Accounts and Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2015

Accounts and Notes Receivable Disclosure [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The Company’s accounts receivable at December 31, 2015 and 2014, are summarized as follows (figures are in thousands of USD):

	December 31,
	2015		2014
Accounts receivable - unrelated parties (1)	$	141,828	$	137,165
Notes receivable - unrelated parties (2) (3)		113,777		146,597
Total accounts and notes receivable- unrelated parties		255,605		283,762
Less: allowance for doubtful accounts- unrelated parties		(1,208)		(1,414)
Accounts and notes receivable- unrelated parties		254,397		282,348
Accounts and notes receivable - related parties		21,918		22,760
Accounts and notes receivable, net	$	276,315	$	305,108

(1) As of December 31, 2015, the Company has pledged $32.3 million of accounts receivable as security for its comprehensive credit facility with banks in China.

(2)

Notes receivable represents accounts receivable in the form of bills of exchange whose acceptances and settlements are handled by banks.

(3)

As of December 31, 2015, Henglong collateralized its notes receivable in an amount of RMB 232.9 million (equivalent to approximately $35.9 million) as security for the credit facilities with banks in China and the Chinese government, including RMB 207.4 million (equivalent to approximately $31.9 million) in favor of Industrial and Commercial Bank of China, Jingzhou Branch, “ICBC Jingzhou,” for the purpose of obtaining the Henglong Standby Letter of Credit (as defined in Note 12) which is used as security for the non-revolving credit facility in the amount of $30 million provided by Industrial and Commercial Bank of China (Macau) Limited, “ICBC Macau,” and RMB25.5 million (equivalent to approximately $3.9 million) in favor of the Chinese government as security for the low-interest government loan (See Note 12). As of December 31, 2014, Henglong collateralized its notes receivable in an amount of RMB 232.5 million (equivalent to approximately $38.0 million) as security for the credit facilities with banks in China and the Chinese government, including RMB201.8 million (equivalent to approximately $33.0 million) in favor of Industrial and Commercial Bank of China, Jingzhou Branch, “ICBC Jingzhou,” for the purpose of obtaining the Henglong Standby Letter of Credit (as defined in Note 12) which is used as security for the non-revolving credit facility in the amount of $30.0 million provided by Industrial and Commercial Bank of China (Macau) Limited, “ICBC Macau,” and RMB30.7 million (equivalent to approximately $5.0 million) in favor of the Chinese government as security for the low-interest government loan (See Note 12).

Schedule of allowance for doubtful accounts of accounts receivable [Table Text Block]

The activity in the Company’s allowance for doubtful accounts of accounts receivable during the years ended December 31, 2015 and 2014, are summarized as follows (figures are in thousands of USD):

	Year Ended December 31,
	2015		2014
Balance at beginning of year	$	1,414	$	1,349
Amounts provided for during the year		39		124
Amounts reversed of collection during the year		(163)		(54)
Written off during the year		-		-
Foreign currency translation		(82)		(5)
Balance at end of year	$	1,208	$	1,414