The Company did not have any assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013.

 

The fair values of cash, pledged bank deposits, bills receivable, accounts receivable, short-term bank borrowings, bills payable, and accounts payable approximate their respective carrying amounts due to their short-term nature. Amounts due to related parties are not practicable to estimate due to the related party nature of the underlying transactions.