Synutra International (SYUT) 10-Q 9 Nov 15 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Sep. 30, 2015	Nov. 09, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	Synutra International, Inc.
Entity Central Index Key	1,293,593
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		57,188,582

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Current Assets:
Cash and cash equivalents	$ 83,853	$ 85,171
Restricted cash	98,839	145,906
Accounts receivable, net of allowance of $1,062 and $1,824, respectively	19,862	15,405
Inventories	93,490	87,754
Due from related parties	3,851	2,629
Prepaid Income taxes	781	0
Receivable from disposal of subsidiaries	1,071	6,726
Deferred tax assets	11,845	12,267
Prepayments and other current assets	36,074	27,012
Total current assets	349,666	382,870
Property, plant and equipment, net	257,862	187,085
Land use rights, net	8,777	8,657
Intangible assets, net	2,650	2,588
Restricted cash	108,311	78,799
Due from related parties	913	2,139
Deferred tax assets	278	298
Long-term loan receivable	9,432	0
Other non-current assets	4,461	2,449
TOTAL ASSETS	742,350	664,885
Current Liabilities:
Short-term debt	131,493	145,639
Long-term debt due within one year	98,372	130,426
Accounts payable	42,598	47,764
Income taxes payable	0	1,233
Due to related parties	128	130
Advances from customers	15,421	14,844
Other current liabilities	42,241	46,790
Total current liabilities	330,253	386,826
Long-term debt	270,118	144,627
Deferred government subsidy	3,623	3,816
Capital lease obligations	7,484	7,806
Other long-term liabilities	6,872	7,241
Total liabilities	618,350	550,316
Equity:
Common stock, $.0001 par value: 250,000 authorized; 57,301 issued and 57,189 outstanding at September 30, 2015, 57,301 and 57,301 issued and outstanding at March 31, 2015, respectively	6	6
Additional paid-in capital	134,883	135,440
Accumulated deficit	(26,944)	(35,046)
Accumulated other comprehensive income	12,886	11,526
Total common stockholders' equity	120,831	111,926
Noncontrolling interest	3,169	2,643
Total equity	124,000	114,569
TOTAL LIABILITIES AND EQUITY	$ 742,350	$ 664,885

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Consolidated Balance Sheets [Abstract]
Allowance for accounts receivable	$ 1,062	$ 1,824
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares, issued	57,301,000	57,301,000
Common stock, shares, outstanding	57,189,000	57,301,000

Consolidated Statements Of Oper

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Consolidated Statements Of Operations [Abstract]
Net sales	$ 87,348	$ 102,464	$ 169,677	$ 188,439
Cost of sales	46,753	58,564	87,140	105,776
Gross profit	40,595	43,900	82,537	82,663
Selling and distribution expenses	13,832	14,856	26,568	27,449
Advertising and promotion expenses	7,800	8,913	18,086	18,615
General and administrative expenses	6,203	6,992	12,701	14,247
Gain on disposal and liquidation of subsidiaries	0	332	0	15,294
Government subsidies	122	167	202	295
Income from operations	12,882	13,638	25,384	37,941
Interest expense	4,194	3,703	8,378	8,540
Interest income	2,188	1,717	4,534	3,405
Foreign currency exchange (loss) gain, net	(8,883)	164	(8,552)	629
Other expense, net	(213)	(267)	(420)	(663)
Income before income tax expense	1,780	11,549	12,568	32,772
Income tax expense	1,141	45	3,931	2,871
Net income	639	11,504	8,637	29,901
Net income attributable to the noncontrolling interest	130	1,267	535	1,724
Net income attributable to common stockholders	$ 509	$ 10,237	$ 8,102	$ 28,177
Weighted average common stock outstanding - basic and diluted	57,291	57,301	57,296	57,301
Earnings per share - basic and diluted	$ 0.01	$ 0.18	$ 0.14	$ 0.49

Consolidated Statements Of Comp

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements Of Comprehensive Income (Loss) [Abstract]
Net income	$ 639	$ 11,504	$ 8,637	$ 29,901
Foreign currency translation adjustments
Unrealized translation (loss) gain during the period	(1,346)	(3,041)	1,351	(3,381)
Reclassification of currency translation adjustments realized upon disposal and liquidation of subsidiaries	0	0	0	(7,011)
Other comprehensive (loss) income	(1,346)	(3,041)	1,351	(10,392)
Comprehensive (loss) income	(707)	8,463	9,988	19,509
Less: Comprehensive income attributable to noncontrolling interest	121	1,268	526	1,725
Comprehensive (loss) income attributable to common stockholders	$ (828)	$ 7,195	$ 9,462	$ 17,784

Consolidated Statements Of Equi

Consolidated Statements Of Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income [Member]	Noncontrolling Interest [Member]	Total
Balance at Mar. 31, 2014	$ 6	$ 135,440	$ (104,579)	$ 30,529	$ (140)	$ 61,256
Balance, shares at Mar. 31, 2014	57,301,000
Net income	$ 0	0	28,177	0	1,724	29,901
Other comprehensive income, net of tax of nil	0	0	0	(10,393)	1	(10,392)
Incorporation of a majority owned subsidiary	0	0	0	0	284	284
Balance at Sep. 30, 2014	$ 6	135,440	(76,402)	20,136	1,869	81,049
Balance, shares at Sep. 30, 2014	57,301,000
Balance at Mar. 31, 2015	$ 6	135,440	(35,046)	11,526	2,643	114,569
Balance, shares at Mar. 31, 2015	57,301,000
Net income	$ 0	0	8,102	0	535	8,637
Other comprehensive income, net of tax of nil	0	0	0	1,360	(9)	1,351
Shares Repurchased	$ 0	(557)	0		0	$ (557)
Shares repurchased, shares	(112,000)					(112,000)
Balance at Sep. 30, 2015	$ 6	$ 134,883	$ (26,944)	$ 12,886	$ 3,169	$ 124,000
Balance, shares at Sep. 30, 2015	57,189,000

Consolidated Statements Of Cash

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net income	$ 8,637	$ 29,901
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	4,867	7,679
Bad debt reversal	(1,244)	(1,383)
Inventory write down	4,955	2,083
Gain on disposal and liquidation of subsidiaries	0	(15,294)
Other	50	433
Changes in assets and liabilities:
Accounts receivable	(3,476)	(4,729)
Inventories	(14,210)	(7,144)
Due from related parties	(875)	(1,404)
Prepaid land use right	(516)	46
Prepayments and other current assets	(9,600)	4,427
Accounts payable	(1,608)	(1,174)
Due to related parties	3	(56)
Advances from customers	1,079	(849)
Income tax receivable/payable	(2,078)	(1,984)
Other current liabilities	(4,422)	(2,458)
Other noncurrent liabilities	(418)	(578)
Net cash (used in) provided by operating activities	(18,856)	7,516
Investing activities:
Acquisition of property, plant and equipment	(72,852)	(44,298)
Change in restricted cash	9,627	(16,135)
Proceeds from assets disposal	16	372
Proceeds from disposal of subsidiaries	5,617	22,117
Changes in long-term loan receivable	(9,809)	0
Net cash used in investing activities	(67,401)	(37,944)
Financing activities:
Proceeds from short-term debt	94,731	60,311
Repayment of short-term debt	(107,995)	(57,389)
Proceeds from long-term debt	149,495	46,861
Repayment of long-term debt	(50,324)	(62,169)
Payment on capital lease obligations	(266)	(300)
Payments on shares repurchased	(557)	0
Net cash provided by (used in) financing activities	85,084	(12,686)
Effect of exchange rate changes on cash and cash equivalents	(145)	(54)
Net change in cash and cash equivalents	(1,318)	(43,168)
Cash and cash equivalents, beginning of period	85,171	90,915
Cash and cash equivalents, end of period	83,853	47,747
Supplemental cash flow information:
Interest paid	7,261	7,677
Income tax paid	6,006	2,025
Non-cash investing and financing activities:
Purchases of property, plant and equipment included in accounts payable	12,436	11,712
Disposal of a subsidiary included in receivables	$ 1,071	$ 6,832

Organization And Principal Acti

Organization And Principal Activities	6 Months Ended
	Sep. 30, 2015
Organization And Principal Activities [Abstract]
Organization And Principal Activities	1. ORGANIZATION AND PRINCIPAL ACTIVITIES Synutra International, Inc. and its subsidiaries (hereinafter collectively referred to as the "Company" or "Synutra") are principally engaged in production, distribution and sales of dairy based nutritional products under the "Shengyuan" or "Synutra" line of brands in the People's Republic of China ("China" or "PRC"). The Company focuses on selling powdered formula products for infants and adults, and also engages in other nutritional product offerings, such as certain nutritional supplement.

Basis Of Presentation

Basis Of Presentation	6 Months Ended
	Sep. 30, 2015
Basis Of Presentation [Abstract]
Basis Of Presentation	2. BASIS OF PRESENTATION The Company is responsible for the unaudited consolidated financial statements included in this document, which have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results. The Company prepared these statements following the requirements of the U.S. Securities and Exchange Commission (the "SEC") for interim reporting. As permitted under those rules, the Company condensed or omitted certain footnotes or other financial information that are normally required by US GAAP for annual financial statements. These statements should be read in combination with the consolidated financial statements in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2015. The unaudited consolidated financial statements include the financial statements of Synutra International, Inc. and its subsidiaries, its consolidated variable interest entity, Beijing Shengyuan Huimin Technology Service Co., Ltd. (the variable interest entity, or "VIE"), in which it has a controlling financial interest. A controlling financial interest is typically determined when a company holds a majority of the voting equity interest in an entity. US GAAP provides guidance on the identification and financial reporting for entities over which control is achieved through means other than voting interests, which requires certain VIEs to be consolidated by the primary beneficiary of the entity if the equity investors in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Through the contractual arrangements between the Company and the VIE, the Company controls the operating activities and holds all the beneficial interests of the VIE and has been determined to be the primary beneficiary of the VIE. The Company has concluded that such contractual arrangements are legally enforceable. The operations associated with the consolidated VIE are insignificant and hold de minimis assets and liabilities. Net income or loss of a subsidiary is attributed to the Company and to the noncontrolling interests on the basis of relative ownership interest. Noncontrolling interests in subsidiaries are presented separately from the Company's equity therein. All inter-company accounts and transactions have been eliminated in consolidation. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year.

Inventories

Inventories	6 Months Ended
	Sep. 30, 2015
Inventories [Abstract]
Inventories	3. INVENTORIES The Company's inventories at September 30, 2015 and March 31, 2015 are summarized as follows: (In thousands) September 30, 2015 March 31, 2015 Raw materials $ 53,496 $ 50,578 Work-in-progress 21,283 17,905 Finished goods 18,711 19,271 Total $ 93,490 $ 87,754 The value of goods-in-transit included in raw materials was $ 4.3 11.9 The Company recorded lower of cost or market provisions for inventory of $ 3.3 1.5

Related Parties And Related Par

Related Parties And Related Party Transactions	6 Months Ended
	Sep. 30, 2015
Related Parties And Related Party Transactions [Abstract]
Related Parties And Related Party Transactions	4. RELATED PARTIES AND RELATED PARTY TRANSACTIONS A. Related party balances a. Due from related parties, including current and non-current portion (In thousands) September 30, 2015 March 31, 2015 Sheng Zhi Da Dairy Group Corporation $ 588 $ 1,025 Beijing Honnete Dairy Co., Ltd. 0 2 St. Angel (Beijing) Business Service Co. Ltd. 4,085 3,732 Beijing St. Angel Cultural Communication Co., Ltd. 11 6 Beijing AoNaier Feed Stuff Co., Ltd. 80 3 Total $ 4,764 $ 4,768 b. Due to related parties (In thousands) September 30, 2015 March 31, 2015 Beijing Honnete Dairy Co., Ltd. 2 0 Beijing St. Angel Cultural Communication Co., Ltd. 126 130 Total $ 128 $ 130 The amount due to and due from related parties were unsecured and interest free. B. Sales to and services for related parties In the three and six months ended September 30, 2015, the Company's sales to related parties mainly included feed grade milk powder and whey powder to Beijing AoNaier Feed Stuff Co., Ltd., and powdered formula products to St. Angel (Beijing) Business Service., Ltd., and services for related parties including office spaces rented to Beijing Honnete Dairy Co., Ltd., Beijing AoNaier Feed Stuff Co., Ltd., St. Angel (Beijing) Business Service Co., Ltd., and Beijing St. Angel Cultural Communication Co., Ltd. Three Months Ended Six Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Beijing Honnete Dairy Co., Ltd. $ 2 $ 5 $ 4 $ 7 St. Angel (Beijing) Business Service Co., Ltd. 3,165 1,398 5,268 1,871 Qingdao Lvyin Waste Disposal Investment Management Co., Ltd. 1 0 2 0 Beijing AoNaier Feed Stuff Co., Ltd. 64 95 67 148 Beijing St. Angel Cultural Communication Co., Ltd. 6 13 12 19 Total $ 3,238 $ 1,511 $ 5,353 $ 2,045 C. Purchases from related parties In the three and six months ended September 30, 2015 and 2014, St. Angel Cultural Communication provided certain marketing activities for the Company. Three Months Ended Six Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Beijing St. Angel Cultural Communication Co. Ltd. $ 113 $ 115 $ 229 $ 230

Property, Plant And Equipment,

Property, Plant And Equipment, Net	6 Months Ended
	Sep. 30, 2015
Property, Plant And Equipment, Net [Abstract]
Property, Plant And Equipment, Net	5. PROPERTY, PLANT AND EQUIPMENT, NET (In thousands) September 30, 2015 March 31, 2015 Property, plant and equipment, cost: Land $ 1,501 $ 1,447 Capital lease of building 5,555 5,753 Buildings and renovations 81,105 80,013 Plant and machinery 64,058 65,790 Office equipment and furnishings 12,009 11,146 Motor vehicles 2,489 2,577 Others 1,077 1,140 Total cost $ 167,794 $ 167,866 Less: Accumulated depreciation: Capital lease of building 1,043 992 Buildings and renovations 19,203 17,790 Plant and machinery 44,648 44,193 Office equipment and furnishings 9,520 9,599 Motor vehicles 1,880 1,834 Others 801 764 Total accumulated depreciation 77,095 75,172 Construction in progress 167,163 94,391 Property, plant and equipment, net $ 257,862 $ 187,085 Construction in progress mainly represents construction and equipment for the French subsidiary as of September 30, 2015 and March 31, 2015. The Company recorded depreciation expense for owned assets and capital leased assets of $ 2.3 3.0

Long Term Loan To A Supplier

Long Term Loan To A Supplier	6 Months Ended
	Sep. 30, 2015
Long Term Loan To A Supplier [Abstract]
Long Term Loan To A Supplier	6. LONG-TERM LOAN RECEIVABLE In May 2015, the Company granted a four 60.0 7 10.0 20.0 30.0

Debt

Debt	6 Months Ended
	Sep. 30, 2015
Debt [Abstract]
Debt	7. DEBT The Company's debts consisted of the following: (In thousands) September 30, 2015 March 31, Short-term debt $ 131,493 $ 145,639 Long-term debt due within one year 98,372 130,426 Total debt, current 229,865 276,065 Long-term debt, non-current portion 270,118 144,627 Total 499,983 420,692 Long-term debt The long-term debts, including current portion, as of September 30, 2015 and March 31, 2015 are comprised of: (In thousands) September 30, 2015 March 31, 2015 Long-term debt borrowed in Mainland China $ 205,616 $ 154,393 Long-term debt borrowed in Hong Kong 84,306 93,099 Long-term debt borrowed in France 78,568 27,561 Total 368,490 275,053 As of September 30, 2015, long-term debts which were borrowed from banks in Mainland China were secured by restricted cash deposits of $ 38.2 2.97 6.15 October 2015 September 2018 As of September 30, 2015, long-term debts which were borrowed from banks in Hong Kong were secured by restricted cash deposits of $ 64.3 1.1 2.6 December 2015 March 2017 As of September 30, 2015, long-term debts which were borrowed from banks in France were secured by restricted cash deposits of $ 36.4 3 3.4 January 2019 September 2022 As of September 30, 2015, the Company had drawn down € 42.4 47.7 53.0 59.6 eight The weighted average interest rate as of September 30, 2015 and March 31, 2015 for the long-term debts was 4.3 4.4 The total amount of interest cost incurred was $ 5.4 4.1 1.2 0.4 10.3 9.3 1.9 0.8 As of September 30, 2015, borrowings both in short-term and long-term, including current portion, denominated in RMB, USD and EUR were $ 214.7 171.8 113.5 Maturities on long-term debt, including current and non-current portion, subject to mandatory redemption are as follows: (In thousands) Twelve Months Ended September 30, 2016 $ 98,372 September 30, 2017 103,994 September 30, 2018 87,556 September 30, 2019 30,842 September 30, 2020 and after 47,726 Total $ 368,490

Other Current Liabilities

Other Current Liabilities	6 Months Ended
	Sep. 30, 2015
Other Current Liabilities [Abstract]
Other Current Liabilities	8. OTHER CURRENT LIABILITIES (In thousands) September 30, 2015 March 31, 2015 Accrued discount, rebate and slotting fee $ 21,932 $ 24,861 Payroll and bonus payables 7,358 8,825 Accrued selling expenses 3,244 3,404 Accrued advertising and promotion expenses 2,668 3,980 Others 7,039 5,720 Total $ 42,241 $ 46,790

Equity

Equity	6 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity	9. EQUITY (In thousands) September 30, 2015 March 31, 2015 Common stock, $.0001 par value: 250,000 authorized; 57,301 issued and 57,189 outstanding at September 30, 2015, 57,301 and 57,301 issued and outstanding at March 31, 2015, respectively $ 6 $ 6 Additional paid-in capital 134,883 135,440 Accumulated deficit (26,944 ) (35,046 ) Accumulated other comprehensive income 12,886 11,526 Total common stockholders' equity 120,831 111,926 Noncontrolling interest 3,169 2,643 Total equity 124,000 114,569 On September 10, 2015, our board of directors approved a share repurchase program authorizing the repurchase of up to an aggregate amount of $ 20,000,000 September 10, 2016 112,000 557,000 19.4

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2015
Income Taxes [Abstract]
Income Taxes	10. INCOME TAXES The effective tax rate is based on expected income (loss), statutory tax rates and incentives available in the various jurisdictions in which the Company operates. For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records a quarterly income tax provision (benefit) in accordance with the ASC No. 740-270, "Income tax – Interim reporting". As the year progresses, the Company refines the estimates of the year's taxable income as new information becomes available. This continual estimation process often results in a change to the expected effective tax rate for the year. When this occurs, the Company adjusts the income tax provision (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual tax rate. The Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company's experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. The Company's ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carryforward periods provided for in the tax law.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	11. EARNINGS PER SHARE For purposes of calculating basic and diluted earnings per share, the Company used the following weighted average common stocks outstanding: Three Months Ended Six Months Ended September 30, September 30, (In thousands except for per share data) 2015 2014 2015 2014 Net income attributable to common stockholders $ 509 $ 10,237 $ 8,102 $ 28,177 Weighted average common stock outstanding – basic and diluted 57,291 57,301 57,296 57,301 Earnings per share - basic and diluted $ 0.01 $ 0.18 $ 0.14 $ 0.49

Segment Reporting

Segment Reporting	6 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting And Geographic Information	12. SEGMENT REPORTING The Company's chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. In fiscal year 2014, the Company operated and reported its performance in four three Nutritional food Nutritional supplement Other business Segment disclosures are on a performance basis consistent with internal management reporting. The following tables summarized the Company's revenue and cost generated from different revenue streams. Three Months Ended Six Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 NET SALES TO EXTERNAL CUSTOMERS - Nutritional food $ 78,265 92,884 151,991 175,134 - Nutritional supplement 8,058 6,679 16,115 8,347 - Other business 1,025 2,901 1,571 4,958 Net sales $ 87,348 $ 102,464 $ 169,677 $ 188,439 INTERSEGMENT SALES - Nutritional food $ 31 9 58 10 - Nutritional supplement 2,351 5,333 5,855 8,823 - Other business 137 0 137 0 Intersegment sales $ 2,519 $ 5,342 $ 6,050 $ 8,833 GROSS PROFIT - Nutritional food $ 40,362 41,929 81,392 81,325 - Nutritional supplement 553 1,427 1,088 1,240 - Other business (320 ) 544 57 98 Gross profit $ 40,595 $ 43,900 $ 82,537 $ 82,663 (In thousands) September 30, 2015 March 31, 2015 TOTAL ASSETS - Nutritional food $ 687,510 626,317 - Nutritional supplement 60,702 38,878 - Other business 2,863 2,169 - Unallocated assets 1,970 10,528 - Intersegment elimination (10,695 ) (13,007 ) Total $ 742,350 $ 664,885

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Sep. 30, 2015
Inventories [Abstract]
Schedule Of Inventories	(In thousands) September 30, 2015 March 31, 2015 Raw materials $ 53,496 $ 50,578 Work-in-progress 21,283 17,905 Finished goods 18,711 19,271 Total $ 93,490 $ 87,754

Related Parties And Related P21

Related Parties And Related Party Transactions (Tables)	6 Months Ended
	Sep. 30, 2015
Related Parties And Related Party Transactions [Abstract]
Schedule Of Balances Due From Related Parties	(In thousands) September 30, 2015 March 31, 2015 Sheng Zhi Da Dairy Group Corporation $ 588 $ 1,025 Beijing Honnete Dairy Co., Ltd. 0 2 St. Angel (Beijing) Business Service Co. Ltd. 4,085 3,732 Beijing St. Angel Cultural Communication Co., Ltd. 11 6 Beijing AoNaier Feed Stuff Co., Ltd. 80 3 Total $ 4,764 $ 4,768
Schedule Of Balances Due To Related Parties	(In thousands) September 30, 2015 March 31, 2015 Beijing Honnete Dairy Co., Ltd. 2 0 Beijing St. Angel Cultural Communication Co., Ltd. 126 130 Total $ 128 $ 130
Schedule Of Sales To Related Parties	Three Months Ended Six Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Beijing Honnete Dairy Co., Ltd. $ 2 $ 5 $ 4 $ 7 St. Angel (Beijing) Business Service Co., Ltd. 3,165 1,398 5,268 1,871 Qingdao Lvyin Waste Disposal Investment Management Co., Ltd. 1 0 2 0 Beijing AoNaier Feed Stuff Co., Ltd. 64 95 67 148 Beijing St. Angel Cultural Communication Co., Ltd. 6 13 12 19 Total $ 3,238 $ 1,511 $ 5,353 $ 2,045
Schedule Of Purchases From Related Parties	Three Months Ended Six Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 Beijing St. Angel Cultural Communication Co. Ltd. $ 113 $ 115 $ 229 $ 230

Property, Plant And Equipment22

Property, Plant And Equipment, Net (Tables)	6 Months Ended
	Sep. 30, 2015
Property, Plant And Equipment, Net [Abstract]
Schedule Of Property, Plant And Equipment, Net	(In thousands) September 30, 2015 March 31, 2015 Property, plant and equipment, cost: Land $ 1,501 $ 1,447 Capital lease of building 5,555 5,753 Buildings and renovations 81,105 80,013 Plant and machinery 64,058 65,790 Office equipment and furnishings 12,009 11,146 Motor vehicles 2,489 2,577 Others 1,077 1,140 Total cost $ 167,794 $ 167,866 Less: Accumulated depreciation: Capital lease of building 1,043 992 Buildings and renovations 19,203 17,790 Plant and machinery 44,648 44,193 Office equipment and furnishings 9,520 9,599 Motor vehicles 1,880 1,834 Others 801 764 Total accumulated depreciation 77,095 75,172 Construction in progress 167,163 94,391 Property, plant and equipment, net $ 257,862 $ 187,085

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2015
Debt [Abstract]
Schedule Of Debt	(In thousands) September 30, 2015 March 31, Short-term debt $ 131,493 $ 145,639 Long-term debt due within one year 98,372 130,426 Total debt, current 229,865 276,065 Long-term debt, non-current portion 270,118 144,627 Total 499,983 420,692
Schedule Of Long-Term Debt	(In thousands) September 30, 2015 March 31, 2015 Long-term debt borrowed in Mainland China $ 205,616 $ 154,393 Long-term debt borrowed in Hong Kong 84,306 93,099 Long-term debt borrowed in France 78,568 27,561 Total 368,490 275,053
Schedule of Maturities of Long-Term Debt	(In thousands) Twelve Months Ended September 30, 2016 $ 98,372 September 30, 2017 103,994 September 30, 2018 87,556 September 30, 2019 30,842 September 30, 2020 and after 47,726 Total $ 368,490

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	6 Months Ended
	Sep. 30, 2015
Other Current Liabilities [Abstract]
Schedule Of Other Current Liabilities	(In thousands) September 30, 2015 March 31, 2015 Accrued discount, rebate and slotting fee $ 21,932 $ 24,861 Payroll and bonus payables 7,358 8,825 Accrued selling expenses 3,244 3,404 Accrued advertising and promotion expenses 2,668 3,980 Others 7,039 5,720 Total $ 42,241 $ 46,790

Equity (Tables)

Equity (Tables)	6 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Schedule Of Equity	(In thousands) September 30, 2015 March 31, 2015 Common stock, $.0001 par value: 250,000 authorized; 57,301 issued and 57,189 outstanding at September 30, 2015, 57,301 and 57,301 issued and outstanding at March 31, 2015, respectively $ 6 $ 6 Additional paid-in capital 134,883 135,440 Accumulated deficit (26,944 ) (35,046 ) Accumulated other comprehensive income 12,886 11,526 Total common stockholders' equity 120,831 111,926 Noncontrolling interest 3,169 2,643 Total equity 124,000 114,569

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule Of Basic Earnings Per Share	Three Months Ended Six Months Ended September 30, September 30, (In thousands except for per share data) 2015 2014 2015 2014 Net income attributable to common stockholders $ 509 $ 10,237 $ 8,102 $ 28,177 Weighted average common stock outstanding – basic and diluted 57,291 57,301 57,296 57,301 Earnings per share - basic and diluted $ 0.01 $ 0.18 $ 0.14 $ 0.49

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information By Activities Of Each Segment	Three Months Ended Six Months Ended September 30, September 30, (In thousands) 2015 2014 2015 2014 NET SALES TO EXTERNAL CUSTOMERS - Nutritional food $ 78,265 92,884 151,991 175,134 - Nutritional supplement 8,058 6,679 16,115 8,347 - Other business 1,025 2,901 1,571 4,958 Net sales $ 87,348 $ 102,464 $ 169,677 $ 188,439 INTERSEGMENT SALES - Nutritional food $ 31 9 58 10 - Nutritional supplement 2,351 5,333 5,855 8,823 - Other business 137 0 137 0 Intersegment sales $ 2,519 $ 5,342 $ 6,050 $ 8,833 GROSS PROFIT - Nutritional food $ 40,362 41,929 81,392 81,325 - Nutritional supplement 553 1,427 1,088 1,240 - Other business (320 ) 544 57 98 Gross profit $ 40,595 $ 43,900 $ 82,537 $ 82,663 (In thousands) September 30, 2015 March 31, 2015 TOTAL ASSETS - Nutritional food $ 687,510 626,317 - Nutritional supplement 60,702 38,878 - Other business 2,863 2,169 - Unallocated assets 1,970 10,528 - Intersegment elimination (10,695 ) (13,007 ) Total $ 742,350 $ 664,885

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Inventories [Abstract]
Raw materials	$ 53,496		$ 53,496		$ 50,578
Work-in-progress	21,283		21,283		17,905
Finished goods	18,711		18,711		19,271
Total	93,490		93,490		87,754
Goods-in-transit included in raw materials	4,300		4,300		$ 11,900
Inventory write down	$ 3,300	$ 1,500	$ 4,955	$ 2,083

Related Parties And Related P29

Related Parties And Related Party Transactions (Schedule Of Balances Due From Related Parties) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Related Party Transaction [Line Items]
Due from related parties	$ 4,764	$ 4,768
Sheng Zhi Da Dairy Group Corporation [Member]
Related Party Transaction [Line Items]
Due from related parties	588	1,025
Beijing Honnete Dairy Co., Ltd. [Member]
Related Party Transaction [Line Items]
Due from related parties	0	2
St. Angel (Beijing) Business Service Co., Ltd. [Member]
Related Party Transaction [Line Items]
Due from related parties	4,085	3,732
Beijing St. Angel Cultural Communication Co., Limited [Member]
Related Party Transaction [Line Items]
Due from related parties	11	6
Beijing Ao Naier Feed Stuff Co., Ltd. [Member]
Related Party Transaction [Line Items]
Due from related parties	$ 80	$ 3

Related Parties And Related P30

Related Parties And Related Party Transactions (Schedule Of Balances Due To Related Parties) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Related Party Transaction [Line Items]
Due to related parties	$ 128	$ 130
Beijing Honnete Dairy Co., Ltd. [Member]
Related Party Transaction [Line Items]
Due to related parties	2	0
Beijing St. Angel Cultural Communication Co., Ltd. [Member]
Related Party Transaction [Line Items]
Due to related parties	$ 126	$ 130

Related Parties And Related P31

Related Parties And Related Party Transactions (Schedule Of Sales To Related Parties) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Related Party Transaction [Line Items]
Sales to related parties	$ 3,238	$ 1,511	$ 5,353	$ 2,045
Beijing Honnete Dairy Co., Ltd. [Member]
Related Party Transaction [Line Items]
Sales to related parties	2	5	4	7
St. Angel (Beijing) Business Service Co., Ltd. [Member]
Related Party Transaction [Line Items]
Sales to related parties	3,165	1,398	5,268	1,871
Qingdao Lvyin Waste Disposal Investment Management Co., Ltd. [Member]
Related Party Transaction [Line Items]
Sales to related parties	1	0	2	0
Beijing Ao Naier Feed Stuff Co., Ltd. [Member]
Related Party Transaction [Line Items]
Sales to related parties	64	95	67	148
Beijing St. Angel Cultural Communication Co., Ltd. [Member]
Related Party Transaction [Line Items]
Sales to related parties	$ 6	$ 13	$ 12	$ 19

Related Parties And Related P32

Related Parties And Related Party Transactions (Schedule Of Purchases From Related Parties) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Beijing St. Angel Cultural Communication Co., Ltd. [Member]
Related Party Transaction [Line Items]
Purchases from related parties	$ 113	$ 115	$ 229	$ 230

Property, Plant And Equipment33

Property, Plant And Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	$ 167,794		$ 167,794		$ 167,866
Total accumulated depreciation	77,095		77,095		75,172
Construction in progress	167,163		167,163		94,391
Property, plant and equipment, net	257,862		257,862		187,085
Depreciation and amortization	2,300	$ 3,000	4,867	$ 7,679
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	1,501		1,501		1,447
Capital Lease Of Building [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	5,555		5,555		5,753
Total accumulated depreciation	1,043		1,043		992
Buildings And Renovations [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	81,105		81,105		80,013
Total accumulated depreciation	19,203		19,203		17,790
Plant And Machinery [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	64,058		64,058		65,790
Total accumulated depreciation	44,648		44,648		44,193
Office Equipment And Furnishings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	12,009		12,009		11,146
Total accumulated depreciation	9,520		9,520		9,599
Motor Vehicles [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	2,489		2,489		2,577
Total accumulated depreciation	1,880		1,880		1,834
Others [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	1,077		1,077		1,140
Total accumulated depreciation	$ 801		$ 801		$ 764

Long Term Loan To A Supplier (D

Long Term Loan To A Supplier (Details) $ in Thousands, ¥ in Millions	6 Months Ended
	Sep. 30, 2015CNY (¥)	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)
Debt Instrument [Line Items]
Long-term loan receivable | $		$ 9,432	$ 0
Loan To Supplier [Member]
Debt Instrument [Line Items]
Term of loan	4 years
Long-term loan receivable	¥ 60
Interest rate of the long-term loan	7.00%	7.00%
Loan receivable in 2017	¥ 10
Loan receivable in 2018	20
Loan receivable in 2019	¥ 30

Debt (Narrative) (Details)

Debt (Narrative) (Details) $ in Thousands, € in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015EUR (€)	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)
Debt Instrument [Line Items]
Long-term Debt						$ 368,490	$ 275,053
Weighted average interest rate of outstanding long-term debt					4.30%	4.30%	4.40%
Interest expense incurred	$ 5,400	$ 4,100	$ 10,300	$ 9,300
Interest capitalized	$ 1,200	$ 400	$ 1,900	$ 800
CHINA
Debt Instrument [Line Items]
Floating interest rate, minimum			2.97%
Floating interest rate, maximum			6.15%
Maturity date of the debt outstanding range, start			Oct. 1, 2015
Maturity date of the debt outstanding range, end			Sep. 1, 2018
Indebtedness that was secured by the pledge of restricted cash deposits						$ 38,200
Hong Kong [Member]
Debt Instrument [Line Items]
Long-term Debt						84,306	$ 93,099
Maturity date of the debt outstanding range, start			Dec. 1, 2015
Maturity date of the debt outstanding range, end			Mar. 1, 2017
Indebtedness that was secured by the pledge of restricted cash deposits						64,300
France
Debt Instrument [Line Items]
Long-term Debt						78,568	$ 27,561
Maturity date of the debt outstanding range, start			Jan. 1, 2019
Maturity date of the debt outstanding range, end			Sep. 1, 2022
Indebtedness that was secured by the pledge of restricted cash deposits						36,400
Synutra France [Member]
Debt Instrument [Line Items]
Long-term borrowing capacity					€ 53	59,600
Debt maturity			8 years
Credit facility used					€ 42.4	47,700
Minimum [Member] | Hong Kong [Member]
Debt Instrument [Line Items]
Percent over LIBOR			1.10%
Minimum [Member] | France
Debt Instrument [Line Items]
Percent over LIBOR			3.00%
Maximum [Member] | Hong Kong [Member]
Debt Instrument [Line Items]
Percent over LIBOR			2.60%
Maximum [Member] | France
Debt Instrument [Line Items]
Percent over LIBOR			3.40%
China, Yuan Renminbi
Debt Instrument [Line Items]
Short and long-term debt						214,700
United States of America, Dollars
Debt Instrument [Line Items]
Short and long-term debt						171,800
Euro Member Countries, Euro
Debt Instrument [Line Items]
Short and long-term debt						$ 113,500

Debt (Schedule Of Debt) (Detail

Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Debt [Abstract]
Short-term debt	$ 131,493	$ 145,639
Long-term debt due within one year	98,372	130,426
Total debt, current	229,865	276,065
Long-term debt, non-current portion	270,118	144,627
Total	$ 499,983	$ 420,692

Debt (Schedule Of Long-Term Deb

Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Debt Instrument [Line Items]
Long-term Debt	$ 368,490	$ 275,053
Mainland China [Member]
Debt Instrument [Line Items]
Long-term Debt	205,616	154,393
Hong Kong [Member]
Debt Instrument [Line Items]
Long-term Debt	84,306	93,099
France
Debt Instrument [Line Items]
Long-term Debt	$ 78,568	$ 27,561

Debt (Schedule Of Maturities On

Debt (Schedule Of Maturities On Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Debt [Abstract]
2,016	$ 98,372
2,017	103,994
2,018	87,556
2,019	30,842
2020 and after	47,726
Total	$ 368,490	$ 275,053

Other Current Liabilities (Sche

Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Mar. 31, 2015
Other Current Liabilities [Abstract]
Accrued discount, rebate and slotting fee	$ 21,932	$ 24,861
Payroll and bonus payables	7,358	8,825
Accrued selling expenses	3,244	3,404
Accrued advertising and promotion expenses	2,668	3,980
Others	7,039	5,720
Total	$ 42,241	$ 46,790

Equity (Narrative) (Details)

Equity (Narrative) (Details)	6 Months Ended
	Sep. 30, 2015USD ($)shares
Equity [Abstract]
Share repurchase, amount authorized	$ 20,000,000
Share repurchase program expiration	Sep. 10, 2016
Shares repurchased, shares | shares	112,000
Shares repurchased, value	$ 557,000
Share repurchase program, remaining authorization	$ 19,400,000

Equity (Schedule Of Equity) (De

Equity (Schedule Of Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2014
Equity [Abstract]
Common stock, $.0001 par value: 250,000 authorized; 57,301 issued and 57,189 outstanding at September 30, 2015, 57,301 and 57,301 issued and outstanding at March 31, 2015, respectively	$ 6	$ 6
Additional paid-in capital	134,883	135,440
Accumulated deficit	(26,944)	(35,046)
Accumulated other comprehensive income	12,886	11,526
Total common stockholders' equity	120,831	111,926
Noncontrolling interest	3,169	2,643
Total equity	$ 124,000	$ 114,569	$ 81,049	$ 61,256
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares, issued	57,301,000	57,301,000
Common stock, shares, outstanding	57,189,000	57,301,000

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ 509	$ 10,237	$ 8,102	$ 28,177
Weighted average common stock outstanding - basic and diluted	57,291	57,301	57,296	57,301
Earnings per share - basic and diluted	$ 0.01	$ 0.18	$ 0.14	$ 0.49

Segment Reporting (Schedule Of

Segment Reporting (Schedule Of Segment Reporting Information By Activities Of Each Segment) (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)segment	Sep. 30, 2014USD ($)	Mar. 31, 2015USD ($)segment
Segment Reporting Information [Line Items]
Net sales	$ 87,348	$ 102,464	$ 169,677	$ 188,439
Gross profit	40,595	43,900	82,537	82,663
Total assets	742,350		$ 742,350		$ 664,885
Reportable segments | segment			3		4
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	2,519	5,342	$ 6,050	8,833
Total assets	(10,695)		(10,695)		$ (13,007)
Nutritional Food [Member]
Segment Reporting Information [Line Items]
Net sales	78,265	92,884	151,991	175,134
Gross profit	40,362	41,929	81,392	81,325
Total assets	687,510		687,510		626,317
Nutritional Food [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	31	9	58	10
Nutritional Supplements [Member]
Segment Reporting Information [Line Items]
Net sales	8,058	6,679	16,115	8,347
Gross profit	553	1,427	1,088	1,240
Total assets	60,702		60,702		38,878
Nutritional Supplements [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	2,351	5,333	5,855	8,823
Other Business [Member]
Segment Reporting Information [Line Items]
Net sales	1,025	2,901	1,571	4,958
Gross profit	(320)	544	57	98
Total assets	2,863		2,863		2,169
Other Business [Member] | Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	137	$ 0	137	$ 0
Unallocated Assets [Member]
Segment Reporting Information [Line Items]
Total assets	$ 1,970		$ 1,970		$ 10,528