NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2012

NOTES PAYABLE [Abstract]

Schedule of Notes Payable

Notes payable as of December 31, 2012 and 2011 consist of the following:

	2012			2011
Classified by financial institutions:
China Citic Bank	$	35,312,435		$	42,580,912
Bank of Zhengzhou		6,420,443			9,533,040
Minsheng Bank of China		19,261,328			24,229,810
Guangdong Development Bank		22,471,549			14,299,560
Shanghai Pudong Development Bank		25,681,771			15,888,400
China Merchants Bank		11,235,775			16,523,936
China Everbright Bank		27,286,881			19,066,080
Bank of Luoyang		43,337,988			24,627,020
Bank of Communications		22,792,572			12,710,720
Bank of Pingdingshan		32,102,213			25,421,438
Bank of Xuchan		2,407,666			-
Commercial bank of Kaifeng		4,815,332			-
Huaxia Bank		1,605,111			-
Ping An Bank		4,815,331			-
	$	259,546,395		$	204,880,916
Additional information:
Maximum balance outstanding during the year	$	309,304,826		$	204,880,916
Interest expense	$	4,701,767		$	3,342,011
Finance charge per contract		0.05%-0.15	%		0.05%-0.5	%
Weighted average interest rate		0.69	%		1.29	%