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LOANS PAYABLE
6 Months Ended
Jun. 30, 2011
LOANS PAYABLE
NOTE 8 - LOANS PAYABLE

Loans payable consisted of the following at June 30, 2011 and December 31, 2010:

  
 
2011
   
2010
 
   
(Unaudited)
   
(Audited)
 
    Loan from Shanghai Rural Commercial Bank, Dachang Branch due on May 10, 2012 with interest rate of 6.94% per annum. Guaranteed by Shanhai Group and Mr. Bian, Chairman of the Company (RMB 7,400,000).
 
 $
1,143,458
   
 $
739,880
 
    Loan from Shanghai Rural Commercial Bank, Dachang Branch due on July 13, 2011 with interest rate of 5.31% per annum. Guaranteed by Shanhai Group and Mr. Bian, Chairman of the Company (RMB 2,600,000)
   
401,755
     
392,589
 
   
$
1,545,213
   
$
1,132,469