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

12 Months Ended

Dec. 31, 2014

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

Short term debt (in thousands)

	December 31, 2014		December 31, 2013
Loan from CITIC bank	$	976	$	6,381
Loan from ICBC		6,484		6,381
Loan from Taizhou Bank		1,139		2,127
Loan from China Everbright Bank		1,220		0
Loan from Pay-Ins Prem		30		72
	$	9,849	$	14,961

Schedule of Bank Acceptance Notes

	(In thousands)
	December 31, 2014		December 31, 2013
a) Bank acceptance notes payable to China Everbright bank	$	11,372	$	8,891
b) Bank acceptance notes payable to Taizhou bank		651		3,927
c) Bank acceptance notes payable to CITIC bank		5,724		2,700
d) Bank acceptance notes payable to ICBC		-		177
	$	17,747	$	15,695

a. Notes payable to China Everbright bank have various maturity dates from January 2015 to June 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 January 2015, the company repaid the note payable when it became due.

b. Notes payable to Taizhou bank have various maturity dates in 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. The note payable was repaid when due.

c. Notes payable to CITIC bank will be due from March 2015 to November 2015. Except for the note payable utilizing credit exposure of $5.04 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 January 2015, the company issued $4.9 million of notes payable with 100% cash deposits.

d. There is no notes payable due to ICBC at the year ended December 31, 2014. 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.