TAXES PAYABLE (Tables)

6 Months Ended

Dec. 31, 2012

Taxes Payable [Abstract]

Schedule Of Tax Payable [Table Text Block]

Taxes payable consist of the following:

	December 31,		June 30,
	2012		2012
VAT provision (credit)	$	584,451	$	68,180
Income tax payable		20,185,373		17,274,817
Other levies		332,321		332,392
Total	$	21,102,145	$	17,675,389

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 December 31, 2012, 2011 for the following reasons:

		China				United States
December 31, 2012		15% - 25%				34%				Total
Pretax income (loss)	$	23,085,245			$	(2,356,633)			$	20,728,612
Expected income tax expense (benefit)		5,771,311	25.0	%		(801,255)	34.0	%		4,970,056
High-tech income benefits on Jinong		(2,015,741)	(8.7)	%		-	-			(2,015,741)
Losses from subsidiaries in which no benefit is recognized		(129,686)	(0.56)	%		-	-			(129,686)
Change in valuation allowance on deferred tax asset from US tax benefit		-				801,255	(34.0)	%		801,255
Actual tax expense	$	3,625,884	15.7	%	$	-	-	%	$	3,625,884	17.5	%

		China				United States
		15% - 25%				34%				Total
Pretax income (loss)	$	25,937,891			$	(2,767,651)			$	23,170,240
Expected income tax expense (benefit)		6,484,473	33.0	%		(941,001)	34.0	%		5,543,472
High-tech income benefits on Jinong		-	-	%		-	-			-
Losses from subsidiaries in which no benefit is recognized		(1,789,747)	(9.1)	%		-	-			(1,789,747)
Change in valuation allowance on deferred tax asset from US tax benefit		-				941,001	(34.0)	%		941,001
Actual tax expense	$	4,694,726	18.1	%	$	-	-	%	$	4,694,726	27.2	%