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BANK LOANS

6 Months Ended

Jun. 30, 2011

Notes to Financial Statements

Note 15- BANK LOANS

Bank loan consists of the following as of June 30, 2011:

		Loan				Monthly		Guaranteed
Financial Institutions		Amount		Duration		Interest Rate		By
Baishui Branch of Agriculture Bank of China	$	773,515		08/02/2010-08/01/2011		6.372%		Buildings
Total	$	773,515

	Interest expense charged to operations for this bank loan was $27,862 for the six months ended June 30, 2011. The weighted-average outstanding bank loan balance is $773,515; and the weighted-average monthly interest rate is 6.026‰.

	Bank loan consists of the following as of December 31, 2010:

		Loan				Annual		Guaranteed
Financial Institutions		Amount		Duration		Interest Rate		By
Baishui Branch of Agriculture Bank of China	$	756,224		08/02/2010-08/01/2011		6.372%		Buildings
Total	$	756,224

Interest expense charged to operations for this bank loan was $1,403 for the six months ended June 30, 2010. The weighted-average outstanding bank loan balance is $33,905; and the weighted-average monthly interest rate is 6.49‰.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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