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| <NonNumbericText> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> <b>NOTE 13 – PLANT AND EQUIPMENT</b> </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">Plant and equipment consist of the following:</p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" nowrap="nowrap" width="12%"> <b>June 30, 2013</b> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" width="1%"> </td> <td align="center" nowrap="nowrap" width="12%"> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> <b>(Unaudited)</b> </td> <td align="center" nowrap="nowrap" width="2%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="1%"> </td> <td align="center" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" width="12%"> <b>December 31, 2012</b> </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">At cost:</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="left" bgcolor="#e6efff" width="12%"> </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Buildings</td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 14,498,286 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%">$</td> <td align="right" valign="bottom" width="12%"> 14,204,698 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Machinery and equipment</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 10,652,175 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 10,396,243 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Office equipment</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 243,056 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> 230,073 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Motor vehicles</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 266,571 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> 255,648 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Moulds</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 34,649,391 </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 33,947,746 </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 60,309,479 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> 59,034,408 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left">Less : Accumulated depreciation</td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="12%"> </td> <td align="left" valign="bottom" width="2%"> </td> <td align="left" valign="bottom" width="1%"> </td> <td align="left" valign="bottom" width="12%"> </td> <td align="left" valign="bottom" width="2%"> </td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Buildings</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> (2,734,786 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> (2,439,546 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left">Machinery and equipment</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> (9,885,592 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> (9,154,890 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Office equipment</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> (180,654 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" valign="bottom" width="12%"> (163,833 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left">Motor vehicles</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> (216,237 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" valign="bottom" width="1%"> </td> <td align="right" valign="bottom" width="12%"> (200,741 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Moulds</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (14,840,595 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (11,349,658 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (27,857,864 </td> <td align="left" valign="bottom" width="2%">)</td> <td align="left" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="1%"> </td> <td align="right" style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" width="12%"> (23,308,668 </td> <td align="left" valign="bottom" width="2%">)</td> </tr> <tr valign="top"> <td align="left" bgcolor="#e6efff">Plant and equipment, net</td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 32,451,615 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="1%">$</td> <td align="right" bgcolor="#e6efff" style="BORDER-BOTTOM: #000000 3px double" valign="bottom" width="12%"> 35,725,740 </td> <td align="left" bgcolor="#e6efff" valign="bottom" width="2%"> </td> </tr> </table> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> As of June 30, 2013 and December 31, 2012, the net book value of plant and equipment pledged as collateral for bank loans was $8,708,379 and $8,711,583, respectively. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> As of June 30, 2013 and December 31, 2012, the net book value of plant and equipment pledged as collateral for bank loans borrowed by Zhejiang Mengdeli Electronic Co., Ltd. (“ZMEC”), a supplier but unrelated party, was $2,838,741 and $2,834,569. Also see Note 21. </p> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;"> Depreciation expense for six months ended June 30, 2013 and 2012 was $4,028,603 and $2,300,379 respectively. </p> </NonNumbericText> |
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