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COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

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 December 31, 2012 are as follows:

Payable within:
- fiscal year ending December 31, 2013	$	61,729
- fiscal year ending December 31, 2014 and thereafter		21,001

Total	$	82,730

Capital Commitments Contracted But Not Provided For

Capital commitments – contracted but not provided for

	As of December 31,
	2012		2011
Acquisition or construction of buildings - within one year	$	-	$	2,982,114
Purchase of machinery - within one year		365,922		1,872,748

	$	365,922	$	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