Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Mar. 31, 2012
Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 3,187,771 $ 1,626,463
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation expense 198,707 91,024
Bad debt expense 46,203 7,377
Stock options issued for services 80,530 45,262
Changes in operating assets and liabilities:    
Changes in accounts receivable (2,049,959) (1,102,711)
Changes in inventories (703,223) (615,346)
Changes in prepaid expenses (9,341) 156
Changes in accounts payable and accrued liabilities 498,981 (3,141)
Changes in income taxes payable 354,466 (263,000)
Net Cash Provided by (Used in) Operating Activities 1,604,135 (213,916)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of fixed assets (1,487,628) (210,519)
Net Cash Used in Investing Activities (1,487,628) (210,519)
CASH FLOWS FROM FINANCING ACTIVITIES 0 0
Effect of exchange rate changes on cash 108,984 182,064
NET INCREASE (DECREASE) IN CASH 225,491 (242,371)
CASH AT BEGINNING OF YEAR 1,689,386 1,931,757
CASH AT END OF YEAR 1,914,877 1,689,386
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest 20,370 32,272
Income taxes $ 703,622 $ 983,538