LOAN RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS

3 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Note 10 - 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, 2012. The exchange rate is based on the date published by the Monetary Authority of Singapore as on September 30, 2012.

	Loan Date	Loan Amount		Loan Amount
		(RMB)		(U.S. Dollars)
Investment in JiaSheng (Project B-48 Phase 2)	11/1/2011		5,000		794
Investment in JiangHuai (Project - Yu Jin Jiang An )	11/1/2011		2,000		318
Net loan receivable from property development projects			7,000		1,112

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 310-10-25 Receivables, amounting to RMB 5,000, equivalent to approximately $ 794 based on the exchange rate as of September 30, 2012. The agreement guaranteed the Company an income of RMB 1,250, or approximately $ 196, payable in four installments of RMB 313, or approximately $ 49. The amount is unsecured and repayable at the end of the term. The loan was renewed in November 2011 for a period of one year, which expires on October 31, 2012. The renewed agreement guaranteed the Company an income of RMB 1,250, or approximately $196, payable in four installments of RMB 313, or approximately $ 49. The book value of the loan receivable approximates its fair value. TTCQ recorded other income of RMB 313, or approximately $ 49, from JiaSheng for the three months ended September 30, 2012 and for the three months ended September 30, 2011. The agreement expired on October 31, 2012 and the renewal of the agreement is in process as at the date of this report.

On November 1, 2010, TTCQ entered into a new Memorandum Agreement with JiangHuai 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 310-10-25 Receivables, amounting to RMB 2,000, equivalent to approximately $ 318. The agreement guaranteed the Company an income of RMB 400, or approximately $ 63 payable in 12 installments of RMB 33, or approximately $ 5. The amount is secured by the underlying property and repayable at the end of the term. The loan was renewed on November 1, 2011, and expires on November 30, 2012. The renewed agreement guaranteed the Company an income of RMB 433, or approximately $ 68, payable in 13 installments.  The book value of the loan receivable approximates its fair value. TTCQ recorded other income of RMB 100 or approximately $ 16, from JiangHuai for the three months ended September 30, 2012 and September 31, 2011.