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SORL > SEC Filings for SORL > Form 8-K on 4-Apr-2014All Recent SEC Filings

Show all filings for SORL AUTO PARTS INC

Form 8-K for SORL AUTO PARTS INC


4-Apr-2014

Change in Directors or Principal Officers, Financial Statements and Exhibits


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 20, 2014, Mr. Jung Kang Chang resigned as a director of the Board of SORL Auto Parts, Inc. (the "Company"). His resignation did not result from any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

On April 1, 2014, the Company announced that Board of Directors of the Company elected Ms. Shuping Chi as director of the Board. Ms. Chi will not be on any committees, and she will not receive any compensation.

Ms. Chi is the wife of Mr. Xiaoping Zhang, Chief Executive Officer and Chairman of Board of the Company. Ms. Chi's related party transactions as related to her husband, Mr. Xiaoping Zhang are described in the Proxy Statement in 2013 as follows:

RELATED PERSON TRANSACTIONS

Ruili Group

Mr. Xiao Ping Zhang and Mr. Xiao Feng Zhang are the principal stockholders of the Ruili Group which was the owner of the assets contributed to Ruili Group Ruian Auto Parts Co., Ltd., a sino-foreign joint venture, in the reverse acquisition. The Company continued to purchase packaging materials from the Ruili Group Co., Ltd. The Ruili Group Co., Ltd., is the minority shareholder of Ruian and is controlled by the Zhang family, who is also the controlling party of the Company. The Company sold certain automotive products to Guangzhou Kormee Vehicle brake technology development Co., Ltd., which is controlled by the Ruili Group Co., Ltd.

The following related party transactions occurred for the year ended December 31, 2012 and 2011:

                        December 31,
                        2012            2011
PURCHASES FROM:
Ruili Group Co., Ltd.   $ 4,974,751     $ 6,392,197
Total Purchases         $ 4,974,751     $ 6,392,197

SALES TO:
Ruili Group Co., Ltd.     1,856,309       2,392,090
Total Sales             $ 1,856,309     $ 2,392,090

                                      December 31,
                                      2012         2011

ACCOUNTS PAYABLE TO RELATED PARTIES
Ruili Group Co., Ltd.                 $ 94,954     $ 524,148
Total                                 $ 94,954     $ 524,148

OTHER PAYABLES TO RELATED PARTIES
MGR Hong Kong Limited                   25,559        25,559
Ruili Group Co., Ltd.                 $  7,524     $ 118,391
Total                                 $ 33,083     $ 143,950

The Company believes that the prices charged and payments made between the parties in connection with the foregoing transactions are at least as favorable to the Company as would be obtained from a third party.

Ms. Chi is a shareholder of the Company, holding 5.9% of the outstanding common stock. Ms. Chi is familiar with the operation of the Company and has more than 30 years of experiences in the auto parts industry. Ms. Chi is also one of the founders of Ruili Group Co., Ltd., a related company, and Ms. Chi has served as the Vice Chairman of the Board of Ruili Group Co., Ltd. since July 1979.



ITEM 9.01 Financial Statements and Exhibits.

(d) Exhibits.

There is furnished as part of this report the exhibit listed on the accompanying Index to Exhibits, which is incorporated herein by reference.

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