Exhibit 10.21


 


No. ZD7504201100000014


Maximum Mortgage Contract
of Movables


 


Mortgager Dalian TOFA New Materials
Development Co., Ltd.


 


Mortgagee Shanghai
Pudong Development Co., Ltd. Dalian Branch


 


Whereas:


 


To ensure that the debtor
follows various duties fully and timely under the main contract (see details in article 10 of the contract), ensure the realization
of credit of creditor, the mortgager is willing to provide mortgage guarantee with the collateral under the contract voluntarily
and it bears guarantee responsibilities for all the liabilities of the debtor under the main contract.


 


Through inspection, the creditor
agrees the mortgager to provide mortgage guarantee. The contract is stipulated to make the rights and duties of the two parties
for the two parties to follow


 


Article 1.  Collateral


 


See details for collateral
in article 10 of the contract and appendix I of the contract.


 


Article 2.  Main
credit and mortgage guarantee


 


1. Main credit be guaranteed


 


(1) The detailed conditions
of the main credit under the contract are illustrated in article 10 of the contract.


 


(2) The “due”
and “expiry” in the contract includes condition that the creditor declares due in advance.


 



    	 



    	 



    

 


2. Guarantee scope


 


The guarantee scope besides
the main credit in the contract associates with interest generated(the interest in the contract includes interest, fine interest
and compound interest), fine for breach, damage liquidated, handling charge and other expenses for signing and fulfilling of the
contract and expenses for realizing guarantee right and credit (including but not limit to disposal expenses, tax, claim expenses,
auction expenses, charges of lawyers and expenses for accommodation and traveling) and cash deposit added on the request of creditor
after the main contract is effective.


 


3. Priority of compensation


 


The mortgagee enjoys primary
priority of compensation. The mortgagee can enforce mortgage right directly under the contract rather than enforce the guarantee
right(if any) to the creditor antecedently. The mortgager agrees that under no condition, the mortgagee does not enforce or not
enforce any right under the loan documents with creditors in time, including but not limit to credit, the security right and breach
remedy right should be regarded as be negligent or quit to enforce the rights and will not affect his fully enforcing rights under
the contract.






 


4. Alternation of the main contract


 


The rights and benefits of
the creditor under the main contract will not be affected under conditions such as that the creditor gives any moratorium to the
debtor, any delayed repayment term or the creditor and debtor modify, alter and displace any clause of the main contract; if above
conditions occur, it is regarded as that the mortgager has agreed forehand and the guarantee responsibilities will not be relieved
for above reasons.


 


If the creditor issues opening
letter of credit, letter of guarantee or spare letter of credit to the debtor under the main contract, it is not necessary to get
the permission of the guarantor or notify the guarantor further if the creditor and debtor make any modification to letter of credit,
letter of guarantee or spare letter of guarantee under the main contract; the modification will be regarded that has been agreed
by the guarantor in advance and the guarantee responsibilities of the guarantor will not be relieved for above reasons.


 



    	 



    	 



    

 


Article 3. Registration
of the collateral


 


1. The collateral under the
must be registered legally and the two parties should handle collateral registration with related materials and the contract in
7 bank business days since the contract is signed ; the contract comes into force on the date it is registered.


 


On the request of the mortgagee,
the mortgager should also handle notary of compulsory enforcement effect in the authority designated by the mortgagee and the mortgager
accepts the compulsory enforcement voluntarily.


 


2. The collateral under the
contract does not belong to legal compulsory registration requirements, the two parties should handle collateral registration with
related materials and the contract in 7 bank business days since the contract is effective since it is signed.


 


3. If there is collateral
must be registered in accordance with laws as well as collateral be registered voluntarily, different collaterals should be handled
registration procedures according to regulations for above two clauses and the contract comes into force on the date the mortgage
registration for the contract is finished.


 


4. If the mortgagee and debtor
have reached agreement on extending the term for the fulfilling term, it does not need to get the agreement of mortgager. The mortgagee
should handle renewal registration in original registration authority together with mortgagee within 30 bank business days before
due of liability fulfillment term with extending related agreement , original Registration Certificate of Enterprise Movables Collateral
and other related statement documents (if any). The extending related agreement comes into force on the date that the mortgagee
reacquires the Registration Certificate of Enterprise Movables Collateral and other certificate documents.




 


5. The mortgager should hand
over the various documentations, certificate documents, and mortgage registration documents related to the collateral to mortgagee
for storage.


 


6. 7 bank business days from
the mortgager repays off or liquidates all the credit guaranteed with the collateral, the mortgager should apply to the mortgagee
in writing and the mortgagee should hand back the kept mortgage documentation and other related certificates after inspection and
the mortgagee has no duty any more; the mortgager should handle cancellation procedures in original registration department.


 


Article 4. Insurance of
collateral


 


1.  The insurance covering
duty of the mortgager is listed as follows:


 



    	 



    	 



    

 


(1) On the request of
mortgagee, the mortgager handles property insurance of enough amounts to the collateral whose first beneficiary is the mortgagee
in insurance company recognized by mortgagee within five days after the contract is signed.


 


(2) If it is impossible
to handle property insurance with the mortgagee as the first beneficiary, related equity transfer or alternation procedures should
be handled according to item (3) in the article after handling insurance whose first beneficiary is not the mortgagee.


 


(3) If the mortgager
has handled corresponding property insurance to the collateral before signing the contract, he should transfer all the benefits
(including claim and insure benefit) stated in Contract of Insurance or handle insurance benefit transfer or change procedures
5 days after the contract is signed till the mortgager has all the credits guaranteed with the collateral to the mortgagee, which
should be agreed or noted in the insurance cover or insurance contract.


 


2. The insurance benefit
of the mortgagee should not less than amount of all credits guaranteed with the collateral and the due date for the insurance should
be six months after the expiry of liability fulfillment under the main contract; but before credits under the main contract are
liquidated, the mortgagee has right to ask the mortgager to continue to purchase insurance according to the article till all the
credits under the main contract are liquidated.


 


3. Before the debtor liquidates
all the credits guaranteed with the collateral, if there is insurance accident, all the benefits under the insurance contract will
be accepted and distributed by the mortgagee. The insurance benefits and compensation fund will be deposited to account designated
by the mortgagee as the mortgage property of main contract to liquidate all the credits in advance or liquidate when the credit
is due. If there is remnant, the remnant part will be returned to the mortgager after liquidation. If there is any damage to collateral
, while the insurance benefit paid by the insurance company is not enough to pay all the liabilities or the damage is not in insurance
scope, the mortgagee has right to ask the mortgager to liquidate the short part or add corresponding insurance.






 


4. The mortgager should hand
over the insurance contract and other related legal documents to the mortgagee for keeping and pay related insurance premium and
other related expenses in time and observe guarantee in insurance contract and other requirements and provide latest payment receipt
of insurance premium and all or any related insurance cover and payment receipts on the request of mortgagee.


 



    	 



    	 



    

 


5. It is not allowed to modify
or alter Insurance contract and other related legal documents without prior written permission of the mortgagee. It is not allowed
to relieve duties that the insurance company undertakes, terminate rights and power in the above legal documents and it is not
allowed to quit right claim to behaviors of breach in above legal documents and it is not allowed to be against duties in the insurance
contract.


 


6. Under the condition that
the mortgager does not fulfill the responsibilities, the mortgagee can purchase insurance for the mortgager (but not necessary),
while the related expenses will be paid to the mortgagee in 7 days after receiving notice of the mortgagee.


 


7. During the insurance term,
the mortgager must hand in insurance premium timely and should not break up the insurance with any reasons. Otherwise, the mortgagee
has right to apply for insurance for him to continue the above insurance and mortgager must pay the premium and related interests
paid by mortgagee for him in 7 days after receiving notice of the mortgagee.


 


Article 5.  Disposal
of the collateral and realization of mortgage right


 


1.  Under following
conditions, the mortgagee has right to dispose collateral to realize mortgage right or to make up insurance premium.


 


(1) The debtor breaches clauses
under the main contract;


 


(2) There is condition that
the creditor can realize credit in advance;


 


(3) The mortgager breaches
the clauses under the contract;


 


2.   As above
article, the mortgagee has right to negotiate with mortgager to amortize with the collateral or gets compensation with money by
auctioned or sold the collateral; if they can not get agreed, the mortgagee has right to sue to people’s court.


 


3.  After the mortgagee
disposes the collateral, if the mortgagee has made advances, money from disposing mortgagee will be used to liquidate all the credits
guaranteed with the collateral; if the mortgagee does not make advances, the money from disposing the collateral will be transferred
to the special cash deposit account that the mortgagee sets for the debtor’s external payment and as cash deposit when mortgagee
make advances.




 



    	 



    	 



    

 


Article 6. Representation
and guarantee


 


1. The mortgager makes following
representations and guarantee to the mortgagee:


 


(1) The mortgager is an independent
legal body that is of essential right abilities and can fulfill duties under the contract with its own name and bear civil responsibilities
independently.


 


(2) The mortgager has
right to sign the contract and has finished all the authority and approval for entering into the contract and fulfilling its duties
under the contract. All the clauses are the expressions of true intention and interest, which restrict the mortgager legally.


 


(3) The mortgager promises
to observe laws and principles. The signing and carrying out of the contract should not violate the laws (laws here refers to laws
and regulations, rules, local laws and regulations, judicial interpretation), regulations, documents from administrative
civil rights administration, judgment, adjudication. At the same time, it should not violate any contract singed by or any responsibilities
shouldered by the mortgager.


 


(4). Mortgager promise that
the entire financial list provided (if any) meet laws and regulations in China (not included Hong Kong, Macao Special
Administrative Region and Taiwan region). The report forms represent the financial states of the mortgager completely and veridically.
During the signing and carrying out of the contract, all the paper materials, documents and information provided to the mortgagee
should be veridical, effective, exact and complete without any concealment.


 


(5). The mortgager promise
to make the contract come into force and to enter a record or get registered. Also, the mortgager should pay the taxes and other
expenditures.


 


(6). After the out coming
of the latest financial report, the operation and financial states of the mortgager don’t have major problems.


 


(7). The mortgager should
expose all the related information which is necessary for mortgagee to decide whether to provide financial help under the main
contract.


 


(8). The mortgager ensure
that during the period of the signing and carrying out of the contract, problems like arrear of wages include but not limited to
workers’ wages and medical treatments, invalidity allowances, pension and compensatory payment.


 


(9). The mortgager promise
that critical problems that may affect the mortgager’s contractual capacity is not exist.




 



    	 



    	 



    

 


2.The mortgage make a further
promise as follows:


 


(1). Right after the contract
is signed, the mortgagee don’t enjoy the right to mortgage, to lien or any other security interest. When the contract is
effected, besides the clauses listed, the mortgage have no right to mortgage or lien the guaranty or enjoying any other security
interest without the mortgagee’s agreement.


 


(2).During the period of validity,
the mortgage cannot repay other debts on the guaranty without the mortgagee’s agreement.


 


Article 7  Promises


 


	1.	The mortgager’s responsibility


 


	(1)	The mortgager promises not to take actions as follows without the agreement of the mortgagee:


 


	 	·	Selling, bestowing, renting, lending, transferring, mortgaging or any other ways to deal with the whole or major property.


 


	 	·	Big changes occurred on management system and property right format. It includes but not limited to contract, rent, operate,  transformation to company, shareholding reform, stock right transfer, merge or take over, joint or cooperate with other ventures, be separated, open new branches, property right transfer or reduce capital.


 


	 	·	Amend company’s regulations change the scope of the company and the main business lines.


 


	 	·	providing guarantee to the third party which lead to the adverse effects on the mortgage’s finance and the mortgage’s capacity to carry out obligations.


 


	 	·	Apply to reorganize, go bankrupt or dissolute the company.


 


	 	·	To sign some contract or agreement that would had a adverse effect on the mortgager’s capacity to comply with this contract or shoulder some responsibility that may have the same result like this.


 


(2)The mortgager promises
that the mortgager will be noticed immediately when any of the following accidents occur. At the same time the mortgager must provide
the related original notice to the mortgagee within five days right after the accident occur (companies’, organizations’
or the like should be with official seal, for natural people it should be signed).


 


	 	 ̈	Accidents that result in the inaccurate and untruthful of the mortgager’s statement occur.


 



    	 



    	 



    

 


	 	 ̈	Mortgage or controlling shareholders, actual controllers or their associates are involved in litigation, arbitration or the assets get seized ,be closed down. Be frozen, be enforced legaly or be taken care with other measures which have the same effect, or their legal representative, director, matter, senior management are involved in litigation, arbitration or other enforcement measures.


	 	 ̈	Mortgagor's legal representative (if any), the responsible person, the authorized representative of the main financial responsibility, mailing address, office location get change. The mortgagor changes the domicile, habitual residence, changes their work units, leave the city he lives for a long time, changed his name or adverse changes in income levels.


 


	 	 ̈	Ownership of collateral causes dispute, or the mortgage will or may  be subjected to a third party


 


	 	 ̈	Be applied to getreoranized ,bankcrupt by other creditors, or be revocated by superiors.


 


(3)If a third party proposes
any requirements that may affect the mortgagee's rights under this contract, the mortgagor shall take all measures to protect the
rights of mortgagee.


 


(4)Mortgage shall bear full
expenditure of the collateral’s assessment, class, justice, identification, insurance, storage, maintenance of collateral
values under this contract as well as the full cost used in protecting the mortgagee's rights under this contract.


 


(5)Mortgagor promises, regardless
of whether the debtor under the main contract apply  the actual amount of cross-application or use of alternate lines,
it is considered to have obtained the mortgagor’s agreement, the mortgagor should bear security responsibility under this
contract.


 


The main contract to is to
provide letters of credit, guarantee or standby letter of credit to the debtor for the creditor, the mortgagor promises, when the
debtor fails to make up the margin required, the mortgagor will bear responsibility to make up the margin.




 


(6)The main contract for
the creditor to the debtor to provide letters of credit, guarantee or standby letter of credit opened the business, commitment
to the mortgagor, when the debtor fails to make up the margin requirements (including the complement in advance), by the mortgagor
make up the margin of bear joint responsibility .The one to make up the margin does not mean he is free to bear the responsibility
ruled under this contract. Any loss (including loss of interest) caused by the repay of margin of the mortgagor under this contract
should be bore by the mortgagor.


 



    	 



    	 



    

 


(7)When the Mortgagee under
this contract provides for the right to achieve the mortgage right, the mortgagor should help to get all the paper work done in
order to ensure realization of the mortgage.


 


(8)When the mortgager is
not the debtor of the main contract, the mortgagor promises to mortgagor would bear the joint responsibilities of the unpaid debt
unconditionally if the following events happen:


	 	·	The mortgagee disposes collateral legally, Collateral auction, the sale proceeds under the main contract is insufficient to satisfy all claims or the discount value of the collateral is not enough to cover all the claims.


 


	 	·	Collateral damage, loss cause not because of the mortgager or the compensation, insurance is not enough to pay the main debt back.


 


	 	·	The mortgagee can not exercise or lose the right to mortgage under this contract not due to the fault of the mortgagee,


 


	 	·	This contract does not lead to effective, ineffective, or revoked due to the mortgager’s own reasons,


2. Deducting agreement


 


(1)    When
the pledger has matured liability unpaid, pledgee are entitled to deduct capital in any account that the pledger has opened in
Shanghai Pudong Development Bank, thus to pay off the matured liability.


 


(2)    Unless
powerful apparatus of states has some other rules, during deducting, the ranking of claims of proceeds is firstly used in paying
off overdue debt between the pledger and pledgee, and then it is used to pay off interest due but not paid.


 


(3)    When
the proceeds that deducted and the currency that paid off are inconsistent, pledgee has the right to engage in settlement of exchange
and purchasing according to the related exchange rate that formulated by himself and the pledger bear the exchange rate risk.


 



    	 



    	 



    

 


3. Proofofdebt


 


The valid document of mortgaged
property with collateral is subject to accounting document that issued and recorded by the pledgee, who formulated it by himself.


 


4. Notification and delivery


 


(1) The notifications of
this contract that sent side by side are all sended to the address that listed in this signing page of the contract, untill the
other party informs the changing address in written forms. As far as the contract is sent in accordance with the above address,
it is regarded that the contract is sent in the following days: if it is a letter, it will be sent in the seventh business day
of the bank after it is registered posted in accordence with the main business address (corporation and its embranchment, other
economic entities) or domicile(natural person); If it is specially sent, it will be the day that the consignee sign in; If the
it is a fax or an e-mail, it will be the day that they are sent. But all the notifications, requirements or some other messages
that sent to the pledgee are regarded to make the delivery on the condition that the pledgee has received. Moreover, if all the
notification and requirements are sent by faxes or e-mails, it is required to send or post the scripts(artificial entity is needed
to affix a seal, natural person is needed to subscribe) to the pledgee to ensure it.






 


(2) The pledger agrees that
as far as the court summons and notification are sent to the listed address in the contract signing page during litigation, it
is regarded as make the delivery. If the above address is not notified to the pledgee in written form in advance, it is not valid
to the pledgee.


 


5. Taking effect, alteration
and dissolution


 


(1)This contract is set
up on the condition that it is affixed a seal by both the pledger and pledgee and is signed or affixed a seal by the two
legal representatives / the man at the wheel or accredited representative(If the pledger is natural person, it will
only be needed to sign), and it is valid under the third clause in this contract. It is suspended on the condition that all
the principal debt secured are paid off in this contract.


 


(2) This contract’s
efficacy is independent of the master contract, it can not be valid or repealed when the master contract is invalid or repealed;
If some clauses is invalid or repealed, they can not influence other clauses.


 


(3) After the contract takes
effect, any side in the contract can not arbitrarily change or get rid of the contract. If this contract is needed to modified
or get rid of, it is needed to consult by both sides, and come to terms in written forms.


 



    	 



    	 



    

 


Article 8 Event of default
and its settlement


 


1.           Event
of default


 


If there is one of the following
conditions, it can be said the pledger defaults to the pledgee.


 


	 ̈	Any statement, illustration and warranty made by the pledger or anything made in accordeng with this contract, or the related notification, authorization, ratify, agreement, certificate and some other files are incorrect or misleading. Or they are confirmed to be invalid or repealed or without legal validity. The debtor or the pledger can not pay off the matured debt or any arrearage according to the master contract; or the debtor violates or failures to act every obligations.


 


	 ̈	Pledger who violates any agreed items in the seventh article in this contract.


 


	 ̈	Pledger who stops doing business, stops production, goes out of business, suspends business to bring up to standard, reforms, audits, goes into administration or in trust, dismisses, is revoked license or logged off or goes bankrupt.


 


	 ̈	Pledger whoes financial position deteriorates; operating problems are in difficulty, or some events and conditions that influence its operation, financial position or debt paying ability.


 


	 ̈	The pledger or its controlling shareholder, actual controller or its connected person are involved in major litigation and arbitration. Or in this contract, pledge or some other major asset are detained, sealed up, freezed, enforced or took some equivalent valid measure. Or its legal representative, executive, supervisor, higher management are involved in lawsuit, arbitration or some other coercive measures that influence the debt paying ability badly.


 


	 ̈	When the pledger is natural person, who is dead or is condemned to be dead.


 


	 ̈	Pledger who changes and transfers asset through fraudulent marriage or tries to transfer asset.


 


	 ̈	Pledger arbitrarily deal with the pledge through granting, changing, preselling, remortgaging or some other ways without the pledgee’s ageement in written forms; or some conditons that can destroy the ablity of repayment, such as the value of pledge is reducing, losing or are damaged badly.


 


	 ̈	Pledger who violates this contract or damages interesse legtimo of the pledgee to obstruct the normal fulfilment of this contract.


 



    	 



    	 



    

 


2. Breach of contract


 


If any of the above
has happened, the pledgee has the right to declare  principal claim and / or acceleration of maturity
during the claims arising or to require the debtor to complement the earnest money. And dispose of pledge according to the
fifth article. The proceeds of disposing the pledge are used to pay off all the obligatory right that guaranteed by pledge or
used to complement the earnest money. At the same time, the pledgee can also require the pledger to pay the penal sum(the
account form of the penal sum is reflected in the tenth article). The penal sum can not make up the loss of the pledgee, the
pledger should pay off all the losses to the pledgee.


 


Article 9 Other Clauses


 


	1.	Applicative laws


 


This contract is appropriate
for the law in the People’s Republic of China(which is exclusive of the Hong Kong Special Administrative Region, Macao Special
Administrative Region and Taiwan area.)


 


	2.	The resolvement of dispute


 


The entire related dispute
in this contract can be resolved through the friendly consultation; if consultation is not successful, the people’s court
in pledgee’s location has the exclusive jurisdiction. During the dispute, both sides should continue to fulfilling the articles
that unrecovered.




 


	3.	Sundry


 


	(1)	The unaccomplished matter in this contract can be written in the tenth article through the two side’s arrangement, and can be evidenced in in writing separately as the accessory of this contract. The accessory of this contract(details in the tenth article) is the indiscerptible component, the text of this contract possesses the equivalent legal validity.


 


	(2)	Unless the special illustration in this contract, the related terms and expression has the same meaning with the master contract.


 


	(3)	The titles of the contract are only for the convenience of reading, they are not used to be the basis of the titles.


 



    	 



    	 



    

 


Article 10 Main items


 


1. Main contract that is
guaranteed by the contract 【refer to the whereas clause in the contract】


 


(1) This contract
signed by debtor and creditor in            August 5,
2011        is《 Financing Limits
Agreement    》【Code:_BC2011080200000526________】or the serious contract signed between
_________    to  ____________ Under this contract the creditor is known
as      financing
bank                   
..


(2) Under the main contract,
the debtor is known as Dalian TOFA New Material Development Co.,Ltd.


 


2. Detailed information about
the guaranty under the contract【refer to clause 1】


 


Detailed information about
the collateral is attached in appendix 1.


 


Mortgaging right that is
enjoyed earlier should list the detailed information:


 


	(Titles of the mortgaging goods)	 	(Mortgaging time, guaranteed objects, related documents, names and codes (if any)) 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 


 


3. Principal creditor's right
guaranteed in the contract.【refer to (1) in the first installment of clause 2】


 


The main creditors rights
guaranteed in this contract are: according to the contract, during the time of   August 5, 2011             
to   August 5, 2012             (known as dies
credit), the creditor provide one or different kind of business letters includes but not limited to different kinds of mortgages
and the debt occurred because of providing ___________________.the maximum surplus of main right of credit discussed upon is_ RMB
20 million___________________ (or other currency),  if it is the other currency, it should be calculated by the creditor
with the chosen exchange rate.       .


 


	4	Disposals when the contract is broken


 


Penalty: equal to ___20___%
(capital words) of the entire amount of money or




 


	5	The attachment of the main contracts includes: (refer to (1) in the third installment of Clause 9)


 


	(1)	《Collateral list》


 



    	 



    	 



    

 


	(2)	《 Fixed Assets-Machinery
    Equipment Evaluation Detail List》


 


	(3)	《                       》


 


	(4)	《                       》


 


	(5)	《                       》


 


	6	Other conventional agreements【refer to (1) in installment3 of Clause
    9】


 


The guaranteed mount of
money is 4 million                         
                                                                                      


 


The contract should be
in four copies, the mortgager   holds_______, the mortgagee holds________, the__________ party______ holds
_______ . The four copies enjoy the same force of law.


 


( The main body of the contract
is finished right here )


 


This contract is signed
by the mortgager and the mortgagee in August 5, 2011 (Date). The mortgager ensures that as soon as the contract is signed,
the mortgager and the mortgagee have had particular discussions about all the clauses listed. Both of the two parties have no
doubts of the clauses. Also, they have complete understandings of the relevant rights and responsibilities as well as the
limits and the exempt of the meaning of the intendment of law.


 


Mortgager (seal):


Legal representative or accredited representative
(signature or seal)   /s/ Chuan Tao Zheng


 


Mortgagee (seal):


Responsible officer or accredited representative
(signature or seal)   /s/ Xin Hao Wang


 



    	 



    	 



    

 


Appendix 1


Collateral list (Machinery
Equipments) & (Vehicles)


Code: 【              】


Mortgager:


Mortgagee: Shanghai Pudong
Development Bank              Branch/ Subranch


 


	
        Nomenclature of

        machinery
	Models	Specifications	Applications	
        Year of 

        production
	
        Quantity/

         Units
	
        Quality/

        conditions
	Valuations	
        Propriety

        ownership

        certificate (if any)

        Name/Code/

        Issuing  Authority 
	
        Certificate

        of quality

        (if any)

        Name/Code

        /Issuing

        authority
	Remarks
	
        The collateral listed upon has been verified by the mortgager and the mortgagee.

          

        This list is the attachment of 《Maximum
        Mortgage Contract of Movables》

         

        coded———————
	
        Mortgager:

        ( Signature/ Seal)

        Legal representatives( or authorized agent)

        (Signature/ Seal)

        Date
	
        Mortgagee

        ( Seal )

        Responsible Officer ( or authorized entrusted agent)

        (Signature/ Seal)

        Date




    	 



    	 



    

 


Fixed Asset— Detail
List of Machinery Equipment Evaluation


Based Day: July 11,
2011


Name of the assets owner:
Dalian TOFA New Materials Development Co., Ltd.                                                  Monetary
unit: RMB





	
        Order

        number
	
        nomenclature

        of machinery
	
        Model

        number
	Quantity	
        Measurement

        unites
	
        Date of

        acquisition
	Original Value	Evaluation Value	Remarks
	1	Welded pipe unit	HJ15-2	3	unit	2001.10.01	900,000.00	441,000.00	 
	2	Rolling mill	 	1	unit	2003.05.31	260,000.00	143,000.00	 
	3	Welded pipe unit	HJ15	1	unit	2002.04.17	180,000.00	93,600.00	 
	4	Drawing machine	
        JB-G-B800

        (1000)
	6	unit	2002.04.30	178,000.00	92,560.00	 
	5	Reducing mill	 	2	unit	2003.05.31	178,000.00	97,900.00	 
	6	Boiler	 	1	unit	2002.07.24	118,000.00	61,360.00	 
	7	Flushing unit machine	 	3	unit	2001.10.01	96,000.00	47,040,00	 
	8	Eddy current flaw detection	 	3	set	2005.05.19	82,564.10	53,666.67	 
	9	Coiling and pulling machine	 	3	unit	2000.09.01	82,500.00	38,775.00	 
	 	forklift	 	1	unit	2003.11.19	75,000.00	41,250.00	 
	11	Eddy current flaw detection	ET-551	2	set	2002.04.19	75,000.00	39,000.00	 
	12	forklift	 	1	unit	2005.06.19	74,358.97	48,333.33	 
	13	Eddy current flaw detection	 	2	set	2006.06.01	74,000.00	36,266.00	 
	14	Double rolling slitting roller	 	1	unit	1998.06.01	72,500.00	32,625.00	 
	15	Admission machine	¢1000	1	unit	2003.11.18	72,000.00	39,600.00	 
	16	Eddy current flaw detection	ET-551	2	set	2002.05.24	70,800.00	36,816.00	 
	17	Flushing unit machine	 	1	unit	2002.02.28	64,000.00	33,280.00	 
	18	Rolling mill	 	1	unit	2002.09.05	63,000.00	32,280.00	 
	19	Vacuum tank	 	2	unit	2002.05.24	56,600.00	29,432.00	 
	20	drawbench	 	1	unit	2002.10.22	52,000.00	27,040.00	 
	21	Smart Coated Welding Pipeline	 	1	set	2009.02.28	341,880.36	239,316.25	 
	22	Smart Bi-metal Welding Pipeline	 	2	set	2009.04.29	1,282,051.35	897,435.95	 
	23	Zhujiang Screw Air Compressor	 	1	unit	2009.06.30	26,837.60	18,786.32	 
	24	Smart Bi-metal Welding Pipeline	TD-BHSX20	1	set	2009.07.31	512,820.54	358,974.38	 
	25	Smart Bi-metal Welding Pipeline	TD-BHSX20	1	set	2009.08.31	854,700.90	598,290.63	 
	26	Muti-Functional Eddy Current Flaw Detector	EI-61H	1	set	2009.11.30	85,470.08	59,829.06	 
	27	Wire Winding Machine	Big / 040	3	unit	2010.01.31	48,717.95	41,410.26	 
	28	Smart Coated Welding Pipeline	TD-8SSX25118	4	set	2010.02.28	2,290,598.41	1,947,008.65	 
	Total up	5,626,349.50