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Loans Payable (Tables)
3 Months Ended
Mar. 31, 2013
Loans Payable [Abstract]  
Schedule of short-term bank loans
 
     
March 31,
2013
   
December 31,
2012
 
Industrial & Commercial Bank of China
(a)
   
797,880
     
792,568
 
Industrial & Commercial Bank of China
(b)
   
1,595,762
     
1,585,138
 
Bank of Hebei
(c)
   
1,595,762
     
1,585,138
 
  Total short-term bank loans
   
$
3,989,404
   
$
3,962,844
 
 
(a)
On August 18, 2011, the Company obtained from the Industrial & Commercial Bank of China an accounts receivable factoring facility with a maximum credit limit of $787,116 as of December 31, 2011. Under the factoring agreement, the bank has recourse against the Company if the receivables, which remain in the Company’s books at all times, are not fully collected. The term of the factoring facility expired on August 15, 2012 and carried an interest rate of 8.528% per annum. The Company paid off the 2011 factoring outstanding balance on August 15, 2012 and subsequently refinanced with the Industrial & Commercial Bank of China on September 4, 2012 under similar terms, except carries an interest rate of 6.6% per annum. The unpaid balance of the factoring facility was $797,880 and $792,568 as of March 31, 2013 and December 31, 2012, respectively. This new factoring facility will expire on August 28, 2013. 
   
(b)
On November 9, 2012, the Company obtained from the Industrial & Commercial Bank of China another accounts receivable factoring facility with a maximum credit limit of $1,595,762 and $1,585,138 as of March 31, 2013 and December 31, 2012, respectively. Under the factoring agreement, the bank has recourse against the Company if the receivables, which remain in the Company’s books at all times, are not fully collected. The term of the factoring facility expires on November 8, 2013 and carries an interest rate of 6.6% per annum, or 1.0% plus the prime rate for the loan set forth by the People’s Bank of China at the time of funding. The unpaid balance of the loan was in the amount of $1,595,762 and $1,585,138 as of March 31, 2013 and December 31, 2012, respectively. 
   
(c)
On September 19, 2012, the Company obtained from the Bank of Hebei a new banking facility with maximum credit limit on bank loans of $1,595,762 and on notes payable of $1,595,762 as of March 31, 2013. The facility is guaranteed by an independent third party. On the same day, the Company drew down from this banking facility a new working capital loan of $1,595,762 and $1,585,138 as of March 31, 2013 and December 31, 2012. The loan bears interest at the rate of 6.6% per annum. Both the term of the banking facility and loan are for one year and expire on September 19, 2013.