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

9 Months Ended

Sep. 30, 2014

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

Schedule of Short-Term Debt

(in thousands)

	September 30, 2014		December 31, 2013
Loan from CITIC bank	$	6,752		6,381
Loan from ICBC		6,476		6,381
Loan from Taizhou Bank		1,137		2,127
Loan from China Everbright Bank		1,527		-
Loan from Pay-Ins Prem		200		72
	$	16,092		14,961

Schedule of Bank Acceptance Notes

– 3 to 6 month term for each note issued (in thousands)

	September 30, 2014		December 31, 2013
a) Bank acceptance notes payable to China Everbright bank	$	6,856	$	8,891
b) Bank acceptance notes payable to Taizhou bank		3,246		3,927
c) Bank acceptance notes payable to CITIC bank		5,566		2,700
d) Bank acceptance notes payable to ICBC		487		177
	$	16,155	$	15,695

a. Notes payable to China Everbright bank have various maturity dates from October 2014 to March 2015. The notes payable are guaranteed by a land use right and a building with a total carrying value of $2.1 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. In October 2014, the company repaid the note payable when it became due .

b. Notes payable to Taizhou bank have various maturity dates from October 2014 to February, 2015. The Company is required to maintain cash deposits at 50% to 100% of the notes payable with the bank, in order to ensure future credit availability. In October 2014, the company repaid the note payable when it became due.

c. Notes payable to CITIC bank will be due from October 2014 to March 2015.  Except for a note payable utilizing credit exposure of $1.12 million, the Company is required to maintain cash deposits at 100% of the notes payable with the bank, in order to ensure future credit availability. In October 2014, the company repaid the note payable when it became due.