Synutra International, Inc. Amends August 2005 Current Report on Form 8-K and Annual Report on Form 10-K for the Fiscal Year Ended Marc...(ents for thethree- month transition peri...),Health

Date:1/15/2008

ents for the three- month transition period ended March 31, 2005, unaudited comparative financial statements for the three months ended March 31, 2004 and audited financial statements for the 12-month period ended December 31, 2004 rather than audited financial statements for the 12-month period ended March 31, 2005. Synutra has amended its Form 10-K to present such periods and provide related disclosures to the Management's Discussion and Analysis and other items of the Form 10-K.

During the assessment of its disclosure controls and procedures and internal control over financial reporting, Synutra also analyzed its financial position, changes in financial position and results of operations as of the same dates and for the same periods for which audited consolidated financial statements have been presented, and determined that the restricted net assets of Synutra's consolidated subsidiaries not available for distribution to Synutra as of March 31, 2007 exceeded certain thresholds. Synutra has amended its Form 10-K to include Schedule I to present its condensed financial information for the years ended March 31, 2006 and 2007 as part of the financial statements as required by Articles 12-04(a) and 4-08(e)(3) of Regulation S-X. Synutra also has added disclosure to the notes to the financial statements of the Form 10-K to describe its assessment of the restricted net assets of its consolidated subsidiaries. Finally, Synutra identified an error in the Cash Flow Statements for the year ended March 31, 2006 in which the depreciation expense amount was misstated. Synutra has revised the data column for the year ended March 31, 2006 in the Cash Flow Statements to reflect the correct depreciation amount of that period.

Synutra International, Inc. Chairman and Chief Executive Officer Liang Zhang commented, ''We continually strive to improve our financial reporting and to have the utmost transparency in our communications. I believe that the team that we have in
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SOURCE Synutra International, Inc. Copyright©2008 PR Newswire. All rights reserved

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