COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 21 COMMITMENTS AND CONTINGENCIES

Lease commitments

The Company has entered into tenancy agreements for the lease of its factory premises and warehouse with independent parties. The Company’s commitments for minimum lease payments under these operating leases for the next five years and thereafter as of December 31, 2013 are as follows:

Payable within:
- fiscal year ending December 31, 2014	$	21,650
- fiscal year ending December 31, 2015 and thereafter		-
Total	$	21,650

Capital commitments  – contracted but not provided for 

	As of December 31,
	2013		2012
Acquisition or construction of buildings - within one year	$	552.412	$	-
Purchase of machinery - within one year		309,994		365,922
	$	862,406	$	365,922

Other commitments

During 2011, the Company signed various research and development contracts with Shanghai Electric Cable Research Institute with a total contract amount of $3.02 million. As of December 31, 2013, the Company has paid $2.26 million. The Company expects to pay the remaining $0.85 million within one year.