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Leases

12 Months Ended

Mar. 31, 2015

Leases [Abstract]

11	Leases

(a)

Capital leases

During the year ended March 31, 2014, the Company entered into capital lease obligations amounting to approximately $123,000 for two motor vehicles. During the year ended March 31, 2015, the Company did not enter into additional capital lease obligations.

Future minimum payments under capital leases as of March 31, 2015 with an initial term of more than one year are as follows:

	Future minimum payments under capital leases for the years ended March 31,				Principal repayment $ in thousands				Interest payment $ in thousands				Total obligations $ in thousands

	2016				23				2				25
	2017				23				1				24
	2018				20				1				21
	2019				2				0				2

					68				4				72

(b)

Operating leases

As of March 31, 2015, the Company leases two properties, a factory in Shenzhen and part of production facilities in Xinxing under rental agreements to third parties. The Company will need to pay a cancellation fee of approximately $69,000 if the Company decides to terminate all the rental agreements before their expiry.

The Shenzhen factory was rented out to a third party from August 1, 2013 to August 1, 2019. The metal stamping facilities in Xinxing were rented out to a third party from July 1, 2013 to June 30, 2016. The plastic injection facilities in Xinxing were rented out to a third party from January 1, 2015 to December 31, 2020. The expected future rental payments to be received are as follows:


Year ending March 31,				$ in thousands

2016				1,307
2017				1,341
2018				1,383
2019				1,383
2020				461
				5,875

As of March 31, 2015, the future minimum lease commitment payables in respect of non-cancellable operating leases for two offices in Shenzhen and a staff quarter in Xinxing are as follows:


Year ending March 31,				$ in thousands

2016				119
2017				122
2018				107
2019				20
				368

Rental expenses for all operating leases of two office premises in Shenzhen and a staff quarter in Xinxing amounted to approximately $nil, $51,000 and $100,000 for the fiscal years ended March 31, 2013, 2014 and 2015, respectively.

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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