Synutra International (SYUT) 10-Q 9 Aug 16 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2016	Aug. 09, 2016
Document And Entity Information [Abstract]
Entity Registrant Name	Synutra International, Inc.
Entity Central Index Key	1,293,593
Trading Symbol	syut
Current Fiscal Year End Date	--03-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		56,690,687
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Current Assets:
Cash and cash equivalents	$ 79,699	$ 102,667
Restricted cash	70,612	77,787
Accounts receivable, net of allowance of $ 1,495 and $ 1,435, as of June 30, 2016 and March 31, 2016, respectively	18,599	29,911
Inventories	108,466	98,360
Due from related parties	2,174	2,486
Receivable from disposal of a subsidiary	1,118	1,161
Deferred tax assets	15,376	15,781
Prepayments and other current assets	37,911	30,675
Investment held at trust	3,140	3,169
Total current assets	337,095	361,997
Property, plant and equipment, net	297,103	294,185
Land use rights, net	8,271	8,541
Intangible assets, net	2,970	2,661
Restricted cash	143,730	128,397
Due from related parties	2,049	2,223
Deferred tax assets	4,343	3,481
Long-term loan receivable	7,540	9,286
Other non-current assets	7,250	6,326
TOTAL ASSETS	810,351	817,097
Current Liabilities:
Short-term debt	136,719	95,175
Long-term debt due within one year	70,442	95,504
Accounts payable	62,014	76,862
Income taxes payable	1,812	2,721
Due to related parties	129	132
Advances from customers	19,602	25,186
Other current liabilities	38,151	49,617
Total current liabilities	328,869	345,197
Long-term debt	328,432	315,512
Deferred government subsidies	7,019	7,196
Capital lease obligations	7,101	7,315
Other long-term liabilities	4,823	5,077
Total liabilities	676,244	680,297
Equity:
Common stock, $.0001 par value: 250,000 shares authorized; 57,301 shares issued, 56,691 shares outstanding as of both June 30, 2016 and March 31, 2016	6	6
Additional paid-in capital	134,693	134,693
Accumulated deficit	(14,767)	(14,810)
Accumulated other comprehensive income	9,999	13,352
Total common stockholders' equity	129,931	133,241
Noncontrolling interest	4,176	3,559
Total equity	134,107	136,800
TOTAL LIABILITIES AND EQUITY	$ 810,351	$ 817,097

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Consolidated Balance Sheets [Abstract]
Accounts receivable, allowance	$ 1,495	$ 1,435
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000	250,000
Common stock, shares issued	57,301	56,691
Common stock, shares outstanding	57,301	56,691

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Consolidated Statements Of Operations [Abstract]
Net sales	$ 77,865	$ 82,329
-including sales to related parties	4,819	2,115
Cost of sales	43,887	40,387
Gross profit	33,978	41,942
Selling and distribution expenses	11,499	12,736
Advertising and promotion expenses	7,290	10,286
General and administrative expenses	7,598	6,498
Loss on a supply contract	2,833	0
Government subsidies	94	80
Income from operations	4,852	12,502
Interest expense	3,421	4,184
Interest income	1,910	2,346
Foreign currency exchange (loss) gain, net	(2,357)	331
Other expense, net	79	207
Income before income tax expense	905	10,788
Income tax expense	1,061	2,790
Net (loss) income	(156)	7,998
Net (loss) income attributable to the noncontrolling interest	(199)	405
Net income attributable to common stockholders	$ 43	$ 7,593
Weighted average common stock outstanding - basic and diluted (in shares)	56,691	57,301
Earnings per share - basic and diluted (in dollars per share)	$ 0.001	$ 0.13

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Condensed Consolidated Statements Of Comprehensive Income [Abstract]
Net (loss) income	$ (156)	$ 7,998
Other comprehensive (loss) income, net of tax:
Currency translation adjustment	(3,448)	2,697
Other comprehensive (loss) income	(3,448)	2,697
Comprehensive (loss) income	(3,604)	10,695
Less: Comprehensive (loss) income attributable to noncontrolling interest	(294)	405
Comprehensive (loss) income attributable to common stockholders	$ (3,310)	$ 10,290

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED) - 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, 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	7,593	0	405	7,998
Other comprehensive income, net of tax of nil	0	0	0	0	2,697	0	2,697
Balance at Jun. 30, 2015	$ 6	$ 0	135,440	(27,453)	14,223	3,048	125,264
Balance (in shares) at Jun. 30, 2015	57,301	0
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
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net income (loss)	$ 0	$ 0	0	43	0	(199)	(156)
Other comprehensive income, net of tax of nil	0	0	0	0	(3,353)	(95)	(3,448)
Contribution from noncontrolling shareholders	0	0	0	0	0	911	911
Balance at Jun. 30, 2016	$ 6	$ 0	$ 134,693	$ (14,767)	$ 9,999	$ 4,176	$ 134,107
Balance (in shares) at Jun. 30, 2016	56,691	610

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities:
Net (loss) income	$ (156)	$ 7,998
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	2,634	2,558
Bad debt expense (reversal)	102	(351)
Inventory write down	1,653	1,640
Deferred income tax	(935)	0
Loss on a supply contract	(3,229)	0
Other	0	3
Changes in assets and liabilities:
Accounts receivable	10,717	397
Inventories	(14,466)	(23,702)
Due from related parties	161	628
Prepayments and other current assets	(9,794)	(3,794)
Accounts payable	(988)	(2,418)
Due to related parties	(3)	42
Advances from customers	(5,008)	(1,082)
Income tax receivable/payable	(883)	(1,140)
Other current liabilities	(9,643)	(16,202)
Other noncurrent liabilities	(237)	(208)
Net cash used in operating activities	(30,075)	(35,631)
Investing activities:
Acquisition of property, plant and equipment	(17,662)	(30,595)
Acquisition of intangible assets	(371)	0
Change in restricted cash	(13,363)	(6,605)
Proceeds from assets disposal	39	1
Proceeds from disposal of subsidiaries	0	5,617
Changes in long-term loan receivable	0	(9,809)
Net cash used in investing activities	(31,357)	(41,391)
Financing activities:
Proceeds from short-term debt	58,975	46,362
Repayment of short-term debt	(16,232)	(25,453)
Proceeds from long-term debt	48,616	83,542
Repayment of long-term debt	(52,532)	(29,173)
Payment on capital lease obligations	0	(266)
Proceeds from noncontrolling interest	918	0
Net cash provided by financing activities	39,745	75,012
Effect of exchange rate changes on cash and cash equivalents	(1,281)	472
Net change in cash and cash equivalents	(22,968)	(1,538)
Cash and cash equivalents, beginning of period	102,667	85,171
Cash and cash equivalents, end of period	79,699	83,633
Supplemental cash flow information:
Interest paid, net of capitalized interest of $1.3 million and $0.7 million	3,251	3,866
Income tax paid	2,878	3,927
Non-cash investing and financing activities:
Purchase of property, plant and equipment included in accounts payable	(7,091)	19,911
Consideration receivable on disposal of subsidiaries	$ 0	$ 1,114

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement of Cash Flows [Abstract]
Interest capitalized	$ 1.3	$ 0.7

ORGANIZATION AND PRINCIPAL ACTI

ORGANIZATION AND PRINCIPAL ACTIVITIES	3 Months Ended
	Jun. 30, 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 infants and adults, and also engages in other nutritional product offerings, such as prepared foods and certain nutritional ingredients and supplements.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2016
Basis Of Presentation [Abstract]
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION The Company is responsible for the unaudited consolidated financial statements included in this document, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include all normal and recurring adjustments that management of the Company considers necessary for a fair presentation of its financial position and operating results. The Company prepared these statements following the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, the Company condensed or omitted certain footnotes or other financial information that are normally required by US GAAP for annual financial statements. These statements should be read in combination with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2016. The unaudited consolidated financial statements include the financial statements of Synutra International, Inc. and its subsidiaries, its consolidated variable interest entity, Beijing Shengyuan Huimin Technology Service Co., Ltd. (the variable interest entity, or "VIE"), in which it has a controlling financial interest. A controlling financial interest is typically determined when a company holds a majority of the voting equity interest in an entity. US GAAP provides guidance on the identification and financial reporting for entities over which control is achieved through means other than voting interests, which requires certain VIEs to be consolidated by the primary beneficiary of the entity if the equity investors in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Through the contractual arrangements between the Company and the VIE, the Company controls the operating activities and holds all the beneficial interests of the VIE and has been determined to be the primary beneficiary of the VIE. The Company has concluded that such contractual arrangements are legally enforceable. The operations associated with the consolidated VIE are insignificant and hold de minimis assets and liabilities. Net income or loss of a subsidiary is attributed to the Company and to the noncontrolling interests on the basis of relative ownership interest. Noncontrolling interests in subsidiaries are presented separately from the Company's equity therein. All inter-company accounts and transactions have been eliminated in consolidation. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year.

DISPOSAL OF A SUBSIDIARY

DISPOSAL OF A SUBSIDIARY	3 Months Ended
	Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISPOSAL OF A SUBSIDIARY	3. DISPOSAL OF A SUBSIDIARY In July 2014, the Company entered into a share purchase agreement with Beijing Jinkangpu Food Technology Co., Ltd. (“Jinkangpu”) to dispose of its wholly owned subsidiary in the nutritional 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 of Beijing Huiliduo to Jinkangpu. As the result of the sale in fiscal year 2015, the Company recorded a $0.3 million 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 2015 and the remaining $1.1 million will be due in September 2016.

INVENTORIES

INVENTORIES	3 Months Ended
	Jun. 30, 2016
Inventories [Abstract]
Inventories	4. INVENTORIES The Company’s inventories as of June 30, 2016 and March 31, 2016 are summarized as follows: (In thousands) June 30, 2016 March 31, 2016 Raw materials $ 34,691 $ 41,073 Work-in-progress 23,452 20,609 Finished goods 50,323 36,678 Total $ 108,466 $ 98,360 The value of goods-in-transit included in raw materials was $4.5 million and $7.1 million as of June 30, 2016 and March 31, 2016, respectively, which mainly represented the purchase of milk powder and whey powder from international sources. The Company recorded lower of cost or market provisions for inventory of $1.7 million and $1.6 million for the quarter ended June 30, 2016 and 2015, respectively.

RELATED PARTIES AND RELATED PAR

RELATED PARTIES AND RELATED PARTY TRANSACTIONS	3 Months Ended
	Jun. 30, 2016
Related Parties And Related Party Transactions [Abstract]
RELATED PARTIES AND RELATED PARTY TRANSACTIONS	5. RELATED PARTIES AND RELATED PARTY TRANSACTIONS A. Related party balances a. Due from related parties, including current and non-current portion (In thousands) June 30, 2016 March 31, 2016 Sheng Zhi Da Dairy Group Corporation $ 3,146 $ 3,349 St. Angel (Beijing) Business Service Co. Ltd. 1,048 1,334 Beijing St. Angel Cultural Communication Co., Ltd. 23 23 Beijing AoNaier Feed Stuff Co., Ltd. 6 3 Total $ 4,223 $ 4,709 b. Due to related parties (In thousands) June 30, 2016 March 31, 2016 Beijing St. Angel Cultural Communication Co., Ltd. $ 129 $ 132 The amounts due to and due from related parties were unsecured and interest free. B. Sales to and services for related parties In the quarter ended June 30, 2016 and 2015, the Company’s sales to related parties mainly included feed grade milk powder and whey powder to Beijing AoNaier Feed Stuff Co., Ltd., and powdered formula products to St. Angel (Beijing) Business Service Co., Ltd., and services for related parties including office spaces rented to Honnete, Beijing AoNaier, St. Angel (Beijing) Business Service, and St. Angel Cultural Communication. Three Months Ended June 30, (In thousands) 2016 2015 Beijing Honnete Dairy Co., Ltd. $ 2 $ 2 St. Angel (Beijing) Business Service Co., Ltd. 4,777 2,103 Qingdao Lvyin Waste Disposal Investment 0 1 Beijing AoNaier Feed Stuff Co., Ltd. 35 3 Beijing St. Angel Cultural Communication Co., Ltd. 5 6 Total $ 4,819 $ 2,115 C. Purchases from related parties In the quarter ended June 30, 2016 and 2015, St. Angel Cultural Communication provided certain marketing activities for the Company. Three Months Ended June 30, (In thousands) 2016 2015 Beijing St. Angel Cultural Communication Co., Ltd. $ 115 $ 116

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	3 Months Ended
	Jun. 30, 2016
Property, Plant And Equipment, Net [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	6. PROPERTY, PLANT AND EQUIPMENT, NET (In thousands) June 30, 2016 March 31, 2016 Property, plant and equipment, cost: Land $ 1,876 $ 1,914 Capital lease of building 5,329 5,469 Buildings and renovations 78,013 79,984 Plant and machinery 63,075 64,584 Office equipment and furnishings 12,132 11,973 Motor vehicles 2,415 2,460 Others 1,114 1,143 Total cost $ 163,954 $ 167,527 Less: Accumulated depreciation: Capital lease of building 1,123 1,111 Buildings and renovations 21,168 20,780 Plant and machinery 46,022 45,879 Office equipment and furnishings 9,620 9,672 Motor vehicles 1,915 1,920 Others 869 857 Total accumulated depreciation 80,717 80,219 Construction in progress 213,866 206,877 Property, plant and equipment, net $ 297,103 $ 294,185 Land represents a parcel of land acquired for the Company’s French subsidiary. Construction in progress mainly represents construction and equipment purchased for the French subsidiary as of June 30, 2016 and March 31, 2016. The Company recorded depreciation expense for owned assets and capital leased assets at $2.6 million and $2.5 million for the quarter ended June 30, 2016 and 2015, respectively.

LONG-TERM LOAN RECEIVABLE

LONG-TERM LOAN RECEIVABLE	3 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
LONG-TERM LOAN RECEIVABLE	7. LONG-TERM LOAN RECEIVABLE In May 2015, the Company granted a four-year long-term loan of RMB60.0 million (equivalent to $9.0 million) with interest rate of 7% to Qingdao Jisheng Iron Printing and Tin Making Co., LTD. (“Qingdao Jisheng”), a supplier of the iron sheet used for our formula products. Qingdao Jisheng shall use the loan to expand its own upstream manufacturing capacity. RMB10.0 million, RMB20.0 million and RMB30.0 million shall be repaid by Qingdao Jisheng in May 2017, 2018 and 2019, respectively. The outstanding principal loan amount of $1.5 million and $7.5 million are separately recorded as prepayments and other current assets, and long-term loan receivable on the consolidated balance sheet, which is close to its fair value. On the other hand, in fiscal 2016 the Company received RMB27.0 million in cash equivalent from Qingdao Jisheng as a performance guaranty to be the exclusive iron sheet supplier to our Carhaix facility. See Note 10 for details. The Company evaluated the credit risk associated with the loan and estimated the cash flow expected to be collected over the life of the loan. A valuation allowance will be established if the loan is deemed unable to be collected. No valuation allowance has been recorded as of June 30, 2016.

INVESTMENT HELD AT TRUST

INVESTMENT HELD AT TRUST	3 Months Ended
	Jun. 30, 2016
Held-to-maturity Securities [Abstract]
INVESTMENT HELD AT TRUST	8. 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 on 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 from the purchases of cash coupons (the “Fund”) is 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. Funds deposited in the trust in the amount of $3.1 million are 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 cost. The carrying amount of the securities of $3.1 million as of June 30, 2016 approximated their fair value due to their credit ratings and their short-term nature.

DEBT

DEBT	3 Months Ended
	Jun. 30, 2016
Debt [Abstract]
DEBT	9. DEBT The Company’s debts consisted of the following: (In thousands) June 30, 2016 March 31, 2016 Short-term debt $ 136,719 $ 95,175 Long-term debt due within one year 70,442 95,504 Total debt, current 207,161 190,679 Long-term debt, non-current portion 328,432 315,512 Total $ 535,593 $ 506,191 Long-term debt The long-term debts, including current portion, as of June 30, 2016 and March 31, 2016 are comprised of: (In thousands) June 30, 2016 March 31, 2016 Long-term debt borrowed in Mainland China $ 245,564 $ 262,514 Long-term debt borrowed in Hong Kong 39,980 47,061 Long-term debt borrowed in France 113,330 101,441 Total $ 398,874 $ 411,016 As of June 30, 2016, among the long-term debts which were borrowed in Mainland China, $56.6 million was secured by restricted cash deposits of $60.3 million and the remaining $ 189.0 million were credit debts. These debts used floating interest rates, which are calculated based on the benchmark lending interest rate published by China’s central bank, or LIBOR. The maturity dates range from August 2016 to June 2019 As of June 30, 2016, the long-term debts which were borrowed in Hong Kong were secured by restricted cash deposit of $24.8 million. These debts used floating interest rates, which are calculated based on LIBOR. The maturity dates of the used facility range from August 2016 to March 2017. As of June 30, 2016, long-term debts which were borrowed from banks in France were secured by restricted cash deposits of $49.0 million and all the long-lived assets of the French Project. These debts have floating interest rates ranging from LIBOR+2% to LIBOR+4.3%. The maturity dates of the borrowed debts range from February 2018 to September 2022. The weighted average interest rates as of June 30, 2016 and March 31, 2016 for the long-term debts were 3.5% and 3.7%, respectively. As of June 30, 2016, borrowings both in short-term and long-term, including current portion, denominated in RMB, USD and EUR were $216.1 million, $102.8 million and $216.7 million, respectively. Maturities on long-term debt, including current and non-current portion are as follows: Twelve Months Ended, (In thousands) June 30, 2017 $ 70,442 June 30, 2018 171,726 June 30, 2019 97,761 June 30, 2020 to June 30, 2022 0 June 30, 2023 58,945 Total $ 398,874 The total amount of interest cost incurred was $4.7 million and $4.9 million, and the amount thereof that has been capitalized was $1.3 million and $0.7 million, for the quarter ended June 30, 2016 and 2015, respectively.

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	3 Months Ended
	Jun. 30, 2016
Other Current Liabilities [Abstract]
OTHER CURRENT LIABILITIES	10. OTHER CURRENT LIABILITIES (In thousands) June 30, 2016 March 31, 2016 Accrued discount, rebate and slotting fee $ 20,194 $ 25,932 Payroll and bonus payables 7,253 12,111 Accrued selling expenses 2,408 2,975 Accrued advertising and promotion expenses 1,793 2,812 Others 6,503 5,787 Total $ 38,151 $ 49,617 In May 2015, Qingdao Jisheng agreed to pay RMB27.0 million (equivalent to $4.1 million) to the Company as performance guaranty to secure the exclusive iron sheet supplier status for the Company’s French Project for ten years starting from its commercial operation. Under the agreement, the Company is required to fulfill a contractual amount of minimum purchase volume at fair market value each year for a period of ten years. If the Company fulfills the contractual minimum purchase volume, it can keep the entire performance guaranty amount. If the Company fails to meet this minimum annual purchase volume, the Company is obligated to compensate Qingdao Jisheng at RMB0.1 per tin for the shortfall. By March 31, 2016, the Company had received RMB27.0 million (equivalent to $4.1 million) from Qingdao Jisheng. As the Company’s French Project is still under construction, it has not begun purchasing iron sheet as of June 30, 2016. $0.4 million and $3.7 million were recorded in “Other current liabilities” and “Other noncurrent liabilities” as of June 30, 2016, respectively. The amount will be recognized based on actual order as a reduction to cost.

LOSS ON A SUPPLY CONTRACT

LOSS ON A SUPPLY CONTRACT	3 Months Ended
	Jun. 30, 2016
Purchase Contract Loss Resulting From French Project Delay [Abstract]
LOSS ON A SUPPLY CONTRACT	11. 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 by Sodiaal to the milk farmers and the spot market price for the shortfall quantity. 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 formal operations of the French Project is now expected to be in September 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 partial delivery under this contract and pretreated the raw milk into concentrated milk for third party's further processing. As of March 31, 2016, the Company recorded an estimated loss of $3.8 million resulting from this purchase commitment through the then-expected opening date of July 2016. Due to a further delay of the main drying equipment, the commencement of formal operations of the French Project is now expected to be in September 2016. During the quarter ended June 30, 2016, the Company could not process all the raw milk under the milk supply agreement with Sodiaal and incurred loss of $6.1 million, which was over the previous estimated loss of $3.8 million. As such, for the quarter ended June 30, 2016, the Company incurred an additional loss of $2.8 million.

EQUITY

EQUITY	3 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
EQUITY	12. EQUITY June 30, 2016 March 31, 2016 (In thousands) Common stock, $.0001 par value: 250,000 shares authorized, 57,301 shares issued, 56,691 shares outstanding at both June 30, 2016 and March 31, 2016 (share number in thousands) $ 6 $ 6 Additional paid–in capital 134,693 134,693 Accumulated deficit (14,767 ) (14,810 ) Accumulated other comprehensive income 9,999 13,352 Total common stockholders’ equity 129,931 133,241 Noncontrolling interest 4,176 3,559 Total equity $ 134,107 $ 136,800 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. In fiscal year 2016, the Company repurchased 610,313 shares of common stock in an open trading window or under the Rule 10b5-1 trading plan at an aggregate cost of $3.0 million, which was paid for through cash on hand. The share repurchase program automatically terminated due to our public announcement of receiving a non-binding proposal letter, dated January14, 2016, from Mr. Liang Zhang, Chairman and CEO of the Company, and an affiliated entity of his, proposing a “going-private” transaction. For details, please refer to our Form 8-K filed on January 15, 2016.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Jun. 30, 2016
Income Taxes [Abstract]
INCOME TAXES	13. INCOME TAXES The effective tax rate is based on expected income (loss), statutory tax rates and incentives available in the various jurisdictions in which the Company operates. For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records a quarterly income tax provision (benefit) in accordance with the ASC No. 740-270, “Income tax – Interim reporting”. As the year progresses, the Company refines the estimates of the year’s taxable income as new information becomes available. This continual estimation process often results in a change to the expected effective tax rate for the year. When this occurs, the Company adjusts the income tax provision (benefit) during the quarter in which the change in estimate occurs so that the year-to-date provision reflects the expected annual tax rate. The Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carryforward periods, the Company's experience with tax attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based on a more-likely-than-not threshold. The Company's ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carryforward periods provided for in the tax law.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	14. EARNINGS PER SHARE For purposes of calculating basic and diluted earnings per share, the Company used the following weighted average common stocks outstanding: Three Months Ended June 30, (In thousands except for per share data) 2016 2015 Net income attributable to common stockholders $ 43 $ 7,593 Weighted average common stock outstanding – basic and diluted 56,691 57,301 Earnings per share – basic and diluted $ 0.001 $ 0.13

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	15. SEGMENT REPORTING The Company’s chief operating decision maker has been identified as the chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Company. In fiscal year 2014, the Company operated and reported its performance in four 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 the three months ended June 30, 2016 and 2015. 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. Three Months Ended June 30, (In thousands) 2016 2015 NET SALES TO EXTERNAL CUSTOMERS - Nutritional food $ 74,381 $ 73,726 - Nutritional supplement 652 8,057 - Other business 2,832 546 Net sales $ 77,865 $ 82,329 INTERSEGMENT SALES - Nutritional food $ 26 $ 27 - Nutritional supplement 3,511 3,504 - Other business 204 0 Intersegment sales $ 3,741 $ 3,531 GROSS PROFIT (LOSS) - Nutritional food $ 34,815 $ 41,030 - Nutritional supplement 25 535 - Other business (862 ) 377 Gross profit $ 33,978 $ 41,942 (In thousands) June 30, 2016 March 31, 2016 TOTAL ASSETS - Nutritional food $ 752,683 $ 757,459 - Nutritional supplement 39,406 43,962 - Other business 22,967 20,555 - Unallocated assets 5,073 4,870 - Intersegment elimination (9,778 ) (9,749 ) Total $ 810,351 $ 817,097

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Jun. 30, 2016
Inventories [Abstract]
Schedule of inventories	(In thousands) June 30, 2016 March 31, 2016 Raw materials $ 34,691 $ 41,073 Work-in-progress 23,452 20,609 Finished goods 50,323 36,678 Total $ 108,466 $ 98,360

RELATED PARTIES AND RELATED P25

RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Jun. 30, 2016
Related Parties And Related Party Transactions [Abstract]
Schedule of balances of due from related parties, including current and non-current portion	(In thousands) June 30, 2016 March 31, 2016 Sheng Zhi Da Dairy Group Corporation $ 3,146 $ 3,349 St. Angel (Beijing) Business Service Co. Ltd. 1,048 1,334 Beijing St. Angel Cultural Communication Co., Ltd. 23 23 Beijing AoNaier Feed Stuff Co., Ltd. 6 3 Total $ 4,223 $ 4,709
Schedule of balances due to related parties	(In thousands) June 30, 2016 March 31, 2016 Beijing St. Angel Cultural Communication Co., Ltd. $ 129 $ 132
Schedule of sales to related parties	Three Months Ended June 30, (In thousands) 2016 2015 Beijing Honnete Dairy Co., Ltd. $ 2 $ 2 St. Angel (Beijing) Business Service Co., Ltd. 4,777 2,103 Qingdao Lvyin Waste Disposal Investment 0 1 Beijing AoNaier Feed Stuff Co., Ltd. 35 3 Beijing St. Angel Cultural Communication Co., Ltd. 5 6 Total $ 4,819 $ 2,115
Schedule of purchases from related parties	Three Months Ended June 30, (In thousands) 2016 2015 Beijing St. Angel Cultural Communication Co., Ltd. $ 115 $ 116

PROPERTY, PLANT AND EQUIPMENT26

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	3 Months Ended
	Jun. 30, 2016
Property, Plant And Equipment, Net [Abstract]
Schedule of property, plant and equipment, net	(In thousands) June 30, 2016 March 31, 2016 Property, plant and equipment, cost: Land $ 1,876 $ 1,914 Capital lease of building 5,329 5,469 Buildings and renovations 78,013 79,984 Plant and machinery 63,075 64,584 Office equipment and furnishings 12,132 11,973 Motor vehicles 2,415 2,460 Others 1,114 1,143 Total cost $ 163,954 $ 167,527 Less: Accumulated depreciation: Capital lease of building 1,123 1,111 Buildings and renovations 21,168 20,780 Plant and machinery 46,022 45,879 Office equipment and furnishings 9,620 9,672 Motor vehicles 1,915 1,920 Others 869 857 Total accumulated depreciation 80,717 80,219 Construction in progress 213,866 206,877 Property, plant and equipment, net $ 297,103 $ 294,185

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Jun. 30, 2016
Debt [Abstract]
Schedule of debt	(In thousands) June 30, 2016 March 31, 2016 Short-term debt $ 136,719 $ 95,175 Long-term debt due within one year 70,442 95,504 Total debt, current 207,161 190,679 Long-term debt, non-current portion 328,432 315,512 Total $ 535,593 $ 506,191
Schedule of long-term debt	(In thousands) June 30, 2016 March 31, 2016 Long-term debt borrowed in Mainland China $ 245,564 $ 262,514 Long-term debt borrowed in Hong Kong 39,980 47,061 Long-term debt borrowed in France 113,330 101,441 Total $ 398,874 $ 411,016
Schedule of maturities of long-term debt	Twelve Months (In thousands) Ended, June 30, 2017 $ 70,442 June 30, 2018 171,726 June 30, 2019 97,761 June 30, 2020 to June 30, 2022 0 June 30, 2023 58,945 Total $ 398,874

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Jun. 30, 2016
Other Current Liabilities [Abstract]
Schedule of other current liabilities	(In thousands) June 30, 2016 March 31, 2016 Accrued discount, rebate and slotting fee $ 20,194 $ 25,932 Payroll and bonus payables 7,253 12,111 Accrued selling expenses 2,408 2,975 Accrued advertising and promotion expenses 1,793 2,812 Others 6,503 5,787 Total $ 38,151 $ 49,617

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of equity	June 30, 2016 March 31, 2016 (In thousands) Common stock, $.0001 par value: 250,000 shares authorized, 57,301 shares issued, 56,691 shares outstanding at both June 30, 2016 and March 31, 2016 (share number in thousands) $ 6 $ 6 Additional paid–in capital 134,693 134,693 Accumulated deficit (14,767 ) (14,810 ) Accumulated other comprehensive income 9,999 13,352 Total common stockholders’ equity 129,931 133,241 Noncontrolling interest 4,176 3,559 Total equity $ 134,107 $ 136,800

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of basic earnings per share	Three Months Ended June 30, (In thousands except for per share data) 2016 2015 Net income attributable to common stockholders $ 43 $ 7,593 Weighted average common stock outstanding – basic and diluted 56,691 57,301 Earnings per share – basic and diluted $ 0.001 $ 0.13

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of segment reporting information by activities of each segment	Three Months Ended June 30, (In thousands) 2016 2015 NET SALES TO EXTERNAL CUSTOMERS - Nutritional food $ 74,381 $ 73,726 - Nutritional supplement 652 8,057 - Other business 2,832 546 Net sales $ 77,865 $ 82,329 INTERSEGMENT SALES - Nutritional food $ 26 $ 27 - Nutritional supplement 3,511 3,504 - Other business 204 0 Intersegment sales $ 3,741 $ 3,531 GROSS PROFIT (LOSS) - Nutritional food $ 34,815 $ 41,030 - Nutritional supplement 25 535 - Other business (862 ) 377 Gross profit $ 33,978 $ 41,942 (In thousands) June 30, 2016 March 31, 2016 TOTAL ASSETS - Nutritional food $ 752,683 $ 757,459 - Nutritional supplement 39,406 43,962 - Other business 22,967 20,555 - Unallocated assets 5,073 4,870 - Intersegment elimination (9,778 ) (9,749 ) Total $ 810,351 $ 817,097

DISPOSAL OF SUBSIDIARIES (Detai

DISPOSAL OF SUBSIDIARIES (Detail Textuals) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2014USD ($)installment	Jun. 30, 2016USD ($)	Mar. 31, 2015USD ($)
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	$ 1.3
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		$ 1.1	$ 0.2
Gain on disposal and liquidation of subsidiaries			0.3
Assets transferred			$ 1

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Inventories [Abstract]
Raw materials	$ 34,691	$ 41,073
Work-in-progress	23,452	20,609
Finished goods	50,323	36,678
Total	$ 108,466	$ 98,360

INVENTORIES (Detail Textuals)

INVENTORIES (Detail Textuals) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Inventories [Abstract]
Goods-in-transit included in raw materials	$ 4,500		$ 7,100
Inventory write down	$ 1,653	$ 1,640

RELATED PARTIES AND RELATED P35

RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Schedule Of Balances Due From Related Parties) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Related Party Transaction [Line Items]
Due from related parties	$ 4,223	$ 4,709
Sheng Zhi Da Dairy Group Corporation
Related Party Transaction [Line Items]
Due from related parties	3,146	3,349
St. Angel (Beijing) Business Service Co. Ltd.
Related Party Transaction [Line Items]
Due from related parties	1,048	1,334
Beijing St. Angel Cultural Communication Co., Ltd.
Related Party Transaction [Line Items]
Due from related parties	23	23
Beijing AoNaier Feed Stuff Co., Ltd.
Related Party Transaction [Line Items]
Due from related parties	$ 6	$ 3

RELATED PARTIES AND RELATED P36

RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Schedule Of Balances Due To Related Parties) (Details 1) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Related Party Transaction [Line Items]
Due to related parties	$ 129	$ 132
Beijing St. Angel Cultural Communication Co., Ltd.
Related Party Transaction [Line Items]
Due to related parties	$ 129	$ 132

RELATED PARTIES AND RELATED P37

RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Schedule Of Sales And Services For Related Parties) (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Sales and services for related parties	$ 4,819	$ 2,115
Beijing Honnete Dairy Co., Ltd.
Related Party Transaction [Line Items]
Sales and services for related parties	2	2
St. Angel (Beijing) Business Service Co. Ltd.
Related Party Transaction [Line Items]
Sales and services for related parties	4,777	2,103
Qingdao Lvyin Waste Disposal Investment Management Co., Ltd.
Related Party Transaction [Line Items]
Sales and services for related parties	0	1
Beijing AoNaier Feed Stuff Co., Ltd.
Related Party Transaction [Line Items]
Sales and services for related parties	35	3
Beijing St. Angel Cultural Communication Co., Ltd.
Related Party Transaction [Line Items]
Sales and services for related parties	$ 5	$ 6

RELATED PARTIES AND RELATED P38

RELATED PARTIES AND RELATED PARTY TRANSACTIONS (Schedule Of Purchases From Related Parties) (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Beijing St. Angel Cultural Communication Co., Ltd.
Related Party Transaction [Line Items]
Purchases from related parties	$ 115	$ 116

PROPERTY, PLANT AND EQUIPMENT39

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	$ 163,954	$ 167,527
Total accumulated depreciation	80,717	80,219
Construction in progress	213,866	206,877
Property, plant and equipment, net	297,103	294,185
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	1,876	1,914
Capital Lease Of Building
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	5,329	5,469
Total accumulated depreciation	1,123	1,111
Buildings And Renovations
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	78,013	79,984
Total accumulated depreciation	21,168	20,780
Plant And Machinery
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	63,075	64,584
Total accumulated depreciation	46,022	45,879
Office Equipment And Furnishings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	12,132	11,973
Total accumulated depreciation	9,620	9,672
Motor Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	2,415	2,460
Total accumulated depreciation	1,915	1,920
Others
Property, Plant and Equipment [Line Items]
Property, plant and equipment, cost	1,114	1,143
Total accumulated depreciation	$ 869	$ 857

PROPERTY, PLANT AND EQUIPMENT40

PROPERTY, PLANT AND EQUIPMENT, NET (Detail Textuals) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Property, Plant And Equipment, Net [Abstract]
Depreciation expense	$ 2.6	$ 2.5

LONG-TERM LOAN RECEIVABLE (Deta

LONG-TERM LOAN RECEIVABLE (Detail Textuals) $ in Thousands, ¥ in Millions	1 Months Ended	12 Months Ended
	May 31, 2015USD ($)	Mar. 31, 2016CNY (¥)	Jun. 30, 2016USD ($)	Jun. 30, 2016CNY (¥)	Mar. 31, 2016USD ($)	May 31, 2015CNY (¥)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Long-term loan receivable | $			$ 7,540		$ 9,286
LONG-TERM LOAN RECEIVABLE
Accounts, Notes, Loans and Financing Receivable [Line Items]
Long-term loan receivable term	4 years
Outstanding principle loan amount | $			$ 1,500
Long-term loan receivable	$ 9,000			¥ 7.5		¥ 60
Loan received in cash equivalent		¥ 27
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	3 Months Ended
	Nov. 30, 2015	Jun. 30, 2016
Held-to-maturity Securities [Abstract]
Carrying amount of securities		$ 3.1
Security interest rate	8.00%	7.00%

DEBT (Schedule Of Debts) (Detai

DEBT (Schedule Of Debts) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Debt [Abstract]
Short-term debt	$ 136,719	$ 95,175
Long-term debt due within one year	70,442	95,504
Total debt, current	207,161	190,679
Long-term debt, non-current portion	328,432	315,512
Total	$ 535,593	$ 506,191

DEBT (Schedule Of Long-Term Deb

DEBT (Schedule Of Long-Term Debt) (Details 1) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Debt Instrument [Line Items]
Long-term debt	$ 398,874	$ 411,016
Mainland China
Debt Instrument [Line Items]
Long-term debt	245,564	262,514
Hong Kong
Debt Instrument [Line Items]
Long-term debt	39,980	47,061
France
Debt Instrument [Line Items]
Long-term debt	$ 113,330	$ 101,441

DEBT (Schedule Of Maturities On

DEBT (Schedule Of Maturities On Long-Term Debt) (Details 2) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Debt [Abstract]
June 30, 2017	$ 70,442
June 30, 2018	171,726
June 30, 2019	97,761
June 30, 2020 to June 30, 2022	0
June 30, 2023	58,945
Total	$ 398,874	$ 411,016

DEBT (Detail Textuals)

DEBT (Detail Textuals) $ in Thousands, € in Millions, ¥ in Millions	3 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016CNY (¥)	Jun. 30, 2016EUR (€)	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 398,874				$ 411,016
Weighted average interest rate of outstanding long-term debt	3.50%		3.50%	3.50%	3.70%
Short and long term debt	$ 102,800		¥ 216.1	€ 216.7
Interest cost incurred	4,700	$ 4,900
Interest capitalized	1,300	$ 700
Mainland China
Debt Instrument [Line Items]
Long-term debts secured by restricted cash deposits	56,600
Restricted cash deposits	60,300
Indebtedness secured by credit debt	$ 189,000
Maturity dates, start	Aug. 1, 2016
Maturity dates, end	Jun. 1, 2019
Long-term debt	$ 245,564				$ 262,514
Hong Kong
Debt Instrument [Line Items]
Long-term debts secured by restricted cash deposits	$ 24,800
Maturity dates, start	Aug. 1, 2016
Maturity dates, end	Mar. 1, 2017
Long-term debt	$ 39,980				47,061
France
Debt Instrument [Line Items]
Long-term debts secured by restricted cash deposits	$ 49,000
Maturity dates, start	Feb. 1, 2018
Maturity dates, end	Sep. 1, 2022
Long-term debt	$ 113,330				$ 101,441
LIBOR | Minimum | Debts having floating interest rates | France
Debt Instrument [Line Items]
Percent over LIBOR	2.00%
LIBOR | Maximum | Debts having floating interest rates | France
Debt Instrument [Line Items]
Percent over LIBOR	4.30%

OTHER CURRENT LIABILITIES (Sche

OTHER CURRENT LIABILITIES (Schedule Of Other Current Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016
Other Current Liabilities [Abstract]
Accrued discount, rebate and slotting fee	$ 20,194	$ 25,932
Payroll and bonus payables	7,253	12,111
Accrued selling expenses	2,408	2,975
Accrued advertising and promotion expenses	1,793	2,812
Others	6,503	5,787
Total	$ 38,151	$ 49,617

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Detail Textuals) ¥ in Millions, $ in Millions	1 Months Ended		3 Months Ended
	May 31, 2015USD ($)	May 31, 2015CNY (¥)	Jun. 30, 2016USD ($)¥ / tin	Mar. 31, 2016USD ($)	Mar. 31, 2016CNY (¥)
Exclusive supplier status agreement	$ 4.1	¥ 27
Contractual period			10 years
Compensation per gap quantity | ¥ / tin			0.1
Prepayment from supplier				$ 4.1	¥ 27
Other Current Liabilities
Prepayment from supplier			$ 0.4
Other Noncurrent Liabilities
Prepayment from supplier			$ 3.7

LOSS ON A SUPPLY CONTRACT (Deta

LOSS ON A SUPPLY CONTRACT (Detail Textuals) - Supply Agreement - Soddial - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2016	Jun. 30, 2016	Mar. 31, 2016
Purchase Contract Loss Resulting From French Project Delay [Line Items]
Term of agreement	10 years
Compensation on project			$ 5
Actual loss on project			6.1
Estimated loss on project		$ 2.8	$ 3.8

EQUITY (Details)

EQUITY (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015
Stockholders' Equity Note [Abstract]
Common stock, $.0001 par value: 250,000 shares authorized, 57,301 shares issued, 56,691 shares outstanding at both June 30, 2016 and March 31, 2016 (share number in thousands)	$ 6	$ 6
Additional paid-in capital	134,693	134,693
Accumulated deficit	(14,767)	(14,810)
Accumulated other comprehensive income	9,999	13,352
Total common stockholders' equity	129,931	133,241
Noncontrolling interest	4,176	3,559
Total equity	$ 134,107	$ 136,800	$ 125,264	$ 114,569

EQUITY (Detail Textuals)

EQUITY (Detail Textuals) - $ / shares shares in Thousands	Jun. 30, 2016	Mar. 31, 2016
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	56,691
Common stock, shares outstanding	57,301	56,691

EQUITY (Detail Textuals 1)

EQUITY (Detail Textuals 1) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016	Sep. 10, 2015
Business Acquisition [Line Items]
Share repurchase, expiration date	Sep. 10, 2016
Share repurchase, shares			610,313
Share repurchase, value	$ 0	$ 0	$ 3,000
Maximum
Business Acquisition [Line Items]
Share repurchase, amount authorized				$ 20,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 43	$ 7,593
Weighted average common stock outstanding - basic and diluted (in shares)	56,691	57,301
Earnings per share - basic and diluted (in dollars per share)	$ 0.001	$ 0.13

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Segment Reporting Information [Line Items]
Net sales	$ 77,865	$ 82,329
Gross profit	33,978	41,942
Total assets	810,351		$ 817,097
Intersegment Sales
Segment Reporting Information [Line Items]
Net sales	3,741	3,531
Total assets	(9,778)		(9,749)
Nutritional Food | Operating Segments
Segment Reporting Information [Line Items]
Net sales	74,381	73,726
Gross profit	34,815	41,030
Total assets	752,683		757,459
Nutritional Food | Intersegment Sales
Segment Reporting Information [Line Items]
Net sales	26	27
Nutritional Supplement | Operating Segments
Segment Reporting Information [Line Items]
Net sales	652	8,057
Gross profit	25	535
Total assets	39,406		43,962
Nutritional Supplement | Intersegment Sales
Segment Reporting Information [Line Items]
Net sales	3,511	3,504
Other Business | Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,832	546
Gross profit	(862)	377
Total assets	22,967		20,555
Other Business | Intersegment Sales
Segment Reporting Information [Line Items]
Net sales	204	$ 0
Unallocated Assets | Operating Segments
Segment Reporting Information [Line Items]
Total assets	$ 5,073		$ 4,870

SEGMENT REPORTING (Detail Textu

SEGMENT REPORTING (Detail Textuals) - segment	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting [Abstract]
Reportable segments	3	3