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COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2012

Commitments for Minimum Lease Payments Under Operating Leases

The Company’s commitments for minimum lease payments under these operating leases for the next five years and thereafter as of June 30, 2012 are as follows:

Payable within:
- remainder of fiscal year ending December 31, 2012	$	29,408
- fiscal year ending December 31, 2013		61,345
- fiscal year ending December 31, 2014		20,870

Total	$	111,623

Capital Commitments Contracted But Not Provided For

Capital commitments – contracted but not provided for

	June 30,		December 31,
	2012		2011

Acquisition or construction of buildings - within one year	$	-	$	2,982,114
Purchase of machinery - within one year		1,739,158		1,872,748
Purchase of machinery - over one year		-		-

	$	1,739,158	$	4,854,862

- Definition

Tabular disclosure of unconditional purchase obligations that are not recognized as a liability on the balance sheet, including the nature and significant terms of an unconditional purchase obligation; the amount of the fixed and determinable portion of the obligation as of the date of the latest balance sheet presented in the aggregate and, if determinable, for each of the five succeeding fiscal years; the nature of any variable components of the obligation; the amount purchased under the obligation (for example, the take-or-pay or throughput contract) for the reporting period; and may include the amount of imputed interest necessary to reduce the obligation to present value.

+ References+ Details