LOAN PAYABLES

9 Months Ended

Mar. 31, 2012

Debt Disclosure [Abstract]

Short-term Debt [Text Block]

NOTE 11 - LOAN PAYABLES

The short-term loans payable consist of eight loans which mature on dates ranging from April 19, 2012 through March 22, 2013 interest rates ranging from 6.89% to 8.87%. The loans are collateralized by the Company’s land use rights.

No.	Customer	Loan period per agreement	Interest Rate		March 31, 2012		June 30, 2011
1	Agriculture Bank of China-Beijing Branch	January 11, 2012 - January 10, 2013	6.89	%	$	1,329,710	$	1,299,480
2	Agriculture Bank of China-Beijing Branch	March 23, 2012 -  March 22, 2013	8.20	%		1,266,400		1,237,600
3	Agriculture Bank of China-Beijing Branch	May 23, 2011 - April 19, 2012	7.2565	%		1,598,830		1,562,470
4	Bank of Tianjin	September 9, 2011 - July 23, 2012	7.5440	%		1,812,535		—
5	Minsheng Bank	September 8, 2011 - September 8, 2012	8.2	%		1,813,236		—
6	Minsheng Bank	September 19, 2011 - September 19, 2012	8.2	%		561,274		—
7	China Merchant Bank	July 25, 2011 - July 26, 2012	8.528	%		3,957,500		—
8	Industrial and Commercial Bank of China	October 17, 2011 - October 17,2012	8.87	%		1,583,000		—
		Total			$	13,922,485	$	4,099,550

The interest expenses from these short-term loans were $554,325 and $154,292 for three months ended March 31, 2012 and 2011, respectively. The interest expenses from these short-term loans were $1,110,672 and $448,819 for the nine months ended March 31, 2012 and 2011, respectively.