Short Term Bank Loans

9 Months Ended

Sep. 30, 2011

NOTE 9 – SHORT-TERM BANK LOANS

Short-term bank loan represents an amount due to a bank that is due within one year. This loan can be renewed with the bank upon maturity. At September 30, 2011 and December 31, 2010, short-term bank loans consisted of the following:

	September 30,		December 31,
	2011		2010
Loan from Bank of Communications, due on February 1, 2011 with annual interest at December 31, 2010 of 4.86%, the rate being adjusted quarterly based on 120% of People’s Bank of China’s base rate and repaid on due date.		-		756,224
Loan from Agricultural and Commercial Bank, due on March 31, 2011 with annual interest at December 31, 2010 of 5.75%, secured by certain assets of the Company and repaid on due date.		-		604,979
Loan from Agricultural and Commercial Bank, due on October 30, 2011 with annual interest at September 30, 2011 and December 31, 2010 of 5.75%, secured by certain assets of the Company and repaid on due date.		468,618		453,734

Loan from Agricultural and Commercial Bank, due on March 30, 2012 with annual interest at September 30, 2011 of 7.88%, secured by certain assets of the Company.		624,824		-

Loan from China Merchants Bank, due on December 29, 2011 with annual interest at September 30, 2011 of 6.73%.		468,618		-
Loan from Bank of Communications, due on January 10, 2012 with annual interest being adjusted quarterly based on 120% of People’s Bank of China’s base rate		468,618		-
Loan from Bank of Communications, due on January 12, 2012 with annual interest being adjusted quarterly based on 120% of People’s Bank of China’s base rate		312,413		-
				-
Total short-term bank loans	$	2,343,091	$	1,814,937