0001213900-17-005011.txt : 20170512 0001213900-17-005011.hdr.sgml : 20170512 20170512133119 ACCESSION NUMBER: 0001213900-17-005011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170512 DATE AS OF CHANGE: 20170512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ever-Glory International Group, Inc. CENTRAL INDEX KEY: 0000943184 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] IRS NUMBER: 650548697 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34124 FILM NUMBER: 17837687 BUSINESS ADDRESS: STREET 1: EVER-GLORY COMMERCIAL CENTER STREET 2: 509 CHENGXIN RD JIANGNING DEVELOPMT ZONE CITY: NANJING, JIANGSU PROVINCE STATE: F4 ZIP: 000000 BUSINESS PHONE: 8625-5209-6875 MAIL ADDRESS: STREET 1: EVER-GLORY COMMERCIAL CENTER STREET 2: 509 CHENGXIN RD JIANGNING DEVELOPMT ZONE CITY: NANJING, JIANGSU PROVINCE STATE: F4 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: ever-glory international group, inc. DATE OF NAME CHANGE: 20051121 FORMER COMPANY: FORMER CONFORMED NAME: ANDEAN DEVELOPMENT CORP DATE OF NAME CHANGE: 19950329 10-Q 1 f10q0317_evergloryinter.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2017

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number: 0-28806

Ever-Glory International Group Inc.

(Exact name of registrant as specified in its charter)

Florida

65-0420146

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

Ever-Glory Commercial Center,

509 Chengxin Road, Jiangning Development Zone,

Nanjing, Jiangsu Province,

People’s Republic of China

(Address of principal executive offices)

(8625) 5209-6831

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or, an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company”, in Rule 12b-2 of the Exchange Act. ☐

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☒

(Do not check if smaller reporting company)

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 8, 2017, 14,792,836 shares of the Company’s common stock, $0.001 par value, were issued and outstanding.

EVER-GLORY INTERNATIONAL GROUP, INC.

FORM 10-Q

INDEX

		Page Number

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	1

	Condensed Consolidated Balance Sheets as of March 31, 2017 (unaudited) and December 31, 2016	1

	Condensed Consolidated Statements of Income (Loss) and Comprehensive Income for the Three Months Ended March 31, 2017 and 2016 (unaudited)	2

	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2017 and 2016 (unaudited)	3

	Notes to the Condensed Consolidated Financial Statements (unaudited)	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24

Item 4.	Controls and Procedures	24

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	25

Item 1A.	Risk Factors	25

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25

Item 3.	Defaults Upon Senior Securities	25

Item 4.	Mine Safety Disclosure	25

Item 5.	Other Information	25

Item 6.	Exhibits	25

SIGNATURES		26

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this Quarterly Report on Form 10-Q, which are not historical facts, are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, whether expressed or implied, are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated, due to a number of factors, which include, but are not limited to:

	●	Competition within our industry;

	●	Seasonality of our sales;

	●	Success of our investments in new product development

	●	Our plans and ability to open new retail stores;

	●	Success of our acquired businesses;

	●	Our relationships with our major customers;

	●	The popularity of our products;

	●	Relationships with suppliers and cost of supplies;

	●	Financial and economic conditions in Asia, Japan, Europe and the U.S.;

	●	Anticipated effective tax rates in future years;

	●	Regulatory requirements affecting our business;

	●	Currency exchange rate fluctuations;

	●	Our future financing needs; and

	●	Our ability to obtain future financing on acceptable terms.

Forward-looking statements also include the assumptions underlying or relating to any of the foregoing or other such statements. When used in this report, the words “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “continue,” and similar expressions are generally intended to identify forward-looking statements.

Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements. Readers should carefully review the factors described in the Section entitled “Risk Factors” on Form 10-K and other documents we file from time to time with the Securities and Exchange Commission (‘SEC’).

PART I. FINANCIAL INFORMATION

ITEM 1.

Financial Statements

EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. Dollars, except share and per share data or otherwise stated)

AS OF MARCH 31, 2017 (UNAUDITED) AND DECEMBER 31, 2016

	2017			2016
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	60,100		$	45,288
Accounts receivable		44,631			67,644
Inventories		40,347			49,630
Value added tax receivable		1,726			2,938
Other receivables and prepaid expenses		4,158			3,674
Advances on inventory purchases		4,892			3,139
Amounts due from related parties		563			486
Total Current Assets		156,417			172,799

INTANGIBLE ASSETS		5,776			5,769
PROPERTY AND EQUIPMENT, NET		21,947			22,694
TOTAL ASSETS	$	184,140		$	201,262

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Bank loans	$	32,212		$	29,232
Accounts payable		46,843			58,170
Accounts payable and other payables - related parties		2,541			4,337
Other payables and accrued liabilities		13,329			15,007
Value added and other taxes payable		2,450			5,118
Income tax payable		1,096			1,842
Total Current Liabilities		98,471			113,706

NONCURRENT LIABILITIES
Deferred tax liabilities		2,100			3,254
TOTAL LIABILITIES		100,571			116,960

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
Stockholders' equity:
Preferred stock ($.001 par value, authorized 5,000,000 shares, no shares issued and outstanding)		-			-
Common stock ($.001 par value, authorized 50,000,000 shares, 14,792,836 and 14,787,940 shares issued and outstanding As of March 31, 2017 and December 31, 2016, respectively)		15			15
Additional paid-in capital		3,612			3,602
Retained earnings		84,398			83,423
Statutory reserve		17,107			17,107
Accumulated other comprehensive income		(2,837	)		(3,297	)
Amounts due from related party		(17,934	)		(15,936	)
Total equity attributable to stockholders of the Company		84,361			84,914
Noncontrolling interest		(792	)		(612	)
Total Equity		83,569			84,302
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	184,140		$	201,262

See the accompanying notes to the consolidated financial statements.

EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME
(In thousands of U.S. Dollars, except share and per share data or otherwise stated)

FOR THE THREE MONTHS ENDED MARCH 31, 2017 AND 2016 (UNAUDITED)

	2017			2016

SALES	$	85,120		$	91,693

COST OF SALES		56,611			63,350

GROSS PROFIT		28,509			28,343

OPERATING EXPENSES
Selling expenses		19,745			20,913
General and administrative expenses		7,255			6,949
Total operating expenses		27,000			27,862

INCOME FROM OPERATIONS		1,509			481

OTHER INCOME (EXPENSE)
Interest income		257			384
Interest expense		(327	)		(597	)
Other income		577			67
Total other expenses		507			(146	)

INCOME BEFORE INCOME TAX EXPENSE		2,016			335

INCOME TAX EXPENSE		(1,217	)		(835	)

NET (LOSS) INCOME		799			(500	)
Net loss attributable to the non-controlling interest		175			140
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	$	974		$	(360	)

NET (LOSS) INCOME	$	799		$	(500	)
Foreign currency translation income		459			782
COMPREHENSIVE INCOME	$	1,258		$	282

Comprehensive loss attributable to the noncontrolling interest		180			143

COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$	1,438		$	425
(LOSS) EARNINGS PER SHARE:
Basic and diluted	$	0.07		$	(0.02	)
Weighted average number of shares outstanding Basic and diluted		14,789,626			14,785,868

See the accompanying notes to the consolidated financial statements.

EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. Dollars, except share and per share data or otherwise stated)

FOR THE THREE MONTHS ENDED MARCH 31, 2017 AND 2016 (UNAUDITED)

	2017			2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$	799		$	(500	)
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation and amortization		2,241			1,758
Provision for obsolete inventories		4,105			2,098
Deferred income tax		(1,180	)		(285	)
Stock-based compensation		10			-
Changes in operating assets and liabilities
Accounts receivable		23,487			30,037
Inventories		5,541			7,443
Value added tax receivable		1,236			799
Other receivables and prepaid expenses		(543	)		(3,163	)
Advances on inventory purchases		(1,730	)		2,196
Amounts due from related parties		(495	)		552
Accounts payable		(11,762	)		(19,781	)
Accounts payable and other payables- related parties		(1,527	)		(517	)
Other payables and accrued liabilities		(1,794	)		(2,484	)
Value added and other taxes payable		(2,713	)		(1,653	)
Income tax payable		(755	)		(1,693	)
Net cash provided by operating activities		14,920			14,807

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment		(1,209	)		(1,633	)
Proceeds from sale of property and equipment		5			-
Net cash used in investing activities		(1,204	)		(1,633	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans		15,671			23,593
Repayment of bank loans		(12,913	)		(26,250	)
Repayment of loans from related party		-			917
Advances to related party		(1,742	)		-
Net cash provided by (used in) financing activities		1,016			(1,740	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH		80			503

NET INCREASE IN CASH AND CASH EQUIVALENTS		14,812			11,937

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		45,288			22,702

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	60,100		$	34,639

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid during the period for:
Interest	$	327		$	597
Income taxes	$	1,853		$	2,851

See the accompanying notes to the consolidated financial statements.

EVER-GLORY INTERNATIONAL GROUP, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2017 AND 2016

(UNAUDITED)

NOTE 1 BASIS OF PRESENTATION

Ever-Glory International Group, Inc. (the “Company”), together with its subsidiaries, is an apparel manufacturer, supplier and retailer in The People's Republic of China ("China or "PRC"), with a wholesale segment and a retail segment. The Company’s wholesale business consists of recognized brands for department and specialty stores located in China, Europe, Japan and the United States. The Company’s retail business consists of flagship stores and store-in-stores for the Company’s own-brand products.

The Company’s wholesale operations are provided primarily through the Company’s wholly-owned PRC subsidiaries, Goldenway Nanjing Garments Co. Ltd. (“Goldenway”), Nanjing Catch-Luck Garments Co. Ltd. (“Catch-Luck”), Nanjing New-Tailun Garments Co. Ltd (“New-Tailun”), Ever-Glory International Group Apparel Inc.(“Ever-Glory Apparel”), Chuzhou Huirui Garments Co. Ltd. (“Huirui”) and Nanjing Tai Xin Garments Trading Company Limited (“Tai Xin”), and the Company’s wholly-owned Samoa subsidiary, Ever-Glory International Group (HK) Ltd. (“Ever-Glory HK”). The Company’s retail operations are provided through its wholly- owned subsidiaries, Shanghai LA GO Fashion Company Limited (“Shanghai LA GO GO”), Jiangsu LA GO Fashion Company Limited (“Jiangsu LA GO GO”), Tianjin LA GO Fashion Company Limited (“Tianjin LA GO GO”), Shanghai Ya Lan Fashion Company Limited (“Ya Lan”), Shanghai Yiduo Fashion Company Limited (“Shanghai Yiduo”) and Xizang He Meida Trading Company Limited (“He Meida”).

In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated balance sheet as of March 31, 2017, the condensed consolidated statements of income (loss) and comprehensive income, and cash flows for the three months ended March 31, 2017 and 2016. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Rule 8-03 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they have been condensed and do not include all of the information and footnotes required by GAAP for complete financial statements.

Wholesale revenues are generally higher in the third and fourth fiscal quarters, while retail revenues are generally higher in the first and fourth fiscal quarters. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results of operations to be expected for the full fiscal year. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

NOTE 2 SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

We recognize wholesale revenue from product sales, net of value-added taxes, upon delivery for local sales and upon shipment of the products for export sales, at such time title passes to the customer provided however that (i) there are no uncertainties regarding customer acceptance (ii) persuasive evidence of an arrangement exists (iii) the sales price is fixed and determinable, and (iv) collectability is deemed probable. We recognize wholesale revenue from manufacturing fees charged to buyers for the assembly of garments from materials provided by the buyers upon completion of the manufacturing process and shipment of the products for export sales, provided that (i) there are no uncertainties regarding customer acceptance (ii) persuasive evidence of an arrangement exists (iii) the sales price is fixed and determinable, and (iv) collectability is deemed probable. Retail sales are recorded net of promotional discounts, rebates, and return allowances. Retail store sales are recognized at the time of the register receipt. Retail online sales are recognized when products are shipped and customers receive the products because we retain a portion of the risk of loss on these sales during transit.

Financial Instruments

Management has estimated that the carrying amounts of non-related party financial instruments approximate their fair values due to their short-term maturities. The fair value of amounts due from (to) related parties is not practicable to estimate due to the related party nature of the underlying transactions.

Accounts Receivable

The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated risks by performing credit checks and actively pursuing past due accounts. An allowance for doubtful accounts is established and recorded based on management’s assessment of the credit history of its customers and current relationships with them. The Company writes off accounts receivable when amounts are deemed uncollectible.

Fair Value Accounting

Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

	Level 2	Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

	Level 3	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

At March 31, 2017, the Company’s financial assets (all Level 1) consist of cash placed with financial institutions that management considers to be of a high quality.

As of December 31, 2016, the Company has a derivative liability subject to recurring fair value measurement (Level 3) with the change in fair value recognized in earnings (Note 5).

Foreign Currency Translation and Other Comprehensive Income

The reporting currency of the Company is the U.S. dollar. The functional currency of Ever-Glory, Perfect Dream and Ever-Glory HK is the U.S. dollar. The functional currency of Goldenway, New Tailun, Catch-luck, Ever-Glory Apparel, Shanghai LA GO GO, Jiangsu LA GO GO, Tianjin LA GO GO, Shanghai Yiduo, Ya Lan, He Meida, Huirui and Taixin is the Chinese RMB.

For subsidiaries whose functional currency is the RMB, all assets and liabilities were translated at the exchange rate at the balance sheet date; equity was translated at historical rates and items in the statement of comprehensive income were translated at the average rate for the period. Translation adjustments resulting from this process are included in accumulated other comprehensive income. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Items in the cash flow statement are translated at the average exchange rate for the period.

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition in Revenue Recognition (Topic 605), and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This new standard is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively, with early adoption now permitted to the original effective date of December 15, 2016. The Company is currently evaluating this new standard and the potential impact this standard may have upon adoption.

In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations. The amendments are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. The effective date for this ASU is the same as the effective date for ASU 2014-09, Revenue from Contracts with Customers. The Company is currently assessing the potential impact of this ASU on its consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2018. The Company is currently assessing the impact of this ASU on its consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" which modifies the measurement of expected credit losses of certain financial instruments. This ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2019. The Company is currently assessing the impact of this ASU on its consolidated financial statements.

The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s consolidated financial statements.

NOTE 3 INVENTORIES

Inventories at March 31, 2017 and December 31, 2016 consisted of the following:

	March 31, 2017			December 31, 2016
	(In thousands of U.S. Dollars)
Raw materials	$	3,411		$	2,523
Work-in-progress		11,211			9,363
Finished goods		37,505			46,285
		52,127			58,171
Less: allowance for obsolete inventories		(11,780	)		(8,541	)
Total inventories	$	40,347		$	49,630

NOTE 4 BANK LOANS

Bank loans represent amounts due to various banks and are generally due on demand or within one year. These loans can be renewed with the banks. Short term bank loans consisted of the following as of March 31, 2017 and December 31, 2016.

	March 31, 2017		December 31, 2016
Bank	(In thousands of U.S. Dollars)
Industrial and Commercial Bank of China	$	17,122	$	11,232
Nanjing Bank		2,902		9,360
Bank of Communications		2,902		2,880
China Minsheng Bank		2,902		2,880
China Everbright Bank		2,902		2,880
Bank of China		2,176		-
China Citic Bank		1,306		-
	$	32,212	$	29,232

In January 2014, Goldenway entered into a line of credit agreement with Industrial and Commercial Bank of China, which allows the Company to borrow up to approximately $8.7 million (RMB60.0 million). These loans are collateralized by the Company’s property and equipment. As of March 31, 2017, Goldenway had borrowed $5.8 million (RMB 40.0 million) under this line of credit with an annual interest rate of 4.6% and due on various dates from December 2017 to January 2018. As of March 31, 2017, approximately $2.9 million was unused and available under this line of credit.

In September 2015, Ever-Glory Apparel entered into a line of credit agreement for approximately $17.4 million (RMB120.0 million) with Industrial and Commercial Bank of China and collateralized by assets of Jiangsu Ever-Glory’s equity investee, Nanjing Knitting, under a collateral agreement executed among Ever-Glory Apparel, Nanjing Knitting and the bank. As of March 31, 2017, Ever-Glory Apparel had borrowed $11.3 million (RMB 78.0 million) under this line of credit with annual interest rates ranging from 4.4% to 4.6% and due on various dates from April to December 2017. As of March 31, 2017, approximately $6.1 million was unused and available under this line of credit.

In June 2016, Goldenway entered into a line of credit agreement with Nanjing Bank, which allows the Company to borrow up to approximately $7.3 million (RMB50.0 million). These loans are guaranteed by Jiangsu Ever-Glory International Group Corp. (“Jiangsu Ever-Glory”), an entity controlled by Mr. Kang, the Company’s Chairman and Chief Executive Officer. These loans are also collateralized by the Company’s property and equipment. As of March 31, 2017, approximately $7.3 million was unused and available under this line of credit.

In June 2016, Ever-Glory Apparel entered into a line of credit agreement for approximately $8.7 million (RMB60.0 million) with Nanjing Bank and guaranteed by Jiangsu Ever-Glory, Mr. Kang and Goldenway. As of March 31, 2017, Ever-Glory Apparel had borrowed $2.9 million (RMB20.0 million) from Nanjing Bank with an annual interest rates ranging from 4.8% to 4.9% and due on various dates from July to August 2017. As of March 31, 2017, approximately $5.8 million was unused and available under this line of credit.

In March 2017, LA GO GO entered into a revolving line of credit agreement with Nanjing Bank, which allows the Company to borrow up to approximately $2.9 million (RMB20.0 million). The line of credit is guaranteed by Mr. Kang and Goldenway. As of March 31, 2017, approximately $2.9 million (RMB20.0 million) was unused and available under this line of credit.

In June 2014, LA GO GO entered into a line of credit agreement for approximately $4.8 million (RMB33.0 million) with the Bank of Communications and guaranteed by Jiangsu Ever-Glory, Ever-Glory Apparel and Mr. Kang. As of March 31, 2017, LA GO GO had borrowed $2.9 million (RMB20.0 million) from the Bank of Communications with annual interest rates ranging from 4.6% to 5.0% and due on various dates from June to August 2017. As of March 31, 2017, approximately $1.9 million was unused and available under this line of credit.

In December 2016, LA GO GO entered into a line of credit agreement for approximately $2.9 million (RMB20.0 million) with China Minsheng Bank and guaranteed by Ever-Glory Apparel and Mr. Kang. As of March 31, 2017, LA GO GO had borrowed $2.9 million (RMB20.0 million) from China Minsheng Bank with an annual interest rate of 4.6% and due in December 2017.

In July 2016, Ever-Glory Apparel entered into a line of credit agreement for approximately $5.8 million (RMB40.0 million) with China Everbright Bank and guaranteed by Goldenway and Mr. Kang. These loans are also collateralized by Jiangsu Ever-Glory’s property. As of March 31, 2017, Ever-Glory Apparel had borrowed $2.9 million (RMB20.0 million) under this line of credit with an annual interest rates ranging from 2.8% to 3.0% and due on various dates from May to November 2017. As of March 31, 2017, approximately $2.9 million was unused and available under this line of credit.

In October 2016, Ever-Glory Apparel entered into a line of credit agreement for approximately $3.6 million (RMB25.0 million) with Bank of China and guaranteed by Jiangsu Ever-Glory. These loans are also collateralized by assets of Jiangsu Ever-Glory’s equity investee, Chuzhou Huarui, under a collateral agreement executed by Ever-Glory Apparel, Chuzhou Huarui and Bank of China. As of March 31, 2017, Ever-Glory Apparel had borrowed $2.2 million (RMB15.0 million) under this line of credit with an annual interest rate of 4.8% and due in July 2017. As of March 31, 2017, approximately $1.4 million was unused and available under this line of credit.

In December 2014, LA GO GO entered into a line of credit agreement for approximately $5.2 million (RMB36.0 million) with the China Citic Bank and guaranteed by Jiangsu Ever-Glory, Ever-Glory Apparel and Mr. Kang. As of March 31, 2017, LA GO GO had borrowed $1.3 million (RMB9.0 million) under this line of credit with an annual interest rate of 5.5% and due in December 2017. As of March 31, 2017, approximately $3.9 million was unused and available under this line of credit.

In January 2015, Ever-Glory Apparel and Goldenway collectively entered into a secured banking facility agreement for a combined revolving import facility, letter of credit, invoice financing facilities and a credit line for treasury products of up to $12.6 million with the Nanjing Branch of HSBC (China) Company Limited (“HSBC”). This agreement is guaranteed by the Company and Mr. Kang. As of March 31, 2017, approximately $12.6 million was unused and available under this line of credit.

All loans have been repaid before or at maturity date.

Total interest expense on bank loans amounted to $0.3 million and $0.6 million for the three months ended March 31, 2017 and 2016, respectively.

NOTE 5 DERIVATIVE LIABILITY

As of December 31, 2016, the Company had one outstanding forward foreign exchange contract (sell EUR dollars for RMB), with total notional amount of EUR€0.65 million. The fair value of this contract at December 31, 2016 was not significant.

NOTE 6 INCOME TAX

The Company’s operating subsidiaries are governed by the Income Tax Law of the PRC concerning Foreign Investment Enterprises and Foreign Enterprises and various local income tax laws (“the Income Tax Laws”).

All PRC subsidiaries, except for He Meida, are subject to income tax at the 25% statutory rate.

He Meida incorporated in Xizang (Tibet) Autonomous Region is subject to income tax at 15% statutory rate. The local government has implemented an income tax reduction from 15% to 9% valid through December 31, 2017.

Perfect Dream was incorporated in the British Virgin Islands (BVI), and under the current laws of the BVI dividends and capital gains arising from the Company’s investments in the BVI are not subject to income taxes.

Ever-Glory HK was incorporated in Samoa, and under the current laws of Samoa has no liabilities for income taxes.

Although the Company’s parent entity is a US entity, the Company’s primary operations are through subsidiaries located in China, certain apparel manufacturing is performed outside of China in Southeast Asia, and sales are made globally. Therefore, the Company uses significant judgment to calculate and provide for income taxes in each of the tax jurisdictions in which it operates. In the ordinary course of the Company’s business, there are transactions and calculations undertaken whose ultimate tax outcome cannot be certain. Some of these uncertainties arise as a consequence of transfer pricing for transactions with the Company’s subsidiaries, potential challenges to nexus, value added estimates, and similar matters. In September 2009, the Company formed its subsidiary, Ever-Glory HK, domiciled in Samoa, in order to engage in certain limited import and export of apparel, fabric and accessories, as well as to efficiently address currency exchange matters with international transactions. Over the past few years, the operational matters handled by this subsidiary have expanded with respect to sub-contracting of certain manufacturing work outside of China, as well as to other operational matters with non-PRC customers and vendors. Additionally, over this time period, tax guidance, rules and positions taken by the PRC with respect to transfer pricing issues have evolved, and in certain cases, become more standardized. As part of the Company’s on-going process of evaluating our tax positions, the Company considered various factors as they relate to its Samoan subsidiary and as related to intercompany transactions. This evaluation resulted in a change in the Company’s estimate of exposure to potential unfavorable outcomes related to these uncertainties, and the Company recorded a tax liability of approximately $3.2 million as of December 31, 2013 based on the probability for such outcomes.

The Company and the PRC Tax Bureau have agreed that payments on the tax liability $3.2 million should be made by the Company prospectively over the next two to three years’ period. All $3.2 million was paid off as of December 31, 2016. Beginning January 1, 2014, all net income generated from Ever-Glory HK has been reported as a taxable income at 25% tax rate in PRC.

The PRC’s Enterprise Income Tax Law imposes a 10% withholding income tax for dividends distributed by a foreign invested enterprise in PRC to its immediate holding company outside China; such distributions were exempted under the previous income tax law and regulations. A lower withholding tax rate will be applied if there is a tax treaty arrangement between mainland China and the jurisdiction of the foreign holding company. The foreign invested enterprise became subject to the withholding tax starting from January 1, 2008. Given that the undistributed profits of the Company's subsidiaries in China are intended to be retained in China for business development and expansion purposes, no withholding tax accrual has been made.

After the tax liability adjustment resulted from the reevaluation of the Company’s tax position (resulting in the company allocating substantially all of the earnings of the Samoan subsidiary to the PRC and reporting such earnings as taxable in the PRC), pre-tax income for the three months ended March 31, 2017 and 2016 was taxable in the following jurisdictions:

	2017			2016
	(In thousands of U.S. Dollars)
PRC	$	2,019		$	335
BVI		-			2
Others		(3	)		(2	)
	$	2,016		$	335

The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three months ended March 31, 2017 and 2016:

	2017			2016
PRC statutory rate		25.0	%		25.0	%
Preferential tax treatment		-			(0.1	)
Effect of foreign income tax rates		-			0.1
Net operating losses for which no deferred tax assets was recognized		35.4			224.6
Other		-			-
Effective income tax rate		60.4	%		249.6	%

Income tax expense for the three months ended March 31, 2017 and 2016 is as follows:

	2017			2016
	(In thousands of U.S. Dollars)
Current	$	2,371		$	1,104
Deferred		(1,154	)		(269	)
Income tax expense	$	1,217		$	835

The Company has not recorded U.S. deferred income taxes on approximately $84.4 million of its non-U.S. subsidiaries’ undistributed earnings because such amounts are intended to be reinvested outside the United States indefinitely. If these earnings were repatriated to the United States, the Company would be required to accrue and pay U.S. federal income taxes and foreign withholding taxes, as adjusted for foreign tax credits. Determination of the amount of any unrecognized deferred income tax liability on these earnings is not practicable.

NOTE 7 EARNINGS PER SHARE

The following demonstrates the calculation for earnings per share for the three months ended March 31, 2017 and 2016:

	2017		2016
Weighted average number of common shares- Basic and diluted		14,789,626		14,785,868

Earnings per share - basic and diluted	$	0.07	$	(0.02	)

NOTE 8 STOCKHOLDERS’ EQUITY

On April 29, 2016, the Company issued an aggregate of 2,072 shares of its common stock to two of the Company’s independent directors as compensation for their services in the third and fourth quarters of 2015. The shares were valued at $2.43 per share, which was the average market price of the common stock for the five days before the grant date.

On February 28, 2017, the Company issued an aggregate of 2,542 shares of its common stock to two of the Company’s independent directors as compensation for their services in the first and second quarters of 2016. The shares were valued at $1.96 per share, which was the average market price of the common stock for the five days before the grant date.

On February 28, 2017, the Company issued an aggregate of 2,354 shares of its common stock to two of the Company’s independent directors as compensation for their services in the third and fourth quarters of 2016. The shares were valued at $2.14 per share, which was the average market price of the common stock for the five days before the grant date.

NOTE 9 RELATED PARTY TRANSACTIONS

Mr. Kang is the Company’s Chairman and Chief Executive Officer. Ever-Glory Enterprises (HK) Ltd. (Ever-Glory Enterprises) is the Company’s major shareholder. Mr. Xiaodong Yan was Ever-Glory Enterprises’ sole shareholder and sole director. Mr. Huake Kang, Mr. Kang’s son, acquired 83% interest of Ever-Glory Enterprises and became its sole director in 2014. All transactions associated with the following companies controlled by Mr. Kang or his son are considered to be related party transactions, and it is possible that the terms of these transactions may not be the same as those that would result from transactions between unrelated parties. All related party outstanding balances are short-term in nature and are expected to be settled in cash.

Other income from Related Parties

JiangsuWubijia Trading Company Limited (“Wubijia”) is an entity engaged in high-grade home goods sales and is controlled by Mr. Kang. Wubijia has sold their home goods on consignment in certain Company’s retail stores since the third quarter of 2014. During the three months ended March 31, 2017 and 2016, the Company received $11,565 and $6,535 from the customers and paid $8,954 and $4,610 to Wubijia through the consignment, respectively. The net profit of $2,611 and $1,925 was recorded as other income during the three months ended March 31, 2017 and 2016, respectively.

Nanjing Knitting Company Limited (“Nanjing Knitting”) is an entity engaged in knitted fabric products and knitting underwear sales and is controlled by Mr. Kang. Nanjing Knitting has sold their knitting underwear on consignment in some Company’s retail stores since the third quarter of 2015. During the three months ended March 31, 2017 and 2016, the Company received $5,381 and $30,383 from the customers and paid $8,959 and $24,956 to Nanjing Knitting through the consignment, respectively. The net loss of ($3,576) and net profit of $5,427 was recorded as other income during the three months ended March 31, 2017 and 2016.

Included in other income for the three months ended March 31, 2016 is rent income from EsC’Lav, the entity controlled by Mr. Kang under operating lease agreement with term through 2016. The rent income is $15,786 for the three months ended March 31, 2016.

Other expenses due to Related Parties

Included in other expenses for the three months ended March 31, 2017 and 2016 are rent costs due to entities controlled by Mr. Kang under operating lease agreements as follows:

	2017		2016
	(In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	11	$	12
Chuzhou Huarui		52		57
Kunshan Enjin		11		11
Total	$	74	$	80

The Company leases Jiangsu Ever-Glory's factory as the factory is in a location where there is a good supply of experienced workers. The Company leases Chuzhou Huarui and Kunshan Enjin's warehouse spaces because the locations are convenient for transportation and distribution.

Purchases from and Sub-contracts with Related Parties

The Company purchased raw materials from Nanjing Knitting totaling $0.16 million and $0.20 million during the three months ended March 31, 2017 and 2016, respectively.

In addition, the Company sub-contracted certain manufacturing work to related companies totaling $3.4 million and $6.4 million for the three months ended March 31, 2017 and 2016, respectively. The Company provided raw materials to the sub-contractors and charged a fixed fee for labor provided by the sub-contractors.

Sub-contracts with related parties included in cost of sales for the three months ended March 31, 2017 and 2016 are as follows:

	2017		2016
	(In thousands of U.S. Dollars)
Ever-Glory Vietnam	$	1,422	$	2,039
Chuzhou Huarui		1,010		2,324
Fengyang Huarui		464		203
Ever-Glory Cambodia		36		1,338
Nanjing Ever-Kyowa		445		473
EsC'eLav		4		-
Jiangsu Ever-Glory		3		51
Total	$	3,384	$	6,428

Accounts Payable – Related Parties

The accounts payable to related parties at March 31, 2017 and December 31, 2016 are as follows:

	2017		2016
	(In thousands of U.S. Dollars)
Ever-Glory Vietnam	$	583		1,938
Fengyang Huarui		617		709
Nanjing Ever-Kyowa		714		785
Chuzhou Huarui		582		643
Nanjing Knitting		27		-
Ever-Glory Cambodia		18		262
Total	$	2,541	$	4,337

Amounts Due From Related Parties-current assets

The amounts due from related parties at March 31, 2017 and December 31, 2016 are as follows:

	2017		2016
	(In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	510	$	403
Nanjing Knitting		-		9
EsC'eLav		53		74
Total	$	563	$	486

Jiangsu Ever-Glory is an entity engaged in importing/exporting, apparel-manufacture, real-estate development, car sales and other activities. Jiangsu Ever-Glory is controlled by Mr. Kang. During three months ended March 31, 2017 and 2016, the Company and Jiangsu Ever-Glory purchased raw materials on behalf of each other in order to obtain cheaper purchase prices. The Company purchased raw materials on Jiangsu Ever-Glory’s behalf and sold to Jiangsu Ever-Glory at cost for $0.7 million and $0.8 million during the three month period ended March 31, 2017 and 2016, respectively. Jiangsu Ever-Glory purchased raw materials on the Company’s behalf and sold to the Company at cost for $0 and $26,922 during the three months ended March 31, 2017 and 2016, respectively.

Amounts Due From Related Party under Counter Guarantee Agreement

In March 2012, in consideration of the guarantees and collateral provided by Jiangsu Ever-Glory and Nanjing Knitting, the Company agreed to provide Jiangsu Ever-Glory a counter guarantee in the form of cash of not less than 70% of the maximum aggregate lines of credit obtained by the Company. Jiangsu Ever-Glory is obligated to return the full amount of the counter-guarantee funds provided upon expiration or termination of the underlying lines of credit and is to pay annual interest at the rate of 6.0% of amounts provided. As of March 31, 2017 and December 31, 2016, Jiangsu Ever-Glory has provided guarantees for approximately $52.8 million (RMB 364 million) and $52.4 million (RMB 364.0 million) of lines of credit obtained by the Company, respectively. Jiangsu Ever-Glory and Nanjing Knitting have also provided their assets as collateral for certain of these lines of credit. The value of the collateral, as per appraisals obtained by the banks in connection with these lines of credit is approximately $29.8 million (RMB 205.5 million) and $29.6 million (RMB 205.5 million) as of March 31, 2017 and December 31, 2016, respectively. Mr. Kang has also provided a personal guarantee for $30.3 million (RMB 209.0 million) and $30.1 million (RMB 209.0 million) as of March 31, 2017 and December 31, 2016, respectively.

At December 31, 2016, $14.1 million (RMB 98.2 million) was outstanding due from Jiangsu Ever-Glory under the counter guarantee agreement. During the three months ended March 31, 2017, an additional $1.7 million (RMB 12.0 million) was provided to Jiangsu Ever-Glory under the counter-guarantee. As of March 31, 2017, the amount of the counter-guarantee was $16.0 million (RMB 110 million) (the difference represents currency exchange adjustment of $0.2 million), which was 30.3% of the aggregate amount of lines of credit. This amount plus accrued interest of $1.9 million have been classified as a reduction of equity, consistent with the guidance of SEC Staff Accounting Bulletins 4E and 4G. At March 31, 2017 and December 31, 2016, the amount classified as a reduction of equity was $17.9 million and $15.9 million, respectively. Interest of 0.5% is charged on net amounts due from Jiangsu Ever-Glory at each month end. Since April 1, 2015, interest rate has changed to 0.41% as the bank benchmark interest rate decreased. Interest income for the three months ended March 31, 2017 and 2016 was approximately $0.1 million and $0.2 million, respectively.

NOTE 10 CONCENTRATIONS AND RISKS

The Company extends unsecured credit to its customers in the normal course of business and generally does not require collateral. As a result, management performs ongoing credit evaluations, and the Company maintains an allowance for potential credit losses based upon its loss history and its aging analysis. Based on management’s assessment of the amount of probable credit losses, if any, in existing accounts receivable. The allowance for doubtful accounts at March 31, 2017 and December 31, 2016 was $3.9 million and $4.1 million, respectively. Management reviews the allowance for doubtful accounts each reporting period based on a detailed analysis of accounts receivable. In the analysis, management primarily considers the age of the customer’s receivable and also considers the credit worthiness of the customer, the economic conditions in the customer’s industry, and general economic conditions and trends, among other factors. If any of these factors change, the Company may also change its original estimates, which could impact the level of the Company’s future allowance for doubtful accounts. If judgments regarding the collectability of accounts receivables are incorrect, adjustments to the allowance may be required, which would reduce profitability.

For the three-month period ended March 31, 2017, the Company had two wholesale customers that represented approximately 12% and 11% of the Company’s revenues. For the three-month period ended March 31, 2016, the Company had one wholesale customer that represented approximately 11% of the Company’s revenues.

For the wholesale business, the Company did not rely on any one raw material supplier that represented more than 10% of the total raw material purchases during the three months ended March 31, 2017 and 2016.

For the retail business, the Company relied on two raw material suppliers that represented approximately 27% and 16% of raw material purchases during the three months ended March 31, 2017. The Company relied on one raw material supplier that represented approximately 13% of raw material purchases during the three months ended March 31, 2016.

For the wholesale business, during the three months ended March 31, 2017, the Company relied on one manufacturer that represented 12% of finished goods purchases, and during the three months ended March 31, 2016, the Company relied on three manufacturers that represented 18%, 16% and 11% of finished goods purchases.

For the retail business, the Company did not rely on any one supplier that represented more than 10% of the total finished goods purchases during the three months ended March 31, 2017 and 2016.

The Company’s revenues for the three months ended March 31, 2017 and 2016 were earned in the following geographic areas:

	2017		2016
	(In thousands of U.S. Dollars)
Mainland China	$	6,591	$	8,293
Hong Kong China		5,422		6,505
Germany		2,892		1,453
United Kingdom		3,288		2,588
Europe-Other		5,749		5,454
Japan		1,445		4,813
United States		2,918		3,444
Total wholesale business		28,305		32,550
Retail business		56,815		59,143
Total	$	85,120	$	91,693

NOTE 11 SEGMENTS

The Company reports financial and operating information in the following two segments:

(a) Wholesale segment

(b) Retail segment

The Company also provides general corporate services to its segments and these costs are reported as "corporate and others”:

	Wholesale segment		Retail segment			Total
	(In thousands of U.S. Dollars)
March 31, 2017
Segment profit or loss:
Net revenue from external customers	$	28,305		56,815			85,120
Income from operations	$	1,751		(242	)		1,509
Interest income	$	236		21			257
Interest expense	$	245		82			327
Depreciation and amortization	$	267		1,974			2,241
Income tax expense	$	464		753			1,217

March 31, 2016
Segment profit or loss:
Net revenue from external customers	$	32,550		59,143			91,693
Income from operations	$	1,805		(1,324			481
Interest income	$	371		13			384
Interest expense	$	489		108			597
Depreciation and amortization	$	254		1,504			1,758
Income tax expense	$	427		408			835

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations for the three months ended March 31, 2017 should be read in conjunction with the Financial Statements and corresponding notes included in this Quarterly Report on Form 10-Q. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations, and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors and Special Note Regarding Forward-Looking Statements in this report. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” “target”, “forecast” and similar expressions to identify forward-looking statements.

Overview

Our Business

We are a retailer of branded fashion apparel and leading global apparel supply chain solution provider based in China. We are listed on the NASDAQ Global Market under the symbol of “EVK”.

We classify our businesses into two segments: Wholesale and Retail. Our wholesale business consists of wholesale-channel sales made principally to domestically and international recognized brands, and department stores located throughout Europe, the U.S., Japan and the People’s Republic of China (“PRC”). We focus on well-known, middle-to-high end casual wear, sportswear, and outerwear brands. Our retail business consists of retail-channel sales directly to consumers through retail stores located throughout the PRC as well as sales via online stores at Tmall, Dangdang mall, JD.com and VIP.com etc.

Although we have our own manufacturing facilities, we currently outsource most of the manufacturing to our long-term contractors as part of our overall business strategy. We believe outsourcing allows us to maximize our production capacity and maintain flexibility while reducing capital expenditures and the costs of keeping skilled workers on production lines during slow seasons. We oversee our long-term contractors with our advanced management solutions and inspect products manufactured by them to ensure that they meet our high-quality control standards and timely delivery requirement.

Wholesale Business

We conduct our original design manufacturing (“ODM”) operations through seven wholly owned subsidiaries which are located in the Nanjing Jiangning Economic and Technological Development Zone and Shang Fang Town in the Jiangning District in Nanjing, Jiangsu province, China, Chuzhou, Anhui province, China and Samoa: Ever-Glory International Group Apparel Inc. (“Ever-Glory Apparel”), Goldenway Nanjing Garments Company Limited (“Goldenway”), Nanjing New-Tailun Garments Company Limited (“New Tailun”), Nanjing Catch-Luck Garments Co., Ltd. (“Catch-Luck”), Chuzhou Huirui Garments Co., Ltd. (“Huirui), Nanjing Tai Xin Garments Trading Company Limited (“Tai Xin”) and Ever-Glory International Group (HK) Ltd. (“Ever-Glory HK”).

Retail Business

We conduct our retail operations through Shanghai LA GO GO Fashion Company Limited (“LA GO GO”), Jiangsu LA GO GO Fashion Company Limited (“Jiangsu LA GO GO”), Tianjin LA GO GO Fashion Company Limited (“Tianjin LA GO GO”), Shanghai Ya Lan Fashion Company Limited (“Ya Lan”), Shanghai Yiduo Fashion Company Limited (“Shanghai Yiduo”) and Xizang He Meida Trading Company Limited (“He Meida”).

Business Objectives

Wholesale Business

We believe the enduring strength of our wholesale business is mainly due to our consistent emphasis on innovative and distinctive product designs that stand for exceptional styling and quality.

The primary business objective for our wholesale segment is to expand our portfolio into higher-class brands, expand our customer base and improve our profit. We believe that our growth opportunities and continued investment initiatives include:

	☒	Expand the global sourcing network

	☒	Expand our overseas low-cost manufacturing base (outside of mainland China);

☒

Focus on high value-added products and continue our strategy to produce mid to high end apparel

☒

Continue to emphasize on product design and technology utilization.

	☒	Seek strategic acquisitions of international distributors that could enhance global sales and our distribution network

	☒	Maintain stable revenue increase in the markets while shifting focus to higher margin wholesale markets such as mainland China.

Retail Business

The business objective for our retail segment is to establish leading brands of women’s apparel and to build a nationwide retail network in China. As of March 31, 2017, we have 1,369 stores (including store-in-stores) which included 39 stores that were opened and 48 stores that were closed in first quarter of 2017.

We believe that our growth opportunities and continued investment initiatives include:

	●	Build our retail brand to be recognized as a major player in the mid-to-high end women’s apparel market in China;

	●	Expand the retail network throughout China;

	●	Improve the retail stores’ efficiency and increase same-store sales

	●	Continue to launch retail flagship stores in Tier-1 cities and increase penetration and coverage in Tier-2 and Tier-3 cities

	●	Become a multi-brand operator

Seasonality of Business

Our business is affected by seasonal trends, with higher levels of wholesale sales in our third and fourth quarters and higher retail sales in our first and fourth quarters. These trends primarily result from the timing of seasonal wholesale shipments and holiday periods in the retail segment.

Collection Policy

Wholesale business

For our new customers, we generally require orders placed to be backed by letters of credit. For our long-term and established customers with good payment track records, we generally provide payment terms between 30 to 180 days following the delivery of finished goods.

Retail business

For store-in-store shops, we generally receive payments from the stores between 60 to 90 days following the date of the register receipt. For our own flagship stores, we receive payments on the same day of the register receipt. For the sales in e-commerce platform such as Tmall, Dangdang mall, Jumei.com, JD.com and VIP.com etc. we generally receive payments from these e-commerce companies between 5 to 15 days following the date of the register receipt.

Global Economic Uncertainty

Our business is dependent on consumer demand for our products. We believe that the significant uncertainty in the global economy and the slowdown of economies in the United States and Europe have increased our clients’ sensitivity to the cost of our products. We have experienced continued pricing pressure. If the global economic environment continues to be weak, these worsening economic conditions could have a negative impact on our sales growth and operating margins in our wholesale segment in 2017.

In addition, economic conditions in the United States and other foreign markets in which we operate could substantially affect our sales profitability, cash position and collection of accounts receivable. Global credit and capital markets have experienced unprecedented volatility and disruption. Business credit and liquidity have tightened in much of the world. Some of our suppliers and customers may face credit issues and could experience cash flow problems and other financial hardships. These factors currently have not had an impact on the timeliness of receivable collections from our customers. We cannot predict at this time how this situation will develop and whether accounts receivable may need to be allowed for or written off in the coming quarters.

Despite the various risks and uncertainties associated with the current global economy, we believe our core strengths will continue to allow us to execute our strategy for long-term sustainable growth in revenue, net income and operating cash flow.

Summary of Critical Accounting Policies

We have identified critical accounting policies that, as a result of judgments, uncertainties, uniqueness and complexities of the underlying accounting standards and operation involved could result in material changes to our financial position or results of operations under different conditions or using different assumptions.

Revenue Recognition

Estimates and Assumptions

In preparing our consolidated financial statements, we use estimates and assumptions that affect the reported amounts and disclosures. Our estimates are often based on complex judgments, probabilities and assumptions that we believe to be reasonable, but that are inherently uncertain and unpredictable. We are also subject to other risks and uncertainties that may cause actual results to differ from estimated amounts. Significant estimates in 2017 and 2016 include the assumptions used to value tax liabilities, derivative financial instruments, the estimates of the allowance for deferred tax assets, and the accounts receivable allowance and inventory reservation.

Recently Issued Accounting Pronouncements

Results of Operations

The following table summarizes our results of operations for the three months ended March 31, 2017 and 2016. The table and the discussion below should be read in conjunction with the condensed consolidated financial statements and the notes thereto appearing elsewhere in this report.

	Three Months Ended March 31,
	2017				2016
	(In thousands of U.S. dollars, except for percentages)
Sales	$	85,120	100.0	%	$	91,693		100.0	%
Gross Profit		28,509	33.5			28,343		30.9
Operating Expenses		27,000	31.7			27,862		30.4
Income From Operations		1,509	1.8			481		0.5
Other Income (Expenses)		507	0.6			(146	)	(0.1	)
Income Tax Expense		1,217	1.4			835		0.9
Net (Loss) Income	$	799	0.9	%	$	(500	)	(0.5	)%

Revenue

The following table sets forth a breakdown of our total sales, by region, for the three months ended March 31, 2017 and 2016.

	2017		% of total sales			2016		% of total sales			Growth in 2017 compared with 2016
Wholesale business	(In thousands of U.S. dollars)					(In thousands of U.S. dollars)
Mainland China	$	6,591		7.7	%	$	8,293		9.0	%		(20.5	)%
Hong Kong		5,422		6.4			6,505		7.2			(16.6	)
Germany		2,892		3.4			1,453		1.6			99.1
United Kingdom		3,288		3.9			2,588		2.8			27.0
Europe-Other		5,749		6.8			5,454		5.9			5.4
Japan		1,445		1.7			4,813		5.2			(70.0	)
United States		2,918		3.4			3,444		3.8			(15.3	)
Total Wholesale business		28,305		33.3			32,550		35.5			(13.0	)
Retail business		56,815		66.7			59,143		64.5			(3.9	)
Total sales	$	85,120		100.0	%	$	91,693		100.0	%		(7.2	)%

Total sales for the three months ended March 31, 2017 were $85.1 million, a decrease of 7.2% from the three months ended March 31, 2016. This decrease was primarily attributable to a 3.9% decrease in sales in our retail business as well as a 13.0% decrease in our wholesale business.

Sales generated from our wholesale business contributed 33.3% or $28.3 million of our total sales for the three months ended March 31, 2017, a decrease of 13.0% compared to $32.6 million in the three months ended March 31, 2016. This decrease was primarily attributable to decreased sales in Mainland China, Hong Kong, Japan and United States partially offset for increased sales in the Germany, the United Kingdom and other European markets.

Sales generated from our retail business contributed 66.7% or $56.8 million of our total sales for the three months ended March 31, 2017, a decrease of 3.9% compared to 64.5% or $59.1 million in the three months ended March 31, 2016. This decrease was primarily due to the decrease in same store sales.

Total retail store square footage and sales per square foot for the three months ended March 31, 2017 and 2016 are as follows:

	2017		2016
Total store square footage		1,365,108		1,156,317
Number of stores		1,369		1,171
Average store size, square feet		997		987
Total store sales (in thousands of U.S. dollars)	$	56,815	$	59,143
Sales per square foot	$	42	$	51

Same store sales and newly opened store sales for the three months ended March 31, 2017 and 2016 are as follows:

	2017		2016
	(In thousands of U.S. dollars)
Sales from stores opened for a full year	$	42,290	$	44,235
Sales from newly opened store sales	$	10,910	$	7,927
Sales from e-commerce platform	$	2,325	$	3,206
Other*	$	1,290	$	3,775
Total	$	56,815	$	59,143

* Primarily sales from stores that were closed in the current reporting period.

We remodeled or relocated 200 stores in 2016, and 27 stores during the three months ended March 31, 2017. We plan to relocate or remodel 150-200 stores in 2017. Remodels and relocations typically drive incremental same-store sales growth. A relocation typically results in an improved, more visible and accessible location, and usually includes increased square footage. We believe we will continue to have opportunities for additional remodels and relocations beyond 2016. Same-store sales are calculated based upon stores that were open at least 12 full fiscal months in each reporting period and remain open at the end of each reporting period.

Costs and Expenses

Cost of Sales and Gross Margin

Cost of goods sold includes the direct raw material cost, direct labor cost, and manufacturing overhead including depreciation of production equipment and rent, consistent with the revenue earned. Cost of goods sold excludes warehousing costs, which historically have not been significant.

The following table sets forth the components of our cost of sales and gross profit both in amounts and as a percentage of total sales for the three months ended March 31, 2017 and 2016.

	Three Months Ended March 31,								Growth (Decrease) in 2017
	2017				2016				compared
	(In thousands of U.S. dollars, except for percentages)								with 2016
Wholesale Sales	$	28,305	100.0	%	$	32,550	100.0	%		(13.0	)%
Raw Materials		11,208	39.6			13,632	41.9			(17.8	)
Labor		962	3.4			1,239	3.8			(22.3	)
Outsourced Production Costs		9,741	34.4			11,314	34.8			(13.9	)
Other and Overhead		91	0.3			128	0.4			(29.0	)
Total Cost of Sales for Wholesale		22,002	77.7			26,313	80.9			(16.4	)
Gross Profit for Wholesale		6,303	22.3			6,237	19.1			1.1

Net Sales for Retail		56,815	100.0			59,143	100.0			(3.9	)
Production Costs		19,230	33.8			21,357	36.1			(10.0	)
Rent		15,379	27.1			15,680	26.5			(1.9	)
Total Cost of Sales for Retail		34,609	60.9			37,037	62.6			(6.6	)
Gross Profit for Retail		22,206	39.1			22,106	37.4			0.5

Total Cost of Sales		56,611	66.5			63,350	69.1			(10.6	)
Gross Profit	$	28,509	33.5	%	$	28,343	30.9	%		0.6	%

Raw material costs for our wholesale business were 39.6% of our total wholesale business sales in the three months ended March 31, 2017, a decrease of 2.3% compared to 41.9% in the three months ended March 31, 2016. The decrease was mainly due to the decreased raw material prices.

Labor costs for our wholesale business were 3.4% of our total wholesale business sales in the three months ended March 31, 2017, a decrease of 0.4% compared to 3.8% in the three months ended March 31, 2016. The marginal decrease was mainly due to the fact that we outsourced most of the new orders in 2017.

Outsourced production costs for our wholesale business decreased by 13.9% to $9.7 million in the three months ended March 31, 2017 from $11.3 million in the three months ended March 31, 2016. As a percentage of total wholesale sales, outsourced production costs were 34.4% of our total wholesale sales in the three months ended March 31, 2017, a decrease of 0.4% from the three months ended March 31, 2016.

Overhead and other expenses for our wholesale business accounted for 0.3% and 0.4% of our total wholesale business sales for the three months ended March 31, 2017 and 2016, respectively.

Gross profit for our wholesale business for the three months ended March 31, 2017 was $6.3 million, an increase of 1.1% compared to the three months ended March 31, 2016. Gross margin was 22.3% for the three months ended March 31, 2017, an increase of 3.2% compared to 19.1% for the three months ended March 31, 2016. The increase was mainly due to decreased raw material costs.

Production costs for our retail business were $19.2 million during the three months ended March 31, 2017 compared to $21.4 million during the three months ended March 31, 2016. As a percentage of retail sales, retail production costs accounted for 33.8% of our total retail sales in the three months ended March 31, 2017, compared to 36.1% of total retail sales in the three months ended March 31, 2016. The decrease was due to higher discounts on our out-of-season products in 2016.

Rent costs for our retail business were $15.4 million for the three months ended March 31, 2017 compared to $15.7 million for the three months ended March 31, 2016. As a percentage of retail sales, rent costs accounted for 27.1% of our total retail sales for the three months ended March 31, 2017, compared to 26.5% of total retail sales for the three months ended March 31, 2016.

Gross profit in our retail business for the three months ended March 31, 2017 was $22.2 million and gross margin was 39.1%. Gross profit in our retail business for the three months ended March 31, 2016 was $22.1 million and gross margin was 37.4%. The increase was attributable to decreased production costs offset for increased rent costs.

Total cost of sales for the three months ended March 31, 2017 was $56.6 million, compared to $63.4 million for the three months ended March 31, 2016, a decrease of 10.6%. As a percentage of total sales, cost of sales decreased to 66.5% of total sales for the three months ended March 31, 2017, compared to 69.1% of total sales for the three months ended March 31, 2016. Consequently, gross margin increased to 33.5% for the three months ended March 31, 2017 from 30.9% for the three months ended March 31, 2016.

Selling, General and Administrative Expenses

Our selling expenses consist primarily of local transportation, unloading charges, product inspection charges, salaries for retail staff and decoration and marketing expenses associated with our retail business.

Our general and administrative expenses include administrative salaries, office expense, certain depreciation and amortization charges, repairs and maintenance, legal and professional fees, warehousing costs and other expenses that are not directly attributable to our revenues.

Costs of our distribution network that are excluded from cost of sales consist of local transportation and unloading charges, and product inspection charges. Accordingly our gross profit amounts may not be comparable to those of other companies who include these amounts in cost of sales.

	Three Months Ended March 31,
	2017				2016				Increase
	(In thousands of U.S. dollars, except for percentages)
Gross Profit	$	28,509	33.5	%	$	28,343	30.9	%		0.6	%
Operating Expenses
Selling Expenses		19,745	23.2			20,913	22.8			(5.6	)
General and Administrative Expenses		7,255	8.5			6,949	7.6			4.4
Total Operating Expenses		27,000	31.7			27,862	30.4			(3.1	)
Income from Operations	$	1,509	1.8	%	$	481	0.5	%		213.7	%

Selling expenses decreased 5.6% to $19.7 million for the three months ended March 31, 2017 from $20.9 million for the three months ended March 31, 2016. The decrease was attributable to the decreased store decoration and marketing expenses.

General and administrative expenses increased 4.4% to $7.3 million for the three months ended March 31, 2017 from $6.9 million for the three months ended March 31, 2016. As a percentage of total sales, general and administrative expenses increased to 8.5% of total sales for the three months ended March 31, 2016, compared to 7.6% of total sales for the three months ended March 31, 2016. The increase was mainly attributable to the increased average salaries.

Income from Operations

Income from operations increased 213.7% to $1.5 million for the three months ended March 31, 2017 from $0.5 million for the three months ended March 31, 2016. As a percentage of sales, income from operations accounted for 1.8% of our total sales for the three months ended March 31, 2017, an increase of 1.3% compared to the three months ended March 31, 2016 as a result of increased gross profit and decreased operating expense.

Interest Expense

Interest expense was $0.3 million for the three months ended March 31, 2017, a decrease of 45.3% compared to the same period in 2016. The decrease was due to the decreased bank loans borrowed.

Income Tax Expenses

Income tax expense was $1.2 million and $0.8 million for the three months end March 31, 2017 and 2016, respectively.

Our PRC subsidiaries are governed by the Income Tax Law of the PRC concerning Foreign Investment Enterprises and Foreign Enterprises and various local income tax laws. Each of our consolidated entities files its own separate income tax return.

All PRC subsidiaries, except for He Meida, are subject to the 25% income tax rate.

He Meida incorporated in Xizang (Tibet) Autonomous Region is subject to income tax at the 15% statutory rate. The local government has implemented an income tax reduction from 15% to 9% valid through December 31, 2017.

Perfect Dream Limited was incorporated in the British Virgin Islands (BVI), and under the current laws of BVI dividends and capital gains arising from the Company’s investments in the BVI are not subject to income taxes.

Ever-Glory International Group (HK) Ltd was incorporated in Samoa on September 15, 2009, and has no liabilities for income tax.

Although the Company’s parent entity is a US entity, the Company’s primary operations are through subsidiaries located in China, certain apparel manufacturing is performed outside of China in Southeast Asia, sales are made globally, and the Company has other subsidiary operations in Hong Kong and Samoa. Therefore, the Company uses significant judgment to calculate and provide for income taxes in each of the tax jurisdictions in which it operates. In the ordinary course of the Company’s business, there are transactions and calculations undertaken whose ultimate tax outcome cannot be certain. Some of these uncertainties arise as a consequence of transfer pricing for transactions with the Company’s subsidiaries, potential challenges to nexus, value added estimates, and similar matters. In September 2009, the Company formed its subsidiary, Ever-Glory Hong Kong, domiciled in Samoa, in order to engage in certain limited import and export of apparel, fabric and accessories, as well as to efficiently address currency exchange matters with international transactions. Over the past few years, the operational matters handled by this subsidiary have expanded with respect to sub-contracting of certain manufacturing work outside of China, as well as to other operational matters with non-PRC customers and vendors. Additionally, over this time period, tax guidance, rules and positions taken by the PRC with respect to transfer pricing issues have evolved, and in certain cases, become more standardized. As part of the Company’s on-going process of evaluating our tax positions, the Company considered various factors as they relate to its Samoan subsidiary and as related to intercompany transactions. This evaluation resulted in a change in the Company’s estimate of exposure to potential unfavorable outcomes related to these uncertainties, and the Company recorded a tax liability of approximately $3.2 million as of December 31, 2013 based on the probability for such outcomes.

The Company and the PRC Tax Bureau have agreed that payments on the tax liability $3.2 million will be made by the Company prospectively over two to three years’ period. All $3.2 million was paid off as of December 31, 2016. Beginning January 1, 2014, all net income generated from Ever-Glory HK has been reported as a taxable income at 25% tax rate in PRC.

Ever-Glory International Group Inc. was incorporated in the United States and has incurred net operating losses for income tax purposes through March 31, 2017. The net operating loss carry forwards for the United States income taxes may be available to reduce future years’ taxable income. These carry forwards will expire, if not utilized, through 2035. Management believes that the realization of the benefits from these losses is uncertain due to our limited operating history and continuing losses for the United States income tax purposes. Accordingly, we provided a 100% valuation allowance on the deferred tax asset to reduce the asset to zero.

Net Income (Loss)

Net income (loss) for the three months ended March 31, 2017 and 2016 was $0.8 million and ($0.5) million, respectively. Our basic and diluted earnings (loss) per share were $0.07 and ($0.02) for the three months ended March 31, 2017 and 2016, respectively.

Summary of Cash Flows

Summary cash flows information for the three months ended March 31, 2017 and 2016 is as follows:

	2017			2016
	(In thousands of U.S. dollars)
Net cash provided by operating activities	$	14,920		$	14,807
Net cash used in investing activities	$	(1,204	)	$	(1,633	)
Net cash provided by (used in) financing activities	$	1,016		$	(1,740	)

Net cash provided by operating activities was $14.9 and $14.8 million for the three months ended March 31, 2017 and 2016, respectively. This decrease was mainly due to decreased accounts payable, offset by decreased accounts receivable.

Net cash used in investing activities was $1.2 million and $1.6 million for the three months ended March 31, 2017 and 2016. This increase was mainly due to we purchased property and equipment in the three months ended March 31, 2017 less than the same period of 2016.

Net cash provided by and used in financing activities were $1.0 million and $1.7 million for the three months ended March 31, 2017 and 2016, respectively. During the three months ended March 31, 2017, we received new bank loans of $15.7 million and repaid the bank loans of $12.9 million.

Liquidity and Capital Resources

As of March 31, 2017, we had cash and cash equivalents of $60.1 million, other current assets of $96.3 million and current liabilities of $98.5 million. We presently finance our operations primarily from cash flows from operations and borrowings from banks, and we anticipate that these will continue to be our primary source of funds to finance our short-term cash needs.

Bank Loans

All bank loans are used to fund our daily operations.

DERIVATIVE LIABILITY

At December 31, 2016, the Company had one outstanding forward foreign exchange contract (sell EUR dollars for RMB), with total notional amount of EUR$0.65 million. The fair value of this contract at December 31, 2016 was not significant.

Capital Commitments

We have a continuing program for the purpose of improving our manufacturing facilities and extending our retail stores. We anticipate that cash flows from operations and borrowings from banks will be used to pay for these capital commitments.

Uses of Liquidity

Our cash requirements for the next twelve months will be primarily to fund daily operations and the growth of our business.

Sources of Liquidity

Our primary sources of liquidity for our short-term cash needs are expected to be from cash flows generated from operations, borrowing from banks and cash equivalents currently on hand. We believe that we will be able to borrow additional funds if necessary.

We believe our cash flows from operations together with our cash and cash equivalents currently on hand and our short term borrowing capacity will be sufficient to meet our needs for working capital, capital expenditure and other commitments for the next twelve months. No assurance can be made that additional financing will be available to us if required, and adequate funds may not be available on terms acceptable to us. If funding is insufficient at any time in the future, we will develop or enhance our products or services and expand our business through our own cash flows from operations.

As of March 31, 2017, we had access to approximately $79.9 million in lines of credit, of which approximately $47.7 million was unused and available. These credit facilities do not include any covenants. We have agreed to provide Jiangsu Ever-Glory a counter-guarantee of not less than 70% of the maximum aggregate lines of credit and borrowings guaranteed by Jiangsu Ever-Glory and collateralized by the assets of Jiangsu Ever-Glory and its equity investee, Nanjing Knitting, under agreements executed between the Company, Jiangsu Ever-Glory, Nanjing Knitting, and the banks. The maximum aggregate lines of credit and available borrowings was approximately $52.8 million (RMB 364 million) and approximately $16.0 million (RMB 110 million) was provided to Jiangsu Ever-Glory as the counter guarantee as of March 31, 2017.

Foreign Currency Translation Risk

Our operations are, for the most part, located in the PRC, which may give rise to significant foreign currency risks from fluctuations and the degree of volatility in foreign exchange rates between the United States dollar and the Chinese RMB. Most of our sales are in dollars. During 2003 and 2004, the exchange rate of RMB to the dollar remained constant at 8.26 RMB to the dollar. On July 21, 2005, the Chinese government adjusted the exchange rate from 8.26 to 8.09 RMB to the dollar. From that time, the RMB continued to appreciate against the U.S. dollar. As of March 31, 2017, the market foreign exchange rate had increased to 6.89 RMB to one U.S. dollar. We are continuously negotiating price adjustments with most of our customers based on the daily market foreign exchange rates, which we believe will reduce our exposure to exchange rate fluctuations in the future, and will pass some of the increased cost to our customers.

In addition, the financial statements of Goldenway, New-Tailun, Catch-Luck, Ever-Glory Apparel, Taixin, He Meida, Huirui, Shanghai LA GO GO, Yalan, Shanghai Yiduo, Tianjin LA GO GO and Jiangsu LA GO GO (whose functional currency is RMB) are translated into US dollars using the closing rate method. The balance sheet items are translated into US dollars using the exchange rates at the respective balance sheet dates. The capital and various reserves are translated at historical exchange rates prevailing at the time of the transactions while income and expenses items are translated at the average exchange rate for the period. All translation adjustments are included in accumulated other comprehensive income in the statement of equity. The foreign currency translation gain for the three months ended March 31, 2017 and 2016 was approximately $0.5 million and $0.8 million, respectively.

OFF-BALANCE SHEET ARRANGEMENTS

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our investors.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We do not use derivative financial instruments in our investment portfolio and have no foreign exchange contracts. Our financial instruments consist of cash and cash equivalents, trade accounts receivable, accounts payable, bank loans and long-term obligations. We consider investments in highly-liquid instruments purchased with a remaining maturity of 90 days or less from the date of purchase to be cash equivalents.

Interest Rates: Our exposure to market risk for changes in interest rates relates primarily to our short-term investments and short-term obligations; thus, fluctuations in interest rates would not have a material impact on the fair value of these securities. On March 31, 2017, we had $60.1 million in cash and cash equivalents. A hypothetical 5% increase or decrease in either the short term or long term interest rates would not have any material impact on our earnings or loss, or the fair market value or cash flows of these instruments.

Foreign Exchange Rates: We pay our suppliers and employees in Chinese RMB, however, most of our wholesale customers are located in the U.S., Japan and Europe and we generate sales from them in U.S. Dollars, Euros and British Pounds. Accordingly, our business has substantial exposure to changes in exchange rates between and among the Chinese RMB, the U.S. Dollar, the Euro and the British Pound. In the last decade, the RMB was initially pegged at 8.26 RMB to one U.S. Dollar. On July 21, 2005, it was revalued to 8.09 per U.S. Dollar. Following the removal of the peg to the U.S. Dollar and pressure from the United States, the People’s Bank of China also announced that the RMB would be pegged to a basket of foreign currencies, rather than being strictly tied to the U.S. Dollar, and would be allowed to float trade within a narrow 0.3% daily band against this basket of currencies. The PRC government has stated that the basket is dominated by the U.S. Dollar, Euro, Japanese Yen and South Korean Won, with a smaller proportion made up of the British Pound, Thai Baht, Russian Ruble, Australian Dollar, Canadian Dollar and Singapore Dollar. There can be no assurance that the relationship between the RMB and these currencies will remain stable over time, especially in light of the significant political pressure on the Chinese government to permit the free flotation of the RMB, which could result in greater and more frequent fluctuations in the exchange rate between the RMB, the U.S. Dollar and the Euro. On March 31, 2017, the exchange rate between the RMB and U.S. Dollar was 6.89 RMB to one U.S. Dollar. For additional discussion regarding our foreign currency risk, see the section titled Risk Factors in the Annual Report on Form 10-K for our fiscal year ended December 31, 2016. Fluctuation in the value of Chinese RMB relative to other currencies may have a material adverse effect on our business and/or an investment in our shares.

ITEM 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Securities Exchange Act of 1934, as amended ( the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures. As of March 31, 2017, the end of the fiscal quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and our chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not operating effectively as of March 31, 2017. Our disclosure controls and procedures were not effective because of certain “material weaknesses” described in the “Management’s Annual Report on Internal Control over Financial Reporting” section in Item 9 of our annual report for fiscal year ended December 31, 2016. As of March 31, 2017, we had not completed the remediation of these material weaknesses.

Limitations on the Effectiveness of Disclosure Controls. Readers are cautioned that our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. An internal control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any control design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

Our management has worked, and will continue to work to improve our internal controls over financial reporting. During the three months ended March 31, 2017, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

We know of no pending legal proceedings to which we are a party which is material or potentially material, either individually or in the aggregate. We are from time to time, during the normal course of our business operations, subject to various litigation claims and legal disputes. We do not believe that the ultimate disposition of any of these matters will have a material adverse effect on our financial position, results of operations or liquidity.

ITEM 1A.

RISK FACTORS

There has been no material change in the information provided in Item 1A of Form 10-K Annual Report for the year ended December 31, 2016 filed with the SEC on March 30, 2017.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.

MINE SAFETY DISCLOSURE

Not applicable.

ITEM 5.

OTHER INFORMATION

None.

ITEM 6.

EXHIBITS

The following exhibits are filed herewith:

Exhibit No.		Description

31.1		Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certifications pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

May 12, 2017	EVER-GLORY INTERNATIONAL GROUP, INC.

	By:	/s/ Edward Yihua Kang
		Edward Yihua Kang
		Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ Jiansong Wang
		Jiansong Wang
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-31.1 2 f10q0317ex31i_evergloryinter.htm CERTIFICATION

EXHIBIT 31.1

I, Edward Yihua Kang, certify that:

	1.	I have reviewed this quarterly report on Form 10-Q for the period ended March 31, 2017 of Ever-Glory International Group, Inc.;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 12, 2017

/s/ Edward Yihua Kang

Edward Yihua Kang

Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 f10q0317ex31ii_evergloryinte.htm CERTIFICATION

EXHIBIT 31.2

I, Jiansong Wang, certify that:

	1.	I have reviewed this quarterly report on Form 10-Q for the period ended March 31, 2017 of Ever-Glory International Group, Inc.;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 12, 2017

/s/ Jiansong Wang

Jiansong Wang

Chief Finance Officer

(Principal Financial Officer)

EX-32.1 4 f10q0317ex32i_evergloryinte.htm CERTIFICATION

EXHIBIT 32.1

Certification Pursuant To

Section 906 of Sarbanes-Oxley Act of 2002

I, Edward Yihua Kang, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

	1.	The Quarterly report on Form 10-Q of the Company for the fiscal quarter ended March 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (U.S.C. 78m or 78o(d)); and

	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 12, 2017

/s/ Edward Yihua Kang

Edward Yihua Kang

Chief Executive Officer

(Principal Executive Officer)

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of a separate disclosure document.

EX-32.2 5 f10q0317ex32ii_evergloryinte.htm CERTIFICATION

EXHIBIT 32.2

Certification Pursuant To

Section 906 of Sarbanes-Oxley Act of 2002

I, Jiansong Wang, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

	1.	The Quarterly report on Form 10-Q of the Company for the fiscal quarter ended March 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (U.S.C. 78m or 78o(d)); and

	2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 12, 2017

/s/ Jiansong Wang

Jiansong Wang

Chief Finance Officer

(Principal Financial Officer)

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<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">NOTE 2 SIGNIFICANT ACCOUNTING POLICIES <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Revenue Recognition <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">We recognize wholesale revenue from product sales, net of value-added taxes, upon delivery for local sales and upon shipment of the products for export sales, at such time title passes to the customer provided however that (i) there are no uncertainties regarding customer acceptance (ii) persuasive evidence of an arrangement exists (iii) the sales price is fixed and determinable, and (iv) collectability is deemed probable. We recognize wholesale revenue from manufacturing fees charged to buyers for the assembly of garments from materials provided by the buyers upon completion of the manufacturing process and shipment of the products for export sales, provided that (i) there are no uncertainties regarding customer acceptance (ii) persuasive evidence of an arrangement exists (iii) the sales price is fixed and determinable, and (iv) collectability is deemed probable. Retail sales are recorded net of promotional discounts, rebates, and return allowances. Retail store sales are recognized at the time of the register receipt. Retail online sales are recognized when products are shipped and customers receive the products because we retain a portion of the risk of loss on these sales during transit. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Financial Instruments <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Management has estimated that the carrying amounts of non-related party financial instruments approximate their fair values due to their short-term maturities. The fair value of amounts due from (to) related parties is not practicable to estimate due to the related party nature of the underlying transactions. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Accounts Receivable <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated risks by performing credit checks and actively pursuing past due accounts.  An allowance for doubtful accounts is established and recorded based on management’s assessment of the credit history of its customers and current relationships with them. The Company writes off accounts receivable when amounts are deemed uncollectible. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Fair Value Accounting <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Accounting Standards Codification (“ASC”) 820 “Fair Value Measurements and Disclosures”, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; text-align: justify; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; text-align: justify; vertical-align: top; font-stretch: normal;">Level 1</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: justify; font-stretch: normal;">Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; text-align: justify; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; width: 48px; text-align: justify; vertical-align: top; font-stretch: normal;">Level 2</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: justify; font-stretch: normal;">Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;</td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: justify; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: justify; vertical-align: bottom; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: justify; font-stretch: normal;"> </td> </tr> <tr style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: justify; font-stretch: normal;"> </td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: justify; vertical-align: top; font-stretch: normal;">Level 3</td> <td style="font: 10pt/normal 'times new roman', times, serif; text-align: justify; font-stretch: normal;">Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).</td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">At March 31, 2017, the Company’s financial assets (all Level 1) consist of cash placed with financial institutions that management considers to be of a high quality. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">As of December 31, 2016, the Company has a derivative liability subject to recurring fair value measurement (Level 3) with the change in fair value recognized in earnings (Note 5). <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Foreign Currency Translation and Other Comprehensive Income <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The reporting currency of the Company is the U.S. dollar. The functional currency of Ever-Glory, Perfect Dream and Ever-Glory HK is the U.S. dollar. The functional currency of Goldenway, New Tailun, Catch-luck, Ever-Glory Apparel, Shanghai LA GO GO, Jiangsu LA GO GO, Tianjin LA GO GO, Shanghai Yiduo, Ya Lan, He Meida, Huirui and Taixin is the Chinese RMB. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">For subsidiaries whose functional currency is the RMB, all assets and liabilities were translated at the exchange rate at the balance sheet date; equity was translated at historical rates and items in the statement of comprehensive income were translated at the average rate for the period. Translation adjustments resulting from this process are included in accumulated other comprehensive income. The resulting translation gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Items in the cash flow statement are translated at the average exchange rate for the period.  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Recently Issued Accounting Pronouncements <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which supersedes the revenue recognition in Revenue Recognition (Topic 605), and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This new standard is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively, with early adoption now permitted to the original effective date of December 15, 2016. The Company is currently evaluating this new standard and the potential impact this standard may have upon adoption.  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations. The amendments are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. The effective date for this ASU is the same as the effective date for ASU 2014-09, Revenue from Contracts with Customers. The Company is currently assessing the potential impact of this ASU on its consolidated financial statements. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In February 2016, the FASB issued ASU No. 2016-02, Leases. Under the new guidance, lessees will be required to recognize a lease liability and a right-of-use asset for all leases (with the exception of short-term leases) at the commencement date. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2018. The Company is currently assessing the impact of this ASU on its consolidated financial statements. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In June 2016, the FASB issued ASU No. 2016-13 "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" which modifies the measurement of expected credit losses of certain financial instruments. This ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2019. The Company is currently assessing the impact of this ASU on its consolidated financial statements. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have a significant impact on the Company’s consolidated financial statements. </div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 6 INCOME TAX<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company’s operating subsidiaries are governed by the Income Tax Law of the PRC concerning Foreign Investment Enterprises and Foreign Enterprises and various local income tax laws (“the Income Tax Laws”).<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">All PRC subsidiaries, except for He Meida, are subject to income tax at the 25% statutory rate.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">He Meida incorporated in Xizang (Tibet) Autonomous Region is subject to income tax at 15% statutory rate. The local government has implemented an income tax reduction from 15% to 9% valid through December 31, 2017.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Perfect Dream was incorporated in the British Virgin Islands (BVI), and under the current laws of the BVI dividends and capital gains arising from the Company’s investments in the BVI are not subject to income taxes.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Ever-Glory HK was incorporated in Samoa, and under the current laws of Samoa has no liabilities for income taxes.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Although the Company’s parent entity is a US entity, the Company’s primary operations are through subsidiaries located in China, certain apparel manufacturing is performed outside of China in Southeast Asia, and sales are made globally. Therefore, the Company uses significant judgment to calculate and provide for income taxes in each of the tax jurisdictions in which it operates. In the ordinary course of the Company’s business, there are transactions and calculations undertaken whose ultimate tax outcome cannot be certain. Some of these uncertainties arise as a consequence of transfer pricing for transactions with the Company’s subsidiaries, potential challenges to nexus, value added estimates, and similar matters. In September 2009, the Company formed its subsidiary, Ever-Glory HK, domiciled in Samoa, in order to engage in certain limited import and export of apparel, fabric and accessories, as well as to efficiently address currency exchange matters with international transactions. Over the past few years, the operational matters handled by this subsidiary have expanded with respect to sub-contracting of certain manufacturing work outside of China, as well as to other operational matters with non-PRC customers and vendors. Additionally, over this time period, tax guidance, rules and positions taken by the PRC with respect to transfer pricing issues have evolved, and in certain cases, become more standardized. As part of the Company’s on-going process of evaluating our tax positions, the Company considered various factors as they relate to its Samoan subsidiary and as related to intercompany transactions. This evaluation resulted in a change in the Company’s estimate of exposure to potential unfavorable outcomes related to these uncertainties, and the Company recorded a tax liability of approximately $3.2 million as of December 31, 2013 based on the probability for such outcomes.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company and the PRC Tax Bureau have agreed that payments on the tax liability $3.2 million should be made by the Company prospectively over the next two to three years’ period. All $3.2 million was paid off as of December 31, 2016. Beginning January 1, 2014, all net income generated from Ever-Glory HK has been reported as a taxable income at 25% tax rate in PRC.  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The PRC’s Enterprise Income Tax Law imposes a 10% withholding income tax for dividends distributed by a foreign invested enterprise in PRC to its immediate holding company outside China; such distributions were exempted under the previous income tax law and regulations. A lower withholding tax rate will be applied if there is a tax treaty arrangement between mainland China and the jurisdiction of the foreign holding company. The foreign invested enterprise became subject to the withholding tax starting from January 1, 2008. Given that the undistributed profits of the Company's subsidiaries in China are intended to be retained in China for business development and expansion purposes, no withholding tax accrual has been made. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">After the tax liability adjustment resulted from the reevaluation of the Company’s tax position (resulting in the company allocating substantially all of the earnings of the Samoan subsidiary to the PRC and reporting such earnings as taxable in the PRC), pre-tax income for the three months ended March 31, 2017 and 2016 was taxable in the following jurisdictions:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of  U.S. Dollars)</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; width: 1191px; text-indent: 0pt;">PRC</td><td style="padding: 0pt; width: 16px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 16px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 142px; text-align: right; text-indent: 0pt;">2,019</td><td style="padding: 0pt; width: 16px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 15px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 15px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 141px; text-align: right; text-indent: 0pt;">335</td><td style="padding: 0pt; width: 15px; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt;">BVI</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">-</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">2</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-indent: 0pt;">Others</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(3</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;">)</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(2</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,016</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">335</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three months ended March 31, 2017 and 2016:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; width: 1191px; text-align: left; text-indent: 0pt;">PRC statutory rate</td><td style="padding: 0pt; width: 16px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 16px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 142px; text-align: right; text-indent: 0pt;">25.0</td><td style="padding: 0pt; width: 16px; text-align: left; text-indent: 0pt;">%</td><td style="padding: 0pt; width: 15px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 15px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 141px; text-align: right; text-indent: 0pt;">25.0</td><td style="padding: 0pt; width: 15px; text-align: left; text-indent: 0pt;">%</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Preferential tax treatment</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">-</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">(0.1</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Effect of foreign income tax rates</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">-</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">0.1</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Net operating losses for which no deferred tax assets was recognized</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">35.4</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">224.6</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-indent: 0pt;">Other</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Effective income tax rate</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">60.4</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;">%</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">249.6</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;">%</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Income tax expense for the three months ended March 31, 2017 and 2016 is as follows:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of  U.S. Dollars)</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; width: 1191px; text-indent: 0pt;">Current</td><td style="padding: 0pt; width: 16px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 16px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 142px; text-align: right; text-indent: 0pt;">2,371</td><td style="padding: 0pt; width: 16px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 15px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 15px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 141px; text-align: right; text-indent: 0pt;">1,104</td><td style="padding: 0pt; width: 15px; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt;">Deferred</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1,154</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;">)</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(269</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Income tax expense</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,217</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">835</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The Company has not recorded U.S. deferred income taxes on approximately $84.4 million of its non-U.S. subsidiaries’ undistributed earnings because such amounts are intended to be reinvested outside the United States indefinitely. If these earnings were repatriated to the United States, the Company would be required to accrue and pay U.S. federal income taxes and foreign withholding taxes, as adjusted for foreign tax credits. Determination of the amount of any unrecognized deferred income tax liability on these earnings is not practicable.</div>

<div> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">NOTE 9 RELATED PARTY TRANSACTIONS <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Mr. Kang is the Company’s Chairman and Chief Executive Officer. Ever-Glory Enterprises (HK) Ltd. (Ever-Glory Enterprises) is the Company’s major shareholder. Mr. Xiaodong Yan was Ever-Glory Enterprises’ sole shareholder and sole director. Mr. Huake Kang, Mr. Kang’s son, acquired 83% interest of Ever-Glory Enterprises and became its sole director in 2014. All transactions associated with the following companies controlled by Mr. Kang or his son are considered to be related party transactions, and it is possible that the terms of these transactions may not be the same as those that would result from transactions between unrelated parties. All related party outstanding balances are short-term in nature and are expected to be settled in cash. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Other income from Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">JiangsuWubijia Trading Company Limited (“Wubijia”) is an entity engaged in high-grade home goods sales and is controlled by Mr. Kang. Wubijia has sold their home goods on consignment in certain Company’s retail stores since the third quarter of 2014. During the three months ended March 31, 2017 and 2016, the Company received $11,565 and $6,535 from the customers and paid $8,954 and $4,610 to Wubijia through the consignment, respectively. The net profit of $2,611 and $1,925 was recorded as other income during the three months ended March 31, 2017 and 2016, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Nanjing Knitting Company Limited (“Nanjing Knitting”) is an entity engaged in knitted fabric products and knitting underwear sales and is controlled by Mr. Kang. Nanjing Knitting has sold their knitting underwear on consignment in some Company’s retail stores since the third quarter of 2015. During the three months ended March 31, 2017 and 2016, the Company received $5,381 and $30,383 from the customers and paid $8,959 and $24,956 to Nanjing Knitting through the consignment, respectively. The net loss of ($3,576) and net profit of $5,427 was recorded as other income during the three months ended March 31, 2017 and 2016. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Included in other income for the three months ended March 31, 2016 is rent income from EsC’Lav, the entity controlled by Mr. Kang under operating lease agreement with term through 2016. The rent income is $15,786 for the three months ended March 31, 2016. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Other expenses due to Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Included in other expenses for the three months ended March 31, 2017 and 2016 are rent costs due to entities controlled by Mr. Kang under operating lease agreements as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> <td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> <td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> <td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of  U.S. Dollars)</td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0pt; width: 1191px; text-align: left; text-indent: 0pt;">Jiangsu Ever-Glory</td> <td style="padding: 0pt; width: 16px; text-indent: 0pt;"> </td> <td style="padding: 0pt; width: 16px; text-align: left; text-indent: 0pt;">$</td> <td style="padding: 0pt; width: 142px; text-align: right; text-indent: 0pt;">11</td> <td style="padding: 0pt; width: 16px; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; width: 15px; text-indent: 0pt;"> </td> <td style="padding: 0pt; width: 15px; text-align: left; text-indent: 0pt;">$</td> <td style="padding: 0pt; width: 141px; text-align: right; text-indent: 0pt;">12</td> <td style="padding: 0pt; width: 15px; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding: 0pt; text-align: left; text-indent: 0pt;">Chuzhou Huarui</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">52</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">57</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0pt; text-align: left; text-indent: 0pt;">Kunshan Enjin</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">11</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">11</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding: 0pt; text-indent: 0pt;">Total</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">74</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">80</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company leases Jiangsu Ever-Glory's factory as the factory is in a location where there is a good supply of experienced workers. The Company leases Chuzhou Huarui and Kunshan Enjin's warehouse spaces because the locations are convenient for transportation and distribution. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Purchases from and Sub-contracts with Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company purchased raw materials from Nanjing Knitting totaling $0.16 million and $0.20 million during the three months ended March 31, 2017 and 2016, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In addition, the Company sub-contracted certain manufacturing work to related companies totaling $3.4 million and $6.4 million for the three months ended March 31, 2017 and 2016, respectively. The Company provided raw materials to the sub-contractors and charged a fixed fee for labor provided by the sub-contractors. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Sub-contracts with related parties included in cost of sales for the three months ended March 31, 2017 and 2016 are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> <td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> <td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> <td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of  U.S. Dollars)</td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0pt; width: 1191px; text-align: left; text-indent: 0pt;">Ever-Glory Vietnam</td> <td style="padding: 0pt; width: 16px; text-indent: 0pt;"> </td> <td style="padding: 0pt; width: 16px; text-align: left; text-indent: 0pt;">$</td> <td style="padding: 0pt; width: 142px; text-align: right; text-indent: 0pt;">1,422</td> <td style="padding: 0pt; width: 16px; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; width: 15px; text-indent: 0pt;"> </td> <td style="padding: 0pt; width: 15px; text-align: left; text-indent: 0pt;">$</td> <td style="padding: 0pt; width: 141px; text-align: right; text-indent: 0pt;">2,039</td> <td style="padding: 0pt; width: 15px; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding: 0pt; text-align: left; text-indent: 0pt;">Chuzhou Huarui</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">1,010</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">2,324</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0pt; text-align: left; text-indent: 0pt;">Fengyang Huarui</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">464</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">203</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding: 0pt; text-align: left; text-indent: 0pt;">Ever-Glory Cambodia</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">36</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">1,338</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0pt; text-align: left; text-indent: 0pt;">Nanjing Ever-Kyowa</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">445</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">473</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding: 0pt; text-indent: 0pt;">EsC'eLav</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">4</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">-</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0pt; text-align: left; text-indent: 0pt;">Jiangsu Ever-Glory</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">51</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding: 0pt; text-indent: 0pt;">Total</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,384</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">6,428</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Accounts Payable – Related Parties <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The accounts payable to related parties at March 31, 2017 and December 31, 2016 are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="padding: 0pt; text-align: center; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> <td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> <td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="padding: 0pt; text-align: center; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> <td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of  U.S. Dollars)</td> <td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0pt; width: 1191px; text-align: left; text-indent: 0pt;">Ever-Glory Vietnam</td> <td style="padding: 0pt; width: 16px; text-indent: 0pt;"> </td> <td style="padding: 0pt; width: 16px; text-align: left; text-indent: 0pt;">$</td> <td style="padding: 0pt; width: 142px; text-align: right; text-indent: 0pt;">583</td> <td style="padding: 0pt; width: 16px; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; width: 15px; text-indent: 0pt;"> </td> <td style="padding: 0pt; width: 15px; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; width: 141px; text-align: right; text-indent: 0pt;">1,938</td> <td style="padding: 0pt; width: 15px; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding: 0pt; text-align: left; text-indent: 0pt;">Fengyang Huarui</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">617</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">709</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0pt; text-align: left; text-indent: 0pt;">Nanjing Ever-Kyowa</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">714</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">785</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding: 0pt; text-align: left; text-indent: 0pt;">Chuzhou Huarui</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">582</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">643</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0pt; text-align: left; text-indent: 0pt;">Nanjing Knitting</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">27</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt;">-</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding: 0pt; text-align: left; text-indent: 0pt;">Ever-Glory Cambodia</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">18</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">262</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="padding: 0pt 0pt 0pt 0.125in; text-indent: 0pt;">Total</td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,541</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-indent: 0pt;"> </td> <td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,337</td> <td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Amounts Due From Related Parties-current assets <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The amounts due from related parties at March 31, 2017 and December 31, 2016 are as follows: <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of  U.S. Dollars)</td> <td style="font-weight: bold;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td style="width: 1191px; text-align: left;">Jiangsu Ever-Glory</td> <td style="width: 16px;"> </td> <td style="width: 16px; text-align: left;">$</td> <td style="width: 142px; text-align: right;">510</td> <td style="width: 16px; text-align: left;"> </td> <td style="width: 15px;"> </td> <td style="width: 15px; text-align: left;">$</td> <td style="width: 141px; text-align: right;">403</td> <td style="width: 15px; text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="text-align: left;">Nanjing Knitting</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">9</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: #cceeff;"> <td>EsC'eLav</td> <td> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">53</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">74</td> <td style="text-align: left;"> </td> </tr> <tr style="vertical-align: bottom; background-color: white;"> <td style="padding-left: 10pt;">Total</td> <td> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">563</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td> <td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">486</td> <td style="text-align: left;"> </td> </tr> </table> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Jiangsu Ever-Glory is an entity engaged in importing/exporting, apparel-manufacture, real-estate development, car sales and other activities. Jiangsu Ever-Glory is controlled by Mr. Kang. During three months ended March 31, 2017 and 2016, the Company and Jiangsu Ever-Glory purchased raw materials on behalf of each other in order to obtain cheaper purchase prices.  The Company purchased raw materials on Jiangsu Ever-Glory’s behalf and sold to Jiangsu Ever-Glory at cost for $0.7 million and $0.8 million during the three month period ended March 31, 2017 and 2016, respectively.  Jiangsu Ever-Glory purchased raw materials on the Company’s behalf and sold to the Company at cost for $0 and $26,922 during the three months ended March 31, 2017 and 2016, respectively.   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">   <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Amounts Due From Related Party under Counter Guarantee Agreement <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In March 2012, in consideration of the guarantees and collateral provided by Jiangsu Ever-Glory and Nanjing Knitting, the Company agreed to provide Jiangsu Ever-Glory a counter guarantee in the form of cash of not less than 70% of the maximum aggregate lines of credit obtained by the Company. Jiangsu Ever-Glory is obligated to return the full amount of the counter-guarantee funds provided upon expiration or termination of the underlying lines of credit and is to pay annual interest at the rate of 6.0% of amounts provided. As of March 31, 2017 and December 31, 2016, Jiangsu Ever-Glory has provided guarantees for approximately $52.8 million (RMB 364 million) and $52.4 million (RMB 364.0 million) of lines of credit obtained by the Company, respectively. Jiangsu Ever-Glory and Nanjing Knitting have also provided their assets as collateral for certain of these lines of credit. The value of the collateral, as per appraisals obtained by the banks in connection with these lines of credit is approximately $29.8 million (RMB 205.5 million) and $29.6 million (RMB 205.5 million) as of March 31, 2017 and December 31, 2016, respectively. Mr. Kang has also provided a personal guarantee for $30.3 million (RMB 209.0 million) and $30.1 million (RMB 209.0 million) as of March 31, 2017 and December 31, 2016, respectively. <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">At December 31, 2016, $14.1 million (RMB 98.2 million) was outstanding due from Jiangsu Ever-Glory under the counter guarantee agreement. During the three months ended March 31, 2017, an additional $1.7 million (RMB 12.0 million) was provided to Jiangsu Ever-Glory under the counter-guarantee. As of March 31, 2017, the amount of the counter-guarantee was $16.0 million (RMB 110 million) (the difference represents currency exchange adjustment of $0.2 million), which was 30.3% of the aggregate amount of lines of credit. This amount plus accrued interest of $1.9 million have been classified as a reduction of equity, consistent with the guidance of SEC Staff Accounting Bulletins 4E and 4G. At March 31, 2017 and December 31, 2016, the amount classified as a reduction of equity was $17.9 million and $15.9 million, respectively. Interest of 0.5% is charged on net amounts due from Jiangsu Ever-Glory at each month end. Since April 1, 2015, interest rate has changed to 0.41% as the bank benchmark interest rate decreased. Interest income for the three months ended March 31, 2017 and 2016 was approximately $0.1 million and $0.2 million, respectively. </div>

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">NOTE 11 SEGMENTS<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company reports financial and operating information in the following two segments:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(a)  Wholesale segment<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">  <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(b)  Retail segment<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company also provides general corporate services to its segments and these costs are reported as "corporate and others”:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; color: #000000; text-transform: none; text-indent: 36pt; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Wholesale segment</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Retail segment</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">(In thousands of U.S. Dollars)</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;">March 31, 2017</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt;" colspan="10"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;">Segment profit or loss:</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;" colspan="2"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;" colspan="2"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;" colspan="2"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; width: 910.9px; text-align: left; text-indent: 0pt;">Net revenue from external customers</td><td style="padding: 0pt; width: 14.54px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; width: 128.18px; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">28,305</td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 14.54px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; width: 128.18px; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">56,815</td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 13.63px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 13.63px; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; width: 127.27px; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">85,120</td><td style="padding: 0pt; width: 13.63px; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Income from operations</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,751</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(242</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;">)</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,509</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Interest income</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">236</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">21</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">257</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Interest expense</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">245</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">82</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">327</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Depreciation and amortization</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">267</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,974</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,241</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Income tax expense</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">464</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">753</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,217</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;">March 31, 2016</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt; font-weight: bold;">Segment profit or loss:</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Net revenue from external customers</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">32,550</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">59,143</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">91,693</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Income from operations</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,805</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> 　(1,324</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">　　481</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Interest income</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">371</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> 　13</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">　　384</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Interest expense</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">489</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> 　108</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">　　597</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Depreciation and amortization</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">254</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> 　1,504</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">　　1,758</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Income tax expense</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">427</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> 　408</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">　　835</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr></table></div>

<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1250.4px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">March 31,  2017</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31,  2016</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of  U.S. Dollars)</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; width: 950.4px; text-align: left; text-indent: 0pt;">Raw materials</td><td style="padding: 0pt; width: 12.8px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 12.8px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 112.8px; text-align: right; text-indent: 0pt;">3,411</td><td style="padding: 0pt; width: 12.8px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 12.8px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 12px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 112px; text-align: right; text-indent: 0pt;">2,523</td><td style="padding: 0pt; width: 12px; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt;">Work-in-progress</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">11,211</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">9,363</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Finished goods</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">37,505</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">46,285</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">52,127</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">58,171</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Less: allowance for obsolete inventories</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(11,780</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;">)</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(8,541</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt 0pt 0pt 10pt; text-align: left; text-indent: 0pt;">Total inventories</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">40,347</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">49,630</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr></table></div>

<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1250.4px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">March 31, 2017</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">December 31, 2016</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">Bank</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of  U.S. Dollars)</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; width: 950.4px; text-align: left; text-indent: 0pt;">Industrial and Commercial Bank of China</td><td style="padding: 0pt; width: 12.8px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 12.8px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 112.8px; text-align: right; text-indent: 0pt;">17,122</td><td style="padding: 0pt; width: 12.8px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 12.8px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 12px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 112px; text-align: right; text-indent: 0pt;">11,232</td><td style="padding: 0pt; width: 12px; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Nanjing Bank</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">2,902</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">9,360</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-indent: 0pt;">Bank of Communications</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">2,902</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">2,880</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">China Minsheng Bank</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">2,902</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">2,880</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">China Everbright Bank</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">2,902</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">2,880</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt;">Bank of China</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">2,176</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">-</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">China Citic Bank</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">1,306</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">32,212</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">29,232</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr></table></div>

<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of  U.S. Dollars)</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; width: 1081.81px; text-align: left; text-indent: 0pt;">Jiangsu Ever-Glory</td><td style="padding: 0pt; width: 14.54px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 128.18px; text-align: right; text-indent: 0pt;">11</td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 14.54px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 13.63px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 127.27px; text-align: right; text-indent: 0pt;">12</td><td style="padding: 0pt; width: 13.63px; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Chuzhou Huarui</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">52</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">57</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Kunshan Enjin</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">11</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">11</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt;">Total</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">74</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">80</td></tr></table></div> <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of  U.S. Dollars)</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; width: 1081.81px; text-align: left; text-indent: 0pt;">Ever-Glory Vietnam</td><td style="padding: 0pt; width: 14.54px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 128.18px; text-align: right; text-indent: 0pt;">1,422</td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 14.54px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 13.63px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 127.27px; text-align: right; text-indent: 0pt;">2,039</td><td style="padding: 0pt; width: 13.63px; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Chuzhou Huarui</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">1,010</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">2,324</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Fengyang Huarui</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">464</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">203</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Ever-Glory Cambodia</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">36</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">1,338</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Nanjing Ever-Kyowa</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">445</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">473</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt;">EsC'eLav</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">4</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">-</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Jiangsu Ever-Glory</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">3</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">51</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt;">Total</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">3,384</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">6,428</td></tr></table></div> <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-align: center; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-align: center; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of  U.S. Dollars)</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; width: 1081.81px; text-align: left; text-indent: 0pt;">Ever-Glory Vietnam</td><td style="padding: 0pt; width: 14.54px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt;">$</td><td style="padding: 0pt; width: 128.18px; text-align: right; text-indent: 0pt;">583</td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 14.54px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 13.63px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 127.27px; text-align: right; text-indent: 0pt;">1,938</td><td style="padding: 0pt; width: 13.63px; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Fengyang Huarui</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">617</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">709</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Nanjing Ever-Kyowa</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">714</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">785</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Chuzhou Huarui</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">582</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">643</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Nanjing Knitting</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">27</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;">-</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Ever-Glory Cambodia</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">18</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">262</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt 0pt 0pt 0.125in; text-indent: 0pt;">Total</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,541</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">4,337</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr></table></div> <div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2017</td><td style="font-weight: bold;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">2016</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="6">(In thousands of  U.S. Dollars)</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 1081.81px; text-align: left;">Jiangsu Ever-Glory</td><td style="width: 14.54px;"> </td><td style="width: 14.54px; text-align: left;">$</td><td style="width: 128.18px; text-align: right;">510</td><td style="width: 14.54px; text-align: left;"> </td><td style="width: 14.54px;"> </td><td style="width: 13.63px; text-align: left;">$</td><td style="width: 127.27px; text-align: right;">403</td><td style="width: 13.63px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Nanjing Knitting</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">9</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td>EsC'eLav</td><td> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">53</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">74</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding-left: 10pt;">Total</td><td> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">563</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">486</td></tr></table></div>

<div><table style="font: 10pt/normal 'times new roman', times, serif; width: 1422.72px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Wholesale segment</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Retail segment</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="10">(In thousands of U.S. Dollars)</td><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;">March 31, 2017</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: center; text-indent: 0pt;" colspan="10"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom;"><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;">Segment profit or loss:</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;" colspan="2"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;" colspan="2"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;" colspan="2"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; width: 910.9px; text-align: left; text-indent: 0pt;">Net revenue from external customers</td><td style="padding: 0pt; width: 14.54px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; width: 128.18px; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">28,305</td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 14.54px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; width: 128.18px; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">56,815</td><td style="padding: 0pt; width: 14.54px; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 13.63px; text-indent: 0pt;"> </td><td style="padding: 0pt; width: 13.63px; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; width: 127.27px; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">85,120</td><td style="padding: 0pt; width: 13.63px; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Income from operations</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,751</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(242</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;">)</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,509</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Interest income</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">236</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">21</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">257</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Interest expense</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">245</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">82</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">327</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Depreciation and amortization</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">267</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,974</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">2,241</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Income tax expense</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">464</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">753</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,217</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-indent: 0pt; font-weight: bold;">March 31, 2016</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt; font-weight: bold;">Segment profit or loss:</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Net revenue from external customers</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">32,550</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">59,143</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">91,693</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Income from operations</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">1,805</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> 　(1,324</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">　　481</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Interest income</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">371</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> 　13</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">　　384</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Interest expense</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">489</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> 　108</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">　　597</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Depreciation and amortization</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">254</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> 　1,504</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">　　1,758</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="padding: 0pt; text-align: left; text-indent: 0pt;">Income tax expense</td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">427</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> 　408</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td><td style="padding: 0pt; text-indent: 0pt;"> </td><td style="padding: 0pt; text-align: left; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="padding: 0pt; text-align: right; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">　　835</td><td style="padding: 0pt; text-align: left; text-indent: 0pt;"> </td></tr></table></div>

2523000

3411000

9363000

11211000

46285000

37505000

58171000

52127000

8541000

11780000

29232000

9360000

11232000

2880000

32212000

2902000

17122000

2902000

2176000

1306000

8700000

60000000

4800000

33000000

5200000

36000000

12600000

17400000

120000000

7300000

50000000

8700000

60000000

5800000

40000000

3600000

25000000

2900000

20000000

5800000

40000000

2900000

20000000

1300000

9000000

11300000

78000000

2900000

20000000

2900000

20000000

2200000

15000000

2900000

20000000

2900000

20000000

2900000

1900000

3900000

12600000

6100000

7300000

5800000

2900000

1400000

2900000

20000000

0.046

0.055

0.048

0.046

0.0500

0.046

0.044

0.046

0.048

0.049

0.028

0.030

December 2017 to January 2018

June to August 2017

December 2017

April to December 2017

July to August 2017

May to November 2017

July 2017

December 2017

650000

0.250

0.15

0.250

0.25

-0.001

0.001

2.246 0.354

2.496

0.604

1104000

2371000

0.09

0.15

2017-12-31

3200000

0.10

84400000

2072

2542

2354

2.43

1.96

2.14

Five days before the grant date. Five days before the grant date. Five days before the grant date.

80000

12000

11000

57000

74000

11000

52000

6428000

51000

473000

2039000

1338000

6400000

2324000

203000

3384000

3000

4000

445000

1422000

36000

3400000

1010000

464000

0.83

30383000

6535000

5381000

11565000

24956000

4610000

8959000

8954000

15786000

800000

200000

700000

160000

26922000

0.70

0.060

52400000 364000000 30100000 209000000 52800000 364000000 30300000 209000000

29600000

205500000

29800000

205500000

14100000 98200000 1700000 12000000 16000000 110000000

200000

0.303 1900000 15900000 17900000

0.005

0.0041

200000

100000

91693000

32550000

59143000

32550000

59143000

1453000

5454000

4813000

3444000

2588000

8293000

6505000

85120000

28305000

56815000

28305000

56815000

2892000

5749000

1445000

2918000

3288000

6591000

5422000

4100000

3900000

0.11

0.10

0.18

0.13

0.16

0.11

0.12

0.10

0.12

0.27

0.11

0.16

1 2 2 3 3 3 1 1 2 2

597000

489000

108000

327000

245000

82000

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Information [Abstract] Document and Entity Information [Abstract] Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Trading Symbol Amendment Flag Amendment Flag Current Fiscal Year End Date Current Fiscal Year End Date Document Type Document Type Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Entity Filer Category Entity Filer Category Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Statement of Financial Position [Abstract] Statement of Financial Position [Abstract] Assets [Abstract] Total assets: ASSETS Assets, Current [Abstract] CURRENT ASSETS Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value, Total CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD Accounts Receivable, Net, Current Accounts receivable Accounts Receivable, Net, Current, Total Inventory, Net Inventories Total inventories Value Added Tax Receivable, Current Value added tax receivable Prepaid Expense and Other Assets, Current Other receivables and prepaid expenses Prepaid Expense and Other Assets, Current, Total Advances On Inventory Purchases Advances on inventory purchases Due From Related Parties, Current Amounts due from related party, Total Amounts due from related parties Due from Related Parties, Current, Total Total Assets, Current Total Current Assets Total Current Assets Finite-Lived Intangible Assets, Net INTANGIBLE ASSETS Land use rights, net Intangible assets Property, Plant and Equipment, Net PROPERTY AND EQUIPMENT, NET Property and equipment, net Property, Plant and Equipment, Net, Beginning Balance Property, Plant and Equipment, Net, Ending Balance Total Assets Total Consolidated assets TOTAL ASSETS Liabilities and Equity [Abstract] LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities, Current [Abstract] CURRENT LIABILITIES Short-Term Bank Loans and Notes Payable Bank loans Accounts Payable, Current Accounts payable Accounts Payable, Current, Total Accounts Payable, Related Parties, Current Total Accounts payable and other payables - related parties Accounts Payable and Other Accrued Liabilities, Current Other payables and accrued liabilities Accrual For Taxes Other Than Income Taxes, Current Value added and other taxes payable Taxes Payable, Current Income tax payable Liabilities, Current Total Current Liabilities Total Current Liabilities Liabilities, Noncurrent [Abstract] NONCURRENT LIABILITIES Deferred Tax Liabilities, Net, Noncurrent Deferred tax liabilities Liabilities TOTAL LIABILITIES TOTAL LIABILITIES Commitments and Contingencies COMMITMENTS AND CONTINGENCIES Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] STOCKHOLDERS' EQUITY Stockholders Equity Attributable To Parent [Abstract] Stockholders' equity: Preferred Stock, Value, Issued Preferred stock ($.001 par value, authorized 5,000,000 shares, no shares issued and outstanding) Preferred Stock, Value, Issued, Total Preferred Stock, Value, Issued, Beginning Balance Preferred Stock, Value, Issued, Ending Balance Common Stock, Value, Issued Common stock ($.001 par value, authorized 50,000,000 shares, 14,792,836 and 14,787,940 shares issued and outstanding As of March 31, 2017 and December 31, 2016, respectively) Common stock ($.001 par value, authorized 50,000,000 shares, 14,787,940 and 14,785,868 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively) Common Stock, Value, Issued, Total Common Stock, Value, Issued, Beginning Balance Common Stock, Value, Issued, Ending Balance Additional Paid In Capital Additional paid-in capital Additional Paid in Capital, Total Additional Paid in Capital, Beginning Balance Additional Paid in Capital, Ending Balance Retained Earnings (Accumulated Deficit) Retained earnings Retained Earnings (Accumulated Deficit), Total Retained Earnings (Accumulated Deficit), Beginning Balance Retained Earnings (Accumulated Deficit), Ending Balance Statutory Accounting Practices, Statutory Capital and Surplus, Balance Statutory reserve Accumulated Other Comprehensive Income (Loss), Net Of Tax Accumulated other comprehensive income Accumulated Other Comprehensive Income (Loss), Net of Tax, Total Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance Due from Related Parties Sub-contractors fees Amounts due from related party Amounts due from related party Stockholders' Equity Attributable to Parent Total equity attributable to stockholders of the Company Beginning Balance Ending Balance Stockholders' Equity Attributable to Noncontrolling Interest Noncontrolling interest Noncontrolling interest Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest Total Equity Beginning Balance Ending Balance Liabilities and Equity TOTAL LIABILITIES AND EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Preferred Stock, Par Or Stated Value Per Share Preferred stock, par value Preferred Stock, Shares Authorized Preferred stock, shares authorized Preferred Stock, Shares Issued Preferred stock, shares issued Preferred Stock, Shares Issued, Total Preferred Stock, Shares Outstanding Preferred stock, shares outstanding Preferred Stock, Shares Outstanding, Beginning Balance Preferred Stock, Shares Outstanding, Ending Balance Common Stock, Par Or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Issued, Total Common Stock, Shares, Outstanding Common stock, shares outstanding Common Stock, Shares, Outstanding, Beginning Balance Common Stock, Shares, Outstanding, Ending Balance Income Statement [Abstract] Income Statement [Abstract] Revenues SALES Cost of Revenue COST OF SALES Gross Profit GROSS PROFIT GROSS PROFIT Operating Expenses [Abstract] OPERATING EXPENSES Selling Expense Selling expenses General and Administrative Expense General and administrative expenses General and Administrative Expense, Total Operating Expenses Total operating expenses Total operating expenses Operating Income (Loss) Income from operations INCOME FROM OPERATIONS INCOME FROM OPERATIONS Nonoperating Income (Expense) [Abstract] OTHER INCOME (EXPENSE) Investment Income, Interest Interest income Interest Expense Interest expense on bank loans Interest expense Other Nonoperating Income Other income Nonoperating Income (Expense) Total other income(expense) Total other expenses Income (Loss) From Continuing Operations Before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total Pre-tax income INCOME BEFORE INCOME TAX EXPENSE INCOME BEFORE INCOME TAX EXPENSE Income Tax Expense (Benefit) Income tax expense INCOME TAX EXPENSE Tax liability Income tax expense INCOME TAX EXPENSE Net Income (Loss), Including Portion Attributable to Noncontrolling Interest NET (LOSS) INCOME NET (LOSS) INCOME Net (loss) income Net income (loss) Net Income (Loss) Attributable to Noncontrolling Interest Net (income) loss attributable to the non-controlling interest Net (income) loss attributable to the non-controlling interest Net loss attributable to the non-controlling interest Net loss attributable to the non-controlling interest Net Income (Loss) Attributable to Parent Net income (loss) NET INCOME NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY Net income Net profit Net income Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax Foreign currency translation income Comprehensive Income (Loss), Net of Tax, Attributable to Parent COMPREHENSIVE INCOME COMPREHENSIVE INCOME Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest Comprehensive loss attributable to the noncontrolling interest Comprehensive loss attributable to the noncontrolling interest Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY Earnings Per Share, Basic and Diluted [Abstract] (LOSS) EARNINGS PER SHARE: Basic and diluted earnings per share Earnings Per Share, Basic and Diluted, Total Earnings per share - basic and diluted Basic and diluted Earnings Per Share, Basic and Diluted, Total Earnings per share - basic and diluted Weighted Average Number Of Shares Outstanding, Basic and Diluted Weighted average number of common shares- Basic and diluted Weighted average number of shares outstanding Basic and diluted Weighted average number of common shares- Basic and diluted Consolidated Statements of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided By (Used In) Operating Activities [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract] Adjustments to reconcile net (loss) income to cash provided by operating activities: Depreciation, Depletion and Amortization Depreciation and amortization Depreciation and amortization Depreciation, Depletion and Amortization, Total Depreciation and amortization Provision Recovery For Obsolete Inventories Provision for obsolete inventories Provision (recovery) for obsolete inventories. Deferred Income Tax Expense (Benefit), Total Deferred Deferred income tax Deferred Income Tax Expense (Benefit), Total Deferred income tax Share-Based Compensation Stock-based compensation Share-based Compensation, Total Stock-based compensation Increase (Decrease) In Operating Capital [Abstract] Changes in operating assets and liabilities Increase (Decrease) In Accounts Receivable Accounts receivable Accounts receivable Increase (Decrease) In Inventories Inventories Increase (Decrease) in Inventories, Total Inventories Increase (Decrease) In Other Receivables Value added tax receivable Value added tax receivable Increase (Decrease) In Prepaid Expense and Other Assets Other receivables and prepaid expenses Increase (Decrease) in Prepaid Expense and Other Assets, Total Other receivables and prepaid expenses Increase (Decrease) In Other Current Assets Advances on inventory purchases Advances on inventory purchases Increase (Decrease) in Due from Related Parties Amounts due from related parties Increase (Decrease) in Accounts Payable Accounts payable Increase (Decrease) In Accounts Payable, Related Parties Accounts payable and other payables- related parties Accounts payable and other payables- related parties Increase (Decrease) In Accounts Payable and Accrued Liabilities Other payables and accrued liabilities Increase (Decrease) in Accounts Payable and Accrued Liabilities, Total Other payables and accrued liabilities Increase (Decrease) In Other Accounts Payable Value added and other taxes payable Value added and other taxes payable Increase (Decrease) In Income Taxes Payable Income tax payable Income tax payable Net Cash Provided By (Used In) Operating Activities Net cash (used in) provided by operating activities Net cash provided by operating activities Net Cash Provided By (Used In) Investing Activities [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES Purchase Of Property and Equipment Additions to property, plant and equipment Purchases of property and equipment Payments to Acquire Property, Plant, and Equipment, Total Purchases of property and equipment Proceeds from Sale of Property, Plant, and Equipment Proceeds from sale of property and equipment Net Cash Provided By (Used In) Investing Activities Net cash used in investing activities Net cash used in investing activities Net Cash Provided By (Used In) Financing Activities [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES Proceeds From Bank Debt Proceeds from bank loans Repayments Of Bank Debt Repayment of bank loans Repayment of bank loans Proceeds from Related Party Debt Repayment of loans from related party Repayment of loans from related party Payments To Fund Long-Term Loans To Related Parties Advances to related party Advances to related party Net Cash Provided By (Used In) Financing Activities Net cash provided by financing activities Net cash provided by (used in) financing activities Effect Of Exchange Rate On Cash and Cash Equivalents, Continuing Operations EFFECT OF EXCHANGE RATE CHANGES ON CASH Cash and Cash Equivalents, Period Increase (Decrease) NET INCREASE IN CASH AND CASH EQUIVALENTS NET INCREASE IN CASH AND CASH EQUIVALENTS Supplemental Cash Flow Information [Abstract] SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash Paid During Period [Abstract] Cash paid during the period for: Interest Interest Paid Interest Income Taxes Paid, Net Income taxes paid Income taxes Basis of Presentation [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Basis of Accounting [Text Block] BASIS OF PRESENTATION Significant Accounting Policies [Abstract] Revenue Recognition Accounting Policies [Abstract] Significant Accounting Policies [Text Block] SIGNIFICANT ACCOUNTING POLICIES Inventories [Abstract] Inventory Disclosure [Abstract] Inventory Disclosure [Text Block] Inventories INVENTORIES Bank Loans [Abstract] Debt Disclosure [Text Block] BANK LOANS Derivative Liability [Abstract] Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Disclosure [Text Block] DERIVATIVE LIABILITY Income Tax [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] INCOME TAX Earnings Per Share [Abstract] EARNINGS PER SHARE ATTRIBUTABLE TO THE COMPANY'S STOCKHOLDERS: EARNINGS PER SHARE: Earnings Per Share [Text Block] EARNINGS PER SHARE Stockholders' Equity [Abstract] Stockholders' Equity Note [Abstract] Stockholders' Equity Note Disclosure [Text Block] STOCKHOLDERS' EQUITY Related Party Transactions [Abstract] Related Party Transactions [Abstract] Related Party Transactions Disclosure [Text Block] RELATED PARTY TRANSACTIONS Concentrations and Risks [Abstract] Concentrations and Risks [Abstract] Concentration Risk Disclosure [Text Block] CONCENTRATIONS AND RISKS Segments [Abstract] Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] Segment Reporting Disclosure [Text Block] SEGMENTS Revenue Recognition, Policy [Policy Text Block] Revenue Recognition Fair Value Of Financial Instruments, Policy [Policy Text Block] Financial Instruments Receivables, Policy [Policy Text Block] Accounts receivable Accounts Receivable Fair Value Measurement, Policy [Policy Text Block] Fair Value Accounting Foreign Currency Transactions and Translations Policy [Policy Text Block] Foreign Currency Translation and Other Comprehensive Income New Accounting Pronouncements, Policy [Policy Text Block] Recently Issued Accounting Pronouncements Schedule Of Inventory, Current [Table Text Block] Schedule of inventories Schedule Of Debt [Table Text Block] Schedule of short term bank loans Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] Summary of pre-tax income in jurisdictions Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] Summary of reconciliation of PRC statutory rates to the Company's effective tax rate Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Schedule of components of income tax expense Schedule Of Earnings Per Share, Basic and Diluted [Table Text Block] Summary of basic and diluted earnings per share Other Expenses Due To Related Parties [Table Text Block] Summary of other expenses due to related parties Tabular Discloure of other expenses due to related parties Purchases From and Sub Contracts With Related Parties [Table Text Block] Summary of sub-contracts with related parties Purchases from, and Sub-contracts with Related Parties. Accounts Payable Related Parties [Table Text Block] Summary of accounts payable to related parties Accounts Payable - Related Parties. Amounts Due From Related Party Current Assets [Table Text Block] Summary of amounts due from related party current assets Amounts due from related party current assets. Reconciliation Of Revenue From Segments To Consolidated [Table Text Block] Schedule of Company's revenues as per geographic areas Schedule Of Segment Reporting Information, By Segment [Table Text Block] Summary of financial and operating information Inventory, Net [Abstract] Schedule of inventories Inventory, Raw Materials Raw materials Inventory, Work In Process Work-in-progress Inventory, Finished Goods, Gross Finished goods Inventory, Gross Inventory gross Inventory gross Inventory Adjustments Less: allowance for obsolete inventories Less: allowance for obsolete inventories Line Of Credit Facility [Table] Line of Credit Facility [Table] Lender Name [Axis] Lender Name [Axis] Line Of Credit Facility, Lender [Domain] Line of Credit Facility, Lender [Domain] Industrial and Commercial Bank Of China [Member] Industrial and Commercial Bank of China [Member] Industrial and Commercial Bank of China. Nanjing Bank [Member] Nanjing Bank [Member] Nanjing Bank. Bank Of Communications [Member] Bank of Communications [Member] Bank of Communications. China Minsheng Banking [Member] China Minsheng Bank [Member] China Minsheng Banking. China Everbright Bank [Member] China Everbright Bank [Member] China ever bright bank. Bank Of China [Member] Bank of China [Member] Bank of China. China Citic Bank [Member] China Citic Bank [Member] Line Of Credit Facility [Line Items] Line of Credit Facility [Line Items] Short-Term Debt [Abstract] Schedule of short term bank loans Bank Loans Bank loans Shanghai Pudong Development Bank [Member] Shanghai Pudong Development Bank [Member] Shanghai Pudong Development Bank. Hong Kong and Shanghai Bank [Member] The Hong Kong and Shanghai Bank [Member] HSBC [Member] The Hong Kong and Shanghai Bank. Everbright Bank [Member] Bank of Everbright [Member] Everbright bank. Huaxia Bank [Member] Huaxia Bank [Member] HuaXia Bank. Legal Entity [Axis] Legal Entity [Axis] Entity [Domain] Entity [Domain] Goldenway [Member] Goldenway [Member] Goldenway. Ever Glory Apparel [Member] Ever-Glory Apparel [Member] Ever-Glory Apparel. La Go Go [Member] LA GO GO [Member] LA GO GO. New Tailun [Member] New-Tailun [Member] New Tailun. EX-101.PRE 11 evk-20170331_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 08, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Ever-Glory International Group, Inc.
Entity Central Index Key	0000943184
Trading Symbol	EVK
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		14,792,836

XML 13 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 60,100	$ 45,288
Accounts receivable	44,631	67,644
Inventories	40,347	49,630
Value added tax receivable	1,726	2,938
Other receivables and prepaid expenses	4,158	3,674
Advances on inventory purchases	4,892	3,139
Amounts due from related parties	563	486
Total Current Assets	156,417	172,799
INTANGIBLE ASSETS	5,776	5,769
PROPERTY AND EQUIPMENT, NET	21,947	22,694
TOTAL ASSETS	184,140	201,262
CURRENT LIABILITIES
Bank loans	32,212	29,232
Accounts payable	46,843	58,170
Accounts payable and other payables - related parties	2,541	4,337
Other payables and accrued liabilities	13,329	15,007
Value added and other taxes payable	2,450	5,118
Income tax payable	1,096	1,842
Total Current Liabilities	98,471	113,706
NONCURRENT LIABILITIES
Deferred tax liabilities	2,100	3,254
TOTAL LIABILITIES	100,571	116,960
COMMITMENTS AND CONTINGENCIES
Stockholders' equity:
Preferred stock ($.001 par value, authorized 5,000,000 shares, no shares issued and outstanding)
Common stock ($.001 par value, authorized 50,000,000 shares, 14,792,836 and 14,787,940 shares issued and outstanding As of March 31, 2017 and December 31, 2016, respectively)	15	15
Additional paid-in capital	3,612	3,602
Retained earnings	84,398	83,423
Statutory reserve	17,107	17,107
Accumulated other comprehensive income	(2,837)	(3,297)
Amounts due from related party	(17,934)	(15,936)
Total equity attributable to stockholders of the Company	84,361	84,914
Noncontrolling interest	(792)	(612)
Total Equity	83,569	84,302
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 184,140	$ 201,262

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Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	14,792,836	14,787,940
Common stock, shares outstanding	14,792,836	14,787,940

XML 15 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Income (Loss) and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
SALES	$ 85,120	$ 91,693
COST OF SALES	56,611	63,350
GROSS PROFIT	28,509	28,343
OPERATING EXPENSES
Selling expenses	19,745	20,913
General and administrative expenses	7,255	6,949
Total operating expenses	27,000	27,862
INCOME FROM OPERATIONS	1,509	481
OTHER INCOME (EXPENSE)
Interest income	257	384
Interest expense	(327)	(597)
Other income	577	67
Total other expenses	507	(146)
INCOME BEFORE INCOME TAX EXPENSE	2,016	335
INCOME TAX EXPENSE	(1,217)	(835)
NET (LOSS) INCOME	799	(500)
Net loss attributable to the non-controlling interest	175	140
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	974	(360)
NET (LOSS) INCOME	799	(500)
Foreign currency translation income	459	782
COMPREHENSIVE INCOME	1,258	282
Comprehensive loss attributable to the noncontrolling interest	180	143
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY	$ 1,438	$ 425
(LOSS) EARNINGS PER SHARE:
Basic and diluted	$ 0.07	$ (0.02)
Weighted average number of shares outstanding Basic and diluted	14,789,626	14,785,868

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ 799	$ (500)
Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation and amortization	2,241	1,758
Provision for obsolete inventories	4,105	2,098
Deferred income tax	(1,180)	(285)
Stock-based compensation	10
Changes in operating assets and liabilities
Accounts receivable	23,487	30,037
Inventories	5,541	7,443
Value added tax receivable	1,236	799
Other receivables and prepaid expenses	(543)	(3,163)
Advances on inventory purchases	(1,730)	2,196
Amounts due from related parties	(495)	552
Accounts payable	(11,762)	(19,781)
Accounts payable and other payables- related parties	(1,527)	(517)
Other payables and accrued liabilities	(1,794)	(2,484)
Value added and other taxes payable	(2,713)	(1,653)
Income tax payable	(755)	(1,693)
Net cash provided by operating activities	14,920	14,807
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(1,209)	(1,633)
Proceeds from sale of property and equipment	5
Net cash used in investing activities	(1,204)	(1,633)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank loans	15,671	23,593
Repayment of bank loans	(12,913)	(26,250)
Repayment of loans from related party		917
Advances to related party	(1,742)
Net cash provided by (used in) financing activities	1,016	(1,740)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	80	503
NET INCREASE IN CASH AND CASH EQUIVALENTS	14,812	11,937
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	45,288	22,702
CASH AND CASH EQUIVALENTS AT END OF PERIOD	60,100	34,639
Cash paid during the period for:
Interest	327	597
Income taxes	$ 1,853	$ 2,851

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Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2017
Basis of Presentation [Abstract]
BASIS OF PRESENTATION	NOTE 1 BASIS OF PRESENTATION Ever-Glory International Group, Inc. (the “Company”), together with its subsidiaries, is an apparel manufacturer, supplier and retailer in The People's Republic of China ("China or "PRC"), with a wholesale segment and a retail segment. The Company’s wholesale business consists of recognized brands for department and specialty stores located in China, Europe, Japan and the United States. The Company’s retail business consists of flagship stores and store-in-stores for the Company’s own-brand products. The Company’s wholesale operations are provided primarily through the Company’s wholly-owned PRC subsidiaries, Goldenway Nanjing Garments Co. Ltd. (“Goldenway”), Nanjing Catch-Luck Garments Co. Ltd. (“Catch-Luck”), Nanjing New-Tailun Garments Co. Ltd (“New-Tailun”), Ever-Glory International Group Apparel Inc.(“Ever-Glory Apparel”), Chuzhou Huirui Garments Co. Ltd. (“Huirui”) and Nanjing Tai Xin Garments Trading Company Limited (“Tai Xin”), and the Company’s wholly-owned Samoa subsidiary, Ever-Glory International Group (HK) Ltd. (“Ever-Glory HK”). The Company’s retail operations are provided through its wholly- owned subsidiaries, Shanghai LA GO Fashion Company Limited (“Shanghai LA GO GO”), Jiangsu LA GO Fashion Company Limited (“Jiangsu LA GO GO”), Tianjin LA GO Fashion Company Limited (“Tianjin LA GO GO”), Shanghai Ya Lan Fashion Company Limited (“Ya Lan”), Shanghai Yiduo Fashion Company Limited (“Shanghai Yiduo”) and Xizang He Meida Trading Company Limited (“He Meida”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the condensed consolidated balance sheet as of March 31, 2017, the condensed consolidated statements of income (loss) and comprehensive income, and cash flows for the three months ended March 31, 2017 and 2016. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Rule 8-03 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, they have been condensed and do not include all of the information and footnotes required by GAAP for complete financial statements. Wholesale revenues are generally higher in the third and fourth fiscal quarters, while retail revenues are generally higher in the first and fourth fiscal quarters. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results of operations to be expected for the full fiscal year. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Significant Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 SIGNIFICANT ACCOUNTING POLICIES

Revenue Recognition

Financial Instruments

Accounts Receivable

Fair Value Accounting

Level 1

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

	Level 2	Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

	Level 3	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

At March 31, 2017, the Company’s financial assets (all Level 1) consist of cash placed with financial institutions that management considers to be of a high quality.

As of December 31, 2016, the Company has a derivative liability subject to recurring fair value measurement (Level 3) with the change in fair value recognized in earnings (Note 5).

Foreign Currency Translation and Other Comprehensive Income

Recently Issued Accounting Pronouncements

XML 19 R8.htm IDEA: XBRL DOCUMENT

Inventories

3 Months Ended

Mar. 31, 2017

Inventories [Abstract]

INVENTORIES

NOTE 3 INVENTORIES

Inventories at March 31, 2017 and December 31, 2016 consisted of the following:

	March 31, 2017			December 31, 2016
	(In thousands of U.S. Dollars)
Raw materials	$	3,411		$	2,523
Work-in-progress		11,211			9,363
Finished goods		37,505			46,285
		52,127			58,171
Less: allowance for obsolete inventories		(11,780	)		(8,541	)
Total inventories	$	40,347		$	49,630

XML 20 R9.htm IDEA: XBRL DOCUMENT

Bank Loans

3 Months Ended

Mar. 31, 2017

Bank Loans [Abstract]

BANK LOANS

NOTE 4 BANK LOANS

	March 31, 2017		December 31, 2016
Bank	(In thousands of U.S. Dollars)
Industrial and Commercial Bank of China	$	17,122	$	11,232
Nanjing Bank		2,902		9,360
Bank of Communications		2,902		2,880
China Minsheng Bank		2,902		2,880
China Everbright Bank		2,902		2,880
Bank of China		2,176		-
China Citic Bank		1,306		-
	$	32,212	$	29,232

All loans have been repaid before or at maturity date.

Total interest expense on bank loans amounted to $0.3 million and $0.6 million for the three months ended March 31, 2017 and 2016, respectively.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Derivative Liability	3 Months Ended
Derivative Liability	Mar. 31, 2017
Derivative Liability [Abstract]
DERIVATIVE LIABILITY	NOTE 5 DERIVATIVE LIABILITY As of December 31, 2016, the Company had one outstanding forward foreign exchange contract (sell EUR dollars for RMB), with total notional amount of EUR€0.65 million. The fair value of this contract at December 31, 2016 was not significant.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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XML 22 R11.htm IDEA: XBRL DOCUMENT

Income Tax

3 Months Ended

Mar. 31, 2017

Income Tax [Abstract]

INCOME TAX

NOTE 6 INCOME TAX

All PRC subsidiaries, except for He Meida, are subject to income tax at the 25% statutory rate.

Ever-Glory HK was incorporated in Samoa, and under the current laws of Samoa has no liabilities for income taxes.

	2017			2016
	(In thousands of U.S. Dollars)
PRC	$	2,019		$	335
BVI		-			2
Others		(3	)		(2	)
	$	2,016		$	335

The following table reconciles the PRC statutory rates to the Company’s effective tax rate for the three months ended March 31, 2017 and 2016:

	2017			2016
PRC statutory rate		25.0	%		25.0	%
Preferential tax treatment		-			(0.1	)
Effect of foreign income tax rates		-			0.1
Net operating losses for which no deferred tax assets was recognized		35.4			224.6
Other		-			-
Effective income tax rate		60.4	%		249.6	%

Income tax expense for the three months ended March 31, 2017 and 2016 is as follows:

	2017			2016
	(In thousands of U.S. Dollars)
Current	$	2,371		$	1,104
Deferred		(1,154	)		(269	)
Income tax expense	$	1,217		$	835

XML 23 R12.htm IDEA: XBRL DOCUMENT

Earnings Per Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 7 EARNINGS PER SHARE

The following demonstrates the calculation for earnings per share for the three months ended March 31, 2017 and 2016:

	2017		2016
Weighted average number of common shares- Basic and diluted		14,789,626		14,785,868

Earnings per share - basic and diluted	$	0.07	$	(0.02	)

XML 24 R13.htm IDEA: XBRL DOCUMENT

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2017
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 8 STOCKHOLDERS’ EQUITY On April 29, 2016, the Company issued an aggregate of 2,072 shares of its common stock to two of the Company’s independent directors as compensation for their services in the third and fourth quarters of 2015. The shares were valued at $2.43 per share, which was the average market price of the common stock for the five days before the grant date. On February 28, 2017, the Company issued an aggregate of 2,542 shares of its common stock to two of the Company’s independent directors as compensation for their services in the first and second quarters of 2016. The shares were valued at $1.96 per share, which was the average market price of the common stock for the five days before the grant date. On February 28, 2017, the Company issued an aggregate of 2,354 shares of its common stock to two of the Company’s independent directors as compensation for their services in the third and fourth quarters of 2016. The shares were valued at $2.14 per share, which was the average market price of the common stock for the five days before the grant date.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
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XML 25 R14.htm IDEA: XBRL DOCUMENT

Related Party Transactions

3 Months Ended

Mar. 31, 2017

RELATED PARTY TRANSACTIONS

NOTE 9 RELATED PARTY TRANSACTIONS

Other income from Related Parties

Other expenses due to Related Parties

Included in other expenses for the three months ended March 31, 2017 and 2016 are rent costs due to entities controlled by Mr. Kang under operating lease agreements as follows:

	2017		2016
	(In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	11	$	12
Chuzhou Huarui		52		57
Kunshan Enjin		11		11
Total	$	74	$	80

Purchases from and Sub-contracts with Related Parties

The Company purchased raw materials from Nanjing Knitting totaling $0.16 million and $0.20 million during the three months ended March 31, 2017 and 2016, respectively.

Sub-contracts with related parties included in cost of sales for the three months ended March 31, 2017 and 2016 are as follows:

	2017		2016
	(In thousands of U.S. Dollars)
Ever-Glory Vietnam	$	1,422	$	2,039
Chuzhou Huarui		1,010		2,324
Fengyang Huarui		464		203
Ever-Glory Cambodia		36		1,338
Nanjing Ever-Kyowa		445		473
EsC'eLav		4		-
Jiangsu Ever-Glory		3		51
Total	$	3,384	$	6,428

Accounts Payable – Related Parties

The accounts payable to related parties at March 31, 2017 and December 31, 2016 are as follows:

	2017		2016
	(In thousands of U.S. Dollars)
Ever-Glory Vietnam	$	583		1,938
Fengyang Huarui		617		709
Nanjing Ever-Kyowa		714		785
Chuzhou Huarui		582		643
Nanjing Knitting		27		-
Ever-Glory Cambodia		18		262
Total	$	2,541	$	4,337

Amounts Due From Related Parties-current assets

The amounts due from related parties at March 31, 2017 and December 31, 2016 are as follows:

	2017		2016
	(In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	510	$	403
Nanjing Knitting		-		9
EsC'eLav		53		74
Total	$	563	$	486

Amounts Due From Related Party under Counter Guarantee Agreement

XML 26 R15.htm IDEA: XBRL DOCUMENT

Concentrations and Risks

3 Months Ended

Mar. 31, 2017

Concentrations and Risks [Abstract]

CONCENTRATIONS AND RISKS

NOTE 10 CONCENTRATIONS AND RISKS

For the retail business, the Company did not rely on any one supplier that represented more than 10% of the total finished goods purchases during the three months ended March 31, 2017 and 2016.

The Company’s revenues for the three months ended March 31, 2017 and 2016 were earned in the following geographic areas:

	2017		2016
	(In thousands of U.S. Dollars)
Mainland China	$	6,591	$	8,293
Hong Kong China		5,422		6,505
Germany		2,892		1,453
United Kingdom		3,288		2,588
Europe-Other		5,749		5,454
Japan		1,445		4,813
United States		2,918		3,444
Total wholesale business		28,305		32,550
Retail business		56,815		59,143
Total	$	85,120	$	91,693

XML 27 R16.htm IDEA: XBRL DOCUMENT

Segments

3 Months Ended

Mar. 31, 2017

Segments [Abstract]

SEGMENTS

NOTE 11 SEGMENTS

The Company reports financial and operating information in the following two segments:

(a) Wholesale segment

(b) Retail segment

The Company also provides general corporate services to its segments and these costs are reported as "corporate and others”:

	Wholesale segment		Retail segment			Total
	(In thousands of U.S. Dollars)
March 31, 2017
Segment profit or loss:
Net revenue from external customers	$	28,305		56,815			85,120
Income from operations	$	1,751		(242	)		1,509
Interest income	$	236		21			257
Interest expense	$	245		82			327
Depreciation and amortization	$	267		1,974			2,241
Income tax expense	$	464		753			1,217

March 31, 2016
Segment profit or loss:
Net revenue from external customers	$	32,550		59,143			91,693
Income from operations	$	1,805		(1,324			481
Interest income	$	371		13			384
Interest expense	$	489		108			597
Depreciation and amortization	$	254		1,504			1,758
Income tax expense	$	427		408			835

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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XML 28 R17.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Significant Accounting Policies [Abstract]

Revenue Recognition

Revenue Recognition

Financial Instruments

Financial Instruments

Accounts Receivable

Accounts Receivable

Fair Value Accounting

Fair Value Accounting

Level 1

Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

	Level 2	Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability;

	Level 3	Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).

At March 31, 2017, the Company’s financial assets (all Level 1) consist of cash placed with financial institutions that management considers to be of a high quality.

As of December 31, 2016, the Company has a derivative liability subject to recurring fair value measurement (Level 3) with the change in fair value recognized in earnings (Note 5).

Foreign Currency Translation and Other Comprehensive Income

Foreign Currency Translation and Other Comprehensive Income

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

- Definition

Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.

+ References + Details

XML 29 R18.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

3 Months Ended

Mar. 31, 2017

Inventories [Abstract]

Schedule of inventories

	March 31, 2017			December 31, 2016
	(In thousands of U.S. Dollars)
Raw materials	$	3,411		$	2,523
Work-in-progress		11,211			9,363
Finished goods		37,505			46,285
		52,127			58,171
Less: allowance for obsolete inventories		(11,780	)		(8,541	)
Total inventories	$	40,347		$	49,630

XML 30 R19.htm IDEA: XBRL DOCUMENT

Bank Loans (Tables)

3 Months Ended

Mar. 31, 2017

Bank Loans [Abstract]

Schedule of short term bank loans

	March 31, 2017		December 31, 2016
Bank	(In thousands of U.S. Dollars)
Industrial and Commercial Bank of China	$	17,122	$	11,232
Nanjing Bank		2,902		9,360
Bank of Communications		2,902		2,880
China Minsheng Bank		2,902		2,880
China Everbright Bank		2,902		2,880
Bank of China		2,176		-
China Citic Bank		1,306		-
	$	32,212	$	29,232

XML 31 R20.htm IDEA: XBRL DOCUMENT

Income Tax (Tables)

3 Months Ended

Mar. 31, 2017

Income Tax [Abstract]

Summary of pre-tax income in jurisdictions

	2017			2016
	(In thousands of U.S. Dollars)
PRC	$	2,019		$	335
BVI		-			2
Others		(3	)		(2	)
	$	2,016		$	335

Summary of reconciliation of PRC statutory rates to the Company's effective tax rate

	2017			2016
PRC statutory rate		25.0	%		25.0	%
Preferential tax treatment		-			(0.1	)
Effect of foreign income tax rates		-			0.1
Net operating losses for which no deferred tax assets was recognized		35.4			224.6
Other		-			-
Effective income tax rate		60.4	%		249.6	%

Schedule of components of income tax expense

	2017			2016
	(In thousands of U.S. Dollars)
Current	$	2,371		$	1,104
Deferred		(1,154	)		(269	)
Income tax expense	$	1,217		$	835

XML 32 R21.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Summary of basic and diluted earnings per share

	2017		2016
Weighted average number of common shares- Basic and diluted		14,789,626		14,785,868

Earnings per share - basic and diluted	$	0.07	$	(0.02	)

XML 33 R22.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2017

Summary of other expenses due to related parties

	2017		2016
	(In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	11	$	12
Chuzhou Huarui		52		57
Kunshan Enjin		11		11
Total	$	74	$	80

Summary of sub-contracts with related parties

	2017		2016
	(In thousands of U.S. Dollars)
Ever-Glory Vietnam	$	1,422	$	2,039
Chuzhou Huarui		1,010		2,324
Fengyang Huarui		464		203
Ever-Glory Cambodia		36		1,338
Nanjing Ever-Kyowa		445		473
EsC'eLav		4		-
Jiangsu Ever-Glory		3		51
Total	$	3,384	$	6,428

Summary of accounts payable to related parties

	2017		2016
	(In thousands of U.S. Dollars)
Ever-Glory Vietnam	$	583		1,938
Fengyang Huarui		617		709
Nanjing Ever-Kyowa		714		785
Chuzhou Huarui		582		643
Nanjing Knitting		27		-
Ever-Glory Cambodia		18		262
Total	$	2,541	$	4,337

Summary of amounts due from related party current assets

	2017		2016
	(In thousands of U.S. Dollars)
Jiangsu Ever-Glory	$	510	$	403
Nanjing Knitting		-		9
EsC'eLav		53		74
Total	$	563	$	486

XML 34 R23.htm IDEA: XBRL DOCUMENT

Concentrations and Risks (Tables)

3 Months Ended

Mar. 31, 2017

Concentrations and Risks [Abstract]

Schedule of Company's revenues as per geographic areas

	2017		2016
	(In thousands of U.S. Dollars)
Mainland China	$	6,591	$	8,293
Hong Kong China		5,422		6,505
Germany		2,892		1,453
United Kingdom		3,288		2,588
Europe-Other		5,749		5,454
Japan		1,445		4,813
United States		2,918		3,444
Total wholesale business		28,305		32,550
Retail business		56,815		59,143
Total	$	85,120	$	91,693

XML 35 R24.htm IDEA: XBRL DOCUMENT

Segments (Tables)

3 Months Ended

Mar. 31, 2017

Segments [Abstract]

Summary of financial and operating information

	Wholesale segment		Retail segment			Total
	(In thousands of U.S. Dollars)
March 31, 2017
Segment profit or loss:
Net revenue from external customers	$	28,305		56,815			85,120
Income from operations	$	1,751		(242	)		1,509
Interest income	$	236		21			257
Interest expense	$	245		82			327
Depreciation and amortization	$	267		1,974			2,241
Income tax expense	$	464		753			1,217

March 31, 2016
Segment profit or loss:
Net revenue from external customers	$	32,550		59,143			91,693
Income from operations	$	1,805		(1,324			481
Interest income	$	371		13			384
Interest expense	$	489		108			597
Depreciation and amortization	$	254		1,504			1,758
Income tax expense	$	427		408			835

XML 36 R25.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of inventories
Raw materials	$ 3,411	$ 2,523
Work-in-progress	11,211	9,363
Finished goods	37,505	46,285
Inventory gross	52,127	58,171
Less: allowance for obsolete inventories	(11,780)	(8,541)
Total inventories	$ 40,347	$ 49,630

XML 37 R26.htm IDEA: XBRL DOCUMENT

Bank Loans (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of short term bank loans
Bank loans	$ 32,212	$ 29,232
Industrial and Commercial Bank of China [Member]
Schedule of short term bank loans
Bank loans	17,122	11,232
Nanjing Bank [Member]
Schedule of short term bank loans
Bank loans	2,902	9,360
Bank of Communications [Member]
Schedule of short term bank loans
Bank loans	2,902	2,880
China Minsheng Bank [Member]
Schedule of short term bank loans
Bank loans	2,902	2,880
China Everbright Bank [Member]
Schedule of short term bank loans
Bank loans	2,902	2,880
Bank of China [Member]
Schedule of short term bank loans
Bank loans	2,176
China Citic Bank [Member]
Schedule of short term bank loans
Bank loans	$ 1,306

XML 38 R27.htm IDEA: XBRL DOCUMENT

Bank Loans (Details Textual) $ in Thousands, ¥ in Millions	3 Months Ended
Bank Loans (Details Textual) $ in Thousands, ¥ in Millions	Mar. 31, 2017 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2017 CNY (¥)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Oct. 31, 2016 USD ($)	Oct. 31, 2016 CNY (¥)	Jul. 31, 2016 USD ($)	Jul. 31, 2016 CNY (¥)	Jun. 30, 2016 USD ($)	Jun. 30, 2016 CNY (¥)	Sep. 30, 2015 USD ($)	Sep. 30, 2015 CNY (¥)	Jan. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CNY (¥)	Jun. 30, 2014 USD ($)	Jun. 30, 2014 CNY (¥)	Jan. 31, 2014 USD ($)	Jan. 31, 2014 CNY (¥)
Bank Loans (Textual)
Interest expense on bank loans	$ 327	$ 597
Nanjing Bank [Member] \| Goldenway [Member]
Bank Loans (Textual)
Line of credit agreement amount										$ 7,300	¥ 50.0
Unused line of credit	7,300
Nanjing Bank [Member] \| Ever-Glory Apparel [Member]
Bank Loans (Textual)
Line of credit agreement amount	2,900		¥ 20.0							$ 8,700	¥ 60.0
Unused line of credit	$ 5,800
Due date of revolving line of credit agreement	July to August 2017
Nanjing Bank [Member] \| Ever-Glory Apparel [Member] \| Minimum [Member]
Bank Loans (Textual)
Line of credit annual interest rates	4.80%
Nanjing Bank [Member] \| Ever-Glory Apparel [Member] \| Maximum [Member]
Bank Loans (Textual)
Line of credit annual interest rates	4.90%
Nanjing Bank [Member] \| LA GO GO [Member]
Bank Loans (Textual)
Line of credit agreement amount	$ 2,900		20.0
Unused line of credit	2,900		20.0
Industrial and Commercial Bank of China [Member] \| Goldenway [Member]
Bank Loans (Textual)
Line of credit agreement amount	5,800		40.0																$ 8,700	¥ 60.0
Unused line of credit	$ 2,900
Line of credit annual interest rates	4.60%
Due date of revolving line of credit agreement	December 2017 to January 2018
Industrial and Commercial Bank of China [Member] \| Ever-Glory Apparel [Member]
Bank Loans (Textual)
Line of credit agreement amount	$ 11,300		78.0									$ 17,400	¥ 120.0
Unused line of credit	$ 6,100
Due date of revolving line of credit agreement	April to December 2017
Industrial and Commercial Bank of China [Member] \| Ever-Glory Apparel [Member] \| Minimum [Member]
Bank Loans (Textual)
Line of credit annual interest rates	4.40%
Industrial and Commercial Bank of China [Member] \| Ever-Glory Apparel [Member] \| Maximum [Member]
Bank Loans (Textual)
Line of credit annual interest rates	4.60%
China Everbright Bank [Member] \| Ever-Glory Apparel [Member]
Bank Loans (Textual)
Line of credit agreement amount	$ 2,900		20.0					$ 5,800	¥ 40.0
Unused line of credit	$ 2,900
Due date of revolving line of credit agreement	May to November 2017
China Everbright Bank [Member] \| Ever-Glory Apparel [Member] \| Minimum [Member]
Bank Loans (Textual)
Line of credit annual interest rates	2.80%
China Everbright Bank [Member] \| Ever-Glory Apparel [Member] \| Maximum [Member]
Bank Loans (Textual)
Line of credit annual interest rates	3.00%
Bank of Communications [Member] \| LA GO GO [Member]
Bank Loans (Textual)
Line of credit agreement amount	$ 2,900		20.0														$ 4,800	¥ 33.0
Unused line of credit	$ 1,900
Due date of revolving line of credit agreement	June to August 2017
Bank of Communications [Member] \| LA GO GO [Member] \| Minimum [Member]
Bank Loans (Textual)
Line of credit annual interest rates	4.60%
Bank of Communications [Member] \| LA GO GO [Member] \| Maximum [Member]
Bank Loans (Textual)
Line of credit annual interest rates	5.00%
Bank of China [Member] \| Ever-Glory Apparel [Member]
Bank Loans (Textual)
Line of credit agreement amount	$ 2,200		15.0			$ 3,600	¥ 25.0
Unused line of credit	$ 1,400
Line of credit annual interest rates	4.80%
Due date of revolving line of credit agreement	July 2017
HSBC [Member] \| Ever-Glory Apparel and Goldenway [Member]
Bank Loans (Textual)
Line of credit agreement amount														$ 12,600
Unused line of credit	$ 12,600
China Minsheng Bank [Member] \| LA GO GO [Member]
Bank Loans (Textual)
Line of credit agreement amount	$ 2,900		20.0	$ 2,900	¥ 20.0
Line of credit annual interest rates	4.60%
Due date of revolving line of credit agreement	December 2017
China Citic Bank [Member] \| LA GO GO [Member]
Bank Loans (Textual)
Line of credit agreement amount	$ 1,300		¥ 9.0												$ 5,200	¥ 36.0
Unused line of credit	$ 3,900
Line of credit annual interest rates	5.50%
Due date of revolving line of credit agreement	December 2017

XML 39 R28.htm IDEA: XBRL DOCUMENT

Derivative Liability (Details) € in Thousands	Dec. 31, 2016 EUR (€)
Derivative Liability (Textual)
Derivative notional amount	€ 650

XML 40 R29.htm IDEA: XBRL DOCUMENT

Income Tax (Details) - USD ($) $ in Thousands	3 Months Ended
Income Tax (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Summary of Pre-tax income in jurisdictions
Pre-tax income	$ 2,016	$ 335
PRC [Member]
Summary of Pre-tax income in jurisdictions
Pre-tax income	2,019	335
BVI [Member]
Summary of Pre-tax income in jurisdictions
Pre-tax income		2
Others [Member]
Summary of Pre-tax income in jurisdictions
Pre-tax income	$ (3)	$ (2)

XML 41 R30.htm IDEA: XBRL DOCUMENT

Income Tax (Details 1)	3 Months Ended
Income Tax (Details 1)	Mar. 31, 2017	Mar. 31, 2016
Summary of reconciliation of PRC statutory rates to the company's effective tax rate
PRC statutory rate	15.00%
PRC [Member]
Summary of reconciliation of PRC statutory rates to the company's effective tax rate
PRC statutory rate	25.00%	25.00%
Preferential tax treatment		(0.10%)
Effect of foreign income tax rates		0.10%
Net operating losses for which no deferred tax assets was recognized	35.40%	224.60%
Other
Effective income tax rate	60.40%	249.60%

XML 42 R31.htm IDEA: XBRL DOCUMENT

Income Tax (Details 2) - USD ($) $ in Thousands	3 Months Ended
Income Tax (Details 2) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Summary of components of income tax expense
Current	$ 2,371	$ 1,104
Deferred	(1,180)	(285)
Income tax expense	$ 1,217	$ 835

XML 43 R32.htm IDEA: XBRL DOCUMENT

Income Tax (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Income Tax (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2013
Income Tax (Textual)
PRC statutory rate	15.00%
Tax Expiration	Dec. 31, 2017
Tax liability				$ 3,200
Income taxes paid	$ 1,853	$ 2,851
Non-U.S. subsidiaries [Member]
Income Tax (Textual)
U.S. deferred income taxes	$ 84,400
Minimum [Member]
Income Tax (Textual)
Effective income tax reduction, Percent	9.00%
Maximum [Member]
Income Tax (Textual)
Effective income tax reduction, Percent	15.00%
PRC [Member]
Income Tax (Textual)
PRC statutory rate	25.00%	25.00%
Tax liability	$ 3,200
Income taxes paid			$ 3,200
Income tax rate for dividends distribution	10.00%
HK [ Member]
Income Tax (Textual)
PRC statutory rate	25.00%

XML 44 R33.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Details) - $ / shares	3 Months Ended
Earnings Per Share (Details) - $ / shares	Mar. 31, 2017	Mar. 31, 2016
Basic and diluted earnings per share
Weighted average number of common shares- Basic and diluted	14,789,626	14,785,868
Earnings per share - basic and diluted	$ 0.07	$ (0.02)

XML 45 R34.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details) - $ / shares	1 Months Ended
Stockholders' Equity (Details) - $ / shares	Feb. 28, 2017	Apr. 29, 2016
Two independent directors [Member]
Stockholders' Equity (Textual)
Common stock shares issued to independent directors	2,542	2,072
Common stock issued at five days average market price	$ 1.96	$ 2.43
Number of days used to calculation average market price of common stock	Five days before the grant date.	Five days before the grant date.
Two independent directors one [Member]
Stockholders' Equity (Textual)
Common stock shares issued to independent directors	2,354
Common stock issued at five days average market price	$ 2.14
Number of days used to calculation average market price of common stock	Five days before the grant date.

XML 46 R35.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Summary of other expenses due to related parties
Total	$ 74	$ 80
Jiangsu Ever-Glory [Member]
Summary of other expenses due to related parties
Total	11	12
Chuzhou Huarui [Member]
Summary of other expenses due to related parties
Total	52	57
Kunshan Enjin [Member]
Summary of other expenses due to related parties
Total	$ 11	$ 11

XML 47 R36.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Summary of sub-contracts with related parties
Total	$ 3,384	$ 6,428
Ever-Glory Vietnam [Member]
Summary of sub-contracts with related parties
Total	1,422	2,039
Chuzhou Huarui [Member]
Summary of sub-contracts with related parties
Total	1,010	2,324
Fengyang Huarui [Member]
Summary of sub-contracts with related parties
Total	464	203
Ever-Glory Cambodia [Member]
Summary of sub-contracts with related parties
Total	36	1,338
Nanjing Ever-Kyowa [Member]
Summary of sub-contracts with related parties
Total	445	473
EsC'eLav [Member]
Summary of sub-contracts with related parties
Total	4
Jiangsu Ever-Glory [Member]
Summary of sub-contracts with related parties
Total	$ 3	$ 51

XML 48 R37.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details 2) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Summary of accounts payable - related parties
Total	$ 2,541	$ 4,337
Ever-Glory Vietnam [Member]
Summary of accounts payable - related parties
Total	583	1,938
Fengyang Huarui [Member]
Summary of accounts payable - related parties
Total	617	709
Nanjing Ever-Kyowa [Member]
Summary of accounts payable - related parties
Total	714	785
Chuzhou Huarui [Member]
Summary of accounts payable - related parties
Total	582	643
Nanjing Knitting [Member]
Summary of accounts payable - related parties
Total	27
Ever-Glory Cambodia [Member]
Summary of accounts payable - related parties
Total	$ 18	$ 262

XML 49 R38.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details 3) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Summary of amounts due from related parties
Total	$ 563	$ 486
Jiangsu Ever-Glory [Member]
Summary of amounts due from related parties
Total	510	403
Nanjing Knitting [Member]
Summary of amounts due from related parties
Total		9
EsC'eLav [Member]
Summary of amounts due from related parties
Total	$ 53	$ 74

XML 50 R39.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Textual) $ in Thousands, ¥ in Millions	1 Months Ended	3 Months Ended			12 Months Ended
	Mar. 31, 2012	Mar. 31, 2017 USD ($)	Mar. 31, 2017 CNY (¥)	Mar. 31, 2016 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2016 CNY (¥)	Mar. 31, 2017 CNY (¥)	Dec. 31, 2016 CNY (¥)
Related Party Transactions (Textual)
Net profit		$ 974		$ (360)
Sub-contracts with related parties		$ 3,384		6,428
Ever-Glory Enterprises [Member]
Related Party Transactions (Textual)
Acquired interest		83.00%	83.00%
Jiangsu Ever-Glory [Member]
Related Party Transactions (Textual)
Purchase of raw material		$ 700		800
Sub-contracts with related parties		3		51
Company sold raw materials		0		26,922
Minimum percentage counter-guaranty on lines of credit	70.00%
Line of credit facility, Interest rate at expiration or termination	6.00%
Guarantee on lines of credit		52,800	¥ 364.0		$ 52,400	¥ 364.0
Counter guaranty provided by parent company on lines of credit		1,700			14,100		¥ 12.0	¥ 98.2
Accrued interest		1,900
Value of equity redemption		$ 17,900			15,900
Interest charged on net amounts due		0.50%	0.50%
Bank interest rate		0.41%					0.41%
Interest income payable to related party		$ 100		200
Nanjing Knitting [Member]
Related Party Transactions (Textual)
Other income from related prarties		5,381		30,383
Amount paid through the consignment		8,959		24,956
Net profit		(3,576)		5,427
Purchase of raw material		160		200
Sub-contracts with related parties		3,400		6,400
Line of credit facility, collateral amount		29,800	¥ 205.5		29,600	205.5
Edward Yihua Kang [Member]
Related Party Transactions (Textual)
Guarantee on lines of credit		30,300	209.0		$ 30,100	¥ 209.0
Amount of Guarantee reduced		16,000	¥ 110.0
Currency exchange adjustment		$ 200
Percentage of reduced guarantee		30.30%	30.30%
JiangsuWubijia [Member]
Related Party Transactions (Textual)
Other income from related prarties		$ 11,565		6,535
Amount paid through the consignment		8,954		4,610
Net profit		2,611		1,925
EsC'eLav [Member]
Related Party Transactions (Textual)
Rent income				15,786
Sub-contracts with related parties		$ 4

XML 51 R40.htm IDEA: XBRL DOCUMENT

Concentrations and Risks (Details) - USD ($) $ in Thousands	3 Months Ended
Concentrations and Risks (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Revenues earned in geographic areas
Net Sales	$ 85,120	$ 91,693
Total wholesale business [Member]
Revenues earned in geographic areas
Net Sales	28,305	32,550
Retail business [Member]
Revenues earned in geographic areas
Net Sales	56,815	59,143
Mainland China [Member]
Revenues earned in geographic areas
Net Sales	6,591	8,293
Hong Kong China [Member]
Revenues earned in geographic areas
Net Sales	5,422	6,505
Germany [Member]
Revenues earned in geographic areas
Net Sales	2,892	1,453
United Kingdom [Member]
Revenues earned in geographic areas
Net Sales	3,288	2,588
Europe-Other [Member]
Revenues earned in geographic areas
Net Sales	5,749	5,454
Japan [Member]
Revenues earned in geographic areas
Net Sales	1,445	4,813
United States [Member]
Revenues earned in geographic areas
Net Sales	$ 2,918	$ 3,444

XML 52 R41.htm IDEA: XBRL DOCUMENT

Concentrations and Risks (Details Textual) $ in Millions	3 Months Ended
Concentrations and Risks (Details Textual) $ in Millions	Mar. 31, 2017 USD ($) Customer Manufacturer Supplier	Mar. 31, 2016 Customer Manufacturer Supplier	Dec. 31, 2016 USD ($)
Concentrations and Risks (Textual)
Allowance for doubtful accounts \| $	$ 3.9		$ 4.1
Wholesale business customer [Member] \| Revenues [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	12.00%	11.00%
Number of wholesale customer \| Customer	2	1
Wholesale business customer [Member] \| Raw materials [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	10.00%	10.00%
Wholesale business customer [Member] \| Finished goods [Member] \| Manufacturer one [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	12.00%	18.00%
Number of manufacturers	1	3
Wholesale business customer [Member] \| Finished goods [Member] \| Manufacturer two [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage		16.00%
Number of manufacturers		3
Wholesale business customer [Member] \| Finished goods [Member] \| Manufacturer three [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage		11.00%
Number of manufacturers		3
Wholesale business customer one [Member] \| Revenues [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	11.00%
Number of wholesale customer \| Customer	2
Retail business [Member] \| Raw material suppliers [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	27.00%	13.00%
Number of raw material suppliers \| Supplier	2	1
Retail business [Member] \| Raw material suppliers one [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	16.00%
Number of raw material suppliers \| Supplier	2
Retail business [Member] \| Finished goods [Member]
Concentrations and Risks (Textual)
Concentration risk, percentage	10.00%	10.00%

XML 53 R42.htm IDEA: XBRL DOCUMENT

Segments (Details) - USD ($) $ in Thousands	3 Months Ended
Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Mar. 31, 2016
Summary of segment profit or loss:
Net revenue from external customers	$ 85,120	$ 91,693
Income from operations	1,509	481
Interest income	257	384
Interest expense	327	597
Depreciation and amortization	2,241	1,758
Income tax expense	1,217	835
Wholesale segment [Member]
Summary of segment profit or loss:
Net revenue from external customers	28,305	32,550
Income from operations	1,751	1,805
Interest income	236	371
Interest expense	245	489
Depreciation and amortization	267	254
Income tax expense	464	427
Retail segment [Member]
Summary of segment profit or loss:
Net revenue from external customers	56,815	59,143
Income from operations	(242)	(1,324)
Interest income	21	13
Interest expense	82	108
Depreciation and amortization	1,974	1,504
Income tax expense	$ 753	$ 408

XML 54 R43.htm IDEA: XBRL DOCUMENT

Segments (Details Textual)	3 Months Ended
Segments (Details Textual)	Mar. 31, 2017 Segment
Segments (Textual)
Number of segments	2

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