LOAN RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS

12 Months Ended

Jun. 30, 2012

Loan Receivable From Property Development Projects

Note 17 . LOAN RECEIVABLE FROM PROPERTY DEVELOPMENT PROJECTS (In Thousands)

The following table presents the Company’s loan receivable from property development projects in China as of June 30, 2012. The exchange rate is based on the date published by the Monetary Authority of Singapore as on June 30, 2012.

		Loan Amount		Loan Amount
	Loan Date	(RMB)		(U.S. Dollars)
Investment in  JiaSheng (Project B-48 Phase 2)	11/1/2011		5,000		786
Investment in JiangHuai (Project - Yu Jin Jiang An )	11/1/2011		2,000		315
Net loan receivable from property development projects			7,000		1,101

On November 1, 2010, TTCQ entered into a new Memorandum Agreement with JiaSheng Property Development Co. Ltd. (“JiaSheng”) to invest in their property development projects (Project B-48 Phase 2) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310-10-25 Receivables, amounting to RMB 5,000, equivalent to approximately $747 based on the exchange rate as of June 30, 2012 published by the Monetary Authority of Singapore. The agreement guaranteed the Company an income of RMB 1,250, or approximately $188 based on the average exchange rate for the twelve months ended June 30, 2011 published by the Monetary Authority of Singapore, payable in four installments of RMB 313, or approximately $47.  The amount is unsecured and repayable at the end of the term. The loan was renewed in November 2011 for a period of one year, which expires on October 31, 2012. The renewed agreement guaranteed the Company an income of RMB 1,250 or approximately $197, based on the average exchange rate as on June 30, 2012 published by the Monetary Authority of Singapore, payable in four installments  The book value of the loan receivable approximates its fair value. TTCQ recorded under other income RMB 833, approximately $125, from JiaSheng for fiscal 2011, based on the average exchange rate for twelve months ended June 30, 2011 published by the Monetary Authority of Singapore as interest income.

On November 1, 2010, TTCQ entered into a new Memorandum Agreement with JiangHuai to invest in their property development projects (Project - Yu Jin Jiang An) located in Chongqing City, China. Due to the short-term nature of the investment, the amount was classified as a loan based on ASC Topic 310-10-25 Receivables, amounting to RMB 2,000, equivalent to approximately $309 based on the exchange rate on June 30, 2011 published by the Monetary Authority of Singapore. The agreement guaranteed the Company an income of RMB 400, or approximately $60 based on the average exchange rate for the twelve months ended June 30, 2011 published by the Monetary Authority of Singapore, payable in 12 installments of RMB 33, or approximately $5. The amount is secured by the underlying property and repayable at the end of one year.  The loan was renewed on November 1, 2011, and expires on November 30, 2012. The renewed agreement guaranteed the Company an income of RMB 433 or approximately $68, based on the average exchange rate published by the Monetary Authority of Singapore, payable in thirteen installments   The book value of the loan receivable approximates its fair value. TTCQ recorded under other income RMB 267, approximately $40, from JiaSheng for fiscal 2011, based on the average exchange rate for twelve months ended June 30, 2011 published by the Monetary Authority of Singapore as interest income.