BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2012

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Summary of exchange rates

The exchange rates used to translate amounts in RMB and HK$ into U.S. Dollars for the purposes of preparing the consolidated financial statements are as follows:

	2012	2011	2010
Balance sheet items, except for equity accounts	RMB6.2301=$1	RMB6.2939=$1	RMB6.6000=$1
	HK$7.7507=$1	HK$7.7663=$1	HK$7.7810=$1

	For the years ended
	2012	2011	2010
Items in statements of income and cash flows	RMB6.2990=$1	RMB6.4475=$1	RMB6.7604=$1
	HK$7.7556=$1	HK$7.7793=$1	HK$7.7700=$1

Schedule of Estimated Useful Life of Property, Plant and Equipment

The estimated useful lives of the assets are as follows:

	Estimated Life (years)
Leasehold land improvement		46.5
Buildings		10 - 20
Machinery and equipment		5 - 20
Vehicles		5
Furniture fixtures and office equipment		5

Schedule of the Computation of Basic and Diluted Net Income per Common Share

The following table sets forth the computation of basic and diluted net income per common share:

	For the years ended
	2012		2011		2010
Net income	$	26,133,088	$	57,620,552	$	47,083,424
Weighted average outstanding shares of common stock		58,543,076		56,297,652		43,891,670
Dilutive effect of Warrants		-		-		2,584,713
Dilutive effect of Unit Purchase Option granted to underwriters		-		-		179,338
Diluted weighted average outstanding shares		58,543,076		56,297,652		46,655,721
Earnings per common stock:
Basic	$	0.45	$	1.02	$	1.07
Diluted	$	0.45	$	1.02	$	1.01