NOTES PAYABLE - Note 15

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

NOTES PAYABLE - Note 15

NOTE 15 — NOTES PAYABLE

These notes are payable in three to six months and bear no interest. The balance of notes payable as of March 31, 2012 and December 31, 2011 consisted of the following (all were bankers' acceptances):

	March 31, 2012		December 31, 2011
	(Unaudited)		(Audited)
CECCC, honored by the BOCTB, from July 14, 2011 to January 14, 2012, secured by $942,700 of cash in bank; Repaid January 16, 2012		-	1,885,399
CECCC, honored by the BOCTB, from July 20, 2011 to January 20, 2012, secured by $1,414,049 of cash in bank, Repaid January 20, 2012		-	2,828,099
Shanghai Zhanqiao, honored by the BOCTB, from August 8, 2011 to February 8, 2012, secured by $1,571,166 of cash in bank; repaid February 8, 2012		-	1,571,166
CECCC, honored by the BOCTB, from September 20, 2011 to March 20, 2012, secured by $3,927,915 of cash in bank; repaid March 20, 2012		-	7,855,830
CECCC, honored by the BOCTB, from September 22, 2011 to March 22, 2012, secured by $3,220,890 of cash in bank; repaid March 22, 2012		-	6,441,780
CECCC, honored by the BOCTB, from September 27, 2011 to March 27, 2012, secured by $974,123 of cash in bank;repaid March 27, 2012		-	1,948,246
CECCC, honored by the BOCTB, from October 14, 2011 to April 14, 2012, secured by $790,551 of cash in bank		1,581,103	1,571,166
CECCC, honored by the BOCTB, from October 19, 2011 to April 19, 2012, secured by $2,687,875 of cash in bank		5,375,749	5,341,964
CECCC, honored by the BOCTB, from January 16 to July 16, 2012, secured by $2,371,654 of cash in bank; repaid March 22, 2012		4,743,308	6,441,780
CECCC, honored by the BOCTB, from March 30 to September 31, 2012, secured by $3,952,757 of cash in bank;repaid March 27, 2012		7,905,513	1,948,246
Shen Zhen Jun Cheng Hao Trading Ltd., honored by the Bank of China Heping Branch, from March 7 to September 7, 2012, secured by $31,622 of cash in bank		31,622	1,571,166
Total notes payable	$	19,637,295	$	29,443,650