TAXES PAYABLE (Tables)

3 Months Ended

Sep. 30, 2012

Taxes Payable [Abstract]

Schedule Of Tax Payable [Table Text Block]

Taxes payable consist of the following:

	September 30,		June 30,
	2012		2012
VAT provision (credit)	$	102,633	$	68,180
Income tax payable		19,092,083		17,274,817
Other levies		346,168		332,392
Total	$	19,540,884	$	17,675,389

Schedule Of Provision For Income Taxes [Table Text Block]

The provision for income taxes consists of the following:

	September 30,		June 30,
	2012		2012
Current tax - foreign	$	1,849,984	$	10,801,313
Deferred tax		-		-
Total	$	1,849,984	$	10,801,313

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Actual income tax benefit reported in the consolidated statements of income and comprehensive income differ from the amounts computed by applying the US statutory income tax rate of 34% to income before income taxes for the three months ended September 30, 2012, 2011 for the following reasons:

	China					United States
September 30, 2012	15% - 25%					0.34					Total
Pretax income (loss)	$	12,050,347				$	(1,338,963	)			$	10,711,384
Expected income tax expense (benefit)		3,012,587		25.0	%		(455,247	)	34.0	%		2,557,340
High-tech income benefits on Jinong		(1,168,747	)	(9.7	)%		-		-			(1,168,747	)
Losses from subsidiaries in which no benefit is recognized		6,144		0.1	%		-		-			6,144
Change in valuation allowance on deferred tax asset from US tax benefit		-					455,247		(34.0	)%		455,247
Actual tax expense	$	1,849,984		15.4	%	$	-		-	%	$	1,849,984		17.3	%

September 30, 2011	China					United States
	15% - 25%					0.34					Total
Pretax income (loss)	$	14,681,072				$	(1,485,925	)			$	13,195,147
Expected income tax expense (benefit)		3,670,268		25	%		(505,215	)	34.0	%		3,165,054
High-tech income benefits on Jinong		(766,515	)	(5.2	)%		-		-			(766,515	)
Losses from subsidiaries in which no benefit is recognized		(440,242	)	(3.0	)%		-		-			(440,242	)
Change in valuation allowance on deferred tax asset from US tax benefit		-					505,215		(34.0	)%		505,215
Actual tax expense	$	2,463,511		16.8	%	$	-		- %		$	2,463,511		18.7	%