PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2015

PLANT AND EQUIPMENT [Text Block]

NOTE 13 – PLANT AND EQUIPMENT

Plant and equipment consisted of the following:

		March 31,			December 31,
		2015			2014
At cost:
Buildings	$	14,613,552		$	14,492,949
Machinery and equipment		7,978,646			7,916,281
Office equipment		403,116			283,494
Motor vehicles		356,153			355,547
Moulds		34,652,311			34,523,167
		58,003,778			57,571,438
Less : Accumulated depreciation
Buildings	$	(3,607,049	)	$	(3,480,417	)
Machinery and equipment		(7,427,327	)		(7,371,047	)
Office equipment		(229,692	)		(220,944	)
Motor vehicles		(263,491	)		(254,331	)
Moulds		(21,244,447	)		(19,972,647	)
		(32,772,006	)		(31,299,386	)
Less: provision for impairment for fixed assets		(56,894	)		(56,696	)
Plant and equipment, net	$	25,174,878		$	26,215,356

As of March 31, 2015 and December 31, 2014, the net book value of plant and equipment pledged as collateral for bank loans was $10,813,382 and $10,816,480, respectively.

Depreciation expenses for the first quarter of 2015 and 2014 was $1,361,481 and $1,276,480, respectively.