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Shengtai Pharmaceutical Reports Third Quarter Fiscal 2011 Financial Results

Monday, May 16, 2011 General News J E 4
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CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED MARCH 31, 2011 AND 2010

(UNAUDITED)

NINEáMONTHSáENDEDáMARCHá31,

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.

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