Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information [Abstract] | ' |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'FY |
Entity Registrant Name | 'GLOBAL-TECH ADVANCED INNOVATIONS INC. |
Entity Central Index Key | '0001057708 |
Current Fiscal Year End Date | '--03-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 3,044,227 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets(USD ($)) | Mar. 31, 2014 | Mar. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $22,820,300 | $32,385,376 |
Time deposits | 11,339,515 | ' |
Restricted cash | 4,013,565 | 14,592,289 |
Available-for-sale investments | 1,050,500 | 17,153 |
Accounts and bills receivable, net | 21,216,884 | 19,713,608 |
Inventories | 7,162,867 | 5,392,332 |
Prepaid expenses | 123,462 | 181,224 |
Deposits and other assets | 2,475,765 | 5,044,456 |
Amount due from a related party | 12,569 | 18,841 |
Total current assets | 70,215,427 | 77,345,279 |
Interests in jointly-controlled entities | 0 | 0 |
Property, plant and equipment, net | 26,316,958 | 26,528,681 |
Land use rights, net | 2,923,424 | 3,026,537 |
Deposits paid for purchase of property, plant and equipment | 212,134 | 280,146 |
Available-for-sale investments | ' | 1,045,200 |
Total assets | 99,667,943 | 108,225,843 |
Current liabilities: | ' | ' |
Short term bank loans | 7,279,629 | 4,826,241 |
Accounts payable | 12,520,080 | 7,134,526 |
Customer deposits | 1,138,500 | 1,331,100 |
Accrued salaries, allowances and other employee benefits | 2,980,622 | 4,367,642 |
Other accrued liabilities | 5,720,757 | 9,643,638 |
Income tax payable | 4,233,169 | 4,659,313 |
Total current liabilities | 33,872,757 | 31,962,460 |
Deferred tax liabilities | 5,183 | 5,180 |
Total liabilities | 33,877,940 | 31,967,640 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, par value US$0.04 per share; 12,500,000 shares authorized; 3,233,814 and 3,230,814 shares issued as of March 31, 2014 and 2013 | 129,353 | 129,233 |
Preferred stock, par value US$0.04 per share; 250,000 shares authorized; no shares issued | 0 | 0 |
Additional paid-in capital | 85,103,910 | 85,053,402 |
Statutory reserves | 1,340,229 | 1,238,361 |
Accumulated deficit | -26,590,366 | -15,932,941 |
Accumulated other comprehensive income | 10,854,689 | 10,709,740 |
Less: Treasury stock, at cost, 189,587 shares as of March 31, 2014 and 2013 | -4,663,321 | -4,663,321 |
Total Global-Tech Advanced Innovations Inc. shareholders' equity | 66,174,494 | 76,534,474 |
Non-controlling interests | -384,491 | -276,271 |
Total shareholders' equity | 65,790,003 | 76,258,203 |
Total liabilities and shareholders' equity | $99,667,943 | $108,225,843 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2009 |
Statement Of Financial Position [Abstract] | ' | ' | ' |
Common stock, par value | $0.04 | $0.04 | ' |
Common stock, shares authorized | 12,500,000 | 12,500,000 | 12,500,000 |
Common stock, shares issued | 3,233,814 | 3,230,814 | ' |
Preferred Stock, par value | $0.04 | $0.04 | ' |
Preferred stock, shares authorized | 250,000 | 250,000 | 250,000 |
Preferred stock, shares issued | 0 | 0 | ' |
Treasury stock, shares | 189,587 | 189,587 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $62,692,901 | $66,827,070 | $55,212,779 |
Cost of goods sold | -57,999,265 | -56,854,674 | -48,384,573 |
Gross profit | 4,693,636 | 9,972,396 | 6,828,206 |
Selling, general and administrative expenses | -13,148,067 | -12,383,973 | -7,026,786 |
Other operating income, net | ' | ' | 28,589 |
Operating profit (loss) | -8,454,431 | -2,411,577 | -169,991 |
Interest income, net | 685,138 | 1,504,166 | 95,477 |
Other income (expenses), net | 2,396,789 | 583,315 | 1,124,478 |
Income (Loss) from continuing operations before income taxes | -5,372,504 | -324,096 | 1,049,964 |
Income tax (expense) benefit | 255,927 | 841,900 | -1,228,625 |
Income (Loss) from continuing operations | -5,116,577 | 517,804 | -178,661 |
Income (Loss) from discontinued operations, net of tax | -5,547,024 | -2,589,063 | 1,595,997 |
Net income (loss) | -10,663,601 | -2,071,259 | 1,417,336 |
Other comprehensive income | ' | ' | ' |
Foreign currency translation adjustments | 153,453 | 989,852 | 2,277,759 |
Release of unrealized loss on available-for-sale investments, net of income tax of nil, upon disposal | -13,980 | ' | ' |
Unrealized gain on available-for-sale investments, net of income tax of nil | 5,300 | 22,495 | 23,957 |
Total comprehensive income (loss) | -10,518,828 | -1,058,912 | 3,719,052 |
Less: Comprehensive income (loss) attributable to non-controlling interests | ' | ' | ' |
Net income (loss) | 108,044 | 107,958 | -6,659 |
Foreign currency translation adjustments | 176 | -52 | 454 |
Total comprehensive income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | -10,410,608 | -951,006 | 3,712,847 |
Income (Loss) from continuing operations | -5,116,577 | 517,804 | -178,661 |
Net income (loss) attributable to non-controlling interests | 108,044 | 107,958 | -6,659 |
Income (Loss) from continuing operations attributable to shareholders of Global-Tech Advanced Innovations Inc. | -5,008,533 | 625,762 | -185,320 |
Income (Loss) from continuing operations attributable to shareholders of Global-Tech Advanced Innovations Inc. | -5,008,533 | 625,762 | -185,320 |
Income (Loss) from discontinued operations | -5,547,024 | -2,589,063 | 1,595,997 |
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | -10,555,557 | -1,963,301 | 1,410,677 |
Basic and diluted earnings (loss) from continuing operations per share of common stock | ($1.65) | $0.21 | ($0.06) |
Basic and diluted earnings (loss) per share of common stock | ($3.47) | ($0.65) | $0.46 |
Basic and diluted weighted average number of shares of common stock | 3,041,625 | 3,040,310 | 3,039,727 |
Rental expense paid to related parties (included in selling, general and administrative expenses) | $372,457 | $403,907 | $508,575 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Statement [Abstract] | ' | ' | ' |
Release of unrealized loss on available-for-sale investments, tax, upon disposal | $0 | ' | ' |
Unrealized gain on available-for-sale investments, tax | $0 | $0 | $0 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Statutory Reserves [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (loss) [Member] | Total Global-Tech Shareholders' Equity [Member] | Non-controlling Interests [Member] |
Beginning balance at Mar. 31, 2011 | $76,337,459 | $129,173 | ($4,663,321) | $84,752,105 | $0 | ($11,101,203) | $7,395,275 | $76,512,029 | ($174,570) |
Beginning balance, shares at Mar. 31, 2011 | ' | 3,229,314 | 189,587 | ' | ' | ' | ' | ' | ' |
Net income/loss for the year | 1,417,336 | ' | ' | ' | ' | 1,410,677 | ' | 1,410,677 | 6,659 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain on available-for-sale investments, net of income tax of nil | 23,957 | ' | ' | ' | ' | ' | 23,957 | 23,957 | ' |
Foreign currency translation adjustments | 2,277,759 | ' | ' | ' | ' | ' | 2,278,213 | 2,278,213 | -454 |
Total comprehensive income (loss) | 3,719,052 | ' | ' | ' | ' | 1,410,677 | 2,302,170 | 3,712,847 | 6,205 |
Stock compensation expenses | 34,121 | ' | ' | 34,121 | ' | ' | ' | 34,121 | ' |
Ending balance at Mar. 31, 2012 | 80,090,632 | 129,173 | -4,663,321 | 84,786,226 | 0 | -9,690,526 | 9,697,445 | 80,258,997 | -168,365 |
Ending balance, shares at Mar. 31, 2012 | ' | 3,229,314 | 189,587 | ' | ' | ' | ' | ' | ' |
Net income/loss for the year | -2,071,259 | ' | ' | ' | ' | -1,963,301 | ' | -1,963,301 | -107,958 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain on available-for-sale investments, net of income tax of nil | 22,495 | ' | ' | ' | ' | ' | 22,495 | 22,495 | ' |
Foreign currency translation adjustments | 989,852 | ' | ' | ' | ' | ' | 989,800 | 989,800 | 52 |
Total comprehensive income (loss) | -1,058,912 | ' | ' | ' | ' | -1,963,301 | 1,012,295 | -951,006 | -107,906 |
Stock compensation expenses | 258,128 | ' | ' | 258,128 | ' | ' | ' | 258,128 | ' |
Shares issued to an employee | 9,108 | 60 | ' | 9,048 | ' | ' | ' | 9,108 | ' |
Shares issued to an employee, shares | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' |
Transfer to statutory reserves | ' | ' | ' | ' | 1,238,361 | -1,238,361 | ' | ' | ' |
Cash dividend | -3,040,753 | ' | ' | ' | ' | -3,040,753 | ' | -3,040,753 | ' |
Ending balance at Mar. 31, 2013 | 76,258,203 | 129,233 | -4,663,321 | 85,053,402 | 1,238,361 | -15,932,941 | 10,709,740 | 76,534,474 | -276,271 |
Ending balance, shares at Mar. 31, 2013 | ' | 3,230,814 | 189,587 | ' | ' | ' | ' | ' | ' |
Net income/loss for the year | -10,663,601 | ' | ' | ' | ' | -10,555,557 | ' | -10,555,557 | -108,044 |
Other comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain on available-for-sale investments, net of income tax of nil | 5,300 | ' | ' | ' | ' | ' | 5,300 | 5,300 | ' |
Foreign currency translation adjustments | 153,453 | ' | ' | ' | ' | ' | 153,629 | 153,629 | -176 |
Total comprehensive income (loss) | -10,518,828 | ' | ' | ' | ' | -10,555,557 | 144,949 | -10,410,608 | -108,220 |
Release of unrealized loss on available-for-sale investments, net of income tax of nil | -13,980 | ' | ' | ' | ' | ' | -13,980 | -13,980 | ' |
Stock compensation expenses | 36,378 | ' | ' | 36,378 | ' | ' | ' | 36,378 | 0 |
Transfer to statutory reserves | 0 | ' | ' | ' | 101,868 | -101,868 | ' | ' | ' |
Shared issued upon stock options exercised | 14,250 | 120 | ' | 14,130 | ' | ' | ' | 14,250 | ' |
Shared issued upon stock options exercised, Shares | 3,000 | 3,000 | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Mar. 31, 2014 | $65,790,003 | $129,353 | ($4,663,321) | $85,103,910 | $1,340,229 | ($26,590,366) | $10,854,689 | $66,174,494 | ($384,491) |
Ending balance, shares at Mar. 31, 2014 | ' | 3,233,814 | 189,587 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Unrealized gain on available-for-sale investments, tax | $0 | $0 | $0 |
Release of unrealized loss on available-for-sale investments, tax | 0 | ' | ' |
Common Stock [Member] | ' | ' | ' |
Special cash dividend | $1 | ' | ' |
Accumulated Other Comprehensive Income (loss) [Member] | ' | ' | ' |
Unrealized gain on available-for-sale investments, tax | 0 | 0 | 0 |
Release of unrealized loss on available-for-sale investments, tax | 0 | ' | ' |
Total Global-Tech Shareholders' Equity [Member] | ' | ' | ' |
Unrealized gain on available-for-sale investments, tax | 0 | 0 | 0 |
Release of unrealized loss on available-for-sale investments, tax | $0 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | ($10,663,601) | ($2,071,259) | $1,417,336 |
Plus: (Income) Loss from discontinued operations, net of taxes | 5,547,024 | 2,589,063 | -1,595,997 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Amortization | 103,117 | 100,243 | 98,349 |
Depreciation | 2,759,120 | 2,006,276 | 671,783 |
(Gain) Loss on disposal of property, plant and equipment | -134,669 | 43,311 | 86,015 |
Provision for impairment of property, plant and equipment | 159,209 | ' | ' |
Stock compensation expense | 36,378 | 258,128 | 34,121 |
Shares issued to an employee | ' | 9,108 | ' |
Interest received from available-for-sale investments | ' | ' | -13 |
Gain on disposal of available-for-sale investments | -1,052 | ' | ' |
Realized gain on available-for-sale investments | -13,980 | ' | ' |
Deferred tax | ' | -21,861 | -604 |
Foreign exchange | -36,077 | 451,079 | 556,007 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts and bills receivable | -5,406,403 | 11,305,230 | -9,311,452 |
Prepaid expenses | 43,768 | -136,367 | 137,046 |
Deposits and other assets | -1,875,017 | 37,744 | -149,445 |
Legal claims receivable | ' | ' | 15,730 |
Amount due from a jointly-controlled entity | ' | ' | 13,694 |
Inventories | -2,096,040 | 176,868 | -324,961 |
Accounts payable | 5,481,337 | -538,343 | 1,573,952 |
Accrued salaries, allowances and other employee benefits | 97,808 | 1,217,697 | 586,492 |
Other accrued liabilities | 305,863 | 3,924,708 | -623,168 |
Accrual for loss contingencies | ' | ' | -19 |
Amount due from a related party | 6,272 | -7,043 | ' |
Income tax payable | -423,781 | -1,495,465 | 663,564 |
Cash provided by (used in) operating activities - continuing operations | -6,110,724 | 17,849,117 | -6,151,570 |
Cash provided by (used in) operating activities - discontinued operations | 427,326 | -7,903,004 | 19,469,954 |
Net cash provided by (used in) operations | -5,683,398 | 9,946,113 | 13,318,384 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from disposal of property, plant and equipment | 163,683 | 160 | ' |
Deposits paid for purchase of property, plant and equipment | 68,940 | -209,801 | -49,134 |
Purchases of property, plant and equipment | -5,987,481 | -6,846,445 | -269,262 |
Decrease (Increase) in time deposits | -11,339,515 | ' | 1,567,786 |
Proceeds from disposal of available-for-sale investments | 18,218 | 2,000,000 | 9,000,000 |
Purchases of available-for-sale investments | ' | ' | -8,999,987 |
Cash provided by (used in) investing activities - continuing operations | -17,076,155 | -5,056,086 | 1,249,403 |
Cash used in investing activities - discontinued operations | -32,682 | -260,517 | -416,426 |
Net cash provided by (used in) investing activities | -17,108,837 | -5,316,603 | 832,977 |
Cash flows from financing activities: | ' | ' | ' |
Receipts (Deposits) of restricted cash | 10,738,758 | -9,850,513 | 15,420,274 |
Proceeds from short-term bank loans | 2,478,656 | 757,941 | ' |
Settlements of short-term bank loans | ' | ' | -8,930,492 |
Proceeds from exercise of stock options | 14,250 | ' | ' |
Cash dividend paid | ' | -3,040,753 | ' |
Cash provided by (used in) financing activities - continuing operations | 13,231,664 | -12,133,325 | 6,489,782 |
Cash used in financing activities - discontinued operations | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 13,231,664 | -12,133,325 | 6,489,782 |
Effect of foreign exchange rate changes on cash | -4,505 | 96,458 | -53,594 |
Net increase (decrease) in cash and cash equivalents | -9,565,076 | -7,407,357 | 20,587,549 |
Cash and cash equivalents at beginning of fiscal year | 32,385,376 | 39,792,733 | 19,205,184 |
Cash and cash equivalents at end of fiscal year | 22,820,300 | 32,385,376 | 39,792,733 |
Supplemental disclosure information: | ' | ' | ' |
Cash paid for interest | 137,688 | 109,749 | 106,599 |
Cash paid for taxes | $169,526 | $700,334 | $569,645 |
Organization_and_Principal_Act
Organization and Principal Activities | 12 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Organization and Principal Activities | ' | |
1 | ORGANIZATION AND PRINCIPAL ACTIVITIES | |
Global-Tech Advanced Innovations Inc. (“Global-Tech”) (formerly known as Global-Tech Appliances Inc.) was primarily an investment holding company, which was incorporated in the British Virgin Islands on May 2, 1991. Global-Tech and its subsidiaries (hereinafter collectively referred to as the “Company”) is primarily a manufacturer of consumer electrical products, including, but not limited to electronic and optical components, and is also involved in the assembly of cellular phones. The Company’s manufacturing operation is located in Dongguan, the People’s Republic of China (the “PRC”). The Company’s products are primarily sold to customers located in the PRC. | ||
Effective December 10, 2008, Global-Tech’s common stock was no longer traded on the New York Stock Exchange and commenced trading on the Nasdaq Capital Market (“Nasdaq”) under the symbol “GAI”. Global-Tech also changed its name to “Global-Tech Advanced Innovations Inc.”, effective as of the close of business on December 10, 2008. | ||
To satisfy the minimum bid price requirement of Nasdaq, Global-Tech’s Board of Directors authorized an amendment to Global-Tech’s Memorandum of Association to effect a 4-for-1 reverse stock split of the issued and outstanding shares of common stock of Global-Tech, effective as of the close of business on December 10, 2008 (the “Effective Date”). Global-Tech also proportionally reduced the authorized number of its common and preferred stock by four to 12,500,000 and 250,000, respectively. These consolidated financial statements present common stock, preferred stock and share option information to reflect the above-mentioned reverse stock split on a retroactive basis. |
Subsidiaries
Subsidiaries | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
Subsidiaries | ' | ||||||||||
2 | SUBSIDIARIES | ||||||||||
Details of Global-Tech’s subsidiaries as of March 31, 2014 were as follows: | |||||||||||
Name | Place of | Percentage of | Principal activities | ||||||||
incorporation/ | equity interest | ||||||||||
registration | attributable to | ||||||||||
the Company | |||||||||||
Global Display Holdings Limited | British Virgin Islands | 100 | Investment holding | ||||||||
Kwong Lee Shun Trading Company Limited | Hong Kong | 100 | Leasing of a property | ||||||||
Consortium Investment (BVI) Limited | British Virgin Islands | 100 | Investment holding | ||||||||
GT Investments (BVI) Limited | British Virgin Islands | 100 | Investment holding | ||||||||
Global Optics Limited | Hong Kong | 100 | Trading of raw materials and electronic and optical components | ||||||||
Dongguan Wing Shing Electrical Products Factory Company Limited (“DWS”) | PRC | 100 | Factory complex rental and maintenance | ||||||||
Guangdong Lite Array Company Limited (“DGLAD”) (formerly known as Dongguan Lite Array Company Limited) | PRC | 100 | Developing, manufacturing and marketing of electronic and optical components | ||||||||
Dongguan Microview Medical Technology Company Limited | PRC | 100 | Manufacturing and distribution of medical instruments | ||||||||
Joke Media Limited | PRC | 100 | Media services | ||||||||
Global Household Products Limited | Hong Kong | 100 | Inactive | ||||||||
Pentalpha Medical Limited | Hong Kong | 100 | Inactive | ||||||||
Pentalpha Hong Kong Limited | Hong Kong | 100 | Inactive | ||||||||
Global-Tech USA, Inc. | State of Delaware, U.S.A. | 100 | Provision of consultation services | ||||||||
Global Lite Array (BVI) Limited | British Virgin Islands | 76.75 | Investment holding | ||||||||
Lite Array, Inc. | State of Delaware, U.S.A. | 76.75 | Inactive | ||||||||
Wing Shing Overseas Limited and Global Appliances Holdings Limited were dissolved on May 28, 2013 and September 12, 2013, respectively. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Mar. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
3 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
(a) | Basis of preparation | ||
These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). | |||
(b) | Basis of consolidation | ||
The consolidated financial statements include the financial statements of Global-Tech and its subsidiaries. The fiscal year end date of Lite Array Holdings Limited (“Lite Array Holdings”), a jointly-controlled entity of the Company, is December 31. There have been no significant transactions in Lite Array Holdings and its subsidiaries which would materially affect the Company’s financial position and results of operations during each of the periods from Lite Array Holdings’ fiscal year end date to March 31, 2014, 2013 and 2012, respectively. | |||
All significant intercompany balances and transactions between group companies are eliminated on consolidation. | |||
(c) | Discontinued operations | ||
Unless otherwise indicated, information presented in the notes to the consolidated financial statements relates only to Global-Tech’s continuing operations. Information related to discontinued operations is included in note 18 and in some instances, where appropriate, is included as separate disclosure within the individual footnotes. | |||
(d) | Use of estimates | ||
The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the amounts that are reported in these consolidated financial statements and accompanying disclosures. The accounting estimates with regard to these consolidated financial statements that require the most significant and subjective judgments include, but are not limited to, valuation of investments and determination of other-than-temporary impairments, useful lives of property, plant and equipment, recoverability of long-lived assets, determination of impairment losses, assessment of market value of inventories and provision for inventory obsolescence, allowance for doubtful accounts, provision for employee benefits, provision for warranty, recognition and measurement of current and deferred income taxes (including income tax benefit (expense)), valuation allowance for deferred tax assets, assumptions used for the valuation of options to purchase Global-Tech’s common stock, provision for loss contingencies, and measurement of fair values of financial instruments. Changes in facts and circumstances may result in revised estimates. | |||
(e) | Cash and cash equivalents | ||
Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted to withdraw and use, and other investments that are readily convertible into cash with original maturities of three months or less. | |||
(f) | Restricted cash | ||
Restricted cash consists of bank deposits, which may only be used to settle pre-arranged general banking facilities. | |||
(g) | Investments | ||
Debt and equity investments designated as available-for-sale investments are stated at fair value. Unrealized gains or losses, net of tax, on available-for-sale investments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Realized gains and losses and any declines in fair value judged to be other-than-temporary on available-for-sale investments are included in the consolidated statement of operations and comprehensive income. Gains or losses on sale of investments and amounts reclassified from accumulated other comprehensive income (loss) to earnings are computed based on the specific identification method. Interest or dividend income on securities classified as available-for-sale investments is included in interest income or dividend income, respectively. | |||
Non-derivative securities with fixed or determinable payments and fixed maturities are classified as held-to-maturity investments if the Company has both the positive intention and ability to hold the financial assets to maturity. Investments intended to be held to maturity are measured at amortized cost. Interest on securities classified as held-to-maturity investments is included in interest income. | |||
Prior to April 1, 2009, declines in the fair value of held-to-maturity and available-for-sale securities below their amortized cost, that were deemed to be other-than-temporary, were all reported in investment gains (losses), net. Effective April 1, 2009, the Company adopted new accounting guidance for impairment of debt securities that are deemed to be other-than temporary. Factors considered in evaluating potential impairment include, but are not limited to, the current fair value as compared to cost or amortized cost of the security, as appropriate, the length of time the investment has been below cost or amortized cost and by how much, our intent to sell a security and whether it is more-likely-than-not we will be required to sell the security before the recovery of our amortized cost basis, and specific credit issues related to the issuer and current economic conditions. Under the new impairment model, the credit component of an other-than-temporary impairment of a debt security is reported in investment gains (losses), net and the noncredit component is reported in other comprehensive income (loss). In addition, other-than-temporary declines in beneficial interests purchased or retained in a securitization transaction which are classified as available-for-sale debt securities are recognized if there has been an adverse change in the cash flows as of the end of the reporting period. Interest and dividends, as well as amortization of premiums and accretion of discounts, are reported in interest and dividend income. Amortization of premiums and accretion of discounts on debt securities are recognized over the remaining maturity under the interest method. | |||
A jointly-controlled entity is a joint venture that is subject to joint control, resulting in none of the participating parties having unilateral control over the economic activity of the jointly-controlled entity. The Company’s investment in a jointly-controlled entity for which it, not being the unilateral controlling owner of the entity, but has the ability to exercise joint control, is accounted for using the equity method. Under the equity method, the Company’s proportionate share of the jointly-controlled entities’ net income or loss and amortization of any identifiable intangibles arising from the investment is included in “Share of income (losses) of jointly-controlled entities”. The Company ceases to apply the equity method when its share of the jointly-controlled entities’ losses exceeds the carrying value of its investment. | |||
During the fiscal years ended March 31, 2014, 2013 and 2012, the Company has discontinued the recognition of its share of losses of the jointly-controlled entities because the share of losses of the jointly-controlled entities exceeded the Company’s interests in thejointly-controlled entities. The Company has no further obligations to fund operations. | |||
All other investments for which the Company does not have the ability to exercise joint control or significant influence (generally, when the Company has an investment of less than 20% ownership and no representation on the investee’s board of directors) and for which there is not a readily determinable fair value, are accounted for using the cost method. Dividends and other distributions of earnings from such investees, if any, are included in income when declared. The Company periodically evaluates the carrying value of its investments accounted for under the cost method for impairment with any loss included in the consolidated statement of operations and comprehensive income in the period when it is incurred. | |||
(h) | Accounts and bills receivable | ||
Accounts and bills receivable are presented net of an allowance for doubtful accounts, which is an estimate of amounts that may not be collectible. The Company does not charge interest on accounts receivable. The allowance for doubtful accounts is estimated based on historical experience, receivable aging, current economic trends and specific identification of certain receivables that are at the risk of not being paid. The Company reviews the aged analysis of accounts and bills receivable on a regular basis. Whenever it is clear that the amounts are deemed to be uncollectible, receivables are written off against the allowance for doubtful accounts. | |||
(i) | Inventories | ||
Inventories are stated at the lower of cost or market value. Cost, calculated on the weighted average basis, comprises direct materials and, where applicable, direct labor and an appropriate proportion of overheads. | |||
(j) | Property, plant and equipment | ||
Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after an item of property, plant and equipment has been put into operation, such as repairs and maintenance, is normally charged to the consolidated statement of operations and comprehensive income in the period in which it is incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of an item of property, plant and equipment, and where the cost of the item can be measured reliably, the expenditure is capitalized as an additional cost of that asset. Depreciation is calculated on the straight-line basis at annual rates over the asset’s estimated useful life. | |||
The principal annual rates used for this purpose are as follows: | |||
Annual rate | |||
Leasehold improvements | Over the shorter of the lease terms or the estimated useful life | ||
Buildings | 4.50% | ||
Plant | 4.50% | ||
Machinery | 10% | ||
Moulds | 20% - 33% | ||
Transportation equipment | 15% - 20% | ||
Furniture, fixtures and equipment | 15% - 33% | ||
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on derecognition of an item of property, plant and equipment, calculated as the difference between the net disposal proceeds and the carrying amount of the item, is included in the consolidated statement of operations and comprehensive income in the period the item is derecognized. Machinery and equipment used in the home appliance business has been derecognized pending sale. | |||
(k) | Construction in progress | ||
Construction in progress represents property, plant and equipment under construction or installation and is stated at cost less any accumulated impairment losses, and is not depreciated. Cost comprises the direct costs of construction, installation and other costs in making the asset ready for its intended use. Construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for its intended use. | |||
(l) | Impairment of long-lived assets | ||
Long-lived assets are included in impairment evaluations when events and circumstances exist that indicate the carrying value of these assets may not be recoverable. In accordance with Financial Accounting Standards Board (“FASB”) ASC 360 “Property, Plant and Equipment” the Company assesses the recoverability of the carrying value of long-lived assets by first grouping its long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the asset group) and, secondly, estimating the undiscounted future cash flows that are directly associated with and expected to arise from the use of and eventual disposition of such asset group. The Company estimates the undiscounted cash flows over the remaining useful life of the primary asset within the asset group. If the carrying value of the asset group exceeds the estimated undiscounted cash flows, the Company records an impairment charge to the extent the carrying value of the long-lived asset exceeds its fair value. The Company determines fair value through quoted market prices in active markets or, if quotations of market prices are unavailable, through the performance of internal analysis using a discounted cash flow methodology or obtains external appraisals from independent valuation firms. The undiscounted and discounted cash flow analysis is based on a number of estimates and assumptions, including the expected period over which the asset will be utilized, projected future operating results of the asset group, discount rate and long-term growth rate. Long-lived assets, excluding buildings, associated with the home appliance business and electronic manufacturing services (“EMS”) business are considered to be impaired and accordingly have been written down to fair value less the estimated cost of disposal. Since the Company has leased a significant portion of the buildings previously occupied by the home appliance business and EMS business, the Company was able to perform an impairment analysis based on anticipated future rental income, and as a result determined that they were not impaired. | |||
(m) | Revenue recognition | ||
The Company recognizes revenue in accordance with the Securities and Exchange Commission (the “SEC”) Staff Accounting Bulletin (“SAB”) No. 104, “Revenue Recognition”, which requires that four basic criteria must be met before revenue can be recognized: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the fee is fixed or determinable; and (4) collectibility is reasonably assured. Net sales represent the gross invoiced amount, net of discounts, and are recognized when goods are shipped and title has passed. To the extent products are required to meet customer specifications, such products are subject to technical and quality tests that are designed to ensure compliance prior to shipment. | |||
Under the Company’s standard terms and conditions, which are mainly Free On Board shipping point, title and risk of loss are transferred to the customer at the time the product is delivered to the customer’s freight forwarder. | |||
Revenue related to camera modules (“CCMs”) shipments to certain telecommunication customers in the PRC is recognized upon notarized acceptance of the product by the customer. | |||
Revenue related to the provision of assembly services is recognized upon the completion of such services and delivery of the related products using the same criteria of SAB No. 104 stated above. | |||
Deposits or advance payments from customers prior to delivery and passage of title of merchandise are recorded as customer deposits. | |||
Revenue related to the provision of tooling income is recognized upon the completion of such services and delivery of the related product using the same criteria of SAB No. 104 stated above. | |||
In accordance with the relevant tax laws in the PRC, value-added tax is levied on the invoiced value of sales of goods and is payable by the purchaser. Revenue is recognized net of all value-added tax imposed by governmental authorities and collected from customers concurrent with revenue-producing transactions. | |||
(n) | Advertising costs | ||
Advertising costs represent costs relating to promotional activities intended to stimulate, directly or indirectly, a customer’s purchase of goods, and are charged to the consolidated statement of operations and comprehensive income as incurred and are included in “Selling, general and administrative expenses” (“SG&A”). Advertising expenses were US$151,027, US$223,682 and US$81,098 from continuing operations for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. Whereas, US$5,074, US$7,489 and US$1,754 were from discontinued operations for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. | |||
(o) | Design and development costs | ||
Design and development costs primarily relate to the cost of samples and prototypes and salaries of our engineers. The Company expenses all design and development costs when incurred. Included in the SG&A expenses line item in the consolidated statement of operations and comprehensive income were design and development costs of US$498,068, US$366,001 and US$284,499 from continuing operations (from discontinued operations 2014, 2013 and 2012: US$331,424, US$454,648 and US$442,459) for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. | |||
(p) | Shipping and handling costs | ||
In accordance with FASB ASC 605 “Revenue Recognition”, shipping and handling fees billed to customers are included in net sales in the consolidated statement of operations and comprehensive income. Any shipping and handling costs incurred by the Company associated with the sale of products are included in SG&A on the face of the consolidated statement of operations and comprehensive income. During the fiscal years ended March 31, 2014, 2013 and 2012, shipping and handling costs charged to SG&A were US$202,112, US$167,411 and US$82,290 from continuing operations (from discontinued operations 2014: US$54,729, 2013: US$160,384 and 2012: US$857,449), respectively. | |||
Any inbound freight charges, receiving, inspection, warehousing and internal transfer costs incurred by the Company are expensed as cost of goods sold. During the fiscal years ended March 31, 2014, 2013 and 2012, inbound freight costs charged to cost of goods sold were US$31,986, US$21,434 and US$20,922 from continuing operations (from discontinued operations 2014: nil, 2013: nil and 2012: US$70,279), respectively. Other related costs are included in manufacturing overheads. | |||
(q) | Foreign currencies | ||
All transactions in currencies other than functional currencies during the year are translated at the exchange rates prevailing on the respective transaction dates. Monetary assets and liabilities existing at the balance sheet date denominated in currencies other than functional currencies are remeasured at the exchange rates existing on that date. Exchange differences are recorded in the consolidated statement of operations and comprehensive income. | |||
The functional currency of Global-Tech is the U.S. Dollar (“US$”). The financial statements of all subsidiaries are translated in accordance with FASB ASC 830 “Foreign Currency Matters”. All assets and liabilities are translated at the rates of exchange ruling at the balance sheet date and all income and expense items are translated at the average rates of exchange over the year. All exchange differences arising from the translation of subsidiaries’ financial statements are recorded as a component of comprehensive income or loss. | |||
(r) | Income taxes | ||
Deferred income taxes are provided using the asset and liability method in accordance with FASB ASC 740 “Income taxes”. Under this method, deferred income taxes are recognized for all significant temporary differences at enacted rates and classified as current or non-current based upon the classification of the related asset or liability in the consolidated financial statements. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all, the deferred tax asset will not be realized. | |||
FASB ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements, and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides accounting guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Interest and penalties from tax assessments, if any, are included in income taxes in the consolidated statement of operations and comprehensive income. | |||
The Company records its possible interest and penalties due to any potential underpayment of income taxes, if and when required, in interest expense and other expenses, respectively. | |||
The Company did not provide for deferred income taxes and foreign withholding taxes on the undistributed earnings of foreign subsidiaries. The Company intends to permanently reinvest foreign subsidiaries’ earnings. | |||
(s) | Stock compensation expense | ||
The Company adopted FASB ASC 718 “Compensation-Stock Compensation”, and related interpretations in accounting for its employee share-based payment transactions. Accordingly, stock compensation cost is measured at the date of grant and estimated using the option pricing model. Stock issued to an employee as compensation is measured at fair value based on the grant date quoted market price. The compensation cost for share-based awards with service conditions is amortized over the vesting period of the awards using the straight-line method provided that the amount of compensation cost recognized at any date must at least equal the portion of the grant date fair value of the award that is vested at that date. | |||
The Company accounts for stock options granted to a counterparty other than an employee in accordance with FASB ASC 505 “Equity”. Fair value of the equity instruments is recognized on the measurement date which is the earlier of (i) a commitment for performance by the counterparty to earn the equity instruments being reached or (ii) the counterparty’s performance being completed. | |||
(t) | Retirement costs | ||
Retirement cost contributions relating to defined contribution plans are made based on a percentage of the relevant employees’ salaries and are included in the consolidated statement of operations and comprehensive income as they become payable. The assumptions used in calculating the obligation for retirement cost contributions depend on the local economic environment, interpretations and practices in respect thereof. | |||
(u) | Operating leases | ||
Leases where substantially all the rewards and risks of ownership remain with the lessor are accounted for as operating leases. Payments made under operating leases net of any incentives received from the lessors are charged to the consolidated statement of operations and comprehensive income on a straight-line basis over the period of the relevant leases. | |||
Assets leased out under operating leases are included in “Property, plant and equipment” in the consolidated balance sheet. They are depreciated over the expected useful lives on a basis consistent with similar owned items of property, plant and equipment. Rental income (net of any incentives given to lessees) is recognized on a straight-line basis over the lease terms. | |||
(v) | Earnings (loss) per share | ||
Basic earnings or loss per share of common stock is computed by dividing the net income or loss available to common shareholders for the year by the weighted average number of shares of common stock outstanding during the year. | |||
Diluted earnings or loss per share of common stock reflects the potential dilution that could occur if securities or other contracts/arrangements to issue shares of common stock were exercised or converted into shares of common stock. Common equivalent shares, comprised of incremental shares of common stock issuable upon the exercise of stock options, are included in diluted earnings or loss per share if they have a dilutive effect by application of the treasury stock method. | |||
(w) | Treasury stock | ||
The Company accounts for the acquired shares of its own capital stock (“treasury stock”) in accordance with Accounting Research Bulletin (“ARB”) No. 43, Chapter 1B, and Accounting Principles Board Opinion No. 6, “Status of Accounting Research Bulletins”. The cost of the acquired treasury stock is shown as a deduction from shareholders’ equity. Gains on sale of treasury stock not previously accounted for as constructively reissued are credited to additional paid-in capital while losses are charged to additional paid-in capital to the extent that previous net gains from the sale or retirement of the same class of stock are included therein, otherwise the loss is charged to retained earnings/accumulated deficit. | |||
(x) | Comprehensive income (loss) | ||
Comprehensive income (loss) is defined as the consolidated change in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to shareholders. Total net comprehensive income (loss) includes net income or loss for the year as well as additional other comprehensive income (loss). The Company’s other comprehensive income (loss) consists of the Company’s share of other comprehensive income of jointly-controlled entities, unrealized gains and losses on available-for-sale investments and foreign currency translation adjustments, all recorded net of tax. | |||
(y) | Accruals and loss contingencies | ||
The Company makes provision for all loss contingencies when information available prior to the issuance of the consolidated financial statements indicates that it is probable that an asset has been impaired or a liability has been incurred at the date of the consolidated financial statements and the amount of loss can be reasonably estimated. | |||
For provision or accruals related to litigation, social insurance, property tax, etc, the Company makes provisions based on information from legal counsel and the best estimation of management. The Company assesses the potential liability to be recorded if the contingency loss is probable and the amount of loss can be reasonably estimated. The actual resolution of the contingency may differ from the Company’s estimates. If the contingency was settled for an amount greater than the estimate, a future charge to income would result. Likewise, if the contingency was settled for an amount that is less than our estimates, a future credit to income would result. | |||
(z) | Segment reporting | ||
The Company follows FASB ASC 280 “Segment Reporting”. During fiscal 2014, the Company operated and managed its business in two segments. The Company exited the EMS business in December 2013 and home appliance business in January 2012 and thus the home appliance and EMS segments are presented as discontinued operations. The accounting policies used in its segment reporting are the same as those used in the reporting of its results in the consolidated financial statements. | |||
(aa) | Warranty cost | ||
The Company estimates its warranty provision for defective products based on various factors including the likelihood of defects, an evaluation of its quality controls, technical analysis, industry information on comparable companies and its own experience. Based on the above consideration, the Company has accrued for warranty costs of US$869,734 for the year ended March 31, 2014 (2013: US$403,627 and 2012: US$729,528). The basis and the amount of the warranty accrual are reviewed and adjusted periodically based on actual experience. | |||
(ab) | Government grants | ||
Government grants are recognized when received and the stipulated activities are achieved. Such amounts are included in other income (expenses), net in the consolidated statement of operations and comprehensive income. | |||
(ac) | Retained Earnings and Reserves | ||
The Company’s retained earnings are not restricted as to the payment of dividends except to the extent dictated by prudent business practices. The Company believes that there are no material restrictions, including foreign exchange controls, on the ability of its non-PRC subsidiaries to transfer surplus funds to the Company in the form of cash dividends, loans, advances or purchases. With respect to the Company’s PRC subsidiaries, there are restrictions on the payment of dividends and the distribution of dividends from the PRC. On March 16, 2007, the PRC promulgated the Law of the PRC on Enterprise Income Tax (the “New Law”) by Order No. 63 of the President of the PRC. Please refer to Note 17 for further details of the New Law. The New Law became effective from January 1, 2008. Prior to the enactment of the New Law, when dividends were paid by the Company’s PRC subsidiaries, such dividends would reduce the amount of reinvested profits and accordingly, the refund of taxes paid might be reduced to the extent of tax applicable to profits not reinvested. Subsequent to the enactment of the New Law, due to the removal of tax benefit related to reinvestment of capital in PRC subsidiaries, the Company may not reinvest the profits made by the PRC subsidiaries. Payment of dividends by PRC subsidiaries to foreign investors on profits earned subsequent to January 1, 2008 will also be subject to withholding tax under the New Law. In addition, pursuant to the relevant PRC regulations, a certain portion of the profits made by these subsidiaries must be set aside for future capital investment and are not distributable, and the registered capital of the Company’s PRC subsidiaries are also restricted. Under applicable PRC regulations, foreign-invested enterprises in China may pay dividends only out of their accumulated profits, if any, determined in accordance with the PRC accounting standards and regulations. In addition, a foreign-invested enterprise in China is required to set aside at least 10% of its after-tax profit based on PRC accounting standards each year for its general reserves until the cumulative amount of such reserves reaches 50% of its registered capital. These reserves are not distributable as cash dividends. The board of directors of a foreign-invested enterprise has the discretion to allocate a portion of its after-tax profits to staff welfare and bonus funds, which may not be distributed to equity owners except in the event of liquidation. However, the Company believes that such restrictions will not have a material effect on the Company’s liquidity or cash flows. | |||
(ad) | Statutory Reserves | ||
The PRC subsidiaries are required by the relevant laws and regulation to transfer at least 10% of their after-tax profit determined in accordance with the PRC accounting rules and regulations to a statutory surplus reserve until such reserve balance reaches 50% of their registered capital. | |||
The Company transferred US$101,868 and US$1,238,361 out of after-tax profit of its PRC subsidiaries to the statutory reserves for the years ended March 31, 2014 and 2013, respectively. | |||
The statutory reserves can only be utilized to offset prior years’ losses or for capitalization as paid-in capital. No distribution of the remaining reserves shall be made other than upon liquidation of the PRC subsidiaries. | |||
Recent accounting pronouncements | |||
(i) | The FASB has issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. | ||
Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. | |||
In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. | |||
The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This disclosure will provide users with information about the on-going trends in a reporting organization’s results from continuing operations. | |||
The amendments in this ASU enhance convergence between U.S. GAAP and International Financial Reporting Standards (“IFRS”). Part of the new definition of discontinued operation is based on elements of the definition of discontinued operations in IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations. | |||
The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. For most nonpublic organizations, it is effective for annual financial statements with fiscal years beginning on or after December 15, 2014. Early adoption is permitted. | |||
The Company believes that its adoption of the ASU will not have any material impact on its consolidated financial statements. | |||
(ii) | The FASB has issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). | ||
U.S. GAAP does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this ASU state that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. | |||
This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. | |||
The Company believes that its adoption of the ASU will not have any material impact on its consolidated financial statements. |
Cash_and_Cash_Equivalents
Cash and Cash Equivalents | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||
Cash and Cash Equivalents | ' | ||||||||
4 | CASH AND CASH EQUIVALENTS | ||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
US$ | US$ | ||||||||
Cash on hand and at banks | 15,942,867 | 24,551,490 | |||||||
Money market funds | 6,877,433 | 7,833,886 | |||||||
Total cash and cash equivalents | 22,820,300 | 32,385,376 | |||||||
The cash on hand and at bank balances in the PRC subsidiaries are denominated in Renminbi (“RMB”), United States dollars (“US$”) and Hong Kong dollars (“HK$”) with the total amount equivalent to RMB76,953,161 (equivalent to US$12,382,243) and RMB61,563,027 (equivalent to US$9,911,137) as of March 31, 2014 and 2013, respectively. Of these amounts, RMB68,012,481 (equivalent to US$10,943,631) and RMB56,510,003 (equivalent to US$9,097,642) are originally denominated in RMB as of March 31, 2014 and 2013, respectively. RMB is not freely convertible into other currencies; however, under Mainland China’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Company is permitted to exchange RMB for other currencies through banks authorized to conduct foreign exchange business. Other than RMB, the cash on hand and at banks of the Company in Hong Kong and the United States are denominated in HK$ and US$. |
Time_Deposits
Time Deposits | 12 Months Ended | |
Mar. 31, 2014 | ||
Equity [Abstract] | ' | |
Time Deposits | ' | |
5 | TIME DEPOSITS | |
As of March 31, 2014, a time deposit of RMB70,472,817 (equivalent to USD11,339,515) (as at March 31, 2013: nil) was deposited with a creditworthy bank with an original maturity of more than three months when acquired. The time deposit bore interest at 3.35% per annum and matured in July 2014. |
Restricted_Cash
Restricted Cash | 12 Months Ended | |
Mar. 31, 2014 | ||
Text Block [Abstract] | ' | |
Restricted Cash | ' | |
6 | RESTRICTED CASH | |
As of March 31, 2014 and 2013, time deposits of RMB24,943,500 (equivalent to US$4,013,565) and RMB90,640,000 (equivalent to US$14,592,289) respectively were deposited with and pledged to banks to secure credit facilities granted to the Company, including revolving bank loans. |
AvailableforSale_Investments
Available-for-Sale Investments | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Available-for-Sale Investments | ' | ||||||||||||||||||||||||
7 | AVAILABLE-FOR-SALE INVESTMENTS | ||||||||||||||||||||||||
The following is a summary of available-for-sale debt and equity securities as of March 31, 2014 and 2013: | |||||||||||||||||||||||||
Cost | Net unrealized | Fair values | |||||||||||||||||||||||
gains | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
US$ | US$ | US$ | US$ | US$ | US$ | ||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Unlisted investments | 1,000,000 | — | 50,500 | — | 1,050,500 | — | |||||||||||||||||||
Listed equity securities | — | 3,138 | — | 14,015 | — | 17,153 | |||||||||||||||||||
1,000,000 | 3,138 | 50,500 | 14,015 | 1,050,500 | 17,153 | ||||||||||||||||||||
Non-current assets: | |||||||||||||||||||||||||
Unlisted investments | — | 1,000,000 | — | 45,200 | — | 1,045,200 | |||||||||||||||||||
1,000,000 | 1,003,138 | 50,500 | 59,215 | 1,050,500 | 1,062,353 | ||||||||||||||||||||
As of March 31, 2014 and 2013, investments totaling nil and US$2,235 were in unrealized loss positions of nil and US$1,839 respectively. During the fiscal year ended March 31, 2014, a gain of US$1,052 was recognized on the disposal of the Company’s listed equity securities in available-for-sale investments. During the fiscal years ended March 31, 2013 and 2012, no significant gain or loss was recognized on the disposal of the Company’s available-for-sale investments. | |||||||||||||||||||||||||
The fair values of listed equity securities are based on quoted market prices at the balance sheet date. | |||||||||||||||||||||||||
Unlisted investments which have remaining terms of less than 1 year are measured at fair value using a price quoted by a third party, such as a broker or bank, at the balance sheet date. | |||||||||||||||||||||||||
The net unrealized gains consisted of gross unrealized gains as at March 31, 2014, 2013 and 2012 of US$50,500, US$61,054 and US$38,680, respectively, and gross unrealized losses as at March 31, 2014, 2013 and 2012 of nil, US$1,839 and US$1,952, respectively. | |||||||||||||||||||||||||
The proceeds from the disposal of available-for-sale investments for the fiscal years ended March 31, 2014, 2013 and 2012 were US$18,218, US$2,000,000 and US$9,000,000, respectively. | |||||||||||||||||||||||||
As detailed in note 14 of the consolidated financial statements, the unlisted investments had been pledged to a bank as security for the short term bank loans of HK$8,008,123 (equivalent to US$1,032,334) (2013: nil) granted to a Hong Kong subsidiary. |
Accounts_and_Bills_Receivable_
Accounts and Bills Receivable, Net | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Accounts and Bills Receivable, Net | ' | ||||||||||||
8 | ACCOUNTS AND BILLS RECEIVABLE, NET | ||||||||||||
March 31, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
US$ | US$ | ||||||||||||
Accounts receivable | 15,833,127 | 9,673,986 | |||||||||||
Less: Allowance for doubtful accounts | (74,413 | ) | — | ||||||||||
Accounts receivable, net | 15,758,714 | 9,673,986 | |||||||||||
Bills receivable | 5,458,170 | 10,039,622 | |||||||||||
Accounts and bills receivable, net | 21,216,884 | 19,713,608 | |||||||||||
Fiscal years ended | |||||||||||||
March 31, | March 31, | March 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Allowance for doubtful accounts: | |||||||||||||
Balance at beginning of fiscal year | — | — | 768 | ||||||||||
Additions | 74,413 | — | — | ||||||||||
Amount written-off as uncollectible during the fiscal year | — | — | (768 | ) | |||||||||
Balance at end of fiscal year | 74,413 | — | — | ||||||||||
Inventories
Inventories | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
9 | INVENTORIES | ||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
US$ | US$ | ||||||||
Raw materials | 2,491,135 | 2,791,811 | |||||||
Work in progress | 2,303,800 | 878,718 | |||||||
Finished goods | 2,367,932 | 1,721,803 | |||||||
7,162,867 | 5,392,332 | ||||||||
For the fiscal years ended March 31, 2014, 2013 and 2012, a write-down of inventories to fair market value of US$804,256, US$867,312 and US$932,848, respectively, was recognized in the consolidated statement of operations and comprehensive income, of which nil, nil and US$548,293 were included in income (loss) from discontinued operations. |
Related_PartyTransactions
Related PartyTransactions | 12 Months Ended | |
Mar. 31, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related PartyTransactions | ' | |
10 | RELATED PARTY TRANSACTIONS | |
A related party is any party that controls, jointly controls or can significantly influence the management or operating policies of the Company. Such parties would also include affiliates, investments accounted for by the equity method, principal shareholders, management, directors and the immediate family members of principal shareholders, management or directors. | ||
In addition to the transactions and balances detailed elsewhere in the consolidated financial statements for the fiscal years ended March 31, 2014, 2013 and 2012, the Company had the following material transactions with related parties during those years: | ||
The Company incurred annual motor car rental expenses for the fiscal years ended March 31, 2014, 2013 and 2012 of approximately US$57,241, US$57,245 and US$57,068, respectively. These expenses were payable to a related company of which a shareholder is also director of Global-Tech in fiscal 2014, 2013 and 2012. | ||
The Company incurred annual real estate rental expenses for the fiscal years ended March 31, 2014, 2013 and 2012 of approximately US$315,216, US$346,662 and US$451,507, respectively, payable to two directors of Global-Tech and certain related companies of which certain of their directors are also directors of Global-Tech. Included in the aforesaid annual real estate rental expenses were amounts of US$239,796, US$239,811 and US$318,743 paid to directors (one director in fiscal 2014 and 2013 and two directors in fiscal 2012) of Global-Tech, during the fiscal years ended March 31, 2014, 2013 and 2012, respectively, which were included in their remuneration for the respective fiscal years as housing allowances. | ||
The amount due from a related party, of which one of the directors of Global-Tech was a shareholder as of March 31, 2014 and 2013, and two directors of Global-Tech were shareholders as of March 31, 2012, is unsecured, interest-free and has no fixed term of payment. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment, Net | ' | ||||||||
11 | PROPERTY, PLANT AND EQUIPMENT, NET | ||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
US$ | US$ | ||||||||
Leasehold improvements and buildings | 32,953,940 | 28,511,687 | |||||||
Plant and machinery | 28,072,532 | 35,469,194 | |||||||
Moulds | 617,380 | 386,554 | |||||||
Transportation equipment | 1,527,750 | 1,552,518 | |||||||
Furniture, fixtures and equipment | 4,541,432 | 5,885,172 | |||||||
Construction in progress | 1,259,572 | 2,288,034 | |||||||
68,972,606 | 74,093,159 | ||||||||
Less: Accumulated depreciation | (42,655,648 | ) | (47,564,478 | ) | |||||
Property, plant and equipment, net | 26,316,958 | 26,528,681 | |||||||
(a) | During the fiscal years ended March 31, 2014, 2013 and 2012, impairment losses relating to property, plant and equipment of US$2,103,780, nil and US$1,230,727, respectively, were recognized in the consolidated statement of operations and comprehensive income for certain moulds, plant and machinery, and furniture, fixtures and equipment which are no longer used in the operations of the Company. Impairment losses of US$1,944,571 and US$1,230,727 were recognized in “Income (Loss) from discontinued operations” during the fiscal years ended March 31, 2014 and 2012 respectively. No impairment loss was recognized for the year ended March 31, 2013. | ||||||||
(b) | As of March 31, 2014 and 2013, a building with aggregate net book values of approximately US$13,094 and US$13,976, respectively, was situated in Hong Kong and buildings and manufacturing facilities with aggregate net book values of approximately US$13,065,398 and US$9,987,761, respectively, were situated in Mainland China. The land where the manufacturing facilities were situated is held under certain land use rights that will expire in 2043. Up to March 31, 2014, the Company has obtained a sizable portion of the property ownership certificates for its buildings (29 out of a total of 40 properties) (up to March 31, 2013: 29 out of a total of 40). The application for the remaining property ownership certificates will commence only after the land use right certificates for the relevant pieces of land are obtained. | ||||||||
(c) | The amounts of depreciation charged for the fiscal years ended March 31, 2014, 2013 and 2012 were US$3,957,964, US$3,342,484 and US$3,463,481, respectively, of which, US$1,198,844, US$1,336,208 and US$2,791,698 were included in “Income (Loss) from discontinued operations” for the fiscal years ended March 31, 2014, 2013 and 2012 respectively. | ||||||||
(d) | The gains on disposal of property, plant and equipment recognized during the fiscal years ended March 31, 2014 and 2013 were US$11,322 and US$463,358, respectively and a loss on disposal of property, plant and equipment of US$86,015 was recognized during the fiscal year ended March 31, 2012. For the fiscal year ended March 31, 2014, the Company recognized a gain on disposal of property, plant and equipment of US$134,669 which was included in income (loss) from continuing operations. For the fiscal years ended March 31, 2013 and 2012, losses on disposal of property, plant and equipment of US$43,311 and US$86,015 respectively, were recognized in income (loss) from continuing operations. | ||||||||
(e) | The amount of additions to property, plant and equipment during the fiscal years ended March 31, 2014, 2013 and 2012 were US$6,020,163, US$7,613,631 and US$814,247, respectively. The additions in fiscal 2014 were primarily from the acquisition of new office space in Shenzhen, the PRC. The additions in fiscal 2013 were primarily from the expansion of existing clean room space and purchase of equipment and machinery related to the chip-on-board (“COB”) facility. |
Land_Use_Rights_Net
Land Use Rights, Net | 12 Months Ended | |
Mar. 31, 2014 | ||
Text Block [Abstract] | ' | |
Land Use Rights, Net | ' | |
12 | LAND USE RIGHTS, NET | |
Land use rights represent prepayments under operating leases for land use for a predetermined time period. They are charged to the consolidated statement of operations and comprehensive income over the lease periods on a straight-line basis. The Company has the rights to use certain pieces of land located in the PRC and has obtained or is in the process of obtaining the land use rights certificates covering a substantial portion of such lands. On August 26, 2006, the Company entered into a supplementary agreement with the Dongguan local government regarding the use of a piece of land with a total area of 45,208 square meters which the Company had occupied. Pursuant to the supplementary agreement, the Company has vacated a portion of this land (13,698 square meters in aggregate), which was previously used as a recreational area, and has arranged to use the remaining portion of the land (31,510 square meters) until August 6, 2043. However, the Company had to pay monthly fees of RMB59,248 (approximately US$9,533) to the Dongguan local government for the period from January 1, 2008 to December 31, 2008 and RMB193,048 (approximately US$31,063) from January 1, 2009 onwards until August 6, 2043. Up to March 31, 2014, the Company has obtained a sizable portion of its land use rights certificates covering 183,900 square meters out of a total area of 207,300 square meters (up to March 31, 2013: covering 183,900 square meters out of a total area of 207,300 square meters). The application of certain property ownership certificates as further detailed in note 11 to the consolidated financial statements commences only after the land use rights certificates for the relevant pieces of land have been obtained. The Company is in the process of obtaining the remaining land use rights and property ownership certificates. However, no definitive time frame has been provided by the Dongguan local government as to when the certificates will be provided to the Company. |
Warranty_Provision
Warranty Provision | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Guarantees [Abstract] | ' | ||||||||||||
Warranty Provision | ' | ||||||||||||
13 | WARRANTY PROVISION | ||||||||||||
Included in other accrued liabilities are warranty provisions of US$869,734, US$403,627 and US$729,528 as of March 31, 2014, 2013 and 2012, respectively, none of which are from discontinued operations. The Company’s warranty activity during the fiscal years ended March 31, 2014, 2013 and 2012 is summarized below: | |||||||||||||
Fiscal years ended | |||||||||||||
March 31, | March 31, | March 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Balance at beginning of fiscal year | 403,627 | 729,528 | 296,410 | ||||||||||
Additional provision | 485,229 | — | 473,551 | ||||||||||
Reversal of unutilized amounts | (19,122 | ) | (325,901 | ) | (40,433 | ) | |||||||
Balance at end of fiscal year | 869,734 | 403,627 | 729,528 | ||||||||||
Short_Term_Bank_Loans_and_Bank
Short Term Bank Loans and Banking Facilities | 12 Months Ended | |
Mar. 31, 2014 | ||
Debt Disclosure [Abstract] | ' | |
Short Term Bank Loans and Banking Facilities | ' | |
14 | SHORT TERM BANK LOANS AND BANKING FACILITIES | |
Global-Tech has provided a bank with: (i) an unlimited corporate guarantee for general banking facilities granted to certain subsidiaries of the Company; and (ii) a security agreement over bank deposits and available-for-sale investments in aggregate of HK$10.0 million (equivalent to US$1,289,108) for general banking facilities granted to a subsidiary of the Company without obtaining written consent of the bank for general facilities granted to its Hong Kong subsidiaries. The Company has made deposits to banks as security for credit facilities granted to the PRC subsidiaries, including bank loans and bills payable. | ||
The Company has credit facilities with a number of banks amounting to the equivalent of US$13,212,260 and US$15,880,533 as of March 31, 2014 and 2013 respectively. Of these amounts, HK$10.0 million (equivalent to US$1,289,108) and HK$10.0 million (equivalent to US$1,288,244) were denominated in Hong Kong dollars as of March 31, 2014 and 2013, respectively. | ||
Of the credit facilities, the Company utilized HK$8,008,123 (equivalent to US$1,032,334) and RMB38,832,198 (equivalent to US$6,248,342) as of March 31, 2014 compared to US$4,826,241 and HK$10,599 (in total equivalent to US$4,827,607) utilized as of March 31, 2013. | ||
Banking facilities of HK$1,991,877 (equivalent to US$256,775) and RMB35,267,802 (equivalent to US$5,674,809), and HK$9,989,401 (equivalent to US$1,286,878) and RMB60,661,802 (equivalent to US$9,766,048) remained unutilized as of March 31, 2014 and 2013, respectively. | ||
The weighted average interest rate of the bank loans for the years ended March 31, 2014 and 2013 was 0.55% and 0.48% per annum respectively with an average maturity of 74 and 189 days from March 31, 2014 and 2013, respectively. |
Share_Capital
Share Capital | 12 Months Ended | |
Mar. 31, 2014 | ||
Equity [Abstract] | ' | |
Share Capital | ' | |
15 | SHARE CAPITAL | |
Holders of common stock of Global-Tech have one vote for each stock held on all matters submitted to vote at a shareholders’ meeting of Global-Tech. Subject to the rights of the holders of stock with preferential or other special rights which may be authorized in the future, holders of common stock of Global-Tech are entitled to receive dividends pro rata out of assets legally available therefore and, in the event of the winding up of Global-Tech, to share ratably in all assets remaining after payment of liabilities of Global-Tech. The Board of Directors of Global-Tech may declare interim dividends and recommend a final annual dividend from retained earnings available for cash dividends as determined for statutory purposes at such times and in such amounts as they may determine. Dividends may only be declared and paid out of surplus. | ||
During the fiscal year ended March 31, 2009, the Board of Directors of Global-Tech authorized an amendment to Global-Tech’s Memorandum of Association to effect a 4-for-1 reverse stock split (the “Reverse Stock Split”) of the issued and outstanding common stock of Global-Tech, effective from December 10, 2008 (the “Effective Date”). During the fiscal year ended March 31, 2009, Global-Tech also proportionally reduced the authorized number of shares of its common and preferred stock to 12,500,000 and 250,000, respectively. On the Effective Day, every four shares of common stock of Global-Tech issued and outstanding as of the Effective Date were consolidated into one share of post-reverse split common stock. |
Other_Income_Expense_Net
Other Income (Expense), Net | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Other Income (Expense), Net | ' | ||||||||||||
16 | OTHER INCOME (EXPENSES), NET | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Foreign exchange gains (losses), net | (121,990 | ) | 23,900 | 184,706 | |||||||||
Gains (Losses) on disposal of property, plant and equipment | 11,322 | 463,358 | (86,015 | ) | |||||||||
Impairment of property, plant and equipment | (2,103,780 | ) | — | (1,230,727 | ) | ||||||||
Rental income from third parties | 1,292,903 | 177,556 | — | ||||||||||
Management fee received from a third party | 77,944 | — | — | ||||||||||
Reversal of (Accrual for) potential tax surcharge, net | 130,328 | (60,622 | ) | 46,086 | |||||||||
Reversal of compensation for potential litigation | — | — | 500,000 | ||||||||||
Government grants | 837,656 | 443,468 | 439,471 | ||||||||||
Sale of scrap materials | 533 | 213,718 | — | ||||||||||
Others | 311,388 | 310,201 | 69,978 | ||||||||||
436,304 | 1,571,579 | (76,501 | ) | ||||||||||
Other income (expenses), net from: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Continuing operations | 2,396,789 | 583,315 | 1,124,478 | ||||||||||
Discontinued operations | (1,960,485 | ) | 988,264 | (1,200,979 | ) | ||||||||
436,304 | 1,571,579 | (76,501 | ) | ||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
17 | INCOME TAXES | ||||||||||||
Global-Tech and its subsidiaries are subject to income taxes on an entity basis on the taxable income arising in or derived from the respective tax jurisdictions in which they are domiciled or deemed to operate. Global-Tech and its investment holding subsidiaries incorporated in the British Virgin Islands (“BVI”) are not subject to tax in the BVI in accordance with the BVI tax regulations. The Company conducts substantially all of its businesses and operations through its subsidiaries located in Hong Kong and the PRC. | |||||||||||||
The Company’s operating subsidiaries are subject to various statutory tax rates, according to the respective jurisdictions in which they operate. The Company’s subsidiaries in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5% on their assessable income arising in Hong Kong during the fiscal years ended March 31, 2014, 2013 and 2012. | |||||||||||||
The Company’s subsidiaries registered in the PRC, including DWS and DGLAD, are subject to the PRC enterprise income tax (“EIT”) on income as reported in their PRC statutory accounts, adjusted in accordance with relevant PRC income tax laws and regulations. DWS and DGLAD are located in a coastal open economic zone in the PRC and, accordingly, were entitled to a preferential tax rate of 27% (24% reduced tax rate and 3% local income tax rate) for the calendar years ended prior to December 31, 2008. During the 5th Session of the 10th National People’s Congress of the PRC, which was concluded on March 16, 2007, a unified EIT law was approved and became effective on January 1, 2008 (“New EIT Law”). The New EIT Law introduced a wide range of changes which include the unification of the income tax rate for domestic-invested and foreign-invested enterprises at 25%. DGLAD is entitled to a tax concession period (“Tax Holiday”), whereby it was exempted from EIT for its first two profit-making years and is entitled to a 50% tax reduction for the succeeding three years. DGLAD has qualified as a High and New Technology Enterprise (“HNTE”). Accordingly, after the expiry of its Tax Holiday in December 2011, DGLAD became subject to a preferential tax rate of 15% commencing from January 2012. The EIT of DWS for fiscal years 2014, 2013 and 2012 remained 25%. | |||||||||||||
Income tax expense (benefit) consists of: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Continuing Operations | |||||||||||||
Income tax expense (benefit): | |||||||||||||
Current | (255,927 | ) | (820,039 | ) | 1,229,229 | ||||||||
Deferred | — | (21,861 | ) | (604 | ) | ||||||||
Income tax expense (benefit) from continuing operations | (255,927 | ) | (841,900 | ) | 1,228,625 | ||||||||
Discontinued Operations | |||||||||||||
Income tax expense: | |||||||||||||
Current | — | — | 25,263 | ||||||||||
Income tax expense from discontinued operations | — | — | 25,263 | ||||||||||
Total income tax expense (benefit) | (255,927 | ) | (841,900 | ) | 1,253,888 | ||||||||
The reconciliation of income tax expense (benefit) computed at the Hong Kong statutory income tax rate to the total income (loss) from continuing operations and discontinued operations before income taxes at the effective income tax rate is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Income tax expenses (benefit) at the Hong Kong statutory income tax rate | (1,801,722 | ) | (480,671 | ) | 440,752 | ||||||||
Foreign rate differential | (299,512 | ) | 30,822 | 200,857 | |||||||||
Non-taxable other income | (227,440 | ) | (386,664 | ) | (294,827 | ) | |||||||
Non-tax deductible expenses | 1,035,101 | 670,389 | 1,124,153 | ||||||||||
Under (Over) provision of tax in prior periods | (695,630 | ) | (1,314,491 | ) | 206,387 | ||||||||
Unrecognized tax benefits | 278,338 | 223,959 | 569,997 | ||||||||||
Changes in valuation allowance | 1,454,938 | 414,756 | (993,431 | ) | |||||||||
Total income tax expense (benefit) at the Company’s effective income tax rate | (255,927 | ) | (841,900 | ) | 1,253,888 | ||||||||
Hong Kong statutory income tax rate | 16.5 | % | 16.5 | % | 16.5 | % | |||||||
Effective income tax rate | 2.3 | % | 28.9 | % | 46.9 | % | |||||||
Deferred tax assets and liabilities as of March 31, 2014 and 2013 comprise the following: | |||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||
US$ | US$ | ||||||||||||
Deferred tax assets: | |||||||||||||
Impairment of property, plant and equipment | 2,318,586 | 2,031,131 | |||||||||||
Provision for inventories | 238,730 | 196,834 | |||||||||||
Provision for warranty | 217,434 | 111,903 | |||||||||||
Operating losses carried forward | 4,391,655 | 3,418,116 | |||||||||||
Gross deferred tax assets | 7,166,405 | 5,757,984 | |||||||||||
Less: Valuation allowance for deferred tax assets | (7,166,405 | ) | (5,757,984 | ) | |||||||||
Net deferred tax assets | — | — | |||||||||||
Deferred tax liabilities: | |||||||||||||
Other temporary differences | — | — | |||||||||||
Tax over book depreciation of property, plant and equipment | (5,183 | ) | (5,180 | ) | |||||||||
Total deferred tax liabilities | (5,183 | ) | (5,180 | ) | |||||||||
Fiscal years ended | |||||||||||||
March 31, | March 31, | March 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Valuation allowance: | |||||||||||||
Balance at beginning of fiscal year | 5,757,984 | 5,185,404 | 6,057,516 | ||||||||||
Additions (reversals) | 1,454,938 | 414,756 | (993,431 | ) | |||||||||
Exchange realignment | (46,517 | ) | 157,824 | 121,319 | |||||||||
Balance at end of fiscal year | 7,166,405 | 5,757,984 | 5,185,404 | ||||||||||
For financial reporting purposes, the Company has established valuation allowances by tax jurisdiction for deferred tax assets, which management believes are more likely than not to be realized in the foreseeable future. As of March 31, 2014 and 2013, the Company had tax losses carried forward of US$25,530,406 and US$23,591,422, respectively, which included tax losses of US$5,591,707 and US$4,114,021 respectively that are available indefinitely for offsetting against future taxable income of the companies in which these losses arose. Tax losses of US$19,938,699 and US$19,477,401 as at March 31, 2014 and 2013, respectively, may be carried back for 2 years or carried forward for 20 years from the year the tax losses arose. | |||||||||||||
A reconciliation of the movements of unrecognized tax benefits under FASB ASC 740 during the fiscal years ended March 31, 2014 and 2013, exclusive of related interest and penalties, is as follows: | |||||||||||||
Fiscal years ended | |||||||||||||
March 31, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
US$ | US$ | ||||||||||||
Balance at beginning of fiscal year | 8,870,677 | 9,117,443 | |||||||||||
Additions based on tax positions related to the current year | 422,094 | 799,637 | |||||||||||
Reduction for tax positions related to prior year | (700,780 | ) | (1,070,199 | ) | |||||||||
Exchange realignment | (2,827 | ) | 23,796 | ||||||||||
Balance at end of fiscal year | 8,589,164 | 8,870,677 | |||||||||||
As of March 31, 2014 and 2013, the Company’s unrecognized tax benefits under FASB ASC 740 of US$4,454,069 and US$4,879,338, respectively, are presented in the consolidated balance sheets within income tax payable. The remaining balance of US$4,135,095 and US$3,991,339 as of March 31, 2014 and 2013, respectively, are set off against the corresponding tax losses carried forward. | |||||||||||||
If the unrecognized tax benefits under FASB ASC 740 as of March 31, 2014 were realized in a future period, these would result in a tax benefit of US$4,454,069 (US$4,879,338 as of March 31, 2013) and a reduction of the Company’s effective tax rate. | |||||||||||||
For all the years presented and in accordance with FASB ASC 740, the Company classified interest and potential penalties relating to any underpayment of income taxes and uncertain tax positions, if and when required, as interest expense and other expenses, respectively. For the fiscal years ended March 31, 2014 and 2013, the Company reversed interest and potential penalties of US$213,976 and US$1,021,397, respectively, relating to certain uncertain tax positions in its consolidated statement of operations and comprehensive income. For the fiscal year ended March 31, 2012, the Company accrued interest and potential penalties of US$121,032 relating to certain uncertain tax positions in its consolidated statement of operations and comprehensive income. As of March 31, 2014 and 2013, the Company had accrued interest and potential penalties relating to uncertain tax positions amounting to US$436,920 and US$651,721, respectively. | |||||||||||||
One of the Company’s wholly-owned subsidiaries was under examination by the Hong Kong tax authority in prior years. The tax period open for examination by the tax authority included the fiscal years ended March 31, 2003 through 2011. During fiscal 2013, the Company’s subsidiary and the Hong Kong tax authority reached an agreement to settle the tax audit case with additional assessable profits of HK$12,520,654 (equivalent to US$1,612,967) being raised together with penalty and interest on tax undercharged, for which the amount had already been provided for within FASB ASC 740. The total amount of penalty and interest paid was HK$2,000,000 and HK$466,249 (equivalent to US$257,649 and US$60,064), respectively, which were included in “Other income, net” and “Interest income, net” from continuing operations. | |||||||||||||
The PRC tax authorities could determine that any inter-company payable account in accordance with PRC GAAP could be deemed income if such inter-company payables cannot be settled and therefore would be subject to taxation. In accordance with FASB ASC 740, we evaluated our position and determined that such inter-company payables will be settled, particularly since prior year tax assessments have been confirmed by the PRC tax authorities and such inter-company payables were not deemed as income. | |||||||||||||
Except as noted above, based on existing tax regulations in the Company’s various operating jurisdictions, tax years 2005 through 2014 remain open to possible tax examination by relevant tax authorities. | |||||||||||||
The Company has not provided for possible income taxes on the undistributed earnings of foreign subsidiaries that are considered to be reinvested indefinitely. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
18 | DISCONTINUED OPERATIONS | ||||||||||||
As previously disclosed and discussed elsewhere in this annual report, the Company completed its exit from the home appliance business in January 2012 and the EMS business in December 2013. | |||||||||||||
In the fiscal periods preceding the Company’s exit from the home appliance business and EMS business, profit margins had been rapidly decreasing due at least, in part, to the rising cost of raw materials and labor in the PRC, together with the unwillingness or inability of our customers to offset these costs through pricing increases. Customer pricing demands no longer reflected actual production costs and, as a result, margins for these two businesses in recent years approached unacceptable levels, with the home appliance segment and EMS segment actually suffering significant losses in fiscal 2011 and fiscal 2013 respectively. | |||||||||||||
In response to the foregoing, on June 3, 2011 and December 15, 2013, the Board of Directors approved plans to exit the home appliance business and EMS business in fiscal 2012 and 2014 respectively while active production for the home appliance business and EMS business ceased in January 2012 and December 2013 respectively. | |||||||||||||
In accordance with guidance contained in FASB ASC 205-20 “Discontinued Operations”, the results of operations for the home appliance and EMS segments have been excluded from continuing operations and reported as discontinued operations for the current and prior periods. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Net Sales | 2,922,127 | 14,256,314 | 68,325,333 | ||||||||||
Cost of goods sold | (4,323,267 | ) | (13,962,646 | ) | (55,010,909 | ) | |||||||
Gross profit (loss) | (1,401,140 | ) | 293,668 | 13,314,424 | |||||||||
Selling, general and administrative expenses | (2,185,399 | ) | (3,870,995 | ) | (10,489,783 | ) | |||||||
Operating profit (loss) | (3,586,539 | ) | (3,577,327 | ) | 2,824,641 | ||||||||
Interest expense, net | — | — | (2,402 | ) | |||||||||
Other income (expense), net | (1,960,485 | ) | 988,264 | (1,200,979 | ) | ||||||||
Income tax expenses | — | — | (25,263 | ) | |||||||||
Income (Loss) from discontinued operations, net of tax | (5,547,024 | ) | (2,589,063 | ) | 1,595,997 | ||||||||
Impairment losses of US$1,944,571 and US$1,230,727 were recognized in the income (loss) from discontinued operations in fiscal 2014 and 2012 respectively for machinery and equipment that were used in the operations of the EMS segment and home appliance segment. No impairment loss was recognized in fiscal 2013. |
Basic_and_Diluted_Earnings_Los
Basic and Diluted Earnings (Loss) Per Share | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Basic and Diluted Earnings (Loss) Per Share | ' | ||||||||||||
19 | BASIC AND DILUTED EARNINGS (LOSS) PER SHARE | ||||||||||||
Basic and diluted earnings (loss) per share of common stock of the Company for the fiscal years ended March 31, 2014, 2013 and 2012 is computed in accordance with FASB ASC 260 “Earnings Per Share” by dividing the net earnings (loss) for each fiscal year attributable to common stockholders by the weighted average number of shares of common stock outstanding during that fiscal year. | |||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Income (Loss) from continuing operations | (5,116,577 | ) | 517,804 | (178,661 | ) | ||||||||
Income (Loss) from continuing operations attributable to non-controlling interests | 108,044 | 107,958 | (6,659 | ) | |||||||||
Income (Loss) from continuing operations attributable to shareholders of Global-Tech Advanced Innovations Inc. | (5,008,533 | ) | 625,762 | (185,320 | ) | ||||||||
Income (Loss) from discontinued operations | (5,547,024 | ) | (2,589,063 | ) | 1,595,997 | ||||||||
Net income (loss) attributable to common stockholders | (10,555,557 | ) | (1,963,301 | ) | 1,410,677 | ||||||||
Number | Number | Number | |||||||||||
Denominator for basic and diluted earnings (loss) per share: | |||||||||||||
Weighted average number of shares of common stock | 3,041,625 | 3,040,310 | 3,039,727 | ||||||||||
US$ | US$ | US$ | |||||||||||
Basic and diluted earnings (loss) per share: | |||||||||||||
Earnings (Loss) from continuing operations | (1.65 | ) | 0.21 | (0.06 | ) | ||||||||
Earnings (Loss) from discontinued operations | (1.82 | ) | (0.86 | ) | 0.52 | ||||||||
Earnings (Loss) attributable to common stockholder | (3.47 | ) | (0.65 | ) | 0.46 | ||||||||
343,751 and 369,752 stock options of Global-Tech were excluded from the computation of diluted earnings (loss) per share for the fiscal years ended March 31, 2014 and 2013 respectively, because their inclusion would have been anti-dilutive. | |||||||||||||
During the fiscal year ended March 31,2012, the weighted average share price of the Company during the year was below the exercise prices of all stock options as at March 31, 2012, resulting in no incremental common shares for that year for the purpose of diluted earnings per share calculation. |
Commitments
Commitments | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments | ' | ||||||||
20 | COMMITMENTS | ||||||||
(a) | Capital commitments | ||||||||
As of March 31, 2014 and 2013, the Company had capital commitments contracted but not provided for of US$126,792 and US$4,211,595, respectively, for the purchase of property, plant and equipment. | |||||||||
(b) | Operating lease commitments | ||||||||
In addition to the land use rights described in note 12 to the consolidated financial statements, the Company has entered into various operating lease arrangements for parking lots, motor vehicles, equipment, land and office premises. The Company recorded rental expenses, excluding the land use rights payments described in note 12 to the consolidated financial statements, for the fiscal years ended March 31, 2014, 2013 and 2012 of US$247,234, US$361,918 and US$352,206, respectively. The Company has leased out certain manufacturing facilities machineries to third parties, and recorded lease rental income of US$1,292,903, US$177,556 and nil for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. | |||||||||
Future minimum lease payments under non-cancelable operating leases as of March 31, 2014 and 2013 were as follows: | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
US$ | US$ | ||||||||
Payable: | |||||||||
Within one year | 381,394 | 754,386 | |||||||
Over one year but not exceeding two years | 352,290 | 374,706 | |||||||
Over two years but not exceeding three years | 352,290 | 352,478 | |||||||
Over three years but not exceeding four years | 352,290 | 352,478 | |||||||
Over four years but not exceeding five years | 352,290 | 352,478 | |||||||
Over five years | 8,572,401 | 8,929,433 | |||||||
10,362,955 | 11,115,959 | ||||||||
Subsequent to March 31, 2014, a subsidiary renewed the tenancy agreement with a related company and extended the leasing term for one year to March 31, 2015, with future lease payments due of US$92,815 not reflected in the table above. | |||||||||
Future minimum rentals receivable under non-cancelable operating leases as of March 31, 2014 and 2013 were as follows: | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
US$ | US$ | ||||||||
Receivable: | |||||||||
Within one year | 511,923 | 321,057 | |||||||
Subsequent to March 31, 2014, some subsidiaries entered into five-year lease agreements with a third party to lease out certain manufacturing facilities together with machineries that were previously used by the EMS segment with total future lease payments receivables of US$10,189,226 not reflected in the table above. |
Contingencies
Contingencies | 12 Months Ended | |
Mar. 31, 2014 | ||
Commitments And Contingencies Disclosure [Abstract] | ' | |
Contingencies | ' | |
21 | CONTINGENCIES | |
As of March 31, 2014, the Company has accrued as a current liability US$4,454,069 (as of March 31, 2013: US$4,879,338) for unrecognized tax benefits and US$436,920 (as of March 31, 2013: US$651,721) for related interest and penalties. The unrecognized tax benefits relate mainly to potential transfer pricing arrangements reflected in the Hong Kong and PRC income tax returns of certain subsidiaries of the Company. The final outcome of these tax uncertainties is dependent upon various matters including tax examinations, legal proceedings, certain authority proceedings, changes in regulatory tax laws and interpretations of those tax laws, or expiration of statutes of limitation. However, based on the number of jurisdictions, the uncertainties associated with litigation, and the status of examinations, including the protocols of finalizing audits by the relevant tax authorities, which could include formal legal proceedings, there is a high degree of uncertainty regarding the future cash outflows associated with these tax uncertainties. |
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Other Accrued Liabilities | ' | ||||||||
22 | OTHER ACCRUED LIABILITIES | ||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
US$ | US$ | ||||||||
Accrued expenses | 2,568,678 | 2,241,659 | |||||||
Other tax payable | 832,050 | 997,001 | |||||||
Land use right payable – operating lease | 1,119,005 | 784,400 | |||||||
Other payables for procuring materials for customers | 40,278 | 5,194,086 | |||||||
Rental deposits received | 240,247 | — | |||||||
Other payables for procuring equipment and consumables | 397,441 | 199,228 | |||||||
Other payable | 523,058 | 227,264 | |||||||
5,720,757 | 9,643,638 | ||||||||
Employee_Benefits
Employee Benefits | 12 Months Ended | |
Mar. 31, 2014 | ||
Compensation And Retirement Disclosure [Abstract] | ' | |
Employee Benefits | ' | |
23 | EMPLOYEE BENEFITS | |
The Company operates a Mandatory Provident Fund (“MPF”) scheme and an Occupational Retirement Schemes Ordinance (“ORSO”) scheme for all its qualified employees in Hong Kong. Both the MPF and the ORSO schemes are defined contribution programs and are administered by independent fund companies. | ||
MPF is available to all employees aged 18 to 64 and with at least 60 days of service as an employee of the Company in Hong Kong. Under the MPF scheme, both the Company and each of the qualified employees contribute the lower of 5% of the employees’ basic salary and HK$1,250 (approximately US$161), subject to a cap of a monthly basic salary of HK$25,000 (approximately US$3,223). Qualified employees are entitled to 100% of the Company’s contributions together with accrued returns irrespective of their length of service with the Company, but the benefits are required by law to be preserved until the retirement age of 65. | ||
Certain full-time employees in Hong Kong who joined the Company before December 2000 are eligible to participate in the ORSO scheme immediately following the date on which they have completed their probationary period. Under the ORSO scheme, both the Company and each of the eligible employees contribute 5% of the employees’ basic salary. | ||
The costs of these schemes recognized during the fiscal years ended March 31, 2014, 2013 and 2012 were US$52,119, US$48,075 and US$61,107, respectively. | ||
According to the relevant laws and regulations in the PRC, the Company is required to contribute 17.3% of the stipulated employee salary set by the local government of Dongguan to certain social insurance, medical and retirement benefit schemes for its employees. No forfeited contributions may be used by the employer to reduce the existing level of contributions. The Company also provides housing, medical care and subsidized meals to all existing factory employees. The aggregate amounts incurred by and provided for by the Company for all benefits for factory employees was US$879,811 and US$1,963,173 during the fiscal years ended March 31, 2014 and 2013 respectively. However, as a result of the payment of severance in accordance with government rules upon the exit from the home appliance segment, the Company recognized a net benefit of US$449,557 during the fiscal year ended March 31, 2012 due to a reversal of social insurance provisions accrued for previous years. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
24 | SEGMENT INFORMATION | ||||||||||||||||||||||||
The Company operates in two segments: Electronic Components and Others for the fiscal year ended March 31, 2014. These segments are operated and managed as separate strategic business units that offer different products/services. The Company’s “Electronic Components” segment produces complementary metal oxide semiconductors (“CMOS”) CCMs primarily for sale to cellular phone and tablet manufacturers in the PRC. The Company’s “Others” segment comprises a number of immaterial product lines and development programs that have not materialized to date into full product businesses. None of these units has ever individually met the quantitative thresholds for determining reportable segments. The chief operating decision maker evaluates the results of each segment in assessing performance and allocating resources among the segments. | |||||||||||||||||||||||||
There were no material intersegment sales or transfers during the fiscal years ended March 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||
As stated in note 18 – “Discontinued Operations”, the EMS and home appliance segments were discontinued effective in December 2013 and January 2012 respectively. The results of operations of the EMS segment and home appliance segment have been classified as “Income (Loss) from discontinued operations” on the face of the consolidated statement of operations and comprehensive income for all years presented. The home appliance segment profit for fiscal year ended March 31, 2013 represented sales of equipment and materials that had previously been written off. | |||||||||||||||||||||||||
(a) | The following table provides operating financial information for the two reportable segments and discontinued segments: | ||||||||||||||||||||||||
Home | Electronic | EMS# | Others | Corporate | Combined | ||||||||||||||||||||
Appliance# | Components | ||||||||||||||||||||||||
US$ | US$ | US$ | US$ | US$ | US$ | ||||||||||||||||||||
As of or for the fiscal year ended March 31, 2014 | |||||||||||||||||||||||||
Revenues from external customers | — | 60,574,912 | 2,922,127 | 2,117,989 | — | 65,615,028 | |||||||||||||||||||
Capital expenditure | — | 5,836,735 | 32,682 | 148,269 | 2,477 | 6,020,163 | |||||||||||||||||||
Interest income | — | — | — | — | 822,826 | 822,826 | |||||||||||||||||||
Interest expense | — | (129,775 | ) | — | — | (7,913 | ) | (137,688 | ) | ||||||||||||||||
Depreciation and amortization | — | 1,154,231 | 1,198,844 | 379,122 | 1,328,884 | 4,061,081 | |||||||||||||||||||
Segment profit (loss) | — | (1,107,157 | ) | (5,547,024 | )* | (1,502,779 | ) | (2,398,597 | ) | (10,555,557 | ) | ||||||||||||||
Total assets | — | 42,999,530 | 52,202 | 1,160,087 | 55,456,124 | 99,667,943 | |||||||||||||||||||
As of or for the fiscal year ended March 31, 2013 | |||||||||||||||||||||||||
Revenues from external customers | — | 65,188,724 | 14,256,314 | 1,638,346 | — | 81,083,384 | |||||||||||||||||||
Capital expenditure | — | 6,484,577 | 767,186 | 358,813 | 3,055 | 7,613,631 | |||||||||||||||||||
Interest income | — | — | — | — | 1,663,714 | 1,663,714 | |||||||||||||||||||
Interest expense | — | (109,749 | ) | — | — | (49,799 | ) | (159,548 | ) | ||||||||||||||||
Depreciation and amortization | — | 554,337 | 1,336,208 | 223,915 | 1,328,267 | 3,442,727 | |||||||||||||||||||
Segment profit (loss) | 725,773 | 3,687,547 | (3,314,836 | ) | (1,182,894 | ) | (1,878,891 | ) | (1,963,301 | ) | |||||||||||||||
Total assets | 34 | 29,618,065 | 16,203,482 | 1,114,654 | 61,289,608 | 108,225,843 | |||||||||||||||||||
As of or for the fiscal year ended March 31, 2012 | |||||||||||||||||||||||||
Revenues from external customers | 53,885,407 | 54,431,519 | 14,439,926 | 781,260 | — | 123,538,112 | |||||||||||||||||||
Capital expenditure | 240,763 | 226,277 | 273,926 | 73,281 | — | 814,247 | |||||||||||||||||||
Interest income | — | — | — | — | 377,075 | 377,075 | |||||||||||||||||||
Interest expense | (2,402 | ) | (104,517 | ) | — | 321 | (177,402 | ) | (284,000 | ) | |||||||||||||||
Depreciation and amortization | 1,522,962 | 594,746 | 1,268,736 | 76,809 | 98,577 | 3,561,830 | |||||||||||||||||||
Segment profit (loss) | 1,374,342 | * | 2,885,762 | 221,655 | (640,020 | ) | (2,431,062 | ) | 1,410,677 | ||||||||||||||||
Total assets | 313,033 | 34,554,319 | 11,614,176 | 739,106 | 61,819,375 | 109,040,009 | |||||||||||||||||||
# | As discussed in note 18, the EMS and home appliance segments were discontinued in December 2013 and in January 2012 respectively. The results of the operations have been classified as discontinued operations on the face of the consolidated statement of operations and comprehensive income. | ||||||||||||||||||||||||
* | Impairment losses of US$1,944,571 and US$1,230,727 were recognized in income (loss) from discontinued operations for machineries and equipment that were used in the operations of the EMS segment and home appliance segment in fiscal 2014 and 2012. No impairment loss was recognized in fiscal 2013. | ||||||||||||||||||||||||
(b) | Net sales including net sales of discontinued operations by geographic area based on the location of customers are as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
US$ | US$ | US$ | |||||||||||||||||||||||
Australia | 307,996 | 533,077 | 501,665 | ||||||||||||||||||||||
Europe | 139,694 | 326,298 | 4,469,428 | ||||||||||||||||||||||
North America | 23,735 | 49,423 | 47,969,847 | ||||||||||||||||||||||
Asia | 65,143,603 | 80,174,586 | 70,596,126 | ||||||||||||||||||||||
Other regions | — | — | 1,046 | ||||||||||||||||||||||
65,615,028 | 81,083,384 | 123,538,112 | |||||||||||||||||||||||
(c) | Net sales including net sales of discontinued operations by product/service type | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
US$ | US$ | US$ | |||||||||||||||||||||||
Floor care products | — | — | 51,056,019 | ||||||||||||||||||||||
Kitchen appliances | 307,996 | 533,077 | 755,607 | ||||||||||||||||||||||
CCMs | 59,795,999 | 63,913,523 | 53,094,225 | ||||||||||||||||||||||
Cellular phone assembly services | 2,922,127 | 14,256,314 | 14,439,927 | ||||||||||||||||||||||
Others | 2,588,906 | 2,380,470 | 4,192,334 | ||||||||||||||||||||||
65,615,028 | 81,083,384 | 123,538,112 | |||||||||||||||||||||||
(d) | Long-lived assets* | ||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
US$ | US$ | ||||||||||||||||||||||||
Hong Kong | 91,792 | 150,734 | |||||||||||||||||||||||
Mainland China | 29,148,590 | 29,404,484 | |||||||||||||||||||||||
29,240,382 | 29,555,218 | ||||||||||||||||||||||||
* | Long-lived assets represent land use rights and property, plant and equipment. | ||||||||||||||||||||||||
(e) | Major customers | ||||||||||||||||||||||||
Customers accounting for 10% or more of the Company’s combined net sales are as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
US$ | US$ | US$ | |||||||||||||||||||||||
From continuing operations: | |||||||||||||||||||||||||
Lenovo Mobile Communication Technology Ltd. (“Lenovo”) | 21,688,510 | 26,799,405 | 11,698,569 | ||||||||||||||||||||||
Wingtech Group (“Wingtech”) | 8,000,133 | 4,477,345 | 225 | ||||||||||||||||||||||
From discontinued operations: | |||||||||||||||||||||||||
Electrolux S.A. and subsidiaries (“Electrolux”) | — | — | 52,339,623 | ||||||||||||||||||||||
During the fiscal years ended March 31, 2014, 2013 and 2012, 33.0%, 33.0% and 9.5%, respectively of the Company’s combined net sales including discontinued operations were made to Lenovo, which is an unrelated customer. As of March 31, 2014, 2013 and 2012, 33.3%, 34.2% and 19.4%, respectively of the Company’s total accounts and bills receivable were from Lenovo. Lenovo is a customer of the Company’s electronic components segment. | |||||||||||||||||||||||||
During the fiscal years ended March 31, 2014, 2013 and 2012, 12.2%, 5.52% and 0.01%, respectively of the Company’s combined net sales including discontinued operations were made to Wingtech, which is an unrelated customer. As of March 31, 2014, 2013 and 2012, 13.8%, 5.8% and nil, respectively of the Company’s total accounts and bills receivable were from Wingtech. Wingtech is a customer of the Company’s electronic components segments. | |||||||||||||||||||||||||
During the fiscal years ended March 31, 2014, 2013 and 2012, 0.0%, 0.0% and 42.4%, respectively, of the Company’s combined net sales including discontinued operations were made to Electrolux, which is an unrelated customer. As of March 31, 2014, 2013 and 2012, no accounts and bills receivable were from Electrolux. Electrolux was the major customer of the Company’s home appliance segment. | |||||||||||||||||||||||||
The Company was a contract manufacturer of floor care products that are marketed by Electrolux under its respective brand names. |
Concentration_of_Risks
Concentration of Risks | 12 Months Ended |
Mar. 31, 2014 | |
Risks And Uncertainties [Abstract] | ' |
Concentration of Risks | ' |
25. CONCENTRATION OF RISKS | |
Concentration of credit risk | |
Financial instruments that potentially subject the Company to significant concentrations of credit risk primarily consist of cash and cash equivalents, time deposits, restricted cash, available-for-sale investments, financial assets included in deposits and other assets and accounts and bills receivable. | |
Substantially all of the Company’s cash and cash equivalents, time deposits, restricted cash, interest receivable, and available-for-sale investments were financial assets that management believes are of high credit quality. | |
The Company’s concentration on a limited number of customers will continue to represent a substantial portion of our sales for the foreseeable future. The loss of any major customers or a decrease or delay in orders, or anticipated spending by such customers could materially reduce our revenues and profitability. Our largest customers could also engage in business combinations, which could increase their size, reduce their demand for our products as they recognize synergies or rationalize assets and increase or decrease the portion of their sales to any single customer. | |
The Company conducts credit evaluations of its customers but does not require collateral or other security from its customers. The Company makes allowance for doubtful accounts primarily based on the age of receivables and factors surrounding the customers’ credit risk. | |
Current vulnerability due to certain concentrations | |
The Company’s operations are mainly conducted in Hong Kong and Mainland China with a majority of its sales from continuing operations to Asia. As a result, the Company’s businesses, financial condition, results of operations and cash flows may be influenced by the political, economic and legal environments in Hong Kong and Mainland China, and by the general state of the Hong Kong and Mainland China economies. | |
The Company’s operations may be adversely affected by significant political, economic and social uncertainties in Mainland China. Although the PRC government has been pursuing economic reform policies for more than 20 years, no assurance can be given that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting its political, economic and social conditions. There is also no guarantee that the PRC government’s pursuit of economic reforms will be consistent or effective. | |
A significant portion of the Company’s business is transacted in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China. However, the unification of the exchange rates does not imply the convertibility of RMB into United States dollars or other foreign currencies. All foreign exchange transactions continue to take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other institutions generally requires submitting a payment application form together with suppliers’ invoices, shipping documents, signed contracts and/or other documents, as appropriate. | |
A significant portion of the Company’s sales in previous years from discontinued operations were made to the U.S. and the Company is responsible for ensuring that its products are safe and satisfy all of the requirements of the consumer products safety commission (“CPSC”) in the U.S. This may also apply to OEM products manufactured by the Company to customer specifications. In the event of a recall required by the CPSC, the customers may require the Company to provide replacement conforming units at its cost, which could have a material adverse effect on its business, quality reputation and results of operations. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||
Financial Instruments | ' | ||||||||||||||||
26 | FINANCIAL INSTRUMENTS | ||||||||||||||||
The Company’s financial instruments that are subject to credit risks are limited to its cash and cash equivalents, time deposits, restricted cash, available-for-sale investments, accounts and bills receivable, financial assets included in deposits and other assets, and amounts due from a related party. | |||||||||||||||||
The Company’s financial assets and liabilities are recognized initially at cost which is the fair value of the consideration given (in the case of assets) or received (in the case of liabilities). Transaction costs are included in the initial measurement of all financial assets and liabilities. Subsequent to initial recognition, assets and liabilities are either valued at cost, amortized cost using the effective interest rate method or fair value, depending on classification. | |||||||||||||||||
The following table sets forth the carrying values and estimated fair values of the Company’s financial assets and liabilities recognized as of March 31, 2014 and 2013. There were no material unrecognized financial assets and liabilities as of March 31, 2014 and 2013. | |||||||||||||||||
Carrying value | Fair value | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
US$ | US$ | US$ | US$ | ||||||||||||||
Current financial assets: | |||||||||||||||||
Cash and cash equivalents | 22,820,300 | 32,385,376 | 22,820,300 | 32,385,376 | |||||||||||||
Time deposits | 11,339,515 | — | 11,339,515 | — | |||||||||||||
Restricted cash | 4,013,565 | 14,592,289 | 4,013,565 | 14,592,289 | |||||||||||||
Available-for-sale investments | 1,050,500 | 17,153 | 1,050,500 | 17,153 | |||||||||||||
Accounts and bills receivable, net | 21,216,884 | 19,713,608 | 21,216,884 | 19,713,608 | |||||||||||||
Financial assets included in deposits and other assets | 586,022 | 3,846,653 | 586,022 | 3,846,653 | |||||||||||||
Amount due from a related party | 12,569 | 18,841 | 12,569 | 18,841 | |||||||||||||
61,039,355 | 70,573,920 | 61,039,355 | 70,573,920 | ||||||||||||||
Non-current financial assets: | |||||||||||||||||
Available-for-sale investments | — | 1,045,200 | — | 1,045,200 | |||||||||||||
Total financial assets | 61,039,355 | 71,619,120 | 61,039,355 | 71,619,120 | |||||||||||||
Carrying value | Fair value | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
US$ | US$ | US$ | US$ | ||||||||||||||
Current financial liabilities: | |||||||||||||||||
Short term bank loans | 7,279,629 | 4,826,241 | 7,279,629 | 4,826,241 | |||||||||||||
Accounts payable | 12,520,080 | 7,134,526 | 12,520,080 | 7,134,526 | |||||||||||||
Accrued salaries, allowances and other employee benefits | 2,980,622 | 4,367,642 | 2,980,622 | 4,367,642 | |||||||||||||
Other accrued liabilities | 5,720,757 | 9,643,638 | 5,720,757 | 9,643,638 | |||||||||||||
Total financial liabilities | 28,501,088 | 25,972,047 | 28,501,088 | 25,972,047 | |||||||||||||
The carrying amounts of the Company’s cash and cash equivalents, time deposits, restricted cash, accounts and bills receivable, financial assets included in deposits and other assets, amounts due from a related party, short term bank loans, accounts payable, accrued salaries, allowances and other employee benefits and other accrual liabilities approximate to their fair values because of their short maturities. The available-for-sale investments are stated at quoted market price. | |||||||||||||||||
The Company’s cash and cash equivalents, time deposits and restricted cash are placed primarily with banking institutions in the PRC with high credit ratings. The Company performs periodic credit standing evaluation of those banking institutions to limit the Company’s exposure to any significant credit risks. | |||||||||||||||||
The Company’s accounts and bills receivable largely represent amounts due from the Company’s principal customers. Receivable balances are monitored on an ongoing basis and the Company’s exposure to bad debts is not significant. The Company does not require collateral or other credit enhancement for any of its financial assets. | |||||||||||||||||
If the counterparties to the above financial assets fail to perform completely under the terms of their contract/arrangement, the maximum loss, based on the gross fair value of the financial instruments, due to this credit risk would be US$61,039,355 and US$71,619,120 as at March 31, 2014 and 2013, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value Measurements | ' | ||||||||
27 | FAIR VALUE MEASUREMENTS | ||||||||
FASB ASC 820 “Fair Value Measurement and Disclosures”, the Company adopted in fiscal 2009, clarify that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability, such as inherent risk, transfer restrictions and risk of non-performance. As a basis for considering such assumptions, it establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: | |||||||||
Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||||||||
Level 2 – Include other inputs that are directly or indirectly observable in the marketplace. | |||||||||
Level 3 – Unobservable inputs which are supported by little or no market activity. | |||||||||
FASB ASC 820 “Fair Value Measurements and Disclosures”, describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||
The Company’s financial assets carried at fair value on a recurring basis are detailed in the table below. The fair values of such financial assets are measured in accordance with FASB ASC 820 inputs, including quoted market price. | |||||||||
Assets measured at fair value on a recurring basis as of March 31, 2014 and 2013 are summarized below: | |||||||||
Fair Value Measurements | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Quoted prices in active | |||||||||
markets for identical assets | |||||||||
US$ | US$ | ||||||||
Assets | |||||||||
Level 1: | |||||||||
Available-for-sale investments: | |||||||||
Listed equity securities | — | 17,153 | |||||||
Level 2: | |||||||||
Available-for-sale investments: | |||||||||
Unlisted investments | 1,050,500 | 1,045,200 | |||||||
Total financial assets measured at fair value | 1,050,500 | 1,062,353 | |||||||
Stock_Compensation
Stock Compensation | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Stock Compensation | ' | ||||||||||||||||||||||||
28 | STOCK COMPENSATION | ||||||||||||||||||||||||
(a) | Amended and Restated 1997 Stock Option Plan of Global-Tech | ||||||||||||||||||||||||
In September 1997, the Board of Directors of Global-Tech adopted Global-Tech’s 1997 Stock Option Plan (as amended, the “1997 Plan”). The 1997 Plan provides for the grant of (i) options that are intended to qualify as incentive stock options (“Incentive Stock Options” or “ISO”) within the meaning of Section 422 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) to employees and (ii) options not intended to qualify as Incentive Stock Options to employees and consultants. The total number of shares of common stock of Global-Tech for which options may be granted under the 1997 Plan is 400,000 shares. The 1997 plan expired on September 17, 2008 and no further grants can be made from this plan. | |||||||||||||||||||||||||
The 1997 Plan is administered by the Board of Directors of Global-Tech, or a committee of directors appointed by the Board of Directors of Global-Tech, who determines the terms of options, including the exercise price, the number of stock subject to the options and the terms and conditions of exercise. No option granted under the 1997 Plan is transferable by the optionee other than by will or the laws of descent and distribution and each vested option is exercisable within the contractual period of the option. With respect to any participant who owns (or is deemed to own) stock possessing more | |||||||||||||||||||||||||
than 10% of the voting rights of Global-Tech’s outstanding capital stock, the exercise price of any ISO must not be less than 110% of the fair market value of the stock on the date of grant. The term of each option granted pursuant to the 1997 Plan may be established by the Board of Directors of Global-Tech, or a committee of the Board of Directors of Global-Tech, in its sole discretion; provided, however, that the maximum term of each ISO granted pursuant to both the 1997 Plan is 10 years. With respect to any ISO granted to a participant who owns (or is deemed to own) stock possessing more than 10% of the total combined voting power of all classes of Global-Tech’s outstanding capital stock, the maximum term is five years. Shares of common stock distributed under the 1997 Plan will be from authorized, but unissued stock or common stock held in the treasury of the Company. Every option granted shall vest and become exercisable in accordance with the terms of the applicable option agreement. Options can be exercised for a period not exceeding 10 years from the date of grant. | |||||||||||||||||||||||||
During fiscal 2012, an aggregate of 1,250 options with exercise prices of US$25.00 to US$30.56 per share were forfeited upon resignation of the relevant participants and 82,167 options with exercise prices between US$19.00 and US$25.00 per share expired including 65,500 options granted to directors of Global-Tech. | |||||||||||||||||||||||||
During fiscal 2013, an aggregate of 5,950 options with exercise prices of US$15.60 to US$30.56 per share were forfeited upon resignation of the relevant participants. | |||||||||||||||||||||||||
During fiscal 2014, an aggregate of 65,500 options with exercise prices of US$30.40 to US$30.56 expired. | |||||||||||||||||||||||||
(b) | 2005 Stock Option Plan of Global-Tech | ||||||||||||||||||||||||
In October 2005, the Board of Directors of Global-Tech adopted Global-Tech’s 2005 Stock Option Plan (the “2005 Plan”). The 2005 Plan provides for the grant of (i) ISO within the meaning of Section 422 of the Code; (ii) non-qualified stock options that do not qualify as ISO (“NQSOs”); and (iii) stock appreciation rights. The total number of shares of common stock of Global-Tech for which options may be granted under the 2005 Plan is 450,000 shares. | |||||||||||||||||||||||||
The 2005 Plan is administered by the Board of Directors of Global-Tech or a committee appointed by the Board of Directors of Global-Tech, who determines the terms of options, including the exercise price, the number of stock subject to the options and the terms and conditions of exercise. No option granted under the Plan is transferable by the optionee other than by will or the laws of descent and distribution and each vested option is exercisable within the contractual period of the option. With respect to any participant who owns (or is deemed to own) stock possessing more than 10% of the voting rights of Global-Tech’s outstanding capital stock, the exercise price of any ISO must not be less than 110% of the fair market value of the stock on the date of grant. The term of each option granted pursuant to the Plan may be established by the Board of Directors of Global-Tech, or a committee of the Board of Directors of Global-Tech, in its sole discretion; provided, however, that the maximum term of each ISO granted pursuant to the 2005 Plan is 10 years. With respect to any ISO granted to a participant who owns (or is deemed to own) stock possessing more than 10% of the total combined voting power of all classes of Global-Tech’s outstanding capital stock, the maximum term is five years. Every option granted shall vest and become exercisable in accordance with the terms of the applicable option agreement. Options can be exercised for a period not exceeding 10 years from the date of grant. | |||||||||||||||||||||||||
During fiscal 2014, 2013 and 2012, no options were granted and none were forfeited. | |||||||||||||||||||||||||
(c) | Global-Tech Advanced Innovations Inc. 2011 Omnibus Equity Plan | ||||||||||||||||||||||||
The Global-Tech Advanced Innovations Inc. 2011 Omnibus Equity Plan (the “Omnibus Plan”) was adopted by the Board of Directors in October 2010 and approved by the Company’s shareholders in November 2010. The plan provides for the grant of stock options (non-statutory and incentive), stock appreciation rights, restricted stock units, performances shares and common shares. | |||||||||||||||||||||||||
A committee authorized by the Board of Directors of Global-Tech (the “Committee”) will administer the Omnibus Plan. Unless otherwise determined by the Board of Directors of Global-Tech, the Compensation Committee will administer the Omnibus Plan. Subject to the terms of the Omnibus Plan, the Committee has the sole discretion to select the employees, consultants, and non-employee directors who will receive awards, determine the terms and conditions of awards, and to interpret the provisions of the Omnibus Plan and outstanding awards. The Committee may not, without the approval of the | |||||||||||||||||||||||||
Company’s shareholders, institute an exchange program under which outstanding awards are amended to provide for a lower exercise price or cancelled in exchange for awards with a lower exercise price. | |||||||||||||||||||||||||
Awards granted under the Omnibus Plan are generally not transferable, and all rights with respect to an award granted to a participant generally will be available during a participant’s lifetime only to the participant. If the Committee makes an award transferable, such award will contain such additional terms and conditions as the committee deems appropriate. | |||||||||||||||||||||||||
During the fiscal year ended March 31, 2012, no shares or options were granted under the 2011 Omnibus Equity Plan. | |||||||||||||||||||||||||
During the fiscal year ended March 31, 2013, 73,000 options were granted to officers and directors, 5,000 options to an employee and 8,000 options to a consultant. | |||||||||||||||||||||||||
During the fiscal year ended March 31, 2014, no shares were granted and 3,000 options which had been granted to a director were exercised. | |||||||||||||||||||||||||
Under the 1997 Plan and the 2005 Plan (the “Plans”), which expire in 10 years, options granted generally vest 25% after the first year of service and ratably each month over a further 36-month period. | |||||||||||||||||||||||||
The expected life of the options is based on the historical data and is not necessarily indicative of the exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not necessarily be the actual outcomes. The risk-free rate for periods within the expected life of the options is based on the U.S. Treasury yield curve with maturity equal to the expected life of the options in effect at the time of grant. | |||||||||||||||||||||||||
The total compensation expense recognized in the SG&A line item in the consolidated statement of operations and comprehensive income for the fiscal years ended March 31, 2014, 2013 and 2012 amounted to US$36,378, US$258,128 and US$34,121, respectively. | |||||||||||||||||||||||||
Changes in outstanding options under both the 1997 Plan, the 2005 Plan and the Omnibus Plan during the fiscal years ended March 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Number of | Range of | Weighted | Weighted | Aggregate | |||||||||||||||||||||
options | exercise | average | average | intrinsic | |||||||||||||||||||||
price | exercise | remaining | value | ||||||||||||||||||||||
price | contractual | ||||||||||||||||||||||||
term | |||||||||||||||||||||||||
US$ | US$ | (years) | US$ | ||||||||||||||||||||||
(per share) | (per share) | ||||||||||||||||||||||||
Outstanding, at beginning of fiscal year | 419,751 | 4.75 – 30.56 | 14.96 | 4.28 | — | ||||||||||||||||||||
Granted | — | — | — | ||||||||||||||||||||||
Expired | (65,500 | ) | 30.40 – 30.56 | 30.55 | |||||||||||||||||||||
Exercised | (3,000 | ) | 4.75 | 4.75 | |||||||||||||||||||||
Forfeited | — | — | — | ||||||||||||||||||||||
Outstanding, at end of fiscal year | 351,251 | 4.75 – 15.56 | 12.14 | 3.91 | — | ||||||||||||||||||||
Vested and expected to be vested at March 31, 2014 | 351,251 | 4.75 – 15.56 | 12.14 | 3.91 | — | ||||||||||||||||||||
Exercisable, at end of fiscal year | 343,751 | 4.75 – 15.56 | 12.24 | 3.85 | |||||||||||||||||||||
Changes in outstanding options under both the 1997 Plan, the 2005 Plan and the Omnibus Plan during the fiscal years ended March 31, 2014, 2013 and 2012 are as follows: (continued) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Number of | Range of | Weighted | Weighted | Aggregate | |||||||||||||||||||||
options | exercise | average | average | intrinsic | |||||||||||||||||||||
price | exercise | remaining | value | ||||||||||||||||||||||
price | contractual | ||||||||||||||||||||||||
term | |||||||||||||||||||||||||
US$ | US$ | (years) | US$ | ||||||||||||||||||||||
(per share) | (per share) | ||||||||||||||||||||||||
Outstanding, at beginning of fiscal year | 339,701 | 8.99 – 30.56 | 17.66 | 3.96 | — | ||||||||||||||||||||
Granted | 86,000 | 4.75 | 4.75 | ||||||||||||||||||||||
Expired | — | — | — | ||||||||||||||||||||||
Exercised | — | — | — | ||||||||||||||||||||||
Forfeited | (5,950 | ) | 15.60 – 30.56 | 21.26 | |||||||||||||||||||||
Outstanding, at end of fiscal year | 419,751 | 4.75 – 30.56 | 14.96 | 4.28 | — | ||||||||||||||||||||
Vested and expected to be vested at March 31, 2013 | 419,751 | 4.75 – 30.56 | 14.96 | 4.28 | — | ||||||||||||||||||||
Exercisable, at end of fiscal year | 369,752 | 4.75 – 30.56 | 13.41 | 4.6 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Number of | Range of | Weighted | Weighted | Aggregate | |||||||||||||||||||||
options | exercise | average | average | intrinsic | |||||||||||||||||||||
price | exercise | remaining | value | ||||||||||||||||||||||
price | contractual | ||||||||||||||||||||||||
term | |||||||||||||||||||||||||
US$ | US$ | (years) | US$ | ||||||||||||||||||||||
(per share) | (per share) | ||||||||||||||||||||||||
Outstanding, at beginning of fiscal year | 423,118 | 8.99 – 30.56 | 18 | 4.01 | — | ||||||||||||||||||||
Granted | — | — | — | ||||||||||||||||||||||
Expired | (82,167 | ) | 19.00 – 25.00 | 19.22 | |||||||||||||||||||||
Exercised | — | — | — | ||||||||||||||||||||||
Forfeited | (1,250 | ) | 25.00 – 30.56 | 29.45 | |||||||||||||||||||||
Outstanding, at end of fiscal year | 339,701 | 8.99 – 30.56 | 17.66 | 3.96 | — | ||||||||||||||||||||
Vested and expected to be vested at March 31, 2012 | 339,701 | 8.99 – 30.56 | 17.66 | 3.96 | — | ||||||||||||||||||||
Exercisable, at end of fiscal year | 287,452 | 8.99 – 30.56 | 16.06 | 4.17 | |||||||||||||||||||||
In January 1999, the Board of Directors of Global-Tech adopted an employee stock purchase plan. The plan was approved by the stockholders at the annual meeting of stockholders in March 1999. The total number of common stock which may be granted under the plan is 450,000 shares. Stock grants may be awarded under the plan to the employees, including officers, directors, non-employee directors and consultants in consideration for their services to the Group. | |||||||||||||||||||||||||
During the fiscal year ended March 31, 2007, Global-Tech granted an aggregate of 3,750 shares of common stock of Global-Tech to an employee with an effective grant date of November 6, 2006. 750 shares of such common stock vested and were issued on the first anniversary of the date of the stock grant and 750 shares of such common stock vested and were issued on the second, third, fourth, and fifth anniversaries of the date of the stock grant, respectively. | |||||||||||||||||||||||||
Changes in stock grants during the fiscal years ended March 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Stock | Weighted | Stock | Weighted | Stock | Weighted | ||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
grant-date | grant-date | grant-date | |||||||||||||||||||||||
fair value | fair value | fair value | |||||||||||||||||||||||
US$ | US$ | US$ | |||||||||||||||||||||||
Non-vested, at beginning of fiscal year | — | — | 750 | 10,380 | 750 | 10,380 | |||||||||||||||||||
Granted | — | — | — | — | — | — | |||||||||||||||||||
Vested | — | — | (750 | ) | 10,380 | — | — | ||||||||||||||||||
Non-vested, at end of fiscal year | — | — | — | — | 750 | 10,380 | |||||||||||||||||||
The total fair value of the 750 shares of common stock vested during the fiscal year ended March 31, 2013 was US$6,503. | |||||||||||||||||||||||||
The expense for the employee stock purchase plan recognized in the SG&A line item in the consolidated statement of operations and comprehensive income for the fiscal years ended March 31, 2014, 2013 and 2012 amounted to nil, US$9,108 and nil respectively. | |||||||||||||||||||||||||
Further details relating to the options granted under the 1997 Plan, the 2005 Plan and the Omnibus Plan that are outstanding as of March 31, 2014 are as follows: | |||||||||||||||||||||||||
Options outstanding as of March 31, 2014 | Options exercisable | ||||||||||||||||||||||||
as of March 31, 2014 | |||||||||||||||||||||||||
Number of | Range of | Weighted | Weighted | Number | Weighted | ||||||||||||||||||||
options | exercise price | average | average | of options | average | ||||||||||||||||||||
per | remaining | exercise price | exercise price | ||||||||||||||||||||||
option | contractual | per | per | ||||||||||||||||||||||
life | option | option | |||||||||||||||||||||||
US$ | (years) | US$ | US$ | ||||||||||||||||||||||
(per share) | (per share) | (per share) | |||||||||||||||||||||||
83,000 | 4.75 | 8.31 | 4.75 | 80,500 | 4.75 | ||||||||||||||||||||
20,000 | 8.99 | 5.7 | 8.99 | 15,000 | 8.99 | ||||||||||||||||||||
248,251 | 13.20–15.60 | 2.29 | 14.87 | 248,251 | 14.87 | ||||||||||||||||||||
351,251 | 343,751 | ||||||||||||||||||||||||
As of March 31, 2014, 2013 and 2012, there was an unrecognized share-based compensation cost of nil, nil and US$1,969, respectively relating to stock granted to an employee under the 1999 Employee Stock Purchase Plan. The unrecognized compensation cost for stock granted is expected to be recognized over a weighted-average vesting period of two years and five years. To the extent that the actual forfeiture rate is different from the original estimate, actual share-based compensation relating to these awards may be different from the expectations. | |||||||||||||||||||||||||
The fair value of the options granted was estimated on the date of grant using the following assumptions: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Risk-free Interest Rate | — | 0.97% – 1.50% | — | ||||||||||||||||||||||
Expected Dividend Yield | — | 0% | — | ||||||||||||||||||||||
Expected Option Life | — | 7 – 10 years | — | ||||||||||||||||||||||
Expected Stock Price Volatility | — | 53.28% – 58.71% | — |
Condensed_Financial_Informatio
Condensed Financial Information of Global-Tech | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Financial Information of Global-Tech | ' | ||||||||||||
29 | CONDENSED FINANCIAL INFORMATION OF GLOBAL-TECH | ||||||||||||
Under the relevant PRC laws and regulations, the Company’s PRC subsidiaries (the “PRC Subsidiaries”) are restricted in their ability to transfer certain of their net assets to Global-Tech in the form of dividend payments, loans, or advances. The amounts restricted include net assets of the PRC Subsidiaries, as determined pursuant to PRC generally accepted accounting principles, totaling RMB311,667,606 (approximately US$50,144,200) as of March 31, 2014. | |||||||||||||
The following is the condensed financial information of Global-Tech on a stand-alone basis: | |||||||||||||
Balance sheets | |||||||||||||
March 31, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
US$ | US$ | ||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 6,719,079 | 19,405,865 | |||||||||||
Time deposits | 11,339,515 | — | |||||||||||
Available-for-sale investments | 1,050,500 | — | |||||||||||
Prepaid expenses | 17,803 | 46,903 | |||||||||||
Deposits and other assets | 302,107 | 40,087 | |||||||||||
Total current assets | 19,429,004 | 19,492,855 | |||||||||||
Interests in subsidiaries | 46,474,157 | 55,812,262 | |||||||||||
Available-for-sale investments | — | 1,045,200 | |||||||||||
Total assets | 65,903,161 | 76,350,317 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Other accrued liabilities | 113,158 | 92,114 | |||||||||||
Total liabilities | 113,158 | 92,114 | |||||||||||
Shareholders’ equity: | |||||||||||||
Common stock, par value US$0.04 per share; 12,500,000 shares authorized; 3,233,814 and 3,230,814 shares issued as of March 31, 2014 and 2013 | 129,353 | 129,233 | |||||||||||
Preferred stock, par value US$0.04 per share; 250,000 shares authorized; no shares issued | — | — | |||||||||||
Additional paid-in capital | 85,103,910 | 85,053,402 | |||||||||||
Statutory reserves | 1,340,229 | 1,238,361 | |||||||||||
Accumulated deficit | (26,590,366 | ) | (15,932,941 | ) | |||||||||
Accumulated other comprehensive income | 10,854,689 | 10,709,740 | |||||||||||
Less: Treasury stock, at cost, 189,587 shares as of March 31, 2014 and 2013 | (4,663,321 | ) | (4,663,321 | ) | |||||||||
Total Global-Tech Advanced Innovations Inc. shareholders’ equity | 66,174,494 | 76,534,474 | |||||||||||
Non-controlling interests | (384,491 | ) | (276,271 | ) | |||||||||
Total equity | 65,790,003 | 76,258,203 | |||||||||||
Total liabilities and shareholders’ equity | 65,903,161 | 76,350,317 | |||||||||||
Statements of operations and comprehensive income | |||||||||||||
Fiscal years ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Net sales | — | — | — | ||||||||||
Cost of goods sold | — | — | — | ||||||||||
Gross profit | — | — | — | ||||||||||
Selling, general and administrative expenses | (887,346 | ) | (1,071,502 | ) | (1,158,531 | ) | |||||||
Operating loss | (887,346 | ) | (1,071,502 | ) | (1,158,531 | ) | |||||||
Interest income, net | 359,062 | 344,582 | 35,349 | ||||||||||
Equity in profits (losses) of subsidiaries | (7,308,381 | ) | (484,185 | ) | 1,923,914 | ||||||||
Other income (expense), net | (2,718,892 | ) | (752,196 | ) | 609,945 | ||||||||
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | (10,555,557 | ) | (1,963,301 | ) | 1,410,677 | ||||||||
Other comprehensive income | |||||||||||||
Foreign currency translation adjustments | 153,629 | 989,800 | 2,278,213 | ||||||||||
Release of unrealized loss on available-for-sale investments, net of income tax of nil, upon disposal | (13,980 | ) | — | — | |||||||||
Unrealized gain on available-for-sale investments, net of income tax of nil | 5,300 | 22,495 | 23,957 | ||||||||||
Total comprehensive income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | (10,410,608 | ) | (951,006 | ) | 3,712,847 | ||||||||
Statements of cash flows | |||||||||||||
Fiscal years ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | (10,555,557 | ) | (1,963,301 | ) | 1,410,677 | ||||||||
Adjustments to reconcile net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. to net cash provided by operating activities: | |||||||||||||
Stock compensation expense | 36,378 | 258,128 | 34,121 | ||||||||||
Shares issued to an employee | — | 9,108 | — | ||||||||||
Equity in losses (profits) of subsidiaries | 7,308,381 | 484,185 | (1,923,914 | ) | |||||||||
Interest received from available-for-sale investments | — | — | (13 | ) | |||||||||
Changes in operating assets and liabilities: | |||||||||||||
Prepaid expenses | 29,100 | (3,693 | ) | (2,582 | ) | ||||||||
Deposits and other assets | (262,020 | ) | (15,364 | ) | 4,969 | ||||||||
Other accrued liabilities | 21,044 | (109,369 | ) | (26,324 | ) | ||||||||
Net cash used in operating activities | (3,422,674 | ) | (1,340,306 | ) | (503,066 | ) | |||||||
Cash flows from investing activities: | |||||||||||||
Purchases of available-for-sale investments | — | — | (8,999,987 | ) | |||||||||
Proceeds from disposal of available-for-sale investments | — | 2,000,000 | 9,000,000 | ||||||||||
Repayment of amounts due from (advances to) subsidiaries, net | 2,061,153 | 910,372 | 13,091,819 | ||||||||||
Increase in time deposits | (11,339,515 | ) | — | — | |||||||||
Capital injection into subsidiaries | — | (1,107,753 | ) | (1,732,162 | ) | ||||||||
Net cash provided by investing activities | (9,278,362 | ) | 1,802,619 | 11,359,670 | |||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from stock options exercised | 14,250 | — | — | ||||||||||
Cash dividend paid | — | (3,040,753 | ) | — | |||||||||
Net cash used in financing activities | 14,250 | (3,040,753 | ) | — | |||||||||
Net increase (decrease) in cash and cash equivalents | (12,686,786 | ) | (2,578,440 | ) | 10,856,604 | ||||||||
Cash and cash equivalents at beginning of fiscal year | 19,405,865 | 21,984,305 | 11,127,701 | ||||||||||
Cash and cash equivalents at end of fiscal year | 6,719,079 | 19,405,865 | 21,984,305 | ||||||||||
(a) | Basis of preparation | ||||||||||||
For the purposes of the preparation of the condensed financial information of Global-Tech, the Company records its interests in direct and indirect subsidiaries under the equity method of accounting as prescribed in FASB ASC 323 “Investments-Equity Method and Joint Ventures”. Such interests, together with the advances to subsidiaries, are presented as “Interests in subsidiaries” on the balance sheets and share of the subsidiaries’ income and losses is presented as “Equity in profits (losses) of subsidiaries” on the statements of operations and comprehensive income. | |||||||||||||
(b) | Commitments | ||||||||||||
Global-Tech has provided a letter of support to certain of its subsidiaries indicating its commitment to provide continuing financial support to those subsidiaries. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Mar. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Basis of Preparation | ' | ||
(a) | Basis of preparation | ||
These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). | |||
Basis of Consolidation | ' | ||
(b) | Basis of consolidation | ||
The consolidated financial statements include the financial statements of Global-Tech and its subsidiaries. The fiscal year end date of Lite Array Holdings Limited (“Lite Array Holdings”), a jointly-controlled entity of the Company, is December 31. There have been no significant transactions in Lite Array Holdings and its subsidiaries which would materially affect the Company’s financial position and results of operations during each of the periods from Lite Array Holdings’ fiscal year end date to March 31, 2014, 2013 and 2012, respectively. | |||
All significant intercompany balances and transactions between group companies are eliminated on consolidation. | |||
Discontinued Operations | ' | ||
(c) | Discontinued operations | ||
Unless otherwise indicated, information presented in the notes to the consolidated financial statements relates only to Global-Tech’s continuing operations. Information related to discontinued operations is included in note 18 and in some instances, where appropriate, is included as separate disclosure within the individual footnotes. | |||
Use of Estimates | ' | ||
(d) | Use of estimates | ||
The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the amounts that are reported in these consolidated financial statements and accompanying disclosures. The accounting estimates with regard to these consolidated financial statements that require the most significant and subjective judgments include, but are not limited to, valuation of investments and determination of other-than-temporary impairments, useful lives of property, plant and equipment, recoverability of long-lived assets, determination of impairment losses, assessment of market value of inventories and provision for inventory obsolescence, allowance for doubtful accounts, provision for employee benefits, provision for warranty, recognition and measurement of current and deferred income taxes (including income tax benefit (expense)), valuation allowance for deferred tax assets, assumptions used for the valuation of options to purchase Global-Tech’s common stock, provision for loss contingencies, and measurement of fair values of financial instruments. Changes in facts and circumstances may result in revised estimates. | |||
Cash and Cash Equivalents | ' | ||
(e) | Cash and cash equivalents | ||
Cash and cash equivalents consist of cash on hand and bank deposits, which are unrestricted to withdraw and use, and other investments that are readily convertible into cash with original maturities of three months or less. | |||
Restricted Cash | ' | ||
(f) | Restricted cash | ||
Restricted cash consists of bank deposits, which may only be used to settle pre-arranged general banking facilities. | |||
Investments | ' | ||
g) | Investments (continued) | ||
Debt and equity investments designated as available-for-sale investments are stated at fair value. Unrealized gains or losses, net of tax, on available-for-sale investments are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Realized gains and losses and any declines in fair value judged to be other-than-temporary on available-for-sale investments are included in the consolidated statement of operations and comprehensive income. Gains or losses on sale of investments and amounts reclassified from accumulated other comprehensive income (loss) to earnings are computed based on the specific identification method. Interest or dividend income on securities classified as available-for-sale investments is included in interest income or dividend income, respectively. | |||
Non-derivative securities with fixed or determinable payments and fixed maturities are classified as held-to-maturity investments if the Company has both the positive intention and ability to hold the financial assets to maturity. Investments intended to be held to maturity are measured at amortized cost. Interest on securities classified as held-to-maturity investments is included in interest income. | |||
Prior to April 1, 2009, declines in the fair value of held-to-maturity and available-for-sale securities below their amortized cost, that were deemed to be other-than-temporary, were all reported in investment gains (losses), net. Effective April 1, 2009, the Company adopted new accounting guidance for impairment of debt securities that are deemed to be other-than temporary. Factors considered in evaluating potential impairment include, but are not limited to, the current fair value as compared to cost or amortized cost of the security, as appropriate, the length of time the investment has been below cost or amortized cost and by how much, our intent to sell a security and whether it is more-likely-than-not we will be required to sell the security before the recovery of our amortized cost basis, and specific credit issues related to the issuer and current economic conditions. Under the new impairment model, the credit component of an other-than-temporary impairment of a debt security is reported in investment gains (losses), net and the noncredit component is reported in other comprehensive income (loss). In addition, other-than-temporary declines in beneficial interests purchased or retained in a securitization transaction which are classified as available-for-sale debt securities are recognized if there has been an adverse change in the cash flows as of the end of the reporting period. Interest and dividends, as well as amortization of premiums and accretion of discounts, are reported in interest and dividend income. Amortization of premiums and accretion of discounts on debt securities are recognized over the remaining maturity under the interest method. | |||
A jointly-controlled entity is a joint venture that is subject to joint control, resulting in none of the participating parties having unilateral control over the economic activity of the jointly-controlled entity. The Company’s investment in a jointly-controlled entity for which it, not being the unilateral controlling owner of the entity, but has the ability to exercise joint control, is accounted for using the equity method. Under the equity method, the Company’s proportionate share of the jointly-controlled entities’ net income or loss and amortization of any identifiable intangibles arising from the investment is included in “Share of income (losses) of jointly-controlled entities”. The Company ceases to apply the equity method when its share of the jointly-controlled entities’ losses exceeds the carrying value of its investment. | |||
During the fiscal years ended March 31, 2014, 2013 and 2012, the Company has discontinued the recognition of its share of losses of the jointly-controlled entities because the share of losses of the jointly-controlled entities exceeded the Company’s interests in the jointly-controlled entities. The Company has no further obligations to fund operations. | |||
All other investments for which the Company does not have the ability to exercise joint control or significant influence (generally, when the Company has an investment of less than 20% ownership and no representation on the investee’s board of directors) and for which there is not a readily determinable fair value, are accounted for using the cost method. Dividends and other distributions of earnings from such investees, if any, are included in income when declared. The Company periodically evaluates the carrying value of its investments accounted for under the cost method for impairment with any loss included in the consolidated statement of operations and comprehensive income in the period when it is incurred. | |||
Accounts and Bills Receivable | ' | ||
(h) | Accounts and bills receivable | ||
Accounts and bills receivable are presented net of an allowance for doubtful accounts, which is an estimate of amounts that may not be collectible. The Company does not charge interest on accounts receivable. The allowance for doubtful accounts is estimated based on historical experience, receivable aging, current economic trends and specific identification of certain receivables that are at the risk of not being paid. The Company reviews the aged analysis of accounts and bills receivable on a regular basis. Whenever it is clear that the amounts are deemed to be uncollectible, receivables are written off against the allowance for doubtful accounts. | |||
Inventories | ' | ||
(i) | Inventories | ||
Inventories are stated at the lower of cost or market value. Cost, calculated on the weighted average basis, comprises direct materials and, where applicable, direct labor and an appropriate proportion of overheads. | |||
Property, Plant and Equipment | ' | ||
(j) | Property, plant and equipment | ||
Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after an item of property, plant and equipment has been put into operation, such as repairs and maintenance, is normally charged to the consolidated statement of operations and comprehensive income in the period in which it is incurred. In situations where it can be clearly demonstrated that the expenditure has resulted in an increase in the future economic benefits expected to be obtained from the use of an item of property, plant and equipment, and where the cost of the item can be measured reliably, the expenditure is capitalized as an additional cost of that asset. Depreciation is calculated on the straight-line basis at annual rates over the asset’s estimated useful life. | |||
The principal annual rates used for this purpose are as follows: | |||
Annual rate | |||
Leasehold improvements | Over the shorter of the lease terms or the estimated useful life | ||
Buildings | 4.50% | ||
Plant | 4.50% | ||
Machinery | 10% | ||
Moulds | 20% - 33% | ||
Transportation equipment | 15% - 20% | ||
Furniture, fixtures and equipment | 15% - 33% | ||
An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on derecognition of an item of property, plant and equipment, calculated as the difference between the net disposal proceeds and the carrying amount of the item, is included in the consolidated statement of operations and comprehensive income in the period the item is derecognized. Machinery and equipment used in the home appliance business has been derecognized pending sale. | |||
Construction in Progress | ' | ||
(k) | Construction in progress | ||
Construction in progress represents property, plant and equipment under construction or installation and is stated at cost less any accumulated impairment losses, and is not depreciated. Cost comprises the direct costs of construction, installation and other costs in making the asset ready for its intended use. Construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for its intended use. | |||
Impairment of Long-Lived Assets | ' | ||
(l) | Impairment of long-lived assets | ||
Long-lived assets are included in impairment evaluations when events and circumstances exist that indicate the carrying value of these assets may not be recoverable. In accordance with Financial Accounting Standards Board (“FASB”) ASC 360 “Property, Plant and Equipment” the Company assesses the recoverability of the carrying value of long-lived assets by first grouping its long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities (the asset group) and, secondly, estimating the undiscounted future cash flows that are directly associated with and expected to arise from the use of and eventual disposition of such asset group. The Company estimates the undiscounted cash flows over the remaining useful life of the primary asset within the asset group. If the carrying value of the asset group exceeds the estimated undiscounted cash flows, the Company records an impairment charge to the extent the carrying value of the long-lived asset exceeds its fair value. The Company determines fair value through quoted market prices in active markets or, if quotations of market prices are unavailable, through the performance of internal analysis using a discounted cash flow methodology or obtains external appraisals from independent valuation firms. The undiscounted and discounted cash flow analysis is based on a number of estimates and assumptions, including the expected period over which the asset will be utilized, projected future operating results of the asset group, discount rate and long-term growth rate. Long lived assets, excluding buildings, associated with the home appliance business and electronic manufacturing services (“EMS”) business are considered to be impaired and accordingly have been written down to fair value less the estimated cost of disposal. Since the Company has leased a significant portion of the buildings previously occupied by the home appliance business and EMS business, the Company was able to perform an impairment analysis based on anticipated future rental income, and as a result determined that they were not impaired. | |||
Revenue Recognition | ' | ||
(m) | Revenue recognition | ||
The Company recognizes revenue in accordance with the Securities and Exchange Commission (the “SEC”) Staff Accounting Bulletin (“SAB”) No. 104, “Revenue Recognition”, which requires that four basic criteria must be met before revenue can be recognized: (1) there is persuasive evidence that an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the fee is fixed or determinable; and (4) collectibility is reasonably assured. Net sales represent the gross invoiced amount, net of discounts, and are recognized when goods are shipped and title has passed. To the extent products are required to meet customer specifications, such products are subject to technical and quality tests that are designed to ensure compliance prior to shipment. | |||
Under the Company’s standard terms and conditions, which are mainly Free On Board shipping point, title and risk of loss are transferred to the customer at the time the product is delivered to the customer’s freight forwarder. | |||
Revenue related to camera modules (“CCMs”) shipments to certain telecommunication customers in the PRC is recognized upon notarized acceptance of the product by the customer. | |||
Revenue related to the provision of assembly services is recognized upon the completion of such services and delivery of the related products using the same criteria of SAB No. 104 stated above. | |||
Deposits or advance payments from customers prior to delivery and passage of title of merchandise are recorded as customer deposits. | |||
Revenue related to the provision of tooling income is recognized upon the completion of such services and delivery of the related product using the same criteria of SAB No. 104 stated above. | |||
In accordance with the relevant tax laws in the PRC, value-added tax is levied on the invoiced value of sales of goods and is payable by the purchaser. Revenue is recognized net of all value-added tax imposed by governmental authorities and collected from customers concurrent with revenue-producing transactions. | |||
Advertising Costs | ' | ||
(n) | Advertising costs | ||
Advertising costs represent costs relating to promotional activities intended to stimulate, directly or indirectly, a customer’s purchase of goods, and are charged to the consolidated statement of operations and comprehensive income as incurred and are included in “Selling, general and administrative expenses” (“SG&A”). Advertising expenses were US$151,027, US$223,682 and US$81,098 from continuing operations for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. Whereas, US$5,074, US$7,489 and US$1,754 were from discontinued operations for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. | |||
Design and Development Costs | ' | ||
(o) | Design and development costs | ||
Design and development costs primarily relate to the cost of samples and prototypes and salaries of our engineers. The Company expenses all design and development costs when incurred. Included in the SG&A expenses line item in the consolidated statement of operations and comprehensive income were design and development costs of US$498,068, US$366,001 and US$284,499 from continuing operations (from discontinued operations 2014, 2013 and 2012: US$331,424, US$454,648 and US$442,459) for the fiscal years ended March 31, 2014, 2013 and 2012, respectively. | |||
Shipping and Handling Costs | ' | ||
(p) | Shipping and handling costs | ||
In accordance with FASB ASC 605 “Revenue Recognition”, shipping and handling fees billed to customers are included in net sales in the consolidated statement of operations and comprehensive income. Any shipping and handling costs incurred by the Company associated with the sale of products are included in SG&A on the face of the consolidated statement of operations and comprehensive income. During the fiscal years ended March 31, 2014, 2013 and 2012, shipping and handling costs charged to SG&A were US$202,112, US$167,411 and US$82,290 from continuing operations (from discontinued operations 2014: US$54,729, 2013: US$160,384 and 2012: US$857,449), respectively. | |||
Any inbound freight charges, receiving, inspection, warehousing and internal transfer costs incurred by the Company are expensed as cost of goods sold. During the fiscal years ended March 31, 2014, 2013 and 2012, inbound freight costs charged to cost of goods sold were US$31,986, US$21,434 and US$20,922 from continuing operations (from discontinued operations 2014: nil, 2013: nil and 2012: US$70,279), respectively. Other related costs are included in manufacturing overheads. | |||
Foreign Currencies | ' | ||
(q) | Foreign currencies | ||
All transactions in currencies other than functional currencies during the year are translated at the exchange rates prevailing on the respective transaction dates. Monetary assets and liabilities existing at the balance sheet date denominated in currencies other than functional currencies are remeasured at the exchange rates existing on that date. Exchange differences are recorded in the consolidated statement of operations and comprehensive income. | |||
The functional currency of Global-Tech is the U.S. Dollar (“US$”). The financial statements of all subsidiaries are translated in accordance with FASB ASC 830 “Foreign Currency Matters”. All assets and liabilities are translated at the rates of exchange ruling at the balance sheet date and all income and expense items are translated at the average rates of exchange over the year. All exchange differences arising from the translation of subsidiaries’ financial statements are recorded as a component of comprehensive income or loss. | |||
Income Taxes | ' | ||
(r) | Income taxes | ||
Deferred income taxes are provided using the asset and liability method in accordance with FASB ASC 740 “Income taxes”. Under this method, deferred income taxes are recognized for all significant temporary differences at enacted rates and classified as current or non-current based upon the classification of the related asset or liability in the consolidated financial statements. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all, the deferred tax asset will not be realized. | |||
FASB ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements, and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides accounting guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Interest and penalties from tax assessments, if any, are included in income taxes in the consolidated statement of operations and comprehensive income. | |||
The Company records its possible interest and penalties due to any potential underpayment of income taxes, if and when required, in interest expense and other expenses, respectively. | |||
The Company did not provide for deferred income taxes and foreign withholding taxes on the undistributed earnings of foreign subsidiaries. The Company intends to permanently reinvest foreign subsidiaries’ earnings. | |||
Stock Compensation Expense | ' | ||
(s) | Stock compensation expense | ||
The Company adopted FASB ASC 718 “Compensation-Stock Compensation”, and related interpretations in accounting for its employee share-based payment transactions. Accordingly, stock compensation cost is measured at the date of grant and estimated using the option pricing model. Stock issued to an employee as compensation is measured at fair value based on the grant date quoted market price. The compensation cost for share-based awards with service conditions is amortized over the vesting period of the awards using the straight-line method provided that the amount of compensation cost recognized at any date must at least equal the portion of the grant date fair value of the award that is vested at that date. | |||
The Company accounts for stock options granted to a counterparty other than an employee in accordance with FASB ASC 505 “Equity”. Fair value of the equity instruments is recognized on the measurement date which is the earlier of (i) a commitment for performance by the counterparty to earn the equity instruments being reached or (ii) the counterparty’s performance being completed. | |||
Retirement Costs | ' | ||
(t) | Retirement costs | ||
Retirement cost contributions relating to defined contribution plans are made based on a percentage of the relevant employees’ salaries and are included in the consolidated statement of operations and comprehensive income as they become payable. The assumptions used in calculating the obligation for retirement cost contributions depend on the local economic environment, interpretations and practices in respect thereof. | |||
Operating Leases | ' | ||
(u) | Operating leases | ||
Leases where substantially all the rewards and risks of ownership remain with the lessor are accounted for as operating leases. Payments made under operating leases net of any incentives received from the lessors are charged to the consolidated statement of operations and comprehensive income on a straight-line basis over the period of the relevant leases. | |||
Assets leased out under operating leases are included in “Property, plant and equipment” in the consolidated balance sheet. They are depreciated over the expected useful lives on a basis consistent with similar owned items of property, plant and equipment. Rental income (net of any incentives given to lessees) is recognized on a straight-line basis over the lease terms. | |||
Earnings (Loss) Per Share | ' | ||
(v) | Earnings (loss) per share | ||
Basic earnings or loss per share of common stock is computed by dividing the net income or loss available to common shareholders for the year by the weighted average number of shares of common stock outstanding during the year. | |||
Diluted earnings or loss per share of common stock reflects the potential dilution that could occur if securities or other contracts/arrangements to issue shares of common stock were exercised or converted into shares of common stock. Common equivalent shares, comprised of incremental shares of common stock issuable upon the exercise of stock options, are included in diluted earnings or loss per share if they have a dilutive effect by application of the treasury stock method. | |||
Treasury Stock | ' | ||
(w) | Treasury stock | ||
The Company accounts for the acquired shares of its own capital stock (“treasury stock”) in accordance with Accounting Research Bulletin (“ARB”) No. 43, Chapter 1B, and Accounting Principles Board Opinion No. 6, “Status of Accounting Research Bulletins”. The cost of the acquired treasury stock is shown as a deduction from shareholders’ equity. Gains on sale of treasury stock not previously accounted for as constructively reissued are credited to additional paid-in capital while losses are charged to additional paid-in capital to the extent that previous net gains from the sale or retirement of the same class of stock are included therein, otherwise the loss is charged to retained earnings/accumulated deficit. | |||
Comprehensive Income (Loss) | ' | ||
(x) | Comprehensive income (loss) | ||
Comprehensive income (loss) is defined as the consolidated change in equity of the Company during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to shareholders. Total net comprehensive income (loss) includes net income or loss for the year as well as additional other comprehensive income (loss). The Company’s other comprehensive income (loss) consists of the Company’s share of other comprehensive income of jointly-controlled entities, unrealized gains and losses on available-for-sale investments and foreign currency translation adjustments, all recorded net of tax. | |||
Accruals and Loss Contingencies | ' | ||
(y) | Accruals and loss contingencies | ||
The Company makes provision for all loss contingencies when information available prior to the issuance of the consolidated financial statements indicates that it is probable that an asset has been impaired or a liability has been incurred at the date of the consolidated financial statements and the amount of loss can be reasonably estimated. | |||
For provision or accruals related to litigation, social insurance, property tax, etc, the Company makes provisions based on information from legal counsel and the best estimation of management. The Company assesses the potential liability to be recorded if the contingency loss is probable and the amount of loss can be reasonably estimated. The actual resolution of the contingency may differ from the Company’s estimates. If the contingency was settled for an amount greater than the estimate, a future charge to income would result. Likewise, if the contingency was settled for an amount that is less than our estimates, a future credit to income would result. | |||
Segment Reporting | ' | ||
(z) | Segment reporting | ||
The Company follows FASB ASC 280 “Segment Reporting”. During fiscal 2014, the Company operated and managed its business in two segments. The Company exited the EMS business in December 2013 and home appliance business in January 2012 and thus the home appliance and EMS segments are presented as discontinued operations. The accounting policies used in its segment reporting are the same as those used in the reporting of its results in the consolidated financial statements. | |||
Warranty Cost | ' | ||
(aa) | Warranty cost | ||
The Company estimates its warranty provision for defective products based on various factors including the likelihood of defects, an evaluation of its quality controls, technical analysis, industry information on comparable companies and its own experience. Based on the above consideration, the Company has accrued for warranty costs of US$869,734 for the year ended March 31, 2014 (2013: US$403,627 and 2012: US$729,528). The basis and the amount of the warranty accrual are reviewed and adjusted periodically based on actual experience. | |||
Government Grants | ' | ||
(ab) | Government grants | ||
Government grants are recognized when received and the stipulated activities are achieved. Such amounts are included in other income (expenses), net in the consolidated statement of operations and comprehensive income. | |||
Retained Earnings and Reserves | ' | ||
(ac) | Retained Earnings and Reserves | ||
The Company’s retained earnings are not restricted as to the payment of dividends except to the extent dictated by prudent business practices. The Company believes that there are no material restrictions, including foreign exchange controls, on the ability of its non-PRC subsidiaries to transfer surplus funds to the Company in the form of cash dividends, loans, advances or purchases. With respect to the Company’s PRC subsidiaries, there are restrictions on the payment of dividends and the distribution of dividends from the PRC. On March 16, 2007, the PRC promulgated the Law of the PRC on Enterprise Income Tax (the “New Law”) by Order No. 63 of the President of the PRC. Please refer to Note 17 for further details of the New Law. The New Law became effective from January 1, 2008. Prior to the enactment of the New Law, when dividends were paid by the Company’s PRC subsidiaries, such dividends would reduce the amount of reinvested profits and accordingly, the refund of taxes paid might be reduced to the extent of tax applicable to profits not reinvested. Subsequent to the enactment of the New Law, due to the removal of tax benefit related to reinvestment of capital in PRC subsidiaries, the Company may not reinvest the profits made by the PRC subsidiaries. Payment of dividends by PRC subsidiaries to foreign investors on profits earned subsequent to January 1, 2008 will also be subject to withholding tax under the New Law. In addition, pursuant to the relevant PRC regulations, a certain portion of the profits made by these subsidiaries must be set aside for future capital investment and are not distributable, and the registered capital of the Company’s PRC subsidiaries are also restricted. Under applicable PRC regulations, foreign-invested enterprises in China may pay dividends only out of their accumulated profits, if any, determined in accordance with the PRC accounting standards and regulations. In addition, a foreign-invested enterprise in China is required to set aside at least 10% of its after-tax profit based on PRC accounting standards each year for its general reserves until the cumulative amount of such reserves reaches 50% of its registered capital. These reserves are not distributable as cash dividends. The board of directors of a foreign-invested enterprise has the discretion to allocate a portion of its after-tax profits to staff welfare and bonus funds, which may not be distributed to equity owners except in the event of liquidation. However, the Company believes that such restrictions will not have a material effect on the Company’s liquidity or cash flows. | |||
Statutory Reserves | ' | ||
(ad) | Statutory Reserves | ||
The PRC subsidiaries are required by the relevant laws and regulation to transfer at least 10% of their after-tax profit determined in accordance with the PRC accounting rules and regulations to a statutory surplus reserve until such reserve balance reaches 50% of their registered capital. | |||
The Company transferred US$101,868 and US$1,238,361 out of after-tax profit of its PRC subsidiaries to the statutory reserves for the years ended March 31, 2014 and 2013, respectively. | |||
The statutory reserves can only be utilized to offset prior years’ losses or for capitalization as paid-in capital. No distribution of the remaining reserves shall be made other than upon liquidation of the PRC subsidiaries. | |||
Recent Accounting Pronouncements | ' | ||
Recent accounting pronouncements | |||
(i) | The FASB has issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. | ||
Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. | |||
In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. | |||
The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. This disclosure will provide users with information about the on-going trends in a reporting organization’s results from continuing operations. | |||
The amendments in this ASU enhance convergence between U.S. GAAP and International Financial Reporting Standards (“IFRS”). Part of the new definition of discontinued operation is based on elements of the definition of discontinued operations in IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations. | |||
The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. For most nonpublic organizations, it is effective for annual financial statements with fiscal years beginning on or after December 15, 2014. Early adoption is permitted. | |||
The Company believes that its adoption of the ASU will not have any material impact on its consolidated financial statements. | |||
(ii) | The FASB has issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). | ||
U.S. GAAP does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments in this ASU state that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. | |||
This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. The amendments should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. | |||
The Company believes that its adoption of the ASU will not have any material impact on its consolidated financial statements. |
Subsidiaries_Tables
Subsidiaries (Tables) | 12 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Text Block [Abstract] | ' | ||||||||||
Details of Global-Tech's Subsidiaries | ' | ||||||||||
Details of Global-Tech’s subsidiaries as of March 31, 2014 were as follows: | |||||||||||
Name | Place of | Percentage of | Principal activities | ||||||||
incorporation/ | equity interest | ||||||||||
registration | attributable to | ||||||||||
the Company | |||||||||||
Global Display Holdings Limited | British Virgin Islands | 100 | Investment holding | ||||||||
Kwong Lee Shun Trading Company Limited | Hong Kong | 100 | Leasing of a property | ||||||||
Consortium Investment (BVI) Limited | British Virgin Islands | 100 | Investment holding | ||||||||
GT Investments (BVI) Limited | British Virgin Islands | 100 | Investment holding | ||||||||
Global Optics Limited | Hong Kong | 100 | Trading of raw materials and electronic and optical components | ||||||||
Dongguan Wing Shing Electrical Products Factory Company Limited (“DWS”) | PRC | 100 | Factory complex rental and maintenance | ||||||||
Guangdong Lite Array Company Limited (“DGLAD”) (formerly known as Dongguan Lite Array Company Limited) | PRC | 100 | Developing, manufacturing and marketing of electronic and optical components | ||||||||
Dongguan Microview Medical Technology Company Limited | PRC | 100 | Manufacturing and distribution of medical instruments | ||||||||
Joke Media Limited | PRC | 100 | Media services | ||||||||
Global Household Products Limited | Hong Kong | 100 | Inactive | ||||||||
Pentalpha Medical Limited | Hong Kong | 100 | Inactive | ||||||||
Pentalpha Hong Kong Limited | Hong Kong | 100 | Inactive | ||||||||
Global-Tech USA, Inc. | State of Delaware, U.S.A. | 100 | Provision of consultation services | ||||||||
Global Lite Array (BVI) Limited | British Virgin Islands | 76.75 | Investment holding | ||||||||
Lite Array, Inc. | State of Delaware, U.S.A. | 76.75 | Inactive |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Mar. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Principal Annual Rates Used for Property, Plant and Equipment | ' | ||
The principal annual rates used for this purpose are as follows: | |||
Annual rate | |||
Leasehold improvements | Over the shorter of the lease terms or the estimated useful life | ||
Buildings | 4.50% | ||
Plant | 4.50% | ||
Machinery | 10% | ||
Moulds | 20% - 33% | ||
Transportation equipment | 15% - 20% | ||
Furniture, fixtures and equipment | 15% - 33% |
Cash_and_Cash_Equivalents_Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||
Schedule of Cash and Cash Equivalents | ' | ||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
US$ | US$ | ||||||||
Cash on hand and at banks | 15,942,867 | 24,551,490 | |||||||
Money market funds | 6,877,433 | 7,833,886 | |||||||
Total cash and cash equivalents | 22,820,300 | 32,385,376 | |||||||
AvailableforSale_Investments_T
Available-for-Sale Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Summary of Available-for-Sale Debt and Equity Securities | ' | ||||||||||||||||||||||||
The following is a summary of available-for-sale debt and equity securities as of March 31, 2014 and 2013: | |||||||||||||||||||||||||
Cost | Net unrealized | Fair values | |||||||||||||||||||||||
gains | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
US$ | US$ | US$ | US$ | US$ | US$ | ||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Unlisted investments | 1,000,000 | — | 50,500 | — | 1,050,500 | — | |||||||||||||||||||
Listed equity securities | — | 3,138 | — | 14,015 | — | 17,153 | |||||||||||||||||||
1,000,000 | 3,138 | 50,500 | 14,015 | 1,050,500 | 17,153 | ||||||||||||||||||||
Non-current assets: | |||||||||||||||||||||||||
Unlisted investments | — | 1,000,000 | — | 45,200 | — | 1,045,200 | |||||||||||||||||||
1,000,000 | 1,003,138 | 50,500 | 59,215 | 1,050,500 | 1,062,353 | ||||||||||||||||||||
Accounts_and_Bills_Receivable_1
Accounts and Bills Receivable, Net (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Text Block [Abstract] | ' | ||||||||||||
Summary of Accounts and Bills Receivable | ' | ||||||||||||
March 31, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
US$ | US$ | ||||||||||||
Accounts receivable | 15,833,127 | 9,673,986 | |||||||||||
Less: Allowance for doubtful accounts | (74,413 | ) | — | ||||||||||
Accounts receivable, net | 15,758,714 | 9,673,986 | |||||||||||
Bills receivable | 5,458,170 | 10,039,622 | |||||||||||
Accounts and bills receivable, net | 21,216,884 | 19,713,608 | |||||||||||
Schedule of Allowance for Doubtful Accounts | ' | ||||||||||||
Fiscal years ended | |||||||||||||
March 31, | March 31, | March 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Allowance for doubtful accounts: | |||||||||||||
Balance at beginning of fiscal year | — | — | 768 | ||||||||||
Additions | 74,413 | — | — | ||||||||||
Amount written-off as uncollectible during the fiscal year | — | — | (768 | ) | |||||||||
Balance at end of fiscal year | 74,413 | — | — | ||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
US$ | US$ | ||||||||
Raw materials | 2,491,135 | 2,791,811 | |||||||
Work in progress | 2,303,800 | 878,718 | |||||||
Finished goods | 2,367,932 | 1,721,803 | |||||||
7,162,867 | 5,392,332 | ||||||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Schedule of Property, Plant and Equipment, Net | ' | ||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
US$ | US$ | ||||||||
Leasehold improvements and buildings | 32,953,940 | 28,511,687 | |||||||
Plant and machinery | 28,072,532 | 35,469,194 | |||||||
Moulds | 617,380 | 386,554 | |||||||
Transportation equipment | 1,527,750 | 1,552,518 | |||||||
Furniture, fixtures and equipment | 4,541,432 | 5,885,172 | |||||||
Construction in progress | 1,259,572 | 2,288,034 | |||||||
68,972,606 | 74,093,159 | ||||||||
Less: Accumulated depreciation | (42,655,648 | ) | (47,564,478 | ) | |||||
Property, plant and equipment, net | 26,316,958 | 26,528,681 | |||||||
Warranty_Provision_Tables
Warranty Provision (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Guarantees [Abstract] | ' | ||||||||||||
Summary of Warranty Activity | ' | ||||||||||||
The Company’s warranty activity during the fiscal years ended March 31, 2014, 2013 and 2012 is summarized below: | |||||||||||||
Fiscal years ended | |||||||||||||
March 31, | March 31, | March 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Balance at beginning of fiscal year | 403,627 | 729,528 | 296,410 | ||||||||||
Additional provision | 485,229 | — | 473,551 | ||||||||||
Reversal of unutilized amounts | (19,122 | ) | (325,901 | ) | (40,433 | ) | |||||||
Balance at end of fiscal year | 869,734 | 403,627 | 729,528 | ||||||||||
Other_Income_Expense_Net_Table
Other Income (Expense), Net (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Summary of Other Income (Expenses), Net | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Foreign exchange gains (losses), net | (121,990 | ) | 23,900 | 184,706 | |||||||||
Gains (Losses) on disposal of property, plant and equipment | 11,322 | 463,358 | (86,015 | ) | |||||||||
Impairment of property, plant and equipment | (2,103,780 | ) | — | (1,230,727 | ) | ||||||||
Rental income from third parties | 1,292,903 | 177,556 | — | ||||||||||
Management fee received from a third party | 77,944 | — | — | ||||||||||
Reversal of (Accrual for) potential tax surcharge, net | 130,328 | (60,622 | ) | 46,086 | |||||||||
Reversal of compensation for potential litigation | — | — | 500,000 | ||||||||||
Government grants | 837,656 | 443,468 | 439,471 | ||||||||||
Sale of scrap materials | 533 | 213,718 | — | ||||||||||
Others | 311,388 | 310,201 | 69,978 | ||||||||||
436,304 | 1,571,579 | (76,501 | ) | ||||||||||
Other Income (Expenses), Net from Continuing and Discontinued Operations | ' | ||||||||||||
Other income (expenses), net from: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Continuing operations | 2,396,789 | 583,315 | 1,124,478 | ||||||||||
Discontinued operations | (1,960,485 | ) | 988,264 | (1,200,979 | ) | ||||||||
436,304 | 1,571,579 | (76,501 | ) | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Summary of Income Tax Expense (Benefit) | ' | ||||||||||||
Income tax expense (benefit) consists of: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Continuing Operations | |||||||||||||
Income tax expense (benefit): | |||||||||||||
Current | (255,927 | ) | (820,039 | ) | 1,229,229 | ||||||||
Deferred | — | (21,861 | ) | (604 | ) | ||||||||
Income tax expense (benefit) from continuing operations | (255,927 | ) | (841,900 | ) | 1,228,625 | ||||||||
Discontinued Operations | |||||||||||||
Income tax expense: | |||||||||||||
Current | — | — | 25,263 | ||||||||||
Income tax expense from discontinued operations | — | — | 25,263 | ||||||||||
Total income tax expense (benefit) | (255,927 | ) | (841,900 | ) | 1,253,888 | ||||||||
Schedule of Reconciliation of Income Tax Expense (Benefit) | ' | ||||||||||||
The reconciliation of income tax expense (benefit) computed at the Hong Kong statutory income tax rate to the total income (loss) from continuing operations and discontinued operations before income taxes at the effective income tax rate is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Income tax expenses (benefit) at the Hong Kong statutory income tax rate | (1,801,722 | ) | (480,671 | ) | 440,752 | ||||||||
Foreign rate differential | (299,512 | ) | 30,822 | 200,857 | |||||||||
Non-taxable other income | (227,440 | ) | (386,664 | ) | (294,827 | ) | |||||||
Non-tax deductible expenses | 1,035,101 | 670,389 | 1,124,153 | ||||||||||
Under (Over) provision of tax in prior periods | (695,630 | ) | (1,314,491 | ) | 206,387 | ||||||||
Unrecognized tax benefits | 278,338 | 223,959 | 569,997 | ||||||||||
Changes in valuation allowance | 1,454,938 | 414,756 | (993,431 | ) | |||||||||
Total income tax expense (benefit) at the Company’s effective income tax rate | (255,927 | ) | (841,900 | ) | 1,253,888 | ||||||||
Hong Kong statutory income tax rate | 16.5 | % | 16.5 | % | 16.5 | % | |||||||
Effective income tax rate | 2.3 | % | 28.9 | % | 46.9 | % | |||||||
Summary of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Deferred tax assets and liabilities as of March 31, 2014 and 2013 comprise the following: | |||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||
US$ | US$ | ||||||||||||
Deferred tax assets: | |||||||||||||
Impairment of property, plant and equipment | 2,318,586 | 2,031,131 | |||||||||||
Provision for inventories | 238,730 | 196,834 | |||||||||||
Provision for warranty | 217,434 | 111,903 | |||||||||||
Operating losses carried forward | 4,391,655 | 3,418,116 | |||||||||||
Gross deferred tax assets | 7,166,405 | 5,757,984 | |||||||||||
Less: Valuation allowance for deferred tax assets | (7,166,405 | ) | (5,757,984 | ) | |||||||||
Net deferred tax assets | — | — | |||||||||||
Deferred tax liabilities: | |||||||||||||
Other temporary differences | — | — | |||||||||||
Tax over book depreciation of property, plant and equipment | (5,183 | ) | (5,180 | ) | |||||||||
Total deferred tax liabilities | (5,183 | ) | (5,180 | ) | |||||||||
Summary of Valuation Allowance | ' | ||||||||||||
Fiscal years ended | |||||||||||||
March 31, | March 31, | March 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Valuation allowance: | |||||||||||||
Balance at beginning of fiscal year | 5,757,984 | 5,185,404 | 6,057,516 | ||||||||||
Additions (reversals) | 1,454,938 | 414,756 | (993,431 | ) | |||||||||
Exchange realignment | (46,517 | ) | 157,824 | 121,319 | |||||||||
Balance at end of fiscal year | 7,166,405 | 5,757,984 | 5,185,404 | ||||||||||
Schedule of Reconciliation of Movements of Unrecognized Tax Benefits Exclusive of Related Interest and Penalties | ' | ||||||||||||
A reconciliation of the movements of unrecognized tax benefits under FASB ASC 740 during the fiscal years ended March 31, 2014 and 2013, exclusive of related interest and penalties, is as follows: | |||||||||||||
Fiscal years ended | |||||||||||||
March 31, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
US$ | US$ | ||||||||||||
Balance at beginning of fiscal year | 8,870,677 | 9,117,443 | |||||||||||
Additions based on tax positions related to the current year | 422,094 | 799,637 | |||||||||||
Reduction for tax positions related to prior year | (700,780 | ) | (1,070,199 | ) | |||||||||
Exchange realignment | (2,827 | ) | 23,796 | ||||||||||
Balance at end of fiscal year | 8,589,164 | 8,870,677 | |||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Income (Loss) from Discontinued Operations | ' | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Net Sales | 2,922,127 | 14,256,314 | 68,325,333 | ||||||||||
Cost of goods sold | (4,323,267 | ) | (13,962,646 | ) | (55,010,909 | ) | |||||||
Gross profit (loss) | (1,401,140 | ) | 293,668 | 13,314,424 | |||||||||
Selling, general and administrative expenses | (2,185,399 | ) | (3,870,995 | ) | (10,489,783 | ) | |||||||
Operating profit (loss) | (3,586,539 | ) | (3,577,327 | ) | 2,824,641 | ||||||||
Interest expense, net | — | — | (2,402 | ) | |||||||||
Other income (expense), net | (1,960,485 | ) | 988,264 | (1,200,979 | ) | ||||||||
Income tax expenses | — | — | (25,263 | ) | |||||||||
Income (Loss) from discontinued operations, net of tax | (5,547,024 | ) | (2,589,063 | ) | 1,595,997 | ||||||||
Basic_and_Diluted_Earnings_Los1
Basic and Diluted Earnings (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share | ' | ||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per share: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Numerator for basic and diluted earnings (loss) per share: | |||||||||||||
Income (Loss) from continuing operations | (5,116,577 | ) | 517,804 | (178,661 | ) | ||||||||
Income (Loss) from continuing operations attributable to non-controlling interests | 108,044 | 107,958 | (6,659 | ) | |||||||||
Income (Loss) from continuing operations attributable to shareholders of Global-Tech Advanced Innovations Inc. | (5,008,533 | ) | 625,762 | (185,320 | ) | ||||||||
Income (Loss) from discontinued operations | (5,547,024 | ) | (2,589,063 | ) | 1,595,997 | ||||||||
Net income (loss) attributable to common stockholders | (10,555,557 | ) | (1,963,301 | ) | 1,410,677 | ||||||||
Number | Number | Number | |||||||||||
Denominator for basic and diluted earnings (loss) per share: | |||||||||||||
Weighted average number of shares of common stock | 3,041,625 | 3,040,310 | 3,039,727 | ||||||||||
US$ | US$ | US$ | |||||||||||
Basic and diluted earnings (loss) per share: | |||||||||||||
Earnings (Loss) from continuing operations | (1.65 | ) | 0.21 | (0.06 | ) | ||||||||
Earnings (Loss) from discontinued operations | (1.82 | ) | (0.86 | ) | 0.52 | ||||||||
Earnings (Loss) attributable to common stockholder | (3.47 | ) | (0.65 | ) | 0.46 | ||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||||||
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases | ' | ||||||||
Future minimum lease payments under non-cancelable operating leases as of March 31, 2014 and 2013 were as follows: | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
US$ | US$ | ||||||||
Payable: | |||||||||
Within one year | 381,394 | 754,386 | |||||||
Over one year but not exceeding two years | 352,290 | 374,706 | |||||||
Over two years but not exceeding three years | 352,290 | 352,478 | |||||||
Over three years but not exceeding four years | 352,290 | 352,478 | |||||||
Over four years but not exceeding five years | 352,290 | 352,478 | |||||||
Over five years | 8,572,401 | 8,929,433 | |||||||
10,362,955 | 11,115,959 | ||||||||
Schedule of Future Minimum Rentals Receivable under Non-Cancelable Operating Leases | ' | ||||||||
Future minimum rentals receivable under non-cancelable operating leases are as of March 31, 2014 and 2013 were as follows: | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
US$ | US$ | ||||||||
Receivable: | |||||||||
Within one year | 511,923 | 321,057 | |||||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Other Accrued Liabilities | ' | ||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
US$ | US$ | ||||||||
Accrued expenses | 2,568,678 | 2,241,659 | |||||||
Other tax payable | 832,050 | 997,001 | |||||||
Land use right payable – operating lease | 1,119,005 | 784,400 | |||||||
Other payables for procuring materials for customers | 40,278 | 5,194,086 | |||||||
Rental deposits received | 240,247 | — | |||||||
Other payables for procuring equipment and consumables | 397,441 | 199,228 | |||||||
Other payable | 523,058 | 227,264 | |||||||
5,720,757 | 9,643,638 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Operating Financial Information of Four Reportable Segments and Discontinued Segments | ' | ||||||||||||||||||||||||
(a) | The following table provides operating financial information for the two reportable segments and discontinued segments: | ||||||||||||||||||||||||
Home | Electronic | EMS# | Others | Corporate | Combined | ||||||||||||||||||||
Appliance# | Components | ||||||||||||||||||||||||
US$ | US$ | US$ | US$ | US$ | US$ | ||||||||||||||||||||
As of or for the fiscal year ended March 31, 2014 | |||||||||||||||||||||||||
Revenues from external customers | — | 60,574,912 | 2,922,127 | 2,117,989 | — | 65,615,028 | |||||||||||||||||||
Capital expenditure | — | 5,836,735 | 32,682 | 148,269 | 2,477 | 6,020,163 | |||||||||||||||||||
Interest income | — | — | — | — | 822,826 | 822,826 | |||||||||||||||||||
Interest expense | — | (129,775 | ) | — | — | (7,913 | ) | (137,688 | ) | ||||||||||||||||
Depreciation and amortization | — | 1,154,231 | 1,198,844 | 379,122 | 1,328,884 | 4,061,081 | |||||||||||||||||||
Segment profit (loss) | — | (1,107,157 | ) | (5,547,024 | )* | (1,502,779 | ) | (2,398,597 | ) | (10,555,557 | ) | ||||||||||||||
Total assets | — | 42,999,530 | 52,202 | 1,160,087 | 55,456,124 | 99,667,943 | |||||||||||||||||||
As of or for the fiscal year ended March 31, 2013 | |||||||||||||||||||||||||
Revenues from external customers | — | 65,188,724 | 14,256,314 | 1,638,346 | — | 81,083,384 | |||||||||||||||||||
Capital expenditure | — | 6,484,577 | 767,186 | 358,813 | 3,055 | 7,613,631 | |||||||||||||||||||
Interest income | — | — | — | — | 1,663,714 | 1,663,714 | |||||||||||||||||||
Interest expense | — | (109,749 | ) | — | — | (49,799 | ) | (159,548 | ) | ||||||||||||||||
Depreciation and amortization | — | 554,337 | 1,336,208 | 223,915 | 1,328,267 | 3,442,727 | |||||||||||||||||||
Segment profit (loss) | 725,773 | 3,687,547 | (3,314,836 | ) | (1,182,894 | ) | (1,878,891 | ) | (1,963,301 | ) | |||||||||||||||
Total assets | 34 | 29,618,065 | 16,203,482 | 1,114,654 | 61,289,608 | 108,225,843 | |||||||||||||||||||
As of or for the fiscal year ended March 31, 2012 | |||||||||||||||||||||||||
Revenues from external customers | 53,885,407 | 54,431,519 | 14,439,926 | 781,260 | — | 123,538,112 | |||||||||||||||||||
Capital expenditure | 240,763 | 226,277 | 273,926 | 73,281 | — | 814,247 | |||||||||||||||||||
Interest income | — | — | — | — | 377,075 | 377,075 | |||||||||||||||||||
Interest expense | (2,402 | ) | (104,517 | ) | — | 321 | (177,402 | ) | (284,000 | ) | |||||||||||||||
Depreciation and amortization | 1,522,962 | 594,746 | 1,268,736 | 76,809 | 98,577 | 3,561,830 | |||||||||||||||||||
Segment profit (loss) | 1,374,342 | * | 2,885,762 | 221,655 | (640,020 | ) | (2,431,062 | ) | 1,410,677 | ||||||||||||||||
Total assets | 313,033 | 34,554,319 | 11,614,176 | 739,106 | 61,819,375 | 109,040,009 | |||||||||||||||||||
Net Sales Including Net Sales of Discontinued Operations by Geographic Area | ' | ||||||||||||||||||||||||
(b) | Net sales including net sales of discontinued operations by geographic area based on the location of customers are as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
US$ | US$ | US$ | |||||||||||||||||||||||
Australia | 307,996 | 533,077 | 501,665 | ||||||||||||||||||||||
Europe | 139,694 | 326,298 | 4,469,428 | ||||||||||||||||||||||
North America | 23,735 | 49,423 | 47,969,847 | ||||||||||||||||||||||
Asia | 65,143,603 | 80,174,586 | 70,596,126 | ||||||||||||||||||||||
Other regions | — | — | 1,046 | ||||||||||||||||||||||
65,615,028 | 81,083,384 | 123,538,112 | |||||||||||||||||||||||
Net Sales Including Net Sales of Discontinued Operations by Product/Service Type | ' | ||||||||||||||||||||||||
(c) | Net sales including net sales of discontinued operations by product/service type | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
US$ | US$ | US$ | |||||||||||||||||||||||
Floor care products | — | — | 51,056,019 | ||||||||||||||||||||||
Kitchen appliances | 307,996 | 533,077 | 755,607 | ||||||||||||||||||||||
CCMs | 59,795,999 | 63,913,523 | 53,094,225 | ||||||||||||||||||||||
Cellular phone assembly services | 2,922,127 | 14,256,314 | 14,439,927 | ||||||||||||||||||||||
Others | 2,588,906 | 2,380,470 | 4,192,334 | ||||||||||||||||||||||
65,615,028 | 81,083,384 | 123,538,112 | |||||||||||||||||||||||
Schedule of Long-Lived Assets | ' | ||||||||||||||||||||||||
(d) | Long-lived assets* | ||||||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
US$ | US$ | ||||||||||||||||||||||||
Hong Kong | 91,792 | 150,734 | |||||||||||||||||||||||
Mainland China | 29,148,590 | 29,404,484 | |||||||||||||||||||||||
29,240,382 | 29,555,218 | ||||||||||||||||||||||||
* | Long-lived assets represent land use rights and property, plant and equipment. | ||||||||||||||||||||||||
Schedule of Net Sales from Major Customers | ' | ||||||||||||||||||||||||
Customers accounting for 10% or more of the Company’s combined net sales are as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
US$ | US$ | US$ | |||||||||||||||||||||||
From continuing operations: | |||||||||||||||||||||||||
Lenovo Mobile Communication Technology Ltd. (“Lenovo”) | 21,688,510 | 26,799,405 | 11,698,569 | ||||||||||||||||||||||
Wingtech Group (“Wingtech”) | 8,000,133 | 4,477,345 | 225 | ||||||||||||||||||||||
From discontinued operations: | |||||||||||||||||||||||||
Electrolux S.A. and subsidiaries (“Electrolux”) | — | — | 52,339,623 | ||||||||||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments All Other Investments [Abstract] | ' | ||||||||||||||||
Summary of Carrying Values and Estimated Fair Values of Company's Financial Assets and Liabilities | ' | ||||||||||||||||
The following table sets forth the carrying values and estimated fair values of the Company’s financial assets and liabilities recognized as of March 31, 2014 and 2013. There were no material unrecognized financial assets and liabilities as of March 31, 2014 and 2013. | |||||||||||||||||
Carrying value | Fair value | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
US$ | US$ | US$ | US$ | ||||||||||||||
Current financial assets: | |||||||||||||||||
Cash and cash equivalents | 22,820,300 | 32,385,376 | 22,820,300 | 32,385,376 | |||||||||||||
Time deposits | 11,339,515 | — | 11,339,515 | — | |||||||||||||
Restricted cash | 4,013,565 | 14,592,289 | 4,013,565 | 14,592,289 | |||||||||||||
Available-for-sale investments | 1,050,500 | 17,153 | 1,050,500 | 17,153 | |||||||||||||
Accounts and bills receivable, net | 21,216,884 | 19,713,608 | 21,216,884 | 19,713,608 | |||||||||||||
Financial assets included in deposits and other assets | 586,022 | 3,846,653 | 586,022 | 3,846,653 | |||||||||||||
Amount due from a related party | 12,569 | 18,841 | 12,569 | 18,841 | |||||||||||||
61,039,355 | 70,573,920 | 61,039,355 | 70,573,920 | ||||||||||||||
Non-current financial assets: | |||||||||||||||||
Available-for-sale investments | — | 1,045,200 | — | 1,045,200 | |||||||||||||
Total financial assets | 61,039,355 | 71,619,120 | 61,039,355 | 71,619,120 | |||||||||||||
Carrying value | Fair value | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
US$ | US$ | US$ | US$ | ||||||||||||||
Current financial liabilities: | |||||||||||||||||
Short term bank loans | 7,279,629 | 4,826,241 | 7,279,629 | 4,826,241 | |||||||||||||
Accounts payable | 12,520,080 | 7,134,526 | 12,520,080 | 7,134,526 | |||||||||||||
Accrued salaries, allowances and other employee benefits | 2,980,622 | 4,367,642 | 2,980,622 | 4,367,642 | |||||||||||||
Other accrued liabilities | 5,720,757 | 9,643,638 | 5,720,757 | 9,643,638 | |||||||||||||
Total financial liabilities | 28,501,088 | 25,972,047 | 28,501,088 | 25,972,047 | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Assets Measured at Fair Value on a Recurring Basis | ' | ||||||||
Assets measured at fair value on a recurring basis as of March 31, 2014 and 2013 are summarized below: | |||||||||
Fair Value Measurements | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Quoted prices in active | |||||||||
markets for identical assets | |||||||||
US$ | US$ | ||||||||
Assets | |||||||||
Level 1: | |||||||||
Available-for-sale investments: | |||||||||
Listed equity securities | — | 17,153 | |||||||
Level 2: | |||||||||
Available-for-sale investments: | |||||||||
Unlisted investments | 1,050,500 | 1,045,200 | |||||||
Total financial assets measured at fair value | 1,050,500 | 1,062,353 | |||||||
Stock_Compensation_Tables
Stock Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Changes in Outstanding Options | ' | ||||||||||||||||||||||||
Changes in outstanding options under both the 1997 Plan, the 2005 Plan and the Omnibus Plan during the fiscal years ended March 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Number of | Range of | Weighted | Weighted | Aggregate | |||||||||||||||||||||
options | exercise | average | average | intrinsic | |||||||||||||||||||||
price | exercise | remaining | value | ||||||||||||||||||||||
price | contractual | ||||||||||||||||||||||||
term | |||||||||||||||||||||||||
US$ | US$ | (years) | US$ | ||||||||||||||||||||||
(per share) | (per share) | ||||||||||||||||||||||||
Outstanding, at beginning of fiscal year | 419,751 | 4.75 – 30.56 | 14.96 | 4.28 | — | ||||||||||||||||||||
Granted | — | — | — | ||||||||||||||||||||||
Expired | (65,500 | ) | 30.40 – 30.56 | 30.55 | |||||||||||||||||||||
Exercised | (3,000 | ) | 4.75 | 4.75 | |||||||||||||||||||||
Forfeited | — | — | — | ||||||||||||||||||||||
Outstanding, at end of fiscal year | 351,251 | 4.75 – 15.56 | 12.14 | 3.91 | — | ||||||||||||||||||||
Vested and expected to be vested at March 31, 2014 | 351,251 | 4.75 – 15.56 | 12.14 | 3.91 | — | ||||||||||||||||||||
Exercisable, at end of fiscal year | 343,751 | 4.75 – 15.56 | 12.24 | 3.85 | |||||||||||||||||||||
Changes in outstanding options under both the 1997 Plan, the 2005 Plan and the Omnibus Plan during the fiscal years ended March 31, 2014, 2013 and 2012 are as follows: (continued) | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Number of | Range of | Weighted | Weighted | Aggregate | |||||||||||||||||||||
options | exercise | average | average | intrinsic | |||||||||||||||||||||
price | exercise | remaining | value | ||||||||||||||||||||||
price | contractual | ||||||||||||||||||||||||
term | |||||||||||||||||||||||||
US$ | US$ | (years) | US$ | ||||||||||||||||||||||
(per share) | (per share) | ||||||||||||||||||||||||
Outstanding, at beginning of fiscal year | 339,701 | 8.99 – 30.56 | 17.66 | 3.96 | — | ||||||||||||||||||||
Granted | 86,000 | 4.75 | 4.75 | ||||||||||||||||||||||
Expired | — | — | — | ||||||||||||||||||||||
Exercised | — | — | — | ||||||||||||||||||||||
Forfeited | (5,950 | ) | 15.60 – 30.56 | 21.26 | |||||||||||||||||||||
Outstanding, at end of fiscal year | 419,751 | 4.75 – 30.56 | 14.96 | 4.28 | — | ||||||||||||||||||||
Vested and expected to be vested at March 31, 2013 | 419,751 | 4.75 – 30.56 | 14.96 | 4.28 | — | ||||||||||||||||||||
Exercisable, at end of fiscal year | 369,752 | 4.75 – 30.56 | 13.41 | 4.6 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Number of | Range of | Weighted | Weighted | Aggregate | |||||||||||||||||||||
options | exercise | average | average | intrinsic | |||||||||||||||||||||
price | exercise | remaining | value | ||||||||||||||||||||||
price | contractual | ||||||||||||||||||||||||
term | |||||||||||||||||||||||||
US$ | US$ | (years) | US$ | ||||||||||||||||||||||
(per share) | (per share) | ||||||||||||||||||||||||
Outstanding, at beginning of fiscal year | 423,118 | 8.99 – 30.56 | 18 | 4.01 | — | ||||||||||||||||||||
Granted | — | — | — | ||||||||||||||||||||||
Expired | (82,167 | ) | 19.00 – 25.00 | 19.22 | |||||||||||||||||||||
Exercised | — | — | — | ||||||||||||||||||||||
Forfeited | (1,250 | ) | 25.00 – 30.56 | 29.45 | |||||||||||||||||||||
Outstanding, at end of fiscal year | 339,701 | 8.99 – 30.56 | 17.66 | 3.96 | — | ||||||||||||||||||||
Vested and expected to be vested at March 31, 2012 | 339,701 | 8.99 – 30.56 | 17.66 | 3.96 | — | ||||||||||||||||||||
Exercisable, at end of fiscal year | 287,452 | 8.99 – 30.56 | 16.06 | 4.17 | |||||||||||||||||||||
Schedule of Changes in Stock Grants | ' | ||||||||||||||||||||||||
Changes in stock grants during the fiscal years ended March 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Stock | Weighted | Stock | Weighted | Stock | Weighted | ||||||||||||||||||||
average | average | average | |||||||||||||||||||||||
grant-date | grant-date | grant-date | |||||||||||||||||||||||
fair value | fair value | fair value | |||||||||||||||||||||||
US$ | US$ | US$ | |||||||||||||||||||||||
Non-vested, at beginning of fiscal year | — | — | 750 | 10,380 | 750 | 10,380 | |||||||||||||||||||
Granted | — | — | — | — | — | — | |||||||||||||||||||
Vested | — | — | (750 | ) | 10,380 | — | — | ||||||||||||||||||
Non-vested, at end of fiscal year | — | — | — | — | 750 | 10,380 | |||||||||||||||||||
Summary of Options by Exercise Price Range | ' | ||||||||||||||||||||||||
Further details relating to the options granted under the 1997 Plan, the 2005 Plan and the Omnibus Plan that are outstanding as of March 31, 2014 are as follows: | |||||||||||||||||||||||||
Options outstanding as of March 31, 2014 | Options exercisable | ||||||||||||||||||||||||
as of March 31, 2014 | |||||||||||||||||||||||||
Number | Range of | Weighted | Weighted | Number | Weighted | ||||||||||||||||||||
of | exercise price | average | average | of options | average | ||||||||||||||||||||
options | per | remaining | exercise price | exercise price | |||||||||||||||||||||
option | contractual | per | per | ||||||||||||||||||||||
life | option | option | |||||||||||||||||||||||
US$ | (years) | US$ | US$ | ||||||||||||||||||||||
(per share) | (per share) | (per share) | |||||||||||||||||||||||
83,000 | 4.75 | 8.31 | 4.75 | 80,500 | 4.75 | ||||||||||||||||||||
20,000 | 8.99 | 5.7 | 8.99 | 15,000 | 8.99 | ||||||||||||||||||||
248,251 | 13.20–15.60 | 2.29 | 14.87 | 248,251 | 14.87 | ||||||||||||||||||||
351,251 | 343,751 | ||||||||||||||||||||||||
Summary of Fair Value of Options Granted | ' | ||||||||||||||||||||||||
The fair value of the options granted was estimated on the date of grant using the following assumptions: | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Risk-free Interest Rate | — | 0.97% – 1.50% | — | ||||||||||||||||||||||
Expected Dividend Yield | — | 0% | — | ||||||||||||||||||||||
Expected Option Life | — | 7 – 10 years | — | ||||||||||||||||||||||
Expected Stock Price Volatility | — | 53.28% – 58.71% | — |
Condensed_Financial_Informatio1
Condensed Financial Information of Global-Tech (Tables) | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Balance Sheets | ' | ||||||||||||
The following is the condensed financial information of Global-Tech on a stand-alone basis: | |||||||||||||
Balance sheets | |||||||||||||
March 31, | March 31, | ||||||||||||
2014 | 2013 | ||||||||||||
US$ | US$ | ||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | 6,719,079 | 19,405,865 | |||||||||||
Time deposits | 11,339,515 | — | |||||||||||
Available-for-sale investments | 1,050,500 | — | |||||||||||
Prepaid expenses | 17,803 | 46,903 | |||||||||||
Deposits and other assets | 302,107 | 40,087 | |||||||||||
Total current assets | 19,429,004 | 19,492,855 | |||||||||||
Interests in subsidiaries | 46,474,157 | 55,812,262 | |||||||||||
Available-for-sale investments | — | 1,045,200 | |||||||||||
Total assets | 65,903,161 | 76,350,317 | |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Other accrued liabilities | 113,158 | 92,114 | |||||||||||
Total liabilities | 113,158 | 92,114 | |||||||||||
Shareholders’ equity: | |||||||||||||
Common stock, par value US$0.04 per share; 12,500,000 shares authorized; 3,233,814 and 3,230,814 shares issued as of March 31, 2014 and 2013 | 129,353 | 129,233 | |||||||||||
Preferred stock, par value US$0.04 per share; 250,000 shares authorized; no shares issued | — | — | |||||||||||
Additional paid-in capital | 85,103,910 | 85,053,402 | |||||||||||
Statutory reserves | 1,340,229 | 1,238,361 | |||||||||||
Accumulated deficit | (26,590,366 | ) | (15,932,941 | ) | |||||||||
Accumulated other comprehensive income | 10,854,689 | 10,709,740 | |||||||||||
Less: Treasury stock, at cost, 189,587 shares as of March 31, 2014 and 2013 | (4,663,321 | ) | (4,663,321 | ) | |||||||||
Total Global-Tech Advanced Innovations Inc. shareholders’ equity | 66,174,494 | 76,534,474 | |||||||||||
Non-controlling interests | (384,491 | ) | (276,271 | ) | |||||||||
Total equity | 65,790,003 | 76,258,203 | |||||||||||
Total liabilities and shareholders’ equity | 65,903,161 | 76,350,317 | |||||||||||
Condensed Statements of Operations and Comprehensive Income | ' | ||||||||||||
Statements of operations and comprehensive income | |||||||||||||
Fiscal years ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Net sales | — | — | — | ||||||||||
Cost of goods sold | — | — | — | ||||||||||
Gross profit | — | — | — | ||||||||||
Selling, general and administrative expenses | (887,346 | ) | (1,071,502 | ) | (1,158,531 | ) | |||||||
Operating loss | (887,346 | ) | (1,071,502 | ) | (1,158,531 | ) | |||||||
Interest income, net | 359,062 | 344,582 | 35,349 | ||||||||||
Equity in profits (losses) of subsidiaries | (7,308,381 | ) | (484,185 | ) | 1,923,914 | ||||||||
Other income (expense), net | (2,718,892 | ) | (752,196 | ) | 609,945 | ||||||||
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | (10,555,557 | ) | (1,963,301 | ) | 1,410,677 | ||||||||
Other comprehensive income | |||||||||||||
Foreign currency translation adjustments | 153,629 | 989,800 | 2,278,213 | ||||||||||
Release of unrealized loss on available-for-sale investments, net of income tax of nil, upon disposal | (13,980 | ) | — | — | |||||||||
Unrealized gain on available-for-sale investments, net of income tax of nil | 5,300 | 22,495 | 23,957 | ||||||||||
Total comprehensive income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | (10,410,608 | ) | (951,006 | ) | 3,712,847 | ||||||||
Condensed Statements of Cash Flows | ' | ||||||||||||
Statements of cash flows | |||||||||||||
Fiscal years ended March 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
US$ | US$ | US$ | |||||||||||
Cash flows from operating activities: | |||||||||||||
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | (10,555,557 | ) | (1,963,301 | ) | 1,410,677 | ||||||||
Adjustments to reconcile net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. to net cash provided by operating activities: | |||||||||||||
Stock compensation expense | 36,378 | 258,128 | 34,121 | ||||||||||
Shares issued to an employee | — | 9,108 | — | ||||||||||
Equity in losses (profits) of subsidiaries | 7,308,381 | 484,185 | (1,923,914 | ) | |||||||||
Interest received from available-for-sale investments | — | — | (13 | ) | |||||||||
Changes in operating assets and liabilities: | |||||||||||||
Prepaid expenses | 29,100 | (3,693 | ) | (2,582 | ) | ||||||||
Deposits and other assets | (262,020 | ) | (15,364 | ) | 4,969 | ||||||||
Other accrued liabilities | 21,044 | (109,369 | ) | (26,324 | ) | ||||||||
Net cash used in operating activities | (3,422,674 | ) | (1,340,306 | ) | (503,066 | ) | |||||||
Cash flows from investing activities: | |||||||||||||
Purchases of available-for-sale investments | — | — | (8,999,987 | ) | |||||||||
Proceeds from disposal of available-for-sale investments | — | 2,000,000 | 9,000,000 | ||||||||||
Repayment of amounts due from (advances to) subsidiaries, net | 2,061,153 | 910,372 | 13,091,819 | ||||||||||
Increase in time deposits | (11,339,515 | ) | — | — | |||||||||
Capital injection into subsidiaries | — | (1,107,753 | ) | (1,732,162 | ) | ||||||||
Net cash provided by investing activities | (9,278,362 | ) | 1,802,619 | 11,359,670 | |||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from stock options exercised | 14,250 | — | — | ||||||||||
Cash dividend paid | — | (3,040,753 | ) | — | |||||||||
Net cash used in financing activities | 14,250 | (3,040,753 | ) | — | |||||||||
Net increase (decrease) in cash and cash equivalents | (12,686,786 | ) | (2,578,440 | ) | 10,856,604 | ||||||||
Cash and cash equivalents at beginning of fiscal year | 19,405,865 | 21,984,305 | 11,127,701 | ||||||||||
Cash and cash equivalents at end of fiscal year | 6,719,079 | 19,405,865 | 21,984,305 | ||||||||||
Organization_and_Principal_Act1
Organization and Principal Activities - Additional Information (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2009 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' |
Reverse stock split of common stock issued and outstanding | '4-for-1 | ' | ' |
Common stock, shares authorized | 12,500,000 | 12,500,000 | 12,500,000 |
Preferred stock, shares authorized | 250,000 | 250,000 | 250,000 |
Subsidiaries_Details_of_Global
Subsidiaries - Details of Global-Tech's Subsidiaries (Detail) | 12 Months Ended |
Mar. 31, 2014 | |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 20.00% |
Global Display Holdings Limited [Member] | British Virgin Islands [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Investment holding |
Kwong Lee Shun Trading Company Limited [Member] | Hong Kong [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Leasing of a property |
Consortium Investment (BVI) Limited [Member] | British Virgin Islands [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Investment holding |
GT Investments (BVI) Limited [Member] | British Virgin Islands [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Investment holding |
Global Optics Limited [Member] | Hong Kong [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Trading of raw materials and electronic and optical components |
Dongguan Wing Shing Electrical Products Factory Company Limited ("DWS") [Member] | Mainland China [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Factory complex rental and maintenance |
Guangdong Lite Array Company Limited [Member] | Mainland China [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Developing, manufacturing and marketing of electronic and optical components |
Dongguan Microview Medical Technology Company Limited [Member] | Mainland China [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Manufacturing and distribution of medical instruments |
Joke Media Limited [Member] | Mainland China [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Media services |
Global Household Products Limited [Member] | Hong Kong [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Inactive |
Pentalpha Medical Limited [Member] | Hong Kong [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Inactive |
Pentalpha Hong Kong Limited [Member] | Hong Kong [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Inactive |
Global-Tech USA, Inc. [Member] | United States [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 100.00% |
Principal activities | 'Provision of consultation services |
Global Lite Array (BVI) Limited [Member] | British Virgin Islands [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 76.75% |
Principal activities | 'Investment holding |
Lite Array, Inc. [Member] | United States [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Percentage of equity interest attributable to the Company | 76.75% |
Principal activities | 'Inactive |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Segment | Minimum [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Continuing Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | ||||
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity interest attributable to the Company | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising expenses | ' | ' | ' | ' | ' | $151,027 | $223,682 | $81,098 | $5,074 | $7,489 | $1,754 |
Design and development costs | ' | ' | ' | ' | ' | 498,068 | 366,001 | 284,499 | 331,424 | 454,648 | 442,459 |
Shipping and handling costs | ' | ' | ' | ' | ' | 202,112 | 167,411 | 82,290 | 54,729 | 160,384 | 857,449 |
Inbound freight costs | ' | ' | ' | ' | ' | 31,986 | 21,434 | 20,922 | 0 | 0 | 70,279 |
Number of business segments | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warranty costs accrued | 869,734 | 403,627 | 729,528 | 296,410 | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage of after tax profit set aside for general reserve | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of cumulative general reserve that of registered capital | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum percentage of after tax profit set aside for statutory surplus reserve | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' |
Percentage of statutory surplus reserve that of registered capital | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
After tax income transferred to statutory reserve | $101,868 | $1,238,361 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Principal Annual Rates Used for Property, Plant and Equipment (Detail) | 12 Months Ended |
Mar. 31, 2014 | |
Leasehold Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | 'Over the shorter of the lease terms or the estimated useful life |
Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Annual depreciation rate | 4.50% |
Plant [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Annual depreciation rate | 4.50% |
Machinery [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Annual depreciation rate | 10.00% |
Minimum [Member] | Moulds [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Annual depreciation rate | 20.00% |
Minimum [Member] | Transportation Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Annual depreciation rate | 15.00% |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Annual depreciation rate | 15.00% |
Maximum [Member] | Moulds [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Annual depreciation rate | 33.00% |
Maximum [Member] | Transportation Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Annual depreciation rate | 20.00% |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Annual depreciation rate | 33.00% |
Cash_and_Cash_Equivalents_Sche
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
Cash And Cash Equivalents [Abstract] | ' | ' | ' | ' |
Cash on hand and at banks | $15,942,867 | $24,551,490 | ' | ' |
Money market funds | 6,877,433 | 7,833,886 | ' | ' |
Total cash and cash equivalents | $22,820,300 | $32,385,376 | $39,792,733 | $19,205,184 |
Cash_and_Cash_Equivalents_Addi
Cash and Cash Equivalents - Additional Information (Detail) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 |
USD ($) | USD ($) | PRC Subsidiaries [Member] | PRC Subsidiaries [Member] | PRC Subsidiaries [Member] | PRC Subsidiaries [Member] | PRC Subsidiaries [Member] | PRC Subsidiaries [Member] | PRC Subsidiaries [Member] | PRC Subsidiaries [Member] | |
USD ($) | CNY | USD ($) | CNY | RMB original denomination [Member] | RMB original denomination [Member] | RMB original denomination [Member] | RMB original denomination [Member] | |||
USD ($) | CNY | USD ($) | CNY | |||||||
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash on hand and at banks | $15,942,867 | $24,551,490 | $12,382,243 | 76,953,161 | $9,911,137 | 61,563,027 | $10,943,631 | 68,012,481 | $9,097,642 | 56,510,003 |
Time_Deposits_Additional_Infor
Time Deposits - Additional Information (Detail) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 |
USD ($) | CNY | USD ($) | CNY | Minimum [Member] | |
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' | ' |
Time deposit | $11,339,515 | 70,472,817 | ' | ' | ' |
Time deposits, original maturity of more than three months when acquired | ' | ' | ' | ' | '3 months |
Time deposits, interest rate | 3.35% | 3.35% | ' | ' | ' |
Restricted_Cash_Additional_Inf
Restricted Cash - Additional Information (Detail) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 |
USD ($) | CNY | USD ($) | CNY | |
Cash And Cash Equivalents [Abstract] | ' | ' | ' | ' |
Restricted cash | $4,013,565 | 24,943,500 | $14,592,289 | 90,640,000 |
AvailableforSale_Investments_S
Available-for-Sale Investments - Summary of Available-for-Sale Debt and Equity Securities (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Current assets [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Net unrealized gains | $50,500 | $14,015 |
Fair values | 1,050,500 | 17,153 |
Non Current Assets [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Net unrealized gains | 50,500 | 59,215 |
Fair values | 1,050,500 | 1,062,353 |
Current Assets [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 1,000,000 | 3,138 |
Current Assets [Member] | Unlisted Investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 1,000,000 | ' |
Current Assets [Member] | Listed Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 0 | 3,138 |
Non-current Assets [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 1,000,000 | 1,003,138 |
Non-current Assets [Member] | Unlisted Investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost | 0 | 1,000,000 |
Unlisted investments current [Member] | Current assets [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Net unrealized gains | 50,500 | ' |
Fair values | 1,050,500 | ' |
Listed equity securities [Member] | Current assets [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Net unrealized gains | 0 | 14,015 |
Fair values | 0 | 17,153 |
Unlisted investments non current [Member] | Non Current Assets [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Net unrealized gains | 0 | 45,200 |
Fair values | $0 | $1,045,200 |
AvailableforSale_Investments_A
Available-for-Sale Investments - Additional Information (Detail) | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | |
USD ($) | USD ($) | USD ($) | HKD | HKD | |
Amortized Cost And Fair Value Debt Securities [Abstract] | ' | ' | ' | ' | ' |
Total investments | $0 | $2,235 | ' | ' | ' |
Unrealized loss on investments | 0 | -1,839 | ' | ' | ' |
Recognized gain (loss) on securities | 1,052 | ' | ' | ' | ' |
Unlisted investments maturity term | '1 year | ' | ' | ' | ' |
Gross unrealized gain on securities | 50,500 | 61,054 | 38,680 | ' | ' |
Gross unrealized loss on securities | 0 | 1,839 | 1,952 | ' | ' |
Proceeds from disposal of available-for-sale investments | 18,218 | 2,000,000 | 9,000,000 | ' | ' |
Banking facilities utilized amount | $1,032,334 | $4,827,607 | ' | 8,008,123 | 10,599 |
Accounts_and_Bills_Receivable_2
Accounts and Bills Receivable, Net - Summary of Accounts and Bills Receivable (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
Receivables [Abstract] | ' | ' | ' | ' |
Accounts receivable | $15,833,127 | $9,673,986 | ' | ' |
Less: Allowance for doubtful accounts | -74,413 | 0 | 0 | -768 |
Accounts receivable, net | 15,758,714 | 9,673,986 | ' | ' |
Bills receivable | 5,458,170 | 10,039,622 | ' | ' |
Accounts and bills receivable, net | $21,216,884 | $19,713,608 | ' | ' |
Accounts_and_Bills_Receivable_3
Accounts and Bills Receivable, Net - Schedule for Allowance for Doubtful Accounts (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Allowance for doubtful accounts: | ' | ' | ' |
Balance at beginning of fiscal year | $0 | $0 | $768 |
Additions | 74,413 | 0 | ' |
Amount written-off as uncollectible during the fiscal year | 0 | 0 | -768 |
Balance at end of fiscal year | $74,413 | $0 | $0 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $2,491,135 | $2,791,811 |
Work in progress | 2,303,800 | 878,718 |
Finished goods | 2,367,932 | 1,721,803 |
Inventories | $7,162,867 | $5,392,332 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Inventory [Line Items] | ' | ' | ' |
Write-down of inventories to fair market value | $804,256 | $867,312 | $932,848 |
Discontinued Operations [Member] | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Write-down of inventories to fair market value | $0 | $0 | $548,293 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Annual real estate rental expenses | $315,216 | $346,662 | $451,507 |
Directors [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Annual real estate rental expenses related to housing allowances | 239,796 | 239,811 | 318,743 |
Number of directors as related party | 1 | 1 | 2 |
Motor Car Rent Expenses [Member] | Related Company [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Annual motor car rental expenses | $57,241 | $57,245 | $57,068 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $68,972,606 | $74,093,159 |
Less: Accumulated depreciation | -42,655,648 | -47,564,478 |
Property, plant and equipment, net | 26,316,958 | 26,528,681 |
Leasehold Improvements and Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 32,953,940 | 28,511,687 |
Plant and Machinery [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 28,072,532 | 35,469,194 |
Moulds [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 617,380 | 386,554 |
Transportation Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,527,750 | 1,552,518 |
Furniture, Fixtures and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 4,541,432 | 5,885,172 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $1,259,572 | $2,288,034 |
Property_Plant_and_Equipment_N3
Property, Plant and Equipment, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Buildings | Buildings | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Impairment losses | $2,103,780 | $0 | $1,230,727 |
Aggregate net book values | 26,316,958 | 26,528,681 | ' |
Land use rights, expiration date | 'August 6, 2043 | ' | ' |
Total number of buildings | 40 | 40 | ' |
Depreciation | 2,759,120 | 2,006,276 | 671,783 |
Gain (Loss) on disposal of property, plant and equipment | 134,669 | -43,311 | -86,015 |
Property, plant and equipment, additions | 6,020,163 | 7,613,631 | 814,247 |
Discontinued Operations [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | 1,198,844 | 1,336,208 | 2,791,698 |
Consolidated [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | 3,957,964 | 3,342,484 | 3,463,481 |
Gain (Loss) on disposal of property, plant and equipment | 11,322 | 463,358 | -86,015 |
Continuing Operations [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Gain (Loss) on disposal of property, plant and equipment | 134,669 | -43,311 | -86,015 |
Property, plant and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Impairment losses | 2,103,780 | 0 | 1,230,727 |
Property, plant and equipment [Member] | Discontinued Operations [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Impairment losses | 1,944,571 | 0 | 1,230,727 |
Buildings [Member] | Hong Kong [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Aggregate net book values | 13,094 | 13,976 | ' |
Manufacturing Facilities [Member] | Mainland China [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Aggregate net book values | $13,065,398 | $9,987,761 | ' |
Buildings with Ownership Certificates [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total number of buildings | 29 | 29 | ' |
Land_Use_Rights_Net_Additional
Land Use Rights, Net - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | ||||
Aug. 26, 2006 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2008 | |
sqm | USD ($) | CNY | sqm | USD ($) | CNY | |
sqm | ||||||
Leases [Abstract] | ' | ' | ' | ' | ' | ' |
Total area of land occupied under operating lease | 45,208 | 207,300 | 207,300 | 207,300 | ' | ' |
Vacated portion of land occupied under operating lease | 13,698 | ' | ' | ' | ' | ' |
Remaining portion of land to be used under operating lease | 31,510 | ' | ' | ' | ' | ' |
Monthly fees paid to Dongguan local government | ' | $31,063 | 193,048 | ' | $9,533 | 59,248 |
Portion of land use rights certificates obtained | ' | 183,900 | 183,900 | 183,900 | ' | ' |
Land use rights, expiration date | ' | 'August 6, 2043 | 'August 6, 2043 | ' | ' | ' |
Warranty_Provision_Additional_
Warranty Provision - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
Guarantees [Abstract] | ' | ' | ' | ' |
Warranty costs accrued | $869,734 | $403,627 | $729,528 | $296,410 |
Warranty_Provision_Summary_of_
Warranty Provision - Summary of Warranty Activity (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Warranty [Abstract] | ' | ' | ' |
Balance at beginning of fiscal year | $403,627 | $729,528 | $296,410 |
Additional provision | 485,229 | ' | 473,551 |
Reversal of unutilized amounts | -19,122 | -325,901 | -40,433 |
Balance at end of fiscal year | $869,734 | $403,627 | $729,528 |
Short_Term_Bank_Loans_and_Bank1
Short Term Bank Loans and Banking Facilities - Additional Information (Detail) | 12 Months Ended | |||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | |
USD ($) | USD ($) | Hong Kong [Member] | Hong Kong [Member] | Hong Kong [Member] | Hong Kong [Member] | Mainland China [Member] | Mainland China [Member] | Mainland China [Member] | Mainland China [Member] | |
USD ($) | HKD | USD ($) | HKD | USD ($) | CNY | USD ($) | CNY | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount deposited with bank and available-for-sales investments under security agreement | ' | ' | $1,289,108 | 10,000,000 | ' | ' | ' | ' | ' | ' |
Credit facilities with number of banks | 13,212,260 | 15,880,533 | 1,289,108 | 10,000,000 | 1,288,244 | 10,000,000 | ' | ' | ' | ' |
Credit facilities utilized amount | 7,279,629 | 4,826,241 | 1,032,334 | 8,008,123 | 4,827,607 | 10,599 | 6,248,342 | 38,832,198 | ' | ' |
Banking Facilities unutilized amount | ' | ' | $256,775 | 1,991,877 | $1,286,878 | 9,989,401 | $5,674,809 | 35,267,802 | $9,766,048 | 60,661,802 |
Weighted average interest rate on bank loans | 0.55% | 0.48% | ' | ' | ' | ' | ' | ' | ' | ' |
Average maturity period on bank loans | '74 days | '189 days | ' | ' | ' | ' | ' | ' | ' | ' |
Share_Capital_Additional_Infor
Share Capital - Additional Information (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2009 | |
Vote | |||
Equity [Abstract] | ' | ' | ' |
Number of votes of each common stock | 1 | ' | ' |
Common stock, shares authorized | 12,500,000 | 12,500,000 | 12,500,000 |
Preferred stock, shares authorized | 250,000 | 250,000 | 250,000 |
Conversion of common stock | 'Every four shares of common stock of Global-Tech issued and outstanding as of the Effective Date were consolidated into one share of post-reverse split common stock | ' | ' |
Reverse stock split of common stock issued and outstanding | '4-for-1 | ' | ' |
Other_Income_Expenses_Net_Summ
Other Income (Expenses), Net - Summary of Other Income (Expenses), Net (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Other Income And Expenses [Abstract] | ' | ' | ' |
Foreign exchange gains (losses), net | ($121,990) | $23,900 | $184,706 |
Gains (Losses) on disposal of property, plant and equipment | 11,322 | 463,358 | -86,015 |
Impairment of property, plant and equipment | -2,103,780 | 0 | -1,230,727 |
Rental income from third parties | 1,292,903 | 177,556 | ' |
Management fee received from a third party | 77,944 | ' | ' |
Reversal of (Accrual for) potential tax surcharge, net | 130,328 | -60,622 | 46,086 |
Reversal of compensation for potential litigation | ' | ' | 500,000 |
Government grants | 837,656 | 443,468 | 439,471 |
Sale of scrap materials | 533 | 213,718 | ' |
Others | 311,388 | 310,201 | 69,978 |
Other income (expenses), net | $436,304 | $1,571,579 | ($76,501) |
Other_Income_Expenses_Net_Othe
Other Income (Expenses), Net - Other Income (Expenses), Net from Continuing and Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Component of Other Income, Nonoperating [Abstract] | ' | ' | ' |
Other income (expense), net | $436,304 | $1,571,579 | ($76,501) |
Continuing Operations [Member] | ' | ' | ' |
Component of Other Income, Nonoperating [Abstract] | ' | ' | ' |
Other income (expense), net | 2,396,789 | 583,315 | 1,124,478 |
Discontinued Operations [Member] | ' | ' | ' |
Component of Other Income, Nonoperating [Abstract] | ' | ' | ' |
Other income (expense), net | ($1,960,485) | $988,264 | ($1,200,979) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Hong Kong Tax Authority [Member] | Hong Kong Tax Authority [Member] | FASB ASC 740 [Member] | FASB ASC 740 [Member] | Other Income (Expenses), Net [Member] | Other Income (Expenses), Net [Member] | Interest Income (Expenses), Net [Member] | Interest Income (Expenses), Net [Member] | Hong Kong Subsidiary [Member] | Hong Kong Subsidiary [Member] | Hong Kong Subsidiary [Member] | Dongguan Microview Medical Technology Company Limited [Member] | Dongguan Microview Medical Technology Company Limited [Member] | Dongguan Wing Shing Electrical Products Factory Company Limited [Member] | Dongguan Wing Shing Electrical Products Factory Company Limited [Member] | Dongguan Wing Shing Electrical Products Factory Company Limited [Member] | Dongguan Wing Shing Electrical Products Factory Company Limited [Member] | |
USD ($) | HKD | USD ($) | USD ($) | Hong Kong Tax Authority [Member] | Hong Kong Tax Authority [Member] | Hong Kong Tax Authority [Member] | Hong Kong Tax Authority [Member] | Hong Kong Tax Authority [Member] | Hong Kong Tax Authority [Member] | Hong Kong Tax Authority [Member] | Prior to December 31, 2008 [Member] | Unified Enterprise Income Tax Law [EIT] [Member] | Unified Enterprise Income Tax Law [EIT] [Member] | Unified Enterprise Income Tax Law [EIT] [Member] | Prior to December 31, 2008 [Member] | |||||
USD ($) | HKD | USD ($) | HKD | |||||||||||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.50% | 16.50% | 16.50% | ' | ' | ' | ' | ' | ' |
Preferential income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 27.00% | ' | ' | ' | 27.00% |
Reduced tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.00% | ' | ' | ' | 24.00% |
Local income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | ' | 3.00% |
Unification of the income tax rate for domestic-invested and foreign-invested enterprises | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in corporate income tax rate for succeeding three years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Effective income tax rate | 2.30% | 28.90% | 46.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 25.00% | ' |
Tax losses carried forward | $25,530,406 | $23,591,422 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax losses available indefinitely for offsetting against future taxable income | 5,591,707 | 4,114,021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax losses carried back or forward | 19,938,699 | 19,477,401 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carried back period | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carried forward period | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefits | 8,589,164 | 8,870,677 | 9,117,443 | ' | ' | 4,454,069 | 4,879,338 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining unrecognized tax benefits set off | 4,135,095 | 3,991,339 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reversal of accrued interest and potential penalties on uncertain tax positions | 213,976 | 1,021,397 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest and potential penalties on uncertain tax positions | 436,920 | 651,721 | 121,032 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional assessable profits | ' | ' | ' | 1,612,967 | 12,520,654 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Penalty and interest paid | ' | ' | ' | ' | ' | ' | ' | $257,649 | 2,000,000 | $60,064 | 466,249 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Continuing Operations | ' | ' | ' |
Current | ($255,927) | ($820,039) | $1,229,229 |
Deferred | ' | -21,861 | -604 |
Income tax expense (benefit) from continuing operations | -255,927 | -841,900 | 1,228,625 |
Discontinued Operations | ' | ' | ' |
Current | ' | ' | 25,263 |
Income tax expense from discontinued operations | ' | ' | 25,263 |
Total income tax expense (benefit) | ($255,927) | ($841,900) | $1,253,888 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Reconciliation Of Effective Income Tax Rate [Line Items] | ' | ' | ' |
Foreign rate differential | ($299,512) | $30,822 | $200,857 |
Non-taxable other income | -227,440 | -386,664 | -294,827 |
Non-tax deductible expenses | 1,035,101 | 670,389 | 1,124,153 |
Under (Over) provision of tax in prior periods | -695,630 | -1,314,491 | 206,387 |
Unrecognized tax benefits | 278,338 | 223,959 | 569,997 |
Changes in valuation allowance | 1,454,938 | 414,756 | -993,431 |
Total income tax expense (benefit) | -255,927 | -841,900 | 1,253,888 |
Effective income tax rate | 2.30% | 28.90% | 46.90% |
Hong Kong Subsidiary [Member] | Continued and Discontinued Operations [Member] | ' | ' | ' |
Reconciliation Of Effective Income Tax Rate [Line Items] | ' | ' | ' |
Income tax expenses (benefit) at the Hong Kong statutory income tax rate | ($1,801,722) | ($480,671) | $440,752 |
Hong Kong Subsidiary [Member] | Hong Kong Tax Authority [Member] | ' | ' | ' |
Reconciliation Of Effective Income Tax Rate [Line Items] | ' | ' | ' |
Statutory income tax rate | 16.50% | 16.50% | 16.50% |
Income_Taxes_Summary_of_Deferr
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
Deferred tax assets: | ' | ' | ' | ' |
Impairment of property, plant and equipment | $2,318,586 | $2,031,131 | ' | ' |
Provision for inventories | 238,730 | 196,834 | ' | ' |
Provision for warranty | 217,434 | 111,903 | ' | ' |
Operating losses carried forward | 4,391,655 | 3,418,116 | ' | ' |
Gross deferred tax assets | 7,166,405 | 5,757,984 | ' | ' |
Less: Valuation allowance for deferred tax assets | -7,166,405 | -5,757,984 | -5,185,404 | -6,057,516 |
Net deferred tax assets | 0 | 0 | ' | ' |
Deferred tax liabilities: | ' | ' | ' | ' |
Other temporary differences | 0 | 0 | ' | ' |
Tax over book depreciation of property, plant and equipment | -5,183 | -5,180 | ' | ' |
Total deferred tax liabilities | ($5,183) | ($5,180) | ' | ' |
Income_Taxes_Summary_of_Valuat
Income Taxes - Summary of Valuation Allowance (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Valuation allowance: | ' | ' | ' |
Balance at beginning of fiscal year | $5,757,984 | $5,185,404 | $6,057,516 |
Additions (reversals) | 1,454,938 | 414,756 | -993,431 |
Exchange realignment | -46,517 | 157,824 | 121,319 |
Balance at end of fiscal year | $7,166,405 | $5,757,984 | $5,185,404 |
Income_Taxes_Schedule_of_Recon1
Income Taxes - Schedule of Reconciliation of Movements of Unrecognized Tax Benefits Exclusive of Related Interest and Penalties (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Balance at beginning of fiscal year | $8,870,677 | $9,117,443 |
Additions based on tax positions related to the current year | 422,094 | 799,637 |
Reduction for tax positions related to prior year | -700,780 | -1,070,199 |
Exchange realignment | ' | 23,796 |
Exchange realignment | -2,827 | ' |
Balance at end of fiscal year | $8,589,164 | $8,870,677 |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Income (Loss) from Discontinued Operations (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Net sales | $62,692,901 | $66,827,070 | $55,212,779 |
Cost of goods sold | -57,999,265 | -56,854,674 | -48,384,573 |
Gross profit (loss) | 4,693,636 | 9,972,396 | 6,828,206 |
Selling, general and administrative expenses | -13,148,067 | -12,383,973 | -7,026,786 |
Operating profit (loss) | -8,454,431 | -2,411,577 | -169,991 |
Interest expense, net | 685,138 | 1,504,166 | 95,477 |
Other income (expense), net | 436,304 | 1,571,579 | -76,501 |
Income tax expenses | 255,927 | 841,900 | -1,228,625 |
Income (Loss) from discontinued operations, net of tax | -5,547,024 | -2,589,063 | 1,595,997 |
Discontinued Operations [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Net sales | 2,922,127 | 14,256,314 | 68,325,333 |
Cost of goods sold | -4,323,267 | -13,962,646 | -55,010,909 |
Gross profit (loss) | -1,401,140 | 293,668 | 13,314,424 |
Selling, general and administrative expenses | -2,185,399 | -3,870,995 | -10,489,783 |
Operating profit (loss) | -3,586,539 | -3,577,327 | 2,824,641 |
Interest expense, net | ' | ' | -2,402 |
Other income (expense), net | -1,960,485 | 988,264 | -1,200,979 |
Income tax expenses | ' | ' | -25,263 |
Income (Loss) from discontinued operations, net of tax | ($5,547,024) | ($2,589,063) | $1,595,997 |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (Discontinued Operations [Member], EMS and Home Appliances [Member], USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Discontinued Operations [Member] | EMS and Home Appliances [Member] | ' | ' | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' | ' | ' |
Impairment losses | $1,944,571 | $0 | $1,230,727 |
Basic_and_Diluted_Earnings_Los2
Basic and Diluted Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Numerator for basic and diluted earnings (loss) per share: | ' | ' | ' |
Income (Loss) from continuing operations | ($5,116,577) | $517,804 | ($178,661) |
Income (Loss) from continuing operations attributable to non-controlling interests | 108,044 | 107,958 | -6,659 |
Income (Loss) from continuing operations attributable to shareholders of Global-Tech Advanced Innovations Inc. | -5,008,533 | 625,762 | -185,320 |
Income (Loss) from continuing operations attributable to shareholders of Global-Tech Advanced Innovations Inc. | -5,008,533 | 625,762 | -185,320 |
Income (Loss) from discontinued operations | -5,547,024 | -2,589,063 | 1,595,997 |
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | ($10,555,557) | ($1,963,301) | $1,410,677 |
Denominator for basic and diluted earnings (loss) per share: | ' | ' | ' |
Weighted average number of shares of common stock | 3,041,625 | 3,040,310 | 3,039,727 |
Basic and diluted earnings (loss) per share: | ' | ' | ' |
Earnings (Loss) from continuing operations | ($1.65) | $0.21 | ($0.06) |
Earnings (Loss) from discontinued operations | ($1.82) | ($0.86) | $0.52 |
Earnings (Loss) attributable to common stockholders | ($3.47) | ($0.65) | $0.46 |
Basic_and_Diluted_Earnings_Los3
Basic and Diluted Earnings (Loss) Per Share - Additional Information (Detail) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Anti-dilutive stock options | 343,751 | 369,752 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Other Commitments [Line Items] | ' | ' | ' |
Capital commitments for purchase of property, plant and equipment | $126,792 | $4,211,595 | ' |
Operating lease rental expense | 247,234 | 361,918 | 352,206 |
Operating lease rental income | 1,292,903 | 177,556 | ' |
Future lease payments due on renewed tenancy agreements | 10,362,955 | 11,115,959 | ' |
Facilities existed and rented to an independent third party, lease term | '5 years | ' | ' |
Future lease payments receivable | 10,189,226 | ' | ' |
Subsidiaries [Member] | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' |
Leasing term extension period, years | 1 | ' | ' |
Future lease payments due on renewed tenancy agreements | $92,815 | ' | ' |
Commitments_Schedule_of_Future
Commitments - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Within one year | $381,394 | $754,386 |
Over one year but not exceeding two years | 352,290 | 374,706 |
Over two years but not exceeding three years | 352,290 | 352,478 |
Over three years but not exceeding four years | 352,290 | 352,478 |
Over four years but not exceeding five years | 352,290 | 352,478 |
Over five years | 8,572,401 | 8,929,433 |
Total future minimum lease payments | $10,362,955 | $11,115,959 |
Commitments_Schedule_of_Future1
Commitments - Schedule of Future Minimum Rentals Receivable under Non-Cancelable Operating Leases (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Receivable: | ' | ' |
Within one year | $511,923 | $321,057 |
Contingencies_Additional_Infor
Contingencies - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Commitments Contingencies And Litigation [Line Items] | ' | ' | ' |
Unrecognized tax benefits | $8,589,164 | $8,870,677 | $9,117,443 |
Interest and potential penalties of uncertain tax positions | 436,920 | 651,721 | 121,032 |
Accrued Liabilities Taxes [Member] | ' | ' | ' |
Commitments Contingencies And Litigation [Line Items] | ' | ' | ' |
Unrecognized tax benefits | 4,454,069 | 4,879,338 | ' |
Interest and potential penalties of uncertain tax positions | $436,920 | $651,721 | ' |
Other_Accrued_Liabilities_Sche
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Payables And Accruals [Abstract] | ' | ' |
Accrued expenses | $2,568,678 | $2,241,659 |
Other tax payable | 832,050 | 997,001 |
Land use right payable - operating lease | 1,119,005 | 784,400 |
Other payables for procuring materials for customers | 40,278 | 5,194,086 |
Rental deposits received | 240,247 | ' |
Other payables for procuring equipment and consumables | 397,441 | 199,228 |
Other payable | 523,058 | 227,264 |
Other accrued liabilities | $5,720,757 | $9,643,638 |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) | 12 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2012 | Mar. 31, 2014 | |
USD ($) | USD ($) | USD ($) | MPF [Member] | MPF [Member] | MPF [Member] | MPF [Member] | Home Appliance [Member] | ORSO [Member] | |
Age | USD ($) | HKD | Minimum [Member] | Maximum [Member] | USD ($) | ||||
Age | Age | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eligible age of employees for Mandatory Provident Fund | ' | ' | ' | ' | ' | 18 | 64 | ' | ' |
Minimum period of service for Mandatory Provident Fund | ' | ' | ' | ' | ' | '60 days | ' | ' | ' |
Employees contribution | ' | ' | ' | ' | ' | 5.00% | ' | ' | 5.00% |
Employer and employee contribution on Employee Benefits Plan | ' | ' | ' | $161 | 1,250 | ' | ' | ' | ' |
Basic salary for the fixed amount of employee contribution | ' | ' | ' | 3,223 | 25,000 | ' | ' | ' | ' |
Percentage of Company's contribution | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' |
Retirement Age | 65 | ' | ' | ' | ' | ' | ' | ' | ' |
Eligible joining period to participate in ORSO Scheme | 'Before December 2000 | ' | ' | ' | ' | ' | ' | ' | ' |
Costs recognized in defined contribution | 52,119 | 48,075 | 61,107 | ' | ' | ' | ' | ' | ' |
Company's contribution | 17.30% | ' | ' | ' | ' | ' | ' | ' | ' |
Costs incurred for employee benefit plans | 879,811 | 1,963,173 | ' | ' | ' | ' | ' | ' | ' |
Net benefit from the exit of segment | ' | ' | ' | ' | ' | ' | ' | $449,557 | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of operating segments | 2 | ' | ' |
Percentage accounted for major customer | 10.00% | ' | ' |
Lenovo Mobile Communication Technology Ltd. ("Lenovo") [Member] | Net sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of combined net sales including discontinued operations | 33.00% | 33.00% | 9.50% |
Lenovo Mobile Communication Technology Ltd. ("Lenovo") [Member] | Accounts and bills receivable [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of combined net sales including discontinued operations | 33.30% | 34.20% | 19.40% |
Wingtech Group ("Wingtec") [Member] | Net sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of combined net sales including discontinued operations | 12.20% | 5.52% | 0.01% |
Wingtech Group ("Wingtec") [Member] | Accounts and bills receivable [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of combined net sales including discontinued operations | 13.80% | 5.80% | ' |
Electrolux S.A. and Subsidiaries ("Electrolux") [Member] | Net sales [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of combined net sales including discontinued operations | 0.00% | 0.00% | 42.40% |
Electrolux S.A. and Subsidiaries ("Electrolux") [Member] | Accounts and bills receivable [Member] | Customer Concentration Risk [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage accounts and bills receivable | 0.00% | 0.00% | 0.00% |
Segment_Information_Operating_
Segment Information - Operating Financial Information of Two Reportable Segments and Discontinued segments (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Revenues from external customers | $65,615,028 | $81,083,384 | $123,538,112 |
Capital expenditure | 6,020,163 | 7,613,631 | 814,247 |
Interest income | 822,826 | 1,663,714 | 377,075 |
Interest expense | -137,688 | -159,548 | -284,000 |
Depreciation and amortization | 4,061,081 | 3,442,727 | 3,561,830 |
Segment profit (loss) | -10,555,557 | -1,963,301 | 1,410,677 |
Total assets | 99,667,943 | 108,225,843 | 109,040,009 |
Operating Segments [Member] | Electronic Components [Member] | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Revenues from external customers | 60,574,912 | 65,188,724 | 54,431,519 |
Capital expenditure | 5,836,735 | 6,484,577 | 226,277 |
Interest expense | -129,775 | -109,749 | -104,517 |
Depreciation and amortization | 1,154,231 | 554,337 | 594,746 |
Segment profit (loss) | -1,107,157 | 3,687,547 | 2,885,762 |
Total assets | 42,999,530 | 29,618,065 | 34,554,319 |
Operating Segments [Member] | Others [Member] | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Revenues from external customers | 2,117,989 | 1,638,346 | 781,260 |
Capital expenditure | 148,269 | 358,813 | 73,281 |
Interest expense | ' | ' | 321 |
Depreciation and amortization | 379,122 | 223,915 | 76,809 |
Segment profit (loss) | -1,502,779 | -1,182,894 | -640,020 |
Total assets | 1,160,087 | 1,114,654 | 739,106 |
Corporate, Non-Segment [Member] | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Capital expenditure | 2,477 | 3,055 | ' |
Interest income | 822,826 | 1,663,714 | 377,075 |
Interest expense | -7,913 | -49,799 | -177,402 |
Depreciation and amortization | 1,328,884 | 1,328,267 | 98,577 |
Segment profit (loss) | -2,398,597 | -1,878,891 | -2,431,062 |
Total assets | 55,456,124 | 61,289,608 | 61,819,375 |
Discontinued Operations [Member] | Operating Segments [Member] | Home Appliance [Member] | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Revenues from external customers | ' | ' | 53,885,407 |
Capital expenditure | ' | ' | 240,763 |
Interest expense | ' | ' | -2,402 |
Depreciation and amortization | ' | ' | 1,522,962 |
Segment profit (loss) | ' | 725,773 | 1,374,342 |
Total assets | ' | 34 | 313,033 |
Discontinued Operations [Member] | Operating Segments [Member] | EMS [Member] | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Revenues from external customers | 2,922,127 | 14,256,314 | 14,439,926 |
Capital expenditure | 32,682 | 767,186 | 273,926 |
Depreciation and amortization | 1,198,844 | 1,336,208 | 1,268,736 |
Segment profit (loss) | -5,547,024 | -3,314,836 | 221,655 |
Total assets | $52,202 | $16,203,482 | $11,614,176 |
Segment_Information_Operating_1
Segment Information - Operating Financial Information of Two Reportable Segments and Discontinued segments (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Impairment losses | $2,103,780 | $0 | $1,230,727 |
Home Appliance [Member] | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Discontinuation date | 31-Jan-12 | ' | ' |
Impairment losses | 0 | 0 | 1,230,727 |
EMS [Member] | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Discontinuation date | 31-Dec-13 | ' | ' |
Impairment losses | $1,944,571 | $0 | $0 |
Segment_Information_Net_Sales_
Segment Information - Net Sales Including Net Sales of Discontinued Operations by Geographic Area (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Revenue From External Customers By Geographic Area [Line Items] | ' | ' | ' |
Net sales | $65,615,028 | $81,083,384 | $123,538,112 |
Australia [Member] | ' | ' | ' |
Revenue From External Customers By Geographic Area [Line Items] | ' | ' | ' |
Net sales | 307,996 | 533,077 | 501,665 |
Europe [Member] | ' | ' | ' |
Revenue From External Customers By Geographic Area [Line Items] | ' | ' | ' |
Net sales | 139,694 | 326,298 | 4,469,428 |
North America [Member] | ' | ' | ' |
Revenue From External Customers By Geographic Area [Line Items] | ' | ' | ' |
Net sales | 23,735 | 49,423 | 47,969,847 |
Asia [Member] | ' | ' | ' |
Revenue From External Customers By Geographic Area [Line Items] | ' | ' | ' |
Net sales | 65,143,603 | 80,174,586 | 70,596,126 |
Other Regions [Member] | ' | ' | ' |
Revenue From External Customers By Geographic Area [Line Items] | ' | ' | ' |
Net sales | $0 | ' | $1,046 |
Segment_Information_Net_Sales_1
Segment Information - Net Sales Including Net Sales of Discontinued Operations by Product/Service Type (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Product Information [Line Items] | ' | ' | ' |
Net sales | $65,615,028 | $81,083,384 | $123,538,112 |
Floor Care Products [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Net sales | 0 | ' | 51,056,019 |
Kitchen Appliances [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Net sales | 307,996 | 533,077 | 755,607 |
CCMs [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Net sales | 59,795,999 | 63,913,523 | 53,094,225 |
Cellular Phone Assembly Services [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Net sales | 2,922,127 | 14,256,314 | 14,439,927 |
Others [Member] | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' |
Net sales | $2,588,906 | $2,380,470 | $4,192,334 |
Segment_Information_Schedule_o
Segment Information - Schedule of Long-Lived Assets (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Segment Reporting Information of Long Lived Assets Net by Segment [Line Items] | ' | ' |
Long-lived assets | $29,240,382 | $29,555,218 |
Hong Kong [Member] | ' | ' |
Schedule of Segment Reporting Information of Long Lived Assets Net by Segment [Line Items] | ' | ' |
Long-lived assets | 91,792 | 150,734 |
Mainland China [Member] | ' | ' |
Schedule of Segment Reporting Information of Long Lived Assets Net by Segment [Line Items] | ' | ' |
Long-lived assets | $29,148,590 | $29,404,484 |
Segment_Information_Schedule_o1
Segment Information - Schedule of Net Sales from Major Customers (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ' | ' | ' |
Net sales from major customers | $65,615,028 | $81,083,384 | $123,538,112 |
Lenovo Mobile Communication Technology Ltd. ("Lenovo") [Member] | Continuing Operations [Member] | ' | ' | ' |
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ' | ' | ' |
Net sales from major customers | 21,688,510 | 26,799,405 | 11,698,569 |
Wingtech Group ("Wingtec") [Member] | Continuing Operations [Member] | ' | ' | ' |
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ' | ' | ' |
Net sales from major customers | 8,000,133 | 4,477,345 | 225 |
Electrolux S.A. and Subsidiaries ("Electrolux") [Member] | Discontinued Operations [Member] | ' | ' | ' |
Entity Wide Portfolio Carrying Amount, Major Customer [Line Items] | ' | ' | ' |
Net sales from major customers | $0 | ' | $52,339,623 |
Financial_Instruments_Summary_
Financial Instruments - Summary of Carrying Values and Estimated Fair Values of Company's Financial Assets and Liabilities (Detail) | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
USD ($) | CNY | USD ($) | CNY | USD ($) | USD ($) | Carrying value [Member] | Carrying value [Member] | Fair value [Member] | Fair value [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | |||||||
Current financial assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $22,820,300 | ' | $32,385,376 | ' | $39,792,733 | $19,205,184 | $22,820,300 | $32,385,376 | $22,820,300 | $32,385,376 |
Time deposits | 11,339,515 | 70,472,817 | ' | ' | ' | ' | 11,339,515 | ' | 11,339,515 | ' |
Restricted cash | 4,013,565 | 24,943,500 | 14,592,289 | 90,640,000 | ' | ' | 4,013,565 | 14,592,289 | 4,013,565 | 14,592,289 |
Available-for-sale investments | 1,050,500 | ' | 17,153 | ' | ' | ' | 1,050,500 | 17,153 | 1,050,500 | 17,153 |
Accounts and bills receivable, net | 21,216,884 | ' | 19,713,608 | ' | ' | ' | 21,216,884 | 19,713,608 | 21,216,884 | 19,713,608 |
Financial assets included in deposits and other assets | ' | ' | ' | ' | ' | ' | 586,022 | 3,846,653 | 586,022 | 3,846,653 |
Amount due from a related party | 12,569 | ' | 18,841 | ' | ' | ' | 12,569 | 18,841 | 12,569 | 18,841 |
Current financial assets | ' | ' | ' | ' | ' | ' | 61,039,355 | 70,573,920 | 61,039,355 | 70,573,920 |
Non-current financial assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale investments | ' | ' | 1,045,200 | ' | ' | ' | 0 | 1,045,200 | 0 | 1,045,200 |
Total financial assets | ' | ' | ' | ' | ' | ' | 61,039,355 | 71,619,120 | 61,039,355 | 71,619,120 |
Current financial liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short term bank loans | 7,279,629 | ' | 4,826,241 | ' | ' | ' | 7,279,629 | 4,826,241 | 7,279,629 | 4,826,241 |
Accounts payable | 12,520,080 | ' | 7,134,526 | ' | ' | ' | 12,520,080 | 7,134,526 | 12,520,080 | 7,134,526 |
Accrued salaries, allowances and other employee benefits | 2,980,622 | ' | 4,367,642 | ' | ' | ' | 2,980,622 | 4,367,642 | 2,980,622 | 4,367,642 |
Other accrued liabilities | 5,720,757 | ' | 9,643,638 | ' | ' | ' | 5,720,757 | 9,643,638 | 5,720,757 | 9,643,638 |
Total financial liabilities | ' | ' | ' | ' | ' | ' | $28,501,088 | $25,972,047 | $28,501,088 | $25,972,047 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' | ' |
Credit risk due to loss on fair value of financial instruments | $61,039,355 | $71,619,120 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets Measured at Fair Value on a Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Available-for-sale investments: | ' | ' |
Financial assets measured at fair value | $1,050,500 | $1,062,353 |
Listed equity securities [Member] | Level 1 [Member] | ' | ' |
Available-for-sale investments: | ' | ' |
Financial assets measured at fair value | 0 | 17,153 |
Unlisted investments [Member] | Level 2 [Member] | ' | ' |
Available-for-sale investments: | ' | ' |
Financial assets measured at fair value | $1,050,500 | $1,045,200 |
Stock_Compensation_Amended_and
Stock Compensation - Amended and Restated 1997 Stock Option Plan of Global-Tech - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options exercisable period | '3 years 10 months 6 days | '4 years 7 months 6 days | '4 years 2 months 1 day |
Number of options, Forfeited | ' | 5,950 | 1,250 |
Exercise price of option | ' | $21.26 | $29.45 |
Number of options, expired | 65,500 | ' | 82,167 |
Exercise price of option | $30.55 | ' | $19.22 |
Amended and Restated 1997 Stock Option Plan of Global-Tech [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares of common stock available for grant | 400,000 | ' | ' |
Stock option plan expiration date | 17-Sep-08 | ' | ' |
Percentage of fair market value of stock granted | 110.00% | ' | ' |
Number of options, Forfeited | ' | 5,950 | 1,250 |
Number of options, expired | 65,500 | ' | 82,167 |
Minimum exercise price of option | ' | ' | $19 |
Maximum exercise price of option | ' | ' | $25 |
Options granted to directors | ' | ' | 65,500 |
Amended and Restated 1997 Stock Option Plan of Global-Tech [Member] | Exercise price one [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise price of option | ' | $15.60 | $25 |
Exercise price of option | $30.40 | ' | ' |
Amended and Restated 1997 Stock Option Plan of Global-Tech [Member] | Exercise price range two [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Exercise price of option | ' | $30.56 | $30.56 |
Exercise price of option | $30.56 | ' | ' |
Amended and Restated 1997 Stock Option Plan of Global-Tech [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Voting rights | 10.00% | ' | ' |
Amended and Restated 1997 Stock Option Plan of Global-Tech [Member] | Minimum [Member] | Common Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Voting rights | 10.00% | ' | ' |
Amended and Restated 1997 Stock Option Plan of Global-Tech [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term of ISO granted | '10 years | ' | ' |
Options exercisable period | '10 years | ' | ' |
Amended and Restated 1997 Stock Option Plan of Global-Tech [Member] | Maximum [Member] | Common Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Term of ISO granted | '5 years | ' | ' |
Stock_Compensation_2005_Stock_
Stock Compensation - 2005 Stock Option Plan of Global-Tech - Additional Information (Detail) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average remaining contractual term, Options outstanding | '3 years 10 months 28 days | '4 years 3 months 11 days | '3 years 11 months 16 days | '4 years 4 days |
Number of options, Outstanding, Granted | ' | 86,000 | ' | ' |
Number of options, Forfeited | ' | 5,950 | 1,250 | ' |
2005 Stock Option Plan of Global-Tech [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of shares of common stock available for grant | 450,000 | ' | ' | ' |
Percentage of fair market value of stock granted | 110.00% | ' | ' | ' |
Number of options, Outstanding, Granted | 0 | 0 | 0 | ' |
Number of options, Forfeited | 0 | 0 | 0 | ' |
2005 Stock Option Plan of Global-Tech [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Voting rights | 10.00% | ' | ' | ' |
2005 Stock Option Plan of Global-Tech [Member] | Minimum [Member] | Common Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Voting rights | 10.00% | ' | ' | ' |
2005 Stock Option Plan of Global-Tech [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average remaining contractual term, Options outstanding | '10 years | ' | ' | ' |
2005 Stock Option Plan of Global-Tech [Member] | Maximum [Member] | Common Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Term of ISO granted | '5 years | ' | ' | ' |
Stock_Compensation_GlobalTech_
Stock Compensation - Global-Tech Advanced Innovations Inc. 2011 Omnibus Equity Plan - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | |
2011 Omnibus Equity Incentive Plan [Member] | 2011 Omnibus Equity Incentive Plan [Member] | Officers And Directors [Member] | Officers And Directors [Member] | Employee Stock [Member] | Consultant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options, Outstanding, Granted | ' | 86,000 | 0 | ' | ' | ' | ' | ' |
Number of shares of common stock granted | ' | ' | ' | 0 | ' | 73,000 | 5,000 | 8,000 |
Number of options exercised | 3,000 | ' | ' | ' | 3,000 | ' | ' | ' |
Stock_Compensation_Additional_
Stock Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2007 | |
1999 Employee Stock Option Plan [Member] | Minimum [Member] | Maximum [Member] | Scenario, Forecast [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock options vesting period | '36 months | ' | ' | ' | ' | ' | ' |
Vesting percentage of share awards | 25.00% | ' | ' | ' | ' | ' | ' |
Stock compensation expense | $36,378 | $258,128 | $34,121 | ' | ' | ' | ' |
Number of shares of common stock available for grant | ' | ' | ' | 450,000 | ' | ' | ' |
Number of options, Outstanding, Granted | ' | 86,000 | ' | ' | ' | ' | 3,750 |
Stock option vest and issued at the date of grant | ' | ' | ' | ' | ' | ' | 750 |
Fair value of common stock vested | ' | 6,503 | ' | ' | ' | ' | ' |
Expenses recognized for employee stock purchase plan | ' | 9,108 | ' | ' | ' | ' | ' |
Unrecognized share-based compensation cost | ' | ' | $1,969 | ' | ' | ' | ' |
Unrecognized compensation cost expected to vest | ' | ' | ' | ' | '2 years | '5 years | ' |
Stock_Compensation_Schedule_of
Stock Compensation - Schedule of Changes in Outstanding Options (Detail) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' |
Number of options, Outstanding, at beginning of fiscal year | 419,751 | 339,701 | 423,118 | ' |
Number of options, Granted | ' | 86,000 | ' | ' |
Number of options, Expired | -65,500 | ' | -82,167 | ' |
Number of options, Exercised | -3,000 | ' | ' | ' |
Number of options, Forfeited | ' | -5,950 | -1,250 | ' |
Number of options, Outstanding, at end of fiscal year | 351,251 | 419,751 | 339,701 | 423,118 |
Number of options, Vested and expected to be vested | 351,251 | 419,751 | 339,701 | ' |
Number of options, Exercisable, at end of fiscal year | 343,751 | 369,752 | 287,452 | ' |
Range of exercise price, Outstanding, at beginning of fiscal year, Minimum | $4.75 | $8.99 | $8.99 | ' |
Range of exercise price, Outstanding, at beginning of fiscal year, Maximum | $30.56 | $30.56 | $30.56 | ' |
Range of exercise price, Granted | ' | $4.75 | ' | ' |
Range of exercise price, Expired, Minimum | $30.40 | ' | $19 | ' |
Range of exercise price, Expired | ' | ' | ' | ' |
Range of exercise price, Expired, Maximum | $30.56 | ' | $25 | ' |
Range of exercise price, Exercised | $4.75 | ' | ' | ' |
Range of exercise price, Forfeited, Minimum | ' | $15.60 | $25 | ' |
Range of exercise price, Forfeited | ' | ' | ' | ' |
Range of exercise price, Forfeited, Maximum | ' | $30.56 | $30.56 | ' |
Range of exercise price, Outstanding, at end of fiscal year, Minimum | $4.75 | $4.75 | $8.99 | $8.99 |
Range of exercise price, Outstanding, at end of fiscal year, Maximum | $15.56 | $30.56 | $30.56 | $30.56 |
Range of exercise price, Vested and expected to be vested, Minimum | $4.75 | $4.75 | $8.99 | ' |
Range of exercise price, Vested and expected to be vested, Maximum | $15.56 | $30.56 | $30.56 | ' |
Range of exercise price, Exercisable, at end of fiscal year, Minimum | $4.75 | $4.75 | $8.99 | ' |
Range of exercise price, Exercisable, at end of fiscal year, Maximum | $15.56 | $30.56 | $30.56 | ' |
Weighted average exercise price, Outstanding, at beginning of fiscal year | $14.96 | $17.66 | $18 | ' |
Weighted average exercise price, Granted | ' | $4.75 | ' | ' |
Weighted average exercise price, Expired | $30.55 | ' | $19.22 | ' |
Weighted average exercise price, Exercised | $4.75 | ' | ' | ' |
Weighted average exercise price, Forfeited | ' | $21.26 | $29.45 | ' |
Weighted average exercise price, Outstanding, at end of fiscal year | $12.14 | $14.96 | $17.66 | $18 |
Weighted average exercise price, Vested and expected to be vested | $12.14 | $14.96 | $17.66 | ' |
Weighted average exercise price, Exercisable, at end of fiscal year | $12.24 | $13.41 | $16.06 | ' |
Weighted average remaining contractual term, Options outstanding | '3 years 10 months 28 days | '4 years 3 months 11 days | '3 years 11 months 16 days | '4 years 4 days |
Weighted average remaining contractual term, Vested and expected to be vested | '3 years 10 months 28 days | '4 years 3 months 11 days | '3 years 11 months 16 days | ' |
Weighted average remaining contractual term, Exercisable, at end of fiscal year | '3 years 10 months 6 days | '4 years 7 months 6 days | '4 years 2 months 1 day | ' |
Aggregate intrinsic value, Outstanding, at beginning of fiscal year | $0 | $0 | $0 | ' |
Aggregate intrinsic value, Outstanding, at end of fiscal year | 0 | 0 | 0 | 0 |
Aggregate intrinsic value, Vested and expected to be vested | $0 | $0 | $0 | ' |
Stock_Compensation_Schedule_of1
Stock Compensation - Schedule of Changes in Stock Grants (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Non-vested, at beginning of fiscal year, Stock | 0 | 750 | 750 |
Granted, Stock | ' | ' | ' |
Vested, Stock | ' | -750 | ' |
Non-vested, at end of fiscal year, Stock | ' | 0 | 750 |
Weighted average grant-date fair value, Non-vested, at beginning of fiscal year | ' | $10,380 | $10,380 |
Weighted average grant-date fair value, Granted | ' | ' | ' |
Weighted average grant-date fair value, Vested | ' | 10,380 | ' |
Weighted average grant-date fair value, Non-vested, at end of fiscal year | ' | ' | $10,380 |
Stock_Compensation_Summary_of_
Stock Compensation - Summary of Options by Exercise Price Range (Detail) (USD $) | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Number of options, Outstanding | 351,251 | 419,751 | 339,701 | 423,118 |
Weighted average remaining contractual life, Options outstanding | '3 years 10 months 28 days | '4 years 3 months 11 days | '3 years 11 months 16 days | '4 years 4 days |
Weighted average exercise price per option, Outstanding | $12.14 | $14.96 | $17.66 | $18 |
Number of options, Exercisable | 343,751 | 369,752 | 287,452 | ' |
Weighted average exercise price per option, Exercisable | $12.24 | $13.41 | $16.06 | ' |
Exercise Price Range One [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Number of options, Outstanding | 83,000 | ' | ' | ' |
Range of exercise price per option, Outstanding | $4.75 | ' | ' | ' |
Weighted average remaining contractual life, Options outstanding | '8 years 3 months 22 days | ' | ' | ' |
Weighted average exercise price per option, Outstanding | $4.75 | ' | ' | ' |
Number of options, Exercisable | 80,500 | ' | ' | ' |
Weighted average exercise price per option, Exercisable | $4.75 | ' | ' | ' |
Exercise Price Range Two [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Number of options, Outstanding | 20,000 | ' | ' | ' |
Range of exercise price per option, Outstanding | $8.99 | ' | ' | ' |
Weighted average remaining contractual life, Options outstanding | '5 years 8 months 12 days | ' | ' | ' |
Weighted average exercise price per option, Outstanding | $8.99 | ' | ' | ' |
Number of options, Exercisable | 15,000 | ' | ' | ' |
Weighted average exercise price per option, Exercisable | $8.99 | ' | ' | ' |
Exercise Price Range Three [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Number of options, Outstanding | 248,251 | ' | ' | ' |
Range of exercise price per option, Outstanding, Minimum | $13.20 | ' | ' | ' |
Range of exercise price per option, Outstanding, Maximum | $15.60 | ' | ' | ' |
Weighted average remaining contractual life, Options outstanding | '2 years 3 months 15 days | ' | ' | ' |
Weighted average exercise price per option, Outstanding | $14.87 | ' | ' | ' |
Number of options, Exercisable | 248,251 | ' | ' | ' |
Weighted average exercise price per option, Exercisable | $14.87 | ' | ' | ' |
Stock_Compensation_Summary_of_1
Stock Compensation - Summary of Fair Value of Options Granted (Detail) | 12 Months Ended |
Mar. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected Dividend Yield | 0.00% |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free Interest Rate | 0.97% |
Expected Option Life | '7 years |
Expected Stock Price Volatility | 53.28% |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free Interest Rate | 1.50% |
Expected Option Life | '10 years |
Expected Stock Price Volatility | 58.71% |
Condensed_Financial_Informatio2
Condensed Financial Information of Global-Tech - Additional Information (Detail) (PRC Subsidiaries [Member]) | Mar. 31, 2014 | Mar. 31, 2014 |
USD ($) | CNY | |
Condensed Financial Information [Line Items] | ' | ' |
Net assets of PRC subsidiaries | $50,144,200 | 311,667,606 |
Condensed_Financial_Informatio3
Condensed Financial Information of Global-Tech - Condensed Balance Sheets (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Mar. 31, 2011 |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $22,820,300 | $32,385,376 | $39,792,733 | $19,205,184 |
Available-for-sale investments | 1,050,500 | 17,153 | ' | ' |
Prepaid expenses | 123,462 | 181,224 | ' | ' |
Deposits and other assets | 2,475,765 | 5,044,456 | ' | ' |
Total current assets | 70,215,427 | 77,345,279 | ' | ' |
Interests in subsidiaries | 0 | 0 | ' | ' |
Available-for-sale investments | ' | 1,045,200 | ' | ' |
Total assets | 99,667,943 | 108,225,843 | 109,040,009 | ' |
Current liabilities: | ' | ' | ' | ' |
Other accrued liabilities | 5,720,757 | 9,643,638 | ' | ' |
Total liabilities | 33,877,940 | 31,967,640 | ' | ' |
Shareholders' equity: | ' | ' | ' | ' |
Common stock, par value US$0.04 per share; 12,500,000 shares authorized; 3,233,814 and 3,230,814 shares issued as of March 31, 2014 and 2013 | 129,353 | 129,233 | ' | ' |
Preferred stock, par value US$0.04 per share; 250,000 shares authorized; no shares issued | 0 | 0 | ' | ' |
Additional paid-in capital | 85,103,910 | 85,053,402 | ' | ' |
Statutory reserves | 1,340,229 | 1,238,361 | ' | ' |
Accumulated deficit | -26,590,366 | -15,932,941 | ' | ' |
Accumulated other comprehensive income | 10,854,689 | 10,709,740 | ' | ' |
Less: Treasury stock, at cost, 189,587 shares as of March 31, 2014 and 2013 | -4,663,321 | -4,663,321 | ' | ' |
Total Global-Tech Advanced Innovations Inc. shareholders' equity | 66,174,494 | 76,534,474 | ' | ' |
Non-controlling interests | -384,491 | -276,271 | ' | ' |
Total equity | 65,790,003 | 76,258,203 | 80,090,632 | 76,337,459 |
Total liabilities and shareholders' equity | 99,667,943 | 108,225,843 | ' | ' |
Global-Tech [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 6,719,079 | 19,405,865 | 21,984,305 | 11,127,701 |
Time deposits | 11,339,515 | ' | ' | ' |
Available-for-sale investments | 1,050,500 | ' | ' | ' |
Prepaid expenses | 17,803 | 46,903 | ' | ' |
Deposits and other assets | 302,107 | 40,087 | ' | ' |
Total current assets | 19,429,004 | 19,492,855 | ' | ' |
Interests in subsidiaries | 46,474,157 | 55,812,262 | ' | ' |
Available-for-sale investments | ' | 1,045,200 | ' | ' |
Total assets | 65,903,161 | 76,350,317 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Other accrued liabilities | 113,158 | 92,114 | ' | ' |
Total liabilities | 113,158 | 92,114 | ' | ' |
Shareholders' equity: | ' | ' | ' | ' |
Common stock, par value US$0.04 per share; 12,500,000 shares authorized; 3,233,814 and 3,230,814 shares issued as of March 31, 2014 and 2013 | 129,353 | 129,233 | ' | ' |
Preferred stock, par value US$0.04 per share; 250,000 shares authorized; no shares issued | 0 | 0 | ' | ' |
Additional paid-in capital | 85,103,910 | 85,053,402 | ' | ' |
Statutory reserves | 1,340,229 | 1,238,361 | ' | ' |
Accumulated deficit | -26,590,366 | -15,932,941 | ' | ' |
Accumulated other comprehensive income | 10,854,689 | 10,709,740 | ' | ' |
Less: Treasury stock, at cost, 189,587 shares as of March 31, 2014 and 2013 | -4,663,321 | -4,663,321 | ' | ' |
Total Global-Tech Advanced Innovations Inc. shareholders' equity | 66,174,494 | 76,534,474 | ' | ' |
Non-controlling interests | -384,491 | -276,271 | ' | ' |
Total equity | 65,790,003 | 76,258,203 | ' | ' |
Total liabilities and shareholders' equity | $65,903,161 | $76,350,317 | ' | ' |
Condensed_Financial_Informatio4
Condensed Financial Information of Global-Tech - Condensed Balance Sheets (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2009 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Common stock, par value | $0.04 | $0.04 | ' |
Common stock, shares authorized | 12,500,000 | 12,500,000 | 12,500,000 |
Common stock, shares issued | 3,233,814 | 3,230,814 | ' |
Preferred Stock, par value | $0.04 | $0.04 | ' |
Preferred stock, shares authorized | 250,000 | 250,000 | 250,000 |
Preferred stock, shares issued | 0 | 0 | ' |
Treasury stock, shares | 189,587 | 189,587 | ' |
Global-Tech [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Common stock, par value | $0.04 | $0.04 | ' |
Common stock, shares authorized | 12,500,000 | 12,500,000 | ' |
Common stock, shares issued | 3,233,814 | 3,230,814 | ' |
Preferred Stock, par value | $0.04 | $0.04 | ' |
Preferred stock, shares authorized | 250,000 | 250,000 | ' |
Preferred stock, shares issued | 0 | 0 | ' |
Treasury stock, shares | 189,587 | 189,587 | ' |
Condensed_Financial_Informatio5
Condensed Financial Information of Global-Tech - Condensed Statements of Operations and Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net sales | $62,692,901 | $66,827,070 | $55,212,779 |
Cost of goods sold | -57,999,265 | -56,854,674 | -48,384,573 |
Gross profit | 4,693,636 | 9,972,396 | 6,828,206 |
Selling, general and administrative expenses | -13,148,067 | -12,383,973 | -7,026,786 |
Operating profit (loss) | -8,454,431 | -2,411,577 | -169,991 |
Interest income, net | 822,826 | 1,663,714 | 377,075 |
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | -10,555,557 | -1,963,301 | 1,410,677 |
Other comprehensive income | ' | ' | ' |
Foreign currency translation adjustments | 153,453 | 989,852 | 2,277,759 |
Unrealized gain on available-for-sale investments, net of income tax of nil | 5,300 | 22,495 | 23,957 |
Total comprehensive income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | -10,410,608 | -951,006 | 3,712,847 |
Global-Tech [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net sales | 0 | 0 | 0 |
Cost of goods sold | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 |
Selling, general and administrative expenses | -887,346 | -1,071,502 | -1,158,531 |
Operating profit (loss) | -887,346 | -1,071,502 | -1,158,531 |
Interest income, net | 359,062 | 344,582 | 35,349 |
Equity in profits (losses) of subsidiaries | -7,308,381 | -484,185 | 1,923,914 |
Other income (expense), net | -2,718,892 | -752,196 | 609,945 |
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | -10,555,557 | -1,963,301 | 1,410,677 |
Other comprehensive income | ' | ' | ' |
Foreign currency translation adjustments | 153,629 | 989,800 | 2,278,213 |
Release of unrealized loss on available-for-sale investments, net of income tax of nil, upon disposal | -13,980 | ' | ' |
Unrealized gain on available-for-sale investments, net of income tax of nil | 5,300 | 22,495 | 23,957 |
Total comprehensive income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | ($10,410,608) | ($951,006) | $3,712,847 |
Condensed_Financial_Informatio6
Condensed Financial Information of Global-Tech - Condensed Statements of Operations and Comprehensive Income (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Release of unrealized loss on available-for-sale investments, tax, upon disposal | $0 | ' | ' |
Unrealized gain on available-for-sale investments, tax | 0 | 0 | 0 |
Global-Tech [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Release of unrealized loss on available-for-sale investments, tax, upon disposal | 0 | 0 | 0 |
Unrealized gain on available-for-sale investments, tax | $0 | $0 | $0 |
Condensed_Financial_Informatio7
Condensed Financial Information of Global-Tech - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | ($10,555,557) | ($1,963,301) | $1,410,677 |
Adjustments to reconcile net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. to net cash provided by operating activities: | ' | ' | ' |
Stock compensation expense | 36,378 | 258,128 | 34,121 |
Shares issued to an employee | ' | 9,108 | ' |
Interest received from available-for-sale investments | ' | ' | -13 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses | 43,768 | -136,367 | 137,046 |
Deposits and other assets | -1,875,017 | 37,744 | -149,445 |
Other accrued liabilities | 305,863 | 3,924,708 | -623,168 |
Net cash provided by (used in) operations | -5,683,398 | 9,946,113 | 13,318,384 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of available-for-sale investments | ' | ' | -8,999,987 |
Proceeds from disposal of available-for-sale investments | 18,218 | 2,000,000 | 9,000,000 |
Increase in time deposits | -11,339,515 | ' | 1,567,786 |
Net cash provided by (used in) investing activities | -17,108,837 | -5,316,603 | 832,977 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from stock options exercised | 14,250 | ' | ' |
Cash dividend paid | ' | -3,040,753 | ' |
Net cash provided by (used in) financing activities | 13,231,664 | -12,133,325 | 6,489,782 |
Net increase (decrease) in cash and cash equivalents | -9,565,076 | -7,407,357 | 20,587,549 |
Cash and cash equivalents at beginning of fiscal year | 32,385,376 | 39,792,733 | 19,205,184 |
Cash and cash equivalents at end of fiscal year | 22,820,300 | 32,385,376 | 39,792,733 |
Global-Tech [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. | -10,555,557 | -1,963,301 | 1,410,677 |
Adjustments to reconcile net income (loss) attributable to shareholders of Global-Tech Advanced Innovations Inc. to net cash provided by operating activities: | ' | ' | ' |
Stock compensation expense | 36,378 | 258,128 | 34,121 |
Shares issued to an employee | ' | 9,108 | ' |
Equity in losses (profits) of subsidiaries | 7,308,381 | 484,185 | -1,923,914 |
Interest received from available-for-sale investments | ' | ' | -13 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses | 29,100 | -3,693 | -2,582 |
Deposits and other assets | -262,020 | -15,364 | 4,969 |
Other accrued liabilities | 21,044 | -109,369 | -26,324 |
Net cash provided by (used in) operations | -3,422,674 | -1,340,306 | -503,066 |
Cash flows from investing activities: | ' | ' | ' |
Purchases of available-for-sale investments | ' | ' | -8,999,987 |
Proceeds from disposal of available-for-sale investments | ' | 2,000,000 | 9,000,000 |
Repayment of amounts due from (advances to) subsidiaries, net | 2,061,153 | 910,372 | 13,091,819 |
Increase in time deposits | -11,339,515 | ' | ' |
Capital injection into subsidiaries | ' | -1,107,753 | -1,732,162 |
Net cash provided by (used in) investing activities | -9,278,362 | 1,802,619 | 11,359,670 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from stock options exercised | 14,250 | ' | ' |
Cash dividend paid | ' | -3,040,753 | ' |
Net cash provided by (used in) financing activities | 14,250 | -3,040,753 | ' |
Net increase (decrease) in cash and cash equivalents | -12,686,786 | -2,578,440 | 10,856,604 |
Cash and cash equivalents at beginning of fiscal year | 19,405,865 | 21,984,305 | 11,127,701 |
Cash and cash equivalents at end of fiscal year | $6,719,079 | $19,405,865 | $21,984,305 |