LOAN PAYABLES

3 Months Ended

Sep. 30, 2012

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 October 17, 2011 through September 24, 2013 with interest rates ranging from 6.30% to 8.87%. The loans No.1, 2 and 3 are collateralized by Tianjyan’s land use rights and building ownership right. The loans No. 4, 5, and 6 are collateralized by the inventory of Gufeng. In addition, the loans No. 7, 8 and 9 are guaranteed by Jinong’s credit.

No.	Payee	Loan period per agreement	Interest Rate			September 30,2012
1	Agriculture Bank of China-Beijing Branch	January 11, 2012 - January 10, 2013		6.89	%	$	1,328,040
2	Agriculture Bank of China-Beijing Branch	March 23, 2012 - March 22, 2013		8.20	%		1,264,800
3	Agriculture Bank of China-Beijing Branch	April 23, 2012 - April 22, 2013		8.20	%		1,596,810
4	Bank of Tianjin	August 7,2012-May 15, 2013		7.20	%		1,106,700
5	Bank of Tianjin	August 7,2012-June 19, 2013		7.20	%		1,106,700
6	Bank of Tianjin	August 7, 2012-June 3, 2013		7.20	%		948,600
7	China Merchant Bank	August 30, 2012-August 29, 2013		6.30	%		3,952,500
8	Industrial and Commercial Bank of China	October 17, 2011 - October 17,2012		8.87	%		1,581,000
9	Industrial and Commercial Bank of China	September 25, 2012-September 24, 2013		8.00	%		1,581,000
		Total				$	14,466,150

The bank loan from Industrial and Commercial Bank of China had been renewed after expiration with the same loan amount and 8.0% interest rate. The renewed loan period is from September 25, 2012 to September 24, 2013.

As of June 30, 2012, the short-term loans payable consist of eight loans which mature on dates ranging from July 23, 2012 through April 22, 2013 interest rates ranging from 6.89% to 8.87%. The loans No.1, 2 and 3 are collateralized by Tianjyan’s land use rights and building ownership right. The loan No. 4 is collateralized by the inventory of Gufeng. In addition, the loans No.5, 6, 7 and 8 are guaranteed by Jinong’s credit.

			Interest			June 30,
No.	Payee	Loan period per agreement	Rate			2012
1	Agriculture Bank of China-Beijing Branch	JaJanuary 11, 2012 - January 10, 2013		6.89	%	$	1,330,560
2	Agriculture Bank of China-Beijing Branch	March 23, 2012 -  March 22, 2013		8.2	%		1,267,200
3	Agriculture Bank of China-Beijing Branch	April 23, 2012 - April 22, 2013		8.2	%		1,599,840
4	Bank of Tianjin	September 9, 2011 - July 23, 2012		7.54	%		1,813,680
5	Minsheng Bank	September 8, 2011 - September 8, 2012		8.2	%		1,814,372
6	Minsheng Bank	September 19, 2011 - September 19, 2012		8.2	%		561,628
7	China Merchant Bank	July 25, 2011 - July 26, 2012		8.53	%		3,960,000
8	Industrial and Commercial Bank of China	October 17, 2011 - October 17,2012		8.87	%		1,584,000
		Total				$	13,931,280

The interest expenses from short-term loans were $385,792 and $156,479 for the three months ended September 30, 2012 and 2011, respectively.