LOAN RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS

3 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Note 11 - LOAN RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS

The following table presents the Company’s loan receivable from property development projects in China as of September 30, 2011. The exchange rate is based on the date published by the Monetary Authority of Singapore as on September 30, 2011.

	Loan Date	Loan Amount		Loan Amount
		(RMB)		(U.S. Dollars)
Investment in  JiaSheng (Project B-48 Phase 2)	11/1/2010		5,000		782
Investment in Jiang Huai (Project - Yu Jin Jiang An )	11/1/2010		2,000		312
Net loan receivable from property development projects			7,000		1,094

On November 1, 2010, TTCQ entered into a new Memorandum Agreement with JiaSheng Property Development Co. Ltd. (“JiaSheng”) to invest in their property development projects (Project B-48 Phase 2) located in Chongqing City, China. Due to the short term nature of the investment, the amount was classified as a loan based on ASC Topic 310 Receivables, amounting to RMB 5,000. The agreement guaranteed the Company an income of RMB 1,250, or approximately $194, payable in four installments of RMB 313, or approximately $49.  The amount is unsecured and repayable at the end of one year.  The book value of the loan receivable approximates its fair value. TTCQ recorded other income of RMB 313, approximately $49, from JiaSheng for the quarter ending September 30, 2011. Because the investment was made on November 1, 2010, there was no income recorded for the quarter ending September 30, 2010.

On November 1, 2010, TTCQ entered into a new Memorandum Agreement with Jiang Huai Property Development Co. Ltd. (“Jiang Huai”) to invest in their property development projects (Project - Yu Jin Jiang An) located in Chongqing City, China. Due to the short term nature of the investment, the amount was classified as a loan based on ASC Topic 310 Receivables, amounting to RMB 2,000. The agreement guaranteed the Company an income of RMB 400, or approximately $62, payable in 12 installments of RMB 33, or approximately $5. The amount is secured by the underlying property and repayable at the end of one year.  The book value of the loan receivable approximates its fair value. TTCQ recorded other income of RMB100, approximately $16, from Jiang Huai for the quarter ending September 30, 2011. Because the investment was made on November 1, 2010, there was no such income in the same quarter of the prior fiscal year.

Management is in the process of negotiating the extension of both of the above investment agreements. However, management believes that the loan receivable is collectible in fiscal year 2012.