CONDENSED PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2012

CONDENSED PARENT COMPANY FINANCIAL INFORMATION [Abstract]

CONDENSED PARENT COMPANY FINANCIAL INFORMATION

23. CONDENSED PARENT COMPANY FINANCIAL INFORMATION

The Company records its investment in subsidiaries under the equity method of accounting as prescribed in FASB ASC Topic 323, "Investments - Equity Method and Joint Ventures". Such investment and long-term loans to subsidiaries are presented on the balance sheet as "Investments in subsidiaries" and the income of the subsidiaries is presented as "Equity in income of subsidiaries" on the statement of income.

These supplemental condensed parent company financial statements should be read in conjunction with the notes to the Company's Consolidated Financial Statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.

As of December 31, 2012, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except as separately disclosed in the Company's Consolidated Financial Statements, if any.

CONDENSED BALANCE SHEETS

	2012			2011
Assets
Cash	$	7,645,949		$	11,621,907
Investments in subsidiaries		322,526,371			286,912,377
Total assets	$	330,172,320		$	298,534,284
Liabilities and Stockholders'' Equity
Current liabilities
Accrued liabilities and other payables	$	105,000		$	106,448
Total liabilities		105,000			106,448
Stockholders' Equity
Common stock		140,418,118			140,418,118
Additional paid in capital		4,978,698			6,930,944
Treasury stock		(414,063	)		(4,516,744	)
Retained earnings		163,276,046			137,142,958
Accumulated other comprehensive income		21,808,521			18,452,560
Total stockholders' equity		330,067,320			298,427,836
Total liabilities and stockholders' equity	$	330,172,320		$	298,534,284

CONDENSED STATEMENT OF INCOME

	For the years ended
	2012			2011			2010
General and administrative expenses	$	(2,419,836	)	$	(9,439,791	)	$	(2,059,737	)
Equity income of subsidiaries		28,552,924			67,060,343			49,143,161
Net income	$	26,133,088		$	57,620,552		$	47,083,424

CONDENSED STATEMENT OF CASH FLOWS

	For the years ended
	2012			2011			2010
Net cash used in operating activities	$	(2,421,284	)	$	(7,887,611	)	$	(3,511,915	)
Net cash used in investing activities		-			(48,000,000	)		(25,500,000	)
Net cash (used in)/provided by financing activities		(1,554,674	)		61,957,131			28,682,613
Cash as of January 1		11,621,907			5,552,387			5,881,689
Cash as of December 31	$	7,645,949		$	11,621,907		$	5,552,387