ACCOUNTS RECEIVABLE AND BILLS RECEIVABLE, NET

9 Months Ended

Sep. 30, 2011

ACCOUNTS RECEIVABLE AND BILLS RECEIVABLE, NET

NOTE 4 ACCOUNTS RECEIVABLE AND BILLS RECEIVABLE, NET

Accounts receivable consisted of the following:

	September 30,		December 31,
	2011		2010
Accounts receivable	$	25,682,050	$	32,973,704
Less: Allowance for doubtful debts		-		-
Accounts receivable, net	$	25,682,050	$	32,973,704

Bills receivable arose from sale of goods and represented commercial drafts issued by customers to the Company that were guaranteed by the customers’ bank.  Bills receivable are interest-free with maturity dates of 3 to 6 months from date of issuance. Bills receivable consisted of the following:

	September 30,		December 31,
	2011		2010
Bills receivable	$	-	$	528,576
Less: Allowance for doubtful debts		-		-
Bills receivable, net	$	-	$	528,576