LOAN PAYABLES

9 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Short-term Debt [Text Block]

NOTE 11 - LOAN PAYABLES

As of March 31, 2013, the short-term loans payable consist of ten loans which mature on dates ranging from April 22, 2013 through March 22, 2014 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. The loan No. 10 is collateralized by the land use right of Jinong and Jinong’s ownship of its subsidiaries’ equity.

No.	Payee	Loan period per agreement	Interest Rate			As of March 31, 2013
1	Agriculture Bank of China-Beijing Branch	January 24, 2013 - January 13, 2014		6.60	%	$	1,338,960
2	Agriculture Bank of China-Beijing Branch	March 23, 2013 - March 22, 2014		6.60	%		1,275,200
3	Agriculture Bank of China-Beijing Branch	April 23, 2012 - April 22, 2013		8.20	%		1,609,940
4	Bank of Tianjin	August 7,2012-May 15, 2013		7.20	%		1,115,800
5	Bank of Tianjin	August 7,2012 - June 19, 2013		7.20	%		1,115,800
6	Bank of Tianjin	August 7, 2012 - June 3, 2013		7.20	%		956,400
7	China Merchant Bank	August 30, 2012 - August 29, 2013		6.30	%		3,985,000
8	Industrial and Commercial Bank of China	October 25, 2012 - October 25,2013		8.00	%		1,594,000
9	Industrial and Commercial Bank of China	September 25, 2012-September 24, 2013		8.00	%		1,594,000
10	China Minsheng Bank	January 5, 2013 - January 4, 2014		7.20	%		2,391,000
		Total				$	16,976,100

As of June 30, 2012, the short-term loans payable consist of eight loans which mature on dates ranging from July 25, 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

The interest expenses from short-term loans were $268,455 and $554,325 for the three months ended March 31, 2013 and 2012, respectively. The interest expenses from short-term loans were $1,020,694 and $1,110,672 for the nine months ended March 31, 2013 and 2012, respectively.