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Note 12- Loan Payable
9 Months Ended
Jan. 31, 2014
Notes  
Note 12- Loan Payable

NOTE 12 - LOAN PAYABLE

 

In March 18, 2013, we entered to a loan agreement for approximately $809,822 (RMB 5,000,000) with China Construction Bank. According to the terms of the agreement with China Construction Bank, the loan bears interest at the rate of 7.8% per annum and the principal balance with accrued interest was due on March 17, 2014. We repaid the principal amounts of the loan with all accrued interest in January 2014.  At January 31, 2014 and April 30, 2013, loans payable amounted to $0 and $804,829, respectively.