Note 10 - Short-term Debt

3 Months Ended

Nov. 30, 2012

Notes

Note 10 - Short-term Debt

NOTE 10 – SHORT-TERM DEBT

The Company’s short term debt consisted of the follows:	November 30, 2012		May 31, 2012
	USD		USD
Loan from China Communication Bank ($0.79 million is due on 10/17/2012 with 8.528% annual interest rate , $0.95 million is due on 12/22/2012 with 8.528% annual interest rate, $0.63 million is due on 12/12/2012 with 8.528% annual interest rate)	$	-	$	3,156,815
Loan from China Industrial and Commercial Bank ($0.48 million is due on 9/10/2013 with 5.810% annual interest rate and $0.47 million is due on 6/10/2013 with 6.560% annual interest rate)		954,016		947,044
Loan from Chinese Bank (6.893% annual interest rate, due on 8/8/2013)		1,113,019		1,420,567
Loan from Changzhou Wujinyintong Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)		477,008		473,522
Loan from Changzhou Wujinyinfeng Agriculture Credit Union (6% annual interest rate, due on 3/18/2013)		795,014		789,204
Total short term debt		3,339,058		6,787,152