STOCKHOLDERS' EQUITY

9 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

NOTE 11 - STOCKHOLDERS’ EQUITY

Stock Issued to Independent Directors

The total amount of the compensation in the form of issuing shares of common stocks for services rendered was nil for the three months ended December 31, 2014 and 2013, respectively.

The total amount of the compensation in the form of issuing shares of common stocks for services rendered was $30,350 and nil for the nine months ended December 31, 2014 and 2013, respectively.

Statutory Reserve

Subsidiaries incorporated in China are required to make appropriations to reserve funds, based on after-tax net income determined in accordance with generally accepted accounting principles of the People’s Republic of China (“PRC GAAP”).  Effective January 1, 2006, the Company is only required to contribute to one statutory reserve fund at 10% of net income after tax per annum, and any contributions are not to exceed 50% of the respective companies’ registered capital.

As of December 31, 2014 and March 31, 2014, the Company appropriated $1,828,504 to the statutory reserve, respectively.