Exhibit 21.1 List of Subsidiaries as of December 31, 2011

Name	Jurisdiction	Equity Owners and Percentage  of Equity Securities Held
Yili Carborundum USA, Inc.	Delaware, U.S.A.	100% owned by Master Silicon Carbide Industries, Inc.
Beijing Master Consulting Co., Ltd.	China	100% owned by Master Silicon Carbide Industries, Inc.
C3 Capital Limited	British Virgin Islands	100% owned by Yili Carborundum USA, Inc.
Yili Master Carborundum Production Co., Ltd.	China	100% owned by C3 Capital, Limited