LOAN PAYABLES (Tables)

6 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

As of December 31, 2012, the short-term loans payable consist of eight loans which mature on dates ranging from March 23, 2012 through October 25, 2013 with interest rates ranging from 6.30% to 8.20%. The loans No.1, 2 and 3 are collateralized by Tianjuyan’s land use right 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		As of December 31, 2012
1	Agriculture Bank of China-Beijing Branch	January 11, 2012 - January 10, 2013	6.89%	$	1,331,400
2	Agriculture Bank of China-Beijing Branch	March 23, 2012 - March 22, 2013	8.20%		1,268,000
3	Agriculture Bank of China-Beijing Branch	April 23, 2012 - April 22, 2013	8.20%		1,600,850
4	Bank of Tianjin	August 7,2012-May 15, 2013	7.20%		1,109,500
5	Bank of Tianjin	August 7,2012-June 19, 2013	7.20%		1,109,500
6	Bank of Tianjin	August 7, 2012-June 3, 2013	7.20%		951,000
7	China Merchant Bank	August 30, 2012-August 29, 2013	6.30%		3,962,500
8	Industrial and Commercial Bank of China	October 25, 2012 - October 25,2013	8.00%		1,585,000
9	Industrial and Commercial Bank of China	September 25, 2012-September 24, 2013	8.00%		1,585,000
		Total		$	14,502,750

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 Tianjuyan’s land use right 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	January 11, 2012 - January 10, 2013		6.89%	$	1,330,560
2	Agriculture Bank of China-Beijing Branch	March 23, 2012 -  March 22, 2013		8.20%		1,267,200
3	Agriculture Bank of China-Beijing Branch	April 23, 2012 - April 22, 2013		8.20%		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		8.20%		1,814,372
6	Minsheng Bank	September 19, 2011 - September 19, 2012		8.20%		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