LOANS PAYABLE, UNSECURED

12 Months Ended

Dec. 31, 2012

LOANS PAYABLE, UNSECURED

LOANS PAYABLE, UNSECURED

NOTE 9– LOANS PAYABLE, UNSECURED

As of December 31, 2012, the Company also held the following short-term and long-term loans payable to third parties:

	As of December 31,
	2012		2011
Loans payable to certain individuals and financial institution in the PRC, unsecured:
Equivalent to RMB4,500,000 (2011: RMB9,250,000) with interest rate at 2.7% per annum, payable at its maturity, due May 7, 2013	$	715,933	$	708,405
Equivalent to RMB9,400,000 (2011: RMB 9,250,000) with interest rate at 2.7% per annum, payable at its maturity, due May 7, 2013		1,495,505		1,479,779
Equivalent to RMB8,000,000 (2011: RMB8,000,000) with interest rate at 5.18% per annum, payable at its maturity, due June 14, 2013		1,272,771		1,259,386
Equivalent to RMB2,700,000 (2011: RMB2,700,000) with interest rate at 5.18% per annum, payable at its maturity, due March 29, 2013		429,560		425,043
Equivalent to RMB11,662,600 (2011: RMB32,773,658) with interest rate at the bank of China Benchmark Lending Rate, payable at its maturity, due November 27, 2013		1,855,477		5,159,337
Equivalent to RMB5,500,000 with interest rate at the bank of China Benchmark Lending Rate, payable at its maturity, due January 19, 2013		875,030		-
Equivalent to RMB 2,877,157 (2011: RMB0) with effective interest rate at 8.97% per annum, payable with monthly principal and interest payments, due February 28, 2017		417,323		-
Total current and long-term liabilities		7,061,599		9,031,950
Less: long-term portion		(330,852)		(3,872,613)
Total current liabilities	$	6,730,747	$	5,159,337

As of December 31, 2012, the minimum future payments of the aggregate long-term loans payable in the next five years are as follow:

Years ending December 31:
2013	$	86,471
2014		94,554
2015		103,393
2016		113,059
2017		19,846
Total:	$	417,323