Note 8 - Loans Payable

3 Months Ended

Jun. 30, 2012

Note 8 - Loans Payable:

Note 8 - Loans Payable

NOTE 8 - LOANS PAYABLE

Loans payable consisted of the following at June 30, 2012 and December 31, 2011:

	2012	2011
Loan from Shanghai Rural Commercial Bank, Dachang Branch due on May 10, 2012 with interest rate of 6.31% per annum. Guaranteed by Shanghai Shanhai Group (a strategic partner of the Company), and Mr. Bian, Chairman of the Company.	$                    -	$                    -
Loan from Shanghai Rural Commercial Bank, Dachang Branch due on July 10, 2012 with interest rate of 6.56% per annum. Guaranteed by Shanghai Shanhai Group (a strategic partner of the Company), and Mr. Bian, Chairman of the Company	-	-
Above 2 loans from Shanghai Rural Commercial Bank, Dachang Branch combined and renewed on May 15, 2012 and due on May 14, 2013 with interest rate at30% increase of one-year baseborrowing rate issuedby People’s Bank of China (currently 6.56%). The loan is guaranteed by Shanghai Shanhai Group (a strategic partner of the Company), and Mr. Bian, Chairman of the Company.	1,581,053	-
	$   1,581,053	$                    -