DUE TO / FROM RELATED PARTIES, NET

9 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE 11 – DUE TO / FROM RELATED PARTIES, NET

During the fiscal year ended March 31, 2015, our parent company, Starlight International Holdings Limited, was renamed to Shihua Development Company Limited (“Shihua”), due to a corporate restructuring transaction. As a result of the transaction, Shihua now holds 100% of the common stock of koncepts International Limited (“koncepts”). Koncepts is a major stockholder of the Company, owning approximately 49% of our shares of common stock outstanding on a fully diluted basis as of December 31, 2015.  

As of December 31, 2015 and March 31, 2015 the Company had amounts due to related parties in the amounts of $4,273,510 and $4,410,637, respectively, consisting of an interest-bearing note payable to Ram Light Management Ltd of $833,091 and $1,100,000, respectively, (See Note 6) and trade payables due primarily to Shihua affiliates in the amount of $3,440,419 and $3,310,637, respectively. Current fiscal year trade payables that are past due bear interest at a rate of 6% per annum and calculated on the number of days the current fiscal year trade payables are past due. Accrued interest on past due trade payables to Starlight affiliates was $4,726 and $2,357 for the three months ended December 31, 2015 and 2014, respectively. Accrued interest on past due trade payables to Starlight affiliates was $22,987 and $2,357 for the nine months ended December 31, 2015 and 2014, respectively. As of December 31, 2015 and March 31, 2015 the Company had amounts due from related parties in the amounts of $636,132 and $0, respectively, consisting primarily of non-interest bearing trade receivables due from Shihua affiliates.