Exhibit 10.47

                      RENMINBI LOAN CONTRACT (Short Term)

                                           Loan No.: 2003 Nian Liu Dai Zi No.032


Borrower:  Shandong Shengda Chemical Co., Ltd
Enterprise Legal Person Business License No.:  37090002573147
Legal representative:       Li Xuewen
Address:  No. 342, Lingshan Street
Financial institution of Deposit and Account No.:
 Bank of China Tai'an Branch, 405500230308091001
Contact Information:  0538-6269858

Lender: Bank of China Tai'an Branch
Legal representative or Person in Charge:  Qin Ruiming
Address:  No.48, Dongyue Street, Tai'an City
Contact Information:  0538-8696727



The  Borrower  and  Lender,   after  reaching  an  agreement   through  friendly
negotiation,  hereby enter into this Contract pursuant to Borrower's application
to Lender for a short-term Renminbi loan.

Article 1. The Amount

The total loan amount  under this loan:  RMB five  million  (5,000,000.00)  yuan
exactly.


Article 2. Term of The Loan

The period of this loan is five months from the date of draw-down agreed by both
parties to the last date of repayment.  If the time of draw-down  agreed by both
parties is a specified  period,  the  aforementioned  "date of draw-down" is the
starting date of the period of draw-down.

Article 3. Purpose of the Loan

The Loan under this Contract shall be solely for buying raw  materials.  Without
getting written consent from the Lender, the Borrower shall not divert the funds
under this Contract to any other purpose.




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Article 4. Interest Rate and Calculation of Interest

The annual  interest  rate of the Loan is:  7.965%.  During the  duration of the
contract, the interest rate agreed herein shall remain unchanged.

The interest shall be calculated from the actual date of draw-down and based on
the actual amount of draw-down and actual days of use. One year shall be
calculated as 360 days.

The Borrower shall pay the interests on a monthly basis, and the settlement date
is the 20th day of each month. If the payment for the last installment is not on
the settlement  date, the Borrower shall pay off all due interest on the payment
for the last installment.

Article 5. Conditions for Draw-down

If the Borrower fails to satisfy the following conditions, the Lender has the
right to reject the draw-down application:

1.       To send a written  draw-down  application and relevant  certificate for
         the purpose of the loan ___ days in advance;
2.       This Contract and the appendices have become officially effective;
3.       The  Guaranty  stipulated  in  Article 9 of this  Contract  has  become
         effective;
4.       The Borrower has opened an account according to the requirements of the
         Lender  for the use of  draw-down,  payment  of  interests,  payment of
         expenses and repayment.
5.       The Borrower has provided the  resolution  and power of attorney of the
         board of directors or other authorized department regarding the consent
         of signing and performing this Contract;
6.       The Borrower has  provided  the list and the  signature  samples of the
         authorized  persons who have been  authorized to sign this Contract and
         relevant documents and receipts;
7.       The Borrower has been  satisfied the warrants  under Article 11 of this
         contract;
8.       Other  requirements  for the draw-down  stipulated in relevant laws and
         agreed by both parties have been satisfied.

Article 6 Draw-down Time

The Borrower  shall make the  draw-down in  accordance  with the ___ item of the
following:

(1) The Borrower shall make the draw-down at one go on the __ day of ________.



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(2) The Borrower  shall  withdraw the entire loan amount within __ days starting
from the ___ day of _______ pursuant to the stipulations in this Contract.
If the Borrower  fails to withdraw the entire loan amount before the above date,
the  Lender has the right to reject to grant the loan.  If the Lender  agrees to
grant the loan, it has the right to charge  obligation  expenses for the delayed
amount on the daily  basis of %; if the Lender  rejects  to grant the  remaining
amount of the loan, it has the right to charge obligation expenses in accordance
with a percentage of .

Article 7: Procedures for Draw-down

The Borrower  should submit a draw-down  application  as required by the Lender,
and go through other formalities for a draw-down.

Article 8: Repayment

The Borrower shall repay the loan under this Contract in strict  accordance with
the following repayment plan:

The Repayment Date: July 1, 2003
The Payment Amount: CNY 5,000,000.

The  Borrower  shall submit a written  application  to Lender 7 days before each
loan term  expires if  readjustment  of the  above-mentioned  repayment  plan is
necessary.  Except as otherwise provided, any change in the repayment plan needs
the written consent of both parties.

If there exist more than one due payment  between  the  Borrower  and the Lender
pursuant  to  the  Contracts,   the  Lender  has  the  right  to  determine  the
implementation order of the contracts.

The Borrower can make advance  repayment,  but it shall inform the Lender 7 days
in advance.  The Lender has the right to charge the Borrower a compensation  fee
amounting  to 0.5% of the  receivable  interest  of the advance  repayment.  The
amount of  advance  repayment  shall be used to repay the last  installment  and
repayment  shall be in an inverted  order. If the Lender agrees with the advance
repayment, the Borrower shall not request to withdraw for the second time.

Article 9: Guaranty

Shandong Shengda  Technology Co., Ltd (the  "Guarantor")  shall be the guarantor
for the loan under this



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Contract and take jointly  liabilities,  and the Guarantor shall sign a Guaranty
Contract in its own right, the number of the Guaranty  Contract is: 2003 Tai Dan
Zi 032.

During the term of this contract,  if the  guarantor's  financial  status become
deteriorated  or the  liabilities for repayment of debts become weak, the Lender
shall have right to request the Borrower  changes  guarantor or provide mortgage
and pawn secured for this loan under this contract.


Article 10    Representations and Warranties

The Borrowers hereby represents as follows:

1.       The Borrower is a company duly organized and validly existing under the
         law of the People's Republic of China;
2.       The Borrower has the power and authority to sign this Contract.
3.       All  documents,  materials,  reports and  certificates  provided to the
         Lender by the Borrower for consummation of this Contract is true, real,
         compete and effective
4.       The  Borrower  shall not conceal the  following  events  which is being
         happened  or have been  happened  which will  prevent  the Lender  from
         correctly  judging the  capability of  performing  this Contract of the
         Borrower:

         (1) The Borrower or the principal executives of the Borrower involve in
         material  events  which breach  regulations,  laws or  compensation  to
         others;
         (2) The Borrower  breached  contract  which is between the Borrower and
         other creditors.
         (3)  The  Borrower's  debts  or  proposed  debts  or  liens  and  other
         encumbrances;
         (4) Pending actions and arbitration;  (5) The other matters will impact
         the financial status or abilities of repayment for the debts.

The Borrower hereby warrants as follows:

1.       Providing update financial statement or financial bulletin every month;
         Providing the audited financial report at the first quart of each year;
         Providing  operation  report,  financial  report  or  other  files  and
         materials;
2.       If the  Borrower  has signed or shall sign any  anti-guaranty  or other
         similar  documents  with  the  Guarantor,  the  anti-guaranty  or other
         similar  documents  will not make any impact on the rights and benefits
         of the Lenders set forth in this Contract;
3.       Accepting  the  supervision  of the  Lender,  provides  assistance  and
         cooperation for the Lender's supervisions;



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4.       If the  Borrower  shall  reduce the  registration  capital or there are
         changes of shareholders and operation manner (including but not limited
         to  joint  venture,  cooperation,  jointly  cooperation;   dissolution,
         closedown,  liquidation,   transformation;   merger;  change  to  share
         company; trading of operation right or own right by contracting,  joint
         operation,  trusteeship),  the Lender shall be informed in advance.  If
         the  abovementioned  activities  shall  have  negative  impact  on  the
         Borrower's  abilities of repaying  the loan,  the consent of the Lender
         has to be got.
5.       The Borrower  warrants that will not dispose the assets which will make
         adverse  impact on its  ability of paying  debts.  The  Borrower  shall
         inform the Lender and warrants the  liability  under its security  will
         not  more  than  times  that of net  assets  of the  Borrower  when the
         Borrower guarantees for other party or mortgage its assets.
6.       The Borrower will not pay the other similar loans prior to the Lender;
7.       The  Borrower  warrants  informing  the  Lender  immediately  when  the
         following events occurred:

         (1) The event of breach of  contract  under this  Contract or any other
         contract;
         (2) Any changes happen to the Borrowers' relationship of administrative
         subordination,  top  management,  and the  article of  association  and
         substantial restructuring of its internal organizational structure;
         (3) The Borrower  suffers  difficulties  in operation and its financial
         status deteriorates;
         (4) The Borrower involves in material actions or arbitration;
         (5) Any other  event  which has  negative  impact on its  abilities  of
         repaying the loan.

8.       The Borrower  shall keep  sufficient  balance for repayment  prior [one
         day] to the due date.
9.       The  Borrower's  settlement  business  under  this  Contract  shall  be
         conducted  at the  Lender  or  other  branches  of Bank of  China.  The
         turn-over for the capital shall satisfy the demand of the Lender;
10.      When the after-tax net profit of a fiscal year is zero or negative,  or
         the after-tax  profit is not sufficient to make up for the  accumulated
         losses of previous  fiscal years,  or the pre-tax profit is not used to
         repay the  principal,  interest  and expenses due before the end of the
         current fiscal year, or the pre-tax profit is  insufficient  to pay off
         the next installment of principal,  interest and expenses, the Borrower
         shall not give any dividend and bonus to its shareholders in any form.

Article 11: Events of Breach Contract and Settlement

If the Borrower  fails to repay the loan and cannot reach an agreement  with the
Lender regarding the extension,  the Lender shall collect an overdue penalty for
[0.5/oo]  of the  overdue  amount  per day.  If there  is an  adjustment  of the
interest  rate,  the interest shall be calculated by basing on different rate in
different time period.



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If the Borrower  fails to repay the interest in full on time, the Lender has the
right to demand a compound  interest  for the  overdue  interest on a monthly or
quarterly  basis  and the  interest  rate set  forth in this  Contract  shall be
applied. When the loan becomes overdue, the calculation of the compound interest
shall be  charged  at the  overdue  interest  rate of  0.1/oo  per  day.  If the
principal has been repaid on time and the interests  become overdue,  a compound
interest of the overdue  interest shall be charged at the overdue interest rate.
If there is an adjustment of the interest rate, the interest shall be calculated
by basing on different rate in different time period.

If the Borrower  fails to uses the loan in accordance  with the  provisions  set
forth in this contract, the Lender shall have right to collect a penalty for the
misusing  part at a rate of [0.5/oo] per day. If there is an  adjustment  of the
interest  rate,  the penalty shall be calculated by basing on different  rate in
different time period.

In the event of any of the following circumstances, the Lender has the right to
refuse the Borrower's draw-town request or cancel the amount of the loan which
has not been withdrawn, and declare all the principal and interest of the loan
under this Contract due immediately:
         (1)      The Borrower  fails to repay the principal or interest 10 days
                  after it is due;
         (2)      The  Borrower's  total overdue  amount or total misused amount
                  reaches RMB 100,000 yuan.
         (3)      The Borrower's  representations  made in Article 10 are untrue
                  or breaks its warranties;
         (4)      The Borrower  breached  contract which is between the Borrower
                  and other creditors;
         (5)      The  Guarantor,  the  mortgagor  and the  pledger  breach  the
                  contract of the Guaranty Contract, and the breach shall hamper
                  the Borrower's  performing the  obligations  set forth in this
                  Contract.
         (6)      The Borrower goes out of business or is dissolved, revoked, or
                  goes bankrupt;
         (7)      The  financial   status  of  the  Borrower  or  the  Guarantor
                  seriously deteriorates;
         (8)      When  the  estates  under  mortgage  or in  pledge  devaluate,
                  damaged,  become lost,  are sealed up or frozen,  the Borrower
                  fails  to  provide  new  guarantees  in  accordance  with  the
                  requirements of the Lender.

Article 12: Deduction




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The  Borrower  agrees that the  Borrower's  any payable  amount  pursuant to the
stipulations  in this Contract can be directly  deducted from the account opened
by the Borrower in the institutions of Bank of China by the Lender.

Article 13: Taxes and Expenses

All taxes and  expenses  relevant to the  establishment,  execution  and dispute
settlement of this Contract,  including but not limiting to stamp tax,  interest
withholding tax, legal cost, execution fee, attorney's  procuration and notarial
fee, shall be paid or reimbursed by the Borrower.

Article 14: Counteraction, Assignment and Reservation of the Debt and Credit

The Borrower shall pay the payable amount in full under this Contract, and shall
not maintain to  counteract  any amount,  but an exception  shall be made if the
Lender agrees.

The Borrower  shall not assign its right and  liability  under this  Contract to
other third party without any written approval of the Lender;

The Lender give any extension,  toleration,  favor to the Borrower or permit the
Borrower to delay of performance  any  obligation  under this Contract shall not
impair any  rights of the  Lender in  accordance  with this  Contract  and laws,
regulation, it shall be deemed to have waived its rights under this Contract and
the obligation shall be performed by the Borrower under this contract.

Article 15: Amendment and Cancel

This  contract  could be  amended,  supplemented  or  canceled  upon the written
agreements  conclude by the  parties.  Any  amendment  and  supplement  shall be
integral party of this Contract.

If any provision  contained in this Contract become  invalid,  the other part of
this Contract shall not be impaired by it.

Article 16: Applicable Law, Dispute Settlement and Judicial Jurisdiction

This Contract shall be governed by the relevant laws of the PRC.

Any disputes  arising from the execution of, or in connection with this Contract
shall be settled through friendly  negotiation  between both parties hereto.  In
case no settlement to disputes can be reached through friendly negotiation,  the
disputes  shall be submitted to the  Arbitration  Commission  of Tai'an City for
arbitration.




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Article 17: Appendices

The following  appendices and other appendices jointly confirmed by both parties
shall be integral part of this contract, and shall have the same legal effect as
this Contract:

          1. ________________
          2. ________________
          3. ________________
          4. ________________

Article 18: Becoming Effective of This Contract

This Loan Contract shall become effective upon signature (or seal) by legal
representatives or authorized representatives of both parties and upon the
affixing of the official seals of both parties.

This  contract  is  executed  in  quadruplicate  and be equally  authentic.  The
Borrower and the Lender shall hold 2 copies each.

Article 19: Special Notes

The  Borrower  has fully  negotiated  with the Lender about all articles in this
Contract.

The Lender has  requested  the  Borrower  to pay  special  attention  to all the
provisions  concerning  the rights and  obligations  of the two  parties  and to
understand  them  completely  and correctly.  The Lender has made  corresponding
explanations for the abovementioned provisions at the request of the Borrower.

The parties to this  Contract find in full accord with the other party about the
interpretation of the provisions in this Contract.

The Borrower: Shandong Shengda Chemical Co., Ltd (seal)

Legal Representative (or Authorized Representative):  /s/ Li Xuewen
                                                     ---------------------------

Date:  February 1, 2003

The Lender: Shandong Shengda Chemical Co., Ltd (seal)

Legal Representative (or Authorized Representative):  /s/ Qin Ruiming
                                                     ---------------------------

Date:  February 1, 2003