Synutra International (SYUT) 10-K 13 Jun 16 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Jun. 13, 2016	Sep. 30, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	Synutra International, Inc.
Entity Central Index Key	1,293,593
Trading Symbol	syut
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding		56,690,687
Entity Public Float			$ 98.3
Document Type	10-K
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Current Assets:
Cash and cash equivalents	$ 102,667	$ 85,171
Restricted cash	77,787	145,906
Accounts receivable, net of allowance of $1,435 and $1,824, as of March 31, 2016 and 2015, respectively	29,911	15,405
Inventories	98,360	87,754
Due from related parties	2,486	2,629
Receivable from disposal of subsidiaries	1,161	6,726
Deferred tax assets	15,781	12,267
Prepayments and other current assets	30,675	27,012
Investment held at trust	3,169	0
Total current assets	361,997	382,870
Property, plant and equipment, net	294,185	187,085
Land use rights, net	8,541	8,657
Intangible assets, net	2,661	2,588
Restricted cash	128,397	78,799
Due from related parties	2,223	2,139
Deferred tax assets	3,481	298
Long-term loan receivable	9,286	0
Other non-current assets	6,326	2,449
TOTAL ASSETS	817,097	664,885
Current Liabilities:
Short-term debt	95,175	145,639
Long-term debt due within one year	95,504	130,426
Accounts payable	76,862	47,764
Income tax payable	2,721	1,233
Due to related parties	132	130
Advances from customers	25,186	14,844
Other current liabilities	49,617	46,790
Total current liabilities	345,197	386,826
Long-term debt	315,512	144,627
Deferred government subsidies	7,196	3,816
Capital lease obligations	7,315	7,806
Other long-term liabilities	5,077	7,241
Total liabilities	$ 680,297	$ 550,316
Commitments and Contingencies (Note 21)
Common stockholders' equity:
Common stock, $.0001 par value: 250,000 authorized, 57,301 issued; 56,691 and 57,301 outstanding at March 31, 2016 and 2015, respectively	$ 6	$ 6
Additional paid-in capital	134,693	135,440
Accumulated deficit	(14,810)	(35,046)
Accumulated other comprehensive income	13,352	11,526
Total common stockholders' equity	133,241	111,926
Noncontrolling interest	3,559	2,643
Total equity	136,800	114,569
TOTAL LIABILITIES AND EQUITY	$ 817,097	$ 664,885

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Consolidated Balance Sheets [Abstract]
Allowance for accounts receivable	$ 1,435	$ 1,824
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000	250,000
Common stock, shares, issued	57,301	57,301
Common stock, shares, outstanding	56,691	57,301

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements Of Operations [Abstract]
Net sales	$ 365,039	$ 413,941	$ 370,534
Net sales - including sales to related parties	12,161	5,220	2,329
Cost of sales	188,215	224,387	217,027
Gross profit	176,824	189,554	153,507
Selling and distribution expenses	51,289	57,797	53,710
Advertising and promotion expenses	43,137	40,027	32,912
General and administrative expenses	27,740	27,994	25,506
Impairment of long-lived assets and intangible assets	0	5,845	1,040
Gain on disposal and liquidation of subsidiaries	0	15,294	367
Loss on a supply contract	8,810	0	0
Government subsidies	646	555	924
Income from operations	46,494	73,740	41,630
Interest expense	16,362	16,033	16,162
Interest income	8,776	7,608	4,658
Foreign currency exchange (loss) gain, net	(12,225)	3,242	1,934
Other expense, net	268	975	1,582
Income before income tax (benefit) expense	26,415	67,582	30,478
Income tax expense (benefit)	5,454	(4,449)	130
Net income	20,961	72,031	30,348
Net income (loss) attributable to the noncontrolling interest	725	2,498	(581)
Net income attributable to common stockholders	$ 20,236	$ 69,533	$ 30,929
Weighted average common stock outstanding - basic and diluted	57,083	57,301	57,301
Earnings per share - basic and diluted	$ 0.35	$ 1.21	$ 0.54

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Condensed Consolidated Statements Of Comprehensive Income (Loss) [Abstract]
Net income	$ 20,961	$ 72,031	$ 30,348
Other comprehensive income (loss), net of tax
Currency translation adjustment	2,017	(11,991)	1,701
Reclassification of currency translation adjustments realized upon disposal and liquidation of subsidiaries	0	(7,011)	0
Other comprehensive income (loss)	2,017	(19,002)	1,701
Comprehensive income	22,978	53,029	32,049
Less: Comprehensive income (loss) attributable to noncontrolling interest	916	2,499	(581)
Comprehensive income attributable to common stockholders	$ 22,062	$ 50,530	$ 32,630

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Treasury Stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income	Noncontrolling Interest	Total
Balance at Mar. 31, 2013	$ 6	$ 0	$ 135,440	$ (135,508)	$ 28,828	$ 441	$ 29,207
Balance (in shares) at Mar. 31, 2013	57,301	0
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net income (loss)	$ 0	$ 0	0	30,929	0	(581)	30,348
Other comprehensive income (loss), net of tax of nil	0	0	0	0	1,701	0	1,701
Balance at Mar. 31, 2014	$ 6	$ 0	135,440	(104,579)	30,529	(140)	61,256
Balance (in shares) at Mar. 31, 2014	57,301	0
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net income (loss)	$ 0	$ 0	0	69,533	0	2,498	72,031
Other comprehensive income (loss), net of tax of nil	0	0	0	0	(19,003)	1	(19,002)
Incorporation of a majority owned subsidiary	0	0	0	0	0	284	284
Balance at Mar. 31, 2015	$ 6	$ 0	135,440	(35,046)	11,526	2,643	114,569
Balance (in shares) at Mar. 31, 2015	57,301	0
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net income (loss)	$ 0	$ 0	0	20,236	0	725	20,961
Other comprehensive income (loss), net of tax of nil	0	0	0	0	1,826	191	2,017
Repurchase of noncontrolling interest	0	0	1,820	0	186	0	2,006
Contribution from noncontrolling shareholders	0	0	430	0	(186)	0	244
Treasury shares repurchased	$ 0	$ 0	(2,997)	0	0	0	(2,997)
Treasury shares repurchased (in shares)	(610)	610
Balance at Mar. 31, 2016	$ 6	$ 0	$ 134,693	$ (14,810)	$ 13,352	$ 3,559	$ 136,800
Balance (in shares) at Mar. 31, 2016	56,691	610

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net income	$ 20,961	$ 72,031	$ 30,348
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,514	15,210	15,356
Reversal of allowance for doubtful accounts	(1,360)	(2,179)	(3,193)
Inventory write down	8,762	9,682	6,487
Impairment of long-lived assets and intangible assets	0	5,845	1,040
Deferred income tax	(7,250)	(11,300)	0
Gain on disposal and liquidation of subsidiaries	0	(15,294)	(367)
Loss on a supply contract	3,721	0	0
Other	70	(825)	35
Changes in assets and liabilities:
Accounts receivable	(13,727)	(380)	16,045
Inventories	(24,201)	(18,219)	(1,243)
Due from related parties	(3,173)	(223)	(444)
Land use right	(518)	204	(181)
Prepayments and other current assets	(9,032)	6,000	(2,963)
Accounts payable	27,824	8,540	(8,729)
Due to related parties	8	(1,426)	(301)
Advances from customers	11,479	(834)	2,488
Income tax receivable/payable	1,417	(1,671)	(239)
Other current liabilities	3,778	(1,661)	(7,753)
Other noncurrent liabilities	1,389	(971)	(161)
Net cash provided by operating activities	29,662	62,529	46,225
Investing activities:
Acquisition of property, plant and equipment	(103,811)	(89,344)	(29,582)
Repurchase of non-controlling interest	(1,486)	0	0
Change in restricted cash	6,801	(56,753)	(57,861)
Proceeds from assets disposal	19	380	111
Proceeds from disposal of subsidiaries and noncontrolling shareholders	9,353	22,411	633
Changes in long-term loan receivable	(9,809)	0	0
Purchase of investment held at trust	(3,074)	0	0
Net cash used in investing activities	(102,007)	(123,306)	(86,699)
Financing activities:
Proceeds from short-term debt	148,869	212,911	181,315
Repayment of short-term debt	(197,760)	(183,175)	(194,730)
Proceeds from long-term debt	292,811	167,502	176,919
Repayment of long-term debt	(148,996)	(139,364)	(111,890)
Payment on capital lease obligations	(626)	(682)	(842)
Payment on shares repurchased	(2,997)	0	0
Net cash provided by financing activities	91,301	57,192	50,772
Effect of exchange rate changes on cash and cash equivalents	(1,460)	(2,159)	1,567
Net change in cash and cash equivalents	17,496	(5,744)	11,865
Cash and cash equivalents, beginning of year	85,171	90,915	79,050
Cash and cash equivalents, end of year	102,667	85,171	90,915
Supplemental cash flow information:
Interest paid, net of capitalized interest of $4.6 million, $1.8 million and nil, respectively	13,442	13,163	17,323
Income tax paid	12,540	5,686	499
Non-cash investing and financing activities:
Purchase of property, plant and equipment included in accounts payable	18,279	9,474	5,442
Consideration receivable on disposal of subsidiaries	$ 1,161	$ 6,726	$ 0

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Consolidated Statements Of Cash Flows [Abstract]
Interest capitalized	$ 4.6	$ 1.8

ORGANIZATION AND PRINCIPAL ACTI

ORGANIZATION AND PRINCIPAL ACTIVITIES	12 Months Ended
	Mar. 31, 2016
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 infant and adult, and also engages in other nutritional product offerings, such as certain nutritional supplement.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. A. Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. Under that assumption, it is expected that assets will be realized and liabilities will be satisfied in the normal course of business. B. Basis of consolidation The 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 the consolidated VIE holds 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. C. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include allowance for doubtful accounts, inventory valuation, accrued consumer loyalty program obligations, the useful lives of and impairment for property and equipment, impairment of indefinite lived intangible assets, and valuation allowance for deferred tax assets. D. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use, and which have original maturities of three months or less when purchased. E. Restricted cash Restricted cash are bank demand deposits used as security against letter of credits, bank acceptance bills and short-term and long-term borrowings. F. Accounts receivable Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectable amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. The Company performs risk assessments for each customer, and provides a specific allowance for those deemed to have high risk of collectability. The Company also records provision for other customers without specific risks by reviewing the aging of the receivables. G. Investments held at trust The Company's investments held at trust have a stated maturity and pays a prospective fixed rate of return. The Company classifies the investments held at trust as held-to- maturity when it has both the positive intent and ability to hold them until maturity. Held-to-maturity investments are recorded at amortized cost and are classified as long-term or short-term according to their contractual maturity. The Company reviews its investments held at trust for other-than-temporary impairment based on the specific identification method and considers available quantitative and qualitative evidence in evaluating potential impairment. If the cost of an investment exceeds the investment's fair value, the Company considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than cost and the Company's intent and ability to hold the investment to determine whether an other-than-temporary impairment has occurred. To date, the Company has not recorded an other-than-temporary impairment. H. Inventories Inventories are stated at the lower of cost or market. Cost is calculated on the weighted-average basis and includes all costs to acquire and other costs incurred in bringing the inventories to their present location and condition. The Company evaluates the market for its inventories on a regular basis and records a provision for loss to reduce the computed weighted-average cost if it exceeds market. Potential losses from obsolete and slow-moving inventories are recorded when identified. I. Property, plant and equipment, net Property, plant and equipment are carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, when applicable, the life of the lease, whichever is shorter. The useful lives for property, plant and equipment are as follows: Buildings and renovations 20 – 40 years Plant and machinery 5 – 10 years Office equipment and furnishings 3 – 5 years Motor vehicles 5 years Others 5 years J. Leases Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is shorter. Operating lease costs are recognized on a straight-line basis over the lease term. K. Construction in progress Construction in progress represents direct costs of construction or acquisition and design fees incurred. Capitalization of these costs ceases and the construction in progress is transferred to property, plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until it is completed and ready for intended use. Interest expense incurred for construction of property, plant, and equipment is capitalized as part of the cost of such assets. The Company capitalizes interest to the extent that expenditures to construct an asset have occurred and interest costs have been incurred. Interest expense capitalized for the fiscal years ended March 31, 2016, 2015 and 2014 was $4.6 L. Impairment of long-lived assets The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets. The Company recorded impairment charges on its property, plant and equipment of nil M. Impairment of indefinite lived intangible assets Intangible assets with an indefinite life are tested for impairment on an annual basis or when current facts or circumstances indicate that a potential impairment may exist. The impairment test consists of a comparison of the fair value of the intangible asset to its carrying amount. If the carrying amount exceeds the fair value, an impairment loss is recognized equal in amount to that excess. Management performs its annual impairment test for intangible assets with indefinite life on March 31. The Company recorded nil, $1.1 million and nil impairment on its intangible assets for the fiscal years ended March 31, 2016, 2015 and 2014, respectively. See Note 16, “Impairment of long-lived assets and indefinite lived intangible assets" for further details. N. Income taxes Current income taxes are provided for in accordance with the laws and regulations applicable to the Company as enacted by the relevant tax authorities. Income taxes are accounted for under the asset and liability method. Deferred taxes are determined based upon differences between the financial reporting and tax bases of assets and liabilities at currently enacted statutory tax rates for the years in which the differences are expected to reverse. Net operating losses are carried forward and credited by applying enacted statutory tax rates applicable to future years. A valuation allowance is provided on deferred tax assets to the extent that it is more likely than not that such deferred tax assets will not be realized. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on the characteristics of the underlying assets and liabilities, or the expected timing of their use when they do not relate to a specific asset or liability. The Company recognizes the impact of an uncertain income tax position at the largest amount that is more-likely-than not to be sustained upon audit by the relevant tax authority. Income tax related interest and penalties is classified as income tax expense. O. Foreign currency translation The functional currency and reporting currency of Synutra International, Inc. and Synutra Illinois are United States Dollar (“US Dollar”). The financial records of the Company’s PRC subsidiaries are maintained in Renminbi (“RMB”), the financial records of the Company’s Netherland and French subsidiaries are maintained in Euro (“EUR”), and the financial records of another subsidiary is maintained in South Korean KRW (“KRW”), which are their functional currencies. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of the consolidated statements of comprehensive income (loss). Monetary assets and liabilities denominated in currencies other than the functional currencies are translated into functional currencies at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currencies during the year are converted into the functional currencies at the applicable rates of exchange prevailing on the day transactions occurred. Transaction gains and losses are recognized in the statement of operations. Transaction (losses) and P. Revenue recognition The Company recognizes revenue when title and risk and rewards for the products are transferred to the customer, price is fixed or determinable, and collectability is reasonably assured. Most of the Company’s nutritional food sales are made through distributors. Under the distributor arrangement, evidenced by purchase order, revenue is realized and earned upon acceptance of delivery of products by the distributors. For sales of My Angel series powdered formula products, which is directly sold to baby stores, the revenue recognition is similar to that of distributor sales, and the revenue is realized and earned upon acceptance of delivery of products by the baby stores. For sales of the powdered formula products directly through certain supermarket retailers, who have a right of return clause, the revenue is recognized until the supermarkets have paid the Company. For sales to a limited number of distributors from whom collectability is not reasonably assured, revenue is recognized when the Company received payments. The Company’s gross sales are subject to various deductions, primarily comprised of rebates and discounts to distributors and retailers, which are reported as a reduction of revenue.The Company provides discounts or rebates to customers in the following ways: · The Company offers product discounts to compensate certain distributors and supermarket retailers for promotional expenses and slotting fees paid by them. These product discounts are recognized when incurred as a reduction to gross revenue. · The Company offers rebates to a few distributors and supermarket retailers as sales incentives. These sale rebates are typically determined based on a percentage of sales after attaining certain amount of orders relating to specific products by the distributors and supermarket retailers. The Company recognized a liability for the sales rebates at the time at which the related revenue is recognized by the Company, based on the specific terms in each agreement and the expected sales of each distributor or supermarket retailer. The Company uses a customer loyalty program administrated by a third party, the program operator, to conduct its promotional activities. In connection with a current revenue transaction of specific products, the Company offers to the customer award points which can be exchanged for free products that will be delivered by the program operator, at a future date at the customer's request. The value of the award is insignificant in relation to the value of the transactions necessary to earn the awards under other current liabilities in the consolidated balance sheets, which was amounted to nil Q. Shipping and handling costs Shipping and handling costs are expensed as incurred and included in selling and distribution expenses. The costs were $5.7 R. Advertising and promotion expenses Advertising and promotion expenses are expensed as incurred The service charge of the consumer loyalty program administrated by a third party was $4.1 million, $3.7 S. Government subsidies The Company receives unrestricted cash subsidies from local government agencies. The subsidies are unrestricted as to use and can be utilized by the Company in any manner it deems appropriate. The Company has utilized, and expects to continue to utilize, these subsidies to fund general operating expenses. The Company records unrestricted cash government subsidies as government subsidies in the consolidated statements of operations. Unrestricted cash government subsidies received for the fiscal years ended March 31, 2016, 2015 and 2014 were $0.6 T. Employee’s benefits Mandatory contributions are made to the government’s health, retirement benefit and unemployment schemes at the statutory rates in force during the period, based on gross salary payments. The cost of these payments is charged to the consolidated statements of operations in the same period as the related salary cost. U. Earnings per share Basic earnings per share is computed by dividing net income attributable to holders of common stock by the weighted average number of common stock outstanding during the year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Common stock equivalents are excluded from the computation in loss periods and in periods when the average market price of the common stock exceeds the exercise price of the securities or other contracts to issue common stocks as their effects would be anti-dilutive. V. Comprehensive income Comprehensive income is defined to include all changes in equity of the Company during a period from transactions and other events and circumstances except those resulting from investments by owners and distributions to owners, including currency translation adjustment. W. Concentration of credit risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, due from related parties, receivable from disposal of subsidiaries, prepayments, tax receivables and others and other assets. All of the Company’s cash and cash equivalents and restricted cash are held with financial institutions that the Company believes to be high credit quality. X. Noncontrolling interest The noncontrolling interest represents the portion of the equity interest in the subsidiaries, Meitek Technology (Qingdao) Co., Ltd. Y. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The fair value measurement guidance provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1 inputs are unadjusted quoted prices in active markets for identical assets that the management has the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 inputs include unobservable inputs to the valuation methodology that reflect management’s assumptions about the assumptions that market participants would use in pricing the asset. The management develops these inputs based on the best information available, including their own data. Z. Financial Instruments The carrying value of financial instruments including cash and cash equivalents, restricted cash, accounts receivable, other current assets, investment held at trust, other assets, accounts payable, short-term debt, long-term debt due within one year, other current liabilities and due to and from related parties, approximates their fair value at March 31, 2016 due to the relatively short-term nature of these instruments. The carrying value of long-term debt, capital lease obligations and other long-term liabilities approximates its fair value as their interest rates are at the same level of the current market yield for comparable loans. AA. Recently issued accounting pronouncements In August 2015, FASB issued Accounting Standards Update 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendments in this Update defer the effective date of Update 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting period within that reporting period. We are evaluating the impact to our financial position and result of operations upon adoption. In July 2015, FASB issued Accounting Standards Update 2015-11 Inventory (Topic 330): Simplifying the Measurement of Inventory. An entity should measure inventory within the scope of this Update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. We are evaluating the impact to our financial position and result of operations upon adoption. In November 2015, FASB issued Accounting Standards Update 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this Update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We are evaluating the impact to our financial position upon adoption. In January, 2016, the FASB issued ASU No. 2016-01, to improve the recognition and measurement of financial instruments. The new guidance requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income and separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. The guidance also eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities and the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. We are still in the process of assessing the impact of this ASU on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU will be effective for fiscal years beginning after December 15, 2018 for public entities, and it will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. We are still in the process of assessing the impact of this ASU onour consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, which eliminates the requirement to retroactively adopt the equity method of accounting. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. We are in the process of evaluating the impact of this ASU on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, which amends the principal-versus-agent implementation guidance and illustrations in the Board's new revenue standard (ASC 606). The amendments in this update clarify the implementation guidance on principal versus agent considerations. When another party, along with the reporting entity, is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide that good or service to the customer (as a principal) or to arrange for the good or service to be provided to the customer by the other party (as an agent). The guidance is effective for interim and annual periods beginning after December 15, 2017. We are in the process of evaluating the impact of this ASU on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public entities, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption will be permitted in any interim or annual period for which financial statements have not yet been issued or have not been made available for issuance. We are in the process of evaluating the impact of adoption of this guidance on the consolidated financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Mar. 31, 2016
Fair Value Measurements [Abstract]
FAIR VALUE MEASUREMENTS	3. FAIR VALUE MEASUREMENTS The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities accounted for at fair value on a nonrecurring basis as of March 31, 2016 Description Amount Quoted Prices in Significant Significant Total Loss (In thousands) March 31, 2015: Property, Plant and Equipment – Prepared food equipment $ 701 $ 701 $ 4,726 Intangible assets – Brands of Ausmeadow and Huiliduo $ 98 $ 98 $ 1,119 March 31, 2014: Property, Plant and Equipment - Prepared food equipment $ 3,605 $ 3,605 $ 1,040 In fiscal year 2016, there was no any other-than-temporary impairment. In fiscal year 2015, there was an other−than−temporary impairment of $4.7 million charged against the prepared food equipment assets of Inner Mongolia Huiliduo Food Co., Ltd. (“Huiliduo”), $0.3 million related to Huiliduo brand and $0.8 million related to the Ausmeadow brand. The impairment loss of $1.0 million in fiscal year 2014 was related to the prepared food equipment assets. The Company has categorized these impairments as a level 3 fair value measurement. See Note

DISPOSAL OF SUBSIDIARIES

DISPOSAL OF SUBSIDIARIES	12 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISPOSAL OF SUBSIDIARIES	4. DISPOSAL OF SUBSIDIARIES In June 2014, the Company sold its wholly owned subsidiary in the powdered formula segment, Zhangjiakou Chahaer Dairy Co., Ltd. (“Zhangjiakou”) to Rightcom Co., Ltd. (the “Purchaser”) for a total cash consideration of $28.1 million to be paid in three installments. As the result of the sale in fiscal year 2015, the Company recorded a $15.0 million in gain ($11.9 million after tax), which was calculated as the total of the excess of the sale proceeds over the net book value of the assets transferred of $20.1 million and reclassification of foreign currency translation gain of $7.0 million from Other Comprehensive Income. The Company had collected $22.5M and $5.6M of the payment by end of fiscal year 2015 and fiscal year 2016 respectively. In July 2014, the Company entered into a share purchase agreement with Beijing Jinkangpu Food Technology Co., Ltd. (“Jinkangpu”) to dispose its wholly owned subsidiary in the food segment, Beijing Huiliduo Food Technology Co., Ltd. (“Beijing Huiliduo”) for a total cash consideration of $1.3 million to be paid in two installments. As of September 30, 2014, the Company has completed all of the closing procedures and has effectively transferred its control on Beijing Huiliduo to Jinkangpu. As the result of the sale in fiscal year 2015, the Company recorded a $0.3 million in gain, which was calculated as the total of the excess of the sale proceeds over the net book value of the assets transferred of $1.0 million. Jinkangpu had paid $0.2 million by end of fiscal year 2016 and the remaining $1.1 million will be paid before September 2016.

INVENTORIES

INVENTORIES	12 Months Ended
	Mar. 31, 2016
Inventories [Abstract]
INVENTORIES	5. INVENTORIES The Company’s inventories at March 31, 2016 and 2015 are summarized as follows: March 31, 2016 March 31, 2015 (In thousands) Raw materials $ 41,073 $ 50,578 Work–in–progress 20,609 17,905 Finished goods 36,678 19,271 Total $ 98,360 $ 87,754 The value of goods-in-transit included in raw materials was $7.1 The Company recorded lower of cost or market provisions for inventory of $8.8 million, $9.7 million and $6.5 million for the years ended March 31, 2016, 2015, and 2014, respectively.

RELATED PARTIES AND RELATED PAR

RELATED PARTIES AND RELATED PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2016
Related Parties And Related Party Transactions [Abstract]
RELATED PARTIES AND RELATED PARTY TRANSACTIONS	6. RELATED PARTIES AND RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. The following entities are considered to be related parties to the Company because they are affiliates of the Company under the ultimate common control of the Company’s major shareholder. The nature of each entity is discussed in the table below: Related Party Business Nature Sheng Zhi Da Dairy Group Corporation (“Sheng Zhi Da”) Engages in buying and selling packaging materials, vitamin and mineral pre–mixes, and other food ingredients. St. Angel (Beijing) Business Service Co., Ltd. (“St. Angel (Beijing) Business Service”) Engages in distribution of the Company's powdered formula products. Beijing St. Angel Cultural Communication Co., Ltd. (“St. Angel Cultural Communication”) Engages in television designing and programming. Beijing Honnete Dairy Co., Ltd. (“Honnete Beijing”) Engages in importing and distributing whey protein products to commercial customers. Qingdao Lvyin Waste Disposal Investment Management Co., Ltd. (“Lvyin”) Engages in waste disposal and sewage treatment activities. Beijing Dongan Hengxin Property Development Co., Ltd. (“Dongan Hengxin”) Engages in property development activities. Beijing Ao Naier Feed Stuff Co., Ltd. (“Ao Naier”) Engages in feed processing activities. A. Related party balances a. Due from related parties, including current and non-current portion March 31, 2016 March 31, 2015 (In thousands) Sheng Zhi Da Dairy Group Corporation $ 3,349 $ 1,025 Beijing Honnete Dairy Co., Ltd. 0 2 St. Angel (Beijing) Business Service Co. Ltd. 1,334 3,732 Beijing St. Angel Cultural Communication Co., Ltd. 23 6 Beijing Ao Naier Feed Stuff Co., Ltd. 3 3 Total $ 4,709 $ 4,768 b. Due to related parties March 31, 2016 March 31, 2015 (In thousands) Beijing St. Angel Cultural Communication Co., Ltd. 132 130 The amount due to and due from related parties were unsecured and interest free. In fiscal year 2016, the Company lent $1.1 million to Sheng Zhi Da. The loan was interest-free and due within one year. B. Sales to and services rendered for related parties In fiscal years 2016, 2015 and 2014, the Company’s sales to related parties mainly included feed grade milk powder and whey powder to Ao Naier, and powdered formula products to St. Angel (Beijing) Business Service, and services for related parties including office spaces rented to Honnete Beijing, Ao Naier, St. Angel (Beijing) Business Service, and St. Angel Cultural Communication. Year Ended March 31, 2016 2015 2014 (In thousands) Beijing Honnete Dairy Co., Ltd. $ 8 $ 9 $ 8 St. Angel (Beijing) Business Service Co., Ltd. 11,867 4,651 1,780 Qingdao Lvyin Waste Disposal Investment Management Co., Ltd. 2 0 0 Beijing Ao Naier Feed Stuff Co., Ltd. 260 535 524 Beijing St. Angel Cultural Communication Co., Ltd. 24 25 17 Total $ 12,161 $ 5,220 $ 2,329 C. Purchases from related parties In fiscal years 2016, 2015 and 2014, St. Angel Cultural Communication provided certain marketing services for the Company. Year Ended March 31, 2016 2015 2014 (In thousands) Beijing St. Angel Cultural Communication Co., Ltd. $ 462 $ 460 $ 460

PREPAYMENTS, TAX RECEIVABLES AN

PREPAYMENTS, TAX RECEIVABLES AND OTHERS	12 Months Ended
	Mar. 31, 2016
Prepayments, Tax Receivables And Others [Abstract]
PREPAYMENTS, TAX RECEIVABLES AND OTHERS	7. PREPAYMENTS, TAX RECEIVABLES AND OTHERS March 31, 2016 March 31, 2015 (In thousands) Value added tax (“VAT”) in $ 10,862 $ 8,544 Prepayments 7,994 5,056 Interest receivable 2,183 4,086 Prepaid rental and other expense 4,227 3,586 Other 5,409 5,740 Total $ 30,675 $ 27,012

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	12 Months Ended
	Mar. 31, 2016
Property, Plant And Equipment, Net [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	8. PROPERTY, PLANT AND EQUIPMENT, NET March 31, 2016 March 31, 2015 (In thousands) Property, plant and equipment, cost: Land $ 1,914 $ 1,447 Capital lease of building 5,469 5,753 Buildings and renovations 79,984 80,013 Plant and machinery 64,584 65,790 Office equipment and furnishings 11,973 11,146 Motor vehicles 2,460 2,577 Others 1,143 1,140 Total cost $ 167,527 $ 167,866 Less: Accumulated depreciation: Capital lease of building 1,111 992 Buildings and renovations 20,780 17,790 Plant and machinery 45,879 44,193 Office equipment and furnishings 9,672 9,599 Motor vehicles 1,920 1,834 Others 857 764 Total accumulated depreciation 80,219 75,172 Construction in progress 206,877 94,391 Property, plant and equipment, net $ 294,185 $ 187,085 Land represents a parcel of land acquired for the Company’s French subsidiary. Construction in progress mainly represents construction and equipment purchase for the French subsidiary as of March 31, 2016 and 2015. The Company recorded depreciation expense for owned assets and capital leased assets of $9.3

LAND USE RIGHTS, NET

LAND USE RIGHTS, NET	12 Months Ended
	Mar. 31, 2016
Land Use Rights, Net [Abstract]
LAND USE RIGHTS, NET	9. LAND USE RIGHTS, NET There is no private land ownership in China. Companies or individuals are authorized to possess and use the land only through land use rights granted by the PRC government. Land use rights are amortized using the straight-line method over the lease term of 42 to 50 years. March 31, 2016 March 31, 2015 (In thousands) Land use rights, cost $ 9,919 $ 9,896 Less: Accumulated amortization 1,378 1,239 Land use rights, net $ 8,541 $ 8,657 The Company recorded amortization expense of $205,000

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	12 Months Ended
	Mar. 31, 2016
Intangible Assets, Net [Abstract]
INTANGIBLE ASSETS, NET	10. INTANGIBLE ASSETS, NET March 31, 2016 March 31, 2015 (In thousands) Registered trademark (indefinite life) Gross and net carrying amount $ 2,661 $ 2,588 The intangible assets as of March 31, 2016 represent $2.6 The intangible assets as of March 31, 2015 represent $2.5 million for registered trademark of Dutch Cow, $98,000 for registered trademark of Ausmeadow, which are used for the Company’s nutritional food products.

LONG-TERM LOAN RECEIVABLE

LONG-TERM LOAN RECEIVABLE	12 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
LONG-TERM LOAN RECEIVABLE	11. LONG-TERM LOAN RECEIVABLE In May 2015, the Company granted a four-year long-term loan of RMB 60.0 million (equivalent to $9.3 The company evaluated the credit risk associated with the

INVESTMENT HELD AT TRUST

INVESTMENT HELD AT TRUST	12 Months Ended
	Mar. 31, 2016
Held-to-maturity Securities [Abstract]
INVESTMENT HELD AT TRUST	12. INVESTMENT HELD AT TRUST In October and November 2015, the Company launched two marketing initiatives whereby customers can purchase online cash coupons through the BaiduPay platform (the "Platform"). The cash coupons can be redeemed by the customer within one year from the date of purchase for the Company's products posted in the Platform. The customers have the right to request the Company to redeem their unused coupons at the end of the one-year period for the original purchase amount plus an annual rate of 8.0%. According to the agreement between the Company and the Platform, the cash received from the customers for the purchases of cash coupons (the "Fund") are required to be deposited in a specific trust managed by a third party financial institution (the "Trust Company") to protect the customers' interest and only the portion of the Fund related to the cash coupon redeemed for the Company's products can be utilized by the Company at its discretion. The Fund relating to the unused coupons is restricted for use by the Company and can only be invested in principal protected investment products agreed by the Company and the Trust Company. Cash received from Customers and deposited in the trust in the amount of $3.2 million is recorded in Advances from Customers on the consolidated balance sheets. As agreed by both parties, the Fund was invested to purchase a trust product consisting of fixed income debt securities with interest rate of 7% and maturity term less than one year. The Company classified the investment as held-to-maturity securities and carried it at amortized costs. The carrying amount of the securities of $3.2 million as of March 31, 2016 approximated their fair value due to their credit ratings and their short term nature.

DEBT

DEBT	12 Months Ended
	Mar. 31, 2016
Debt [Abstract]
DEBT	13. DEBT The Company’s debts consisted of the following: March 31, 2016 March 31, 2015 (In thousands) Short–term debt $ 95,175 $ 145,639 Long–term debt due within one year 95,504 130,426 Total debt, current 190,679 276,065 Long–term debt, non–current portion 315,512 144,627 Total $ 506,191 $ 420,692 Long-term debt The long-term debts, including current portion, as of March 31, 2016 and 2015 are comprised of: March 31, 2016 March 31, 2015 (In thousands) Long–term debt borrowed in Mainland China $ 262,514 $ 154,393 Long–term debt borrowed in Hong Kong 47,061 93,099 Long–term debt borrowed in France 101,441 27,561 Total $ 411,016 $ 275,053 As of March 31, 2016, among the long-term debts which were borrowed in Mainland China, $57.8 As of March 31, 2016, the long-term debts which were borrowed in Hong Kong were secured by restricted cash deposit of $33.2 As of March 31, 2016, long-term debts which were borrowed from banks in France were secured by restricted cash deposits of $50.2 The weighted average interest rate as of March 31, 2016 and 2015 for the long-term debts was 3.7 As of March 31, 2016, borrowings both in short-term and long-term, including current portion, denominated in RMB, USD and EUR were $231.1 Maturities on long-term debt, including current and non-current portion, are as follows: Year Ending (In thousands) March 31, 2017 $ 95,504 March 31, 2018 146,045 March 31, 2019 109,329 March 31, 2020 to March 31, 2022 0 March 31, 2023 60,138 Total $ 411,016 The total amount of interest cost incurred for loans was $20.4

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	12 Months Ended
	Mar. 31, 2016
Other Current Liabilities [Abstract]
OTHER CURRENT LIABILITIES	14. OTHER CURRENT LIABILITIES March 31, 2016 March 31, 2015 (In thousands) Accrued discount, rebate and slotting fee $ 25,932 $ 24,861 Payroll and bonus payables 12,111 8,825 Accrued selling expenses 2,975 3,404 Accrued advertising and promotion expenses 2,812 3,980 Others 5,787 5,720 Total $ 49,617 $ 46,790 In May 2015, Qingdao Jisheng agreed to pay RMB 27.0 million (equivalent to $4.2

OBLIGATIONS UNDER CAPITAL LEASE

OBLIGATIONS UNDER CAPITAL LEASE	12 Months Ended
	Mar. 31, 2016
Obligations Under Capital Lease [Abstract]
OBLIGATIONS UNDER CAPITAL LEASE	15. OBLIGATIONS UNDER CAPITAL LEASE The Company has entered into leases for building and warehouse under capital lease arrangement with terms varying from 13 to 33 years. Future minimum capital lease payments at March 31, 2016 are as follows: Year Ending (In thousands) 2017 $ 594 2018 594 2019 594 2020 594 2021 594 2022 and thereafter 14,462 Total minimum lease payments 17,432 Less: Amount representing interest 10,012 Present value of minimum lease payments 7,420 Current 105 Long–term 7,315 Total $ 7,420 The Company recorded depreciation expense of $171,000 The above capital lease obligations are included in other current liabilities and capital lease obligations in the balance sheet.

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS AND INTANGIBLE ASSETS	12 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
IMPAIRMENT OF LONG-LIVED ASSETS AND INTANGIBLE ASSETS	16. IMPAIRMENT OF LONG-LIVED ASSETS AND INTANGIBLE ASSETS The Company recorded impairment charges on long-lived assets and intangible assets of nil, $5.8 million and $1.0 million for the fiscal years ended March 31, 2016, 2015 and 2014, respectively. In the fiscal year 2015, the Company recognized an impairment charge on the prepared food equipment assets of Inner Mongolia Huiliduo Food Co., Ltd. (“Huiliduo”) of $4.7 million as well as on the Huilido brand of $0.3 million, as a result of the continuous operating losses, slow market development and expected higher promotion expenditures to achieve meaningful sales. In addition, the impairment loss of $0.8 million was recognized for the Ausmeadow brand due to the lower operating performance than the Company's previous expectations. The impairment charge of $1.0 million in fiscal year 2014 was related to the prepared food as a result of the operating loss and negative operating cash flow.

LOSS ON A SUPPLY CONTRACT

LOSS ON A SUPPLY CONTRACT	12 Months Ended
	Mar. 31, 2016
Purchase Contract Loss Resulting From French Project Delay [Abstract]
LOSS ON SUPPLY PURCHASE CONTRACT	17. LOSS ON A SUPPLY CONTRACT In September 2012, the Company entered into a 10-year milk supply agreement with Sodiaal Union (“Sodiaal”), a French agricultural cooperative company, for its French project. In accordance with the terms of this supply agreement, the Company is committed to purchase a fixed volume of raw milk from Sodiaal on a monthly basis. If there is a shortfall between the Company’s actual purchases and the contractual amount, the Company would have to pay a cash compensation to Sodiaal, which is determined as the difference between the milk purchase prices to be paid In June 2014, Sodiaal consented that the delay of the Company’s French project was mainly caused by government actions, and waived the right for the compensation under the contract since January 2015. In January 2016, an amendment to the original 10-year milk supply agreement was agreed by the Company and Sodiaal. Pursuant to this amendment, the Company is obligated to purchase milk from Sodiaal starting from January 2016. Should the Company fail to take delivery of the volumes agreed in the contract, the Company would be obligated to pay the compensation to Sodiaal based on the terms described above. As a result of a delay of equipment from the Company’s main equipment supplier, the French project was not in a position for trial production in January 2016 and the commencement of operations of the French project is expected to be in July 2016. As a result of this delay, the Company had to pay a total compensation of $5.0 million to Sodiaal for the period from January to March 2016 as the Company failed to take delivery of raw milk supply as agreed. Starting April 2016, the Company started to take delivery under this contract and pretreated the raw milk into concentrated milk for third party's further processing. Additionally, as of March 31, 2016, the Company recorded an estimated loss of $3.8 million resulting from this purchase commitment.

EQUITY

EQUITY	12 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
EQUITY	18. EQUITY March 31, 2016 March 31, 2015 (In thousands) Common stock, $.0001 par value: 250,000 authorized, 57,301 issued; 56,691 and 57,301 outstanding at March 31, 2016 and 2015, respectively $ 6 $ 6 Additional paid–in capital 134,693 135,440 Accumulated deficit (14,810 ) (35,046 ) Accumulated other comprehensive income 13,352 11,526 Total common stockholders’ equity 133,241 111,926 Noncontrolling interest 3,559 2,643 Total equity $ 136,800 $ 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 $20.0 million of our common stock from time to time through September 10, 2016. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. Following the approval, we entered into a Rule 10b5-1 trading plan under the Exchange Act permitting open market repurchases of our common stock based on certain triggers described in the trading plan. During the three months ended September 30, 2015, the company repurchased 112,000 shares of common stock in an open trading window or under the Rule 10b5-1 trading plan at an aggregate cost of $557,000; During the three months ended December 31, 2015, another 351,785 shares were repurchased at an aggregate cost of $1.8 million; During the three months ended March 30% of the equity interest of a subsidiary of the Company, Meitek Technology (Qingdao) Co., Ltd. ("Meitek"), was held by three individuals, who are also among Meitek's management. In December 2015, the company and these three individuals undertook a restructuring of the noncontrolling interest of Meitek, whereby the Company repurchased the 30% interest from these three individuals for a cash consideration $1.5 million, which is based on an valuation conducted by an independent firm, less 30% of the registered capital of Meitek, as the initial registered capital of Meitek was paid by the Company alone with no cash contribution from these individuals. Subsequently, in December 2015, the Company sold the 30% equity interest for a total cash consideration of $3.8 million, to Qingdao Boda Fanglue Trading Co., Ltd. (17%) and Qingdao Shuofeng Equity Investment Management Limited Partnership Enterprise (13%), which both entities are ultimately controlled by employees of the Company, including the three said individual and other management team members of the Company and Meitek. The cash consideration is based on 30% of the same fair value of Meitek of $12.7 million. As a result of the restructuring, an additional contribution of $2.3 million was injected by the new noncontrolling shareholders and recorded under "Additional paid in capital" and. The cash consideration of

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2016
Income Taxes [Abstract]
INCOME TAXES	19. INCOME TAXES A. Tax law of each tax jurisdiction United States Under the federal and state income tax laws of United States, the Company is subject to tax on its income or capital gains. The applicable rate is 34% for fiscal years 2016, 2015 and 2014. Netherlands The Company’s subsidiary incorporated in the Netherlands is subject to Netherland’s profit tax. The applicable rate is 20% on the first EUR 200,000 of taxable profits, and 25% for taxable profits exceeding EUR 200,000 for fiscal years 2016, 2015 and 2014. France The Company’s subsidiary in France is subject to profit tax at 33 1/3% on assessable income. Korea The Company’s subsidiary incorporated in the Korea is subject to Korea’s profit tax. The applicable rate is 10% on the first KRW 200million of taxable profits, 20% for taxable profits exceeding KRW 200million and below KRW 20billion, 22% for taxable profits exceeding KRW 20billion for fiscal years 2016 and 2015. Hong Kong The Company’s subsidiary in Hong Kong is subject to profit tax at 16.5% on assessable income. China On March 16, 2007, the National People’s Congress of the PRC approved and promulgated the new Enterprise Income Tax Law (“EIT Law”), which took effect beginning January 1, 2008. Under the new EIT law, foreign investment enterprises and domestic companies are subject to a uniform tax rate of 25%. The new tax law provides a transition period from its effective date for certain qualifying enterprises which were established before the promulgation date of the new tax law and which were entitled to certain preferential lower tax rate or tax holiday under the then effective tax laws or regulations. Some of the Company’s PRC subsidiaries are eligible under the transition rules to continue enjoying tax holidays or reduced tax rate until expiration. The following table illustrates the applicable tax rate and tax holidays of major PRC subsidiaries under the new EIT Law: Name of Subsidiaries Statutory Tax Holiday (based on calendar year) Shengyuan Nutritional Food Co., Ltd. 25 % No tax holiday Inner Mongolia Huiliduo Food Co., Ltd. 25 % No tax holiday Inner Mongolia Mengyuan Food Co., Ltd. 25 % No tax holiday Heilongjiang Longshan Dairy Co., Ltd. 25 % No tax holiday Meitek Technology (Qingdao) Co., Ltd. 25 % High–tech enterprise at 15% (2014, 2015) Beijing Shengyuan Huimin Technology Service Co., Ltd. 25 % No tax holiday Beijing Syclin Clinical Laboratory Co., Ltd. 25 % No tax holiday Global Food Trading (Shanghai) Co., Ltd. 25 % No tax holiday Shanghai Precious Care Cosmetic Co., Ltd. 25 % No tax holiday Ruishi Pingo (Beijing) Paper Co., Ltd. 25 % No tax holiday Qingdao West Coast Jintao Cross–border E–commerce Co., Ltd. 25 % No tax holiday In accordance with the EIT Law, dividends which arise from profits of foreign invested enterprises (“FIEs”) earned after January 1, 2008 are subject to a 10% withholding tax. In addition, under the tax arrangement between the PRC and Hong Kong, if the foreign investor is incorporated in Hong Kong and qualifies as the beneficial owner, the applicable withholding tax rate is reduced from 10% to 5%, if the investor holds at least 25% in the FIE. A deferred tax liability should be recognized for the undistributed profits of PRC companies unless the Company has sufficient evidence to demonstrate that the undistributed dividends will be indefinitely reinvested. As of March 31, 2016, all earnings generated in countries/areas other than United States are intended to be indefinitely reinvested and as a result, the Company did not record any deferred tax liability on such undistributed earnings. B. Components of income before income tax expense (benefit) For financial reporting purposes, income (loss) before income tax expense (benefit) includes the following components: Year Ended March 31, 2016 2015 2014 (In thousands) United States $ (3,089 ) $ 21,300 $ 1,232 Netherlands 728 871 511 France (9,242 ) (288 ) (62 ) Hong Kong (6,590 ) (4,295 ) (1,453 ) Korea (515 ) 0 0 PRC 45,123 49,994 30,250 Income before income tax (benefit) expense $ 26,415 $ 67,582 30,478 C. Reconciliation from the statutory income tax rate to reported amount of income tax expense (benefit) The income tax expense (benefit) reconciled to the tax expense (benefit) computed at the US statutory rate was approximately as follows for fiscal years 2016, 2015 and 2014: Year Ended March 31, 2016 2015 2014 (In thousands) Income tax expense at US federal statutory rate of 34% $ 8,981 $ 22,980 $ 10,364 Foreign tax rate differential (3,280 ) (3,699 ) (3,206 ) PRC tax holiday effect (336 ) (832 ) 73 Change in valuation allowance (1,649 ) (26,456 ) (7,597 ) Unrecognized tax benefits (1,253 ) (262 ) (6 ) Change of deferred tax assets due to tax loss expiration 1,208 2,331 – Effect of change in tax rate – – 754 Nondeductible items 1,783 1,489 (252 ) Total income tax expense (benefit) $ 5,454 $ (4,449 ) $ 130 Meitek Technology (Qingdao) Co., Ltd. enjoys a preferential tax rate of 15%, PRC tax holiday, which may be extended if the requirements of High and New Technology Enterprise are satisfied. The impact of this PRC tax holiday decreased income taxes by $0.3 D. Deferred tax assets by type of temporary difference, credits and change in valuation allowance Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred tax assets are as follows: March 31, 2016 March 31, 2015 (In thousands) Deferred tax assets – current Inventory write–down $ 1,794 $ 1,920 Acquisition of assets at fair value 26 28 Net operating loss carryforward 426 339 Accrued expenses 6,664 3,860 Provision of allowance for doubtful accounts 499 586 Accrued rebate and sales discount 3,899 4,523 Others 2,992 1,981 Subtotal 16,300 13,237 Less: valuation allowance (519 ) (970 ) Total $ 15,781 $ 12,267 Deferred tax assets – non current Net operating loss carryforward $ 8,353 $ 6,118 Acquisition of assets at fair value 110 144 Impairment of long–lived assets 1,753 1,835 Provision of allowance for doubtful accounts 0 279 Foreign tax credit 145 0 Subtotal 10,361 8,376 Less: valuation allowance (6,880 ) (8,078 ) Total $ 3,481 $ 298 The net change during the year in the total valuation allowance is as follows: March 31, 2016 March 31, 2015 (In thousands) Balance at beginning of year $ 9,048 $ 38,604 Releases during the year (1,649 ) (26,456 ) Deconsolidation due to disposal of subsidiaries 0 (3,100 ) Balance at end of year $ 7,399 $ 9,048 The Company uses the asset and liability method to record related deferred tax assets and liabilities. 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 under the tax law. Based on the The Company disposed and liquidated certain subsidiaries in fiscal years 2015. As a result, the Company derecognized deferred tax assets and released valuation allowance related to these subsidiaries of $3.0 million in fiscal year 2015. No deferred tax assets was derecognized in fiscal years 2016. E. Significant components of income tax expense Income taxes for the PRC subsidiaries are calculated on a separate entity basis. Each of the Company’s PRC subsidiaries files stand-alone tax returns. The income tax expense for fiscal years 2016, 2015 and 2014 are summarized as follows: Year Ended March 31, 2016 2015 2014 (In thousands) Current tax – Netherlands $ 126 $ 164 $ 67 – HK 3 1 28 – PRC 13,736 4,719 41 – US 74 2,477 0 – Intercompany profit elimination 18 (248 ) 0 Subtotal 13,957 7,113 136 Uncertain tax benefit – PRC 7 (262 ) (6 ) – US (1,260 ) 0 0 Subtotal (1,253 ) (262 ) (6 ) Deferred tax benefit – US (268 ) 1,528 0 – France (2,936 ) 0 0 – PRC (4,046 ) (12,828 ) 0 Subtotal (7,250 ) (11,300 ) 0 Total $ 5,454 $ (4,449 ) $ 130 F. Uncertain tax positions The Company made its assessment of the level of authority for each tax position (including the potential application of interests and penalties) based on the technical merits, and has measured the unrecognized benefits associated with the tax positions. These liabilities are recorded in other long term liabilities in the consolidated balance sheet. The Company recognizes the liability for unrecognized tax benefits, and the associated interest and penalties within the income tax expense line in the accompanying consolidated statement of operations. The Company believes that it is reasonably possible that none of its currently other remaining unrecognized tax benefits may be recognized by the end of calendar year 2016 as a result of a lapse of the statute of limitations. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for the years presented: Year Ended March 31, 2016 2015 2014 (In thousands) Balance at beginning of year $ 1,498 $ 500 $ 506 Additions in the current year 7 1,260 0 Release in the current year (1,260 ) (262 ) (6 ) Balance at end of year $ 245 $ 1,498 $ 500 The company reversed $1.3 million uncertain tax position because the statute of limitation expired at March 31, 2016. The reduction of the uncertain tax position of $0.3 million in the fiscal year 2015 is related to the disposal of subsidiaries, Zhangjiakou and Huiliduo. The increment of the uncertain tax position of $1.3 million in fiscal year 2015 is related to a position taken by parent company which more likely than not will not be sustained upon examination by a taxing authority. The balance of unrecognized tax benefits at March 31, 2016, if recognized, would affect the effective tax rate. According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended to five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB100,000 is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. The Company’s PRC subsidiaries are therefore generally subject to examination by the PRC tax authorities from calendar year 2010 through 2014 on non-transfer pricing matters, and from calendar year 2005 through 2014 on transfer pricing matters. The statute of limitations in the US is generally three years.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Mar. 31, 2016
Earnings (Loss) Per Share [Abstract]
EARNINGS PER SHARE	20. EARNINGS PER SHARE For purposes of calculating basic and diluted earnings per share, the Company used the following weighted average common stocks outstanding: Year Ended March 31, 2016 2015 2014 (In thousands) Net income attributable to common stockholders $ 20,236 $ 69,533 $ 30,929 Weighted average common stock outstanding – basic and diluted 57,083 57,301 57,301 Earnings per share – basic and diluted $ 0.35 $ 1.21 $ 0.54

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2016
Commitments And Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	21. COMMITMENTS AND CONTINGENCIES A. Purchase commitments As of March 31, 2016, the Company had outstanding commitments of $435 • Commitment to purchase 288 million liters of milk per year for ten years, at market based prices at the time of purchase, beginning from January 1, 2016, with current purchase price around EUR 300 per 1,000 liter; • Commitment to purchase whey equivalent to 24,000 tons of 70% demineralized pre-concentrated whey powder per year for ten years, at market based prices at the time of purchase, beginning from January 1, 2016, with current whey powder purchase price around EUR 1,200 per ton; • Commitment to purchase 6,000 tons of 70% demineralized whey powder per year, or an equivalent quantity of liquid whey, for ten years, at market based prices at the time of purchase, beginning from January 1, 2016, with current purchase price around EUR 1,200 per ton; • Commitment to purchase 3,000 tons of 90% demineralized whey powder per year, or an equivalent quantity of liquid whey, for three years, at market based prices at the time of purchase, beginning from January 1, 2016, with current purchase price around EUR 1,300 per ton; • Commitment to purchase liquid UHT milk, at market based prices at the time of purchase, beginning from 2017 of 66,500 tons, and of 117,300 tons to 124,200 tons in 2018 through 2027; and • Commitment to purchase liquid UHT milk, at market based prices at the time of purchase, beginning from 2017 of 19,000 tons, and of 77,400 tons to 82,800 tons in 2018 through 2027. B. Capital expenditure commitments As of March C. Operating lease commitments The Company's operating leases mainly included lease of two land use rights for 13 years and 33 years, respectively, under non-cancellable operating lease, as well as office facilities and warehouses under non-cancellable operating leases. The operating lease commitments of the Company at March 31, 2016 are as follows: Year Ending (In thousands) 2017 $ 2,558 2018 2,432 2019 2,414 2020 2,413 2021 1,633 2022 and thereafter 43,330 Total $ 54,780 The operating lease expense for fiscal years 2016, 2015 and 2014 were $3.0

SEGMENT REPORTING AND GEOGRAPHI

SEGMENT REPORTING AND GEOGRAPHIC INFORMATION	12 Months Ended
	Mar. 31, 2016
Segment Reporting And Geographic Information [Abstract]
SEGMENT REPORTING AND GEOGRAPHIC INFORMATION	22. SEGMENT REPORTING AND GEOGRAPHIC INFORMATION 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 segments. However, starting from fiscal year 2015, the Company has operated the Powdered Formula and Foods segments as a single business segment based on a shared distribution network and similar marketing strategies. Therefore, there are only three reportable segments for fiscal years 2016 and 2015, and the segment information in fiscal year of 2014 was restated to be consistent with the current year reportable segments. The three reportable segments are: 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. Year Ended March 31, 2016 2015 2014 (In thousands) NET SALES TO EXTERNAL CUSTOMERS – Nutritional food $ 328,632 $ 386,807 $ 314,459 – Nutritional supplement 27,742 18,516 21,987 – Other business 8,665 8,618 34,088 Net sales $ 365,039 $ 413,941 $ 370,534 INTERSEGMENT SALES – Nutritional food $ 298 $ 96 $ 124 – Nutritional supplement 10,951 15,752 10,688 – Other business 5,401 0 0 Intersegment sales $ 16,650 $ 15,848 $ 10,812 GROSS PROFIT (LOSS) – Nutritional food $ 175,502 $ 188,235 $ 155,694 – Nutritional supplement 1,366 1,708 (2,659 ) – Other business (44 ) (389 ) 472 Gross profit $ 176,824 $ 189,554 $ 153,507 March 31, 2016 March 31, 2015 (In thousands) TOTAL ASSETS – Nutritional food $ 754,333 $ 626,317 – Nutritional supplement 281,616 38,878 – Other business 124,077 2,169 – Unallocated assets 4,870 10,528 – Intersegment elimination (347,799 ) (13,007 ) Total $ 817,097 $ 664,885 LONG LIVED ASSETS – Nutritional food $ 289,814 $ 180,495 – Nutritional supplement 12,018 14,039 – Other business 894 1,208 Total $ 302,726 $ 195,742 Consolidated revenue is generated from sales in the following areas: Year Ended March 31, 2016 2015 2014 (In thousands) Mainland China* $ 347,820 $ 397,234 $ 355,218 United States* 17,219 16,707 15,316 Total $ 365,039 $ 413,941 $ 370,534 * Revenues are attributed to countries based on location of customer The Company’s long-lived assets, consisted of property, plant and equipment and land use rights, are located in the following areas: March 31, 2016 March 31, 2015 (In thousands) Mainland China $ 100,364 $ 104,594 Korea 10 0 USA 1 0 France 202,351 91,148 Total $ 302,726 $ 195,742 No single customer accounts for more than 10% of net sales for fiscal years 2016, 2015 and 2014.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	23. ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income as of March 31, 2016 and 2015 was comprised entirely of foreign currency translation adjustments. There are no special items affecting accumulated other comprehensive income during fiscal year 2016. While during fiscal year 2015, the Company 1) disposed Zhangjiakou and reclassified net currency translation adjustments totaling $7.0 million from accumulated other comprehensive income to net income; 2) disposed Beijing Huiliduo with no reclassification of currency translation adjustments.

MAINLAND CHINA CONTRIBUTION PLA

MAINLAND CHINA CONTRIBUTION PLAN AND RESTRICTED NET ASSETS	12 Months Ended
	Mar. 31, 2016
Mainland China Contribution Plan And Restricted Net Assets [Abstract]
MAINLAND CHINA CONTRIBUTION PLAN AND RESTRICTED NET ASSETS	24. MAINLAND CHINA CONTRIBUTION PLAN AND RESTRICTED NET ASSETS A. China Contribution Plan Full time employees of the Company in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which certain pension benefits, medical care, unemployment insurance and other welfare benefits are provided to employees. The PRC government is directly responsible for the payments of the benefits to these retired employees. PRC labor regulations require the Company to accrue for these benefits based on certain percentage of the employees’ salaries. The total contribution for such employee benefits were $8.5 million, $7.5 million and $7.1 million for fiscal years 2016, 2015 and 2014, respectively. The Company has no further obligations subsequent to payment of these amounts to the PRC government. B. Restricted Net Assets Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. PRC laws and regulations require that annual appropriations of 10% of after-tax income should be set aside prior to payment of dividends as a general reserve fund. In addition, there are restrictions on the distribution of share capital from the Company’s PRC subsidiaries. As a result of these PRC laws and regulations, the Company’s PRC subsidiaries and PRC affiliates are restricted in their ability to transfer a portion of their net assets to the Company in the form of dividends, loans or advances, which restricted portion amounted to RMB 1,009.4 million (equivalently $156.2 million) as of March 31, 2016.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Mar. 31, 2016
Quarterly Financial Data [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	25. QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized quarterly financial information in fiscal years ended March 31, 2016 and 2015 is as follows: Fiscal Year 2016 Fiscal Year 2015 First Second Third Fourth First Second Third Fourth (In thousands except per share data) Net sales $ 82,329 $ 87,348 $ 109,256 $ 86,106 $ 85,975 $ 102,464 $ 115,331 $ 110,171 Gross profit 41,942 40,595 55,365 38,922 38,763 43,900 52,717 54,174 Net income attributable to common stockholders 7,593 509 12,038 96 17,940 10,237 17,264 24,092 Weighted average common stock outstanding – basic and diluted 57,301 57,291 57,026 56,712 57,301 57,301 57,301 57,301 Earnings per share – basic and diluted $ 0.13 $ 0.01 $ 0.21 $ 0.00 $ 0.31 $ 0.18 $ 0.30 $ 0.42

SCHEDULE I - Financial Informat

SCHEDULE I - Financial Information Of Parent Company	12 Months Ended
	Mar. 31, 2016
Schedule I - Financial Information Of Parent Company [Abstract]
SCHEDULE I - FINANCIAL INFORMATION OF PARENT COMPANY	ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE I FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED BALANCE SHEETS (Dollars and shares in thousands, except per share data) March 31, 2016 March 31, 2015 ASSETS Current Assets: Cash and cash equivalents $ 1,441 $ 4,056 Total current assets 1,441 4,056 Due from subsidiaries 50,995 50,140 Investments in subsidiaries 79,045 57,382 Other assets 1,809 1,733 TOTAL ASSETS $ 133,290 $ 113,311 LIABILITIES AND EQUITY Current Liabilities: Other current liabilities $ 49 $ 125 Total current liabilities 49 125 Other long–term liabilities 0 1,260 Total liabilities 49 1,385 Equity: Common stockholders’ equity: Common stock, $.0001 par value: 250,000 authorized, 57,301 issued; 56,691 and 57,301 outstanding at March 31, 2016 and 2015, respectively 6 6 Additional paid–in capital 134,693 135,440 Accumulated deficit (14,810 ) (35,046 ) Accumulated other comprehensive income 13,352 11,526 Total equity 133,241 111,926 TOTAL LIABILITIES AND EQUITY $ 133,290 $ 113,311 FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share data) Year Ended March 31, 2016 2015 2014 Operating expenses: General and administrative expenses $ 1,394 $ 1,186 $ 971 Loss from operations 1,394 1,186 971 Interest expense 0 0 214 Interest income 2 7 34 Dividend income 418 0 2,046 Other income, net 0 0 970 Other expense 59 0 0 Income tax (benefit) expense (1,432 ) 553 0 Equity in income of subsidiaries 19,837 71,265 29,064 Net income attributable to common stockholders $ 20,236 $ 69,533 $ 30,929 FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (Dollars in thousands) Year Ended March 31, 2016 2015 2014 Net income attributable to common stockholders $ 20,236 $ 69,533 $ 30,929 Other comprehensive income (loss), net of tax Currency translation adjustment 1,826 (11,992 ) 1,701 Reclassification of currency translation adjustments realized upon disposal and liquidation of subsidiaries 0 (7,011 ) 0 Other comprehensive income (loss) 1,826 (19,003 ) 1,701 Comprehensive income attributable to common stockholders $ 22,062 $ 50,530 $ 32,630 FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENT OF EQUITY (Dollars and shares in thousands) Synutra International, Inc. Stockholders’ Equity Common Stock Treasury Stock Additional paid–in Accumulated Accumulated other comprehensive Shares Amount Shares Amount capital deficit income Total equity Balance, arch 31, 2013 57,301 $ 6 0 $ 0 $ 135,440 $ (135,508 ) $ 28,828 $ 28,766 Net income (loss) 0 0 0 0 0 30,929 0 30,929 Other comprehensive income, net of tax of nil 0 0 0 0 0 0 1,701 1,701 Balance, March 31, 2014 57,301 $ 6 0 $ 0 $ 135,440 $ (104,579 ) $ 30,529 $ 61,396 Net income 0 0 0 0 0 69,533 0 69,533 Other comprehensive income (loss), net of tax of nil 0 0 0 0 0 0 (19,003 ) (19,003 ) Balance, March 31, 2015 57,301 $ 6 0 $ 0 $ 135,440 $ (35,046 ) $ 11,526 $ 111,926 Net income 0 0 0 0 0 20,236 0 20,236 Other comprehensive income, net of tax of nil 0 0 0 0 0 0 1,826 1,826 Repurchase of noncontrolling interest 0 0 0 0 1,820 0 186 2,006 Contribution from noncontrolling shareholders. 0 0 0 0 430 0 (186 ) 244 Treasury shares repurchased (610 ) 0 610 0 (2,997 ) 0 0 (2,997 ) Balance, March 31, 2016 56,691 $ 6 610 $ 0 $ 134,693 $ (14,810 ) $ 13,352 $ 133,241 FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS (Dollars in thousands) Year Ended March 31, 2016 2015 2014 Cash flow from operating activities: Net income attributable to common stockholders $ 20,236 $ 69,533 $ 30,929 Adjustments to reconcile net income to net cash provided by operating activities: Equity in income of subsidiaries (19,837 ) (71,265 ) (29,064 ) Dividend income (418 ) 0 (2,046 ) Depreciation and amortization 118 118 118 Changes in assets and liabilities: Due from subsidiaries 0 0 (46 ) Due to subsidiaries 0 0 2,153 Other current liabilities (76 ) 40 (1,588 ) Other long term liabilities (1,260 ) 1,260 0 Other assets (193 ) (707 ) 0 Net cash (used in) provided by operating activities (1,430 ) (1,021 ) 456 Cash flow from investing activities: Payment to subsidiaries 0 (3,877 ) 0 Repayment from subsidiaries (855 ) 7,318 0 Repurchase of non-controlling interest (1,486 ) 0 0 Contribution from non-controlling interest 3,736 0 0 Capital repayment from a subsidiary 0 917 0 Dividend from subsidiaries 418 0 2,046 Net cash provided by investing activities 1,813 4,358 2,046 Cash flow from financing activities: Payment on shares repurchased (2,998 ) 0 0 Repayment of long–term loan 0 0 (2,860 ) Net cash by (used in) financing activities (2,998 ) 0 (2,860 ) Net change in cash and cash equivalents (2,615 ) 3,337 (358 ) Cash and cash equivalents, beginning of year 4,056 719 1,077 Cash and cash equivalents, end of year $ 1,441 $ 4,056 $ 719 Note to Schedule I 1. Schedule I has been provided pursuant to the requirements of Rule 12–04(a) and 5–04(c) of Regulation S–X, which require condensed financial information as to the financial position, changes in financial position and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented when the restricted net assets of consolidated subsidiaries exceed 25 percent of consolidated net assets as of the end of the most recently completed fiscal year. 2. The condensed financial information of Synutra International Inc. has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries. 3. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the Consolidated Financial Statements of the Company. 4. As of March 31, 2016, there were no material contingencies, significant provisions of long–term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the Consolidated Financial Statement, if any. 5. During the fiscal year 2016, the Company had dividend income from its subsidiary (Unisono B.V.) of $418,000.

SCHEDULE II - Valuation And Qua

SCHEDULE II - Valuation And Qualifying Accounts	12 Months Ended
	Mar. 31, 2016
Schedule II - Valuation And Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Dollars in thousands) Description Balance at Charged to Write–off and Balance at End Allowance for accounts receivable, including current and not–current portion –2016 $ 2,941 $ (1,360 ) $ (146 ) $ 1,435 –2015 $ 5,137 $ (2,189 ) $ (7 ) $ 2,941 –2014 $ 11,352 $ (3,116 ) $ (3,099 ) $ 5,137 Allowance for other receivables –2016 $ 1,446 $ (1 ) $ (901 ) $ 544 –2015 $ 2,248 $ 10 $ (812 ) $ 1,446 –2014 $ 2,682 $ (77 ) $ (357 ) $ 2,248 Allowance for deferred tax assets –2016 $ 9,048 $ (1,649 ) $ 0 $ 7,399 –2015 $ 38,604 $ (26,456 ) $ (3,100 ) $ 9,048 –2014 $ 56,971 $ (18,341 ) $ (26 ) $ 38,604

SUMMARY OF SIGNIFICANT ACCOUN36

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of presentation	A. Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. Under that assumption, it is expected that assets will be realized and liabilities will be satisfied in the normal course of business.
Basis of consolidation	B. Basis of consolidation The 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 the consolidated VIE holds 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.
Use of estimates	C. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. Significant accounting estimates reflected in the Company’s consolidated financial statements include allowance for doubtful accounts, inventory valuation, accrued consumer loyalty program obligations, the useful lives of and impairment for property and equipment, impairment of indefinite lived intangible assets, and valuation allowance for deferred tax assets.
Cash and cash equivalents	D. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use, and which have original maturities of three months or less when purchased.
Restricted cash	E. Restricted cash Restricted cash are bank demand deposits used as security against letter of credits, bank acceptance bills and short-term and long-term borrowings.
Accounts receivable	F. Accounts receivable Accounts receivable are recognized and carried at the original invoice amount less allowance for any uncollectable amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. The Company performs risk assessments for each customer, and provides a specific allowance for those deemed to have high risk of collectability. The Company also records provision for other customers without specific risks by reviewing the aging of the receivables.
Investments held at trust	G. Investments held at trust The Company's investments held at trust have a stated maturity and pays a prospective fixed rate of return. The Company classifies the investments held at trust as held-to- maturity when it has both the positive intent and ability to hold them until maturity. Held-to-maturity investments are recorded at amortized cost and are classified as long-term or short-term according to their contractual maturity. The Company reviews its investments held at trust for other-than-temporary impairment based on the specific identification method and considers available quantitative and qualitative evidence in evaluating potential impairment. If the cost of an investment exceeds the investment's fair value, the Company considers, among other factors, general market conditions, government economic plans, the duration and the extent to which the fair value of the investment is less than cost and the Company's intent and ability to hold the investment to determine whether an other-than-temporary impairment has occurred. To date, the Company has not recorded an other-than-temporary impairment.
Inventories	H. Inventories Inventories are stated at the lower of cost or market. Cost is calculated on the weighted-average basis and includes all costs to acquire and other costs incurred in bringing the inventories to their present location and condition. The Company evaluates the market for its inventories on a regular basis and records a provision for loss to reduce the computed weighted-average cost if it exceeds market. Potential losses from obsolete and slow-moving inventories are recorded when identified.
Property, plant and equipment, net	I. Property, plant and equipment, net Property, plant and equipment are carried at cost. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets or, when applicable, the life of the lease, whichever is shorter. The useful lives for property, plant and equipment are as follows: Buildings and renovations 20 – 40 years Plant and machinery 5 – 10 years Office equipment and furnishings 3 – 5 years Motor vehicles 5 years Others 5 years
Leases	J. Leases Leases are classified as capital or operating leases. A lease that transfers to the lessee substantially all the benefits and risks incidental to ownership is classified as a capital lease. At inception, a capital lease is recorded at present value of minimum lease payments or the fair value of the asset, whichever is less. Assets under capital leases are amortized on a basis consistent with that of similar fixed assets or the lease term, whichever is shorter. Operating lease costs are recognized on a straight-line basis over the lease term.
Construction in progress	K. Construction in progress Construction in progress represents direct costs of construction or acquisition and design fees incurred. Capitalization of these costs ceases and the construction in progress is transferred to property, plant and equipment when substantially all the activities necessary to prepare the assets for their intended use are completed. No depreciation is provided until it is completed and ready for intended use. Interest expense incurred for construction of property, plant, and equipment is capitalized as part of the cost of such assets. The Company capitalizes interest to the extent that expenditures to construct an asset have occurred and interest costs have been incurred. Interest expense capitalized for the fiscal years ended March 31, 2016, 2015 and 2014 was $4.6
Impairment of long-lived assets	L. Impairment of long-lived assets The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Company measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets. The Company recorded impairment charges on its property, plant and equipment of nil
Impairment of indefinite lived intangible assets	M. Impairment of indefinite lived intangible assets Intangible assets with an indefinite life are tested for impairment on an annual basis or when current facts or circumstances indicate that a potential impairment may exist. The impairment test consists of a comparison of the fair value of the intangible asset to its carrying amount. If the carrying amount exceeds the fair value, an impairment loss is recognized equal in amount to that excess. Management performs its annual impairment test for intangible assets with indefinite life on March 31. The Company recorded nil, $1.1 million and nil impairment on its intangible assets for the fiscal years ended March 31, 2016, 2015 and 2014, respectively. See Note 16, “Impairment of long-lived assets and indefinite lived intangible assets" for further details.
Income taxes	N. Income taxes Current income taxes are provided for in accordance with the laws and regulations applicable to the Company as enacted by the relevant tax authorities. Income taxes are accounted for under the asset and liability method. Deferred taxes are determined based upon differences between the financial reporting and tax bases of assets and liabilities at currently enacted statutory tax rates for the years in which the differences are expected to reverse. Net operating losses are carried forward and credited by applying enacted statutory tax rates applicable to future years. A valuation allowance is provided on deferred tax assets to the extent that it is more likely than not that such deferred tax assets will not be realized. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on the characteristics of the underlying assets and liabilities, or the expected timing of their use when they do not relate to a specific asset or liability. The Company recognizes the impact of an uncertain income tax position at the largest amount that is more-likely-than not to be sustained upon audit by the relevant tax authority. Income tax related interest and penalties is classified as income tax expense.
Foreign currency translation	O. Foreign currency translation The functional currency and reporting currency of Synutra International, Inc. and Synutra Illinois are United States Dollar (“US Dollar”). The financial records of the Company’s PRC subsidiaries are maintained in Renminbi (“RMB”), the financial records of the Company’s Netherland and French subsidiaries are maintained in Euro (“EUR”), and the financial records of another subsidiary is maintained in South Korean KRW (“KRW”), which are their functional currencies. Assets and liabilities are translated at the exchange rates at the balance sheet date, equity accounts are translated at historical exchange rates and revenues, expenses, gains and losses are translated using the average rate for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a separate component of the consolidated statements of comprehensive income (loss). Monetary assets and liabilities denominated in currencies other than the functional currencies are translated into functional currencies at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currencies during the year are converted into the functional currencies at the applicable rates of exchange prevailing on the day transactions occurred. Transaction gains and losses are recognized in the statement of operations. Transaction (losses) and
Revenue recognition	P. Revenue recognition The Company recognizes revenue when title and risk and rewards for the products are transferred to the customer, price is fixed or determinable, and collectability is reasonably assured. Most of the Company’s nutritional food sales are made through distributors. Under the distributor arrangement, evidenced by purchase order, revenue is realized and earned upon acceptance of delivery of products by the distributors. For sales of My Angel series powdered formula products, which is directly sold to baby stores, the revenue recognition is similar to that of distributor sales, and the revenue is realized and earned upon acceptance of delivery of products by the baby stores. For sales of the powdered formula products directly through certain supermarket retailers, who have a right of return clause, the revenue is recognized until the supermarkets have paid the Company. For sales to a limited number of distributors from whom collectability is not reasonably assured, revenue is recognized when the Company received payments. The Company’s gross sales are subject to various deductions, primarily comprised of rebates and discounts to distributors and retailers, which are reported as a reduction of revenue.The Company provides discounts or rebates to customers in the following ways: · The Company offers product discounts to compensate certain distributors and supermarket retailers for promotional expenses and slotting fees paid by them. These product discounts are recognized when incurred as a reduction to gross revenue. · The Company offers rebates to a few distributors and supermarket retailers as sales incentives. These sale rebates are typically determined based on a percentage of sales after attaining certain amount of orders relating to specific products by the distributors and supermarket retailers. The Company recognized a liability for the sales rebates at the time at which the related revenue is recognized by the Company, based on the specific terms in each agreement and the expected sales of each distributor or supermarket retailer. The Company uses a customer loyalty program administrated by a third party, the program operator, to conduct its promotional activities. In connection with a current revenue transaction of specific products, the Company offers to the customer award points which can be exchanged for free products that will be delivered by the program operator, at a future date at the customer's request. The value of the award is insignificant in relation to the value of the transactions necessary to earn the awards under other current liabilities in the consolidated balance sheets, which was amounted to nil
Shipping and handling costs	Q. Shipping and handling costs Shipping and handling costs are expensed as incurred and included in selling and distribution expenses. The costs were $5.7
Advertising and promotion expenses	R. Advertising and promotion expenses Advertising and promotion expenses are expensed as incurred The service charge of the consumer loyalty program administrated by a third party was $4.1 million, $3.7
Government subsidies	S. Government subsidies The Company receives unrestricted cash subsidies from local government agencies. The subsidies are unrestricted as to use and can be utilized by the Company in any manner it deems appropriate. The Company has utilized, and expects to continue to utilize, these subsidies to fund general operating expenses. The Company records unrestricted cash government subsidies as government subsidies in the consolidated statements of operations. Unrestricted cash government subsidies received for the fiscal years ended March 31, 2016, 2015 and 2014 were $0.6
Employee's benefits	T. Employee’s benefits Mandatory contributions are made to the government’s health, retirement benefit and unemployment schemes at the statutory rates in force during the period, based on gross salary payments. The cost of these payments is charged to the consolidated statements of operations in the same period as the related salary cost.
Earnings per share	U. Earnings per share Basic earnings per share is computed by dividing net income attributable to holders of common stock by the weighted average number of common stock outstanding during the year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Common stock equivalents are excluded from the computation in loss periods and in periods when the average market price of the common stock exceeds the exercise price of the securities or other contracts to issue common stocks as their effects would be anti-dilutive.
Comprehensive income	V. Comprehensive income Comprehensive income is defined to include all changes in equity of the Company during a period from transactions and other events and circumstances except those resulting from investments by owners and distributions to owners, including currency translation adjustment.
Concentration of credit risk	W. Concentration of credit risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, accounts receivable, due from related parties, receivable from disposal of subsidiaries, prepayments, tax receivables and others and other assets. All of the Company’s cash and cash equivalents and restricted cash are held with financial institutions that the Company believes to be high credit quality.
Noncontrolling interest	X. Noncontrolling interest The noncontrolling interest represents the portion of the equity interest in the subsidiaries, Meitek Technology (Qingdao) Co., Ltd.
Fair value measurement	Y. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The fair value measurement guidance provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1 inputs are unadjusted quoted prices in active markets for identical assets that the management has the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 inputs include unobservable inputs to the valuation methodology that reflect management’s assumptions about the assumptions that market participants would use in pricing the asset. The management develops these inputs based on the best information available, including their own data.
Financial Instruments	Z. Financial Instruments The carrying value of financial instruments including cash and cash equivalents, restricted cash, accounts receivable, other current assets, investment held at trust, other assets, accounts payable, short-term debt, long-term debt due within one year, other current liabilities and due to and from related parties, approximates their fair value at March 31, 2016 due to the relatively short-term nature of these instruments. The carrying value of long-term debt, capital lease obligations and other long-term liabilities approximates its fair value as their interest rates are at the same level of the current market yield for comparable loans.
Recently issued accounting pronouncements	AA. Recently issued accounting pronouncements In August 2015, FASB issued Accounting Standards Update 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The amendments in this Update defer the effective date of Update 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting period within that reporting period. We are evaluating the impact to our financial position and result of operations upon adoption. In July 2015, FASB issued Accounting Standards Update 2015-11 Inventory (Topic 330): Simplifying the Measurement of Inventory. An entity should measure inventory within the scope of this Update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. We are evaluating the impact to our financial position and result of operations upon adoption. In November 2015, FASB issued Accounting Standards Update 2015-17 Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The amendments in this Update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this Update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this Update may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We are evaluating the impact to our financial position upon adoption. In January, 2016, the FASB issued ASU No. 2016-01, to improve the recognition and measurement of financial instruments. The new guidance requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income and separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. The guidance also eliminates the requirement to disclose the fair value of financial instruments measured at amortized cost for organizations that are not public business entities and the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. We are still in the process of assessing the impact of this ASU on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This ASU will be effective for fiscal years beginning after December 15, 2018 for public entities, and it will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted. We are still in the process of assessing the impact of this ASU onour consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, which eliminates the requirement to retroactively adopt the equity method of accounting. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. The amendments in this ASU are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. We are in the process of evaluating the impact of this ASU on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, which amends the principal-versus-agent implementation guidance and illustrations in the Board's new revenue standard (ASC 606). The amendments in this update clarify the implementation guidance on principal versus agent considerations. When another party, along with the reporting entity, is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide that good or service to the customer (as a principal) or to arrange for the good or service to be provided to the customer by the other party (as an agent). The guidance is effective for interim and annual periods beginning after December 15, 2017. We are in the process of evaluating the impact of this ASU on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, which simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. For public entities, the ASU is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual reporting periods. Early adoption will be permitted in any interim or annual period for which financial statements have not yet been issued or have not been made available for issuance. We are in the process of evaluating the impact of adoption of this guidance on the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN37

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Schedule of useful lives for property, plant and equipment	Buildings and renovations 20 – 40 years Plant and machinery 5 – 10 years Office equipment and furnishings 3 – 5 years Motor vehicles 5 years Others 5 years

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Mar. 31, 2016
Fair Value Measurements [Abstract]
Schedule of assets and liabilities accounted for at fair value on a nonrecurring basis	Description Amount Quoted Prices in Significant Significant Total Loss (In thousands) March 31, 2015: Property, Plant and Equipment – Prepared food equipment $ 701 $ 701 $ 4,726 Intangible assets – Brands of Ausmeadow and Huiliduo $ 98 $ 98 $ 1,119 March 31, 2014: Property, Plant and Equipment - Prepared food equipment $ 3,605 $ 3,605 $ 1,040

INVENTORIES(Tables)

INVENTORIES(Tables)	12 Months Ended
	Mar. 31, 2016
Inventories [Abstract]
Schedule of inventories	March 31, 2016 March 31, 2015 (In thousands) Raw materials $ 41,073 $ 50,578 Work–in–progress 20,609 17,905 Finished goods 36,678 19,271 Total $ 98,360 $ 87,754

RELATED PARTIES AND RELATED P40

RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Mar. 31, 2016
Related Parties And Related Party Transactions [Abstract]
Schedule of balances of due from related parties, including current and non-current portion	March 31, 2016 March 31, 2015 (In thousands) Sheng Zhi Da Dairy Group Corporation $ 3,349 $ 1,025 Beijing Honnete Dairy Co., Ltd. 0 2 St. Angel (Beijing) Business Service Co. Ltd. 1,334 3,732 Beijing St. Angel Cultural Communication Co., Ltd. 23 6 Beijing Ao Naier Feed Stuff Co., Ltd. 3 3 Total $ 4,709 $ 4,768
Schedule of balances due to related parties	March 31, 2016 March 31, 2015 (In thousands) Beijing St. Angel Cultural Communication Co., Ltd. 132 130
Schedule of sales to related parties	Year Ended March 31, 2016 2015 2014 (In thousands) Beijing Honnete Dairy Co., Ltd. $ 8 $ 9 $ 8 St. Angel (Beijing) Business Service Co., Ltd. 11,867 4,651 1,780 Qingdao Lvyin Waste Disposal Investment Management Co., Ltd. 2 0 0 Beijing Ao Naier Feed Stuff Co., Ltd. 260 535 524 Beijing St. Angel Cultural Communication Co., Ltd. 24 25 17 Total $ 12,161 $ 5,220 $ 2,329
Schedule of purchases from related parties	Year Ended March 31, 2016 2015 2014 (In thousands) Beijing St. Angel Cultural Communication Co., Ltd. $ 462 $ 460 $ 460

PREPAYMENTS, TAX RECEIVABLES 41

PREPAYMENTS, TAX RECEIVABLES AND OTHERS (Tables)	12 Months Ended
	Mar. 31, 2016
Prepayments, Tax Receivables And Others [Abstract]
Schedule of prepayments, tax receivables and others	March 31, 2016 March 31, 2015 (In thousands) Value added tax (“VAT”) in $ 10,862 $ 8,544 Prepayments 7,994 5,056 Interest receivable 2,183 4,086 Prepaid rental and other expense 4,227 3,586 Other 5,409 5,740 Total $ 30,675 $ 27,012

PROPERTY, PLANT AND EQUIPMENT42

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	12 Months Ended
	Mar. 31, 2016
Property, Plant And Equipment, Net [Abstract]
Schedule of property, plant and equipment, net	March 31, 2016 March 31, 2015 (In thousands) Property, plant and equipment, cost: Land $ 1,914 $ 1,447 Capital lease of building 5,469 5,753 Buildings and renovations 79,984 80,013 Plant and machinery 64,584 65,790 Office equipment and furnishings 11,973 11,146 Motor vehicles 2,460 2,577 Others 1,143 1,140 Total cost $ 167,527 $ 167,866 Less: Accumulated depreciation: Capital lease of building 1,111 992 Buildings and renovations 20,780 17,790 Plant and machinery 45,879 44,193 Office equipment and furnishings 9,672 9,599 Motor vehicles 1,920 1,834 Others 857 764 Total accumulated depreciation 80,219 75,172 Construction in progress 206,877 94,391 Property, plant and equipment, net $ 294,185 $ 187,085

LAND USE RIGHTS, NET (Tables)

LAND USE RIGHTS, NET (Tables)	12 Months Ended
	Mar. 31, 2016
Land Use Rights, Net [Abstract]
Schedule of land use rights	March 31, 2016 March 31, 2015 (In thousands) Land use rights, cost $ 9,919 $ 9,896 Less: Accumulated amortization 1,378 1,239 Land use rights, net $ 8,541 $ 8,657

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Mar. 31, 2016
Intangible Assets, Net [Abstract]
Schedule of intangible assets	March 31, 2016 March 31, 2015 (In thousands) Registered trademark (indefinite life) Gross and net carrying amount $ 2,661 $ 2,588

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Mar. 31, 2016
Debt [Abstract]
Schedule of debt	March 31, 2016 March 31, 2015 (In thousands) Short–term debt $ 95,175 $ 145,639 Long–term debt due within one year 95,504 130,426 Total debt, current 190,679 276,065 Long–term debt, non–current portion 315,512 144,627 Total $ 506,191 $ 420,692
Schedule of long-term debt	March 31, 2016 March 31, 2015 (In thousands) Long–term debt borrowed in Mainland China $ 262,514 $ 154,393 Long–term debt borrowed in Hong Kong 47,061 93,099 Long–term debt borrowed in France 101,441 27,561 Total $ 411,016 $ 275,053
Schedule of maturities of long-term debt	Year Ending (In thousands) March 31, 2017 $ 95,504 March 31, 2018 146,045 March 31, 2019 109,329 March 31, 2020 to March 31, 2022 0 March 31, 2023 60,138 Total $ 411,016

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Mar. 31, 2016
Other Current Liabilities [Abstract]
Schedule of other current liabilities	March 31, 2016 March 31, 2015 (In thousands) Accrued discount, rebate and slotting fee $ 25,932 $ 24,861 Payroll and bonus payables 12,111 8,825 Accrued selling expenses 2,975 3,404 Accrued advertising and promotion expenses 2,812 3,980 Others 5,787 5,720 Total $ 49,617 $ 46,790

OBLIGATIONS UNDER CAPITAL LEA47

OBLIGATIONS UNDER CAPITAL LEASE (Tables)	12 Months Ended
	Mar. 31, 2016
Obligations Under Capital Lease [Abstract]
Schedule of future minimum capital lease payments	Year Ending (In thousands) 2017 $ 594 2018 594 2019 594 2020 594 2021 594 2022 and thereafter 14,462 Total minimum lease payments 17,432 Less: Amount representing interest 10,012 Present value of minimum lease payments 7,420 Current 105 Long–term 7,315 Total $ 7,420

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Mar. 31, 2016
Stockholders' Equity Note [Abstract]
Schedule of equity	March 31, 2016 March 31, 2015 (In thousands) Common stock, $.0001 par value: 250,000 authorized, 57,301 issued; 56,691 and 57,301 outstanding at March 31, 2016 and 2015, respectively $ 6 $ 6 Additional paid–in capital 134,693 135,440 Accumulated deficit (14,810 ) (35,046 ) Accumulated other comprehensive income 13,352 11,526 Total common stockholders’ equity 133,241 111,926 Noncontrolling interest 3,559 2,643 Total equity $ 136,800 $ 114,569

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2016
Income Taxes [Abstract]
Schedule of applicable tax rate and tax holidays	Name of Subsidiaries Statutory Tax Holiday (based on calendar year) Shengyuan Nutritional Food Co., Ltd. 25 % No tax holiday Inner Mongolia Huiliduo Food Co., Ltd. 25 % No tax holiday Inner Mongolia Mengyuan Food Co., Ltd. 25 % No tax holiday Heilongjiang Longshan Dairy Co., Ltd. 25 % No tax holiday Meitek Technology (Qingdao) Co., Ltd. 25 % High–tech enterprise at 15% (2014, 2015) Beijing Shengyuan Huimin Technology Service Co., Ltd. 25 % No tax holiday Beijing Syclin Clinical Laboratory Co., Ltd. 25 % No tax holiday Global Food Trading (Shanghai) Co., Ltd. 25 % No tax holiday Shanghai Precious Care Cosmetic Co., Ltd. 25 % No tax holiday Ruishi Pingo (Beijing) Paper Co., Ltd. 25 % No tax holiday Qingdao West Coast Jintao Cross–border E–commerce Co., Ltd. 25 % No tax holiday
Schedule of components of income (loss) before income tax expense (benefit)	Year Ended March 31, 2016 2015 2014 (In thousands) United States $ (3,089 ) $ 21,300 $ 1,232 Netherlands 728 871 511 France (9,242 ) (288 ) (62 ) Hong Kong (6,590 ) (4,295 ) (1,453 ) Korea (515 ) 0 0 PRC 45,123 49,994 30,250 Income before income tax (benefit) expense $ 26,415 $ 67,582 30,478
Schedule of reconciliation from statutory income tax rate to reported amount of income tax expense (benefit)	Year Ended March 31, 2016 2015 2014 (In thousands) Income tax expense at US federal statutory rate of 34% $ 8,981 $ 22,980 $ 10,364 Foreign tax rate differential (3,280 ) (3,699 ) (3,206 ) PRC tax holiday effect (336 ) (832 ) 73 Change in valuation allowance (1,649 ) (26,456 ) (7,597 ) Unrecognized tax benefits (1,253 ) (262 ) (6 ) Change of deferred tax assets due to tax loss expiration 1,208 2,331 – Effect of change in tax rate – – 754 Nondeductible items 1,783 1,489 (252 ) Total income tax expense (benefit) $ 5,454 $ (4,449 ) $ 130
Schedule of deferred tax assets by type of temporary difference, credits, and change in valuation allowance	March 31, 2016 March 31, 2015 (In thousands) Deferred tax assets – current Inventory write–down $ 1,794 $ 1,920 Acquisition of assets at fair value 26 28 Net operating loss carryforward 426 339 Accrued expenses 6,664 3,860 Provision of allowance for doubtful accounts 499 586 Accrued rebate and sales discount 3,899 4,523 Others 2,992 1,981 Subtotal 16,300 13,237 Less: valuation allowance (519 ) (970 ) Total $ 15,781 $ 12,267 Deferred tax assets – non current Net operating loss carryforward $ 8,353 $ 6,118 Acquisition of assets at fair value 110 144 Impairment of long–lived assets 1,753 1,835 Provision of allowance for doubtful accounts 0 279 Foreign tax credit 145 0 Subtotal 10,361 8,376 Less: valuation allowance (6,880 ) (8,078 ) Total $ 3,481 $ 298
Schedule of summary of valuation allowance	March 31, 2016 March 31, 2015 (In thousands) Balance at beginning of year $ 9,048 $ 38,604 Releases during the year (1,649 ) (26,456 ) Deconsolidation due to disposal of subsidiaries 0 (3,100 ) Balance at end of year $ 7,399 $ 9,048
Schedule of components of income tax expense	Year Ended March 31, 2016 2015 2014 (In thousands) Current tax – Netherlands $ 126 $ 164 $ 67 – HK 3 1 28 – PRC 13,736 4,719 41 – US 74 2,477 0 – Intercompany profit elimination 18 (248 ) 0 Subtotal 13,957 7,113 136 Uncertain tax benefit – PRC 7 (262 ) (6 ) – US (1,260 ) 0 0 Subtotal (1,253 ) (262 ) (6 ) Deferred tax benefit – US (268 ) 1,528 0 – France (2,936 ) 0 0 – PRC (4,046 ) (12,828 ) 0 Subtotal (7,250 ) (11,300 ) 0 Total $ 5,454 $ (4,449 ) $ 130
Schedule of unrecognized tax benefits	Year Ended March 31, 2016 2015 2014 (In thousands) Balance at beginning of year $ 1,498 $ 500 $ 506 Additions in the current year 7 1,260 0 Release in the current year (1,260 ) (262 ) (6 ) Balance at end of year $ 245 $ 1,498 $ 500

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Mar. 31, 2016
Earnings (Loss) Per Share [Abstract]
Schedule of basic earnings per share	Year Ended March 31, 2016 2015 2014 (In thousands) Net income attributable to common stockholders $ 20,236 $ 69,533 $ 30,929 Weighted average common stock outstanding – basic and diluted 57,083 57,301 57,301 Earnings per share – basic and diluted $ 0.35 $ 1.21 $ 0.54

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Mar. 31, 2016
Commitments And Contingencies [Abstract]
Schedule of operating lease commitments	Year Ending (In thousands) 2017 $ 2,558 2018 2,432 2019 2,414 2020 2,413 2021 1,633 2022 and thereafter 43,330 Total $ 54,780

SEGMENT REPORTING AND GEOGRAP52

SEGMENT REPORTING AND GEOGRAPHIC INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2016
Segment Reporting And Geographic Information [Abstract]
Schedule of segment reporting information by activities of each segment	Year Ended March 31, 2016 2015 2014 (In thousands) NET SALES TO EXTERNAL CUSTOMERS – Nutritional food $ 328,632 $ 386,807 $ 314,459 – Nutritional supplement 27,742 18,516 21,987 – Other business 8,665 8,618 34,088 Net sales $ 365,039 $ 413,941 $ 370,534 INTERSEGMENT SALES – Nutritional food $ 298 $ 96 $ 124 – Nutritional supplement 10,951 15,752 10,688 – Other business 5,401 0 0 Intersegment sales $ 16,650 $ 15,848 $ 10,812 GROSS PROFIT (LOSS) – Nutritional food $ 175,502 $ 188,235 $ 155,694 – Nutritional supplement 1,366 1,708 (2,659 ) – Other business (44 ) (389 ) 472 Gross profit $ 176,824 $ 189,554 $ 153,507 March 31, 2016 March 31, 2015 (In thousands) TOTAL ASSETS – Nutritional food $ 754,333 $ 626,317 – Nutritional supplement 281,616 38,878 – Other business 124,077 2,169 – Unallocated assets 4,870 10,528 – Intersegment elimination (347,799 ) (13,007 ) Total $ 817,097 $ 664,885 LONG LIVED ASSETS – Nutritional food $ 289,814 $ 180,495 – Nutritional supplement 12,018 14,039 – Other business 894 1,208 Total $ 302,726 $ 195,742
Schedule of revenue by geographic region	Year Ended March 31, 2016 2015 2014 (In thousands) Mainland China* $ 347,820 $ 397,234 $ 355,218 United States* 17,219 16,707 15,316 Total $ 365,039 $ 413,941 $ 370,534 * Revenues are attributed to countries based on location of customer
Schedule of long-lived assets by geographic location	March 31, 2016 March 31, 2015 (In thousands) Mainland China $ 100,364 $ 104,594 Korea 10 0 USA 1 0 France 202,351 91,148 Total $ 302,726 $ 195,742

QUARTERLY FINANCIAL DATA (UNA53

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Mar. 31, 2016
Quarterly Financial Data [Abstract]
Schedule of quarterly financial information	Fiscal Year 2016 Fiscal Year 2015 First Second Third Fourth First Second Third Fourth (In thousands except per share data) Net sales $ 82,329 $ 87,348 $ 109,256 $ 86,106 $ 85,975 $ 102,464 $ 115,331 $ 110,171 Gross profit 41,942 40,595 55,365 38,922 38,763 43,900 52,717 54,174 Net income attributable to common stockholders 7,593 509 12,038 96 17,940 10,237 17,264 24,092 Weighted average common stock outstanding – basic and diluted 57,301 57,291 57,026 56,712 57,301 57,301 57,301 57,301 Earnings per share – basic and diluted $ 0.13 $ 0.01 $ 0.21 $ 0.00 $ 0.31 $ 0.18 $ 0.30 $ 0.42

SUMMARY OF SIGNIFICANT ACCOUN54

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of useful lives for property, plant and equipment (Details)	12 Months Ended
	Mar. 31, 2016
Buildings and renovations | Minimum
Property, Plant and Equipment [Line Items]
Useful lives for property, plant and equipment	20 years
Buildings and renovations | Maximum
Property, Plant and Equipment [Line Items]
Useful lives for property, plant and equipment	40 years
Plant and machinery | Minimum
Property, Plant and Equipment [Line Items]
Useful lives for property, plant and equipment	5 years
Plant and machinery | Maximum
Property, Plant and Equipment [Line Items]
Useful lives for property, plant and equipment	10 years
Office equipment and furnishings | Minimum
Property, Plant and Equipment [Line Items]
Useful lives for property, plant and equipment	3 years
Office equipment and furnishings | Maximum
Property, Plant and Equipment [Line Items]
Useful lives for property, plant and equipment	5 years
Motor vehicles
Property, Plant and Equipment [Line Items]
Useful lives for property, plant and equipment	5 years
Others
Property, Plant and Equipment [Line Items]
Useful lives for property, plant and equipment	5 years

SUMMARY OF SIGNIFICANT ACCOUN55

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Significant Accounting Policies [Line Items]
Interest capitalized	$ 4,600	$ 1,800
Impairment of long-lived assets and intangible assets	0	5,845	$ 1,040
Impairment of intangibles		1,100
Transaction gain recognized	$ (12,200)	3,200	$ 1,900
Value of promotional awards		1,000	1,900
Promotions expense	$ 4,100	3,700	3,200
Shipping and handling costs	5,700	5,000	4,600
Service charge	4,100	3,700	3,200
Unrestricted cash government subsidies	$ 600	$ 600	900
Deferred revenue from government subsidy			200
Inner Mongolia Huiliduo Food Co., Ltd.
Significant Accounting Policies [Line Items]
Impairment of long-lived assets and intangible assets		$ 4,726	1,040
Promotion expense
Significant Accounting Policies [Line Items]
Unrestricted cash government subsidies	$ 3,500		$ 4,700

FAIR VALUE MEASUREMENTS (Fair V

FAIR VALUE MEASUREMENTS (Fair Value Of Assets And Liabilities Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Loss	$ 0	$ 5,845	$ 1,040
Inner Mongolia Huiliduo Food Co., Ltd.
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment, Fair Value		701	3,605
Total Loss		$ 4,726	$ 1,040
Inner Mongolia Huiliduo Food Co., Ltd. | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment, Fair Value
Inner Mongolia Huiliduo Food Co., Ltd. | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment, Fair Value
Inner Mongolia Huiliduo Food Co., Ltd. | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment, Fair Value		$ 701	$ 3,605
Brands of Ausmeadow and Huiliduo
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible asset, Fair Value		98
Total Loss		1,119
Brands of Ausmeadow and Huiliduo | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible asset, Fair Value		$ 98

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of long-lived assets and intangible assets	$ 0	$ 5,845	$ 1,040
Inner Mongolia Huiliduo Food Co., Ltd.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, plant and equipment fair value		701	3,605
Impairment of long-lived assets and intangible assets		4,726	$ 1,040
Huiliduo Brand
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of long-lived assets and intangible assets		300
Ausmeadow Brand
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of long-lived assets and intangible assets		$ 800

DISPOSAL OF SUBSIDIARIES (Detai

DISPOSAL OF SUBSIDIARIES (Detail Textuals) $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2014USD ($)Installment	Jun. 30, 2014USD ($)Installment	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposal and liquidation of subsidiaries			$ 0	$ 15,294	$ 367
Zhangjiakou Chahaer Dairy Co., Ltd.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total cash consideration paid		$ 28,100
Proceeds from Divestiture of Businesses and Interests in Affiliates			5,600	22,500
Number of installments | Installment		3
Gain on disposal and liquidation of subsidiaries				15,000
Gain on disposal and liquidation of subsidiaries, net of tax				11,900
Assets transferred				20,100
Currency translation gain reclassified from AOCI				7,000
Beijing Huiliduo Food Technology Co., Ltd.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total cash consideration paid	$ 1,300
Number of installments | Installment	2
Beijing Jinkangpu Food Technology Co., Ltd.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total cash consideration paid			$ 1,100	200
Gain on disposal and liquidation of subsidiaries				300
Assets transferred				$ 1,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Inventories [Abstract]
Raw materials	$ 41,073	$ 50,578
Work-in-progress	20,609	17,905
Finished goods	36,678	19,271
Total	$ 98,360	$ 87,754

INVENTORIES (Detail Textuals)

INVENTORIES (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Inventories [Abstract]
Goods-in-transit included in raw materials	$ 7,100	$ 11,900
Inventory Write-down	$ 8,762	$ 9,682	$ 6,487

RELATED PARTIES AND RELATED P61

RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Schedule Of Balances Due From Related Parties) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Due from related parties	$ 4,709	$ 4,768
Sheng Zhi Da Dairy Group Corporation
Related Party Transaction [Line Items]
Due from related parties	3,349	1,025
Beijing Honnete Dairy Co., Ltd.
Related Party Transaction [Line Items]
Due from related parties	0	2
St. Angel (Beijing) Business Service Co. Ltd.
Related Party Transaction [Line Items]
Due from related parties	1,334	3,732
Beijing St. Angel Cultural Communication Co., Ltd.
Related Party Transaction [Line Items]
Due from related parties	23	6
Beijing Ao Naier Feed Stuff Co., Ltd.
Related Party Transaction [Line Items]
Due from related parties	$ 3	$ 3

RELATED PARTIES AND RELATED P62

RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Schedule Of Balances Due To Related Parties) (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Related Party Transaction [Line Items]
Due to related parties	$ 132	$ 130
Beijing St. Angel Cultural Communication Co., Ltd.
Related Party Transaction [Line Items]
Due to related parties	$ 132	$ 130

RELATED PARTIES AND RELATED P63

RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Schedule Of Sales To Related Parties) (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Related Party Transaction [Line Items]
sales to related parties	$ 12,161	$ 5,220	$ 2,329
Beijing Honnete Dairy Co., Ltd.
Related Party Transaction [Line Items]
sales to related parties	8	9	8
St. Angel (Beijing) Business Service Co. Ltd.
Related Party Transaction [Line Items]
sales to related parties	11,867	4,651	1,780
Qingdao Lvyin Waste Disposal Investment Management Co., Ltd.
Related Party Transaction [Line Items]
sales to related parties	2	0	0
Beijing Ao Naier Feed Stuff Co., Ltd.
Related Party Transaction [Line Items]
sales to related parties	260	535	524
Beijing St. Angel Cultural Communication Co., Ltd.
Related Party Transaction [Line Items]
sales to related parties	$ 24	$ 25	$ 17

RELATED PARTIES AND RELATED P64

RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Schedule Of Purchases From Related Parties) (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Beijing St. Angel Cultural Communication Co., Ltd.
Related Party Transaction [Line Items]
Purchases from related parties	$ 462	$ 460	$ 460

RELATED PARTIES AND RELATED P65

RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Detail Textuals) $ in Millions	Mar. 31, 2016USD ($)
Sheng Zhi Da Dairy Group Corporation
Related Party Transaction [Line Items]
Amount of loan lent	$ 1.1

PREPAYMENTS, TAX RECEIVABLES 66

PREPAYMENTS, TAX RECEIVABLES AND OTHERS (Schedule Of Prepayments, Tax Receivables And Others) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Prepayments, Tax Receivables And Others [Abstract]
Value added tax ("VAT") in	$ 10,862	$ 8,544
Prepayments	7,994	5,056
Interest receivable	2,183	4,086
Prepaid rental and other expense	4,227	3,586
Other	5,409	5,740
Total	$ 30,675	$ 27,012

PROPERTY, PLANT AND EQUIPMENT67

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	$ 167,527	$ 167,866
Total accumulated depreciation	80,219	75,172
Construction in progress	206,877	94,391
Property, plant and equipment, net	294,185	187,085
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	1,914	1,447
Capital lease of building
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	5,469	5,753
Total accumulated depreciation	1,111	992
Buildings and renovations
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	79,984	80,013
Total accumulated depreciation	20,780	17,790
Plant and machinery
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	64,584	65,790
Total accumulated depreciation	45,879	44,193
Office equipment and furnishings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	11,973	11,146
Total accumulated depreciation	9,672	9,599
Motor vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	2,460	2,577
Total accumulated depreciation	1,920	1,834
Others
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	1,143	1,140
Total accumulated depreciation	$ 857	$ 764

PROPERTY, PLANT AND EQUIPMENT68

PROPERTY, PLANT AND EQUIPMENT, NET (Detail Textuals) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Property, Plant And Equipment, Net [Abstract]
Depreciation expense	$ 9.3	$ 15.2	$ 15.1

LAND USE RIGHTS, NET (Schedule

LAND USE RIGHTS, NET (Schedule Of Land Use Rights) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Land Use Rights, Net [Abstract]
Land use rights, cost	$ 9,919	$ 9,896
Less: Accumulated amortization	1,378	1,239
Land use rights, net	$ 8,541	$ 8,657

LAND USE RIGHTS, NET (Detail Te

LAND USE RIGHTS, NET (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Land use right, amortization expense	$ 205,000	$ 217,000	$ 258,000
Minimum
Land use right, lease term	42 years
Maximum
Land use right, lease term	50 years

INTANGIBLE ASSETS, NET (Schedul

INTANGIBLE ASSETS, NET (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Registered trademark (indefinite life)
Indefinite-lived Intangible Assets [Line Items]
Gross and net carrying amount	$ 2,661	$ 2,588

INTANGIBLE ASSETS, NET (Detail

INTANGIBLE ASSETS, NET (Detail Textuals) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Dutch Cow Trademark
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 2,600,000	$ 2,500,000
Ausmeadow Brand
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 93,000	$ 98,000

LONG-TERM LOAN RECEIVABLE (Deta

LONG-TERM LOAN RECEIVABLE (Details) $ in Thousands, ¥ in Millions	12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2016CNY (¥)	May 31, 2015USD ($)	May 31, 2015CNY (¥)	Mar. 31, 2015USD ($)	Mar. 31, 2015CNY (¥)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Long-term loan receivable | $	$ 9,286				$ 0
LONG-TERM LOAN RECEIVABLE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Long-term loan receivable term	4 years
Long-term loan receivable		¥ 27	$ 9,300	¥ 60		¥ 60
Long-term loan receivable interest rate	7.00%	7.00%
Long-term loan receivable in 2017		¥ 10
Long-term loan receivable in 2018		20
Long-term loan receivable in 2019		¥ 30

INVESTMENT HELD AT TRUST (Detai

INVESTMENT HELD AT TRUST (Detail Textuals) - USD ($) $ in Millions	2 Months Ended	12 Months Ended
	Nov. 30, 2015	Mar. 31, 2016
Held-to-maturity Securities [Abstract]
Carrying amount of securities		$ 3.2
Security interesr rate	8.00%	7.00%

DEBT (Schedule Of Debt) (Detail

DEBT (Schedule Of Debt) (Details) $ in Thousands, € in Millions, ¥ in Millions	Mar. 31, 2016USD ($)	Mar. 31, 2016EUR (€)	Mar. 31, 2016CNY (¥)	Mar. 31, 2015USD ($)
Debt [Abstract]
Short-term debt	$ 95,175			$ 145,639
Long-term debt due within one year	95,504			130,426
Total debt, current	190,679			276,065
Long-term debt, non-current portion	315,512			144,627
Total	$ 506,191	€ 159.2	¥ 231.1	$ 420,692

DEBT (Schedule Of Long-Term Deb

DEBT (Schedule Of Long-Term Debt) (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Debt Instrument [Line Items]
Long-term Debt	$ 411,016	$ 275,053
Mainland China
Debt Instrument [Line Items]
Long-term Debt	262,514	154,393
Hong Kong
Debt Instrument [Line Items]
Long-term Debt	47,061	93,099
France
Debt Instrument [Line Items]
Long-term Debt	$ 101,441	$ 27,561

DEBT (Schedule Of Maturities On

DEBT (Schedule Of Maturities On Long-Term Debt) (Details 2) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Debt [Abstract]
March 31, 2017	$ 95,504
March 31, 2018	146,052
March 31, 2019	109,330
March 31, 2020 to March 31, 2022	0
March 31, 2023	60,130
Total	$ 411,016	$ 275,053

DEBT (Detail Textuals)

DEBT (Detail Textuals) $ in Thousands, € in Millions, ¥ in Millions	12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)	Mar. 31, 2016EUR (€)	Mar. 31, 2016CNY (¥)
Debt Instrument [Line Items]
Long-term debt	$ 411,016	$ 275,053
Weighted average interest rate of outstanding long-term debt	3.70%	4.40%		3.70%	3.70%
Short and long term debt	$ 115,900			€ 159.2	¥ 231.1
Interest expense incurred	20,400	$ 17,300	$ 15,600
Interest capitalized	$ 4,600	1,800
China
Debt Instrument [Line Items]
Maturity date of the debt outstanding range, start	Jun. 1, 2016
Maturity date of the debt outstanding range, end	Dec. 1, 2018
Long-term debts secured by restricted cash deposits	$ 57,800
Indebtedness secured by credit debt	$ 204,700
HK
Debt Instrument [Line Items]
Maturity date of the debt outstanding range, start	Jun. 1, 2016
Maturity date of the debt outstanding range, end	Mar. 1, 2017
Long-term debts secured by restricted cash deposits	$ 33,200
France
Debt Instrument [Line Items]
Maturity date of the debt outstanding range, start	Feb. 1, 2018
Maturity date of the debt outstanding range, end	Sep. 1, 2022
Long-term debt	$ 101,441	$ 27,561
Long-term debts secured by restricted cash deposits	50,200
France | Debts having floating interest rates
Debt Instrument [Line Items]
Long-term debt	$ 41,300
France | Debts having floating interest rates | LIBOR | Minimum
Debt Instrument [Line Items]
Percent over LIBOR	2.00%
France | Debts having floating interest rates | LIBOR | Maximum
Debt Instrument [Line Items]
Percent over LIBOR	3.40%
France | Debts having fixed interest rates
Debt Instrument [Line Items]
Long-term debt	$ 60,100
France | Debts having fixed interest rates | Minimum
Debt Instrument [Line Items]
Floating interest rates	2.20%			2.20%	2.20%
France | Debts having fixed interest rates | Maximum
Debt Instrument [Line Items]
Floating interest rates	4.30%			4.30%	4.30%
Synutra France
Debt Instrument [Line Items]
Long-term loan facility | €				€ 14

OTHER CURRENT LIABILITIES (Sche

OTHER CURRENT LIABILITIES (Schedule Of Other Current Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Other Current Liabilities [Abstract]
Accrued discount, rebate and slotting fee	$ 25,932	$ 24,861
Payroll and bonus payables	12,111	8,825
Accrued selling expenses	2,975	3,404
Accrued advertising and promotion expenses	2,812	3,980
Others	5,787	5,720
Total	$ 49,617	$ 46,790

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Detail Textuals) ¥ in Millions, $ in Millions	1 Months Ended		12 Months Ended
	May 31, 2015USD ($)	May 31, 2015CNY (¥)	Mar. 31, 2016USD ($)¥ / TIN
Exclusive supplier status agreement	$ 4.2	¥ 27
Contractual period			10 years
Compensation per gap quantity | ¥ / TIN			0.10
Other Current Liabilities
Prepayment from supplier			$ 0.4
Other Noncurrent Liabilities
Prepayment from supplier			$ 3.8

OBLIGATIONS UNDER CAPITAL LEA81

OBLIGATIONS UNDER CAPITAL LEASE (Schedule Of Future Minimum Capital Lease Payments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Obligations Under Capital Lease [Abstract]
2,017	$ 594
2,018	594
2,019	594
2,020	594
2,021	594
2022 and thereafter	14,462
Total minimum lease payments	17,432
Less: Amount representing interest	10,012
Present value of minimum lease payments	7,420
Current	105
Long-term	7,315	$ 7,806
Total	$ 7,420

OBLIGATIONS UNDER CAPITAL LEA82

OBLIGATIONS UNDER CAPITAL LEASE (Detail Textuals) - USD ($)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Depreciation expense for capital leased assets	$ 171,000	$ 177,000	$ 176,000
Interest expense for capital leased assets	$ 503,000	$ 525,000	$ 555,000
Minimum
Capital lease term	13 years
Interest rate associated with capital leases	6.80%
Maximum
Capital lease term	33 years
Interest rate associated with capital leases	7.83%

IMPAIRMENT OF LONG-LIVED ASSE83

IMPAIRMENT OF LONG-LIVED ASSETS AND INTANGIBLE ASSETS (Detail Textuals) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets and intangible assets	$ 0	$ 5,845	$ 1,040
Inner Mongolia Huiliduo Food Co., Ltd.
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets and intangible assets		4,700
Huilido brand
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets and intangible assets		300
Ausmeadow brand
Finite-Lived Intangible Assets [Line Items]
Impairment of long-lived assets and intangible assets		$ 800

LOSS ON A SUPPLY CONTRACT (Deta

LOSS ON A SUPPLY CONTRACT (Detail Textuals) - Supply Agreement - Soddial - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2016	Mar. 31, 2016
Purchase Contract Loss Resulting From French Project Delay [Line Items]
Term of agreement	10 years
Compensation on project		$ 5
Estimated loss on project		$ 3.8

EQUITY (Details)

EQUITY (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Stockholders' Equity Note [Abstract]
Common stock, $.0001 par value: 250,000 authorized, 57,301 issued; 56,691 and 57,301 outstanding at March 31, 2016 and 2015, respectively	$ 6	$ 6
Additional paid-in capital	134,693	135,440
Accumulated deficit	(14,810)	(35,046)
Accumulated other comprehensive income	13,352	11,526
Total common stockholders' equity	133,241	111,926
Noncontrolling interest	3,559	2,643
Total equity	$ 136,800	$ 114,569	$ 61,256	$ 29,207

EQUITY (Details Textuals)

EQUITY (Details Textuals) - $ / shares shares in Thousands	Mar. 31, 2016	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000	250,000
Common stock, shares, issued	57,301	57,301
Common stock, shares, outstanding	56,691	57,301

EQUITY (Details Textuals 1)

EQUITY (Details Textuals 1) - USD ($)	1 Months Ended	3 Months Ended			12 Months Ended
	Dec. 31, 2015	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Sep. 10, 2015
Business Acquisition [Line Items]
Share repurchase, expiration date					Sep. 10, 2016
Shares repurchase, shares		146,000	351,785	112,000
Share repurchase, value		$ 600,000	$ 1,800,000	$ 557,000	$ (2,997,000)
Cash consideration for sale of subsidiary interest					9,353,000	$ 22,411,000	$ 633,000
Receivables from Stockholder
Business Acquisition [Line Items]
Additional contribution injected by noncontrolling shareholders					2,300,000
Cash consideration of non - controlling intrest					3,800,000
Meitek Technology (Qingdao) Co., Ltd.
Business Acquisition [Line Items]
Non-controlling interest shareholders ownership percentage	30.00%		30.00%
Cash consideration for purchase of subsidiary interest	$ 1,500,000
Fair value percentage	30.00%
Fair value of acquiree	$ 12,700,000	$ 12,700,000	$ 12,700,000		$ 12,700,000
Registered capital percentage	30.00%
Subsidiary ownership percentage sold	30.00%
Cash consideration for sale of subsidiary interest	$ 3,800,000
Qingdao Boda Fanglue Trading Co., Ltd. | Meitek Technology (Qingdao) Co., Ltd.
Business Acquisition [Line Items]
Subsidiary ownership percentage sold	17.00%
Qingdao Shuofeng Equity Investment Management Limited Partnership Enterprise | Meitek Technology (Qingdao) Co., Ltd.
Business Acquisition [Line Items]
Subsidiary ownership percentage sold	13.00%
Maximum
Business Acquisition [Line Items]
Share repurchase, amount authorized								$ 20,000,000

INCOME TAXES (Schedule Of Appli

INCOME TAXES (Schedule Of Applicable Tax Rate And Tax Holidays) (Details)	12 Months Ended
	Mar. 31, 2016
Shengyuan Nutritional Food Co., Ltd.
Income Taxes [Line Items]
Statutory Tax Rate	25.00%
Inner Mongolia Huiliduo Food Co., Ltd.
Income Taxes [Line Items]
Statutory Tax Rate	25.00%
Inner Mongolia Mengyuan Food Co., Ltd.
Income Taxes [Line Items]
Statutory Tax Rate	25.00%
Heilongjiang Longshan Dairy Co., Ltd.
Income Taxes [Line Items]
Statutory Tax Rate	25.00%
Meitek Technology (Qingdao) Co., Ltd.
Income Taxes [Line Items]
Statutory Tax Rate	25.00%
Effective rate	15.00%
Beijing Shengyuan Huimin Technology Service Co., Ltd.
Income Taxes [Line Items]
Statutory Tax Rate	25.00%
Beijing Syclin Clinical Laboratory Co., Ltd.
Income Taxes [Line Items]
Statutory Tax Rate	25.00%
Global Food Trading (Shanghai) Co., Ltd.
Income Taxes [Line Items]
Statutory Tax Rate	25.00%
Shanghai Precious Care Cosmetic Co., Ltd.
Income Taxes [Line Items]
Statutory Tax Rate	25.00%
Ruishi Pingo (Beijing) Paper Co., Ltd.
Income Taxes [Line Items]
Statutory Tax Rate	25.00%
Qingdao West Coast Jintao Cross-border E-commerce Co., Ltd.
Income Taxes [Line Items]
Statutory Tax Rate	25.00%

INCOME TAXES (Components Of Inc

INCOME TAXES (Components Of Income (Loss) Before Income Tax Expense (Benefit) (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Income Taxes [Line Items]
Income before income tax (benefit) expense	$ 26,415	$ 67,582	$ 30,478
United States
Income Taxes [Line Items]
Income before income tax (benefit) expense	(3,089)	21,300	1,232
Netherlands
Income Taxes [Line Items]
Income before income tax (benefit) expense	728	871	511
France
Income Taxes [Line Items]
Income before income tax (benefit) expense	(9,242)	(288)	(62)
Hong Kong
Income Taxes [Line Items]
Income before income tax (benefit) expense	(6,590)	(4,295)	(1,453)
Korea
Income Taxes [Line Items]
Income before income tax (benefit) expense	(515)	0	0
PRC
Income Taxes [Line Items]
Income before income tax (benefit) expense	$ 45,123	$ 49,994	$ 30,250

INCOME TAXES (Reconciliation Fr

INCOME TAXES (Reconciliation From Statutory Income Tax Rate To Reported Amount Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Income Taxes [Abstract]
Income tax expense at US federal statutory rate of 34%	$ 8,981	$ 22,980	$ 10,364
Foreign tax rate differential	(3,280)	(3,699)	(3,206)
PRC tax holiday effect	(336)	(832)	73
Change in valuation allowance	(1,649)	(26,456)	(7,597)
Unrecognized tax benefits	(1,253)	(262)	$ (6)
Change of deferred tax assets due to tax loss expiration	$ 1,208	$ 2,331
Effect of change in tax rate			$ 754
Nondeductible items	$ 1,783	$ 1,489	(252)
Total income tax (benefit) expense	$ 5,454	$ (4,449)	$ 130

INCOME TAXES (Deferred Tax Asse

INCOME TAXES (Deferred Tax Assets By Type Of Temporary Difference, Credits, And Change In Valuation Allowance) (Details 1) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Deferred tax assets - current
Inventory write-down	$ 1,794	$ 1,920
Acquisition of assets at fair value	26	28
Net operating loss carryforward	426	339
Accrued expenses	6,664	3,860
Provision of allowance for doubtful accounts	499	586
Accrued rebate and sales discount	3,899	4,523
Others	2,992	1,981
Subtotal	16,300	13,237
Less: valuation allowance	(519)	(970)
Total	15,781	12,267
Deferred tax assets - non current
Net operating loss carryforward	8,353	6,118
Acquisition of assets at fair value	110	144
Impairment of long-lived assets	1,753	1,835
Provision of allowance for doubtful accounts	0	279
Foreign tax credit	145	0
Subtotal	10,361	8,376
Less: valuation allowance	(6,880)	(8,078)
Total	$ 3,481	$ 298

INCOME TAXES (Summary Of Valuat

INCOME TAXES (Summary Of Valuation Allowance) (Details 2 ) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Deferred Tax Assets Valuation Allowance [Roll Forward]
Balance at beginning of year	$ 9,048	$ 38,604
Releases during the year	(1,649)	(26,456)
Deconsolidation due to disposal of subsidiaries	0	(3,100)
Balance at end of year	$ 7,399	$ 9,048

INCOME TAXES (Components Of I93

INCOME TAXES (Components Of Income Tax Expense) (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Income Taxes [Line Items]
Current tax	$ 13,957	$ 7,113	$ 136
Uncertain tax benefits	(1,253)	(262)	(6)
Deferred tax benefit	(7,250)	(11,300)	0
Total income tax (benefit) expense	5,454	(4,449)	130
Netherlands
Income Taxes [Line Items]
Current tax	126	164	67
HK
Income Taxes [Line Items]
Current tax	3	1	28
PRC
Income Taxes [Line Items]
Current tax	13,736	4,719	41
Uncertain tax benefits	7	(262)	(6)
Deferred tax benefit	(4,046)	(12,828)	0
United States
Income Taxes [Line Items]
Current tax	74	2,477	0
Uncertain tax benefits	(1,260)	0	0
Deferred tax benefit	(268)	1,528	0
France
Income Taxes [Line Items]
Deferred tax benefit	(2,936)	0	0
Intercompany profit elimination
Income Taxes [Line Items]
Current tax	$ 18	$ (248)	$ 0

INCOME TAXES (Schedule Of Unrec

INCOME TAXES (Schedule Of Unrecognized Tax Benefits) (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Schedule Of Unrecognized Tax Benefits Roll Forward [Roll Forward]
Balance at beginning of year	$ 1,498	$ 500	$ 506
Additions in the current year	7	1,260	0
Release in the current year	(1,260)	(262)	(6)
Balance at end of year	$ 245	$ 1,498	$ 500

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals) $ / shares in Units, € in Thousands, $ in Thousands	12 Months Ended
	Mar. 31, 2016USD ($)$ / shares	Mar. 31, 2016EUR (€)	Mar. 31, 2016CNY (¥)	Mar. 31, 2015USD ($)$ / shares	Mar. 31, 2014USD ($)$ / shares
Income Taxes [Line Items]
Benefit of tax holiday on basic and diluted loss per share | $ / shares	$ 0.01			$ 0.01
Income tax (benefit) expense	$ 5,454			$ (4,449)	$ 130
Valuation allowance on deferred tax assets	7,399			$ 9,048	38,604
Net tax benefits relating to the change of valuation allowance	7,200
Derecognized amount of deferred tax assets valuation allowance	3,000
Reduction of uncertain tax position	1,260			$ 262	6
Additions in the current year	7			$ 1,260	$ 0
Special circumstance qualification, minimum underpayment of tax liability | ¥			¥ 100,000
Synutra Illinois snd Synutra International, Inc
Income Taxes [Line Items]
Deferred tax assets	$ 15,700
United States
Income Taxes [Line Items]
Federal tax rate	34.00%	34.00%	34.00%	34.00%	34.00%
Statute of limitations for underpayment of taxes due to computational errors	3 years	3 years	3 years
Netherlands
Income Taxes [Line Items]
Taxable profits benchmark | €		€ 200,000
Netherlands | First EUR 200,000 of taxable profits
Income Taxes [Line Items]
Federal tax rate	20.00%	20.00%	20.00%	20.00%	20.00%
Netherlands | Profits above EUR 200,000
Income Taxes [Line Items]
Federal tax rate	25.00%	25.00%	25.00%	25.00%	25.00%
France
Income Taxes [Line Items]
Federal tax rate	33.33%	33.33%	33.33%
Hong Kong
Income Taxes [Line Items]
Federal tax rate	16.50%	16.50%	16.50%
China
Income Taxes [Line Items]
Federal tax rate	25.00%	25.00%	25.00%
Dividends tax rate	10.00%	10.00%	10.00%
Increase (Decrease) to tax expense due to tax holidays	$ 300			$ 800
Statute of limitations for underpayment of taxes due to computational errors	5 years	5 years	5 years
China | If investor holds at least 25% in FIE
Income Taxes [Line Items]
Dividends tax rate	5.00%	5.00%	5.00%
Percentage owned in foreign invested enterprises, benchmark percentage	25.00%	25.00%	25.00%
China | If investor holds less than 25% in FIE
Income Taxes [Line Items]
Dividends tax rate	10.00%	10.00%	10.00%
Korea | First 200 million KRW of taxable profits
Income Taxes [Line Items]
Federal tax rate	10.00%	10.00%	10.00%	10.00%
Korea | Taxable profits exceeding 200 million KRW
Income Taxes [Line Items]
Federal tax rate	20.00%	20.00%	20.00%	20.00%
Korea | Taxable profits exceeding 200 billion KRW
Income Taxes [Line Items]
Federal tax rate	22.00%	22.00%	22.00%	22.00%
Meitek Technology (Qingdao) Co., Ltd.
Income Taxes [Line Items]
Federal tax rate	25.00%	25.00%	25.00%
Meitek Technology (Qingdao) Co., Ltd. | China
Income Taxes [Line Items]
Tax holiday rate	15.00%	15.00%	15.00%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Earnings (Loss) Per Share [Abstract]
Net income attributable to common stockholders	$ 96	$ 12,038	$ 509	$ 7,593	$ 24,092	$ 17,264	$ 10,237	$ 17,940	$ 20,236	$ 69,533	$ 30,929
Weighted average common stock outstanding - basic and diluted	56,712	57,026	57,291	57,301	57,301	57,301	57,301	57,301	57,083	57,301	57,301
Earnings per share - basic and diluted	$ 0	$ 0.21	$ 0.01	$ 0.13	$ 0.42	$ 0.30	$ 0.18	$ 0.31	$ 0.35	$ 1.21	$ 0.54

COMMITMENTS AND CONTINGENCIES97

COMMITMENTS AND CONTINGENCIES (Schedule Of Operating Lease Commitments) (Details) $ in Thousands	Mar. 31, 2016USD ($)
Commitments And Contingencies [Abstract]
2,017	$ 2,558
2,018	2,432
2,019	2,414
2,020	2,413
2,021	1,633
2022 and thereafter	43,330
Total	$ 54,780

COMMITMENTS AND CONTINGENCIES98

COMMITMENTS AND CONTINGENCIES (Detail Textuals) l in Millions	12 Months Ended
	Mar. 31, 2016USD ($)Tl	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)
Commitments And Contingencies [Line Items]
Capital commitments relating to restructuring	$ 12,300,000
Percentage of extract or powder per year	10.00%	10.00%	10.00%
Operating lease expense	$ 3,000,000	$ 2,100,000	$ 2,000,000
Rights
Commitments And Contingencies [Line Items]
Term of land use rights	13 years
Rights One
Commitments And Contingencies [Line Items]
Term of land use rights	33 years
Advertising Purchases
Commitments And Contingencies [Line Items]
Contractual obligation due in the next 12 months	$ 435,000
Milk Powder, Whey Protein, Imported Dutch Cow Brand Product And Imported Super Brand Product
Commitments And Contingencies [Line Items]
Purchase obligation due in the next 12 months	$ 23,200,000
Milk
Commitments And Contingencies [Line Items]
Purchase obligation of product per year, volume of product | l	288
Purchase obligation, duration of time	10 years
Current purchase price	around EUR 300 per 1,000 liter
70% Demineralized Pre-Concentrated Dry Whey Extract
Commitments And Contingencies [Line Items]
Purchase obligation of product per year, mass of product | T	24,000
Percentage of extract or powder per year	70.00%
Purchase obligation, duration of time	10 years
Current purchase price	around EUR 1,200 per ton
70% Demineralized Whey Powder
Commitments And Contingencies [Line Items]
Purchase obligation of product per year, mass of product | T	6,000
Percentage of extract or powder per year	70.00%
Purchase obligation, duration of time	10 years
Current purchase price	around EUR 1,200 per ton
90% Demineralized Whey Powder
Commitments And Contingencies [Line Items]
Purchase obligation of product per year, mass of product | T	3,000
Percentage of extract or powder per year	90.00%
Purchase obligation, duration of time	3 years
Current purchase price	around EUR 1,300 per ton
Liquid ultra high temperature milk
Commitments And Contingencies [Line Items]
Current purchase price	beginning from 2017 of 66,500 tons, and of 117,300 tons to 124,200 tons in 2018 through 2027
Liquid UHT milk
Commitments And Contingencies [Line Items]
Current purchase price	beginning from 2017 of 19,000 tons, and of 77,400 tons to 82,800 tons in 2018 through 2027

SEGMENT REPORTING AND GEOGRAP99

SEGMENT REPORTING AND GEOGRAPHIC INFORMATION (Schedule Of Segment Reporting Information By Activities Of Each Segment) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Net sales	$ 86,106	$ 109,256	$ 87,348	$ 82,329	$ 110,171	$ 115,331	$ 102,464	$ 85,975	$ 365,039	$ 413,941	$ 370,534
Gross profit	38,922	$ 55,365	$ 40,595	$ 41,942	54,174	$ 52,717	$ 43,900	$ 38,763	176,824	189,554	153,507
Total assets	817,097				664,885				817,097	664,885
Long-lived assets	302,726				195,742				$ 302,726	195,742
Reportable segments | segment									3
Intersegment elimination
Segment Reporting Information [Line Items]
Net sales									$ 16,650	15,848	10,812
Total assets	(347,799)				(13,007)				(347,799)	(13,007)
Nutritional food
Segment Reporting Information [Line Items]
Net sales									328,632	386,807	314,459
Gross profit									175,502	188,235	155,694
Total assets	754,333				626,317				754,333	626,317
Long-lived assets	289,814				180,495				289,814	180,495
Nutritional food | Intersegment elimination
Segment Reporting Information [Line Items]
Net sales									298	96	124
Nutritional supplement
Segment Reporting Information [Line Items]
Net sales									27,742	18,516	21,987
Gross profit									1,366	1,708	(2,659)
Total assets	281,616				38,878				281,616	38,878
Long-lived assets	12,018				14,039				12,018	14,039
Nutritional supplement | Intersegment elimination
Segment Reporting Information [Line Items]
Net sales									10,951	15,752	10,688
Other business
Segment Reporting Information [Line Items]
Net sales									8,665	8,618	34,088
Gross profit									(44)	(389)	472
Total assets	124,077				2,169				124,077	2,169
Long-lived assets	894				1,208				894	1,208
Other business | Intersegment elimination
Segment Reporting Information [Line Items]
Net sales									5,401	0	$ 0
Unallocated assets
Segment Reporting Information [Line Items]
Total assets	$ 4,870				$ 10,528				$ 4,870	$ 10,528

SEGMENT REPORTING AND GEOGRA100

SEGMENT REPORTING AND GEOGRAPHIC INFORMATION (Schedule Of Revenue By Geographic Region) (Details 1) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2016

Mar. 31, 2015

Mar. 31, 2014

Segment Reporting Information [Line Items]

Net sales

$ 86,106

$ 109,256

$ 87,348

$ 82,329

$ 110,171

$ 115,331

$ 102,464

$ 85,975

$ 365,039

$ 413,941

$ 370,534

Mainland China

Segment Reporting Information [Line Items]

Net sales

[1]

347,820

397,234

355,218

United States

Segment Reporting Information [Line Items]

Net sales

[1]

$ 17,219

$ 16,707

$ 15,316

[1]

* Revenues are attributed to countries based on location of customer

SEGMENT REPORTING AND GEOGRA101

SEGMENT REPORTING AND GEOGRAPHIC INFORMATION (Schedule Of Long-Lived Assets By Geographic Location) (Details 2) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Long-lived assets	$ 302,726	$ 195,742
Mainland China
Segment Reporting Information [Line Items]
Long-lived assets	100,364	104,594
Korea
Segment Reporting Information [Line Items]
Long-lived assets	10	0
USA
Segment Reporting Information [Line Items]
Long-lived assets	1	0
France
Segment Reporting Information [Line Items]
Long-lived assets	$ 202,351	$ 91,148

SEGMENT REPORTING AND GEOGRA102

SEGMENT REPORTING AND GEOGRAPHIC INFORMATION (Detail Textuals)	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting And Geographic Information [Abstract]
Percentage of sales	10.00%	10.00%	10.00%

ACCUMULATED OTHER COMPREHENS103

ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reclassification of currency translation adjustments realized upon disposal and liquidation of subsidiaries	$ 0	$ (7,011)	$ 0
Beijing Shengyuan Huiliduo Food Technology Co., Ltd.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reclassification of currency translation adjustments realized upon disposal and liquidation of subsidiaries	$ 0

MAINLAND CHINA CONTRIBUTION 104

MAINLAND CHINA CONTRIBUTION PLAN AND RESTRICTED NET ASSETS (Details) ¥ in Millions, $ in Millions	12 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2016CNY (¥)	Mar. 31, 2015USD ($)	Mar. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Reserve fund requirement, percentage of after-tax income to be set aside	10.00%	10.00%
Common stock, additional paid-in capital and statutory reserve of subsidiaries	$ 156.2	¥ 1,009.4
China
Segment Reporting Information [Line Items]
Employer contribution to employee benefits	$ 8.5		$ 7.5	$ 7.1

QUARTERLY FINANCIAL DATA (UN105

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Quarterly Financial Data [Abstract]
Net sales	$ 86,106	$ 109,256	$ 87,348	$ 82,329	$ 110,171	$ 115,331	$ 102,464	$ 85,975	$ 365,039	$ 413,941	$ 370,534
Gross profit	38,922	55,365	40,595	41,942	54,174	52,717	43,900	38,763	176,824	189,554	153,507
Net income attributable to common stockholders	$ 96	$ 12,038	$ 509	$ 7,593	$ 24,092	$ 17,264	$ 10,237	$ 17,940	$ 20,236	$ 69,533	$ 30,929
Weighted average common stock outstanding - basic and diluted	56,712	57,026	57,291	57,301	57,301	57,301	57,301	57,301	57,083	57,301	57,301
Earnings per share - basic and diluted	$ 0	$ 0.21	$ 0.01	$ 0.13	$ 0.42	$ 0.30	$ 0.18	$ 0.31	$ 0.35	$ 1.21	$ 0.54

SCHEDULE I - Financial Infor106

SCHEDULE I - Financial Information Of Parent Company (CONDENSED BALANCE SHEETS) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2013
Current Assets:
Cash and cash equivalents	$ 102,667	$ 85,171	$ 90,915	$ 79,050
Total current assets	361,997	382,870
Due from subsidiaries	2,223	2,139
Other assets	6,326	2,449
TOTAL ASSETS	817,097	664,885
Current Liabilities:
Other current liabilities	49,617	46,790
Total current liabilities	345,197	386,826
Other long-term liabilities	5,077	7,241
Total liabilities	680,297	550,316
Common stockholders' equity:
Common stock, $.0001 par value: 250,000 authorized, 57,301 issued; 56,691 and 57,301 outstanding at March 31, 2016 and 2015, respectively	6	6
Additional paid-in capital	134,693	135,440
Accumulated deficit	(14,810)	(35,046)
Accumulated other comprehensive income	13,352	11,526
Total equity	136,800	114,569	61,256	29,207
TOTAL LIABILITIES AND EQUITY	817,097	664,885
Parent company
Current Assets:
Cash and cash equivalents	1,441	4,056	719	1,077
Total current assets	1,441	4,056
Due from subsidiaries	50,995	50,140
Investments in subsidiaries	79,045	57,382
Other assets	1,809	1,733
TOTAL ASSETS	133,290	113,311
Current Liabilities:
Other current liabilities	49	125
Total current liabilities	49	125
Other long-term liabilities	0	1,260
Total liabilities	40	1,385
Common stockholders' equity:
Common stock, $.0001 par value: 250,000 authorized, 57,301 issued; 56,691 and 57,301 outstanding at March 31, 2016 and 2015, respectively	6	6
Additional paid-in capital	134,693	135,440
Accumulated deficit	(14,810)	(35,046)
Accumulated other comprehensive income	13,352	11,526
Total equity	133,241	111,926	$ 61,396	$ 28,766
TOTAL LIABILITIES AND EQUITY	$ 133,290	$ 113,311

SCHEDULE I- Financial Informati

SCHEDULE I- Financial Information Of Parent Company (CONDENSED STATEMENTS OF OPERATIONS) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
General and administrative expenses									$ 27,740	$ 27,994	$ 25,506
Loss from operations									(46,494)	(73,740)	(41,630)
Interest expense									16,362	16,033	16,162
Interest income									8,776	7,608	4,658
Income tax (benefit) expense									5,454	(4,449)	130
Net income attributable to common stockholders	$ 96	$ 12,038	$ 509	$ 7,593	$ 24,092	$ 17,264	$ 10,237	$ 17,940	20,236	69,533	30,929
Parent company
General and administrative expenses									1,394	1,186	971
Loss from operations									1,394	1,186	971
Interest expense									0	0	214
Interest income									2	7	34
Dividend income									418	0	2,046
Other income, net									0	0	970
Other expense									59	0	0
Income tax (benefit) expense									(1,432)	553	0
Equity in income of subsidiaries									19,837	71,265	29,064
Net income attributable to common stockholders									$ 20,236	$ 69,533	$ 30,929

SCHEDULE I - Financial Infor108

SCHEDULE I - Financial Information Of Parent Company (CONDENSED STATEMENT OF COMPREHENSIVE INCOME (LOSS)) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Net income attributable to common stockholders	$ 96	$ 12,038	$ 509	$ 7,593	$ 24,092	$ 17,264	$ 10,237	$ 17,940	$ 20,236	$ 69,533	$ 30,929
Currency translation adjustment									2,017	(11,991)	1,701
Reclassification of currency translation adjustments realized upon disposal and liquidation of subsidiaries									0	(7,011)	0
Other comprehensive income									2,017	(19,002)	1,701
Comprehensive income attributable to common stockholders									22,062	50,530	32,630
Parent company
Net income attributable to common stockholders									20,236	69,533	30,929
Currency translation adjustment									1,826	(11,992)	1,701
Reclassification of currency translation adjustments realized upon disposal and liquidation of subsidiaries									0	(7,011)	0
Other comprehensive income									1,826	(19,003)	1,701
Comprehensive income attributable to common stockholders									$ 22,062	$ 50,530	$ 32,630

SCHEDULE I- Financial Inform109

SCHEDULE I- Financial Information Of Parent Company (CONDENSED STATEMENT OF EQUITY) (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Common Stock
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance				$ 6	$ 6	$ 6
Balance (in shares)				57,301,000	57,301,000	57,301,000
Net income (loss)				$ 0	$ 0	$ 0
Other comprehensive income (loss), net of tax of nil				0	0	0
Repurchase of noncontrolling interest				0
Contribution from noncontrolling shareholders				0
Treasury shares repurchased				$ 0
Treasury shares repurchased (in shares)				(610,000)
Balance	$ 6			$ 6	$ 6	$ 6
Balance (in shares)	56,691,000			56,691,000	57,301,000	57,301,000
Treasury Stock
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance				$ 0	$ 0	$ 0
Balance (in shares)				0	0	0
Net income (loss)				$ 0	$ 0	$ 0
Other comprehensive income (loss), net of tax of nil				0	0	0
Repurchase of noncontrolling interest				0
Contribution from noncontrolling shareholders				0
Treasury shares repurchased				$ 0
Treasury shares repurchased (in shares)				610,000
Balance	$ 0			$ 0	$ 0	$ 0
Balance (in shares)	610,000			610,000	0	0
Additional paid-in capital
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance				$ 135,440	$ 135,440	$ 135,440
Net income (loss)				0	0	0
Other comprehensive income (loss), net of tax of nil				0	0	0
Repurchase of noncontrolling interest				1,820
Contribution from noncontrolling shareholders				430
Treasury shares repurchased				(2,997)
Balance	$ 134,693			134,693	135,440	135,440
Accumulated deficit
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance				(35,046)	(104,579)	(135,508)
Net income (loss)				20,236	69,533	30,929
Other comprehensive income (loss), net of tax of nil				0	0	0
Repurchase of noncontrolling interest				0
Contribution from noncontrolling shareholders				0
Treasury shares repurchased				0
Balance	(14,810)			(14,810)	(35,046)	(104,579)
Accumulated other comprehensive income
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance				11,526	30,529	28,828
Net income (loss)				0	0	0
Other comprehensive income (loss), net of tax of nil				1,826	(19,003)	1,701
Repurchase of noncontrolling interest				186
Contribution from noncontrolling shareholders				(186)
Treasury shares repurchased				0
Balance	13,352			13,352	11,526	30,529
Balance				114,569	61,256	29,207
Net income (loss)				20,961	72,031	30,348
Other comprehensive income (loss), net of tax of nil				2,017	(19,002)	1,701
Repurchase of noncontrolling interest				2,006
Contribution from noncontrolling shareholders				244
Treasury shares repurchased	$ 600	$ 1,800	$ 557	(2,997)
Treasury shares repurchased (in shares)	146,000	351,785	112,000
Balance	$ 136,800			136,800	114,569	61,256
Parent company | Common Stock
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance				$ 6	$ 6	$ 6
Balance (in shares)				57,301,000	57,301,000	57,301,000
Net income (loss)				$ 0	$ 0	$ 0
Other comprehensive income (loss), net of tax of nil				0	0	0
Repurchase of noncontrolling interest				0
Contribution from noncontrolling shareholders				0
Treasury shares repurchased				$ 0
Treasury shares repurchased (in shares)				(610,000)
Balance	$ 6			$ 6	$ 6	$ 6
Balance (in shares)	56,691,000			56,691,000	57,301,000	57,301,000
Parent company | Treasury Stock
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance				$ 0	$ 0	$ 0
Balance (in shares)				0	0	0
Net income (loss)				$ 0	$ 0	$ 0
Other comprehensive income (loss), net of tax of nil				0	0	0
Repurchase of noncontrolling interest				0
Contribution from noncontrolling shareholders				0
Treasury shares repurchased				$ 0
Treasury shares repurchased (in shares)				610,000
Balance	$ 0			$ 0	$ 0	$ 0
Balance (in shares)	610,000			610,000	0	0
Parent company | Additional paid-in capital
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance				$ 135,440	$ 135,440	$ 135,440
Net income (loss)				0	0	0
Other comprehensive income (loss), net of tax of nil				0	0	0
Repurchase of noncontrolling interest				1,820
Contribution from noncontrolling shareholders				430
Treasury shares repurchased				(2,997)
Balance	$ 134,693			134,693	135,440	135,440
Parent company | Accumulated deficit
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance				(35,046)	(104,579)	(135,508)
Net income (loss)				20,236	69,533	30,929
Other comprehensive income (loss), net of tax of nil				0	0	0
Repurchase of noncontrolling interest				0
Contribution from noncontrolling shareholders				0
Treasury shares repurchased				0
Balance	(14,810)			(14,810)	(35,046)	(104,579)
Parent company | Accumulated other comprehensive income
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance				11,526	30,529	28,828
Net income (loss)				0	0	0
Other comprehensive income (loss), net of tax of nil				1,826	(19,003)	1,701
Repurchase of noncontrolling interest				186
Contribution from noncontrolling shareholders				(186)
Treasury shares repurchased				0
Balance	13,352			13,352	11,526	30,529
Parent company
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance				111,926	61,396	28,766
Net income (loss)				20,236	69,533	30,929
Other comprehensive income (loss), net of tax of nil				1,826	(19,003)	1,701
Repurchase of noncontrolling interest				2,006
Contribution from noncontrolling shareholders				244
Treasury shares repurchased				(2,997)
Balance	$ 133,241			$ 133,241	$ 111,926	$ 61,396

SCHEDULE I- Financial Inform110

SCHEDULE I- Financial Information Of Parent Company (CONDENSED STATEMENTS OF CASH FLOWS) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Cash flow from operating activities:
Net income attributable to common stockholders	$ 96	$ 12,038	$ 509	$ 7,593	$ 24,092	$ 17,264	$ 10,237	$ 17,940	$ 20,236	$ 69,533	$ 30,929
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization									9,514	15,210	15,356
Due from subsidiaries									(3,173)	(223)	(444)
Due to subsidiaries									8	(1,426)	(301)
Other current liabilities									3,778	(1,661)	(7,753)
Other noncurrent liabilities									1,389	(971)	(161)
Net cash provided by operating activities									29,662	62,529	46,225
Cash flow from investing activities:
Repayment from subsidiaries									9,353	22,411	633
Repurchase of non-controlling interest									(1,486)	0	0
Net cash used in investing activities									(102,007)	(123,306)	(86,699)
Cash flow from financing activities:
Payment on shares repurchased									(2,997)	0	0
Repayment of long-term loan									(148,996)	(139,364)	(111,890)
Net cash provided by (used in) financing activities									91,301	57,192	50,772
Net change in cash and cash equivalents									17,496	(5,744)	11,865
Cash and cash equivalents, beginning of year				85,171				90,915	85,171	90,915	79,050
Cash and cash equivalents, end of year	102,667				85,171				102,667	85,171	90,915
Parent company
Cash flow from operating activities:
Net income attributable to common stockholders									20,236	69,533	30,929
Adjustments to reconcile net income to net cash provided by operating activities
Equity in income of subsidiaries									(19,837)	(71,265)	(29,064)
Dividend income									(418)	0	(2,046)
Depreciation and amortization									118	118	118
Due from subsidiaries									0	0	(46)
Due to subsidiaries									0	0	2,153
Other current liabilities									(76)	40	(1,588)
Other noncurrent liabilities									(1,260)	1,260	0
Other assets									(193)	(707)	0
Net cash provided by operating activities									(1,430)	(1,021)	456
Cash flow from investing activities:
Payment to subsidiaries									0	(3,877)	0
Repayment from subsidiaries									(855)	7,318	0
Repurchase of non-controlling interest									(1,486)	0	0
Contribution from non-controlling interest									3,736	0	0
Capital repayment from a subsidiary									2,250	917	0
Dividend from subsidiaries									418	0	2,046
Net cash used in investing activities									1,813	4,358	2,046
Cash flow from financing activities:
Payment on shares repurchased									(2,998)	0	0
Repayment of long-term loan									0	0	(2,860)
Net cash provided by (used in) financing activities									(2,998)	0	(2,860)
Net change in cash and cash equivalents									(2,615)	3,337	(358)
Cash and cash equivalents, beginning of year				$ 4,056				$ 719	4,056	719	1,077
Cash and cash equivalents, end of year	$ 1,441				$ 4,056				$ 1,441	$ 4,056	$ 719

SCHEDULE I - Financial Infor111

SCHEDULE I - Financial Information Of Parent Company (Detail Textuals) $ in Thousands	12 Months Ended
	Mar. 31, 2016USD ($)
Schedule I - Financial Information Of Parent Company [Abstract]
Dividend income from subsidiary (Unisono B.V.)	$ 418

SCHEDULE II - Valuation And 112

SCHEDULE II - Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Allowance for accounts receivable, including current and not-current
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 2,941	$ 5,137	$ 11,352
Charged to Costs and Expenses	(1,360)	(2,189)	(3,116)
Write-off and exchange difference	(146)	(7)	(3,099)
Balance at End of Year	1,435	2,941	5,137
Allowance for other receivables
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	1,446	2,248	2,682
Charged to Costs and Expenses	(1)	10	(77)
Write-off and exchange difference	(901)	(812)	(357)
Balance at End of Year	544	1,446	2,248
Allowance for deferred tax assets
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	9,048	38,604	56,971
Charged to Costs and Expenses	(1,649)	(26,456)	(18,341)
Write-off and exchange difference	0	(3,100)	(26)
Balance at End of Year	$ 7,399	$ 9,048	$ 38,604