China-Biotics, Inc. Reports Fourth Quarter and Full Year Fiscal 2008 Financi...(AS OF MARCH 31 2008 AND 2007 ASSETS ....)

ASSETS

Current assets 2008 2007

Cash and cash equivalents $ 64,310,448 $ 26,992,025

Accounts receivable 13,214,531 14,309,818

Other receivables 238,835 216,236

Inventories 408,358 203,054

Prepayment 1,806,605 176,094

Total current assets 79,978,777 41,897,227

Property, plant and equipment and

land use right 13,812,749 2,682,617

Total assets 93,791,526 44,579,844

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable 2,786,180 1,523,471

Tax payables 22,317,982 18,019,721

Other payables and accruals 1,792,156 1,126,645

Total current liabilities $ 26,896,318 $ 20,669,837

Non-current liabilities

Convertible Note, net of discount of

$8,554,365 as of March 31, 2008 16,445,635 --

Embedded derivatives 5,752,000 --

Interest payable 302,306 --

Total non-current liabilities $ 22,499,941 $ --

Commitments and contingencies

Stockholders' equity:

Common stock 1,708 1,708

Additional paid-in capital 7,863,031 7,863,031

Retained earnings 29,827,144 12,284,900

Accumulated other comprehensive

income 3,677,590 73
'/>"/>