NOTE 9 - LOAN PAYABLES

As of June 30, 2013, the short-term loan payables consist of nine loans which mature on dates ranging from August 29, 2013 through April 22, 2014 with interest rates ranging from 6.30% to 8.20%. The loans No.1, 2 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 4 and 5 below are collateralized by the inventory of Gufeng. The loans No. 6, 7 and 8 are guaranteed by Jinong’s credit. The loan No. 9 is collateralized by the land use rights of Jinong’s and the share ownership owned by Jinong.

No.	Payee	Loan period per agreement	Interest Rate			June 30, 2013
1	Agriculture Bank of China-Beijing Branch	January 24, 2013 - January 13, 2014		6.60	%	$	1,359,120
2	Agriculture Bank of China-Beijing Branch	March 22, 2013 - March 21, 2014		6.60	%		1,294,400
3	Agriculture Bank of China-Beijing Branch	April 25, 2013 - April 24, 2014		6.60	%		1,634,180
4	Bank of Tianjin	June 28, 2013 - August 2, 2013		6.72	%		1,132,600
5	Bank of Tianjin	June 20, 2013 - August 2, 2013		6.72	%		970,800
6	China Merchant Bank	August 30, 2012 - August 29, 2013		6.30	%		4,045,000
7	Industrial and Commercial Bank of China	October 25, 2012 - October 24,2013		8.00	%		1,618,000
8	Industrial and Commercial Bank of China	September 25, 2012-September 24, 2013		8.00	%		1,618,000
9	China Misheng Bank	January 5, 2013 - January 4, 2014		7.20	%		2,427,000
		Total				$	16,099,100

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 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No. 4 below is collateralized by the inventory of Gufeng. In addition, the loans No.5, 6, 7 and 8 below 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		7.26	%		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 expense from short-term loans were $1,351,157, $1,590,620 and $466,912for the years ended June 30, 2013, 2012 and 2011, respectively.