Exhibit 10.12

                                                                         Summary
                                                                         -------




Guaranty Contract of Maximum Amount Pledge signed by and between the Company and
Development Bank dated as of April 11, 2005.

Main contents:

>>   Contract number: Shenfa Longgang edi zi NO.20050407001.
>>   As guarantor, the Company has pledged all its machineries and equipments to
     Development   Bank  to  secure  the   indebtedness  of  the  Company  under
     Comprehensive  Agreement  1 which  include  the loan  principal,  interest,
     penalty interest, expenses for the Lender to realize its creditor's rights,
     and  maximum  secured  amount  for the loan  principal  is RMB150  million.
     Purchase price of such machineries and equipments is RMB 97.16million while
     its current value is RMB79.46 million.
>>   During  the  term  of  Guaranty  Contract,   the  pledged  machineries  and
     equipments  shall be kept and  maintained by the Company;  If value of such
     pledged machineries and equipments is reduced, Development Bank is entitled
     to request the Company to restore the pledged  value or provide  additional
     collateral;
>>   Title certificates of the pledged  machineries and equipments shall be kept
     by Development Bank;
>>   Without Development Bank's consent, the Company is not entitled to transfer
     registered pledge collaterals,  but if transfer  consideration is less than
     the pledge  value,  Development  Bank is entitled to request the Company to
     provide  additional  collateral for the  difference;  otherwise the Company
     should not transfer the pledged collaterals.
>>   Proceeds for transfer of pledged  collaterals shall be used in priority for
     advanced  repayment  of the debts  secured or be handed  over to the escrow
     control of a third party agreed by Development Bank.
>>   The Company should purchase insurance for the pledged collateral during the
     term of Guaranty Contract 3;(Insurance has been purchased as required)
>>   Collaterals  under  this  Contract  should  be  registered  with  competent
     authorities ;( Registration has been done.)
>>   Development Bank is entitled to dispose the pledge collaterals by sale at a
     discounted  price or auction and use such  proceeds to repay the loans made
     under Comprehensive Agreement if any of the following occurs:
     |X|  The debtor under Comprehensive Agreement fails to repay its debts upon
          maturity;
     |X|  The debtor  under  Comprehensive  Agreement  is declared  dissolved or
          bankrupt;
     |X|  The  Company  or any third  party  disposes  the  pledged  collaterals
          without  getting  Development  Bank's  consent;
     |X|  Behavior  of the  Company or any third party  severely  infringes  the
          lawful rights of  Development  Bank and has a severe  negative  impact
          upon Development  Bank's ability to collect its credit in due time and
          due amount.


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     |X|  Occurrence of other  instances which might have a negative impact upon
          the  realization  of  Development   Bank's   creditor's  rights  under
          Comprehensive Agreement.
>>   Guaranty Contract is irrevocable and independently effective.

Terms that have been  omitted:  undertakings  and  representations;  collateral;
remedial  measures and notice  requirement of the pledger;  independence  of the
contract;  expenses and service charges;  amendment of the contract;  applicable
law  and  dispute  settlement;   effectiveness  and  registration   requirement;
validity;  miscellaneous;  and  statement of the machines and  equipments  under
pledge.