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

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Mar. 31, 2013

(15) COMMITMENTS AND CONTINGENCIES

Lease commitments

The Group entered into non-cancelable operating leases, primarily for office space, for initial terms of two to three 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, 2013 are:

		Minimum
		Lease Amount
		RMB
Year ended:
March 31, 2014		5,859,831
March 31, 2015		2,368,911
March 31, 2016		1,963,867
March 31, 2017		—
March 31, 2018		—
		10,192,609

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, 2011, 2012 and 2013 were RMB 5,446,033, RMB 5,159,138 and RMB 6,517,907 respectively.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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