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

12 Months Ended

Dec. 31, 2013

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

Schedule of Short-Term Debt

Short term debt (in thousands)

	12/31/2013		12/31/2012
Loan from CITIC bank	$	6,381	$	7,133
Loan from ICBC		6,381		-
Loan from Taizhou Bank		2,127		1,585
Loan from Pay-Ins Prem		72		36
	$	14,961	$	8,754

Schedule of Bank Acceptance Notes

(in thousands)

	12/31/2013		12/31/2012
a) Bank acceptance notes payable to China Everbright bank	$	8,891	$	6,333
b) Bank acceptance notes payable to Taizhou bank		3,927		4,627
c) Bank acceptance notes payable to CITIC bank		2,700		5,608
d) Bank acceptance notes payable to ICBC		177		-
e) Bank acceptance notes payable to Yinzuo bank		-		1,268
f) Bank acceptance notes payable to Shanghai Pudong development bank		-		677
	$	15,695	$	18,513

a.  Notes payable to China Everbright bank include 114 bank acceptance notes expiring at various maturity dates from January 2014 to June 2014. The notes payable are guaranteed by land use right and a building at a total carrying value of $2.2 million. The Company is also required to maintain cash deposits of 50% of the notes payable with the bank, in order to ensure future credit availability.

b.  Notes payable to Taizhou bank include 68 bank acceptance notes expiring at various maturity dates from February 2014 to May 2014. The Company is required to maintain cash deposits of 50% of the notes payable with the bank, in order to ensure future credit availability.

c.  Notes payable to CITIC bank include 2 bank acceptance notes expiring on April 24 and April 29, 2014. The Company is required to maintain cash deposits of 100% of the notes payable with the bank, in order to ensure future credit availability.

d.  Notes payable to ICBC bank has 1 bank acceptance note due and paid in March 2014. The Company is required to maintain cash deposits of 100% of the notes payable with the bank, in order to ensure future credit availability.

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

f.  On March 13, 2012 the Company and Shanghai Pudong Development Bank signed a bank acceptance note agreement for $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 was a beneficiary. The bank acceptance notes expired on March 13, 2013.