LINE OF CREDIT, SHORT TERM DEBT AND BANK ACCEPTANCE NOTES (Tables)

12 Months Ended

Dec. 31, 2012

LINE OF CREDIT, SHORT TERM DEBT AND BANK ACCEPTANCE NOTES [Abstract]

Schedule of Short-Term Debt

	2012		2011
Loan from CITIC bank	$	7,133	$	0
Loan from Taizhou Bank		1,585		1,428
Loan from Zhejiang Tailong Commercial Bank		-		794
Loan from China Merchants Bank		-		3,174
Loan from Pay-Ins Prem		36		89
Balance as of December 31,	$	8,754	$	5,485

Schedule of Bank Acceptance Notes

Bank acceptance notes- 3 to 6 month term for each note issued

	2012		2011
a) Bank acceptance notes payable to China Everbright bank	$	6,334	$	4,761
b) Bank acceptance notes payable to CITIC bank		5,608		0
c) Bank acceptance notes payable to Taizhou bank		4,627		2,451
d) Bank acceptance notes payable to Yinzuo bank		1,268		0
e) Bank acceptance notes payable to Shanghai Pudong development bank		676		0
f) Bank acceptance notes payable to China Merchants bank		0		3,316
	$	18,513	$	10,528

a. Notes payable to China Everbright bank include 65 bank acceptance notes expiring at various dates from January 2013 to June 2013. The notes payable are guaranteed by land use right and a building at a total carrying value of $1.5 million. The Company is also required to maintain cash deposits at 50% of the notes payable with the bank, in order to ensure future credit availability. During 2013, a total amount of 7.2 million was renewed.

b. Notes payable to CITIC bank include 7 bank acceptance notes expiring at various dates from March 2013 to May 2013. The Company is required to maintain cash deposits at 100% of the notes payable with the bank, in order to ensure future credit availability.

c. Notes payable to Taizhou bank include 47 bank acceptance notes expiring at various dates from February 2013 to June 2013. The Company is required to maintain cash deposits at 50% of the notes payable with the bank, in order to ensure future credit availability. In January and February 2013, a total of $2.5 million was renewed.

d. Notes payable to Yinzuo bank include 21 bank acceptance notes expiring in March 2013. The Company is required to maintain cash deposits at 50% of the notes payable with the bank, in order to ensure future credit availability.

e. On March 13, 2012 the Company and Shanghai Pudong Development Bank signed the bank acceptance note agreement for the amount of $ 676,811. This bank note facility was issued to Jonway Auto's suppliers and secured by a letter of credit, valued at $ 676,811, of which Jonway Auto is a beneficiary. The bank acceptance notes expire on March 13, 2013.