782			6,643			-13	%
Foreign currency exchange (loss) gain, net		(10,975	)		1,133			-1069	%
Income before income tax expense		28,662			50,832			-44	%
Income tax expense		7,754			3,076			152	%
Net income		20,908			47,756			-56	%
Net income attributable to common stockholders	$	20,140		$	45,441			-56	%
Weighted average common stock outstanding – basic and diluted		57,163			57,301			0	%
Earnings per share – basic and diluted	$	0.35		$	0.79			-56	%

Net Sales

Our net sales by reportable segments are shown in the table below:

	Nine Months Ended December 31,							% Change in
(In thousands, except percentage data)	2015		2014		% Change			Volume			Price
Nutritional food	$	248,249	$	281,742		-12	%		-8	%		-4	%
Nutritional supplement		26,684		13,960		91	%
Other business		4,000		8,068		-50	%
Net sales	$	278,933	$	303,770		-8	%

	●	Sales volume of powdered formula products for the nine months ended December 31, 2015 was 19,383 tons, as compared to 20,986 tons for the same period in the previous year. The decrease was primarily due to increased competition in our traditional channels, while our traditional niche products such as private label, specialty milk powder and adult formula products faced different challenges.

●

The average selling price of our nutritional food products for the nine months ended December 31, 2015 was $12,808 per ton, compared to $13,425 per ton for the same period in the previous year. Average selling price is calculated as net sales, after deducting sales discounts and rebates, divided by sales volume. The decrease in average selling price was mainly due to more discounts offered and a negative impact from exchange rate changes.

The sales volume and average selling price exclude the amount of free products provided to customers, which was recorded as cost of sales in the period.

The product mix in the nutritional supplement segment mainly consists of external sales of chondroitin sulfate materials to international pharmaceutical companies.

Other business mainly included ancillary sales of excess or unusable ingredients and materials to industrial customers. The 50% decrease in sales of our other business compared to the same period in the previous year was mainly due to the decreased sales volume of milk powder, as we now have a higher utilization rate of the whole milk powder we purchase from Fonterra as we have switched to a more selective grade of Fonterra WMP products.

Cost of Sales

Our cost of sales by reportable segments is shown in the table below:

	Nine Months Ended December 31,
(In thousands, except percentage data)	2015		2014		% Change
Nutritional food	$	111,997	$	147,533		-24	%
Nutritional supplement		24,673		12,416		99	%
Other business		4,361		8,441		-48	%
Cost of sales	$	141,031	$	168,390		-16	%

The decrease in the cost of sales of the nutritional food segment was mainly due to decreased raw material purchase prices and decreased sales volume for the nine months ended December 31, 2015.

The increase in the cost of sales of the nutritional supplement segment was mainly due to the increased sales volume of chondroitin sulfate.

The decrease in cost of our other business was mainly due to the decreased sales volume of unusable raw materials and milk powder.

Gross Profit and Gross Margin

	Nine Months Ended December 31,
(In thousands, except percentage data)	2015			2014			% Change
Gross profit	$	137,902		$	135,380			2	%
- Nutritional food		136,252			134,209			2	%
Gross margin		49	%		45	%
- Nutritional food		55	%		48	%

The increase in gross margin was primarily attributable to lower raw material purchase costs, partially offset by the decreased average selling price.

Expenses

	Nine Months Ended December 31,
(In thousands, except percentage data)	2015		2014		% Change
Selling and distribution expenses	$	40,569	$	43,300		-6	%
Advertising and promotion expenses		30,921		29,113		6	%
- Advertising expenses		8,301		6,989		19	%
- Promotion expenses		22,620		22,124		2	%
General and administrative expenses		20,701		21,542		-4	%
Gain on disposal and liquidation of subsidiaries		0		15,294		*
Government subsidies		307		447		-31	%

* not meaningful

Advertising expenses primarily include media expenses paid to TV stations and e-commerce providers. We believe the influence from traditional TV advertising has diminished recently and as a result we have substantially cut back advertising on TV. Instead, we have shifted our advertising focus to e-commerce providers, mostly for our specialty infant formula products with special nutritional focus, which was the main reason for the increase in advertising expenses. Promotion expenses primarily include promotional products provided to end customers, and service charges for our consumer loyalty program administered by a third party. Based on our brand positioning, we believe direct communication with end customers is a more cost effective way to market our products compared to mass media advertising. As a result, we now allocate more resources to such promotional activities.

General and administrative expenses primarily include salaries for staff and management, depreciation, office rental, office supplies and bad debt expense. The decrease was mainly due to the reversal of $0.8 million from the compensation fund set up in fiscal year 2009 to settle existing and potential claims affected by melamine contamination, those claims now being a remote probability.

Gain on disposal of subsidiaries represented gain on the disposal of Zhangjiakou to a third party of $15.0 million in the quarter ended June 30, 2014 and of Beijing Huiliduo to a third party of $0.3 million in the quarter ended September 30, 2014. Government subsidies represented the receipt of general purpose subsidies from local governments.

Interest Expense and Interest Income

	Nine Months Ended December 31,
(In thousands, except percentage data)	2015		2014		% Change
Interest expense	$	12,495	$	11,855		5	%
Interest income		6,713		5,212		29	%

The increase in interest expense was mainly due to an increase in loan balance. There was $3.2 million of interest expenses capitalized for the French Project in the nine months ended December 31, 2015.

The increase in interest income was mainly due to an increase in average restricted cash balance, which earned a higher interest rate than cash and cash equivalents.

Foreign currency exchange gain (loss), net

Net Income Attributable to Common Stockholders

As a result of the foregoing, net income attributable to common stockholders for the nine months ended December 31, 2015 was $20.1 million, compared to $45.4 million for the same period in the previous year.

Liquidity and Capital Resources

Overview

Our primary sources of liquidity are cash on hand, 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, and restricted cash used as security against letter of credits, bank acceptance bills and short-term and long-term borrowings. Cash flows from financing activities primarily represent proceeds and repayments of borrowings. While there can be no assurance that we will be able to refinance our short-term bank borrowings as they become due, we have historically renewed or rolled over most of our bank loans after the maturity date of the loans and we believe we will continue to be able to do so.

Cash and cash equivalents totaled $65.2 million at December 31, 2015, of which $59.3 million was held outside of the United States.

On September 17, 2012, the Company entered into a partnership framework agreement, a milk supply agreement, a whey supply agreement, a whey powder supply agreement, and a technical assistance agreement with Sodiaal Union, a French agricultural cooperative company (“Sodiaal”), and/or Euroserum SAS (“Euroserum”), a French subsidiary of Sodiaal, relating to a long-term industrial and commercial partnership between Sodiaal and the Company. Under these agreements, the Company undertakes to build a new drying facility (the “French Project”) in Carhaix, France, intended to manufacture powdered milk and fat-enriched demineralized whey. The Company committed to purchase, and Sodiaal and Euroserum committed to sell, 288 million liters of milk per year for ten years, an amount of whey equivalent to 24,000 tons of 70% demineralized pre-concentrated dry whey extract per year for ten years, and 6,000 tons of 70% demineralized whey powder per year, or an equivalent quantity of liquid whey, for ten years, at market based prices at the time of purchase, to satisfy the production needs of the new drying facility. If the Company purchases less than the agreed amount, the Company would compensate Sodiaal or Euroserum for the loss suffered. The Company has decided to add 50,000 tons of packaging and warehousing capacity for powdered formula products to the French Project. As a result, the updated estimated costs to build the facility is approximately €161.0 million.

On September 10, 2015, our board of directors approved a share repurchase program authorizing the repurchase of up to an aggregate amount of $20,000,000 of its common stock from time to time through September 10, 2016. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. Following the approval, we entered into a Rule 10b5-1 trading plan under the Exchange Act permitting open market repurchases of our common stock based on certain triggers described in the trading plan. During the three months ended December 31, 2015, we repurchased 352,000 shares of our common stock under the Rule 10b5-1 trading plan at an aggregate cost of $1.8 million which was paid for through cash on hand. The share repurchase program had automatically terminated due to our public announcement of receiving a non-binding proposal letter, dated January14, 2016, from Mr. Liang Zhang, Chairman and CEO of the Company, and an affiliated entity of his, proposing a “going-private” transaction. For detail, please refer to 8-K filed on January 15, 2016.

Cash Flows

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

	Nine Months Ended December 31,
(In thousands)	2015			2014
Cash flow provided by/(used in):
Operating activities
Net income	$	20,908		$	47,756
Depreciation and amortization		7,247			10,953
Bad debt reversal		(1,367	)		(1,699	)
Inventory write down		5,491			3,838
Deferred income tax		(214	)		0
Gain on disposal and liquidation of subsidiaries		0			(15,294	)
Other		61			365
Changes in assets and liabilities		(364	)		(11,253	)
Total operating activities		31,762			34,666
Investing activities		(114,703	)		(59,092	)
Financing activities		65,316			19,300
Effect of foreign currency translation on cash and cash equivalents		(2,340	)		(321	)
Net change in cash and cash equivalents	$	(19,965	)	$	(5,447	)

Cash flow provided by operating activities was a result of the net income of $20.9 million, as adjusted for non-cash expense and income items of $11.2 million, and an increase in working capital of $0.4 million. In the nine months ended December 31, 2015, we spent $216.0 million to purchase raw materials and other production materials, $34.4 million in staff compensation and social welfare, $30.3 million in taxes, $60.3 million in operating expenses, $10.7 million in interest, $0.6million in land lease, received $378.8 million from our customers and $3.5 million from interest payments.

Cash flow used in investing activities in the nine months ended December 31, 2015 represents $96.9 million payment for the purchase of property, plant and equipment, $12.1 million outflow for restricted 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, $16,000 in proceeds from disposed assets, $9.8 million long term loan to a supplier, and $5.6 million proceeds from disposal of subsidiaries.

Cash flow used in financing activities in the nine months ended December 31, 2015 mainly represents net cash inflow of $45.2 million from short-term loans and net cash inflow of $112.9 million from long-term loans, and $13,000 payment for assets under capital leases, and $2.4 million payment on shares repurchased.

Outstanding Indebtedness

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

Capital Expenditures

Our capital expenditures were $100.6 million and the corresponding cash outflow was $96.9 million for the nine months ended December 31, 2015, which mainly represented expenditures for our drying facility project in France.

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.

Recent Accounting Pronouncements

In November 2015, FASB issued Accounting Standards Update 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this Update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We are evaluating the impact to our financial position upon adoption.

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, 2015.

ITEM 4. CONTROLS AND PROCEDURES

Conclusion Regarding Effectiveness of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, has evaluated the effectiveness of our 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, our Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, 2015, our disclosure controls and procedures were effective to ensure that the information required to be disclosed by us in the reports that we file or submit 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 our management, including the Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) in the three months ended December 31, 2015, which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

As of December 31, 2015, the end of the period covered by this report, the Company was subject to various legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. In the opinion of management, the Company does not believe current legal proceedings and claims 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, 2015. There have been no material changes to these risks and uncertainties during the three months ended December 31, 2015.

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

The table below sets forth the information with respect to purchases made by or on behalf of the Company or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) of our common stock during the three months ended December 31, 2015.


In thousands except per share data	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)		Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(1)
October 1, 2015 – October 31, 2015		102	$	5.03		102	$	18,923
November 1, 2015 – November 30, 2015		115	$	5.47		115	$	18,293
December 1, 2015 – December 31, 2015		135	$	4.98		135	$	17,615

Total		352	$	5.16		352	$	17,615

(1)

On September 10, 2015, we entered into a Rule 10b5-1 trading plan under the Exchange Act permitting open market repurchases of our common stock based on certain triggers described in the trading plan. During the three months ended December 31, 2015, we repurchased 352,000 shares of our common stock on the open market or through the Rule 10b5-1 trading plan at an aggregate cost of $1.8 million through cash on hand. As of December 31, 2015, the remaining authorization permits repurchases of up to $17.6 million of our common stock through September 10, 2016. The share repurchase program had automatically terminated due to our public announcement of receiving a non-binding proposal letter, dated January14, 2016, from Mr. Liang Zhang, Chairman and CEO of the Company, and an affiliated entity of his, proposing a “going-private” transaction. For detail, please refer to 8-K filed on January 15, 2016.

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 Consolidated Balance Sheets—December 31, 2015 and March 31, 2015, (ii) the Consolidated Statements of Operations—Three and Nine Months Ended December 31, 2015 and 2014, (iii) the Consolidated Statements of Comprehensive Income(Loss)—Three and Nine Months Ended December 31, 2015 and 2014, (iv) the Consolidated Statements of Equity—Nine Months Ended December 31, 2015 and 2014, (v) the Consolidated Statements of Cash Flows—Nine Months Ended December 31, 2015 and 2014, and (vi) Notes to Consolidated Financial Statements.

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 5, 2016	By:	/s/ Liang Zhang
			Name:	Liang Zhang
			Title:	Chief Executive Officer and Chairman

By:	/s/ Ning Cai
	Name:	Ning Cai
	Title:	Chief Financial Officer

EX-31.1 2 dp63166_ex3101.htm EXHIBIT 31.1

EXHIBIT 31.1

CERTIFICATION

I, Liang Zhang, certify that:

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

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;

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

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 5, 2016


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

EX-31.2 3 dp63166_ex3102.htm EXHIBIT 31.2

EXHIBIT 31.2

CERTIFICATION

I, Ning Cai, certify that:

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

(a)

(b)

(c)

(d)

(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 5, 2016


By:	/s/ Ning Cai
	Name:	Ning Cai
	Title:	Chief Financial Officer

EX-32.1 4 dp63166_ex3201.htm EXHIBIT 32.1

EXHIBIT 32.1

SYNUTRA INTERNATIONAL, INC.

Certification

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 quarter ended December 31, 2015 (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 5, 2016

By:	/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 dp63166_ex3202.htm EXHIBIT 32.2

EXHIBIT 32.2

SYNUTRA INTERNATIONAL, INC.

Certification

Pursuant to 18 U.S.C. Section 1350, the undersigned, Ning Cai, Chief Financial Officer of Synutra International, Inc. (the “Registrant”), hereby certifies, to her knowledge, that the Registrant’s quarterly report on Form 10-Q for the quarter ended December 31, 2015 (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 5, 2016

By:	/s/ Ning Cai
	Name:	Ning Cai
	Title:	Chief Financial Officer

EX-101.INS 6 syut-20151231.xml EXHIBIT 101.INS 0001293593 us-gaap:MaximumMember 2015-09-10 0001293593 us-gaap:RetainedEarningsMember 2015-12-31 0001293593 us-gaap:ReceivablesFromStockholderMember 2015-12-31 0001293593 us-gaap:NoncontrollingInterestMember 2015-12-31 0001293593 us-gaap:AdditionalPaidInCapitalMember 2015-12-31 0001293593 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-12-31 0001293593 us-gaap:RetainedEarningsMember 2015-03-31 0001293593 us-gaap:ReceivablesFromStockholderMember 2015-03-31 0001293593 us-gaap:NoncontrollingInterestMember 2015-03-31 0001293593 us-gaap:AdditionalPaidInCapitalMember 2015-03-31 0001293593 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-03-31 0001293593 us-gaap:RetainedEarningsMember 2014-12-31 0001293593 us-gaap:ReceivablesFromStockholderMember 2014-12-31 0001293593 us-gaap:NoncontrollingInterestMember 2014-12-31 0001293593 us-gaap:AdditionalPaidInCapitalMember 2014-12-31 0001293593 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-12-31 0001293593 us-gaap:RetainedEarningsMember 2014-03-31 0001293593 us-gaap:ReceivablesFromStockholderMember 2014-03-31 0001293593 us-gaap:NoncontrollingInterestMember 2014-03-31 0001293593 us-gaap:AdditionalPaidInCapitalMember 2014-03-31 0001293593 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-03-31 0001293593 us-gaap:CommonStockMember 2015-12-31 0001293593 us-gaap:CommonStockMember 2015-03-31 0001293593 us-gaap:CommonStockMember 2014-12-31 0001293593 us-gaap:CommonStockMember 2014-03-31 0001293593 us-gaap:IntersegmentEliminationMember syut:NutritionalIngredientsAndSupplementsMember 2015-10-01 2015-12-31 0001293593 us-gaap:IntersegmentEliminationMember syut:BabyFoodMember 2015-10-01 2015-12-31 0001293593 us-gaap:IntersegmentEliminationMember syut:AllOtherMember 2015-10-01 2015-12-31 0001293593 us-gaap:IntersegmentEliminationMember 2015-10-01 2015-12-31 0001293593 us-gaap:IntersegmentEliminationMember syut:NutritionalIngredientsAndSupplementsMember 2015-04-01 2015-12-31 0001293593 us-gaap:IntersegmentEliminationMember syut:BabyFoodMember 2015-04-01 2015-12-31 0001293593 us-gaap:IntersegmentEliminationMember syut:AllOtherMember 2015-04-01 2015-12-31 0001293593 us-gaap:IntersegmentEliminationMember 2015-04-01 2015-12-31 0001293593 us-gaap:IntersegmentEliminationMember syut:NutritionalIngredientsAndSupplementsMember 2014-10-01 2014-12-31 0001293593 us-gaap:IntersegmentEliminationMember syut:BabyFoodMember 2014-10-01 2014-12-31 0001293593 us-gaap:IntersegmentEliminationMember syut:AllOtherMember 2014-10-01 2014-12-31 0001293593 us-gaap:IntersegmentEliminationMember 2014-10-01 2014-12-31 0001293593 us-gaap:IntersegmentEliminationMember syut:NutritionalIngredientsAndSupplementsMember 2014-04-01 2014-12-31 0001293593 us-gaap:IntersegmentEliminationMember syut:BabyFoodMember 2014-04-01 2014-12-31 0001293593 us-gaap:IntersegmentEliminationMember syut:AllOtherMember 2014-04-01 2014-12-31 0001293593 us-gaap:IntersegmentEliminationMember 2014-04-01 2014-12-31 0001293593 syut:StAngelBeijingBusinessServiceCorporationLimitedMember 2015-10-01 2015-12-31 0001293593 syut:QingdaoLvyinWasteDisposalInvestmentManagementCoLtdMember 2015-10-01 2015-12-31 0001293593 syut:BeijingHonneteDairyCorporationLimitedMember 2015-10-01 2015-12-31 0001293593 syut:BeijingAoNaierFeedStuffCoLtdMember 2015-10-01 2015-12-31 0001293593 syut:StAngelBeijingBusinessServiceCorporationLimitedMember 2015-04-01 2015-12-31 0001293593 syut:QingdaoLvyinWasteDisposalInvestmentManagementCoLtdMember 2015-04-01 2015-12-31 0001293593 syut:BeijingHonneteDairyCorporationLimitedMember 2015-04-01 2015-12-31 0001293593 syut:BeijingAoNaierFeedStuffCoLtdMember 2015-04-01 2015-12-31 0001293593 syut:StAngelBeijingBusinessServiceCorporationLimitedMember 2014-10-01 2014-12-31 0001293593 syut:QingdaoLvyinWasteDisposalInvestmentManagementCoLtdMember 2014-10-01 2014-12-31 0001293593 syut:BeijingHonneteDairyCorporationLimitedMember 2014-10-01 2014-12-31 0001293593 syut:BeijingAoNaierFeedStuffCoLtdMember 2014-10-01 2014-12-31 0001293593 syut:StAngelBeijingBusinessServiceCorporationLimitedMember 2014-04-01 2014-12-31 0001293593 syut:QingdaoLvyinWasteDisposalInvestmentManagementCoLtdMember 2014-04-01 2014-12-31 0001293593 syut:BeijingHonneteDairyCorporationLimitedMember 2014-04-01 2014-12-31 0001293593 syut:BeijingAoNaierFeedStuffCoLtdMember 2014-04-01 2014-12-31 0001293593 syut:BeijingStAngelCulturalCommunicationCorporationLimitedMember 2015-10-01 2015-12-31 0001293593 syut:BeijingStAngelCulturalCommunicationCorporationLimitedMember 2015-04-01 2015-12-31 0001293593 syut:BeijingStAngelCulturalCommunicationCorporationLimitedMember 2014-10-01 2014-12-31 0001293593 syut:BeijingStAngelCulturalCommunicationCorporationLimitedMember 2014-04-01 2014-12-31 0001293593 us-gaap:LandMember 2015-12-31 0001293593 us-gaap:LandMember 2015-03-31 0001293593 2014-04-01 2015-03-31 0001293593 us-gaap:LoansReceivableMember 2015-05-31 0001293593 us-gaap:RetainedEarningsMember 2014-04-01 2014-12-31 0001293593 us-gaap:ReceivablesFromStockholderMember 2014-04-01 2014-12-31 0001293593 us-gaap:NoncontrollingInterestMember 2014-04-01 2014-12-31 0001293593 us-gaap:CommonStockMember 2014-04-01 2014-12-31 0001293593 us-gaap:AdditionalPaidInCapitalMember 2014-04-01 2014-12-31 0001293593 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2014-04-01 2014-12-31 0001293593 us-gaap:RetainedEarningsMember 2015-04-01 2015-12-31 0001293593 us-gaap:ReceivablesFromStockholderMember 2015-04-01 2015-12-31 0001293593 us-gaap:NoncontrollingInterestMember 2015-04-01 2015-12-31 0001293593 us-gaap:CommonStockMember 2015-04-01 2015-12-31 0001293593 us-gaap:AdditionalPaidInCapitalMember 2015-04-01 2015-12-31 0001293593 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-04-01 2015-12-31 0001293593 syut:DebtsHavingFloatingInterestRatesMember country:FR 2015-12-31 0001293593 syut:DebtsHavingFixedInterestRatesMember country:FR 2015-12-31 0001293593 country:HK 2015-12-31 0001293593 country:FR 2015-12-31 0001293593 country:CN 2015-12-31 0001293593 country:HK 2015-03-31 0001293593 country:FR 2015-03-31 0001293593 country:CN 2015-03-31 0001293593 us-gaap:OperatingSegmentsMember syut:NutritionalIngredientsAndSupplementsMember 2015-10-01 2015-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:BabyFoodMember 2015-10-01 2015-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:AllOtherMember 2015-10-01 2015-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:NutritionalIngredientsAndSupplementsMember 2015-04-01 2015-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:BabyFoodMember 2015-04-01 2015-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:AllOtherMember 2015-04-01 2015-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:NutritionalIngredientsAndSupplementsMember 2014-10-01 2014-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:BabyFoodMember 2014-10-01 2014-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:AllOtherMember 2014-10-01 2014-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:NutritionalIngredientsAndSupplementsMember 2014-04-01 2014-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:BabyFoodMember 2014-04-01 2014-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:AllOtherMember 2014-04-01 2014-12-31 0001293593 syut:BeijingStAngelCulturalCommunicationCorporationLimitedMember 2015-12-31 0001293593 syut:BeijingStAngelCulturalCommunicationCorporationLimitedMember 2015-03-31 0001293593 syut:StAngelBeijingBusinessServiceCorporationLimitedMember 2015-12-31 0001293593 syut:ShengZhiDaDairyGroupCorporationMember 2015-12-31 0001293593 syut:BeijingStAngelCulturalCommunicationCoLtdMember 2015-12-31 0001293593 syut:BeijingHonneteDairyCorporationLimitedMember 2015-12-31 0001293593 syut:BeijingAoNaierFeedStuffCoLtdMember 2015-12-31 0001293593 syut:StAngelBeijingBusinessServiceCorporationLimitedMember 2015-03-31 0001293593 syut:ShengZhiDaDairyGroupCorporationMember 2015-03-31 0001293593 syut:BeijingStAngelCulturalCommunicationCoLtdMember 2015-03-31 0001293593 syut:BeijingHonneteDairyCorporationLimitedMember 2015-03-31 0001293593 syut:BeijingAoNaierFeedStuffCoLtdMember 2015-03-31 0001293593 syut:SynutraFranceMember us-gaap:OtherNoncurrentLiabilitiesMember 2015-12-31 0001293593 syut:SynutraFranceMember us-gaap:OtherCurrentLiabilitiesMember 2015-12-31 0001293593 syut:SynutraFranceMember 2015-12-31 0001293593 currency:USD 2015-12-31 0001293593 currency:EUR 2015-12-31 0001293593 currency:CNY 2015-12-31 0001293593 us-gaap:LoansReceivableMember 2015-04-01 2015-12-31 0001293593 country:HK 2015-04-01 2015-12-31 0001293593 country:FR 2015-04-01 2015-12-31 0001293593 syut:DebtsHavingFixedInterestRatesMember country:FR 2015-04-01 2015-12-31 0001293593 country:CN 2015-04-01 2015-12-31 0001293593 syut:DebtsHavingFloatingInterestRatesMember us-gaap:MinimumMember country:FR us-gaap:LondonInterbankOfferedRateLIBORMember 2015-04-01 2015-12-31 0001293593 syut:DebtsHavingFloatingInterestRatesMember us-gaap:MaximumMember country:FR us-gaap:LondonInterbankOfferedRateLIBORMember 2015-04-01 2015-12-31 0001293593 us-gaap:MinimumMember country:HK us-gaap:LondonInterbankOfferedRateLIBORMember 2015-04-01 2015-12-31 0001293593 us-gaap:MaximumMember country:HK us-gaap:LondonInterbankOfferedRateLIBORMember 2015-04-01 2015-12-31 0001293593 us-gaap:LoansReceivableMember 2015-12-31 0001293593 2015-10-01 2015-12-31 0001293593 2014-10-01 2014-12-31 0001293593 2014-12-31 0001293593 2014-03-31 0001293593 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2015-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:NutritionalIngredientsAndSupplementsMember 2015-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:BabyFoodMember 2015-12-31 0001293593 us-gaap:OperatingSegmentsMember syut:AllOtherMember 2015-12-31 0001293593 us-gaap:IntersegmentEliminationMember 2015-12-31 0001293593 us-gaap:OperatingSegmentsMember us-gaap:AllOtherSegmentsMember 2015-03-31 0001293593 us-gaap:OperatingSegmentsMember syut:NutritionalIngredientsAndSupplementsMember 2015-03-31 0001293593 us-gaap:OperatingSegmentsMember syut:BabyFoodMember 2015-03-31 0001293593 us-gaap:OperatingSegmentsMember syut:AllOtherMember 2015-03-31 0001293593 us-gaap:IntersegmentEliminationMember 2015-03-31 0001293593 us-gaap:VehiclesMember 2015-12-31 0001293593 us-gaap:PropertyPlantAndEquipmentOtherTypesMember 2015-12-31 0001293593 us-gaap:OfficeEquipmentMember 2015-12-31 0001293593 us-gaap:BuildingAndBuildingImprovementsMember 2015-12-31 0001293593 us-gaap:AssetsHeldUnderCapitalLeasesMember 2015-12-31 0001293593 syut:PlantAndMachineryMember 2015-12-31 0001293593 us-gaap:VehiclesMember 2015-03-31 0001293593 us-gaap:PropertyPlantAndEquipmentOtherTypesMember 2015-03-31 0001293593 us-gaap:OfficeEquipmentMember 2015-03-31 0001293593 us-gaap:BuildingAndBuildingImprovementsMember 2015-03-31 0001293593 us-gaap:AssetsHeldUnderCapitalLeasesMember 2015-03-31 0001293593 syut:PlantAndMachineryMember 2015-03-31 0001293593 syut:QingdaoShuofengEquityInvestmentManagementLimitedPartnershipEnterpriseMember syut:MeitekTechnologyQingdaoCoLtdMember 2015-12-01 2015-12-31 0001293593 syut:QingdaoBodaFanglueTradingCo.Ltd.Member syut:MeitekTechnologyQingdaoCoLtdMember 2015-12-01 2015-12-31 0001293593 2014-04-01 2014-12-31 0001293593 syut:SynutraFranceMember 2015-05-01 2015-05-31 0001293593 syut:SynutraFranceMember 2015-04-01 2015-12-31 0001293593 syut:MeitekTechnologyQingdaoCoLtdMember 2015-12-01 2015-12-31 0001293593 syut:MeitekTechnologyQingdaoCoLtdMember 2015-12-31 0001293593 2015-12-31 0001293593 2015-03-31 0001293593 2016-02-04 0001293593 2015-04-01 2015-12-31 syut:segment iso4217:EUR iso4217:USD xbrli:shares syut:entity iso4217:CNY iso4217:CNY syut:item xbrli:pure iso4217:USD xbrli:shares false --03-31 Q3 2016 2015-12-31 10-Q 0001293593 56836797 Accelerated Filer Synutra International, Inc. 24861000 24477000 12700000 0.30 0.30 0.1 27000000 4400000 97000 -518000 8657000 8549000 3 <div> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31, 2015 </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> March 31, 2015 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 78%; text-align: left;">Sheng Zhi Da Dairy Group Corporation</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">529</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">1,025</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Beijing Honnete Dairy Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">St. Angel (Beijing) Business Service Co. Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,732</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Beijing St. Angel Cultural Communication Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Beijing AoNaier Feed Stuff Co., Ltd.</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">546</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">4,768</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table> </div> <div> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31,  2015 </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> March 31, 2015 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 78%; text-align: left;">Beijing St. Angel Cultural Communication Co., Ltd.</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">132</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">130</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Beijing AoNaier Feed Stuff Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">107</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">St. Angel (Beijing ) Business Service Co. Ltd.</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">242</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">130</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table> </div> <div> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Three Months Ended</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Nine Months Ended</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 56%; text-align: left;">Beijing St. Angel Cultural Communication Co. Ltd.</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">118</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">115</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">347</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">345</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr></table> </div> <div> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Three Months Ended</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Nine Months Ended</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 56%; text-align: left;">Beijing Honnete Dairy Co., Ltd.</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">2</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">0</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">6</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">7</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">St. Angel (Beijing) Business Service Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,559</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,190</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,827</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,061</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Qingdao Lvyin Waste Disposal Investment Management Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Beijing AoNaier Feed Stuff Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">250</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">93</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">398</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Beijing St. Angel Cultural Communication Co., Ltd.</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6</td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0</td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">18</td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">19</td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">3,593</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,440</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">8,946</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">3,485</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table> </div> 0.30 0.17 0.13

47764000

62381000

15405000

24024000

3980000

2615000

3404000

3223000

75172000

44193000

992000

17790000

9599000

764000

1834000

77708000

44668000

1063000

19748000

9525000

819000

1885000

11526000

8930000

135440000

135319000

1824000

1197000

1699000

1367000

664885000

-13007000

2169000

626317000

38878000

10528000

757045000

-8430000

3916000

705815000

48459000

7285000

382870000

342319000

6726000

1156000

7806000

7305000

90915000

85468000

85171000

65206000

-5447000

-19965000

0.0001

250000000

57301000

56837000

6000

33755000

15971000

17544000

8082000

2316000

591000

942000

416000

36071000

16562000

18486000

8498000

94391000

186616000

10000000

30000000

20000000

168390000

62614000

141031000

53891000

14844000

22705000

420692000

473985000

276065000

173662000

<div> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 36px; text-align: left;">7.</td> <td style="text-align: left;">DEBT</td></tr></table>   The Company's debts consisted of the following:   <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31,  2015 </td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">March 31, 2015</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 78%; text-align: left;">Short-term debt</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">98,677</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">145,639</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Long-term debt due within one year</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">74,985</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">130,426</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Total debt, current</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">173,662</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">276,065</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left;">Long-term debt, non-current portion</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">300,323</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">144,627</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">473,985</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">420,692</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table>   Long-term debt   The long-term debts, including current portion, as of December 31, 2015 and March 31, 2015 are comprised of:   <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31,  2015 </td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">March 31, 2015</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 78%; text-align: left;">Long-term debt borrowed in Mainland China</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">221,010</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">154,393</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Long-term debt borrowed in Hong Kong</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">78,031</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">93,099</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Long-term debt borrowed in France</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">76,267</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">27,561</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">375,308</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">275,053</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table>   As of December 31, 2015, long-term debts which were borrowed from banks in Mainland China were secured by restricted cash deposits of $61.6 million. Most of these debts have floating interest rates range from 1.22% to 6.00%, which are calculated based on the benchmark lending interest rate published by China's central bank. The maturity dates range from January 2016 to December 2018.   As of December 31, 2015, long-term debts which were borrowed from banks in Hong Kong were secured by restricted cash deposits of $56.9 million. These debts have floating interest rates range from Libor+1.1% to Libor+2.60%, which are calculated based on LIBOR. The maturity dates of the used facilities range from February 2016 to December 2017.   As of December 31, 2015, long-term debts which were borrowed from banks in France were secured by restricted cash deposits of $35.7million and all the long-lived assets of the French Project. $29.9 million of these debts have floating interest rates range from Libor+3% to Libor+3.4%, which are calculated based on LIBOR, and $46.4 million of these debts have fixed interest rates range from 2.2% to 4.3%. The maturity dates of the borrowed debts range from January 2019 to September 2022. As of December 31, 2015, the company has 6.7 million available for further draw down under committed long-term bank loan facility for Synutra France.   The weighted average interest rate as of December 31, 2015 and March 31, 2015 for the long-term debts was 4.3% and 4.4%, respectively.   The total amount of interest cost incurred was $5.4 million and $3.8 million, and the amount thereof that has been capitalized was $1.3 million and $0.5 million, for the quarter ended December 31, 2015 and 2014, respectively. The total amount of interest cost incurred was $15.7 million and $13.1 million, and the amount thereof that has been capitalized was $3.2 million and $1.3 million, for the nine months ended December 31, 2015 and 2014, respectively.   As of December 31, 2015, borrowings both in short-term and long-term, including current portion, denominated in RMB, USD and EUR were $200.8 million, $141.3 million and $131.9 million, respectively.   Maturities on long-term debt, including current and non-current portion, subject to mandatory redemption are as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="text-align: center;" colspan="3"> Twelve Months  Ended </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 89%; text-align: left;">December 31, 2016</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">74,985</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">December 31, 2017</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">130,709</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">December 31, 2018</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">93,346</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">December 31, 2019</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">29,939</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">December 31, 2020</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">46,329</td> <td style="padding-bottom: 1pt; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">375,308</td> <td style="padding-bottom: 2.5pt; text-align: left;"> </td></tr></table> </div>

0.0260

0.011

0.034

0.03

0.07

0.06

0.043

0.0122

0.022

2018-12-01

2022-09-01

2017-12-01

2016-01-01

2019-01-01

2016-02-01

P4Y

200800000

131900000

141300000

-214000

10000000

1500000

300000

1200000

3816000

4756000

12267000

11707000

298000

376000

10953000

3300000

7247000

2400000

15294000

4768000

3000

2000

6000

1025000

3732000

546000

17000

529000

2629000

17000

2139000

529000

130000

242000

107000

132000

3000

0.79

0.30

0.35

0.21

<div> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 36px; text-align: left;">11.</td> <td style="text-align: left;">EARNINGS PER SHARE</td></tr></table>   For purposes of calculating basic and diluted earnings per share, the Company used the following weighted average common stocks outstanding:   <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Three Months Ended</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Nine Months Ended</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands except for per share data)</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 56%; text-align: left;">Net income attributable to common stockholders</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">12,038</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">17,264</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">20,140</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">45,441</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Weighted average common stock outstanding – basic and diluted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">57,026</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">57,301</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">57,163</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">57,301</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 2.5pt; text-align: left;">Earnings per share - basic and diluted</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">0.21</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">0.30</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">0.35</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">0.79</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table> </div>

-321000

-2340000

8825000

9725000

1133000

504000

-10975000

-2423000

21542000

7295000

20701000

8000000

135380000

-373000

134209000

1544000

52717000

-471000

52884000

304000

137902000

-361000

136252000

2011000

55365000

-418000

54860000

923000

50832000

18060000

28662000

16094000

4869000

11858000

3076000

205000

7754000

3823000

8858000

23326000

6025000

8067000

3176000

9127000

1222000

-958000

-549000

117000

4616000

3894000

9326000

10069000

1861000

6028000

-835000

373000

2672000

17745000

21964000

12127000

2588000

2577000

1300000

500000

3200000

1300000

11855000

3315000

12495000

4117000

13100000

3800000

15700000

5400000

10465000

10677000

<div> <div> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 36px; text-align: left;">3.</td> <td style="text-align: left;">INVENTORIES</td></tr></table>   The Company's inventories at December 31, 2015 and March 31, 2015 are summarized as follows:   <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31,  2015 </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> March 31, 2015 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 78%; text-align: left;">Raw materials</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">46,211</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">50,578</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Work-in-progress</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,771</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,905</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Finished goods</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">22,944</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">19,271</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">86,926</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">87,754</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table>   The value of goods-in-transit included in raw materials was $7.3 million and $11.9 million as of December 31, 2015 and March 31, 2015, respectively, which mainly represented the purchase of milk powder and whey powder from international sources.   The Company recorded lower of cost or market provisions for inventory of $0.5 million and $1.8 million for the quarter ended December 31, 2015 and 2014, respectively, and $5.5 million and $3.8 million for the nine months ended December 31, 2015 and 2014, respectively.</div> </div>

19271000

22944000

87754000

86926000

50578000

46211000

17905000

17771000

3838000

1800000

5491000

500000

5212000

1807000

6713000

2179000

550316000

627846000

664885000

757045000

386826000

309035000

6700000

275053000

154393000

27561000

93099000

375308000

221010000

76267000

78031000

46400000

29900000

130426000

74985000

46329000

29939000

93346000

130709000

144627000

300323000

0.044

0.043

P10Y

29113000

10498000

30921000

12835000

2643000

3585000

1485000

-186000

-1820000

3491000

0.30

19300000

65316000

-59092000

-114703000

34666000

31762000

45441000

17264000

20140000

12038000

2315000

591000

768000

233000

15416000

13202000

6951000

4891000

284000

-186000

430000

3491000

-3735000

60000000

9400000

9240000

57166000

19225000

46018000

20634000

5720000

10005000

2449000

5019000

-4674000

-1293000

-2422000

-3773000

7011000

-11685000

-11686000

1000

-1293000

-2422000

-2596000

174000

-3773000

11900000

7300000

46790000

50045000

7241000

6427000

-824000

-161000

-599000

-179000

365000

61000

2371000

1486000

1500000

59691000

96914000

9809000

27012000

39974000

2606000

22186000

5617000

3800000

101716000

211914000

377000

16000

125114000

110441000

47756000

2315000

45441000

17855000

20908000

768000

20140000

12271000

<div> <div> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 36px; text-align: left;">5.</td> <td style="text-align: left;">PROPERTY, PLANT AND EQUIPMENT, NET </td></tr></table> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31,  2015 </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> March 31, 2015 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Property, plant and equipment, cost:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="width: 78%; text-align: left;">Land</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">1,669</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">1,447</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Capital lease of building</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,441</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,753</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Buildings and renovations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">79,588</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">80,013</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Plant and machinery</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">63,998</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">65,790</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Office equipment and furnishings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,846</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,146</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Motor vehicles</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,454</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,577</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left;">Others</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,113</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,140</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Total cost</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">166,109</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">167,866</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Less: Accumulated depreciation:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Capital lease of building</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,063</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">992</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Buildings and renovations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">19,748</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,790</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Plant and machinery</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">44,668</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">44,193</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Office equipment and furnishings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,525</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,599</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Motor vehicles</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,885</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,834</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left;">Others</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">819</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">764</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Total accumulated depreciation</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">77,708</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">75,172</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left;">Construction in progress</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">186,616</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">94,391</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 2.5pt; text-align: left;">Property, plant and equipment, net</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">275,017</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">187,085</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table>   Construction in progress mainly represents construction and equipment purchase for the French subsidiary as of December 31, 2015 and March 31, 2015   The Company recorded depreciation expense for owned assets and capital leased assets of $2.4 million and $3.3 million for the quarter ended December 31, 2015 and 2014, respectively, and $7.2 million and $10.9 million for the nine months ended December 31, 2015 and 2014, respectively.</div> </div>

167866000

65790000

5753000

80013000

1447000

11146000

1140000

2577000

166109000

63998000

5441000

79588000

1669000

11846000

1113000

2454000

187085000

275017000

<div> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31,  2015 </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> March 31, 2015 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Property, plant and equipment, cost:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="width: 78%; text-align: left;">Land</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">1,669</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">1,447</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Capital lease of building</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,441</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,753</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Buildings and renovations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">79,588</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">80,013</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Plant and machinery</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">63,998</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">65,790</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Office equipment and furnishings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,846</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,146</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Motor vehicles</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,454</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,577</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left;">Others</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,113</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,140</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Total cost</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">166,109</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">167,866</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Less: Accumulated depreciation:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Capital lease of building</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,063</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">992</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Buildings and renovations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">19,748</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,790</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Plant and machinery</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">44,668</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">44,193</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Office equipment and furnishings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,525</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,599</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Motor vehicles</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,885</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,834</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left;">Others</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">819</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">764</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Total accumulated depreciation</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">77,708</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">75,172</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left;">Construction in progress</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">186,616</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">94,391</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 2.5pt; text-align: left;">Property, plant and equipment, net</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">275,017</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">187,085</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table> </div>

3735000

345000

115000

347000

118000

<div> <div> <div> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 36px; text-align: left;">4.</td> <td style="text-align: left;">RELATED PARTIES AND RELATED PARTY TRANSACTIONS</td></tr> <tr style="vertical-align: top;"><td style="text-align: left;"> </td> <td style="text-align: left;"> </td></tr></table> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 36px; text-align: left;">A.</td> <td style="text-align: left;">Related party balances</td></tr> <tr style="vertical-align: top;"><td style="text-align: left;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: top;"><td style="text-align: left;">a.</td> <td style="text-align: left;">Due from related parties, including current and non-current portion</td></tr></table> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31, 2015 </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> March 31, 2015 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 78%; text-align: left;">Sheng Zhi Da Dairy Group Corporation</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">529</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">1,025</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Beijing Honnete Dairy Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">St. Angel (Beijing) Business Service Co. Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,732</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Beijing St. Angel Cultural Communication Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Beijing AoNaier Feed Stuff Co., Ltd.</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">546</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">4,768</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="text-align: left;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: top;"><td style="width: 36px; text-align: left;">b.</td> <td style="text-align: left;">Due to related parties</td></tr></table> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31,  2015 </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> March 31, 2015 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 78%; text-align: left;">Beijing St. Angel Cultural Communication Co., Ltd.</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">132</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">130</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Beijing AoNaier Feed Stuff Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">107</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">St. Angel (Beijing ) Business Service Co. Ltd.</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">242</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">130</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table>   The amount due to and due from related parties were unsecured and interest free.     <div style="margin-bottom: 6pt; border-bottom: black 1pt solid; margin-top: 12pt;"> <div> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 36px; text-align: left;">B.</td> <td style="text-align: left;">Sales to and services for related parties</td></tr></table>   In the three and nine months ended December 31, 2015, the Company's sales to related parties mainly included feed grade milk powder sold to AoNaier and powdered formula products sold to St. Angel (Beijing) Business Service. Other immaterial transactions with related parties included renting office spaces to Honnete, AoNaier, St. Angel (Beijing) Business Service and St. Angel Cultural Communication. In the three and nine months ended December 31, 2014, the Company's sales to related parties mainly included feed grade milk powder and whey powder to AoNaier, and powdered formula products to St. Angel (Beijing) Business Service.   <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Three Months Ended</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Nine Months Ended</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 56%; text-align: left;">Beijing Honnete Dairy Co., Ltd.</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">2</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">0</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">6</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">7</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">St. Angel (Beijing) Business Service Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,559</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,190</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,827</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,061</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Qingdao Lvyin Waste Disposal Investment Management Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">0</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Beijing AoNaier Feed Stuff Co., Ltd.</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">250</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">93</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">398</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Beijing St. Angel Cultural Communication Co., Ltd.</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">6</td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0</td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">18</td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">19</td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">3,593</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">1,440</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">8,946</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">3,485</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 36px; text-align: left;"> </td> <td style="text-align: left;"> </td></tr></table> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 36px; text-align: left;">C.</td> <td style="text-align: left;">Purchases from related parties</td></tr></table>   In the three and nine months ended December 31, 2015 and 2014, St. Angel Cultural Communication implemented certain marketing activities for the Company.   <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Three Months Ended</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Nine Months Ended</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 56%; text-align: left;">Beijing St. Angel Cultural Communication Co. Ltd.</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">118</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">115</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">347</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">345</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr></table> </div></div></div></div> </div>

567000

13000

94498000

98972000

112465000

155683000

145906000

110703000

78799000

113419000

-35046000

-14906000

447000

152000

307000

105000

3485000

398000

7000

19000

3061000

1440000

250000

1190000

8946000

93000

6000

18000

2000

8827000

3593000

26000

2000

6000

3559000

303770000

12813000

82000

12731000

8068000

281742000

13960000

115331000

3980000

72000

3908000

3110000

106608000

5613000

278933000

10060000

491000

278000

9291000

4000000

248249000

26684000

109256000

4010000

354000

220000

3436000

2429000

96258000

10569000

<div> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Three Months Ended</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Nine Months Ended</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands except for per share data)</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 56%; text-align: left;">Net income attributable to common stockholders</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">12,038</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">17,264</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">20,140</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">45,441</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Weighted average common stock outstanding – basic and diluted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">57,026</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">57,301</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">57,163</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">57,301</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 2.5pt; text-align: left;">Earnings per share - basic and diluted</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">0.21</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">0.30</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">0.35</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">0.79</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table> </div>

<div> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-stretch: normal; font-size-adjust: none;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31,  2015 </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> March 31, 2015 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 78%; text-align: left;">Raw materials</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">46,211</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">50,578</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Work-in-progress</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,771</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,905</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Finished goods</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">22,944</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">19,271</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">86,926</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">87,754</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table> </div>

<div> <div> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Three Months Ended</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Nine Months Ended</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">NET SALES TO EXTERNAL CUSTOMERS</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="width: 56%; text-align: left; text-indent: 9pt;">- Nutritional food</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">96,258</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">106,608</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">248,249</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">281,742</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left; text-indent: 9pt;">- Nutritional supplement</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,569</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,613</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26,684</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,960</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left; text-indent: 9pt;">- Other business</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,429</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,110</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,000</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">8,068</td> <td style="padding-bottom: 1pt; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Net sales</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">109,256</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">115,331</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">278,933</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">303,770</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">INTERSEGMENT SALES</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left; text-indent: 9pt;">- Nutritional food</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">220</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">72</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">278</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">82</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 9pt;">- Nutritional supplement</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,436</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,908</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,291</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,731</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left; text-indent: 9pt;">- Other business</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">354</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">491</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0</td> <td style="padding-bottom: 1pt; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Intersegment sales</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4,010</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3,980</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">10,060</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">12,813</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">GROSS PROFIT (LOSS)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 9pt;">- Nutritional food</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">54,860</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">52,884</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">136,252</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">134,209</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left; text-indent: 9pt;">- Nutritional supplement</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">923</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">304</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,011</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,544</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left; text-indent: 9pt;">- Other business</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(418</td> <td style="padding-bottom: 1pt; text-align: left;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(471</td> <td style="padding-bottom: 1pt; text-align: left;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(361</td> <td style="padding-bottom: 1pt; text-align: left;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(373</td> <td style="padding-bottom: 1pt; text-align: left;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Gross profit</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">55,365</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">52,717</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">137,902</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">135,380</td> <td style="text-align: left;"> </td></tr></table> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="width: 34%; text-align: left;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 18%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 18%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td></tr></table> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31,  2015 </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> March 31,  2015 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">TOTAL ASSETS</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="width: 78%; text-align: left; text-indent: 9pt;">- Nutritional food</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">705,815</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">626,317</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left; text-indent: 9pt;">- Nutritional supplement</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">48,459</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">38,878</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 9pt;">- Other business</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,916</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,169</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left; text-indent: 9pt;">- Unallocated assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,285</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,528</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left; text-indent: 9pt;">- Intersegment elimination</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(8,430</td> <td style="padding-bottom: 1pt; text-align: left;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(13,007</td> <td style="padding-bottom: 1pt; text-align: left;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">757,045</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">664,885</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table>    </div> </div>

61600000

35700000

56900000

<div> <div>   <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 36px; text-align: left;">12.</td> <td style="text-align: left;">SEGMENT REPORTING</td></tr></table>   The Company's chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. In fiscal year 2014, the Company operated and reported its performance in four segments. However, starting from fiscal year 2015, the Company has operated the Powdered Formula and Foods segments as a single business segment based on a shared distribution network and similar marketing strategies. Therefore, there are only three reportable segments for fiscal year 2015, and the segment information in prior years was restated to be consistent with the current year reportable segments. The three reportable segments are:   Nutritional food - Sales of powdered infant and adult formula products, and prepared foods.   Nutritional supplement - Sales of nutritional supplement such as chondroitin sulfate to external customers, and microencapsulated Docosahexanoic Acid ("DHA") and Arachidonic Acid ("ARA") to powdered formula segment.   Other business - Other business includes non-core businesses such as ancillary sales of excess or unusable ingredients and materials to industrial customers, providing genetic diagnostic services for new born babies, and sales of cosmetics to pregnant women.   Segment disclosures are on a performance basis consistent with internal management reporting. The following tables summarized the Company's revenue and cost generated from different revenue streams.   <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Three Months Ended</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold; text-align: center;" colspan="7">Nine Months Ended</td></tr> <tr style="vertical-align: bottom;"><td style="text-align: left;"> </td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="7">December 31,</td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2015</td> <td style="font-weight: bold; padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; font-weight: bold; text-align: center;" colspan="3">2014</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">NET SALES TO EXTERNAL CUSTOMERS</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="width: 56%; text-align: left; text-indent: 9pt;">- Nutritional food</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">96,258</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">106,608</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">248,249</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">281,742</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left; text-indent: 9pt;">- Nutritional supplement</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,569</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">5,613</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">26,684</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,960</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left; text-indent: 9pt;">- Other business</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,429</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,110</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">4,000</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">8,068</td> <td style="padding-bottom: 1pt; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Net sales</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">109,256</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">115,331</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">278,933</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">303,770</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">INTERSEGMENT SALES</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left; text-indent: 9pt;">- Nutritional food</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">220</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">72</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">278</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">82</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 9pt;">- Nutritional supplement</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,436</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,908</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9,291</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,731</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left; text-indent: 9pt;">- Other business</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">354</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">491</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0</td> <td style="padding-bottom: 1pt; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Intersegment sales</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4,010</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">3,980</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">10,060</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">12,813</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">GROSS PROFIT (LOSS)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 9pt;">- Nutritional food</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">54,860</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">52,884</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">136,252</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">134,209</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left; text-indent: 9pt;">- Nutritional supplement</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">923</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">304</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,011</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,544</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left; text-indent: 9pt;">- Other business</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(418</td> <td style="padding-bottom: 1pt; text-align: left;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(471</td> <td style="padding-bottom: 1pt; text-align: left;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(361</td> <td style="padding-bottom: 1pt; text-align: left;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(373</td> <td style="padding-bottom: 1pt; text-align: left;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Gross profit</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">55,365</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">52,717</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">137,902</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">135,380</td> <td style="text-align: left;"> </td></tr></table> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"><td style="width: 34%; text-align: left;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 18%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 9%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 18%; text-align: right;"> </td> <td style="width: 1%; text-align: left;"> </td></tr></table> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31,  2015 </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> March 31,  2015 </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">TOTAL ASSETS</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="width: 78%; text-align: left; text-indent: 9pt;">- Nutritional food</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">705,815</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">626,317</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left; text-indent: 9pt;">- Nutritional supplement</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">48,459</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">38,878</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; text-indent: 9pt;">- Other business</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,916</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,169</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left; text-indent: 9pt;">- Unallocated assets</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">7,285</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">10,528</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 1pt; text-align: left; text-indent: 9pt;">- Intersegment elimination</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(8,430</td> <td style="padding-bottom: 1pt; text-align: left;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(13,007</td> <td style="padding-bottom: 1pt; text-align: left;">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 2.5pt; text-align: left;">Total</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">757,045</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">664,885</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table>     </div> </div>

43300000

15851000

40569000

14001000

57301000

57837000

145639000

98677000

111926000

125614000

61256000

30529000

135440000

6000

-140000

-104579000

97611000

18843000

135440000

6000

2460000

-59138000

114569000

11526000

135440000

6000

2643000

-35046000

129199000

8930000

135319000

6000

3585000

-3735000

-14906000

<div> <div> <table style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"><td style="width: 1px;"> </td> <td style="width: 23px; text-align: left;">9.</td> <td style="text-align: left;">EQUITY</td></tr> <tr style="vertical-align: top;"><td> </td> <td style="text-align: left;"> </td> <td style="text-align: left;"> </td></tr></table> <table style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; font-size-adjust: none; font-stretch: normal;" cellspacing="0" cellpadding="0"> <tr><td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom;"><td style="border-bottom: black 1pt solid; font-weight: bold; text-align: left;">(In thousands)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> December 31,   2015 </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="3"> March 31, 2015  </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="width: 78%; text-align: left;">Common stock, $.0001 par value: 250,000 authorized; 57,301 issued and 56,837 outstanding at December 31, 2015, 57,301 and 57,301 issued and outstanding at March 31, 2015, respectively</td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">6</td> <td style="width: 1%; text-align: left;"> </td> <td style="width: 1%;"> </td> <td style="width: 1%; text-align: left;">$</td> <td style="width: 8%; text-align: right;">6</td> <td style="width: 1%; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Additional paid-in capital</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">135,319</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">135,440</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="text-align: left;">Accumulated deficit</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(14,906</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(35,046</td> <td style="text-align: left;">)</td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Accumulated other comprehensive income</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">8,930</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">11,526</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Noncontrolling shareholders' contribution receivable </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,735)</td> <td style="padding-bottom: 1pt; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">0</td> <td style="padding-bottom: 1pt; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Total common stockholders' equity</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">125,614</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">111,926</td> <td style="text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(213,234,234);"><td style="padding-bottom: 1pt; text-align: left;">Noncontrolling interest</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,585</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,643</td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td></tr> <tr style="vertical-align: bottom; background-color: white;"><td style="padding-bottom: 2.5pt; text-align: left;">Total equity</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">129,199</td> <td style="border-bottom: black 3px double; text-align: left;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 3px double; text-align: left;">$</td> <td style="border-bottom: black 3px double; text-align: right;">114,569</td> <td style="border-bottom: black 3px double; text-align: left;"> </td></tr></table>   On September 10, 2015, our board of directors approved a share repurchase program authorizing the repurchase of up to an aggregate amount of $20,000,000 of our common stock from time to time through September 10, 2016. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. Following the approval, we entered into a Rule 10b5-1 trading plan under the Exchange Act permitting open market repurchases of our common stock based on certain triggers described in the trading plan. During the three months ended December 31, 2015, we repurchased 352,000 shares of our common stock under the Rule 10b5-1 trading plan at an aggregate cost of $1.8 million, which was paid for through cash on hand. As of December 31, 2015, we have $17.6 million available for stock repurchases under our board approved stock repurchase program through September 10, 2016. The share repurchase program had automatically terminated due to our public announcement of receiving a non-binding proposal letter, dated January14, 2016, from Mr. Liang Zhang, Chairman and CEO of the Company, and an affiliated entity of his, proposing a "going-private" transaction. For detail, please refer to 8-K filed on January 15, 2016.   30% of the equity interest of a subsidiary of the Company, Meitek Technology (Qingdao) Co., Ltd. ("Meitek"), was held by three individuals, who are also Meitek's management. In December 2015, the company and three individual undertook a restructuring of the noncontrolling interest of Meitek, whereby the Company repurchased the 30% interest from these three individuals for a cash consideration $1.5 million, which is determined as 30% of the fair value of Meitek at $12.7 million, less 30% of the registered capital of Meitek. Subsequently, in December 2015, the Company sold the 30% equity interest for a total cash consideration of $3.8 million, to Qingdao Boda Fanglue Trading Co., Ltd. (17%) and Qingdao Shuofeng Equity Investment Management Limited Partnership Enterprise (13%), which both entities are ultimately controlled by employees of the Company. The cash consideration is based on 30% of the fair value of Meitek, which is determined by an independent valuation firm. As a result of the restructuring, an additional contribution of $3.8 million was injected by the new noncontrolling shareholders and recorded under "Additional paid in capital" and "Noncontrolling shareholders' contribution receivable" as of December 31, 2015. The cash consideration was subsequently collected by the Company in January 2016.</div> </div>

464000

352000

2371000

1800000

20000000

2016-09-10

17600000

1233000

57301000

57163000

57026000

EX-101.SCH 7 syut-20151231.xsd EXHIBIT 101.SCH 00100 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00200 - Statement - Consolidated Statements Of Operations link:presentationLink link:calculationLink link:definitionLink 00300 - Statement - Consolidated Statements Of Comprehensive Income link:presentationLink link:calculationLink link:definitionLink 00500 - Statement - Consolidated Statements Of Cash Flows link:presentationLink link:calculationLink link:definitionLink 40301 - Disclosure - Inventories (Details) link:presentationLink link:calculationLink link:definitionLink 40501 - Disclosure - Property, Plant And Equipment, Net (Details) link:presentationLink link:calculationLink link:definitionLink 40702 - Disclosure - Debt (Schedule Of Debts) (Details) link:presentationLink link:calculationLink link:definitionLink 40704 - Disclosure - Debt (Schedule Of Maturities On Long-Term Debt) (Details) link:presentationLink link:calculationLink link:definitionLink 40802 - Disclosure - Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) link:presentationLink link:calculationLink link:definitionLink 00090 - Document - Document And Entity Information link:presentationLink link:calculationLink link:definitionLink 00105 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00400 - Statement - 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 - Related Parties And Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 10501 - Disclosure - Property, Plant And Equipment, Net link:presentationLink link:calculationLink link:definitionLink 10601 - Disclosure - Long-Term Loan Receivable 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 - Equity link:presentationLink link:calculationLink link:definitionLink 11001 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 11101 - Disclosure - Earnings Per Share link:presentationLink link:calculationLink link:definitionLink 11201 - Disclosure - Segment Reporting link:presentationLink link:calculationLink link:definitionLink 30303 - Disclosure - Inventories (Tables) link:presentationLink link:calculationLink link:definitionLink 30403 - Disclosure - Related Parties And Related Party Transactions (Tables) link:presentationLink link:calculationLink link:definitionLink 30503 - Disclosure - Property, Plant And Equipment, Net (Tables) link:presentationLink link:calculationLink link:definitionLink 30703 - Disclosure - Debt (Tables) link:presentationLink link:calculationLink link:definitionLink 30803 - Disclosure - Other Current Liabilities (Tables) link:presentationLink link:calculationLink link:definitionLink 30903 - Disclosure - Equity (Tables) link:presentationLink link:calculationLink link:definitionLink 31103 - Disclosure - Earnings Per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 31201 - Disclosure - Segment Reporting (Tables) link:presentationLink link:calculationLink link:definitionLink 40401 - Disclosure - Related Parties And Related Party Transactions (Schedule Of Balances Due From Related Parties) (Details) link:presentationLink link:calculationLink link:definitionLink 40402 - Disclosure - Related Parties And Related Party Transactions (Schedule Of Balances Due To Related Parties) (Details) link:presentationLink link:calculationLink link:definitionLink 40403 - Disclosure - Related Parties And Related Party Transactions (Schedule Of Sales And Services For Related Parties) (Details) link:presentationLink link:calculationLink link:definitionLink 40404 - Disclosure - Related Parties And Related Party Transactions (Schedule Of Purchases From Related Parties) (Details) link:presentationLink link:calculationLink link:definitionLink 40601 - Disclosure - Long Term Loan Receivable (Details) link:presentationLink link:calculationLink link:definitionLink 40701 - Disclosure - Debt (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 40703 - Disclosure - Debt (Schedule Of Long-Term Debt) (Details) link:presentationLink link:calculationLink link:definitionLink 40801 - Disclosure - Other Current Liabilities (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 40901 - Disclosure - Equity (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 40902 - Disclosure - Equity (Schedule Of Equity) (Details) link:presentationLink link:calculationLink link:definitionLink 41101 - Disclosure - Earnings Per Share (Details) link:presentationLink link:calculationLink link:definitionLink 41201 - Disclosure - Segment Reporting (Details) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 syut-20151231_cal.xml EXHIBIT 101.CAL EX-101.DEF 9 syut-20151231_def.xml EXHIBIT 101.DEF EX-101.LAB 10 syut-20151231_lab.xml EXHIBIT 101.LAB Document And Entity Information [Abstract] Document And Entity Information [Abstract] Statement [Table] Statement [Line Items] Entity Registrant Name Entity Filer Category Entity Central Index Key Amendment Flag Document Type Document Fiscal Period Focus Document Period End Date Document Fiscal Year Focus Current Fiscal Year End Date Entity Common Stock, Shares Outstanding Consolidated Balance Sheets [Abstract] ASSETS Current Assets: Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents, end of period Cash and cash equivalents, beginning of period Cash and cash equivalents Restricted Cash and Cash Equivalents, Current Restricted cash Accounts Receivable, Net, Current Accounts receivable, net of allowance of $1,197 and $1,824, respectively Inventory, Net Inventories Total Due from Related Parties, Current Due from related parties Prepaid Taxes Prepaid income tax Receivable From Assets Disposal Receivable from disposal of subsidiaries Deferred Tax Assets, Net, Current Deferred tax assets Prepaid Expense and Other Assets, Current Prepayments, tax receivables and others Assets, Current Total current assets Property, Plant and Equipment, Net . Property, plant and equipment, net Property, plant and equipment, net Land use rights net. Land Use Rights Net Land use rights, net Intangible Assets, Net (Excluding Goodwill) Intangible assets, net Restricted Cash and Investments, Noncurrent Restricted cash Due from Related Parties, Noncurrent Due from related parties Deferred Tax Assets, Net, Noncurrent Deferred tax assets Notes, Loans and Financing Receivable, Net, Noncurrent Long-term loan receivable Other Assets, Noncurrent Other non-current assets Assets, TOTAL ASSETS Total assets LIABILITIES AND EQUITY Current Liabilities: Short Term Borrowings Short-term debt Long-term Debt, Current Maturities Long-term debt due within one year Accounts Payable, Current Accounts payable Taxes Payable, Current Income taxes payable Due to Related Parties, Current Due to related parties Due to related parties Customer Advances, Current Advances from customers Other Liabilities, Current Other current liabilities Total Liabilities, Current Total current liabilities Long-term Debt, Excluding Current Maturities Long-term debt Long-term debt, non-current portion Deferred Revenue, Noncurrent Deferred government subsidy Capital Lease Obligations, Noncurrent Capital lease obligations Other Liabilities, Noncurrent Other long-term liabilities Liabilities Total liabilities Equity: Common Stock, Value, Issued Common stock, $.0001 par value: 250,000 authorized; 57,301 issued and 56,837 outstanding at December 31, 2015, 57,301 and 57,301 issued and outstanding at March 31, 2015, respectively Additional Paid in Capital Additional paid-in capital Retained Earnings (Accumulated Deficit) Accumulated deficit Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive income Receivable from Shareholders or Affiliates for Issuance of Capital Stock Noncontrolling shareholders' contribution receivable Stockholders' Equity Attributable to Parent Total common stockholders' equity Stockholders' Equity Attributable to Noncontrolling Interest Noncontrolling interest Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Balance Balance Total equity Liabilities and Equity, TOTAL LIABILITIES AND EQUITY Allowance for Doubtful Accounts Receivable, Current Accounts receivable, allowance 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, Outstanding Common stock, shares outstanding Consolidated Statements Of Operations [Abstract] Revenue, Net Net sales Net sales Cost of Revenue Cost of sales Gross Profit Gross profit Gross profit Selling and Distribution Expences Selling and distribution expenses Marketing and Advertising Expense Advertising and promotion expenses General and Administrative Expense General and administrative expenses Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal Gain on disposal and liquidation of subsidiaries Gain on disposal and liquidation of subsidiaries Revenue from Grants Government subsidies Operating Income (Loss) Income from operations Interest Expense Interest expense Investment Income, Interest Interest income Foreign Currency Transaction Gain (Loss), before Tax Foreign currency exchange (loss) gain, net Other Nonoperating Income (Expense) Other expense, net Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Income before income tax expense Income Tax Expense (Benefit) Income tax expense Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest Net income Net income Net Income (Loss) Attributable to Noncontrolling Interest Net income attributable to the noncontrolling interest Net Income (Loss) Attributable to Parent Net income attributable to common stockholders Net income attributable to common stockholders Weighted Average Number of Share Outstanding, Basic and Diluted Weighted average common stock outstanding - basic and diluted Earnings Per Share, Basic and Diluted Earnings per share - basic and diluted Condensed Consolidated Statements Of Comprehensive Income [Abstract] Other Comprehensive Income (Loss), Net of Tax [Abstract] Other comprehensive income, net of tax: Foreign currency translation adjustments Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax Unrealized translation loss during the period Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax Reclassification of currency translation adjustments realized upon disposal and liquidation of subsidiaries Other Comprehensive Income (Loss), Net of Tax Other comprehensive income, net of tax of nil Other comprehensive income Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive income Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Less: Comprehensive income attributable to noncontrolling interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income attributable to common stockholders Consolidated Statements Of Equity [Abstract] Statement, Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Common Stock [Member] Common Stock [Member] Additional Paid In Capital [Member] Additional Paid-In Capital [Member] Retained Earnings [Member] Accumulated Deficit [Member] Accumulated Other Comprehensive Income [Member] Accumulated Other Comprehensive Income [Member] Noncontrolling Interest [Member] Noncontrolling Interest [Member] Shares, Outstanding Balance, Shares Balance, Shares Noncontrolling Interest, Increase from Business Combination Incorporation of a majority owned subsidiary Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests Repurchase of noncontrolling interest Noncontrolling Interest, Increase from Sale of Parent Equity Interest Additional contribution injected by noncontrolling shareholders Contribution from noncontrolling shareholders Stock Repurchased During Period, Value Shares repurchased Share repurchase, value Stock Repurchased During Period, Shares Shares repurchased, Shares Share repurchase, shares Consolidated Statements Of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities [Abstract] Operating activities: Adjustments to reconcile net income (loss) to net cash used in operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Depreciation expense Allowance for Doubtful Accounts Receivable, Recoveries Reversal of allowance for bad debt Inventory Write-down Inventory write down Provisions for inventory Deferred Income Tax Expense (Benefit) Deferred income tax Other Compensation Expense Other Increase (Decrease) in Operating Capital [Abstract] Changes in assets and liabilities: Increase (Decrease) in Accounts Receivable Accounts receivable Increase (Decrease) in Inventories Inventories Increase (Decrease) in Due from Related Parties, Current Due from related parties Increase decrease in prepaid land use right. Increase Decrease in Prepaid Land Use Right Prepaid land use right Increase (Decrease) in Prepaid Expense Prepayments and other current assets Increase (Decrease) in Accounts Payable Accounts payable Increase (Decrease) in Due to Related Parties, Current Due to related parties Increase (Decrease) in Customer Advances Advances from customers Increase (Decrease) in Income Taxes Receivable Income tax receivable/payable Increase (Decrease) in Other Current Liabilities Other current liabilities Increase (Decrease) in Other Noncurrent Liabilities Other noncurrent liabilities Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] Investing activities: Payments to Acquire Property, Plant, and Equipment Acquisition of property, plant and equipment Payments to Acquire Additional Interest in Subsidiaries Acquisition of subsidiaries Increase (Decrease) in Restricted Cash Change in restricted cash Proceeds from Sale of Property, Plant, and Equipment Proceeds from assets disposal Proceeds from Divestiture of Interest in Subsidiaries and Affiliates Proceeds from disposal of noncontrolling interest and subsidiaries Cash consideration for sale of subsidiary interest Payments to Fund Long-term Loans to Related Parties Changes in long-term loan receivable Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Financing activities: Proceeds from Short-term Debt Proceeds from short-term debt Repayments of Short-term Debt Repayment of short-term debt Proceeds from Issuance of Long-term Debt Proceeds from long-term debt Repayments of Long-term Debt Repayment of long-term debt Repayments of Long-term Capital Lease Obligations Payment on capital lease obligations Payments for Repurchase of Common Stock Payment on shares repurchased Net Cash Provided by (Used in) Financing Activities Net cash provided by financing activities Effect of Exchange Rate on Cash and Cash Equivalents Effect of exchange rate changes on cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Net change in cash and cash equivalents Supplemental Cash Flow Information [Abstract] Supplemental cash flow information: Interest Paid, Net Interest paid (net of interest capitalized) Income Taxes Paid, Net Income tax paid Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Non-cash investing and financing activities: Purchase of Property, Plant and Equipment by Accounts Payable Purchase of property, plant and equipment included in accounts payable Noncash or Part Noncash Divestiture, Amount of Consideration Received Disposal of subsidiaries included in receivables and noncontrolling shareholders' contribution receivable Organization And Principal Activities [Abstract] Nature of Operations [Text Block] Organization And Principal Activities Basis Of Presentation [Abstract] Basis of Accounting [Text Block] Basis Of Presentation Inventories [Abstract] Inventory Disclosure [Text Block] Inventories Related Parties And Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] Related Parties And Related Party Transactions Property, Plant And Equipment, Net [Abstract] Property, Plant and Equipment Disclosure [Text Block] Property, Plant And Equipment, Net Long-Term Loan Receivable [Abstract] Loans, Notes, Trade and Other Receivables Disclosure [Text Block] Long-Term Loan Receivable Debt [Abstract] Debt Disclosure [Text Block] Debt Other Current Liabilities [Abstract] Other Liabilities Disclosure [Text Block] Other Current Liabilities Equity [Abstract] Stockholders' Equity Note Disclosure [Text Block] Equity Income Taxes [Abstract] Income Tax Disclosure [Text Block] Income Taxes Earnings Per Share [Abstract] Earnings Per Share [Text Block] Earnings Per Share Segment Reporting [Abstract] Segment Reporting Disclosure [Text Block] Segment Reporting Schedule of Inventory, Current [Table Text Block] Schedule Of Inventories Schedule of due from related party [table text block] Schedule Of Due From Related Parties [Table Text Block] Schedule Of Balances Due From Related Parties Schedule of due to related parties [table text block] Schedule Of Due To Related Parties [Table Text Block] Schedule Of Balances Due To Related Parties Schedule of sales to related parties [table text block] Schedule Of Sales To Related Parties [Table Text Block] Schedule Of Sales And Services For Related Parties Schedule of purchases from related parties [table text block] Schedule Of Purchases From Related Parties [Table Text Block] Schedule Of Purchases From Related Parties Property, Plant and Equipment [Table Text Block] Schedule Of Property, Plant And Equipment, Net Schedule Of Debts Schedule of Long-term Debt Instruments [Table Text Block] Schedule Of Long-Term Debt Schedule Of Maturities On Long-Term Debt Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] Schedule Of Other Current Liabilities Schedule of Stockholders Equity [Table Text Block] Schedule Of Equity Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule Of Basic And Diluted Earnings Per Share Schedule of Segment Reporting Information, by Segment [Table Text Block] Schedule Of Revenue And Cost Generated From Different Revenue Streams Inventory, Raw Materials, Net of Reserves Raw materials Inventory, Work in Process, Net of Reserves Work-in-progress Inventory, Finished Goods, Net of Reserves Finished goods EX-101.PRE 11 syut-20151231_pre.xml EXHIBIT 101.PRE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Dec. 31, 2015	Feb. 04, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	Synutra International, Inc.
Entity Filer Category	Accelerated Filer
Entity Central Index Key	0001293593
Amendment Flag	false
Document Type	10-Q
Document Fiscal Period Focus	Q3
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2016
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding		56,836,797

XML 13 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Current Assets:
Cash and cash equivalents	$ 65,206	$ 85,171
Restricted cash	110,703	145,906
Accounts receivable, net of allowance of $1,197 and $1,824, respectively	24,024	15,405
Inventories	86,926	87,754
Due from related parties	17	2,629
Prepaid income tax	2,606	0
Receivable from disposal of subsidiaries	1,156	6,726
Deferred tax assets	11,707	12,267
Prepayments, tax receivables and others	39,974	27,012
Total current assets	342,319	382,870
Property, plant and equipment, net	275,017	187,085
Land use rights, net	8,549	8,657
Intangible assets, net	2,577	2,588
Restricted cash	113,419	78,799
Due from related parties	529	2,139
Deferred tax assets	376	298
Long-term loan receivable	9,240	0
Other non-current assets	5,019	2,449
TOTAL ASSETS	757,045	664,885
Current Liabilities:
Short-term debt	98,677	145,639
Long-term debt due within one year	74,985	130,426
Accounts payable	62,381	47,764
Income taxes payable	0	1,233
Due to related parties	242	130
Advances from customers	22,705	14,844
Other current liabilities	50,045	46,790
Total current liabilities	309,035	386,826
Long-term debt	300,323	144,627
Deferred government subsidy	4,756	3,816
Capital lease obligations	7,305	7,806
Other long-term liabilities	6,427	7,241
Total liabilities	627,846	550,316
Equity:
Common stock, $.0001 par value: 250,000 authorized; 57,301 issued and 56,837 outstanding at December 31, 2015, 57,301 and 57,301 issued and outstanding at March 31, 2015, respectively	6	6
Additional paid-in capital	135,319	135,440
Accumulated deficit	(14,906)	(35,046)
Accumulated other comprehensive income	8,930	11,526
Noncontrolling shareholders' contribution receivable	(3,735)	0
Total common stockholders' equity	125,614	111,926
Noncontrolling interest	3,585	2,643
Total equity	129,199	114,569
TOTAL LIABILITIES AND EQUITY	$ 757,045	$ 664,885

XML 14 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Current Assets:
Accounts receivable, allowance	$ 1,197	$ 1,824
Equity:
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	57,301,000	57,301,000
Common stock, shares outstanding	56,837,000	57,301,000

XML 15 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Consolidated Statements Of Operations [Abstract]
Net sales	$ 109,256	$ 115,331	$ 278,933	$ 303,770
Cost of sales	53,891	62,614	141,031	168,390
Gross profit	55,365	52,717	137,902	135,380
Selling and distribution expenses	14,001	15,851	40,569	43,300
Advertising and promotion expenses	12,835	10,498	30,921	29,113
General and administrative expenses	8,000	7,295	20,701	21,542
Gain on disposal and liquidation of subsidiaries	0	0	0	15,294
Government subsidies	105	152	307	447
Income from operations	20,634	19,225	46,018	57,166
Interest expense	4,117	3,315	12,495	11,855
Interest income	2,179	1,807	6,713	5,212
Foreign currency exchange (loss) gain, net	(2,423)	504	(10,975)	1,133
Other expense, net	(179)	(161)	(599)	(824)
Income before income tax expense	16,094	18,060	28,662	50,832
Income tax expense	3,823	205	7,754	3,076
Net income	12,271	17,855	20,908	47,756
Net income attributable to the noncontrolling interest	233	591	768	2,315
Net income attributable to common stockholders	$ 12,038	$ 17,264	$ 20,140	$ 45,441
Weighted average common stock outstanding - basic and diluted	57,026	57,301	57,163	57,301
Earnings per share - basic and diluted	$ 0.21	$ 0.30	$ 0.35	$ 0.79

XML 16 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net income	$ 12,271	$ 17,855	$ 20,908	$ 47,756
Foreign currency translation adjustments
Unrealized translation loss during the period	(3,773)	(1,293)	(2,422)	(4,674)
Reclassification of currency translation adjustments realized upon disposal and liquidation of subsidiaries	0	0	0	(7,011)
Other comprehensive income	(3,773)	(1,293)	(2,422)	(11,685)
Comprehensive income	8,498	16,562	18,486	36,071
Less: Comprehensive income attributable to noncontrolling interest	416	591	942	2,316
Comprehensive income attributable to common stockholders	$ 8,082	$ 15,971	$ 17,544	$ 33,755

XML 17 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements Of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Noncontrolling Shareholders' Contribution Receivable [Member]	Noncontrolling Interest [Member]	Total
Balance at Mar. 31, 2014	$ 6	$ 135,440	$ (104,579)	$ 30,529	$ 0	$ (140)	$ 61,256
Balance, Shares at Mar. 31, 2014	57,301
Net income	$ 0	0	45,441	0	0	2,315	47,756
Other comprehensive income, net of tax of nil	0	0	0	(11,686)	0	1	(11,685)
Incorporation of a majority owned subsidiary	0	0	0	0	0	284	284
Balance at Dec. 31, 2014	$ 6	135,440	(59,138)	18,843	0	2,460	97,611
Balance, Shares at Dec. 31, 2014	57,301
Balance at Mar. 31, 2015	$ 6	135,440	(35,046)	11,526	0	2,643	114,569
Balance, Shares at Mar. 31, 2015	57,301
Net income	$ 0	0	20,140	0	0	768	20,908
Other comprehensive income, net of tax of nil	0	0	0	(2,596)	0	174	(2,422)
Repurchase of noncontrolling interest	0	1,820	0	186	0	(3,491)	(1,485)
Contribution from noncontrolling shareholders	0	430	0	(186)	(3,735)	3,491	0
Shares repurchased	$ 0	(2,371)	0	0	0	0	(2,371)
Shares repurchased, Shares	(464)
Balance at Dec. 31, 2015	$ 6	$ 135,319	$ (14,906)	$ 8,930	$ (3,735)	$ 3,585	$ 129,199
Balance, Shares at Dec. 31, 2015	57,837

XML 18 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating activities:
Net income	$ 20,908	$ 47,756
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,247	10,953
Reversal of allowance for bad debt	(1,367)	(1,699)
Inventory write down	5,491	3,838
Deferred income tax	(214)	0
Gain on disposal and liquidation of subsidiaries	0	(15,294)
Other	61	365
Changes in assets and liabilities:
Accounts receivable	(8,067)	(6,025)
Inventories	(10,069)	(9,326)
Due from related parties	958	(1,222)
Prepaid land use right	(518)	97
Prepayments and other current assets	(17,745)	(2,672)
Accounts payable	23,326	8,858
Due to related parties	117	(549)
Advances from customers	9,127	3,176
Income tax receivable/payable	(3,894)	(4,616)
Other current liabilities	6,028	1,861
Other noncurrent liabilities	373	(835)
Net cash provided by operating activities	31,762	34,666
Investing activities:
Acquisition of property, plant and equipment	(96,914)	(59,691)
Acquisition of subsidiaries	(1,486)	0
Change in restricted cash	(12,127)	(21,964)
Proceeds from assets disposal	16	377
Proceeds from disposal of noncontrolling interest and subsidiaries	5,617	22,186
Changes in long-term loan receivable	(9,809)	0
Net cash used in investing activities	(114,703)	(59,092)
Financing activities:
Proceeds from short-term debt	110,441	125,114
Repayment of short-term debt	(155,683)	(112,465)
Proceeds from long-term debt	211,914	101,716
Repayment of long-term debt	(98,972)	(94,498)
Payment on capital lease obligations	(13)	(567)
Payment on shares repurchased	(2,371)	0
Net cash provided by financing activities	65,316	19,300
Effect of exchange rate changes on cash and cash equivalents	(2,340)	(321)
Net change in cash and cash equivalents	(19,965)	(5,447)
Cash and cash equivalents, beginning of period	85,171	90,915
Cash and cash equivalents, end of period	65,206	85,468
Supplemental cash flow information:
Interest paid (net of interest capitalized)	10,677	10,465
Income tax paid	11,858	4,869
Non-cash investing and financing activities:
Purchase of property, plant and equipment included in accounts payable	13,202	15,416
Disposal of subsidiaries included in receivables and noncontrolling shareholders' contribution receivable	$ 4,891	$ 6,951

XML 19 R8.htm IDEA: XBRL DOCUMENT

Organization And Principal Activities

9 Months Ended

Dec. 31, 2015

Organization And Principal Activities [Abstract]

Organization And Principal Activities

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES

Synutra International, Inc. and its subsidiaries (hereinafter collectively referred to as the "Company" or "Synutra") are principally engaged in production, distribution and sales of dairy based nutritional products under the "Shengyuan" or "Synutra" line of brands in the People's Republic of China ("China" or "PRC"). The Company focuses on selling powdered formula products for infants and adults, and also engages in other nutritional product offerings, such as certain nutritional supplement.

XML 20 R9.htm IDEA: XBRL DOCUMENT

Basis Of Presentation

9 Months Ended

Dec. 31, 2015

Basis Of Presentation [Abstract]

Basis Of Presentation

2.	BASIS OF PRESENTATION

The Company is responsible for the unaudited consolidated financial statements included in this document, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("US 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 US 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, 2015.

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.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Inventories

9 Months Ended

Dec. 31, 2015

Inventories [Abstract]

Inventories

3.	INVENTORIES

The Company's inventories at December 31, 2015 and March 31, 2015 are summarized as follows:


(In thousands)	December 31, 2015		March 31, 2015
Raw materials	$	46,211	$	50,578
Work-in-progress		17,771		17,905
Finished goods		22,944		19,271
Total	$	86,926	$	87,754

XML 22 R11.htm IDEA: XBRL DOCUMENT

Related Parties And Related Party Transactions

9 Months Ended

Dec. 31, 2015

4.	RELATED PARTIES AND RELATED PARTY TRANSACTIONS

A.	Related party balances

a.	Due from related parties, including current and non-current portion


(In thousands)	December 31, 2015		March 31, 2015
Sheng Zhi Da Dairy Group Corporation	$	529	$	1,025
Beijing Honnete Dairy Co., Ltd.		0		2
St. Angel (Beijing) Business Service Co. Ltd.		0		3,732
Beijing St. Angel Cultural Communication Co., Ltd.		17		6
Beijing AoNaier Feed Stuff Co., Ltd.		0		3
Total	$	546	$	4,768


b.	Due to related parties


(In thousands)	December 31, 2015		March 31, 2015
Beijing St. Angel Cultural Communication Co., Ltd.	$	132	$	130
Beijing AoNaier Feed Stuff Co., Ltd.		107		0
St. Angel (Beijing ) Business Service Co. Ltd.		3		0
Total	$	242	$	130

The amount due to and due from related parties were unsecured and interest free.

B.	Sales to and services for related parties

In the three and nine months ended December 31, 2015, the Company's sales to related parties mainly included feed grade milk powder sold to AoNaier and powdered formula products sold to St. Angel (Beijing) Business Service. Other immaterial transactions with related parties included renting office spaces to Honnete, AoNaier, St. Angel (Beijing) Business Service and St. Angel Cultural Communication. In the three and nine months ended December 31, 2014, the Company's sales to related parties mainly included feed grade milk powder and whey powder to AoNaier, and powdered formula products to St. Angel (Beijing) Business Service.


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
(In thousands)	2015		2014		2015		2014
Beijing Honnete Dairy Co., Ltd.	$	2	$	0	$	6	$	7
St. Angel (Beijing) Business Service Co., Ltd.		3,559		1,190		8,827		3,061
Qingdao Lvyin Waste Disposal Investment Management Co., Ltd.		0		0		2		0
Beijing AoNaier Feed Stuff Co., Ltd.		26		250		93		398
Beijing St. Angel Cultural Communication Co., Ltd.		6		0		18		19
Total	$	3,593	$	1,440	$	8,946	$	3,485

C.	Purchases from related parties

In the three and nine months ended December 31, 2015 and 2014, St. Angel Cultural Communication implemented certain marketing activities for the Company.


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
(In thousands)	2015		2014		2015		2014
Beijing St. Angel Cultural Communication Co. Ltd.	$	118	$	115	$	347	$	345

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

XML 23 R12.htm IDEA: XBRL DOCUMENT

Property, Plant And Equipment, Net

9 Months Ended

Dec. 31, 2015

Property, Plant And Equipment, Net [Abstract]

Property, Plant And Equipment, Net

5.	PROPERTY, PLANT AND EQUIPMENT, NET


(In thousands)	December 31, 2015		March 31, 2015
Property, plant and equipment, cost:
Land	$	1,669	$	1,447
Capital lease of building		5,441		5,753
Buildings and renovations		79,588		80,013
Plant and machinery		63,998		65,790
Office equipment and furnishings		11,846		11,146
Motor vehicles		2,454		2,577
Others		1,113		1,140
Total cost	$	166,109	$	167,866
Less: Accumulated depreciation:
Capital lease of building		1,063		992
Buildings and renovations		19,748		17,790
Plant and machinery		44,668		44,193
Office equipment and furnishings		9,525		9,599
Motor vehicles		1,885		1,834
Others		819		764
Total accumulated depreciation		77,708		75,172
Construction in progress		186,616		94,391
Property, plant and equipment, net	$	275,017	$	187,085

Construction in progress mainly represents construction and equipment purchase for the French subsidiary as of December 31, 2015 and March 31, 2015

XML 24 R13.htm IDEA: XBRL DOCUMENT

Long-Term Loan Receivable

9 Months Ended

Dec. 31, 2015

Long-Term Loan Receivable [Abstract]

Long-Term Loan Receivable

6.	LONG-TERM LOAN RECEIVABLE

In May 2015, the Company granted a four-year long-term loan of RMB 60.0 million (equivalent to $9.4 million) with interest rate of 7% to Qingdao Jisheng Iron Printing and Tin Making Co.,LTD. ("Qingdao Jisheng"), a supplier for the iron sheet used for our formula products. Qingdao Jisheng shall use the loan to expand its own upstream manufacturing capacity. RMB10.0 million, RMB20.0 million and RMB30.0 million shall be repaid by Qingdao Jisheng in May 2017, 2018 and 2019, respectively. The outstanding loan amount is recorded as long-term loan receivable on the consolidated balance sheet.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

XML 25 R14.htm IDEA: XBRL DOCUMENT

Debt

9 Months Ended

Dec. 31, 2015

Debt [Abstract]

Debt

DEBT

The Company's debts consisted of the following:


(In thousands)	December 31, 2015		March 31, 2015
Short-term debt	$	98,677	$	145,639
Long-term debt due within one year		74,985		130,426
Total debt, current		173,662		276,065
Long-term debt, non-current portion		300,323		144,627
Total	$	473,985	$	420,692

Long-term debt

The long-term debts, including current portion, as of December 31, 2015 and March 31, 2015 are comprised of:


(In thousands)	December 31, 2015		March 31, 2015
Long-term debt borrowed in Mainland China	$	221,010	$	154,393
Long-term debt borrowed in Hong Kong		78,031		93,099
Long-term debt borrowed in France		76,267		27,561
Total	$	375,308	$	275,053

As of December 31, 2015, long-term debts which were borrowed from banks in Mainland China were secured by restricted cash deposits of $61.6 million. Most of these debts have floating interest rates range from 1.22% to 6.00%, which are calculated based on the benchmark lending interest rate published by China's central bank. The maturity dates range from January 2016 to December 2018.

The weighted average interest rate as of December 31, 2015 and March 31, 2015 for the long-term debts was 4.3% and 4.4%, respectively.

As of December 31, 2015, borrowings both in short-term and long-term, including current portion, denominated in RMB, USD and EUR were $200.8 million, $141.3 million and $131.9 million, respectively.

Maturities on long-term debt, including current and non-current portion, subject to mandatory redemption are as follows:


(In thousands)	Twelve Months Ended
December 31, 2016	$	74,985
December 31, 2017		130,709
December 31, 2018		93,346
December 31, 2019		29,939
December 31, 2020		46,329
Total	$	375,308

XML 26 R15.htm IDEA: XBRL DOCUMENT

Other Current Liabilities

9 Months Ended

Dec. 31, 2015

Other Current Liabilities [Abstract]

Other Current Liabilities

8.	OTHER CURRENT LIABILITIES


(In thousands)	December 31, 2015		March 31, 2015
Accrued discount, rebate and slotting fee	$	24,477	$	24,861
Payroll and bonus payables		9,725		8,825
Accrued selling expenses		3,223		3,404
Accrued advertising and promotion expenses		2,615		3,980
Others		10,005		5,720
Total	$	50,045	$	46,790

In May 2015, Qingdao Jisheng agreed to pay RMB 27.0 million (equivalent to $4.4 million) to the Company to secure the exclusive iron sheet supplier status for the Company's French Project for ten years starting from its commercial operation. Under the agreement, the Company is required to fulfill a contractual amount of minimum purchase volume at fair market value each year for a period of ten years. If the Company failed to meet this minimum annual purchase volume, the Company is obligated to compensate Qingdao Jisheng at RMB 0.1 per tin for the shortfall. By December 31, 2015, the Company had received RMB 10.0 million (equivalent to $1.5 million) upfront prepayment from Qingdao Jisheng. As the Company's French Project is still under construction, it has not begun purchasing iron sheet by December 31, 2015. $0.3 million and $1.2 million were recorded in "other current liabilities" and "other noncurrent liabilities" respectively. The amount will be recognized based on actual order as a reduction to cost.

XML 27 R16.htm IDEA: XBRL DOCUMENT

Equity

9 Months Ended

Dec. 31, 2015

Equity [Abstract]

Equity

	9.	EQUITY


(In thousands)	December 31, 2015			March 31, 2015
Common stock, $.0001 par value: 250,000 authorized; 57,301 issued and 56,837 outstanding at December 31, 2015, 57,301 and 57,301 issued and outstanding at March 31, 2015, respectively	$	6		$	6
Additional paid-in capital		135,319			135,440
Accumulated deficit		(14,906	)		(35,046	)
Accumulated other comprehensive income		8,930			11,526
Noncontrolling shareholders' contribution receivable		(3,735)			0
Total common stockholders' equity		125,614			111,926
Noncontrolling interest		3,585			2,643
Total equity	$	129,199		$	114,569

On September 10, 2015, our board of directors approved a share repurchase program authorizing the repurchase of up to an aggregate amount of $20,000,000 of our common stock from time to time through September 10, 2016. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. Following the approval, we entered into a Rule 10b5-1 trading plan under the Exchange Act permitting open market repurchases of our common stock based on certain triggers described in the trading plan. During the three months ended December 31, 2015, we repurchased 352,000 shares of our common stock under the Rule 10b5-1 trading plan at an aggregate cost of $1.8 million, which was paid for through cash on hand. As of December 31, 2015, we have $17.6 million available for stock repurchases under our board approved stock repurchase program through September 10, 2016. The share repurchase program had automatically terminated due to our public announcement of receiving a non-binding proposal letter, dated January14, 2016, from Mr. Liang Zhang, Chairman and CEO of the Company, and an affiliated entity of his, proposing a "going-private" transaction. For detail, please refer to 8-K filed on January 15, 2016.

30% of the equity interest of a subsidiary of the Company, Meitek Technology (Qingdao) Co., Ltd. ("Meitek"), was held by three individuals, who are also Meitek's management. In December 2015, the company and three individual undertook a restructuring of the noncontrolling interest of Meitek, whereby the Company repurchased the 30% interest from these three individuals for a cash consideration $1.5 million, which is determined as 30% of the fair value of Meitek at $12.7 million, less 30% of the registered capital of Meitek. Subsequently, in December 2015, the Company sold the 30% equity interest for a total cash consideration of $3.8 million, to Qingdao Boda Fanglue Trading Co., Ltd. (17%) and Qingdao Shuofeng Equity Investment Management Limited Partnership Enterprise (13%), which both entities are ultimately controlled by employees of the Company. The cash consideration is based on 30% of the fair value of Meitek, which is determined by an independent valuation firm. As a result of the restructuring, an additional contribution of $3.8 million was injected by the new noncontrolling shareholders and recorded under "Additional paid in capital" and "Noncontrolling shareholders' contribution receivable" as of December 31, 2015. The cash consideration was subsequently collected by the Company in January 2016.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

XML 28 R17.htm IDEA: XBRL DOCUMENT

Income Taxes

9 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Income Taxes

10.

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.

XML 29 R18.htm IDEA: XBRL DOCUMENT

Earnings Per Share

9 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

11.

EARNINGS PER SHARE

For purposes of calculating basic and diluted earnings per share, the Company used the following weighted average common stocks outstanding:


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
(In thousands except for per share data)	2015		2014		2015		2014
Net income attributable to common stockholders	$	12,038	$	17,264	$	20,140	$	45,441
Weighted average common stock outstanding – basic and diluted		57,026		57,301		57,163		57,301
Earnings per share - basic and diluted	$	0.21	$	0.30	$	0.35	$	0.79

XML 30 R19.htm IDEA: XBRL DOCUMENT

Segment Reporting

9 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Reporting

12.

SEGMENT REPORTING

The Company's chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. In fiscal year 2014, the Company operated and reported its performance in four segments. However, starting from fiscal year 2015, the Company has operated the Powdered Formula and Foods segments as a single business segment based on a shared distribution network and similar marketing strategies. Therefore, there are only three reportable segments for fiscal year 2015, and the segment information in prior years was restated to be consistent with the current year reportable segments. The three reportable segments are:

Nutritional food - Sales of powdered infant and adult formula products, and prepared foods.

Nutritional supplement - Sales of nutritional supplement such as chondroitin sulfate to external customers, and microencapsulated Docosahexanoic Acid ("DHA") and Arachidonic Acid ("ARA") to powdered formula segment.

Segment disclosures are on a performance basis consistent with internal management reporting. The following tables summarized the Company's revenue and cost generated from different revenue streams.


	Three Months Ended						Nine Months Ended
	December 31,						December 31,
(In thousands)	2015			2014			2015			2014
NET SALES TO EXTERNAL CUSTOMERS
- Nutritional food	$	96,258		$	106,608		$	248,249		$	281,742
- Nutritional supplement		10,569			5,613			26,684			13,960
- Other business		2,429			3,110			4,000			8,068
Net sales	$	109,256		$	115,331		$	278,933		$	303,770
INTERSEGMENT SALES
- Nutritional food	$	220		$	72		$	278		$	82
- Nutritional supplement		3,436			3,908			9,291			12,731
- Other business		354			0			491			0
Intersegment sales	$	4,010		$	3,980		$	10,060		$	12,813
GROSS PROFIT (LOSS)
- Nutritional food	$	54,860		$	52,884		$	136,252		$	134,209
- Nutritional supplement		923			304			2,011			1,544
- Other business		(418	)		(471	)		(361	)		(373	)
Gross profit	$	55,365		$	52,717		$	137,902		$	135,380


(In thousands)	December 31, 2015			March 31, 2015
TOTAL ASSETS
- Nutritional food	$	705,815		$	626,317
- Nutritional supplement		48,459			38,878
- Other business		3,916			2,169
- Unallocated assets		7,285			10,528
- Intersegment elimination		(8,430	)		(13,007	)
Total	$	757,045		$	664,885

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

XML 31 R20.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

9 Months Ended

Dec. 31, 2015

Inventories [Abstract]

Schedule Of Inventories


(In thousands)	December 31, 2015		March 31, 2015
Raw materials	$	46,211	$	50,578
Work-in-progress		17,771		17,905
Finished goods		22,944		19,271
Total	$	86,926	$	87,754

XML 32 R21.htm IDEA: XBRL DOCUMENT

Related Parties And Related Party Transactions (Tables)

9 Months Ended

Dec. 31, 2015

Schedule Of Balances Due From Related Parties


(In thousands)	December 31, 2015		March 31, 2015
Sheng Zhi Da Dairy Group Corporation	$	529	$	1,025
Beijing Honnete Dairy Co., Ltd.		0		2
St. Angel (Beijing) Business Service Co. Ltd.		0		3,732
Beijing St. Angel Cultural Communication Co., Ltd.		17		6
Beijing AoNaier Feed Stuff Co., Ltd.		0		3
Total	$	546	$	4,768

Schedule Of Balances Due To Related Parties


(In thousands)	December 31, 2015		March 31, 2015
Beijing St. Angel Cultural Communication Co., Ltd.	$	132	$	130
Beijing AoNaier Feed Stuff Co., Ltd.		107		0
St. Angel (Beijing ) Business Service Co. Ltd.		3		0
Total	$	242	$	130

Schedule Of Sales And Services For Related Parties


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
(In thousands)	2015		2014		2015		2014
Beijing Honnete Dairy Co., Ltd.	$	2	$	0	$	6	$	7
St. Angel (Beijing) Business Service Co., Ltd.		3,559		1,190		8,827		3,061
Qingdao Lvyin Waste Disposal Investment Management Co., Ltd.		0		0		2		0
Beijing AoNaier Feed Stuff Co., Ltd.		26		250		93		398
Beijing St. Angel Cultural Communication Co., Ltd.		6		0		18		19
Total	$	3,593	$	1,440	$	8,946	$	3,485

Schedule Of Purchases From Related Parties


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
(In thousands)	2015		2014		2015		2014
Beijing St. Angel Cultural Communication Co. Ltd.	$	118	$	115	$	347	$	345

XML 33 R22.htm IDEA: XBRL DOCUMENT

Property, Plant And Equipment, Net (Tables)

9 Months Ended

Dec. 31, 2015

Property, Plant And Equipment, Net [Abstract]

Schedule Of Property, Plant And Equipment, Net


(In thousands)	December 31, 2015		March 31, 2015
Property, plant and equipment, cost:
Land	$	1,669	$	1,447
Capital lease of building		5,441		5,753
Buildings and renovations		79,588		80,013
Plant and machinery		63,998		65,790
Office equipment and furnishings		11,846		11,146
Motor vehicles		2,454		2,577
Others		1,113		1,140
Total cost	$	166,109	$	167,866
Less: Accumulated depreciation:
Capital lease of building		1,063		992
Buildings and renovations		19,748		17,790
Plant and machinery		44,668		44,193
Office equipment and furnishings		9,525		9,599
Motor vehicles		1,885		1,834
Others		819		764
Total accumulated depreciation		77,708		75,172
Construction in progress		186,616		94,391
Property, plant and equipment, net	$	275,017	$	187,085

XML 34 R23.htm IDEA: XBRL DOCUMENT

Debt (Tables)

9 Months Ended

Dec. 31, 2015

Debt [Abstract]

Schedule Of Debts


(In thousands)	December 31, 2015		March 31, 2015
Short-term debt	$	98,677	$	145,639
Long-term debt due within one year		74,985		130,426
Total debt, current		173,662		276,065
Long-term debt, non-current portion		300,323		144,627
Total	$	473,985	$	420,692

Schedule Of Long-Term Debt


(In thousands)	December 31, 2015		March 31, 2015
Long-term debt borrowed in Mainland China	$	221,010	$	154,393
Long-term debt borrowed in Hong Kong		78,031		93,099
Long-term debt borrowed in France		76,267		27,561
Total	$	375,308	$	275,053

Schedule Of Maturities On Long-Term Debt


(In thousands)	Twelve Months Ended
December 31, 2016	$	74,985
December 31, 2017		130,709
December 31, 2018		93,346
December 31, 2019		29,939
December 31, 2020		46,329
Total	$	375,308

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

XML 35 R24.htm IDEA: XBRL DOCUMENT

Other Current Liabilities (Tables)

9 Months Ended

Dec. 31, 2015

Other Current Liabilities [Abstract]

Schedule Of Other Current Liabilities


(In thousands)	December 31, 2015		March 31, 2015
Accrued discount, rebate and slotting fee	$	24,477	$	24,861
Payroll and bonus payables		9,725		8,825
Accrued selling expenses		3,223		3,404
Accrued advertising and promotion expenses		2,615		3,980
Others		10,005		5,720
Total	$	50,045	$	46,790

XML 36 R25.htm IDEA: XBRL DOCUMENT

Equity (Tables)

9 Months Ended

Dec. 31, 2015

Equity [Abstract]

Schedule Of Equity


(In thousands)	December 31, 2015			March 31, 2015
Common stock, $.0001 par value: 250,000 authorized; 57,301 issued and 56,837 outstanding at December 31, 2015, 57,301 and 57,301 issued and outstanding at March 31, 2015, respectively	$	6		$	6
Additional paid-in capital		135,319			135,440
Accumulated deficit		(14,906	)		(35,046	)
Accumulated other comprehensive income		8,930			11,526
Noncontrolling shareholders' contribution receivable		(3,735)			0
Total common stockholders' equity		125,614			111,926
Noncontrolling interest		3,585			2,643
Total equity	$	129,199		$	114,569

XML 37 R26.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

9 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Schedule Of Basic And Diluted Earnings Per Share


	Three Months Ended				Nine Months Ended
	December 31,				December 31,
(In thousands except for per share data)	2015		2014		2015		2014
Net income attributable to common stockholders	$	12,038	$	17,264	$	20,140	$	45,441
Weighted average common stock outstanding – basic and diluted		57,026		57,301		57,163		57,301
Earnings per share - basic and diluted	$	0.21	$	0.30	$	0.35	$	0.79

XML 38 R27.htm IDEA: XBRL DOCUMENT

Segment Reporting (Tables)

9 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Schedule Of Revenue And Cost Generated From Different Revenue Streams

	Three Months Ended						Nine Months Ended
	December 31,						December 31,
(In thousands)	2015			2014			2015			2014
NET SALES TO EXTERNAL CUSTOMERS
- Nutritional food	$	96,258		$	106,608		$	248,249		$	281,742
- Nutritional supplement		10,569			5,613			26,684			13,960
- Other business		2,429			3,110			4,000			8,068
Net sales	$	109,256		$	115,331		$	278,933		$	303,770
INTERSEGMENT SALES
- Nutritional food	$	220		$	72		$	278		$	82
- Nutritional supplement		3,436			3,908			9,291			12,731
- Other business		354			0			491			0
Intersegment sales	$	4,010		$	3,980		$	10,060		$	12,813
GROSS PROFIT (LOSS)
- Nutritional food	$	54,860		$	52,884		$	136,252		$	134,209
- Nutritional supplement		923			304			2,011			1,544
- Other business		(418	)		(471	)		(361	)		(373	)
Gross profit	$	55,365		$	52,717		$	137,902		$	135,380

(In thousands)	December 31, 2015			March 31, 2015
TOTAL ASSETS
- Nutritional food	$	705,815		$	626,317
- Nutritional supplement		48,459			38,878
- Other business		3,916			2,169
- Unallocated assets		7,285			10,528
- Intersegment elimination		(8,430	)		(13,007	)
Total	$	757,045		$	664,885

XML 39 R28.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Inventories [Abstract]
Raw materials	$ 46,211		$ 46,211		$ 50,578
Work-in-progress	17,771		17,771		17,905
Finished goods	22,944		22,944		19,271
Total	86,926		86,926		87,754
Goods-in-transit included in raw materials	7,300		7,300		$ 11,900
Provisions for inventory	$ 500	$ 1,800	$ 5,491	$ 3,838

XML 40 R29.htm IDEA: XBRL DOCUMENT

Related Parties And Related Party Transactions (Schedule Of Balances Due From Related Parties) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Related Party Transaction [Line Items]
Due from related parties	$ 546	$ 4,768
Sheng Zhi Da Dairy Group Corporation [Member]
Related Party Transaction [Line Items]
Due from related parties	529	1,025
Beijing Honnete Dairy Co., Ltd. [Member]
Related Party Transaction [Line Items]
Due from related parties	0	2
St. Angel (Beijing) Business Service Co. Ltd. [Member]
Related Party Transaction [Line Items]
Due from related parties	0	3,732
Beijing St. Angel Cultural Communication Co., Ltd. [Member]
Related Party Transaction [Line Items]
Due from related parties	17	6
Beijing AoNaier Feed Stuff Co., Ltd. [Member]
Related Party Transaction [Line Items]
Due from related parties	$ 0	$ 3

XML 41 R30.htm IDEA: XBRL DOCUMENT

Related Parties And Related Party Transactions (Schedule Of Balances Due To Related Parties) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Related Party Transaction [Line Items]
Due to related parties	$ 242	$ 130
Beijing St. Angel Cultural Communication Co., Ltd. [Member]
Related Party Transaction [Line Items]
Due to related parties	132	130
Beijing AoNaier Feed Stuff Co., Ltd. [Member]
Related Party Transaction [Line Items]
Due to related parties	107	0
St. Angel (Beijing) Business Service Co. Ltd. [Member]
Related Party Transaction [Line Items]
Due to related parties	$ 3	$ 0

XML 42 R31.htm IDEA: XBRL DOCUMENT

Related Parties And Related Party Transactions (Schedule Of Sales And Services For Related Parties) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Sales and services for related parties	$ 3,593	$ 1,440	$ 8,946	$ 3,485
Beijing Honnete Dairy Co., Ltd. [Member]
Related Party Transaction [Line Items]
Sales and services for related parties	2	0	6	7
St. Angel (Beijing) Business Service Co. Ltd. [Member]
Related Party Transaction [Line Items]
Sales and services for related parties	3,559	1,190	8,827	3,061
Qingdao Lvyin Waste Disposal Investment Management Co., Ltd. [Member]
Related Party Transaction [Line Items]
Sales and services for related parties	0	0	2	0
Beijing AoNaier Feed Stuff Co., Ltd. [Member]
Related Party Transaction [Line Items]
Sales and services for related parties	26	250	93	398
Beijing St. Angel Cultural Communication Co., Ltd. [Member]
Related Party Transaction [Line Items]
Sales and services for related parties	$ 6	$ 0	$ 18	$ 19

XML 43 R32.htm IDEA: XBRL DOCUMENT

Related Parties And Related Party Transactions (Schedule Of Purchases From Related Parties) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Beijing St. Angel Cultural Communication Co., Ltd. [Member]
Related Party Transaction [Line Items]
Purchases from related parties	$ 118	$ 115	$ 347	$ 345

XML 44 R33.htm IDEA: XBRL DOCUMENT

Property, Plant And Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Total cost	$ 166,109		$ 166,109		$ 167,866
Total accumulated depreciation	77,708		77,708		75,172
Construction in progress	186,616		186,616		94,391
Property, plant and equipment, net	275,017		275,017		187,085
Depreciation expense	2,400	$ 3,300	7,247	$ 10,953
Land [Member]
Property, Plant and Equipment [Line Items]
Total cost	1,669		1,669		1,447
Capital Lease Of Building [Member]
Property, Plant and Equipment [Line Items]
Total cost	5,441		5,441		5,753
Total accumulated depreciation	1,063		1,063		992
Buildings And Renovations [Member]
Property, Plant and Equipment [Line Items]
Total cost	79,588		79,588		80,013
Total accumulated depreciation	19,748		19,748		17,790
Plant And Machinery [Member]
Property, Plant and Equipment [Line Items]
Total cost	63,998		63,998		65,790
Total accumulated depreciation	44,668		44,668		44,193
Office Equipment And Furnishings [Member]
Property, Plant and Equipment [Line Items]
Total cost	11,846		11,846		11,146
Total accumulated depreciation	9,525		9,525		9,599
Motor Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total cost	2,454		2,454		2,577
Total accumulated depreciation	1,885		1,885		1,834
Others [Member]
Property, Plant and Equipment [Line Items]
Total cost	1,113		1,113		1,140
Total accumulated depreciation	$ 819		$ 819		$ 764

XML 45 R34.htm IDEA: XBRL DOCUMENT

Long Term Loan Receivable (Details) $ in Thousands, ¥ in Millions	9 Months Ended
	Dec. 31, 2015 CNY (¥)	Dec. 31, 2015 USD ($)	May. 31, 2015 CNY (¥)	May. 31, 2015 USD ($)	Mar. 31, 2015 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Long-term loan receivable \| $		$ 9,240			$ 0
Loan To Supplier [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Long-term loan receivable term	4 years
Long-term loan receivable			¥ 60.0	$ 9,400
Long-term loan receivable interest rate	7.00%	7.00%
Long-term loan receivable in 2017	¥ 10.0
Long-term loan receivable in 2018	20.0
Long-term loan receivable in 2019	¥ 30.0

XML 46 R35.htm IDEA: XBRL DOCUMENT

Debt (Narrative) (Details) $ in Thousands, € in Millions	3 Months Ended		9 Months Ended
Debt (Narrative) (Details) $ in Thousands, € in Millions	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2015 EUR (€)	Dec. 31, 2015 USD ($)	Mar. 31, 2015 USD ($)
Debt Instrument [Line Items]
Long-term debt						$ 375,308	$ 275,053
Weighted average interest rate					4.30%	4.30%	4.40%
Interest cost incurred	$ 5,400	$ 3,800	$ 15,700	$ 13,100
Interest capitalized	$ 1,300	$ 500	$ 3,200	$ 1,300
Mainland China [Member]
Debt Instrument [Line Items]
Long-term debts secured by restricted cash deposits						$ 61,600
Floating interest rates, minimum			1.22%
Floating interest rates, maximum			6.00%
Maturity dates, start			Jan. 01, 2016
Maturity dates, end			Dec. 01, 2018
Long-term debt						221,010	$ 154,393
Hong Kong [Member]
Debt Instrument [Line Items]
Long-term debts secured by restricted cash deposits						56,900
Maturity dates, start			Feb. 01, 2016
Maturity dates, end			Dec. 01, 2017
Long-term debt						78,031	93,099
France [Member]
Debt Instrument [Line Items]
Long-term debts secured by restricted cash deposits						35,700
Maturity dates, start			Jan. 01, 2019
Maturity dates, end			Sep. 01, 2022
Long-term debt						76,267	$ 27,561
Debts Having Floating Interest Rates [Member] \| France [Member]
Debt Instrument [Line Items]
Long-term debt						29,900
Debts Having Fixed Interest Rates [Member] \| France [Member]
Debt Instrument [Line Items]
Floating interest rates, minimum			2.20%
Floating interest rates, maximum			4.30%
Long-term debt						46,400
Synutra France [Member]
Debt Instrument [Line Items]
Long-term loan facility \| €					€ 6.7
LIBOR [Member] \| Minimum [Member] \| Hong Kong [Member]
Debt Instrument [Line Items]
Percent over LIBOR			1.10%
LIBOR [Member] \| Minimum [Member] \| Debts Having Floating Interest Rates [Member] \| France [Member]
Debt Instrument [Line Items]
Percent over LIBOR			3.00%
LIBOR [Member] \| Maximum [Member] \| Hong Kong [Member]
Debt Instrument [Line Items]
Percent over LIBOR			2.60%
LIBOR [Member] \| Maximum [Member] \| Debts Having Floating Interest Rates [Member] \| France [Member]
Debt Instrument [Line Items]
Percent over LIBOR			3.40%
RMB [Member]
Debt Instrument [Line Items]
Short-term and long-term borrowings						200,800
USD [Member]
Debt Instrument [Line Items]
Short-term and long-term borrowings						141,300
EUR [Member]
Debt Instrument [Line Items]
Short-term and long-term borrowings						$ 131,900

XML 47 R36.htm IDEA: XBRL DOCUMENT

Debt (Schedule Of Debts) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Debt [Abstract]
Short-term debt	$ 98,677	$ 145,639
Long-term debt due within one year	74,985	130,426
Total debt, current	173,662	276,065
Long-term debt, non-current portion	300,323	144,627
Total	$ 473,985	$ 420,692

XML 48 R37.htm IDEA: XBRL DOCUMENT

Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Long-term debt	$ 375,308	$ 275,053
Mainland China [Member]
Long-term debt	221,010	154,393
Hong Kong [Member]
Long-term debt	78,031	93,099
France [Member]
Long-term debt	$ 76,267	$ 27,561

XML 49 R38.htm IDEA: XBRL DOCUMENT

Debt (Schedule Of Maturities On Long-Term Debt) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Debt [Abstract]
December 31, 2016	$ 74,985
December 31, 2017	130,709
December 31, 2018	93,346
December 31, 2019	29,939
December 31, 2020	46,329
Total	$ 375,308	$ 275,053

XML 50 R39.htm IDEA: XBRL DOCUMENT

Other Current Liabilities (Narrative) (Details) - Synutra France [Member] ¥ in Millions, $ in Millions	1 Months Ended		9 Months Ended
	May. 31, 2015 CNY (¥)	May. 31, 2015 USD ($)	Dec. 31, 2015 CNY (¥) ¥ / item	Dec. 31, 2015 USD ($)
Exclusive supplier status agreement	¥ 27.0	$ 4.4
Contractual period			10 years
Compensation per gap quantity \| ¥ / item			0.1
Prepayment from supplier			¥ 10.0	$ 1.5
Other Current Liabilities [Member]
Prepayment from supplier				0.3
Other Noncurrent Liabilities [Member]
Prepayment from supplier				$ 1.2

XML 51 R40.htm IDEA: XBRL DOCUMENT

Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 31, 2015
Other Current Liabilities [Abstract]
Accrued discount, rebate and slotting fee	$ 24,477	$ 24,861
Payroll and bonus payables	9,725	8,825
Accrued selling expenses	3,223	3,404
Accrued advertising and promotion expenses	2,615	3,980
Others	10,005	5,720
Total	$ 50,045	$ 46,790

XML 52 R41.htm IDEA: XBRL DOCUMENT

Equity (Narrative) (Details)	1 Months Ended	3 Months Ended	9 Months Ended
Equity (Narrative) (Details)	Dec. 31, 2015 USD ($) entity	Dec. 31, 2015 USD ($) shares	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 10, 2015 USD ($)
Business Acquisition [Line Items]
Share repurchase, expiration date			Sep. 10, 2016
Share repurchase, shares \| shares		352,000
Share repurchase, value		$ 1,800,000	$ 2,371,000
Share repurchase, remaining authorization	$ 17,600,000	$ 17,600,000	17,600,000
Cash consideration for sale of subsidiary interest			5,617,000	$ 22,186,000
Additional contribution injected by noncontrolling shareholders			0
Noncontrolling Shareholders' Contribution Receivable [Member]
Business Acquisition [Line Items]
Share repurchase, value			0
Additional contribution injected by noncontrolling shareholders			$ (3,735,000)
Meitek Technology (Qingdao) Co., Ltd. [Member]
Business Acquisition [Line Items]
Non-controlling interest shareholders ownership percentage	30.00%	30.00%	30.00%
Number of non-controlling interest shareholders \| entity	3
Cash consideration for purchase of subsidiary interest	$ 1,500,000
Fair value percentage	30.00%
Fair value of acquiree	$ 12,700,000	$ 12,700,000	$ 12,700,000
Registered capital percentage	30.00%
Subsidiary ownership percentage sold	30.00%
Cash consideration for sale of subsidiary interest	$ 3,800,000
Qingdao Boda Fanglue Trading Co., Ltd. [Member] \| Meitek Technology (Qingdao) Co., Ltd. [Member]
Business Acquisition [Line Items]
Subsidiary ownership percentage sold	17.00%
Qingdao Shuofeng Equity Investment Management Limited Partnership Enterprise [Member] \| Meitek Technology (Qingdao) Co., Ltd. [Member]
Business Acquisition [Line Items]
Subsidiary ownership percentage sold	13.00%
Maximum [Member]
Business Acquisition [Line Items]
Share repurchase, amount authorized					$ 20,000,000

XML 53 R42.htm IDEA: XBRL DOCUMENT

Equity (Schedule Of Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Equity [Abstract]
Common stock, $.0001 par value: 250,000 authorized; 57,301 issued and 56,837 outstanding at December 31, 2015, 57,301 and 57,301 issued and outstanding at March 31, 2015, respectively	$ 6	$ 6
Additional paid-in capital	135,319	135,440
Accumulated deficit	(14,906)	(35,046)
Accumulated other comprehensive income	8,930	11,526
Noncontrolling shareholders' contribution receivable	(3,735)	0
Total common stockholders' equity	125,614	111,926
Noncontrolling interest	3,585	2,643
Total equity	$ 129,199	$ 114,569	$ 97,611	$ 61,256
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	57,301,000	57,301,000
Common stock, shares outstanding	56,837,000	57,301,000

XML 54 R43.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 12,038	$ 17,264	$ 20,140	$ 45,441
Weighted average common stock outstanding - basic and diluted	57,026	57,301	57,163	57,301
Earnings per share - basic and diluted	$ 0.21	$ 0.30	$ 0.35	$ 0.79

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 55 R44.htm IDEA: XBRL DOCUMENT

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Segment Reporting (Details) $ in Thousands	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) segment	Dec. 31, 2014 USD ($)	Mar. 31, 2015 USD ($) segment
Segment Reporting Information [Line Items]
Reportable segments \| segment			3		4
Net sales	$ 109,256	$ 115,331	$ 278,933	$ 303,770
Gross profit	55,365	52,717	137,902	135,380
Total assets	757,045		757,045		$ 664,885
Intersegment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	4,010	3,980	10,060	12,813
Total assets	(8,430)		(8,430)		(13,007)
Nutritional Food [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	96,258	106,608	248,249	281,742
Gross profit	54,860	52,884	136,252	134,209
Total assets	705,815		705,815		626,317
Nutritional Food [Member] \| Intersegment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	220	72	278	82
Nutritional Supplement [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	10,569	5,613	26,684	13,960
Gross profit	923	304	2,011	1,544
Total assets	48,459		48,459		38,878
Nutritional Supplement [Member] \| Intersegment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	3,436	3,908	9,291	12,731
Other Business [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	2,429	3,110	4,000	8,068
Gross profit	(418)	(471)	(361)	(373)
Total assets	3,916		3,916		2,169
Other Business [Member] \| Intersegment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	354	$ 0	491	$ 0
Unallocated Assets [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total assets	$ 7,285		$ 7,285		$ 10,528

EXCEL 56 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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�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report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 60 FilingSummary.xml IDEA: XBRL DOCUMENT 3.3.1.900 html 162 204 1 false 44 0 false 9 false false R1.htm 00090 - Document - Document And Entity Information Sheet http://www.synutra.com/role/DocumentDocumentAndEntityInformation Document And Entity Information Cover 1 false false R2.htm 00100 - Statement - Consolidated Balance Sheets Sheet http://www.synutra.com/role/StatementConsolidatedBalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 00105 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://www.synutra.com/role/StatementConsolidatedBalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00200 - Statement - Consolidated Statements Of Operations Sheet http://www.synutra.com/role/StatementConsolidatedStatementsOfOperations Consolidated Statements Of Operations Statements 4 false false R5.htm 00300 - Statement - Consolidated Statements Of Comprehensive Income Sheet http://www.synutra.com/role/StatementConsolidatedStatementsOfComprehensiveIncome Consolidated Statements Of Comprehensive Income Statements 5 false false R6.htm 00400 - Statement - Consolidated Statements Of Equity Sheet http://www.synutra.com/role/StatementConsolidatedStatementsOfEquity Consolidated Statements Of Equity Statements 6 false false R7.htm 00500 - Statement - Consolidated Statements Of Cash Flows Sheet http://www.synutra.com/role/StatementConsolidatedStatementsOfCashFlows Consolidated Statements Of Cash Flows Statements 7 false false R8.htm 10101 - Disclosure - Organization And Principal Activities Sheet http://www.synutra.com/role/DisclosureOrganizationAndPrincipalActivities Organization And Principal Activities Notes 8 false false R9.htm 10201 - Disclosure - Basis Of Presentation Sheet http://www.synutra.com/role/DisclosureBasisOfPresentation Basis Of Presentation Notes 9 false false R10.htm 10301 - Disclosure - Inventories Sheet http://www.synutra.com/role/DisclosureInventories Inventories Notes 10 false false R11.htm 10401 - Disclosure - Related Parties And Related Party Transactions Sheet http://www.synutra.com/role/DisclosureRelatedPartiesAndRelatedPartyTransactions Related Parties And Related Party Transactions Notes 11 false false R12.htm 10501 - Disclosure - Property, Plant And Equipment, Net Sheet http://www.synutra.com/role/DisclosurePropertyPlantAndEquipmentNet Property, Plant And Equipment, Net Notes 12 false false R13.htm 10601 - Disclosure - Long-Term Loan Receivable Sheet http://www.synutra.com/role/DisclosureLongTermLoanReceivable Long-Term Loan Receivable Notes 13 false false R14.htm 10701 - Disclosure - Debt Sheet http://www.synutra.com/role/DisclosureDebt Debt Notes 14 false false R15.htm 10801 - Disclosure - Other Current Liabilities Sheet http://www.synutra.com/role/DisclosureOtherCurrentLiabilities Other Current Liabilities Notes 15 false false R16.htm 10901 - Disclosure - Equity Sheet http://www.synutra.com/role/DisclosureEquity Equity Notes 16 false false R17.htm 11001 - Disclosure - Income Taxes Sheet http://www.synutra.com/role/DisclosureIncomeTaxes Income Taxes Notes 17 false false R18.htm 11101 - Disclosure - Earnings Per Share Sheet http://www.synutra.com/role/DisclosureEarningsPerShare Earnings Per Share Notes 18 false false R19.htm 11201 - Disclosure - Segment Reporting Sheet http://www.synutra.com/role/DisclosureSegmentReporting Segment Reporting Notes 19 false false R20.htm 30303 - Disclosure - Inventories (Tables) Sheet http://www.synutra.com/role/DisclosureInventoriesTables Inventories (Tables) Tables http://www.synutra.com/role/DisclosureInventories 20 false false R21.htm 30403 - Disclosure - Related Parties And Related Party Transactions (Tables) Sheet http://www.synutra.com/role/DisclosureRelatedPartiesAndRelatedPartyTransactionsTables Related Parties And Related Party Transactions (Tables) Tables http://www.synutra.com/role/DisclosureRelatedPartiesAndRelatedPartyTransactions 21 false false R22.htm 30503 - Disclosure - Property, Plant And Equipment, Net (Tables) Sheet http://www.synutra.com/role/DisclosurePropertyPlantAndEquipmentNetTables Property, Plant And Equipment, Net (Tables) Tables http://www.synutra.com/role/DisclosurePropertyPlantAndEquipmentNet 22 false false R23.htm 30703 - Disclosure - Debt (Tables) Sheet http://www.synutra.com/role/DisclosureDebtTables Debt (Tables) Tables http://www.synutra.com/role/DisclosureDebt 23 false false R24.htm 30803 - Disclosure - Other Current Liabilities (Tables) Sheet http://www.synutra.com/role/DisclosureOtherCurrentLiabilitiesTables Other Current Liabilities (Tables) Tables http://www.synutra.com/role/DisclosureOtherCurrentLiabilities 24 false false R25.htm 30903 - Disclosure - Equity (Tables) Sheet http://www.synutra.com/role/DisclosureEquityTables Equity (Tables) Tables http://www.synutra.com/role/DisclosureEquity 25 false false R26.htm 31103 - Disclosure - Earnings Per Share (Tables) Sheet http://www.synutra.com/role/DisclosureEarningsPerShareTables Earnings Per Share (Tables) Tables http://www.synutra.com/role/DisclosureEarningsPerShare 26 false false R27.htm 31201 - Disclosure - Segment Reporting (Tables) Sheet http://www.synutra.com/role/DisclosureSegmentReportingTables Segment Reporting (Tables) Tables http://www.synutra.com/role/DisclosureSegmentReporting 27 false false R28.htm 40301 - Disclosure - Inventories (Details) Sheet http://www.synutra.com/role/DisclosureInventoriesDetails Inventories (Details) Details http://www.synutra.com/role/DisclosureInventoriesTables 28 false false R29.htm 40401 - Disclosure - Related Parties And Related Party Transactions (Schedule Of Balances Due From Related Parties) (Details) Sheet http://www.synutra.com/role/DisclosureRelatedPartiesAndRelatedPartyTransactionsScheduleOfBalancesDueFromRelatedPartiesDetails Related Parties And Related Party Transactions (Schedule Of Balances Due From Related Parties) (Details) Details http://www.synutra.com/role/DisclosureRelatedPartiesAndRelatedPartyTransactionsTables 29 false false R30.htm 40402 - Disclosure - Related Parties And Related Party Transactions (Schedule Of Balances Due To Related Parties) (Details) Sheet http://www.synutra.com/role/DisclosureRelatedPartiesAndRelatedPartyTransactionsScheduleOfBalancesDueToRelatedPartiesDetails Related Parties And Related Party Transactions (Schedule Of Balances Due To Related Parties) (Details) Details http://www.synutra.com/role/DisclosureRelatedPartiesAndRelatedPartyTransactionsTables 30 false false R31.htm 40403 - Disclosure - Related Parties And Related Party Transactions (Schedule Of Sales And Services For Related Parties) (Details) Sheet http://www.synutra.com/role/DisclosureRelatedPartiesAndRelatedPartyTransactionsScheduleOfSalesAndServicesForRelatedPartiesDetails Related Parties And Related Party Transactions (Schedule Of Sales And Services For Related Parties) (Details) Details http://www.synutra.com/role/DisclosureRelatedPartiesAndRelatedPartyTransactionsTables 31 false false R32.htm 40404 - Disclosure - Related Parties And Related Party Transactions (Schedule Of Purchases From Related Parties) (Details) Sheet http://www.synutra.com/role/DisclosureRelatedPartiesAndRelatedPartyTransactionsScheduleOfPurchasesFromRelatedPartiesDetails Related Parties And Related Party Transactions (Schedule Of Purchases From Related Parties) (Details) Details http://www.synutra.com/role/DisclosureRelatedPartiesAndRelatedPartyTransactionsTables 32 false false R33.htm 40501 - Disclosure - Property, Plant And Equipment, Net (Details) Sheet http://www.synutra.com/role/DisclosurePropertyPlantAndEquipmentNetDetails Property, Plant And Equipment, Net (Details) Details http://www.synutra.com/role/DisclosurePropertyPlantAndEquipmentNetTables 33 false false R34.htm 40601 - Disclosure - Long Term Loan Receivable (Details) Sheet http://www.synutra.com/role/DisclosureLongTermLoanReceivableDetails Long Term Loan Receivable (Details) Details 34 false false R35.htm 40701 - Disclosure - Debt (Narrative) (Details) Sheet http://www.synutra.com/role/DisclosureDebtNarrativeDetails Debt (Narrative) (Details) Details http://www.synutra.com/role/DisclosureDebtTables 35 false false R36.htm 40702 - Disclosure - Debt (Schedule Of Debts) (Details) Sheet http://www.synutra.com/role/DisclosureDebtScheduleOfDebtsDetails Debt (Schedule Of Debts) (Details) Details http://www.synutra.com/role/DisclosureDebtTables 36 false false R37.htm 40703 - Disclosure - Debt (Schedule Of Long-Term Debt) (Details) Sheet http://www.synutra.com/role/DisclosureDebtScheduleOfLongTermDebtDetails Debt (Schedule Of Long-Term Debt) (Details) Details http://www.synutra.com/role/DisclosureDebtTables 37 false false R38.htm 40704 - Disclosure - Debt (Schedule Of Maturities On Long-Term Debt) (Details) Sheet http://www.synutra.com/role/DisclosureDebtScheduleOfMaturitiesOnLongTermDebtDetails Debt (Schedule Of Maturities On Long-Term Debt) (Details) Details http://www.synutra.com/role/DisclosureDebtTables 38 false false R39.htm 40801 - Disclosure - Other Current Liabilities (Narrative) (Details) Sheet http://www.synutra.com/role/DisclosureOtherCurrentLiabilitiesNarrativeDetails Other Current Liabilities (Narrative) (Details) Details http://www.synutra.com/role/DisclosureOtherCurrentLiabilitiesTables 39 false false R40.htm 40802 - Disclosure - Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) Sheet http://www.synutra.com/role/DisclosureOtherCurrentLiabilitiesScheduleOfOtherCurrentLiabilitiesDetails Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) Details http://www.synutra.com/role/DisclosureOtherCurrentLiabilitiesTables 40 false false R41.htm 40901 - Disclosure - Equity (Narrative) (Details) Sheet http://www.synutra.com/role/DisclosureEquityNarrativeDetails Equity (Narrative) (Details) Details http://www.synutra.com/role/DisclosureEquityTables 41 false false R42.htm 40902 - Disclosure - Equity (Schedule Of Equity) (Details) Sheet http://www.synutra.com/role/DisclosureEquityScheduleOfEquityDetails Equity (Schedule Of Equity) (Details) Details http://www.synutra.com/role/DisclosureEquityTables 42 false false R43.htm 41101 - Disclosure - Earnings Per Share (Details) Sheet http://www.synutra.com/role/DisclosureEarningsPerShareDetails Earnings Per Share (Details) Details http://www.synutra.com/role/DisclosureEarningsPerShareTables 43 false false R44.htm 41201 - Disclosure - Segment Reporting (Details) Sheet http://www.synutra.com/role/DisclosureSegmentReportingDetails Segment Reporting (Details) Details http://www.synutra.com/role/DisclosureSegmentReportingTables 44 false false All Reports Book All Reports syut-20151231.xml syut-20151231.xsd syut-20151231_cal.xml syut-20151231_def.xml syut-20151231_lab.xml syut-20151231_pre.xml true true ZIP 62 0000950103-16-010902-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000950103-16-010902-xbrl.zip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end