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Shengtai Pharmaceutical, Inc. Reports First Quarter Results of Fiscal Year 2008
Date:11/15/2007

ories 778,620 (283,529)

Prepayments 33,913 (458,101)

Prepayments - related party -- (437,828)

Accounts payable (1,529,592) 267,953

Accounts payable - related party 31,921 (195,129)

Accrued liabilities (77,963) 88,400

Other payable (110,003) 65,193

Customer deposit 1,192,497 (13,240)

Taxes payable 643,363 (166,804)

Net cash provided by (used

in) operating activities 4,348,297 (94,897)

CASH FLOWS FROM INVESTING

ACTIVITIES:

Acquisition of equity investment -- (912,332)

Purchase plant and equipment (19,671) (131,565)

Additions to construction in

progress (2,469,967) (3,247,404)

Acquisition of land use right (314,500) --

Purchase of software program (5,298) --

Advances on plant and equipment

purchase (2,076,530) (827,866)

Net cash used in investing

activities (4,885,965) (5,119,167)

CASH FLOWS FROM FINANCING

ACTIVITIES:

Decrease in restricted cash 3,046,580 656,289

Borrowings on notes payable -

banks 1,324,600 4,245,232

Payments on notes payable -

banks (6,093,160) (5,529,920)

Borrowings on short term loans 887,482 7,754,456

Payments
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SOURCE Shengtai Pharmaceutical, Inc.
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