Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Mar. 31, 2014

(15) COMMITMENTS AND CONTINGENCIES

Lease commitments

The Group entered into non-cancelable operating leases, primarily for office space, for initial terms of nineteen months to six years.

Minimum rent payments under operating leases are recognized on a straight-line basis over the term of the lease, including any periods of free rent.

Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of March 31, 2014 are:

		Minimum
		Lease Payments Amount
		RMB
Year ended March 31:
2015		13,098,314
2016		13,900,657
2017		9,496,776
2018		9,971,305
2019		10,467,905
Thereafter		10,986,576
		67,921,533

Rental expense for operating leases (except leases with a term of one month or less that are not renewed) for the years ended March 31, 2012, 2013 and 2014 were RMB 5,159,138, RMB 6,517,907 and RMB 7,848,918 respectively.