TAXES PAYABLE (Tables)

9 Months Ended

Mar. 31, 2013

Taxes Payable [Abstract]

Schedule of Tax Payable [Table Text Block]

Taxes payable consist of the following:

	March 31,		June 30,
	2013		2012
VAT provision (credit)	$	41,984	$	68,180
Income tax payable		21,569,621		17,274,817
Other levies		352,524		332,392
Total	$	21,964,129	$	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 nine months ended March 31, 2013 and 2012 for the following reasons:

Nine Months Ended March 31,	China					United States
2013	15% - 25%					34%					Total
Pretax income (loss)	$	40,324,031				$	(3,053,240	)			$	37,270,791
Expected income tax expense (benefit)		10,081,008		25.0	%		(1,038,102	)	34.0	%		9,042,906
High-tech income benefits on Jinong		(1,976,456	)	(4.9	)%		-		-			(1,976,456	)
Losses from subsidiaries in which no benefit is recognized		(1,347,148	)	(3.3	)%		-		-			(1,347,148	)
Change in valuation allowance on deferred tax asset from US tax benefit		-					1,038,102		(34.0	)%		1,038,102
Actual tax expense	$	6,757,404		16.8	%	$	-		-	%	$	6,757,404		18.1	%

Nine Months Ended March 31,	China					United States
2012	15% - 25%					34%					Total
Pretax income (loss)	$	41,861,062				$	(3,349,907	)			$	38,511,155
Expected income tax expense (benefit)		10,465,266		25.0	%		(1,138,968	)	34.0	%		9,326,298
High-tech income benefits on Jinong		(2,038,594	)	(4.9	)%		-		-			(2,038,594	)
Losses from subsidiaries in which no benefit is recognized		(765,392	)	(1.8	)%		-		-			(765,392	)
Change in valuation allowance on deferred tax asset from US tax benefit		-					1,138,968		(34.0	)%		1,138,968
Actual tax expense	$	7,661,280		18.3	%	$	-		-	%	$	7,661,280		19.9	%