Loan Repayment Agreement between Shenzhen Zhaoheng Industrial Co., Ltd. and Hunan Sanjiang Electric Power Co., Ltd.

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Summary

Shenzhen Zhaoheng Industrial Co., Ltd. (Party A) agrees to repay a debt of RMB34,794,580.06 to Hunan Sanjiang Electric Power Co., Ltd. (Party B) by December 2008. The debt arose from related party non-operating dispossession. Until the debt is fully repaid, Party A will pay interest at 120% of the benchmark rate set by the People’s Bank of China, with interest calculated and settled quarterly. Any unpaid interest will be added to the principal for future interest calculations.

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EX-10.2 12 v146186_ex10-2.htm Unassociated Document
Exhibit 10.2
Loan Repayment Agreement

Party A: Shenzhen Zhaoheng Industrial Co., Ltd.
Party B: Hunan Sanjiang Electric Power Co., Ltd.

According to the results of financial auditing, Party A owed Party B RMB34,794,580.06 as of December 31, 2007. The nature of the debt was related party non-operating dispossession.

To truly reflect the operation results and financial situations of both parties and based on the principles of fairness and independence, Party A and Party B reached the following agreement:

1.
Party A agrees to repay the debt before December 2008.
2.
Before the debt is fully repaid, Party A shall pay asset dispossession interests to Party B at 120% of 7.47%, the bench mark rate set by the People’s Bank of China.
3.
Asset dispossession interests shall be settled on a quarterly basis and calculated on the basis of actual amount and number of days in arrears. Any outstanding interests shall be added up to the principals for forthcoming interests calculation.



Party A (seal): Shenzhen Zhaoheng Industrial Co., Ltd.
Legal Representative
(signature):                                                      

Party B (sealed): Party B: Hunan Sanjiang Electric Power Co., Ltd.
Legal Representative
(signature):




Signed: January 31,2008