LOAN PAYABLES

6 Months Ended

Dec. 31, 2011

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 January 13, 2012 through October 17, 2012 with interest rates ranging from 7.26% to 8.87%. The loans are collateralized by the Company’s land use rights.

No.	Customer		Loan period per agreement		Interest Rate			December 31, 2011		June 30, 2011
1		Agricuture Bank of China-Beijing Branch		January 20, 2011 - January 13, 2012		7.2565	%	$	1,321,320	$	1,299,480
2		Agricuture Bank of China-Beijing Branch		April 12, 2011 -  April 11, 2012		7.2565	%		1,258,400		1,237,600
3		Agricuture Bank of China-Beijing Branch		May 23, 2011 - April 19, 2012		7.2565	%		1,588,730		1,562,470
4		Bank of Tianjin		September 9, 2011 - July 23, 2012		7.5440	%		1,801,085		—
5		Minsheng Bank		September 8, 2011 - September 8, 2012		8.2	%		1,801,772		—
6		Minsheng Bank		September 19, 2011 - September 19, 2012		8.2	%		557,728		—
7		China Merchant Bank		July 25, 2011 - July 26, 2012		8.528	%		3,932,500		—
8		Industrial and Commercial Bank of China		October 17, 2011 - October 17,2012		8.87	%		1,573,000		—
				Total				$	13,834,535	$	4,099,550

The interest expense from these short-term loans were $399,868 and $117,852 for three months ended December 31, 2011 and 2010, respectively. The interest expenses from these short-term loans were $556,347 and $294,527 for the six months ended December 31, 2011 and 2010, respectively.