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Commitments and Contingencies
6 Months Ended
Jun. 30, 2013
Commitments Contingencies [Abstract]  
COMMITMENTS AND CONTINGENCIES
8         COMMITMENTS AND CONTINGENCIES
 
(a) Contingencies
 
In connection with the shipping of finished products, inaccurate product information was previously provided to the PRC Port authority. In addition, through March 31, 2011, Ningbo Keyuan failed to withhold income tax of approximately $50,000 from payments to certain external service providers and employees. In consultation with PRC legal counsel, management has evaluated the contingencies associated with the provision of inaccurate information and expects that the penalty, if any, will not be significant and will not have a material impact on the consolidated financial statements.
 
In addition, the Group had outstanding Letter’s of Credit as of June 30, 2013 of approximately $148 million.