Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 16, 2015 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Entity Registrant Name | SORL Auto Parts Inc | |
Entity Central Index Key | 714,284 | |
Trading Symbol | sorl | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 19,304,921 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 5,742,833 | $ 14,009,597 |
Accounts receivable, net | 66,155,023 | 68,171,387 |
Bank acceptance notes from customers | 11,479,383 | 17,626,704 |
Short term investments | 87,021,944 | 34,838,757 |
Inventories | 68,082,837 | 84,186,766 |
Prepayments, including US$0 and US$83,206 due from related parties at September 30, 2015 and December 31, 2014, respectively | 4,928,389 | 4,663,002 |
Current portion of prepaid capital lease interest | 139,433 | 282,280 |
Other current assets | 1,236,503 | 1,282,182 |
Deferred tax assets | 3,579,607 | 1,868,371 |
Total Current Assets | 248,365,952 | 226,929,046 |
Property, plant and equipment, net | 39,231,690 | 43,550,927 |
Land use rights, net | 13,598,612 | 14,421,729 |
Intangible assets, net | 27,319 | 37,661 |
Security deposits on lease agreement | 1,796,578 | 1,867,719 |
Non-current portion of prepaid capital lease interest | 7,339 | 99,180 |
Total Non-Current Assets | 54,661,538 | 59,977,216 |
Total Assets | 303,027,490 | 286,906,262 |
Current Liabilities | ||
Accounts payable and bank acceptance notes to vendors, including US$2,067,365 and US$136,609 due to related parties at September 30, 2015 and December 31, 2014, respectively | 14,978,233 | 13,867,316 |
Deposit received from customers | 26,299,643 | 19,045,172 |
Short term bank loans | 22,042,744 | 9,539,476 |
Income tax payable | 1,474,677 | 1,101,103 |
Accrued expenses | 11,843,133 | 13,561,163 |
Current portion of capital lease obligations | 3,593,156 | 3,735,438 |
Other current liabilities, including US$117,067 and US$17,681 due to related parties at September 30, 2015 and December 31, 2014, respectively | 2,403,786 | 2,131,527 |
Total Current Liabilities | 82,635,372 | 62,981,195 |
Non-Current Liabilities | ||
Non-current portion of capital lease obligations | 898,289 | 3,735,437 |
Total Non-Current Liabilities | 898,289 | 3,735,437 |
Total Liabilities | $ 83,533,661 | $ 66,716,632 |
Equity | ||
Preferred stock - no par value; 1,000,000 authorized; none issued and outstanding as of September 30, 2015 and December 31, 2014 | ||
Common stock - US$0.002 par value; 50,000,000 authorized, 19,304,921 issued and outstanding as of September 30, 2015 and December 31, 2014 | $ 38,609 | $ 38,609 |
Additional paid-in capital | 42,199,014 | 42,199,014 |
Reserves | 12,767,531 | 12,019,532 |
Accumulated other comprehensive income | 19,620,317 | 27,516,206 |
Retained earnings | 123,547,436 | 116,935,053 |
Total SORL Auto Parts, Inc. Stockholders' Equity | 198,172,907 | 198,708,414 |
Non-controlling Interest In Subsidiaries | 21,320,922 | 21,481,216 |
Total Equity | 219,493,829 | 220,189,630 |
Total Liabilities and Equity | $ 303,027,490 | $ 286,906,262 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Prepayments, related party | $ 0 | $ 83,206 |
Accounts payable and bank acceptance notes to vendors, related party | 2,067,365 | 136,609 |
Other current liabilities, related party | $ 117,067 | $ 17,681 |
Preferred stock, par or stated value per share | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value per share | $ 0.002 | $ 0.002 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 19,304,921 | 19,304,921 |
Common stock, shares outstanding | 19,304,921 | 19,304,921 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Consolidated Statements of Income and Comprehensive Income [Abstract] | ||||
Net sales | $ 50,323,832 | $ 58,702,505 | $ 161,796,676 | $ 174,419,540 |
Sales to related parties | 2,171,824 | 534,195 | 4,241,472 | 2,169,778 |
Cost of sales | 36,622,501 | 43,240,746 | 117,835,825 | 125,056,960 |
Gross profit | 13,701,331 | 15,461,759 | 43,960,851 | 49,362,580 |
Expenses: | ||||
Selling and distribution expenses | 4,813,129 | 5,871,463 | 15,250,216 | 18,050,068 |
General and administrative expenses | 5,634,735 | 3,759,307 | 15,784,330 | 12,786,335 |
Research and development expenses | 2,261,665 | 2,242,620 | 5,831,756 | 5,934,377 |
Total operating expenses | 12,709,529 | 11,873,390 | 36,866,302 | 36,770,780 |
Other operating income | 463,198 | 545,752 | 1,532,006 | 1,471,014 |
Income from operations | 1,455,000 | 4,134,121 | 8,626,555 | 14,062,814 |
Interest income | 162,770 | 26,204 | 683,561 | 86,839 |
Other income | 1,825,177 | 100,534 | 2,616,586 | 352,130 |
Interest expenses | (395,121) | (403,482) | (804,321) | (1,126,212) |
Other expenses | (198,828) | (301,641) | (807,407) | (1,011,795) |
Income before provision for income taxes | 2,848,998 | 3,555,736 | 10,314,974 | 12,363,776 |
Provision for income taxes | 427,905 | 391,988 | 2,220,327 | 1,556,433 |
Net income | 2,421,093 | 3,163,748 | 8,094,647 | 10,807,343 |
Net income attributable to non-controlling interest in subsidiaries | 373,067 | 262,813 | 734,265 | 1,003,631 |
Net income attributable to common stockholders | 2,048,026 | 2,900,935 | 7,360,382 | 9,803,712 |
Comprehensive income: | ||||
Net income | 2,421,093 | 3,163,748 | 8,094,647 | 10,807,343 |
Foreign currency translation adjustments | (8,972,031) | (108,081) | (8,790,448) | 4,224,775 |
Comprehensive income (loss) | (6,550,938) | 3,055,667 | (695,801) | 15,032,118 |
Comprehensive income (loss) attributable to non-controlling interest in subsidiaries | (524,189) | 193,652 | (160,294) | 1,336,705 |
Comprehensive income (loss) attributable to common stockholders | $ (6,026,749) | $ 2,862,015 | $ (535,507) | $ 13,695,413 |
Weighted average common share - basic | 19,304,921 | 19,304,921 | 19,304,921 | 19,304,921 |
Weighted average common share - diluted | 19,304,921 | 19,304,921 | 19,304,921 | 19,304,921 |
EPS - basic | $ 0.11 | $ 0.15 | $ 0.38 | $ 0.51 |
EPS - diluted | $ 0.11 | $ 0.15 | $ 0.38 | $ 0.51 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flows From Operating Activities | ||
Net Income | $ 8,094,647 | $ 10,807,343 |
Adjustments to reconcile net income to net cash from operating activities | ||
Allowance for doubtful accounts | 6,817,520 | 1,697,068 |
Depreciation and amortization | 5,765,138 | 5,597,867 |
Deferred income tax | (1,838,158) | (405,594) |
(Gain) or loss on disposal of property and equipment | (44,486) | 35,655 |
Changes in assets and liabilities | ||
Accounts receivable | (7,700,931) | (7,790,502) |
Bank acceptance notes from customers | 5,653,836 | 6,153,022 |
Other currents assets | (8,665) | 755,849 |
Inventories | 13,369,960 | (3,305,061) |
Prepayments | (536,193) | (2,716,212) |
Prepaid capital lease interest | 227,367 | 362,790 |
Accounts payable and bank acceptance notes to vendors | 1,381,794 | (4,895,398) |
Income tax payable | 434,069 | (26,461) |
Deposits received from customers | 8,243,799 | 1,506,420 |
Other current liabilities and accrued expenses | (874,410) | 3,630,457 |
Net Cash Flows Provided By Operating Activities | 38,985,287 | $ 11,407,243 |
Cash Flows From Investing Activities | ||
Change in short term investments | (54,985,353) | |
Acquisition of property and equipment | (2,440,511) | $ (2,994,571) |
Proceeds of disposal of property and equipment | 48,956 | 57,339 |
Net Cash Flows (Used In) Investing Activities | (57,376,908) | (2,937,232) |
Cash Flows From Financing Activities | ||
Proceeds from bank loans | 32,886,768 | 28,383,953 |
Repayment of bank loans | (19,626,376) | (24,924,952) |
Repayment of capital lease | (2,780,713) | (2,776,407) |
Net Cash Flows Provided By Financing Activities | 10,479,679 | 682,594 |
Effects on changes in foreign exchange rate | (354,822) | 507,759 |
Net change in cash and cash equivalents | (8,266,764) | 9,660,364 |
Cash and cash equivalents- beginning of the period | 14,009,597 | 28,241,983 |
Cash and cash equivalents - end of the period | 5,742,833 | 37,902,347 |
Supplemental Cash Flow Disclosures | ||
Interest paid | 815,839 | 1,126,215 |
Income taxes paid | $ 3,624,319 | $ 1,983,823 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - 9 months ended Sep. 30, 2015 - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Reserves [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] | Shareholders' Equity [Member] | Non-controlling Interest [Member] |
Balance at Dec. 31, 2014 | $ 220,189,630 | $ 38,609 | $ 42,199,014 | $ 12,019,532 | $ 116,935,053 | $ 27,516,206 | $ 198,708,414 | $ 21,481,216 |
Balance, shares at Dec. 31, 2014 | 19,304,921 | 19,304,921 | ||||||
Net income | $ 8,094,647 | $ 7,360,382 | 7,360,382 | 734,265 | ||||
Foreign currency translation adjustment | $ (8,790,448) | $ (7,895,889) | $ (7,895,889) | $ (894,559) | ||||
Transfer to reserve | $ 747,999 | $ (747,999) | ||||||
Balance at Sep. 30, 2015 | $ 219,493,829 | $ 38,609 | $ 42,199,014 | $ 12,767,531 | $ 123,547,436 | $ 19,620,317 | $ 198,172,907 | $ 21,320,922 |
Balance, shares at Sep. 30, 2015 | 19,304,921 | 19,304,921 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 9 Months Ended |
Sep. 30, 2015 | |
DESCRIPTION OF BUSINESS [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE A - DESCRIPTION OF BUSINESS SORL Auto Parts, Inc. (together with its subsidiaries, we, us, our or the Company or SORL), a Delaware corporation incorporated on March 24,1982, is principally engaged in the manufacture and distribution of vehicle brake systems and other key safety-related components, through its 90 60 The Joint Venture was formed in the People's Republic of China (PRC or China) as a Sino-Foreign joint venture on January 17, 2004, pursuant to the terms of a Joint Venture Agreement between the Ruili Group Co., Ltd. (the Ruili Group) and Fairford Holdings Limited (Fairford), a wholly owned subsidiary of the Company. The Ruili Group was incorporated in China in 1987 and specializes in the development, production and sale of various kinds of automotive parts. Fairford and the Ruili Group contributed 90 10 On November 11, 2009, the Company entered into a joint venture agreement with MGR Hong Kong Limited (MGR), a Hong Kong-based global auto parts distribution specialist firm and a Taiwanese investor. The new joint venture was named SORL International Holding, Ltd., or SIH. SORL holds a 60 30 10 On February 8, 2010, the Company sold 1,000,000 10.00 9.4 On August 31, 2010, the Company, through the Joint Venture, executed an agreement to acquire the assets of the hydraulic brake, power steering, and automotive electrical operations of the Ruili Group (a related party under common control). As a result of this acquisition, the Company's product offerings expanded to both commercial and passenger vehicles' brake systems and other key safety-related auto parts. The purchase price was RMB 170 25 8.0 8.0 5.2 the Ruili Group The Company accounted for the acquisition as a transaction between the entities under common control because the CEO of the Company owns 63 50 |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2015 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE B - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (1) BASIS OF PRESENTATION The consolidated financial statements include the accounts of the Company and its majority owned subsidiaries. All intercompany balances and transactions have been eliminated in the consolidation. Certain information and footnote disclosures normally included in financial statements prepared in conjunction with generally accepted accounting principles have been condensed or omitted as permitted by the rules and regulations of the United States Securities and Exchange Commission (SEC), although the Company believes that the disclosures contained in this report are adequate to make the information presented not misleading. The consolidated balance sheet information as of December 31, 2014 was derived from the consolidated audited financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. These consolidated financial statements should be read in conjunction with the annual consolidated audited financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014, and other reports filed with the SEC. The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal and recurring nature which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. The results of operations for these periods are not necessarily comparable to, or indicative of, results of any other interim period or for the fiscal year taken as a whole. (2) SIGNIFICANT ACCOUNTING POLICIES a. ACCOUNTING METHOD The Company uses the accrual method of accounting for financial statement and tax return purposes. b. USE OF ESTIMATES The preparation of financial statements in conformity with U.S generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes its best estimate of the outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Actual results could differ from those estimates. c. FAIR VALUE OF FINANCIAL INSTRUMENTS For certain of the Company's financial instruments, including cash and cash equivalents, short term investments, d. REVENUE RECOGNITION Revenue from the sale of goods is recognized when the risks and rewards of ownership of the goods have transferred to the buyer. The transfer is decided by several factors, including factors such as when persuasive evidence of an arrangement exits, delivery has occurred, the sales price is fixed and determinable, and collection is probable. Revenue consists of the invoice value for the sale of goods and services net of value-added tax, rebates and discounts and returns. The Company nets sales return in gross revenue, i.e., the revenue shown in the income statement is the net sales. e. COST OF SALES Cost of sales consists primarily of materials costs, applicable local government levies, freight charges, purchasing and receiving costs, inspection costs, employee compensation, depreciation and related costs, which are directly attributable to production. Write-down of inventories to lower of cost or market is also recorded in cost of sales, if any. f. FOREIGN CURRENCY TRANSLATION The Company maintains its books and accounting records in RMB, the currency of the PRC. The Company's functional currency is also RMB. The Company has adopted FASB ASC 830-30 in translating financial statement amounts from RMB to the Company's reporting currency, United States dollars (US$). All assets and liabilities are translated at the current rate. The stockholders' equity accounts are translated at the appropriate historical rate. Revenue and expenses are translated at the weighted average rates in effect on the transaction dates. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of stockholders' equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. During the three and nine months ended September 30, 2015, the Company had US$ 1,268,968 1,346,439 108,198 95,924 g. RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position. |
RECENTLY ISSUED ACCOUNTING PRON
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2015 | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS [Abstract] | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | NOTE C RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In April 2015 , the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs December 15, 2015 , and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . The amendments in ASU 2015-14 defer the effective date of ASU 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements In August 2015, the FASB issued ASU No. 2015-15, Interest-Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which addresses line-of-credit arrangements that were omitted from ASU 2015-03 (see above). This Update states that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing those costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We do not believe the adoption of this guidance will have a significant impact on our consolidated financial statements In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . The amendments in ASU 2015-16 require that an acquirer recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments also require an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the estimated amounts had been recognized as of the acquisition date. The adoption of this standard is not expected to have a material impact on the Company's financial position and results of operations |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2015 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE D - RELATED PARTY TRANSACTIONS The Company continues to purchase packaging materials from the Ruili Group. The Ruili Group is the minority stockholder of Joint Venture and is collectively controlled by Mr. Xiao Ping Zhang, his wife Ms. Shu Ping Chi, and his brother Mr. Xiao Feng Zhang. In addition, the Company purchases from two other related parties, Guangzhou Kormee Automotive Electronic Control Co., Ltd. The following related party transactions are reported for the three months and nine months ended September 30, 2015 and September 30, 2014: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 PURCHASES FROM: Guangzhou Kormee Automotive Electronic Control Co., Ltd. US$ 957,017 US$ 178,095 US$ 1,331,566 US$ 1,650,115 Ruian Kormee Vehicle Brake Co., Ltd. 202,924 326,002 680,983 1,095,959 Ruili Group Co., Ltd. 751,044 862,037 2,379,870 2,905,090 Total Purchases US$ 1,910,985 US$ 1,366,134 US$ 4,392,419 US$ 5,651,164 SALES TO: Guangzhou Kormee Automotive Electronic Control Co., Ltd. US$ 145,564 US$ 153,236 US$ 408,334 US$ 1,127,947 Ruian Kormee Vehicle Brake Co., Ltd. 2,327 12,743 30,077 68,482 Ruili Group Co., Ltd. 2,171,824 368,216 4,241,472 973,349 Total Sales US$ 2,319,715 US$ 534,195 US$ 4,679,883 US$ 2,169,778 During the three and nine months ended September 30, 2015, for the sales mentioned above, the sales to Guangzhou Kormee and Ruian Kormee were sales of scrap materials and were included in other operating income in the consolidated statements of income and comprehensive income. The sales to Ruili Group were included in sales in the consolidated statements of income and comprehensive income. September 30, December 31, PREPAYMENTS Ruian Kormee Vehicle Brake Co., Ltd. US$ US$ 83,206 Total US$ US$ 83,206 ACCOUNTS PAYABLE Ruian Kormee Vehicle Brake Co., Ltd. US$ 349,936 US$ Guangzhou Kormee Automotive Electronic Control Co., Ltd. 718,194 59,011 Ruili Group Co., Ltd. 999,235 77,598 Total US$ 2,067,365 US$ 136,609 OTHER PAYABLES MGR Hong Kong Limited US$ 1,052 US$ 17,681 Ruili Group Co., Ltd. 116,015 Total US$ 117,067 US$ 17,681 The Company entered into several lease agreements with related parties, see Note M for more details. In addition, the Company provided a guarantee for the credit line granted to Ruili Group by the Bank of Ningbo in the amount of RMB 108,000,000 17,182,404 September 26, 2013 September 25, 2014 Company 146,960,000 24,016,996 December 9, 2014 December 9, 2015 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 9 Months Ended |
Sep. 30, 2015 | |
ACCOUNTS RECEIVABLE [Abstract] | |
ACCOUNTS RECEIVABLE | NOTE E - ACCOUNTS RECEIVABLE Accounts receivable, net consisted of the following: September 30, 2015 December 31, Accounts receivable US$ 78,948,090 US$ 74,646,974 Less: allowance for doubtful accounts (12,793,067 ) (6,475,587 ) Account receivable, net US$ 66,155,023 US$ 68,171,387 No customer individually accounted for more than 10% of our revenues or accounts receivable for the nine months ended September 30, 2015. The changes in the allowance for doubtful accounts at September 30, 2015 and December 31, 2014 are summarized as follows: September 30, 2015 December 31, 2014 Beginning balance US$ 6,475,587 US$ 3,813,415 Add: Increase to allowance 6,317,480 2,662,172 Ending balance US$ 12,793,067 US$ 6,475,587 |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2015 | |
INVENTORIES [Abstract] | |
INVENTORIES | NOTE F - INVENTORIES At September 30, 2015 and December 31, 2014, inventories consisted of the following: September 30, December 31, Raw materials US$ 6,291,726 US$ 11,934,720 Work in process 30,838,503 30,020,125 Finished goods 31,120,889 42,400,202 Less: Write-down of inventories (168,281 ) (168,281 ) Total inventories US$ 68,082,837 US$ 84,186,766 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2015 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE G - PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following, at September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Machinery US$ 50,979,751 US$ 51,619,990 Molds 1,371,676 1,425,992 Office equipment 2,135,896 2,257,208 Vehicles 2,024,271 2,040,061 Buildings 8,804,325 9,152,959 Machinery held under capital lease 29,012,601 29,012,601 Leasehold improvements 543,048 562,521 Sub-Total 94,871,568 96,071,332 Less: Accumulated depreciation (55,639,878 ) (52,520,405 ) Property, plant and equipment, net US$ 39,231,690 US$ 43,550,927 Depreciation expense charged to operations was US$ 5,421,040 5,247,145 nine months ended September 30, 2015 and September 30, 2014 , respectively. |
DEFERRED TAX ASSETS AND DEFERRE
DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES | 9 Months Ended |
Sep. 30, 2015 | |
DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES [Abstract] | |
DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES | NOTE H - DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES Deferred tax assets consisted of the following as of September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Deferred tax assets - current Allowance for doubtful accounts US$ 2,607,100 US$ 990,496 Revenue (net of cost) 37,410 ― Unpaid accrued expenses 82,904 180,392 Warranty 852,193 848,566 Deferred tax assets 3,579,607 2,019,454 Valuation allowance ― ― Net deferred tax assets - current US$ 3,579,607 US$ 2,019,454 Deferred tax liabilities - current Revenue (net of cost) US$ ― US$ 151,083 Deferred tax liabilities - current ― 151,083 Net deferred tax assets - current US$ 3,579,607 US$ 1,868,371 Deferred taxation is calculated under the liability method in respect of taxation effect arising from all timing differences, which are expected with reasonable probability to realize in the foreseeable future. The Company and its subsidiaries do not have income tax liabilities in United States as the Company had no U.S. taxable income for the reporting period. The Company's subsidiary registered in the PRC is subject to income taxes within the PRC at the applicable tax rate. |
SHORT-TERM BANK LOANS
SHORT-TERM BANK LOANS | 9 Months Ended |
Sep. 30, 2015 | |
SHORT-TERM BANK LOANS [Abstract] | |
SHORT-TERM BANK LOANS | NOTE I - SHORT-TERM BANK LOANS Bank loans represented the following as of September 30, 2015 and December 31, 2014: September 30, December 31, Secured US$ 22,042,744 US$ 9,539,476 The Company obtained those short term loans from Bank of China, Bank of Ningbo, China Construction Bank, OCBC Bank and Agricultural Bank of China, respectively, to finance general working capital as well as new equipment acquisition. Interest rate for the loans ranged from 1.33 5.35 October 16, 2015 to May 14, 2016 14,463,567 12,328,735 For the three months ended September 30, 2015 and 2014, the interest expenses for short-term bank loans were US$ 213,797 67,454 375,518 434,044 Corporate or personal guarantees: US$ 3,608,512 Guaranteed by the Ruili Group, a related party; US$ 15,551,000 Guaranteed by the Ruili Group, a related party, Mr. Xiao Ping Zhang and Ms. Shu Ping Chi, both principal stockholders. US$ 2,883,232 Guaranteed by the Ruili Group, a related party , Mr. Xiao Ping Zhang and Ms. Shu Ping Chi, both principal stockholders and Jia Rui Zhang, the daughter of Mr. Xiao Ping Zhang and Ms. Shu Ping Chi. |
CAPITAL LEASE OBLIGATIONS
CAPITAL LEASE OBLIGATIONS | 9 Months Ended |
Sep. 30, 2015 | |
CAPITAL LEASE OBLIGATIONS [Abstract] | |
CAPITAL LEASE OBLIGATIONS | NOTE J CAPITAL LEASE OBLIGATIONS September 30, 2015 December 31, 2014 Total capital lease obligations US$ 4,491,445 US$ 7,470,875 Less: Current portion (3,593,156 ) (3,735,438 ) Non-current portion US$ 898,289 US$ 3,735,437 On September 13, 2011, the Company entered into a leasing agreement with International Far Eastern Leasing Co., Ltd., a subsidiary of China Sinochem Corporation, for a term of 60 7.95 . January 4, 2017 48 6.4 28,396,853 91,428,571 14,545,950 11,428,571 1,818,244 10,705,357 1,703,212 1,904,761.9 303,041 monthly |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2015 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE K - INCOME TAXES The Joint Venture is registered in the PRC, and is therefore subject to state and local income taxes within the PRC at the applicable tax rate on the taxable income as reported in the PRC statutory financial statements in accordance with relevant income tax laws. In 2009, the Company was awarded the High-Tech Enterprise certificate by the Chinese government. The High-Tech Enterprise certificate was valid for three years and provided the Company with a reduced tax rate of 15 The Company passed the re-assessment of the High-Tech Enterprise designation by the government in 2012 and continued to be taxed at a 15% rate in 2012 through 2014. Upon the expiration of the High-Tech Enterprise certificate in 2015, the Company is undergoing the re-assessment of the certificate by the government and is currently subject to a tax rate of 25% The reconciliation of the effective income tax rate of the Company to the statutory income tax rate in the PRC for the nine months of 2015 and 2014 is as follows: Nine Months Ended Nine Months Ended U.S. statutory income tax rate 35.00 % 35.00 % Valuation allowance recognized with respect to the loss in the U.S. company -35.00 % -35.00 % HK statutory income tax rate 16.50 % 16.50 % Valuation allowance recognized with respect to the loss in the HK company -16.50 % -16.50 % China statutory income tax rate 25.00 % 25.00 % Effects of income tax exemptions and reliefs - -10.00 % Effects of additional deduction allowed for Research and Development expenses -7.07 % -3.60 % Other items 3.60 % 1.19 % Effective tax rate 21.53 % 12.59 % Income taxes are calculated on a separate entity basis. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's net deferred tax assets and liabilities are approximately as mentioned above at September 30, 2015. There currently is no tax benefit recorded for the United States. The tax authority may examine the tax returns of the Company three years after the year ended December 31, 2014. In the nine months ended September 30, 2015, there were no penalties and interest, which generally are recorded in the general and administrative expenses or in the tax expenses. The provisions for income taxes for the nine months ended September 30, 2015 and 2014, respectively, are summarized as follows: Nine Months Ended Nine Months Ended Current US$ 4,058,485 US$ 1,962,026 Deferred (1,838,158 ) (405,593 ) Total US$ 2,220,327 US$ 1,556,433 ASC 740-10 requires recognition and measurement of uncertain income tax positions using a more-likely-than-not approach. The management evaluated the Company's tax positions and considered that no provision for uncertainty in income taxes was necessary as of September 30, 2015 and December 31, 2014. |
NON-CONTROLLING INTEREST IN SUB
NON-CONTROLLING INTEREST IN SUBSIDIARIES | 9 Months Ended |
Sep. 30, 2015 | |
NON-CONTROLLING INTEREST IN SUBSIDIARIES [Abstract] | |
NON-CONTROLLING INTEREST IN SUBSIDIARIES | NOTE L - NON-CONTROLLING INTEREST IN SUBSIDIARIES Non-controlling interest in subsidiaries represents a 10% non-controlling interest, owned by the Ruili Group, in Ruian, and a 40% non-controlling interest, owned by the Company's Joint Venture partners, in SIH. Net income attributable to non-controlling interests in subsidiaries amounted to US$734,265 and US$1,003,631 for the nine months ended September 30, 2015 and 2014, respectively. Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 10 US$ 831,112 US$ 1,101,336 40 (96,847 ) (97,705 ) Total US$ 734,265 US$ 1,003,631 |
OPERATING LEASES WITH RELATED P
OPERATING LEASES WITH RELATED PARTIES | 9 Months Ended |
Sep. 30, 2015 | |
OPERATING LEASES WITH RELATED PARTIES [Abstract] | |
OPERATING LEASES WITH RELATED PARTIES | NOTE M OPERATING LEASES WITH RELATED PARTIES In December 2006, Ruian entered into a lease agreement with Ruili Group for the lease of two 2,100,000 333,688 In May 2009, Ruian entered into a lease agreement with Ruili Group for the lease of a manufacturing plant. The lease term is from September 2009 to May 2017. In August 2010, a new lease agreement was signed between Ruian and Ruili Group, under which Ruian leased 32,410 8,137,680 1,293,070 The lease expenses were US$ 1,245,477 1,221,583 |
WARRANTY CLAIMS
WARRANTY CLAIMS | 9 Months Ended |
Sep. 30, 2015 | |
WARRANTY CLAIMS [Abstract] | |
WARRANTY CLAIMS | NOTE N - WARRANTY CLAIMS Warranty claims were US$ 1,515,278 1,717,235 Beginning balance at January 1, 2015 US$ 5,657,106 Aggregate increase for new warranties issued during current period 1,515,278 Aggregate reduction for payments made (1,586,962 ) Ending balance at September 30, 2015 US$ 5,585,422 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2015 | |
SEGMENT INFORMATION [Abstract] | |
SEGMENT INFORMATION | NOTE O SEGMENT INFORMATION The Company produces brake systems and other related components for different types of commercial vehicles (Commercial Vehicle Brake Systems). On August 31, 2010, the Company through Ruian, executed an asset purchase agreement to acquire, and purchased, a segment of the passenger vehicle auto parts business (Passenger Vehicle Brake Systems) of Ruili Group. As a result of this acquisition, the Company expanded our product offerings to both commercial and passenger vehicles' brake systems and other key safety-related auto parts. The Company has two operating segments: Commercial Vehicle Brake Systems and Passenger Vehicle Brake Systems. All of the Company's long-lived assets are located in the PRC and Hong Kong. The Company and its subsidiaries do not have long-lived assets in the United States for the reporting periods. Nine Months Ended September 30, 2015 2014 NET SALES TO EXTERNAL CUSTOMERS Commercial Vehicle Brake Systems US$ 130,397,720 US$ 141,967,713 Passenger Vehicle Brake Systems 31,398,956 32,451,827 Net sales US$ 161,796,676 US$ 174,419,540 INTERSEGMENT SALES Commercial Vehicle Brake Systems US$ US$ Passenger Vehicle Brake Systems Intersegment sales US$ US$ GROSS PROFIT Commercial Vehicle Brake Systems US$ 35,136,082 US$ 39,096,457 Passenger Vehicle Brake Systems 8,824,769 10,266,123 Gross profit US$ 43,960,851 US$ 49,362,580 Other operating income 1,532,006 1,471,014 Selling and distribution expenses 15,250,216 18,050,068 General and administrative expenses 15,784,330 12,786,335 Research and development expenses 5,831,756 5,934,377 Income from operations 8,626,555 14,062,814 Interest income 683,561 86,839 Other income 2,616,586 352,130 Interest expense (804,321 ) (1,126,212 ) Other expenses (807,407 ) (1,011,795 ) Income before income tax expense US$ 10,314,974 US$ 12,363,776 CAPITAL EXPENDITURE Commercial Vehicle Brake Systems US$ 1,973,423 US$ 2,437,413 Passenger Vehicle Brake Systems 467,088 557,158 Total US$ 2,440,511 US$ 2,994,571 DEPRECIATION AND AMORTIZATION Commercial Vehicle Brake Systems US$ 4,650,260 US$ 4,556,349 Passenger Vehicle Brake Systems 1,114,878 1,041,518 Total US$ 5,765,138 US$ 5,597,867 September 30, December 31, TOTAL ASSETS Commercial Vehicle Brake Systems US$ 243,240,166 US$ 234,186,022 Passenger Vehicle Brake Systems 59,787,324 52,720,240 Total US$ 303,027,490 US$ 286,906,262 September 30, December 31, LONG LIVED ASSETS Commercial Vehicle Brake Systems US$ 43,876,817 US$ 48,956,149 Passenger Vehicle Brake Systems 10,784,721 11,021,067 Total US$ 54,661,538 US$ 59,977,216 |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2015 | |
CONTINGENCIES [Abstract] | |
CONTINGENCIES | NOTE P CONTINGENCIES (1) According to the laws of China, the Chinese government owns all the land in China. Companies and individuals are authorized to possess and use the land only through land use rights granted by the Chinese government. The Company purchased the land use rights and all buildings on the land from Ruili Group for approximately US$ 20 4,560,000 745,220 3 (2) The Company provided the guarantee for the credit line granted to Ruili Group by the Bank of Ningbo in the amount of RMB 108,000,000 US 17,182,404 146,960,000 24,016,996 |
BASIS OF PRESENTATION AND SIG23
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
ACCOUNTING METHOD | a. ACCOUNTING METHOD The Company uses the accrual method of accounting for financial statement and tax return purposes. |
USE OF ESTIMATES | b. USE OF ESTIMATES The preparation of financial statements in conformity with U.S generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes its best estimate of the outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Actual results could differ from those estimates. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | c. FAIR VALUE OF FINANCIAL INSTRUMENTS For certain of the Company's financial instruments, including cash and cash equivalents, short term investments, |
REVENUE RECOGNITION | d. REVENUE RECOGNITION Revenue from the sale of goods is recognized when the risks and rewards of ownership of the goods have transferred to the buyer. The transfer is decided by several factors, including factors such as when persuasive evidence of an arrangement exits, delivery has occurred, the sales price is fixed and determinable, and collection is probable. Revenue consists of the invoice value for the sale of goods and services net of value-added tax, rebates and discounts and returns. The Company nets sales return in gross revenue, i.e., the revenue shown in the income statement is the net sales. |
COST OF SALES | e. COST OF SALES Cost of sales consists primarily of materials costs, applicable local government levies, freight charges, purchasing and receiving costs, inspection costs, employee compensation, depreciation and related costs, which are directly attributable to production. Write-down of inventories to lower of cost or market is also recorded in cost of sales, if any. |
FOREIGN CURRENCY TRANSLATION | f. FOREIGN CURRENCY TRANSLATION The Company maintains its books and accounting records in RMB, the currency of the PRC. The Company's functional currency is also RMB. The Company has adopted FASB ASC 830-30 in translating financial statement amounts from RMB to the Company's reporting currency, United States dollars (US$). All assets and liabilities are translated at the current rate. The stockholders' equity accounts are translated at the appropriate historical rate. Revenue and expenses are translated at the weighted average rates in effect on the transaction dates. Translation adjustments resulting from this process are included in accumulated other comprehensive income in the statement of stockholders' equity. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. During the three and nine months ended September 30, 2015, the Company had US$ 1,268,968 1,346,439 108,198 95,924 |
RECLASSIFICATIONS | g. RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
Schedule of Related Party Transactions | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 PURCHASES FROM: Guangzhou Kormee Automotive Electronic Control Co., Ltd. US$ 957,017 US$ 178,095 US$ 1,331,566 US$ 1,650,115 Ruian Kormee Vehicle Brake Co., Ltd. 202,924 326,002 680,983 1,095,959 Ruili Group Co., Ltd. 751,044 862,037 2,379,870 2,905,090 Total Purchases US$ 1,910,985 US$ 1,366,134 US$ 4,392,419 US$ 5,651,164 SALES TO: Guangzhou Kormee Automotive Electronic Control Co., Ltd. US$ 145,564 US$ 153,236 US$ 408,334 US$ 1,127,947 Ruian Kormee Vehicle Brake Co., Ltd. 2,327 12,743 30,077 68,482 Ruili Group Co., Ltd. 2,171,824 368,216 4,241,472 973,349 Total Sales US$ 2,319,715 US$ 534,195 US$ 4,679,883 US$ 2,169,778 September 30, December 31, PREPAYMENTS Ruian Kormee Vehicle Brake Co., Ltd. US$ US$ 83,206 Total US$ US$ 83,206 ACCOUNTS PAYABLE Ruian Kormee Vehicle Brake Co., Ltd. US$ 349,936 US$ Guangzhou Kormee Automotive Electronic Control Co., Ltd. 718,194 59,011 Ruili Group Co., Ltd. 999,235 77,598 Total US$ 2,067,365 US$ 136,609 OTHER PAYABLES MGR Hong Kong Limited US$ 1,052 US$ 17,681 Ruili Group Co., Ltd. 116,015 Total US$ 117,067 US$ 17,681 |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
ACCOUNTS RECEIVABLE [Abstract] | |
Schedule of Allowance for Doubtful Accounts | September 30, 2015 December 31, Accounts receivable US$ 78,948,090 US$ 74,646,974 Less: allowance for doubtful accounts (12,793,067 ) (6,475,587 ) Account receivable, net US$ 66,155,023 US$ 68,171,387 September 30, 2015 December 31, 2014 Beginning balance US$ 6,475,587 US$ 3,813,415 Add: Increase to allowance 6,317,480 2,662,172 Ending balance US$ 12,793,067 US$ 6,475,587 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
INVENTORIES [Abstract] | |
Schedule of Inventories | September 30, December 31, Raw materials US$ 6,291,726 US$ 11,934,720 Work in process 30,838,503 30,020,125 Finished goods 31,120,889 42,400,202 Less: Write-down of inventories (168,281 ) (168,281 ) Total inventories US$ 68,082,837 US$ 84,186,766 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
Schedule of Property, Plant and Equipment | September 30, 2015 December 31, 2014 Machinery US$ 50,979,751 US$ 51,619,990 Molds 1,371,676 1,425,992 Office equipment 2,135,896 2,257,208 Vehicles 2,024,271 2,040,061 Buildings 8,804,325 9,152,959 Machinery held under capital lease 29,012,601 29,012,601 Leasehold improvements 543,048 562,521 Sub-Total 94,871,568 96,071,332 Less: Accumulated depreciation (55,639,878 ) (52,520,405 ) Property, plant and equipment, net US$ 39,231,690 US$ 43,550,927 |
DEFERRED TAX ASSETS AND DEFER28
DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities | September 30, 2015 December 31, 2014 Deferred tax assets - current Allowance for doubtful accounts US$ 2,607,100 US$ 990,496 Revenue (net of cost) 37,410 ― Unpaid accrued expenses 82,904 180,392 Warranty 852,193 848,566 Deferred tax assets 3,579,607 2,019,454 Valuation allowance ― ― Net deferred tax assets - current US$ 3,579,607 US$ 2,019,454 Deferred tax liabilities - current Revenue (net of cost) US$ ― US$ 151,083 Deferred tax liabilities - current ― 151,083 Net deferred tax assets - current US$ 3,579,607 US$ 1,868,371 |
SHORT-TERM BANK LOANS (Tables)
SHORT-TERM BANK LOANS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
SHORT-TERM BANK LOANS [Abstract] | |
Schedule of Bank Loans | September 30, December 31, Secured US$ 22,042,744 US$ 9,539,476 |
CAPITAL LEASE OBLIGATIONS (Tabl
CAPITAL LEASE OBLIGATIONS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
CAPITAL LEASE OBLIGATIONS [Abstract] | |
Schedule of Capital Lease Obligations | September 30, 2015 December 31, 2014 Total capital lease obligations US$ 4,491,445 US$ 7,470,875 Less: Current portion (3,593,156 ) (3,735,438 ) Non-current portion US$ 898,289 US$ 3,735,437 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
INCOME TAXES [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Nine Months Ended Nine Months Ended U.S. statutory income tax rate 35.00 % 35.00 % Valuation allowance recognized with respect to the loss in the U.S. company -35.00 % -35.00 % HK statutory income tax rate 16.50 % 16.50 % Valuation allowance recognized with respect to the loss in the HK company -16.50 % -16.50 % China statutory income tax rate 25.00 % 25.00 % Effects of income tax exemptions and reliefs - -10.00 % Effects of additional deduction allowed for Research and Development expenses -7.07 % -3.60 % Other items 3.60 % 1.19 % Effective tax rate 21.53 % 12.59 % |
Schedule of Income Tax Provision | Nine Months Ended Nine Months Ended Current US$ 4,058,485 US$ 1,962,026 Deferred (1,838,158 ) (405,593 ) Total US$ 2,220,327 US$ 1,556,433 |
NON-CONTROLLING INTEREST IN S32
NON-CONTROLLING INTEREST IN SUBSIDIARIES (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
NON-CONTROLLING INTEREST IN SUBSIDIARIES [Abstract] | |
Schedule of Non-controlling Interest | Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 10 US$ 831,112 US$ 1,101,336 40 (96,847 ) (97,705 ) Total US$ 734,265 US$ 1,003,631 |
WARRANTY CLAIMS (Tables)
WARRANTY CLAIMS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
WARRANTY CLAIMS [Abstract] | |
Schedule of Accrued Warranty Expenses | Beginning balance at January 1, 2015 US$ 5,657,106 Aggregate increase for new warranties issued during current period 1,515,278 Aggregate reduction for payments made (1,586,962 ) Ending balance at September 30, 2015 US$ 5,585,422 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
SEGMENT INFORMATION [Abstract] | |
Schedule of Segment Information, by Segment | Nine Months Ended September 30, 2015 2014 NET SALES TO EXTERNAL CUSTOMERS Commercial Vehicle Brake Systems US$ 130,397,720 US$ 141,967,713 Passenger Vehicle Brake Systems 31,398,956 32,451,827 Net sales US$ 161,796,676 US$ 174,419,540 INTERSEGMENT SALES Commercial Vehicle Brake Systems US$ US$ Passenger Vehicle Brake Systems Intersegment sales US$ US$ GROSS PROFIT Commercial Vehicle Brake Systems US$ 35,136,082 US$ 39,096,457 Passenger Vehicle Brake Systems 8,824,769 10,266,123 Gross profit US$ 43,960,851 US$ 49,362,580 Other operating income 1,532,006 1,471,014 Selling and distribution expenses 15,250,216 18,050,068 General and administrative expenses 15,784,330 12,786,335 Research and development expenses 5,831,756 5,934,377 Income from operations 8,626,555 14,062,814 Interest income 683,561 86,839 Other income 2,616,586 352,130 Interest expense (804,321 ) (1,126,212 ) Other expenses (807,407 ) (1,011,795 ) Income before income tax expense US$ 10,314,974 US$ 12,363,776 CAPITAL EXPENDITURE Commercial Vehicle Brake Systems US$ 1,973,423 US$ 2,437,413 Passenger Vehicle Brake Systems 467,088 557,158 Total US$ 2,440,511 US$ 2,994,571 DEPRECIATION AND AMORTIZATION Commercial Vehicle Brake Systems US$ 4,650,260 US$ 4,556,349 Passenger Vehicle Brake Systems 1,114,878 1,041,518 Total US$ 5,765,138 US$ 5,597,867 September 30, December 31, TOTAL ASSETS Commercial Vehicle Brake Systems US$ 243,240,166 US$ 234,186,022 Passenger Vehicle Brake Systems 59,787,324 52,720,240 Total US$ 303,027,490 US$ 286,906,262 September 30, December 31, LONG LIVED ASSETS Commercial Vehicle Brake Systems US$ 43,876,817 US$ 48,956,149 Passenger Vehicle Brake Systems 10,784,721 11,021,067 Total US$ 54,661,538 US$ 59,977,216 |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details) $ / shares in Units, ¥ in Millions, $ in Millions | Aug. 31, 2010USD ($) | Aug. 31, 2010CNY (¥) | Feb. 08, 2010USD ($)$ / sharesshares | Sep. 30, 2015 | Jan. 17, 2014 | Nov. 11, 2009 |
Description Of Business [Line Items] | ||||||
Common stock, price per share | $ / shares | $ 10 | |||||
Issuance of shares and warrants, shares | shares | 1,000,000 | |||||
Proceeds from Share Issuance | $ 9.4 | |||||
Ruili Group [Member] | ||||||
Description Of Business [Line Items] | ||||||
Business acquisition, purchase price of assets acquired | ¥ | ¥ 170 | |||||
Chief Executive Officer [Member] | ||||||
Description Of Business [Line Items] | ||||||
Ownership percentage | 50.00% | |||||
Ruian [Member] | ||||||
Description Of Business [Line Items] | ||||||
Ownership percentage | 90.00% | |||||
SIH [Member] | ||||||
Description Of Business [Line Items] | ||||||
Ownership percentage | 60.00% | 60.00% | ||||
Ruili Group [Member] | ||||||
Description Of Business [Line Items] | ||||||
Business acquisition, purchase price of assets acquired | $ 25 | |||||
Business acquisition, machinery and equipment acquired | 8 | |||||
Business acquisition, inventory acquired | 8 | |||||
Business acquisition, accounts receivable acquired | $ 5.2 | |||||
Ruili Group [Member] | Chief Executive Officer [Member] | ||||||
Description Of Business [Line Items] | ||||||
Ownership percentage | 63.00% | |||||
Ruili Group [Member] | Ruian [Member] | ||||||
Description Of Business [Line Items] | ||||||
Ownership percentage | 10.00% | |||||
MGR Hong Kong Limited [Member] | SIH [Member] | ||||||
Description Of Business [Line Items] | ||||||
Ownership percentage | 30.00% | |||||
Taiwanese Investor [Member] | SIH [Member] | ||||||
Description Of Business [Line Items] | ||||||
Ownership percentage | 10.00% | |||||
Fairford [Member] | Ruian [Member] | ||||||
Description Of Business [Line Items] | ||||||
Ownership percentage | 90.00% |
BASIS OF PRESENTATION AND SIG36
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ||||
Foreign currency transaction gain (loss) | $ 1,268,968 | $ (108,198) | $ 1,346,439 | $ (95,924) |
RELATED PARTY TRANSACTIONS (Sch
RELATED PARTY TRANSACTIONS (Schedule of Related Party Transactions) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
PURCHASES FROM: | $ 1,910,985 | $ 1,366,134 | $ 4,392,419 | $ 5,651,164 | |
SALES TO: | 2,319,715 | 534,195 | 4,679,883 | 2,169,778 | |
PREPAYMENTS | 0 | 0 | $ 83,206 | ||
ACCOUNTS PAYABLE | 2,067,365 | 2,067,365 | 136,609 | ||
OTHER PAYABLES | 117,067 | 117,067 | 17,681 | ||
Guangzhou Kormee [Member] | |||||
Related Party Transaction [Line Items] | |||||
PURCHASES FROM: | 957,017 | 178,095 | 1,331,566 | 1,650,115 | |
SALES TO: | 145,564 | 153,236 | 408,334 | 1,127,947 | |
ACCOUNTS PAYABLE | 718,194 | 718,194 | 59,011 | ||
Ruian Kormee [Member] | |||||
Related Party Transaction [Line Items] | |||||
PURCHASES FROM: | 202,924 | 326,002 | 680,983 | 1,095,959 | |
SALES TO: | $ 2,327 | 12,743 | $ 30,077 | 68,482 | |
PREPAYMENTS | $ 83,206 | ||||
ACCOUNTS PAYABLE | $ 349,936 | $ 349,936 | |||
MGR Hong Kong Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
OTHER PAYABLES | 1,052 | 1,052 | $ 17,681 | ||
Ruili Group, Co., Ltd. [Member] | |||||
Related Party Transaction [Line Items] | |||||
PURCHASES FROM: | 751,044 | 862,037 | 2,379,870 | 2,905,090 | |
SALES TO: | 2,171,824 | $ 368,216 | 4,241,472 | $ 973,349 | |
ACCOUNTS PAYABLE | 999,235 | 999,235 | $ 77,598 | ||
OTHER PAYABLES | $ 116,015 | $ 116,015 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - 9 months ended Sep. 30, 2015 - Ruili Group Co Ltd [Member] | USD ($) | CNY (¥) |
Credit Line By Bank Of Ningbo [Member] | ||
Related Party Transaction [Line Items] | ||
Guarantee amount | $ 17,182,404 | ¥ 108,000,000 |
Guarantee start date | Sep. 26, 2013 | |
Guarantee end date | Sep. 25, 2014 | |
Credit Line By China Zheshang Bank [Member] | ||
Related Party Transaction [Line Items] | ||
Guarantee amount | $ 24,016,996 | ¥ 146,960,000 |
Guarantee start date | Dec. 9, 2014 | |
Guarantee end date | Dec. 9, 2015 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
ACCOUNTS RECEIVABLE [Abstract] | ||
Accounts receivable | $ 78,948,090 | $ 74,646,974 |
Less: allowance for doubtful accounts | (12,793,067) | (6,475,587) |
Account receivable, net | 66,155,023 | 68,171,387 |
Beginning balance | 6,475,587 | 3,813,415 |
Add: Increase to allowance | 6,317,480 | 2,662,172 |
Ending balance | $ 12,793,067 | $ 6,475,587 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
INVENTORIES [Abstract] | ||
Raw materials | $ 6,291,726 | $ 11,934,720 |
Work in process | 30,838,503 | 30,020,125 |
Finished goods | 31,120,889 | 42,400,202 |
Less: Write-down of inventories | (168,281) | (168,281) |
Total inventories | $ 68,082,837 | $ 84,186,766 |
PROPERTY, PLANT AND EQUIPMENT41
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 94,871,568 | $ 96,071,332 | |
Less: accumulated depreciation | (55,639,878) | (52,520,405) | |
Property, plant and equipment, net | 39,231,690 | 43,550,927 | |
Depreciation | 5,421,040 | $ 5,247,145 | |
Machinery [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 50,979,751 | 51,619,990 | |
Molds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,371,676 | 1,425,992 | |
Office equipments [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,135,896 | 2,257,208 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 2,024,271 | 2,040,061 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 8,804,325 | 9,152,959 | |
Machinery held under capital lease [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 29,012,601 | 29,012,601 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 543,048 | $ 562,521 |
DEFERRED TAX ASSETS AND DEFER42
DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Deferred tax assets - current | ||
Allowance for doubtful accounts | $ 2,607,100 | $ 990,496 |
Revenue (net of cost) | 37,410 | |
Unpaid accrued expenses | 82,904 | $ 180,392 |
Warranty | 852,193 | 848,566 |
Deferred tax assets | $ 3,579,607 | $ 2,019,454 |
Valuation allowance | ||
Net deferred tax assets - current | $ 3,579,607 | $ 2,019,454 |
Deferred tax liabilities - current | ||
Revenue (net of cost) | 151,083 | |
Deferred tax liabilities - current | 151,083 | |
Net deferred tax assets - current | $ 3,579,607 | $ 1,868,371 |
SHORT-TERM BANK LOANS (Narrativ
SHORT-TERM BANK LOANS (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Ruili Group, Co., Ltd. [Member] | |||||
Short-term Debt [Line Items] | |||||
Corporate or personal guarantees | $ 3,608,512 | $ 3,608,512 | |||
Ruili Group, a related party, Mr. Xiao Ping Zhang and Ms. Shu Ping Chi, both principal stockholders [Member] | |||||
Short-term Debt [Line Items] | |||||
Corporate or personal guarantees | 15,551,000 | 15,551,000 | |||
Ruili Group, a related party, Mr. Xiao Ping Zhang and Ms. Shu Ping Chi, both principal stockholders and Jia Rui Zhang, the daughter of Mr. Xiao Ping Zhang and Ms. Shu Ping Chi [Member] | |||||
Short-term Debt [Line Items] | |||||
Corporate or personal guarantees | 2,883,232 | $ 2,883,232 | |||
Short Term Bank Loans [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term loans, minimum interest rate | 1.33% | ||||
Short-term loans, maximum interest rate | 5.35% | ||||
Maturity date, earliest | Oct. 16, 2015 | ||||
Maturity date, latest | May 14, 2016 | ||||
Interest expenses | 213,797 | $ 67,454 | $ 375,518 | $ 434,044 | |
Accounts receivable pledged as collateral | $ 14,463,567 | $ 14,463,567 | $ 12,328,735 |
SHORT-TERM BANK LOANS (Schedule
SHORT-TERM BANK LOANS (Schedule of Bank Loans) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
SHORT-TERM BANK LOANS [Abstract] | ||
Secured | $ 22,042,744 | $ 9,539,476 |
CAPITAL LEASE OBLIGATIONS (Sche
CAPITAL LEASE OBLIGATIONS (Schedule of Capital Lease Obligations) (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
CAPITAL LEASE OBLIGATIONS [Abstract] | ||
Total capital lease obligations | $ 4,491,445 | $ 7,470,875 |
Less: Current portion | (3,593,156) | (3,735,438) |
Non-current portion | $ 898,289 | $ 3,735,437 |
CAPITAL LEASE OBLIGATIONS (Narr
CAPITAL LEASE OBLIGATIONS (Narrative) (Details) | Sep. 13, 2011 | Sep. 30, 2015USD ($) | Sep. 30, 2015CNY (¥) | Sep. 30, 2015CNY (¥) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||||
Security deposits on lease agreement | $ 1,796,578 | $ 1,867,719 | |||
Capital Lease Obligations [Member] | |||||
Debt Instrument [Line Items] | |||||
Lease expiration date | Jan. 4, 2017 | Jan. 4, 2017 | |||
Lease term | 60 months | 48 months | 48 months | ||
Annual rate | 7.95% | 6.40% | 6.40% | ||
Lease collateral amount | $ 28,396,853 | ||||
Capital lease obligation obtained | 14,545,950 | ¥ 91,428,571 | |||
Security deposits on lease agreement | 1,818,244 | ¥ 11,428,571 | |||
Prepaid interest expense | $ 1,703,212 | ¥ 10,705,357 | |||
Capital lease, frequency of payments | monthly | monthly | |||
Capital lease, periodic payment amount | $ 303,041 | ¥ 1,904,761.9 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
INCOME TAXES [Abstract] | ||
"High-Tech Enterprise" income tax rate | 15.00% | |
US Statutory income tax rate | 25.00% | |
Uncertain tax positions | $ 0 | $ 0 |
INCOME TAXES (Schedule of Effec
INCOME TAXES (Schedule of Effective Tax Rate Reconciliation) (Details) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
U.S. [Member] | ||
Income Tax [Line Items] | ||
Statutory income tax rate | 35.00% | 35.00% |
Valuation allowance recognized with respect to the loss in the company | (35.00%) | (35.00%) |
HK [Member] | ||
Income Tax [Line Items] | ||
Statutory income tax rate | 16.50% | 16.50% |
Valuation allowance recognized with respect to the loss in the company | (16.50%) | (16.50%) |
China [Member] | ||
Income Tax [Line Items] | ||
Statutory income tax rate | 25.00% | 25.00% |
Effects of income tax exemptions and reliefs | (10.00%) | |
Effects of additional deduction allowed for Research and Development expenses | (7.07%) | (3.60%) |
Other items | 3.60% | 1.19% |
Effective tax rate | 21.53% | 12.59% |
INCOME TAXES (Schedule of Provi
INCOME TAXES (Schedule of Provision for Income Taxes) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
INCOME TAXES [Abstract] | ||||
Current | $ 4,058,485 | $ 1,962,026 | ||
Deferred | (1,838,158) | (405,594) | ||
Total | $ 427,905 | $ 391,988 | $ 2,220,327 | $ 1,556,433 |
NON-CONTROLLING INTEREST IN S50
NON-CONTROLLING INTEREST IN SUBSIDIARIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income attributable to noncontrolling interest in subsidiaries | $ 373,067 | $ 262,813 | $ 734,265 | $ 1,003,631 |
Ruili Group [Member] | ||||
Net income attributable to noncontrolling interest in subsidiaries | $ 831,112 | 1,101,336 | ||
Noncontrolling interest, ownership percentage | 10.00% | 10.00% | ||
SORL International Holding, Ltd. [Member] | ||||
Net income attributable to noncontrolling interest in subsidiaries | $ (96,847) | $ (97,705) | ||
Noncontrolling interest, ownership percentage | 40.00% | 40.00% |
OPERATING LEASES WITH RELATED51
OPERATING LEASES WITH RELATED PARTIES (Details) | 9 Months Ended | ||
Sep. 30, 2015USD ($)m² | Sep. 30, 2015CNY (¥)m² | Sep. 30, 2014USD ($) | |
Operating Leased Assets [Line Items] | |||
Lease expenses | $ 1,245,477 | $ 1,221,583 | |
Ruili Group [Member] | Apartment Buildings [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of apartments | 2 | 2 | |
Annual lease expense | $ 333,688 | ¥ 2,100,000 | |
Ruili Group [Member] | Manufacturing Plant [Member] | |||
Operating Leased Assets [Line Items] | |||
Area of manufacturing plant | m² | 32,410 | 32,410 | |
Annual lease expense | $ 1,293,070 | ¥ 8,137,680 |
WARRANTY CLAIMS (Details)
WARRANTY CLAIMS (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
WARRANTY CLAIMS [Abstract] | ||
Beginning balance at January 01, 2015 | $ 5,657,106 | |
Aggregate increase for new warranties issued during current period | 1,515,278 | |
Aggregate reduction for payments made | (1,586,962) | |
Ending balance at September 30, 2015 | 5,585,422 | |
Product warranty expense | $ 1,515,278 | $ 1,717,235 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Sales | $ 50,323,832 | $ 58,702,505 | $ 161,796,676 | $ 174,419,540 | |
Gross profit | 13,701,331 | 15,461,759 | 43,960,851 | 49,362,580 | |
Other operating income | 463,198 | 545,752 | 1,532,006 | 1,471,014 | |
Selling and distribution expenses | 4,813,129 | 5,871,463 | 15,250,216 | 18,050,068 | |
General and administrative expenses | 5,634,735 | 3,759,307 | 15,784,330 | 12,786,335 | |
Research and development expenses | 2,261,665 | 2,242,620 | 5,831,756 | 5,934,377 | |
Income from operations | 1,455,000 | 4,134,121 | 8,626,555 | 14,062,814 | |
Interest income | 162,770 | 26,204 | 683,561 | 86,839 | |
Other income | 1,825,177 | 100,534 | 2,616,586 | 352,130 | |
Interest expense | (395,121) | (403,482) | (804,321) | (1,126,212) | |
Other expenses | (198,828) | (301,641) | (807,407) | (1,011,795) | |
Income before provision for income taxes | 2,848,998 | $ 3,555,736 | 10,314,974 | 12,363,776 | |
Capital expenditure | 2,440,511 | 2,994,571 | |||
Depreciation and amortization | 5,765,138 | $ 5,597,867 | |||
TOTAL ASSETS | 303,027,490 | 303,027,490 | $ 286,906,262 | ||
Long Lived Assets | 54,661,538 | $ 54,661,538 | 59,977,216 | ||
INTERSEGMENT SALES [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | |||||
Commercial Vehicles Brake Systems [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | $ 130,397,720 | $ 141,967,713 | |||
Gross profit | 35,136,082 | 39,096,457 | |||
Capital expenditure | 1,973,423 | 2,437,413 | |||
Depreciation and amortization | 4,650,260 | $ 4,556,349 | |||
TOTAL ASSETS | 243,240,166 | 243,240,166 | 234,186,022 | ||
Long Lived Assets | 43,876,817 | $ 43,876,817 | 48,956,149 | ||
Commercial Vehicles Brake Systems [Member] | INTERSEGMENT SALES [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | |||||
Passenger Vehicles Brake Systems [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | $ 31,398,956 | $ 32,451,827 | |||
Gross profit | 8,824,769 | 10,266,123 | |||
Capital expenditure | 467,088 | 557,158 | |||
Depreciation and amortization | 1,114,878 | $ 1,041,518 | |||
TOTAL ASSETS | 59,787,324 | 59,787,324 | 52,720,240 | ||
Long Lived Assets | $ 10,784,721 | $ 10,784,721 | $ 11,021,067 | ||
Passenger Vehicles Brake Systems [Member] | INTERSEGMENT SALES [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales |
CONTINGENCIES (Details)
CONTINGENCIES (Details) | Sep. 28, 2007USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015CNY (¥) |
Contingencies [Line Items] | |||
Purchase price of land use rights | $ 20,000,000 | ||
Relevant tax amount reserved | $ 745,220 | ¥ 4,560,000 | |
Tax rate, land use right | 3.00% | 3.00% | |
Credit Line By Bank Of Ningbo [Member] | Ruili Group Co Ltd [Member] | |||
Contingencies [Line Items] | |||
Guarantee amount | $ 17,182,404 | ¥ 108,000,000 | |
Ruili Group Co Ltd [Member] | Credit Line By Bank Of Ningbo [Member] | |||
Contingencies [Line Items] | |||
Guarantee amount | $ 17,182,404 | 108,000,000 | |
Guarantee start date | Sep. 26, 2013 | ||
Guarantee end date | Sep. 25, 2014 | ||
Ruili Group Co Ltd [Member] | Credit Line By China Zheshang Bank [Member] | |||
Contingencies [Line Items] | |||
Guarantee amount | $ 24,016,996 | ¥ 146,960,000 | |
Guarantee start date | Dec. 9, 2014 | ||
Guarantee end date | Dec. 9, 2015 |