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Shengtai Pharmaceutical, Inc. Reports Second Quarter Fiscal 2009 Financial Results
Date:2/13/2009

Inventories (1,703,009) 159,692 Prepayments (1,549,571) (472,365) Accounts payable 1,492,834 (1,668,080) Accounts payable - related parties (717,373) (293,176) Accrued liabilities - related party (61,824) -- Accrued liabilities 1,102,279 (150,906) Other payable (2,538,294) (313,162) Customer deposit 394,375 417,062 Payable - officer -- 31,145 Taxes payable (1,789,911) 1,671,334 Net cash (used in) provided by operating activities (878,333) 9,628,195 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of plant and equipment (1,033) (28,455) Proceeds from equipment disposal 5,125,050 34,733 Additions to construction in progress (841,746) (5,865,225) Acquisition of land use right -- (317,183) Purchase of software program -- (5,343) Advances on plant and equipment purchase -- (5,226,396) Loan repayment from related party -- 667,950 Net cash provided by (used in) investing activities 4,282,271 (10,739,919) CASH FLOWS FROM FINANCING ACTIVITIES: Decrease in restricted cash 479,144 3,842,060 Borrowings on notes payable - banks 10,747,962 1,335,900 Payments on notes payable - banks (10,982,250) (9,084,120) Borrowings on short term loans 4,392,900 3,566,853 Payments on short term
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