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RETAINED EARNINGS - APPROPRIATED | 9 Months Ended
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Sep. 30, 2012
RETAINED EARNINGS - APPROPRIATED [Abstract] |
RETAINED EARNINGS - APPROPRIATED | NOTE 11 - RETAINED EARNINGS - APPROPRIATED In accordance with the relevant PRC regulations and the PRC subsidiaries' Articles of Association, the Company's PRC subsidiaries are required to allocate its profit after tax to the following reserve: Statutory Common Reserve Funds SCHC and SYCI are required each year to transfer 10% of the profit after tax as reported under the PRC statutory financial statements to the Statutory Common Reserve Funds until the balance reaches 50% of the registered share capital. This reserve can be used to make up any loss incurred or to increase share capital. Except for the reduction of losses incurred, any other application should not result in this reserve balance falling below 25% of the registered capital. The Statutory Common Reserve Fund as of September 30, 2012 for SCHC and SYCI is 33% and 50% of its registered capital respectively.

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