WEIFANG, China, May. 16, 2011 /PRNewswire-Asia-FirstCall/ --
Shengtai Pharmaceutical, Inc. (OTC Bulletin Board: SGTI)
("Shengtai" or "the Company"), a leading manufacturer and
distributor of high-quality, pharmaceutical grade glucose products
in China, and a manufacturer and
distributor in China of starch
products, today reported financial results for the third quarter of
fiscal 2011 ended March 31, 2011.
"Revenue from our glucose products, corn products, and by
products all increased during the third quarter fiscal year 2011
compared to the same quarter last year," said Mr. Qingtai Liu,
Shengtai Pharmaceutical's CEO. "Sales increased due to higher
demand of our products from both international and domestic
markets. With the growth of our business, we look to improve our
sales and net income greatly in 2011 compared to the same period
last year."
"During the third quarter 2011, we continued to develop our
customer base, both domestically and internationally. In
January 2011, we completed the
expansion of a new cornstarch production facility which increased
our production capacity from 300,000 tons to 400,000 tons. With our
new state-of-the-art facilities, we now have the production
capacity to meet the anticipated increase in demand. We also
completed construction on a warehouse to store an additional 22,000
tons of corn, our major raw material. Since corn prices have been
increasing the additional inventory ability will help to control
our cost." Mr. Liu concluded.
Third Quarter Fiscal 2011 Financial Results
Net sales for the three months ended March 31, 2011 were $41,686,161, an increase of $12,278,874, or 41.75%, compared with
$29,407,287 for the same period in
2010. The increase in net sales primarily resulted from increased
demand of our products in all product lines and increased unit
selling prices of our glucose and cornstarch products. For the
three months ended March 31, 2011
compared to the same period in 2010, the quantity of our glucose
products sold decreased about 4.27% from 31,545 metric tons to
30,197 metric tons, while the average unit selling price of our
glucose products increased about 13.91% from $3,169 to $3,610. For the three months ended
March 31, 2011 compared to the same
period in 2010, the quantity of our cornstarch products sold
increased about 51.71% from 23,244 metric tons to 35,263 metric
tons, while the average unit selling price of our cornstarch
products increased about 19.70% from $2,190
to $2,622. Particular mention must be made for our Slurry
sales which increased approximately $3,171,000 or 360% for the three months ended
March 31, 2011 compared to the same
period last year. The increase is due to higher production of
byproducts and higher demand. Slurry is a byproduct produced
in the process of cornstarch production that when dried, becomes
cornstarch. For the three months ended March
31, 2011 compared to the same period last year, the quantity
of our other products sold increased about 51.65% from 20,991
metric tons to 31,833 metric tons, while the average unit selling
price of our other products decreased about 1.11% from $2,364 to $2,338. The increase in domestic sales
is due to the improved economic environment compared with the same
period last year, increased demand for glucose products due to the
execution of the government stimulus plan, as well as our efforts
to develop new clients.
Net sales from exports for the three months ended March 31, 2011 increased approximately 49.78%
from $7,604,233 to $11,389,746,
compared with the same period in 2010. The increase is mainly
attributable to the recovery of the global economy resulting in an
increase in the international demand for our glucose products
compared to the same period last year.
Gross profit for the three months ended March 31, 2011 was $6,427,261, an increase of $770,106, or 13.61%, compared with 5,657,155 for
the same period in 2010. The increase of gross profit is mainly in
line with the increased sales as well as increased sales prices,
offset by increased cost of goods sold mainly caused by increased
raw material prices.
Gross profit margin for the three months ended March 31, 2011 was 15.42%, a decrease from 19.24%
for the same period in 2010. The reason for the decrease of gross
profit margin is mainly because the price of corn, our main raw
material, increased approximately 13.77% for the three months ended
March 31, 2011 compared to the same
period last year. Average sales price for our products increased
7.15% for the three months ended March 31,
2011 compared to the same period last year. Average sales
prices for the three months ended March 31,
2011 increased 13.91% and 19.70% for glucose and cornstarch
products, respectively, compared to the same period last year.
Average sales price of other products decreased 1.11% for the three
months ended March 31, 2011 compared
to the same period last year. The decrease of gross profit margin
is due to the price of corn increasing more than the average sales
price and also due to the change of product mix. In the three
months ended March 31, 2011, more low
profit products, such as Slurry, were sold compared to the same
period last year when more profitable products, such as glucose,
accounted for a larger percentage of total revenue. We believe that
increased sales of cornstarch and byproducts will bring more
positive cash flow because sales will increase as the collection
rate remains the same. We are also working on improving pricing and
profit control to improve gross profit margin. At the same time, we
have built and are building raw material storage facilities to
reduce the impact of fluctuation on the price of our raw materials.
We are focused on pricing improvement as well as locking in lower
cost of material.
For the three months ended March 31,
2011, selling, general and administrative expenses were
$ 2,491,968, a decrease of
$586,062, or 19.04%, compared to
$3,078,030 for the three months ended
March 31, 2010. Selling
expenses were $1,431,042 and
$1,196,102 for the three months ended
March 31, 2011 and 2010,
respectively. The increase is mainly due to increased commission
and increased shipping and handling expenses due to increased sales
and increased shipping expenses such as gas expenses. General and
administrative expenses were $1,060,926 and $1,881,928 for the three months ended
March 31, 2011 and 2010,
respectively. The decrease is mainly due to decreased expenses as a
public company for the three months ended March 31, 2011, such as decreased option expenses
due to options being fully vested and decreased professional
expenses due to control of our expenses.
We incurred $0 and $158,818
non-cash stock option expenses for the three months ended
March 31, 2011 and 2010,
respectively. The option expenses are included in selling, general
and administrative expenses.
Net income for the three months ended March 31, 2011 was $2,305,177, an increase of $1,327,052 compared with $978,125 for the same period in 2010. The
increase in net income was primarily attributable to the increased
sales in our operations, offset by increased cost of goods sold and
increased income tax.
Business Outlook
"With our performance to date during the 2011 fiscal year, we
are very confident and proud to say that both the net revenue and
net income will increase greatly for the fiscal year 2011 compared
to fiscal year 2010," stated Mr. Qingtai Liu, Shengtai
Pharmaceutical's CEO. "As we look further into the fourth quarter
of our fiscal year 2011, we expect our cornstarch manufacturing
facility be utilized at around 85% of capacity by the end of
December 31, 2011. The newly expanded
cornstarch manufacturing facilities will help us to satisfy the
increasing demand of our cornstarch products and byproducts. We
have already built relatively large back orders for our glucose and
cornstarch products. In order to continually stabilize our gross
profit margin, we will continue to construct additional storage
facilities to better control the impact of fluctuating corn prices.
Looking forward, we are also confident with our cash position,
which is enhanced by the increased sales and good accounts
receivable collection. In the coming year, we will focus on
providing high quality products as well as continue searching for
higher profit high-tech products." Mr. Liu concluded.
Financial Condition
As of March 31, 2011, the
Company's cash and cash equivalents increased to $2.2 million. The Company's total shareholders'
equity amounted to $57.67
million.
About Shengtai Pharmaceutical, Inc.
Shengtai Pharmaceutical, Inc. through its wholly owned
subsidiary, Shengtai Holding, Inc. (SHI), and the Chinese operating
company of Weifang Shengtai Pharmaceutical Co., Ltd., is a
manufacturer and distributor in China of glucose and starch products as
pharmaceutical raw materials, other starch products and other
glucose products such as corn meals, food and beverage glucose and
dextrin. For more information about Shengtai Pharmaceutical, Inc.,
please visit www.shengtaipharmaceutical.com.
Forward Looking Statements
Certain statements in this press release and oral statements
made by the Company constitute forward-looking statements
concerning the Company's business and products. These statements
include, without limitation, statements regarding our ability to
prepare the Company for growth, the Company's planned capacity
expansion and predictions and guidance relating to the Company's
future financial performance. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends that we believe may affect
our financial condition, results of operations, business strategy
and financial needs, but they involve risks and uncertainties that
could cause actual results to differ materially from those in the
forward-looking statements, which may include, but are not limited
to, such factors as unanticipated changes in product demand
especially in the pharmaceutical industry, pricing and demand
trends for the Company's products, changes to government
regulations, risk associated with operation of the Company's new
facilities, risk associated with large-scale implementation of the
Company's business plan, the ability to attract new customers,
ability to increase its product's applications, cost of raw
materials, downturns in the Chinese economy, and other information
detailed from time to time in the Company's filings and future
filings with the United States Securities and Exchange Commission.
Investors are urged to consider these factors carefully in
evaluating the forward-looking statements herein and are cautioned
not to place undue reliance on such forward-looking statements,
which are qualified in their entirety by this cautionary statement.
The forward-looking statements made herein speak only as of the
date of this press release and the Company undertakes no duty to
update any forward-looking statement to conform the statement to
actual results or changes in the Company's expectations.
For more information,
please contact:
|
|
|
|
|
|
Shengtai Pharmaceutical,
Inc.
|
|
|
Ms. Yukie Ying
Gao
|
|
|
Investor Relations
Manager
|
|
|
Tel:
+86-536-6295802
|
|
|
Email: ir-yukie@shengtaipharmaceutical.com
|
|
|
|
|
SHENGTAI
PHARMACEUTICAL INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
AS OF MARCH
31, 2011 AND JUNE 30,2010
|
|
(UNAUDITED)
|
|
|
|
A S S E T
S
|
|
|
|
MARCH 31,
|
|
JUNE 30,
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
Cash & cash
equivalents
|
$
|
2,236,822
|
$
|
4,121,541
|
|
|
Restricted
cash
|
|
6,392,400
|
|
16,556,904
|
|
|
Accounts receivable, net
of allowance for doubtful accounts of $2,397,643 as of March 31,
2011 and $1,306,268 as of June 30, 2010, respectively
|
|
11,603,946
|
|
8,365,822
|
|
|
Notes
receivable
|
|
2,607,438
|
|
2,410,512
|
|
|
Other
receivables
|
|
785,235
|
|
450,284
|
|
|
Inventories
|
|
13,415,547
|
|
11,072,170
|
|
|
Prepayments and other
assets
|
|
3,479,905
|
|
545,590
|
|
|
|
Total current
assets
|
|
40,521,293
|
|
43,522,824
|
|
|
|
|
|
|
|
|
|
|
PLANT AND EQUIPMENT,
net
|
|
79,464,688
|
|
75,373,851
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS:
|
|
|
|
|
|
|
Investment in Changle
Shengshi Redian Co., Ltd.
|
|
7,061,828
|
|
6,372,294
|
|
|
Advances for
construction
|
|
-
|
|
2,334,748
|
|
|
Intangible assets - land
use right, net of accumulated amortization
|
|
3,212,932
|
|
3,150,894
|
|
|
|
Total other
assets
|
|
10,274,761
|
|
11,857,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
$
|
130,260,741
|
$
|
130,754,611
|
|
|
|
|
|
|
|
|
|
|
L I A B I L
I T I E S A N D S H A R E H O L D E R
S' E Q U
I T Y
|
|
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
Accounts payable and
accured liabilities
|
$
|
4,615,603
|
$
|
9,508,631
|
|
|
Accounts payable and
accrued liabilities - related party
|
|
1,077,720
|
|
252,017
|
|
|
Notes payable -
banks
|
|
9,436,400
|
|
17,823,300
|
|
|
Short term
loans
|
|
46,360,120
|
|
40,153,980
|
|
|
Accrued
liabilities
|
|
787,300
|
|
412,555
|
|
|
Other payable
|
|
1,158,601
|
|
1,315,797
|
|
|
Employee loans
|
|
279,659
|
|
396,404
|
|
|
Other payable -
officer
|
|
532,850
|
|
515,856
|
|
|
Customer
deposit
|
|
6,696,853
|
|
4,162,046
|
|
|
Taxes payable
|
|
1,646,334
|
|
1,456,474
|
|
|
Long term
loan-current maturities
|
|
|
|
2,314,983
|
|
|
|
Total current
liabilities
|
72,591,441
|
|
78,312,043
|
|
|
|
|
|
|
|
|
|
|
LONG TERM
LIABILITIES
|
|
|
|
|
|
|
|
Other payable -
noncurrent
|
|
-
|
|
3,346,336
|
|
|
|
Total long term
liabilities
|
-
|
|
3,346,336
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
72,591,441
|
|
81,658,379
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY:
|
|
|
|
|
|
|
Preferred stock, $0.001
par value, 2,500,000 shares authorized,
|
|
|
|
|
|
|
|
no shares issued and
outstanding
|
|
-
|
|
-
|
|
|
Common stock, $0.001 par
value, 50,000,000 shares authorized,
|
|
|
|
|
|
|
|
9,584,912 shares issued
and outstanding
|
|
9,585
|
|
9,585
|
|
|
Additional paid-in
capital
|
|
21,498,295
|
|
21,314,815
|
|
|
Statutory
reserves
|
|
3,953,515
|
|
3,214,800
|
|
|
Retained
earnings
|
|
25,257,786
|
|
19,351,772
|
|
|
Accumulated other
comprehensive income
|
|
6,950,120
|
|
5,205,259
|
|
|
|
Total
shareholders' equity
|
|
57,669,301
|
|
49,096,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
|
130,260,741
|
$
|
130,754,611
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of this
statement.
|
|
|
|
|
|
|
|
|
|
SHENGTAI
PHARMACEUTICAL INC. AND SUBSIDIARIES
|
|
CONSOLIDATE
STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME
|
|
FOR THE
THREE AND NINE MONTHS ENDED MARCH 31, 2011 AND 2010
|
|
(UNAUDITED)
|
|
|
THREE MONTHS ENDED
MARCH 31,
|
NINE MONTHS ENDED
MARCH 31,
|
|
|
|
2011
|
|
2010
|
|
|
2011
|
|
2010
|
|
NET SALES
|
$
|
41,686,161
|
$
|
29,407,287
|
|
$
|
125,375,589
|
$
|
81,043,203
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF SALES
|
|
35,258,900
|
|
23,750,131
|
|
|
107,029,421
|
|
67,595,344
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
|
|
6,427,261
|
|
5,657,155
|
|
|
18,346,168
|
|
13,447,859
|
|
|
|
|
|
|
|
|
|
|
|
|
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES
|
|
2,491,968
|
|
3,078,030
|
|
|
7,175,162
|
|
7,358,396
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM
OPERATIONS
|
|
3,935,293
|
|
2,579,125
|
|
|
11,171,006
|
|
6,089,464
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER (EXPENSE)
INCOME:
|
|
|
|
|
|
|
|
|
|
|
Earnings on equity
investment
|
|
145,111
|
|
98,366
|
|
|
376,244
|
|
445,475
|
|
Non-operating
income
|
|
18,343
|
|
28,266
|
|
|
95,954
|
|
227,628
|
|
Non-operating
expense
|
|
(74,914)
|
|
(244,326)
|
|
|
(276,766)
|
|
(260,672)
|
|
Interest expense and
other charges
|
|
(785,351)
|
|
(1,025,088)
|
|
|
(2,336,043)
|
|
(2,667,406)
|
|
Interest
income
|
|
4,682
|
|
(775)
|
|
|
76,716
|
|
-
|
|
Other income
(expense), net
|
|
(692,129)
|
|
(1,143,558)
|
|
|
(2,063,895)
|
|
(2,254,976)
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE PROVISION
FOR INCOME TAXES
|
|
3,243,162
|
|
1,435,568
|
|
|
9,107,111
|
|
3,834,488
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISION FOR INCOME
TAXES
|
|
937,985
|
|
457,443
|
|
|
2,462,382
|
|
1,020,304
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
|
2,305,177
|
|
978,125
|
|
|
6,644,729
|
|
2,814,184
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE
ITEMS:
|
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustments
|
|
153,180
|
|
819
|
|
|
1,744,861
|
|
62,453
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPREHENSIVE
INCOME
|
$
|
2,458,357
|
$
|
978,944
|
|
$
|
8,389,590
|
$
|
2,876,637
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.24
|
$
|
0.10
|
|
$
|
0.69
|
$
|
0.29
|
|
Diluted
|
$
|
0.24
|
$
|
0.10
|
|
$
|
0.69
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE NUMBER OF
SHARES
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
9,584,912
|
|
9,584,912
|
|
|
9,584,912
|
|
9,584,912
|
|
Diluted
|
|
9,584,912
|
|
9,584,912
|
|
|
9,584,912
|
|
9,584,912
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of this
statement.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
FOR THE NINE
MONTHS ENDED MARCH 31, 2011 AND 2010
|
|
(UNAUDITED)
|
|
|
NINE MONTHS ENDED MARCH 31,
|
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING
ACTIVITIES:
|
|
|
|
|
|
|
|
Net income
|
$
|
6,644,729
|
|
$
|
2,814,184
|
|
|
Adjustments to reconcile
net income to cash
|
|
|
|
|
|
|
|
|
provided by operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
5,336,701
|
|
|
5,788,007
|
|
|
|
|
Amortization
|
|
42,103
|
|
|
41,921
|
|
|
|
|
Changes of allowance for
bad debts
|
|
1,031,396
|
|
|
(267,635)
|
|
|
|
|
Share based compensation
to employees
|
|
183,480
|
|
|
476,454
|
|
|
|
|
Loss on equipment
disposal
|
|
112,354
|
|
|
-
|
|
|
|
|
Gain on disposal of land
use right
|
|
-
|
|
|
(739)
|
|
|
|
|
Earnings on equity
investment
|
|
(376,244)
|
|
|
(445,475)
|
|
|
|
Change in operating assets
and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
(3,089,170)
|
|
|
164,973
|
|
|
|
|
Notes
receivable
|
|
580
|
|
|
(1,434,298)
|
|
|
|
|
Other
receivables
|
|
333,225
|
|
|
172,506
|
|
|
|
|
Inventories
|
|
(2,037,695)
|
|
|
(4,453,863)
|
|
|
|
|
Prepayments and advance to
employees
|
|
(3,816,540)
|
|
|
(567,691)
|
|
|
|
|
Accounts
payable
|
|
(5,127,682)
|
|
|
978,820
|
|
|
|
|
Accrued
liabilities
|
|
360,801
|
|
|
99,975
|
|
|
|
|
Accounts payable - related
party
|
|
804,432
|
|
|
97,249
|
|
|
|
|
Other payable
|
|
(328,935)
|
|
|
534,969
|
|
|
|
|
Customer
deposit
|
|
2,358,568
|
|
|
2,511,505
|
|
|
|
|
Taxes payable
|
|
139,180
|
|
|
834,908
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
2,571,283
|
|
|
7,345,770
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING
ACTIVITIES:
|
|
|
|
|
|
|
|
Purchase plant and
equipment
|
|
(778,845)
|
|
|
(3,130,993)
|
|
|
Proceeds from equipment
disposal
|
|
-
|
|
|
2,535
|
|
|
Additions to construction
in progress
|
|
(3,854,359)
|
|
|
-
|
|
|
Advances for
construction
|
|
-
|
|
|
(6,880,574)
|
|
|
Acquisition of land use
right
|
|
-
|
|
|
(47,395)
|
|
|
Loan to related party -
non-current
|
|
(855,385)
|
|
|
(1,467,000)
|
|
|
|
|
|
Net cash used in investing
activities
|
|
(5,488,589)
|
|
|
(11,523,426)
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
|
Decrease in restricted
cash
|
|
10,164,504
|
|
|
17,588,755
|
|
|
Borrowings on notes
payable - banks
|
|
7,340,200
|
|
|
-
|
|
|
Principal payments on
notes payable - banks
|
|
(16,178,400)
|
|
|
(20,255,200)
|
|
|
Borrowings on short term
loans
|
|
(14,186,060)
|
|
|
11,272,220
|
|
|
Principal payments on
short term loans
|
|
18,979,660
|
|
|
-
|
|
|
Borrowings on employee
loans
|
|
106,733
|
|
|
|
|
|
Principal payments on
employee loans
|
|
(234,615)
|
|
|
(264,562)
|
|
|
Borrowings on third party
loan
|
|
-
|
|
|
-
|
|
|
Principal payments on
third party loan
|
|
-
|
|
|
(248,336)
|
|
|
Borrowings on long term
loans
|
|
4,799,292
|
|
|
-
|
|
|
Payments on long term
loans
|
|
(4,799,292)
|
|
|
-
|
|
|
Payment on capital lease
obligation
|
|
(5,757,404)
|
|
|
(1,793,980)
|
|
|
|
|
|
Net cash provided by
financing activities
|
|
234,617
|
|
|
6,298,897
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECTS OF EXCHANGE RATE
CHANGE IN CASH
|
|
797,971
|
|
|
62,453
|
|
|
|
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN
CASH & CASH EQUIVELENTS
|
|
(1,884,719)
|
|
|
2,183,694
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH & CASH
EQUIVELENTS, beginning of period
|
|
4,121,541
|
|
|
1,779,476
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH & CASH
EQUIVELENTS, end of period
|
$
|
2,236,822
|
|
$
|
3,963,170
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURE
|
|
|
|
|
|
|
Cash paid for Interest,
net of capitalized interest
|
$
|
1,409,316
|
|
$
|
2,752,591
|
|
Cash paid for Income
taxes
|
$
|
1,719,891
|
|
$
|
1,673,702
|
|
Non-cash long term
prepayment transferring into construction in progress
|
$
|
2,374,374
|
|
$
|
1,673,702
|
|
Non-cash construction in
progress transferring into plant and equipment
|
$
|
2,617,116
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of this
statement.
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Shengtai Pharmaceutical, Inc.