TAXES PAYABLE (Tables)

12 Months Ended

Jun. 30, 2012

Taxes Payable [Abstract]

Schedule Of Tax Payable [Table Text Block]

Taxes payable consist of the following:

	June 30,		June 30,
	2012		2011
VAT provision (credit)	$	68,180	$	40,495
Income tax payable		17,274,817		6,593,876
Other levies		332,392		370,494
Total	$	17,675,389	$	7,004,865

Schedule Of Provision For Income Taxes [Table Text Block]

The provision for income taxes consists of the following:

	June 30,		June 30,		June 30,
	2012		2011		2010
Current tax - foreign	$	10,801,313	$	9,037,144	$	3,794,516
Deferred tax		-		-		-
Total	$	10,801,313	$	9,037,144	$	3,794,516

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred income tax assets and liabilities as of June 30, 2012 and 2011 are as follows:

	2012			2011
Deferred tax assets:
Net operating loss	$	5,171,183		$	3,230,899
Total deferred tax assets		5,171,183			3,230,899
Less valuation allowance		(5,171,183	)		(3,230,899	)
	$	-		$	-

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 years ended June 30, 2012, 2011 and 2010 for the following reasons:

FY2012	China					United States
	15% - 25%					34%					Total
Pretax income (loss)	$	58,465,856				$	(5,706,718	)			$	52,759,138
Expected income tax expense (benefit)		13,189,785		22.6	%		(1,940,284	)	(34.0	)%		11,249,501
High-tech income benefits on Jinong		(4,439,873	)	(7.6	)%		-		-			(4,439,873	)
Losses from subsidiaries in which no benefit is recognized		2,051,401		3.5	%		-		-			2,051,401
Change in valuation allowance on deferred tax asset from US tax benefit		-					1,940,284		34.0	%		1,940,284
Actual tax expense	$	10,801,313		18.5	%	$	-		-	%	$	10,801,313		20.5

FY 2011
	China					United States
	15% - 25%					34%					Total
Pretax income (loss)	$	48,782,427				$	(6,831,182	)			$	41,951,245
Expected income tax expense (benefit)		12,195,607		25.0	%		(2,322,602	)	(34.0	)%		9,873,005
High-tech income benefits on Jinong		(3,416,976	)	(7.0	)%		-		-			(3,416,976	)
Losses from subsidiaries in which no benefit is recognized		258,513		0.5	%		-		-			258,513
Change in valuation allowance on deferred tax asset from US tax benefit		-					2,322,602		34.0	%		2,322,602
Actual tax expense	$	9,037,144		18.5	%	$	-		-	%	$	9,037,144		21.5	%

FY 2010
	China					United States
	15% - 25%					34%					Total
Pretax income (loss)	$	27,755,696				$	(2,671,463	)			$	25,084,233
Expected income tax expense (benefit)		4,163,354		15.0	%		(908,297	)	(34.0	)%		3,255,057
Income tax benefit of nontaxable income on Jintai		(396,034	)	(1.4	)%		-		-			(396,034	)
Income tax benefit of nontaxable income on Yuxing		27,196		0.1	%		-		-			27,196
Change in valuation allowance on deferred tax asset from US tax benefit		-					908,297		34.0	%		908,297
Actual tax expense	$	3,794,516		13.7	%	$	-		-	%		3,794,516		15.1	%