#### SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

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#### FORM 10-KSB

(Mark One)

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[X]       ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the fiscal year ended December 31, 2001

                                                        OR

[__]     TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from _________ to __________

                                          Commission file number 0-30183

                                   MINGHUA GROUP INTERNATIONAL HOLDINGS LIMITED
                                  (Name of Small Business Issuer in Its Charter)

                            New York                                              13-3874771
                 (State or Other Jurisdiction of                               (I.R.S. Employer
                 Incorporation or Organization)                               Identification No.)

          54 Pine Street, 4th Floor, New York, New York                              10005
            (Address of Principal Executive Offices)                              (Zip Code)

                                               (212) 809-8015
                              (Issuer’s Telephone Number, Including Area Code)

Securities registered under Section 12(b) of the Exchange Act:

                                                                       Name of Each Exchange
                 Title of Each Class                                    On Which Registered

                  _________________                                      _________________

Securities registered under Section 12(g) of the Exchange Act:

                                      Common Stock, $0.01 par value per share

         Check whether the issuer: (1) filed all reports required to be filed by Section 13 or 15(d) of the
Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for past 90 days.

Yes ___X___ No _______

         Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not
contained in this form, and no disclosure will be contained, to the best of registrant’s knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [__]

         The issuer did not have any revenues for its most recent fiscal year.

         The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by
reference to the average bid and asked price of such common equity, as of April 9, 2002 is: $6,086,302.53.

         As of April 9, 2002 there were 48,841,992 shares of the issuer’s common stock outstanding.

                                                      PART I

ITEM 1.  DESCRIPTION OF BUSINESS

Background

         Minghua Group International Holdings Limited was formerly known as PanAgra International Corporation and
prior to that United Network Technologies, Inc.  We were incorporated under the laws of the State of New York
with the name United Network Technologies, Inc. on February 29, 1996.  On October 2, 1998, our name was changed
to PanAgra International Corporation and on August 2, 2001 our name was changed to Minghua Group International
Holdings Limited.

         From our inception until June 22, 2001, we were relatively inactive with limited operations and no
operating revenue.  During that period our only activities were organizational ones, directed at developing our
business plan and conducting a limited search for business opportunities.

         On April 2, 2001 Ronald C. H. Lui, currently our Chief Executive Officer, President, Treasurer,
Secretary and a director, entered into a Stock Purchase Agreement with Elie Saltoun, who, at that time was our
Chief Executive Officer and a director and is currently a director, and Mr. Saltoun’s affiliates pursuant to
which Mr. Lui acquired control of Minghua by purchasing 2,195,878 shares of our common stock from Mr. Saltoun and
his affiliates for $180,000.  Mr. Lui acquired the shares using his personal funds.

         On April 27, 2001, we and our newly-formed subsidiary, Minghua Acquisition Corp., entered into a Stock
Purchase Agreement with Mr. Li Chuquan and Mr. Chan Kuen Kwong relating to the purchase by Minghua Acquisition
Corp. of all of the outstanding capital stock of Minghua Group International Holding (Hong Kong) Limited, a
corporation existing under the laws of the Hong Kong Special Administrative Region of the Peoples Republic of
China (sometimes referred to in this report as Minghua Hong Kong).  Minghua Hong Kong has, as its only material
asset, an 85% equity interest in the Shenzhen Minghua Environmental Protection Vehicles Co. Ltd, a corporation
existing under the laws of the Peoples Republic of China (sometimes referred to in this report as the
Environmental Vehicle Company).

         Pursuant to the agreement, Minghua Acquisition Corp. paid $1,000,000 to the sellers and delivered
28,000,000 shares of our common stock to the sellers at the closing of the transactions contemplated by the
agreement.  We funded the cash amount and issued the shares on behalf of Minghua Acquisition Corp. as a capital
contribution to Minghua Acquisition Corp.  We now indirectly control the Environmental Vehicle Company.  The
acquisition was consummated on June 22, 2001.  Shortly after the closing of the acquisition Mr. Li Chuquan became
our Chairman.

         The Environmental Vehicle Company was established in June 2000 as a joint venture enterprise, with
equity interests held by Minghua Hong Kong and Shenzhen Minghua Investment Co., Ltd. at 85% and 15%,
respectively.  As noted above, we acquired Minghua Hong Kong and as a result became the indirect owner of an 85%
equity interest in the Environmental Vehicle Company.  The Environmental Vehicle Company’s main business is the
development, production and sale of hybrid vehicles.  We do not have any significant operations other than
indirectly as the result of our indirect equity interest in the Environmental Vehicle Company.  We are a holding
company and all of the information in this memorandum relating to the development, operation, marketing and
commercialization of hybrid environmental vehicles refers to activities conducted by the Environmental Vehicle
Company.

         The Environmental Vehicle Company’s hybrid electric vehicle is the culmination of over five years of
research and development initially conducted by Mr. Wang Chun Fu, the Environmental Vehicle Company’s chief
technical officer.

Hybrid Electric Buses

         In September 2000, the Environmental Vehicle Company successfully developed a prototype hybrid electric
bus (MH6720).  The MH6720 model was presented at China’s Hi Tech Fair where the Environmental Vehicle Company’s
hybrid technology project received recognition as a Key Industrial Project by the Shenzhen municipal government.
Tests were conducted by accredited institutions such as the Shenzhen Academy of Metrology and Quality Inspection,
and the MH6720 received excellent reviews.  We believe that our hybrid power technology is our competitive
advantage.  Our diesel bus will automatically charge its battery and then switch to electric power to become
virtually silent and totally emission-free as it transports passengers through city streets or rural routes.

         Our hybrid vehicle is powered by an advanced parallel composite system that combines a diesel engine and
an electric power system.  This configuration is coupled with a switch that allows the driver to select the
energy source (diesel or electric) depending on travel conditions.  For instance, lower speed and short distances
in urban areas will only require battery operation.  When using the battery power system, our vehicle is
virtually silent and totally emission free.

         Our hybrid electric vehicle combines fuel efficiency with high performance.  The prototype hybrid
electric bus (MH6720) is equipped with a fuel-efficient diesel engine that conforms to European II emission
standards and an electric power system which consists of low maintenance batteries that recharge themselves when
the vehicle is running on diesel fuel.  According to tests conducted by Shenzhen Academy of Metrology and Quality
Inspection in December 2000, our hybrid electric bus uses half the volume of diesel fuel compared to the amount
used by conventional diesel buses traveling the same distance.  Moreover, unlike other hybrid vehicles which
require the use of fuel sources not readily available to the public such as fuel cells powered by combustible
materials such as hydrogen, our vehicle uses diesel which can be purchased in any gas station and therefore, no
additional infrastructure is required to provide sources of energy for our diesel engine.  In addition, we
believe that the recharging of the batteries and switching of power sources are undetectable to passengers who
will only experience a smooth and comfortable ride.

         Performance parameters for the MH6720  are as follows:

                                                                       Diesel                 Electric
                           Max vehicle speed..........................  90 kph                75 kph
                           Continuous driving distance-..............  800 km                100 km
                           Maximum incline........................      n/a                     30%
                           Fuel consumption per 100 km............          Less than 10 liters
                           Number of Passengers ..................              21 +  1 (driver)

Product Development

         After launching of MH6720, we plan on developing several additional models, from a 22-passenger mini bus
to a 54-passenger coach.  We believe that the proposed deluxe model will boast a comfortable ride with plush
seats and state-of-the-art accessories.  In addition, we intend to be equipped to customize each bus according to
the customers’ individual specifications.

Hybrid Technology:  Series vs. Parallel

         Hybrid vehicles combine two sources of energy such as a battery powered electric motor and a
conventional internal combustion engine.  There are two types of hybrid environmental vehicles.  The  “Series”
hybrid uses the heat powered by a generator to supply electricity to the battery pack and electric motor.  There
is no mechanical connection between the hybrid power unit and the wheels.  The “Parallel” hybrid combines a small
internal combustion engine or gas engine and an electric motor powered by batteries to propel the car.  There is
a direct mechanical connection between the hybrid power unit and the wheels similar to that used in a
conventional vehicle.

         Our buses will be equipped with an advanced form of “Parallel” hybrid systems that we believe will allow
them to run at performance levels superior to those of conventional diesel buses as well as purely electric
vehicles.

Competitive Advantages

         We believe that our product is superior to other types of environmentally protective vehicles in China
based on the following features:

         1.       Our product is equipped with an advanced parallel composite power system.  This means that the
diesel engine and the electric power system can be used alternatively or independently, depending on the travel
conditions.  A switch allows the driver to change from diesel fuel to electric power for optimum fuel efficiency.

         2.       When our vehicle is operating on its battery, it achieves zero-emissions.

         3.       The diesel engine’s emission levels complies with existing European II environmental standards.

         4.       The batteries used in our vehicles can be recharged while the vehicle is running on diesel
fuel, thus allowing the vehicle to run for longer periods on electric power than other hybrid or electric
vehicles.

         5.       Our hybrid electric vehicle has a power monitoring system that prevents the occurrence of short
circuits.

         6.       Diesel fuel consumption in our vehicle is 40% to 50% lower than conventional diesel buses when
used together with the battery.

Market

         We believe that the market is ripe for the emergence of hybrid electric vehicles and the current market
potential for our product is global.  We believe that the demand is high while the supply is limited due to
inadequate resources in the global market to produce these environmentally-compatible vehicles.  Major
manufacturers are each taking a unique approach to addressing this demand and are aggressively developing hybrid
vehicles for worldwide distribution in the future.

         Although patents have already been received from China, Germany and Japan to-date, we intend to focus
initially on the local public transportation sector in China.  We do not plan to export our hybrid vehicles
directly to other countries due to prohibitive costs which may be incurred in order to adhere to various
government regulations and tax levies. However, we have patent applications pending in 16 countries and we may
negotiate license agreements with manufacturers in other countries in the future.  These licensing agreements
would potentially provide us with the opportunity for global recognition and would facilitate the delivery of our
hybrid electric buses to the rest of the world.

Business Opportunities

         We believe the opportunities for business development are promising due to (i) the global market
potential for high performance, energy efficient, hybrid powered buses, (ii) the fact that our buses have been
tested and are ready for commercial production, and (iii) the potential for licensing and royalty agreements
worldwide.

Location and Facilities

         Our planned initial facility will have an estimated maximum annual production capacity of 1,000 to 1,500
hybrid vehicles and will be located in the Liaoning province of China.  We plan on acquiring another plant during
the first half of 2002 in Hubei province, China.  The combined maximum production capacity for the these
manufacturing plants is estimated at 3,500 vehicles per year.

         On November 18, 2001 we established the Environmental Protection Electric Vehicle Research and
Development Center in Shenzhen China.  The research and development center has retained 21 researchers and other
staff members who are currently working on a second generation electric battery for use in Minghua’s hybrid
vehicles.  The Environmental Vehicle Company owns all of the assets of the research and development center and
will be responsible for operating the center.  The Environmental Vehicle Company has invested approximately
U.S.$500,000 in the research and development center through December 31, 2001.

         Currently, we conduct our operations from our Shenzhen office where general administration and research
activities are carried out.  The production of the first 110 vehicles are covered by non-binding signed letters
of intent.  These 110 vehicles and subsequent orders will be fulfilled at a sub-contracted manufacturing facility
until the completion of the acquired plants’ refurbishment.

Goals

         We would like to become China’s leading manufacturer of hybrid electric vehicles and a key competitor in
the global market.  For our investors, our goal is to deliver high shareholder value, excellent quantitative
returns in the future, and the satisfaction of contributing to an important environmental cause.  We are
committed to our role as a major contributor to worldwide research and development efforts of environmentally
compatible vehicles.

         In order to become an employer of choice and achieve high levels of growth and profitability, we will
work to build a healthy corporate culture.  Some of the areas that we will focus on are:

         *                 Honest and open communications with customers, employees and Investors         *
Integrity
         *                 Rewarding prudent risk taking, innovation and performance
         *                 Maintaining a strong focus on our customers
         *                 Teamwork
         *                 Hiring, developing and retraining the best people we can find
         *                 Maintaining a flat organizational structure

         Once we have raised sufficient capital, a top priority will be identifying and hiring people to fill key
positions, particularly marketing and sales.  In order to complete our management team, we need to hire a chief
financial officer, director of sales and marketing, director of human resources, director of operations, director
of finance and a director of product development.

Hybrid Vehicle Progress World-wide

         We believe that declining oil reserves, and global warming concerns have launched the world’s
industrialized nations on a search for alternative fuel sources, which are efficient and environmentally sound.

         Motor vehicles account for a significant percentage of carbon monoxide and nitrogen oxide emissions in
the world’s metropolitan areas; hence, government and private sectors in several countries have pooled their
resources in order to develop low emission and energy-efficient vehicles that address consumers’ needs for safe
and convenient means of transportation.

         Furthermore, there is severe air pollution in China and in many Chinese cities, the exhaust from motor
vehicles’ internal combustion engines is the primary cause of this pollution.  China’s 5-year plans have
consistently included plans to control environmental pollution and have encouraged pilot projects to experiment
with electric/hybrid vehicles, however insufficient investment has stalled the realization of these goals.

         In 1993, the U.S. Department of Energy together with the three largest American auto manufacturers,
General Motors, Ford and DaimlerChrysler launched the five-year cost-shared Hybrid Electric Vehicle Program to
develop energy-efficient, affordable and low-emission hybrid electric vehicles.  Its goals merged with the
Partnership For A New Generation of Vehicles which is comprised of seven federal agencies, The United States
Council for Automotive Research, The National Laboratories, universities, suppliers, DaimlerChrysler Corp., Ford
Motor Co. and General Motors Corp.

         In the northeast region of the United States, NAVC, a public-private partnership of companies, public
agencies and university and federal laboratories, promotes and manages several projects involving hybrid electric
technology in medium and heavy-duty applications.  The project supporters were encouraged by the results of a
year-long testing project in 2001 which yielded 30% to 65% fuel economy improvements and 50% to 60% lower
emissions than conventional heavy-duty diesel vehicles.

         A prototype 40-ft. hybrid transit bus, built by Nova Bus using Lockheed Martin’s HybriDrive TM
Propulsion System, was introduced in Boston in January 2001, after over three years of research funded by the
Demonstration of Universal Electric Transportation Subsystems Consortium and the Federal Transit Administration.
Nova Bus is also working with the New York City Metropolitan Transit Authority on a pilot program that includes
placing several diesel-electric hybrid buses into service.

         A few projects are currently in place within the European Union.  Research and development efforts are
primarily geared towards the mass transit systems.  Governments of certain countries like the Netherlands and
Luxembourg are focused on reducing car use, a leading cause of pollution in metropolitan areas, by developing
city transport systems which consists of lightweight low-emission and energy-efficient buses.  In 1998, the
Netherlands started a 3-year test period for hybrid buses in the city of Rotterdam, Netherlands.  In 1997,
Luxembourg began running some hybrid buses as part of their mass transit system so that these vehicles can be
tested in normal service conditions for several years.  As indicated in their abstract, the batteries used in the
bus can be charged by regenerative braking, overnight charging, quick charging at a central station near the city
centers and by using auxiliary power units.

         In Germany, hybrid buses are presently used to provide regular service between the Alpine cities of
Oberstdorf, Sonthofen and Kempten.  These Mercedes Benz O 405 NUH-model buses are equipped with an electric
wheel-hub drive system, a low-emission Euro-2 diesel engine and 4 traction batteries which can be recharged when
brakes are applied.  The batteries can also be charged in their recharging stations when the bus is not in
service at night.

         In Japan, Honda and Toyota have introduced their hybrid vehicles to the public.  Toyota Prius won car of
the year in 1997 while Honda’s Insight, a sporty two-seater coupe, was hailed by environmentalists as the best
car in the U.S. market when it was introduced in 2000.

The Future of Hybrid Buses

         We believe that there is significant potential for hybrid vehicle applications for both personal and
public transport.  Governments and automobile manufacturers continue to seek technological advances in
environmentally compatible drive systems.  The challenges that automobile manufacturers have to overcome are
lowering cost and improving performance on its models, so that hybrid vehicles can compete with conventional
vehicles in the global market.  These issues aside,  we believe that hybrid technology still remains a promising
option for the new millennium.

         The following is a brief summary of recent and future developments in hybrid vehicles:

         *        Honda Insight and Toyota Prius continue to generate high sales in Japan
         *        Volvo unveiled its diesel-electric truck in 2000 and it is currently being tested.
         *        General Motors Co. plans to introduce its full-size pickup truck with hybrid electric
                  propulsion in 2004.
         *        Nissan Diesel Motor Co. plans to install new hybrid-power system in its trucks.
         *        Chrysler is working on its Citadel concept hybrid gasoline-electric vehicle on a platform that
                  is a cross between a sport utility vehicle and the classic British sports coupe.
         *        Ford Motor Co. completed the P2000 prototype and is currently developing another hybrid concept
                  called the Prodigy.
         *        Mercedes Benz continues to research alternative drive systems for its hybrid electric buses.

Marketing Strategy

         Since the completion of the MH6720 prototype, our team has been exhibiting it at trade shows in China
and the vehicle has received excellent reviews.  Another prototype, the MH6120,  has recently been completed and
is currently being tested.  Both the MH6720 and MH6120 will be exhibited at future trade shows.  Additional
exposure will be achieved through print media.  To date, articles regarding our buses have been printed in
newspapers in China as well as in the United States.  Our management team has also met with Chinese officials who
have expressed interest in ordering our vehicles because they conform to environmental standards, although no
orders have been placed to date.

Activities To Date

         We have made progress in recent months towards getting our vehicles mass produced.  We have entered into
non-binding letters of intent for the sale of 110 vehicles, commenced negotiations on the acquisition of two
manufacturing plants, and established a research and development center.

ITEM 2.  DESCRIPTION OF PROPERTY

         Our U.S. executive offices are being sublet to us from CH Ventures, Inc., a Delaware corporation
controlled by our Chief Executive Officer and director, Ronald C. H. Lui.  The sublease is pursuant to an oral
month to month arrangement.  Under this arrangement, we pay CH Ventures $5,000 per month.  Unless renewed, the
main lease between CH Ventures, Inc. and the owner of the premises (and our sublease) will expire on June 30,
2002.  Upon termination of the main lease (or upon sooner termination of the sublease by either party to it) we
will need to find a new location for our executive offices.

         Minghua Hong Kong rents office space from its wholly-owned subsidiary Keytop Holdings Limited.  Keytop
is party to a lease for the office space which is located on the 54th floor of No. 18 Harbour Road, Wanchai, Hong
Kong.

         Minimum future rental payments under the non-cancellable operating lease as of December 31, 2001 for
each of the next five years and in the aggregate are as follows:

         Period ended
         December 31,                                Amount

         2002                                        $539,647

         2003                                         539,647

         2004                                         441,688

         2005                                         304,546

         2006 and
         thereafter                                  1,487,351

Total Minimum Future Rental Payments                 3,222,879

         Total rent expense for December 31, 2001 and 2000 was $415,652 and $170,916, respectively, of which
$356,649 and $170,916 was paid to a related party for the years ended December 31, 2001 and 2000, respectively.

ITEM 3.  LEGAL PROCEEDINGS

         We are not a party to any legal proceedings.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         No matters were submitted to a vote of our security holders during the last quarter of fiscal year 2001.

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Market Information for Common Stock

         Our common stock is quoted on the NASD Over-the-Counter Electronic Bulletin Board under the symbol
“MGHA”.  The following table sets forth, for the periods indicated, the high, low and close prices for the common
stock as reported on the OTC Bulletin Board.  The quotations reflect inter-dealer prices, without retail mark-up,
mark-down or commission and may not represent actual transactions.

       FISCAL
       YEAR                    QUARTER

                                                        HIGH              LOW              CLOSE

       2000                    December 31, 2000        $0.375            $0.375           $0.375

       2001                    March 31, 2001           $0.1567           $0.1567          $0.1567
                               June 30, 2001            $1.88             $1.88            $1.88
                               September 30, 2001       $1.35             $1.02            $1.02
                               December 31, 2001        $0.90             $0.90            $0.90

                 The number of holders of record of our common stock as of January 3, 2002 was 321.

         We have not paid any cash dividends with respect to our common stock.  We presently intend to retain
future earnings to finance our development and expansion and therefore do not anticipate the payment of any cash
dividends in the foreseeable future.  Payment of future dividends, if any, will depend upon our future earnings
and capital requirements and other factors that our board of directors considers appropriate.

Recent Sales of Unregistered Securities

         The following sets forth information regarding all sales of our unregistered securities during fiscal
year 2001.  All of the shares issued by us were exempt from registration under the Securities Act by reason of
Section 4(2) of the Securities Act, or Regulation D promulgated thereunder, as transactions by an issuer not
involving a public offering, or were exempt by reason of the application of Regulation S.

         1.       On April 2, 2001, in consideration for providing consulting services, we granted to First
Pacific Capital Ltd. (“First Pacific”), a company controlled by Elie Saltoun, our director, a warrant to purchase
500,000 shares of our common stock at an exercise price of $.20 per share.  The warrant has a cashless exercise
feature.  The warrant is subject to the following vesting schedule: the warrant becomes exercisable to purchase
41,667 of the shares of common stock underlying the warrant on first day of each month commencing May 1, 2001 so
long as First Pacific does not terminate the consulting agreement; provided, however, that if we terminate the
consulting agreement for any reason, then the warrant would automatically become 100% vested on an accelerated
basis as of the date of termination.  This offering was exempt pursuant to Section 4(2) of the Securities Act.

         2.       On April 5, 2001, as part of the terms of his employment, we granted Ronald C. H. Lui a
five-year incentive stock option to purchase 1,000,000 shares of our common stock at a purchase price of $.25 per
share, and a five-year non-qualified stock option to purchase 1,000,000 shares of our common stock at a purchase
price of $.25 per share.  The ISO and the NQSO were granted to Mr. Lui under our 2001 Stock Plan, which was
approved by the board of directors on April 5, 2001 and by our stockholders on August 2, 2001.  The ISO and the
NQSO are each subject to the following vesting schedule: 20% of the shares underlying the ISO and the NQSO vest
on the first day of the sixth month following the date of grant, an additional 20% of the shares underlying the
ISO and the NQSO vest on the first anniversary of the date of grant and 2.50% of the shares underlying the ISO
and the NQSO vest on the first day of each month following the first anniversary of the date of grant.  This
vesting schedule was amended from the original vesting schedule set forth in Mr. Lui’s option agreements on June
1, 2001 pursuant to a letter agreement that was unanimously approved by the Board.  This offering was exempt
pursuant to Section 4(2) of the Securities Act.

         3.       On April 5, 2001, we entered into a letter agreement with First Pacific and its affiliates
regarding the repayment of a $77,137 shareholder loan made by First Pacific to us.  Pursuant to this letter
agreement, we agreed to issue to First Pacific 385,685 shares of common stock in full satisfaction of this
shareholder loan.  The shares represent $77,137 worth of common stock calculated as of the date of the letter
agreement (i.e., $.20 per share).  First Pacific granted us a general release (including a release for the
shareholder loan) in the letter agreement in exchange for such shares. This offering was exempt pursuant to
Section 4(2) of the Securities Act.

         4        In April 2001 we sold 350,000 shares of our common stock at a purchase price of $0.20 per share
for aggregate gross proceeds of $70,000 to 3 U.S. investors, who were all Accredited Investors.  We relied on
Rule 506 of Regulation D in connection with this private placement.

         5.       In April 2001 we sold 7,150,000 shares of our common stock at a purchase price of $0.20 per
share for aggregate gross proceeds of $1,430,000 to 29 investors who were not U.S. Persons in offers and sales
made outside of the United States in reliance on Regulation S of the Securities Act.

         6.       In July 2001, as part of the terms of his employment, we granted Mr. Li Chuquan  a five-year
non-qualified stock option to purchase 2,000,000 shares of our common stock at a purchase price of $1.75 per
share.  The NQSO was granted to Mr. Li under our 2001 Stock Plan, which was approved by the board of directors on
April 5, 2001.  The NQSO is subject to the following vesting schedule: 20% of the shares underlying the NQSO vest
on the first day of the sixth month following the date of grant, an additional 20% of the shares underlying the
NQSO vest on the first anniversary of the date of grant and 2.50% of the shares underlying the NQSO vest on the
first day of each month following the first anniversary of the date of grant.  In addition, Mr. Li was granted a
non-qualified performance stock option outside of our stock plan for the purchase of up to 2,000,000 shares of
our common stock.  This non-qualified stock option has an exercise price of $1.75 and vests when the Company
first has annual revenues of $50,000,000.  This offering was exempt pursuant to Section 4(2) of the Securities
Act.

         7.       During the period from July 23, 2001 through September 30, 2001, we raised $947,000 in gross
proceeds through the private placement of 483,500 shares of our common stock  ($2.00/share).  We sold 400,000
shares for aggregate gross proceeds of $ 800,000 under Regulation S of the Securities Act.  We sold 83,500 shares
for aggregate gross proceeds of $167,000 under Rule 506 of Regulation D of the Securities Act.

         Pursuant to a Placement Agency Agreement with Chicago Investment Group Incorporated, a registered broker
dealer, the gross proceeds of $947,000 raised by us during the period from July 23, 2001 through September 30,
2001 were initially placed into an escrow account.  Chicago Investment Group is entitled to a ten percent (10%)
commission on all amounts raised by us in the private placement.  Accordingly, $94,700 was paid out of the escrow
account to Chicago Investment Group.

         If we indicate above that we relied on Section 4(2) of the Securities Act, we relied on the following
factors in determining the availability of the exemption: (a) the issuance was an isolated private transaction by
us which did not involve a public offering; (b) there were only a very limited number of offerees; (c) there were
no subsequent or contemporaneous public offerings of the stock; (d) the stock was not broken down into smaller
denominations; and (e) the negotiations for the sale of the stock took place directly between the offerees and
us.

         If we indicate above that we relied on Regulation S, (a) the subscriber was neither a U.S. person nor
acquiring the shares for the account or benefit of any U.S. person, (b) the subscriber agreed not to offer or
sell the shares (including any pre-arrangement for a purchase by a U.S. person or other person in the U.S.)
directly or indirectly, in the United States or to any natural person who is a resident of the United States or
to any other U.S. person as defined in Regulation S unless registered under the Securities Act and all applicable
state laws or an exemption from the registration requirements of the Securities Act and similar state laws is
available, (c) the subscriber made his, her or its subscription from the subscriber’s residence or offices at an
address outside of the U.S. and (d) the subscriber or the subscriber’s advisor has such knowledge and experience
in financial and business matters that the subscriber is capable of evaluating the merits and risks of, and
protecting his interests in connection with an investment in Minghua.

         If we indicate above that we relied on Regulation D, we relied upon Rule 506 and (a) the subscriber was
an Accredited Investor (as defined in Regulation D), (b) the subscriber invested in Minghua for his own account
for investment and not for the account of any other person and not with a view to or for distribution, assignment
or resale in connection with any distribution within the meaning of the Securities Act, (c) the subscriber agreed
not to sell or otherwise transfer the purchased shares unless they are registered under the Securities Act and
any applicable state securities laws, or an exemption or exemptions from such registration are available, (d) the
subscriber represented that he had knowledge and experience in financial and business matters such that he is
capable of evaluating the merits and risks of an investment in Minghua, (e) the subscriber had access to all
documents, records, and books of Minghua pertaining to the investment and was provided the opportunity ask
questions and receive answers regarding the terms and conditions of the offering and to obtain any additional
information which Minghua possessed or was able to acquire without unreasonable effort and expense, and (f) the
subscriber had no need for the liquidity in his investment in Minghua and could afford the complete loss of the
investment.

ITEM 6.  PLAN OF OPERATION

Overview of Business

         Minghua Group International Holdings Limited, formerly PanAgra International Corporation, was
incorporated under the laws of New York on February 29, 1996.  We acquired United Network Technology in October
1998 and since our inception, we have been relatively inactive with limited operations and revenue.  Until
recently, our only activities have been organizational ones, directed at developing our business plan and
conducting a limited search for business opportunities.  On June 22, 2001, we acquired a Hong Kong company that
controls a Chinese environmental protection vehicle company and since then, we have been focused on the
development and commercialization of mass transit, hybrid electric vehicles, primarily buses.

         Although patents have already been received from China, Germany and Japan to-date, we intend to focus
initially on the local public transportation sector in China.  We do not plan to export our hybrid vehicles
directly to other countries due to prohibitive costs that may be incurred in order to adhere to various
government regulations and tax levies.  However, we have patent applications pending in 16 countries and we plan
to negotiate license agreements with manufacturers in other countries.  These licensing agreements may provide us
with the opportunity for global recognition and may facilitate the delivery of our state-of-the-art hybrid
electric buses to the rest of the world.  The main goal of management for the next six to nine months is to
complete the development and production implementation phase and enhance marketing efforts of our hybrid products.

Recent Developments

         Our office headquarters were located at One World Trade Center, 85th Floor, New York, NY 10048.  Due to
the destruction of the World Trade Center on September 11, 2001, our office headquarters were totally destroyed.
Ronald C.H. Lui, our President and Director, was not in the office at the time that the devastation occurred.
None of our management nor our office staff were injured in the attack.

         Our headquarters have been re-located to 54 Pine Street, New York, New York  10005 and we have begun the
recovery process from the loss of our former offices.   Since our primary operations are based in the Peoples
Republic of China, management does not believe that the destruction of our executive office headquarters will
have a material adverse effect on our operations or financial condition.

         Our new executive offices are being sublet to us from CH Ventures, Inc., a Delaware corporation
controlled by our Chief Executive Officer and director, Ronald C. H. Lui.  The sublease is pursuant to an oral
month to month arrangement.  Under this arrangement, we pay CH Ventures $5,000 per month.  Unless renewed, the
main lease between CH Ventures, Inc. and the owner of the premises (and our sublease) will expire on June 30,
2002.  Upon termination of the main lease (or upon sooner termination of the sublease by either party to it) we
will need to find a new location for our executive offices.

         On November 18, 2001 we established the Environmental Protection Electric Vehicle Research and
Development Center in Shenzhen China.  The research and development center has retained 21 researchers and other
staff members who are currently working on a second generation electric battery for use in Minghua’s hybrid
vehicles.  The Environmental Vehicle Company owns all of the assets of the research and development center and
will be responsible for operating the center.  The Environmental Vehicle Company has invested approximately
U.S.$500,000 in the research and development center through December 31, 2001.

         On December 11, 2001 we entered into an agreement with Mr. Li Chuquan, our Chairman, relating to the
issuance of 8,500,000 shares of our Common Stock to Mr. Li in exchange for the release by Mr. Li of $8,500,000 of
the total loans made by Mr. Li to Minghua’s indirect subsidiary, the Environmental Vehicle Company.  We
indirectly own 85% of the Environmental Vehicle Company.  The remaining 15% of the Environmental Vehicle Company
is owned by Minghua Investment Co., Ltd., an entity controlled by Mr. Li.  The issuance of the shares to Mr. Li
was conditioned upon the concurrent execution and delivery of an agreement between Mr. Li and Minghua Investment
Co., Ltd. relating to the release of an additional $1,500,000 of loans in exchange for payment by Minghua
Investment Co., Ltd. to Mr. Li of $1,500,000, which agreement was also effective as of December 11, 2001.
Accordingly, $10,000,000 of the aggregate loans made by Mr. Li were paid off as of December 11, 2001.

Future Plans

         Subject to obtaining sufficient financing, we currently plan on making the following capital investments
in the next twelve months: (i)  purchasing a domestic vehicle manufacturing facility in the Liaoning province of
China at a projected cost of approximately $12 million, (ii) producing 110 hybrid vehicles which should cost an
estimated $5-6 million, and (iii) advertising and marketing at a projected cost of approximately $2 million.

         Our acquisition of a domestic vehicle manufacturing facility in the Liaoning province of China is
currently being negotiated, but is subject to our being able to raise sufficient funds to cover the cost of this
acquisition.  We plan on acquiring another plant some time during the first half of this year in Wuhan City,
Hubei Province, People’s Republic of China if our capital raising efforts are successful.  The combined maximum
production capacity for the these manufacturing plants is estimated at 3,500 vehicles per annum.

         Currently, we conduct our operations from our Shenzhen office where general administration and research
activities are carried out.  The production of the first 110 vehicles are covered by non-binding signed letters
of intent.  These 110 vehicles and subsequent orders will be fulfilled at a sub-contracted manufacturing facility
until the completion of the acquired plants’ refurbishment.

Liquidity and Capital Resources

         Historically, we were a shell company with minimal expenses that were financed primarily through
stockholder loans.  On September 30, 2001 and December 31, 2000, we had cash, cash equivalents and short-term
investments of $410,050 and $77,000, respectively.  In April, 2001, we raised $1,500,000 through the sale of
7,500,000 shares of our common stock in a private placement.  Of this amount, $1,000,000 was used to pay a
portion of the purchase price relating to the acquisition of Ming Hua Group International Holding (Hong Kong)
Limited.  This acquisition closed on June 22, 2001.  During the period from July 23, 2001 through September 30,
2001, we raised an additional $947,000 for working capital purposes through the private placement of 473,500
shares of our common stock.  We currently estimate that our existing cash, cash equivalents and short-term
investments will be sufficient to fund our planned operations for the next four months if we do not begin to
implement our capital plans.  However, our cash requirements may vary materially from those now planned due to
the results of development, product testing, the timing of our planned capital improvements, the progress of
product sales, the regulatory process in China and other jurisdictions where we may market our products and other
factors.

         We require substantial new revenues and other sources of capital in order to meet our budgeted
expenditures and to continue our operations beyond the next four months.  We will be required to raise funds
through additional means, including (1) public or private placements of our securities; (2) additional
stockholder or other loans or (3) licensing our technology.  No assurance can be given that we will be successful
in arranging financing through any of these alternatives.  Failure to obtain such financing will require us to
delay the implementation of our business plan or substantially curtail our operations, resulting in a material
adverse effect on us.

ITEM 7.  FINANCIAL STATEMENTS

         Our financial statements follow the signature page to this Annual Report on Form 10-KSB.

ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

         On August 3, 2000 we engaged the accounting firm of Livingston Wachtell & Co. LLP as our independent
public accountants  to review our interim financial  statements beginning with fiscal quarter ended June 30,
2000, and to audit our financial  statements beginning with fiscal year ended December 31, 2000, and to review
our previously filed financial statements for the quarter ended march 31, 2000.  The appointment of new
independent public accountants was approved by our Board of Directors.  We amicably concluded our relationship
with our former  independent public accountants, Nelson Mayoka & Company, P.C. effective  with the appointment of
Livingston Wacchtell & Co.. There were no disagreements with Nelson Mayoka & Company on any matter of accounting
principles or practices,  financial statement disclosure or auditing scope or procedure that would have caused
Nelson Mayoka & Company to make references in their report to such disagreements.  Nelson Mayoka & Company's
reports on our financial statements have contained no adverse  opinion or disclaimer or opinion and were not
modified as to audit scope or accounting principles.

                                                     PART III

ITEM 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(a) OF THE
EXCHANGE ACT

DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS

Directors and Executive Officers of Minghua

         The directors and executive officers of Minghua are as follows:

         Name                       Age            Position

         Li Chuquan                 44             Chairman of the Board

         Ronald C. H. Lui           51             Director, Chief Executive Officer,
                                                   President, Secretary, and Treasurer

         Elie Saltoun               61             Director and Assistant Secretary

         Chan Kuen Kwong            39             Director

         Fang Wen Ge                33             Director
         Zhuo Wen-Zhi               31             Director

Li Chuquan  was appointed Chairman of the Board of Directors on June 23, 2001.  Mr. Li, in addition to serving as
Chairman of the Board of Minghua and the Shenzhen Minghua Environmental Protection Vehicles Co., Ltd,  also acts
as Chairman of the Shenzhen Minghua Investment Co., Ltd. and other related companies.  Mr. Li also owns various
businesses engaged in property development, hotel operations and trading.  Mr. Li’s primary responsibilities
involve business acquisitions, business development and strategic planning.  Prior to establishing the Minghua
companies in the early 1990’s, he was general manager of various companies engaged in manufacturing, shipping,
trading and service industries.

Ronald C. H. Lui became the Chief Executive Officer, President and a director of Minghua on April 2, 2001.  For
the previous five years, Mr. Lui worked for Fuller International Development Ltd., a real estate development
company, as the Southeast Asia Regional Director.  Mr. Lui is also the Chairman and controlling stockholder of
Loyalty United (US), Inc., a private investment holding company that was formed in October of 2001 and Chairman
of Jihui Capital Services, Inc., a consulting firm.

Elie Saltoun became a director of Minghua in 1999 and until April 2, 2001, he was the Chief Executive Officer and
President of Minghua.  He has been an entrepreneur and private investor since 1972.  Mr. Saltoun is a Managing
Director of First Pacific Capital Ltd., and has extensive experience in Brazil and the Middle East in export
securitization, cross currency transactions, and pre-export financing transactions essential to commodities
production and distribution.

Chan Kuen Kwong became a director on August 2, 2001.  He is responsible for marketing and business development
activities.  Mr. Chan held a 10% equity interest in Ming Hua Group International Holding (Hong Kong) Ltd. prior
to the stock purchase agreement entered into between Mr. Li Chuquan, Mr. Chan Kuen Kwong, and Minghua Acquisition
Corp.  From October 1994 to March 2001, Mr. Chan worked for KYW Steel Co Ltd as a sales manager.

Fang Wen Ge became a director on August 2, 2001.  Since November, 1999, Mr. Fang has been the corporate Secretary
for ShenZhen MingHua Environmental Protection Vehicles Co., Ltd.  From September, 1994 to October, 1999, Mr. Fang
served as the corporate Secretary of MingHua Group in the People’s Republic of China.

Zhuo Wen-Zhi is currently a nominee for director and if elected will begin serving as a director on August 2,
2001.  Since 1999, Mr. Zhuo has served as General Manager of ShenZhen MingHua Group.  From 1996 to 1999, Mr. Zhuo
was an officer in the Department of Social Insurance and Assurance of Shan Wei District, GuangDong Province.

Engineers

Wang Chun Fu, Chief Engineer.  Mr. Wang designed and developed our hybrid electric vehicle.  Prior to the hybrid
vehicle project which he started in 1994, Mr. Wang worked at various automobile companies as chief engineer.

Liao Cui Quan, Assistant Chief Engineer.  Mr. Liao has assisted Mr. Wang in the development of our hybrid
environmental vehicle since August 1996.  Prior to becoming the Assistant Chief Engineer he was the technical
manager of an electronics company.

Compliance with Section 16(a) of the Exchange Act

         Messrs. Li, Lui, Chan and Saltoun were required to file a Form 5 on February 14, 2002.  A Form 5 was
filed on behalf of Mr. Lui on February 19, 2002.  Forms 5 were filed on behalf of Messrs. Li, Chan and Saltoun on
February 20, 2002.

ITEM 10.  EXECUTIVE COMPENSATION

         The following table sets forth information concerning all cash and non-cash compensation awarded to,
earned by or paid to Minghua’s Chairman, its Chief Executive Officer and each of the other executive officers who
earned over $100,000 and were serving at the end of our last fiscal year December 31, 2001, for services in all
capacities to Minghua, its subsidiaries and predecessors.

                               Annual Compensation                        Long-Term Compensation

                                                                     Awards                     Payouts

Name                                                   Other                      Securities              All
And Principal                                          Annual       Restricted    Under-lying             Other
Position                                               Comp-        Stock         Options/      LTIP      Compen-
                      Year     Salary         Bonus    ensation     Awards        SARs          Payouts   Sation
                               ($)            ($)      ($)          ($)           (#)             ($)     ($)

Li Chuquan            2001     $129,316(a)     0        0            0             4,000,000    0          0
Chairman
                      2000     0               0        0            0             0            0          0
                      1999     0               0        0            0             0            0          0

Ronald C. H. Lui      2001     $180,000(b)     0        0            0             2,000,000    0          0
Chief Executive
    Officer,
President and
Treasurer
                      2000     0               0        0            0             0            0          0
                      1999     0               0        0            0             0            0          0

______________________________________

(a)      In July of 2001, Minghua entered into an employment agreement with Mr. Li that requires Minghua to pay
         Mr. Li an annual base salary of $120,000.  At the same time, the Environmental Vehicle Company entered
         into an employment agreement with Mr. Li requiring it to pay Mr. Li an annual base salary of
         HK$1,200,000 (approximately US$153,846).  The amount of salary listed in the above table reflects the
         pro rated portion of Mr. Li’s annual compensation for the period from July 11, 2001 through December 31,
         2001.  None of such salary has been paid to Mr. Li.  Mr. Li has orally agreed to defer his salary until
         he gives notice to Minghua and the Environmental Vehicle Company of his desire to be paid out his
         deferred salary.

(b)      The amount listed in the above table reflects the pro rated portion of Mr. Lui’s annual compensation for
         the period from April 2, 2001, the date he became the Chief Executive Officer and President of Minghua,
         through December 31, 2001.

         The following table sets forth the grant of stock options made during the year ended December 31, 2001
to the persons named in the Summary Compensation Table:

                                         OPTION GRANTS IN LAST FISCAL YEAR

                        Number of Securities   % of Total Options
                        Underlying             Granted to Employees                         Expiration Date(d)
Name                    Options Granted        in Fiscal                Exercise
                                               Period(c)                Price per Share

Li Chuquan              4,000,000(a)           66.67%                   $1.75               July 11, 2006

Ronald C. H. Lui        2,000,000(b)           33.33%                   $0.25               April 5, 2006

_______________________________

(a)      This amount is comprised of a non-qualified stock option for the purchase of 2,000,000 shares of our
         common stock that was granted under our 2001 Stock Plan and a non-qualified performance stock option
         that was granted to Mr. Li outside of our stock plan for the purchase of up to 2,000,000 shares of our
         common stock.  The non-qualified stock option that was granted under our 2001 Stock Plan is subject to
         the following vesting schedule: 20% of the shares underlying that option vested on January 1, 2002, an
         additional 20% of the shares underlying that option will vest on July 11, 2002 and 2.50% of the shares
         underlying that option will vest on the first day of each month beginning on August 1, 2002.  The
         non-qualified stock option that was granted to Mr. Li outside of our 2001 Stock Plan vests only when
         Minghua achieves annual revenues of $50,000,000 on a consolidated basis.

(b)      This amount is comprised of a non-qualified stock option for the purchase of 1,000,000 shares of our
         common stock that was granted under our 2001 Stock Plan and an incentive stock option for the purchase
         of 1,000,000 shares of our common stock that was also granted under our 2001 Stock Plan.  Both the
         non-qualified stock option and the incentive stock option granted to Mr. Lui  are subject to the
         following vesting schedule: 20% of the shares underlying each of the options vested on October 1, 2001,
         an additional 20% of the shares underlying each of these options vested on April 5, 2002 and 2.50% of
         the shares underlying each of these options will vest on the first day of each month beginning on May 1,
         2002.  This vesting schedule was amended from the original vesting schedule set forth in Mr. Lui’s
         option agreements on June 1, 2001 pursuant to a letter agreement which was unanimously approved by the
         Board.

(c)      Based on a total of 6,000,000 options granted during fiscal year 2001.

(d)      Options may terminate before their expiration date upon death, disability or termination of employment.

         The following table sets forth information with respect to unexercised stock options held by the persons
named in the Summary Compensation Table at December 31, 2001.  No stock options were exercised in 2001 by those
persons.

                                  AGGREGATED OPTION EXERCISES IN LAST FISCAL YEAR
                                         AND FISCAL YEAR-END OPTION VALUES

                               Number of Unexercised                    Value of Unexercised in-
                               Options at Fiscal Year-End #             the-Money Options at Fiscal
                                                                           Year-End($) (a)

Name                           Exercisable     Unexercisable            Exercisable      Unexercisable

Li Chuquan                     400,000         3,600,000                0                0

Ronald C. H. Lui               800,000         1,200,000                $520,000         $780,000
_________________________

(a)      Based on the difference between the option exercise price and the closing price of $0.90 of our common
         stock as reported on the OTC Bulletin Board on December 31, 2001, the last trading day of 2001.  None of
         Mr. Li’s options are currently in-the-money.  As of December 31, 2001, the exercise price of Mr. Lui’s
         options were $0.65 less than the closing price of our common stock on the OTC Bulletin Board.

Compensation of Directors

All directors are reimbursed for out-of-pocket expenses in connection with attendance at board of director's
and/or committee meetings, but are not otherwise compensated.

Employment Agreements

         In July 2001, we entered into an employment agreement with Mr. Li Chuquan.  The terms of Mr. Li’s
employment as Chairman of Minghua provide for (i) an annual salary of $120,000 plus (ii) an annual bonus of up to
50% of base salary, plus (iii) a five-year non-qualified stock option to purchase 2,000,000 shares of our common
stock at a purchase price of $1.75 per share.  The non-qualified stock option was granted to Mr. Li under our
2001 Stock Plan, which was approved by the board of directors on April 5, 2001.  The non-qualified stock option
is subject to the following vesting schedule: 20% of the shares underlying the option vested on January 1, 2002,
an additional 20% of the shares underlying the option will vest on July 11, 2002 and 2.50% of the shares
underlying the option will vest on the first day of each month beginning on August 1, 2002.  Mr. Li also receives
annual compensation in the amount of HK$1,200,000 (approximately US$153,846) from Minghua Group International
Holdings (Hong Kong) Limited for services he provides to that subsidiary company as its Chairman.  In addition,
Mr. Li was granted a non-qualified performance stock option outside of our stock plan for the purchase of up to
2,000,000 shares of our common stock.  This non-qualified stock option has an exercise price of $1.75 and vests
when we first achieve annual revenues of $50,000,000 on a consolidated basis.  Mr. Li has orally agreed to defer
his compensation under his employment agreement with us and our subsidiary until he notifies us otherwise.

         On April 5, 2001, we entered into an employment agreement with Ronald C. H. Lui.  The terms of Mr. Lui’s
employment as President and Chief Executive Officer include (i) an annual base salary of $240,000, (ii) a
possible bonus of up to 50% of annual base salary, (iii) a five-year incentive stock option to purchase 1,000,000
shares of our common stock at a purchase price of $.25 per share, and (iv) a five-year non-qualified stock option
to purchase 1,000,000 shares of our common stock at a purchase price of $.25 per share.  The options were granted
to Mr. Lui under our 2001 Stock Plan, which was approved by the board of directors on April 5, 2001.  The
incentive stock option and the non-qualified stock option are each subject to the following vesting schedule: 20%
of the shares underlying each option vested on October 1, 2001, an additional 20% of the shares underlying each
option will vest on April 5, 2002 and 2.50% of the shares underlying each option will vest on the first day of
each month beginning on May 1, 2002.  This vesting schedule was amended from the original vesting schedule set
forth in Mr. Lui’s option agreements on June 1, 2001 pursuant to a letter agreement which was unanimously
approved by the Board.

         On April 2, 2001, we entered into a consulting agreement with First Pacific, an entity controlled by
Elie Saltoun, pursuant to which we retained First Pacific as a consultant.  First Pacific is obligated to cause
Mr. Saltoun, an employee of First Pacific, to perform First Pacific’s obligations under the agreement.  Under the
consulting agreement, First Pacific agrees to provide information regarding our prior operations, act as a
liaison between us  and our shareholders and other third parties having business relationships with us and
respond to inquiries made by our officers and directors.  In consideration for providing these services, we
granted to First Pacific a warrant to purchase 500,000 shares of our common stock at an exercise price of $.20
per share.  The warrant has a cashless exercise feature.  The warrant is subject to the following vesting
schedule: the warrant becomes exercisable to purchase 41,667 of the shares of common stock underlying the warrant
on first day of each month commencing May 1, 2001 so long as First Pacific does not terminate the consulting
agreement; provided, however, that if we terminate the consulting agreement for any reason, then the warrant
would automatically become 100% vested on an accelerated basis as of the date of termination.

2001 Stock Option Plan

         On April 5, 2001, our 2001 Stock Option Plan was adopted by the board of directors and on August 2, 2001
it was approved by our shareholders at our annual meeting.  Pursuant to the 2001 Stock Plan, we may grant
incentive and nonstatutory (nonqualified) stock options to key employees and directors of Minghua.  A total of
20,000,000 shares of common stock have been reserved for issuance under the 2001 Stock Plan.  No employee may be
granted options for more than 2,000,000 shares of common stock, or awarded more than 2,000,000 restricted shares
under the plan in any one fiscal year.

         The board or any committee designated by the board has the authority to determine the specific terms and
conditions of all options and restricted stock awards granted under the plan, including, without limitation, the
number of shares subject to each option or restricted stock award, the price to be paid for the shares and the
applicable vesting criteria.  The board or a committee designated by the board will make all other determinations
necessary or advisable for the administration of the plan.

         The maximum term of options granted under the plan is ten years.  Options granted under the plan are in
most cases nontransferable and generally will expire within three months after the termination of the optionee’s
services to Minghua.  In general, if the optionee is disabled, dies or retires from his or her service to
Minghua, their option may be exercised up to 12 months following the disability or death, unless the board of
directors determines to allow a longer period for exercise.

         The exercise price of incentive stock options must not be less than the fair market value of the common
stock on the date of the grant. The authority to grant new options under the plan will terminate on April 5,
2011, unless the plan is terminated prior to that time by the board of directors.

         We currently have 4,000,000 options outstanding under the plan.  2,000,000 of these options are
exercisable at $.25 per share of common stock and 2,000,000 of these options are exercisable at $1.75 per share
of common stock.

ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         The following table sets forth, as of  April 7, 2002, the number of shares of common stock owned of
record and beneficially by executive officers, directors and persons who hold 5% or more of the outstanding
common stock of Minghua.  Also  included are the shares held by all executive officers and directors as a group.

                                                                  Amount   and   Nature   of  Percent of
                                                                  Beneficial Owner            Class
Name and Address of Beneficial Owner                                                          Owned

----------------------------------------------------------------- --------------------------- ---------------
Li Chuquan                                                        34,100,000(a)               69.25%
c/o Suite 1105, 11th Floor, Central Plaza
No.  18 Harbor Rd., Wanchai, Hong Kong

Chan Kuen Kwong                                                   2,800,000                   5.73%
4th Floor, Tuen Mun Centre Building
No. 12 Yan Ching Street, Tuen Mun
New Territories, Hong Kong

Ronald C. H. Lui                                                  2,995,878(b)                6.03%
54 Pine Street
4th Floor
New York, New York  10005

Elie Saltoun                                                      1,041,825(c)                2.13%
54 Pine Street
4th Floor.
New York, New York 10005

Fang Wen Ge                                                       0                           --
c/o Suite 1105, 11th Floor
Central Plaza
No. 18 Harbor Road
Wanchai, Hong Kong

Zhuo Wen-Zhi                                                      0                           --
c/o Suite 1105, 11th Floor
Central Plaza
No. 18 Harbor Road
Wanchai, Hong Kong

All Directors and Officers as                                     40,937,703(a)(b)(c)         81.67%
a Group (the six persons named above)
_________________________________

(a)      Includes 400,000 shares of common stock issuable upon the exercise of vested options held by Mr. Li.

(b)      Includes 800,000 shares of common stock issuable upon the exercise of vested options held by Mr. Lui.

(c)      Includes  758,492 shares of common stock held by First Pacific  Capital Ltd., an affiliate of Mr. Saltoun,
         and 83,333  shares that could be purchased  by First  Pacific  Capital Ltd.  upon the exercise of a common
         stock purchase warrant.

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         On April 2, 2001 Ronald C. H. Lui, currently a director of Minghua and its Chief Executive Officer,
President, Secretary and Treasurer, entered into a Stock Purchase Agreement with Elie Saltoun, currently a
Director of Minghua and formerly (i.e., on April 2, 2001) a Director and the President of Minghua, and Mr.
Saltoun’s affiliates pursuant to which Mr. Lui acquired 2,195,878 shares of our common stock from Mr. Saltoun and
his affiliates for $180,000.  Mr. Lui acquired the shares using his personal funds.  As of April 2, 2001, the
shares purchased by Mr. Lui represented 60.99% of our outstanding capital stock.  As of February 1, 2002, these
shares represent 5.27% of our outstanding common stock.  The decrease in Mr. Lui’s percentage interest results
from (i) the issuance by Minghua on April 17, 2001 of 7,500,000 shares of our common stock in private placements
effected under Regulation S and Regulation D of the Securities Act of 1933, which resulted in gross proceeds to
us of $1,500,000, (ii) the issuance by Minghua on June 22, 2001 of 28,000,000 shares of common stock pursuant to
a stock purchase agreement with Mr. Li Chuquan and Mr. Chan Kuen Kwong (as described below), (iii) the issuance
by Minghua during the period from July 23, 2001 through September 30, 2001, of 473,500 shares of our common stock
in a private placement and (iv) the issuance of 8,500,000 shares to Li Chuquan on December 11, 2001 in repayment
of debt owed to Mr. Li by the Environmental Vehicle Company.

         On April 5, 2001, we entered into a letter agreement with First Pacific Capital Ltd., an entity
controlled by Elie Saltoun (“First Pacific”), and its affiliates regarding the repayment of a $77,137 shareholder
loan made by First Pacific to us.  Pursuant to this letter agreement, we agreed to issue to First Pacific 385,685
shares of common stock in full satisfaction of this shareholder loan.  The shares represented $77,137 worth of
common stock calculated as of the date of the letter agreement (i.e., $.20 per share).  First Pacific granted us
a general release (including a release for the shareholder loan) in the letter agreement in exchange for such
shares.

         On April 27, 2001, Minghua and our newly-formed subsidiary, Minghua Acquisition Corp., entered into a
Stock Purchase Agreement with Mr. Li Chuquan and Mr. Chan Kuen Kwong relating to the purchase by Minghua
Acquisition Corp. of all of the outstanding capital stock of Minghua Hong Kong, a corporation existing under the
laws of the Hong Kong Special Administrative Region of the Peoples Republic of China.  Minghua Hong Kong holds,
as its only material asset, an 85% equity interest in the Environmental Vehicle Company, a corporation existing
under the laws of the Peoples Republic of China.  The Environmental Vehicle Company is the owner of patented
technology relating to hybrid vehicles powered by a combination of a combustion diesel engine and an electric
power system.

         Pursuant to the agreement, Minghua Acquisition Corp. paid $1,000,000 to the sellers and delivered
28,000,000 shares of common stock to the sellers at the closing of the transactions contemplated by the
agreement.  We funded the cash amount and issued the shares on behalf of Minghua Acquisition Corp. as a capital
contribution to Minghua Acquisition Corp. Minghua now indirectly controls the Environmental Vehicle Company.  The
acquisition was consummated on June 22, 2001.  Upon the closing Mr. Li Chuquan obtained a controlling interest in
Minghua and shortly thereafter became the Chairman of Minghua’s board.

         During the period from the inception of the Environmental Vehicle Company through September 30, 2001,
Mr. Li Chuquan, the Chairman of Minghua, loaned the Environmental Vehicle Company $11,031,696 in the aggregate
for research and development and working capital purposes.  On December 11, 2001, Minghua issued Mr. Li 8,500,000
shares of its common stock in consideration of Mr. Li’s release of the Environmental Vehicle Company’s obligation
to pay $8,500,000 of the aggregate amounts loaned to the Environmental Vehicle Company.  On the same day and as a
condition concurrent to Minghua’s issuance of the 8,500,000 shares, Minghua Investment Co., Ltd., the
Environmental Vehicle Company’s only other stockholder (holding a 15% equity interest), paid Mr. Li $1,500,000 in
consideration of Mr. Li’s release of the Environmental Vehicle Company’s obligation to pay $1,500,000 of the
aggregate amounts loaned to the Environmental Vehicle Company by Mr. Li.

         Our new executive offices are being sublet to us from CH Ventures, Inc., a Delaware corporation
controlled by our Chief Executive Officer and director, Ronald C. H. Lui.  The sublease is pursuant to an oral
month to month arrangement.  Under this arrangement, we pay CH Ventures $5,000 per month.  Unless renewed, the
main lease between CH Ventures, Inc. and the owner of the premises (and our sublease) will expire on September 30,
2002.  Upon termination of the main lease (or upon sooner termination of the sublease by either party to it) we
will need to find a new location for our executive offices.

         During the period from October 1, 2001 through April 7, 2002, Ronald C. H. Lui, our Chief Executive
Officer, loaned us, in the aggregate, in excess of $200,000 for working capital purposes.

ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibits.

Exhibit Number
                   Description

2.1                Stock Purchase Agreement, dated April 27, 2001, among Minghua, Minghua Acquisition
                   Corp., Li Chuquan and Chan Kuen Kwong [Incorporated by reference to Exhibit 2.1 of the
                   Form 8-K filed by Minghua on May 3, 2001]

3.1                Certificate of Incorporation of Minghua

3.2                Certificate of Amendment of Certificate of Incorporation of Minghua [Incorporated by
                   reference to Appendix A of the Definitive Proxy Statement of Minghua that was filed on
                   July 3, 2001]

3.3                Amended and Restated Bylaws of Minghua

4.1                Warrant to Purchase Common Stock, dated April 2, 2001, between Minghua and First Pacific
                   Capital, Ltd. [Incorporated by reference to Exhibit 10.9 of our quarterly report on Form
                   10-QSB that was filed on August 20, 2001]

4.2                Registration Rights Agreement, dated June 22, 2001, among Minghua, Li Chuquan and Chan
                   Kuen Kwong.

4.3                Registration Rights Agreement, dated July 23, 2001, among Minghua and the stockholders
                   of Minghua named in the Registration Rights Agreement.

4.4                Form of Regulation D Subscription Agreement

4.5                Form of Regulation S Subscription Agreement

10.1               Employment Agreement, dated July 11, 2001, between the Company and Li Chuquan.
                   [Incorporated by reference to Exhibit 10.1 to our quarterly report on Form 10-QSB which
                   was filed on August 20, 2001.]

10.2               Non-Qualified Stock Option Agreement, dated July 11, 2001, between Minghua and Li
                   Chuquan. [Incorporated by reference to Exhibit 10.2 to our quarterly report on Form
                   10-QSB which was filed on August 20, 2001.]

10.3               Stock Option Agreement, dated July 11, 2001, between Minghua and Li Chuquan.
                   [Incorporated by reference to Exhibit 10.3 to our quarterly report on Form 10-QSB which
                   was filed on August 20, 2001.]

10.4               Employment Agreement, dated April 5, 2001, between Minghua and Ronald C. H. Lui.
                   [Incorporated by reference to Exhibit 10.4 to our quarterly report on Form 10-QSB which
                   was filed on August 20, 2001.]

10.5               Incentive Stock Option Agreement, dated April 5, 2001, between Minghua and Ronald C. H.
                   Lui. [Incorporated by reference to Exhibit 10.5 to our quarterly report on Form 10-QSB
                   which was filed on August 20, 2001.]

10.6               Non-qualified Stock Option Agreement, dated April 5, 2001, between Minghua and Ronald C.
                   H. Lui. [Incorporated by reference to Exhibit 10.6 to our quarterly report on Form
                   10-QSB which was filed on August 20, 2001.]

10.7               Amendment to Stock Option Agreements, dated April 12, 2001, between Minghua and Ronald
                   C. H. Lui. [Incorporated by reference to Exhibit 10.7 to our quarterly report on Form
                   10-QSB which was filed on August 20, 2001.]

10.8               Consulting Agreement, dated  April 2, 2001, between Minghua and First Pacific Capital
                   Ltd. [Incorporated by reference to Exhibit 10.8 to our quarterly report on Form 10-QSB
                   which was filed on August 20, 2001.]

10.9               Letter Agreement, dated April 5, 2001, between Minghua and First Pacific Capital Ltd.
                   [Incorporated by reference to Exhibit 10.10 to our quarterly report on Form 10-QSB which
                   was filed on August 20, 2001.]

10.10              2001 Stock Plan [Incorporated by reference to Appendix B of our Definitive Proxy
                   Statement on Schedule 14A which was filed on July 3, 2001.]

10.11              Placement Agency Agreement, dated July 23, 2001, between Minghua and Chicago Investment
                   Group Incorporated.

10.12              Letter Agreement repayment of stockholder loan, dated December 11, 2001, between Minghua
                   and Li Chuquan.  [Incorporated by reference to our current report on Form 8-K which was
                   filed on December 20, 2001.]

         (b)      Reports on Form 8-K

         We filed a Current Report on Form 8-K on December 20, 2001 relating to an event that occurred on
December 11, 2001.  On December 11, 2001 we entered into an agreement with Mr. Li Chuquan, our Chairman, relating
to the issuance of 8,500,000 shares of our Common Stock to Mr. Li in exchange for the release by Mr. Li of
$8,500,000 of the total loans made by Mr. Li to our indirect subsidiary, Shenzhen Minghua Environmental
Protection Vehicles Co., Ltd.  Minghua indirectly owns 85% of Shenzhen Minghua Environmental Protection Vehicles
Co., Ltd.  The remaining 15% is owned by Minghua Investment Co., Ltd., an entity controlled by Mr. Li.  The
issuance of the Shares was conditioned upon the concurrent execution and delivery of an agreement between Mr. Li
and Minghua Investment relating to the release of an additional $1,500,000 of loans in exchange for payment by
Minghua Investment to Mr. Li of $1,500,000, which agreement was also effective as of December 11, 2001.
Accordingly, $10,000,000 of the aggregate loans made by Mr. Li were paid off as of December 11, 2001.
```

#### SIGNATURES

    In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to besigned on its behalf by the undersigned, thereunto duly authorized.

#### MINGHUA GROUP INTERNATIONAL HOLDINGS LIMITED

By:   /s/ Ronald C. H. Lui   Name:  Ronald C. H. LuiTitle:  Chief Executive Officer, Treasurer and Secretary

    In accordance with the Exchange Act, this report has been signed below by the following persons onbehalf of the registrant and in the capacities and on the dates indicated.

| SIGNATURE                                                                      | CAPACITY                                                                                         | DATE          |
|--------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------|---------------|
|    /s/ Li Chuquan   Li Chuquan                   | Chairman of the Board ofDirectors                                                                | April 9, 2002 |
|    /s/ Ronald C. H. Lui   Ronald C. H. Lui       | Chief Executive Officer,President, Treasurer, Secretary,Principal Accounting Officer andDirector | April 9, 2002 |
|            Elie Saltoun | Secretary andDirectors                                                                           | April 9, 2002 |
|                                                  |
|    /s/ Chan Kuen Kwong   Chan Kuen Kwong         | Directors                                                                                        | April 9, 2002 |
|                                                  |
|    /s/ Fang Wen Ge   Fang Wen Ge                 | Directors                                                                                        | April 9, 2002 |
|                                                  |
|    /s/ Zho Wen-Zhi   Zho Wen-Zhi                 | Directors                                                                                        | April 9, 2002 |

#### DECEMBER 31, 2001

#### I N D E X

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|                                                    | PAGE NO.                                   |
|----------------------------------------------------|--------------------------------------------|
|                 |         |
|                 |         |
| INDEPENDENT AUDITORS’ REPORT                  | 2                                          |
|                 |         |
|                 |         |
|                 |         |
| CONSOLIDATED BALANCE SHEETS                        | 3                                          |
|                 |         |
|                 |         |
|                 |         |
| CONSOLIDATED STATEMENTS OF OPERATIONS              | 4                                          |
|                 |         |
|                 |         |
|                 |         |
| CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY | 5                                          |
|                 |         |
|                 |         |
|                 |         |
| CONSOLIDATED STATEMENTS OF CASH FLOWS              | 6                                          |
|                 |         |
|                 |         |
|                 |         |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS     | 7                                          |

```

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| BRANCH OFFICE20 LEBANON ROADSCARSDALE, NY 10583-7122914-723-3376 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | TEL 212-840-2595FAX 212-840-7239www.lwccpa.com |
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|                                                                  | **Livingston, Wachtell & Co., LLP**certified public accountants1140 avenue of the americasnew york, ny 10036-5803LEONARD L. EIGER, C.P.A.SAM BECKER, C.P.A.IRA E. COHEN, C.P.A.JAMES R. GRIMALDI, C.P.A.LAWRENCE GOLDMAN, C.P.A.JAY J. LIVINGSTON, C.P.A. (1919-1972)THEODORE WACHTELL, C.P.A. (1919-1966)HERBERT H. REYBURN, C.P.A. (1934-1985)IRVING ZUCKERMAN, C.P.A. (1965-1985)
INDEPENDENT AUDITORS’ REPORT
To the Board of Directors and ShareholdersMinghua Group International Holdings LimitedNew York, New York

We have audited the accompanying  consolidated  balance sheets of Minghua Group  International  Holdings  Limited (a development  stagecompany) as of December 31, 2001 and 2000 and the related  consolidated  statements of  operations,  stockholders'  deficiency and cashflows for the years  ended  December  31,  2001 and 2000 and from June 4, 1997  (Inception)  to  December  31,  2001.  These  financialstatements  are the  responsibility  of the  Company's  management.  Our  responsibility  is to express  an opinion on these  financialstatements based on our audits.

We conducted our audits in accordance  with auditing  standards  generally  accepted in the United States of America.  Those  standardsrequire that we plan and perform the audit to obtain reasonable  assurance about whether the financial  statements are free of materialmisstatement.  An audit  includes  examining,  on a test  basis,  evidence  supporting  the amounts and  disclosures  in the  financialstatements.  An audit also includes assessing the accounting principles used and significant  estimates made by management,  as well asevaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly,  in all material  respects,  the  consolidated  financialposition of Minghua Group  International  Holdings  Limited (a  development  stage  company) as of December 31, 2001 and 2000,  and theconsolidated  results  of its  operations  and its cash  flows for the years  ended  December  31,  2001 and 2000 and from June 4, 1997(Inception) to December 31, 2001, in conformity with accounting principles generally accepted in the United States of America.

The accompanying  consolidated  financial  statements have been prepared assuming that the Company will continue as a going concern. Asdiscussed in Note 1 to the  financial  statements,  the Company has suffered  recurring  losses from  operations  and has a net capitaldeficiency  that raises  substantial  doubt about its ability to  continue as a going  concern.  Management's  plans in regard to thesematters are also  described in Note 1. The  consolidated  financial  statements do not include any  adjustments  that might result fromthe outcome of this uncertainty.

\s\Livingston, Wachtell & Co., LLP

New York, New YorkMarch 25, 2002

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MINGHUA GROUP INTERNATIONAL HOLDINGS LIMITED(A DEVELOPMENT STAGE COMPANY)CONSOLIDATED BALANCE SHEETS           December 31,         2001         2000Assets        Current assets   Cash    $    34,055     $    76,885    Due from related companies         95,787         415,076    Prepaid expenses and other current assets        223,854           6,242                Total Current Assets        353,696         498,203         Property, plant and equipment - at cost        748,308        230,666   Less: accumulated depreciation       (150,382)        (51,945)                        597,926         178,721 Intangible asset – Net   Patent rights        295,714         –                  Total Assets    $ 1,247,336       $   676,924          Liabilities and Stockholders’ Deficiency        Current liabilities   Note payable – bank    $   649,466     $   691,341    Accrued liabilities        624,147         21,613   Due to stockholder        984,177       9,715,623               Total current liabilities      2,257,790      10,428,577       Total liabilities      2,257,790      10,428,577         Commitments        Stockholders' Deficiency  Common stock        484,692        128,340  Additional paid in capital     10,877,165    -  Deficit accumulated during the development stage    (12,372,311)     (9,879,993)           Total stockholders' deficiency     (1,010,454)     (9,751,653)           Total liabilities and stockholders' deficiency    $ 1,247,336     $   676,924 
See notes to the consolidated financial statements.

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MINGHUA GROUP INTERNATIONAL HOLDINGS LIMITED(A DEVELOPMENT STAGE COMPANY)CONSOLIDATED STATEMENTS OF OPERATIONS        Years Ended December 31,2001          2000Cumulative AmountsSince Inception,June 4,1997 ToDecember 31,2001Cost and expensesGeneral & administrative expenses  $  2,391,514   $  1,244,291   $    3,639,478 Research and development costs      46,445    8,612,730      8,659,175         Operating loss   (2,437,959)   (9,857,021)       (12,298,653)                Other expense   Interest expense     54,359       19,172         73,658       Net loss  $ (2,492,318)  $ (9,876,193)  $  (12,372,311)                        Loss per share of common stock:Basic and diluted  $       (.07)   $       (.35)      
See notes to the consolidated financial statements.

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MINGHUA GROUP INTERNATIONAL HOLDINGS LIMITED(A DEVELOPMENT STAGE COMPANY)CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCYINCEPTION JUNE 4, 1997 TO DECEMBER 31, 2001                                                                                                           Deficit                                              Common Stock           Common Stock         Additional    Accumulated                                           $.12834 Par Value        $.01 Par Value         Paid In      During the                                                                                                        Development                                           Shares     Amount       Shares    Amount        Capital        StageCommon stock issued -  June 4, 1997                             10,000    $  1,283        -      $   -         $   -        $   -   Net loss for the period                   -           -           -          -             -               (289)                                          _______    ________     _______   ________      _________    ____________Balance - December 31, 1997                10,000       1,283        -          -             -               (289)   Net loss for the year                     -           -           -          -             -             (3,209)                                          _______    ________     _______   ________      _________    ____________Balance - December 31, 1998                10,000       1,283        -          -             -             (3,498)   Shares issued at par value March 30,      1999                                990,000     127,057        -          -             -            -   Net loss for the year                     -           -           -          -             -               (302)                                        _________    ________     _______   ________      _________    ____________Balance - December 31, 1999             1,000,000     128,340        -          -             -             (3,800)   Net loss for the year                     -           -           -          -             -         (9,876,193)                                        _________    ________     _______   ________      _________    ____________Balance - December 31, 2000             1,000,000     128,340        -          -             -         (9,879,993)  Shares issued at $.20 - April 5            -           -         385,685       3,857         73,280      -  Shares issued at $.20 - April 17           -           -       7,500,000      75,000      1,425,000      -  Shares issued at par value – June 22       -           -      28,000,000     280,000        -            -  Recapitalization - June 22*          (1,000,000)   (128,340)   3,600,000      36,000       (498,280)     -  Dividend paid - June 22                    -           -           -          -          (1,000,000)     -  Shares issued at $2.00 –      July 23                                -           -         473,500       4,735        942,265      -    Shares issued at $2.00 –       October 1                             -           -          10,000         100         19,900      -    Shares issued – per debt for equity       exchange agreement** - December 26       issuance                              -           -       8,500,000      85,000      8,415,000      -    Capital contributed – debt to equity       conversion - December 26              -           -           -          -           1,500,000    Net loss for the year                    -           -           -          -             -         (2,492,318)                                        ________     ________    _________   _______      ____________  ___________Balance – December 31, 2001                  -       $   -      48,469,185   $ 484,692    $10,877,165 $(12,372,311)                                        ========     ========    =========   ========     =========== =============*See Footnote 1 regarding recapitalization of Minghua Group International Holding (Hong Kong) Limited**See Footnote 1 regarding debt to equity conversion of stockholder loan
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CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                                     Cumulative                                                                                                    Amounts Since                                                                   Years Ended December 31,          Inception                                                                                                    June 4, 1997 To                                                                                                     December 31,                                                                  2001               2000              2001Cash Flows From Operating Activities  Net loss                                                    $ (2,492,318)      $ (9,876,193)     $ (12,372,311)  Adjustments to reconcile net loss to net cash provided by  operating activities:      Depreciation and other                                        34,127             51,945             86,016      Research and development expenses recorded in           reorganization*                                           -              8,612,730          8,612,730      Reorganization expenses recorded in reorganization*            -                455,830            455,830      Changes in operating assets and liabilities:           Prepaid expenses and other assets                      (115,935)            (6,242)          (537,197)           Accrued liabilities                                     602,534             21,613            624,147                                                                ___________         __________    _______________  Net cash used in operating activities                         (1,971,592)          (740,317)        (3,130,785)                                                                -----------         ----------    ---------------Cash Flows From Investing Activities  Reorganization – net of cash acquired                              -               (320,579)          (320,579)  Purchase of patent rights                                       (295,714)             -               (295,714)  Purchases of property and equipment                             (517,642)          (181,128)          (748,308)                                                                  _________          _________        ___________  Net cash used in investing activities                           (813,356)          (501,707)        (1,364,601)                                                                  ---------          ---------        -----------Cash Flows From Financing Activities  Due to stockholders and related parties – net**                  239,856          1,316,420          1,335,838  Proceeds from issuance of common stock**                       3,544,137              -              3,544,137  Dividend paid                                                 (1,000,000)             -             (1,000,000)  Notes payable - bank – net                                       (41,875)             2,489            649,466                                                                 _________          _________          _________  Net cash provided by financing activities                      2,742,118          1,318,909          4,529,441                                                                 ---------          ---------          ---------Net increase (decrease) in cash                                    (42,830)            76,885             34,055Cash - beginning of period                                          76,885              -                  -                                                                 _________          _________          _________Cash - end of period                                          $     34,055       $     76,885       $     34,055                                                              ============       ============       ============*See footnotes 3 and 12 regarding reorganization of Ming Hua Group International Holdings (Hong Kong) Limited and Subsidiaries.**See footnote 1 regarding debt to equity conversion of stockholder’s loan.
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MINGHUA GROUP INTERNATIONAL HOLDINGS LIMITED(A DEVELOPMENT STAGE COMPANY)NOTES TO CONSOLIDATED FINANCIAL STATEMENTS1.**BUSINESS DESCRIPTION AND ORGANIZATION**   **NAME CHANGE AND REORGANIZATION**   The consolidated  financial statements of Minghua Group International  Holdings Limited,  (“Minghua USA”), include the accounts ofthe parent company and its wholly-owned and majority-owned subsidiaries.   On August 2, 2001,  an  amendment  to the  certificate  of  incorporation  was made  changing the name of the Company from PanagraInternational Corporation ("Panagra") to Minghua Group International Holdings Limited.   Panagra,  formerly United Network  Technologies,  Inc., was  incorporated  under the laws of the State of New York on February 29,1996. The Company and its newly-formed  subsidiary,  Minghua  Acquisition  Corp., a Delaware  Corporation  ("Acquisition  Corp."),incorporated June 2001, acquired all the outstanding stock of Ming Hua Group  International  Holding (Hong Kong) Limited ("Minghua Hong Kong"), a corporation  incorporated under the laws of the Hong Kong Special  Administrative Region of the Peoples Republic ofChina on June 4, 1997.   On June 22,  2001,  Minghua  USA  acquired  all the  outstanding  shares of Minghua  Hong Kong,  whose sole asset is an 85% equityinterest in the Shenzhen  Minghua  Environmental  Protection  Vehicle Co., Ltd.  ("Minghua  China"),  a Peoples  Republic of Chinacorporation,  (collectively  the  "Company").  The  transaction  was  effected  by paying to the  Minghua  Hong Kong  stockholders$1,000,000 and issuing 28,000,000  additional Minghua USA common shares that resulted in the Minghua Hong Kong shareholders owningapproximately  70% of the  outstanding  shares of Minghua  USA and  having  control of  Minghua  USA after this  transaction.  Theremaining 15% equity interest in Minghua China is owned by Minghua Investment Co., Ltd. (“Minghua Investment”).   For financial reporting  purposes,  this transaction was recorded as a recapitalization of Minghua Hong Kong. Minghua Hong Kong isdeemed to be the continuing, surviving entity for accounting purposes, but through reorganization,  has deemed to have adopted thecapital structure of Minghua USA.   A summary of assets and  liabilities  that, for accounting  purposes,  were deemed to have been acquired by Minghua Hong Kong fromMinghua USA at estimated fair market value as of the date of acquisition (June 22, 2001) was as follows:               Total assets                                              $      1,155,013              Total liabilities                                                    6,810                                                                        ________________              Fair market value of Minghua USA                          $      1,148,203                                                                        ================   Accordingly, all references to shares of Minghua Hong Kong common stock have been restated to reflect the equivalent number ofMinghua USA shares. In other words, the 1,000,000 Minghua Hong Kong shares  outstanding are restated as 28,000,000 common shares,as of June 22, 2001.   The pro forma unaudited results of operations  assuming the  recapitalization of Minghua Hong Kong occurred as of January 1, 2000,are as follows:                                                            Year Ended December 31,                                                                   2000                                                         -------------------      Costs and expenses                                     $     9,896,466                                                             _______________      Operating loss                                               9,896,466      Other expenses and taxes                                        20,345                                                             _______________      Net loss                                               $     9,916,811                                                             ===============      Basic and diluted loss  per share                      $         (.35)                                                             ===============   These pro forma results are not necessarily  indicative of the actual results of operations had the recapitalization  taken placeas of January 1, 2000 or the results of future  operations of the Company.  The above schedule  consists of the actual historicaloperations  with the addition of Panagra  premerger  costs and expenses of $40,618 for 2000.  The pro forma results of operationsfor 2001 are not shown above, because Panagra’s pre-merger costs of $8,836 in 2001 were not significant.   **TECHNOLOGY**   Minghua China is the owner of patented  technology  ("Technology")  relating to hybrid  vehicles  powered by a  combination  of acombustion  diesel engine and an electric  power system.  Minghua China  produced a prototype  hybrid  vehicle  ("Minghua  HybridVehicle") in 2000 and will initially  attempt to sell the Minghua Hybrid  Vehicle to the public  transportation  market in China.Minghua  China has not made any sales of Minghua  Hybrid  Vehicles to date.  All  manufacturing  by Minghua  China of the MinghuaHybrid  Vehicle  will be done in China.  Minghua  Hong  Kong and  Minghua  China  have  entered  into  preliminary  (non-binding)agreements  with two  companies  to  manufacture  the Minghua  Hybrid  Vehicle.  The  Company's  future  intent is to license itstechnology to other countries.   In 1999,  the rights to the result of the Research and Development (“R&D”) expenditures to discover the  technology (pendingpatent rights),  which were substantially  complete,  were transferred to Minghua China from Mr. Li Chuquan and Mr. Wang Chun Fu,(“Developers”),  who were also  stockholders  who had  effective  control  of Minghua  China.  This transfer was deemed to be atransfer  between  entities  under  common  control and was  therefore  recorded on Minghua  China’s  records at the  Developers’accumulated  historical cost basis.  The Developers  accumulated R&D expenditure at the time of transfer was approximately $8.6million, which was expensed by Minghua China as R&D with a  corresponding  note payable to the  Developers recorded as due tostockholders.  The R&D activities to develop the technology started in 1994.   **CAPITAL RESOURCES AND BUSINESS RISKS**   The  Company  remains  in the  development  stage and all  future  operations  are  subject  to all of the risks  inherent  in theestablishment  of a new business  enterprise.  At December 31, 2001 and December 31, 2000,  current  liabilities  exceeded currentassets by $1,904,094 and $9,930,374,  respectively.  Additional  capital resources through future new offerings of securities willbe needed in order to accomplish the Company's present  marketing,  technology  development and  manufacturing  plans. The Companyplans on making the  following  expenditures:  i)  obtaining a domestic  vehicle  manufacturing  facility  (ii)  producing  hybridvehicles in 2002 and (iii) advertising and marketing.  The manufacturing  facilities and other operations in China, as well as thebusiness financial  condition and results of operations are, to a significant  degree,  subject to economic,  political and socialevents in China.  The Company  expects to make further  investments  in China in the future.  Therefore,  the business,  financialcondition and results of operations  are to a significant  degree subject to economic,  political and social events in China.  Thelimited  performance  history of hybrid powered  vehicles and the emerging nature of the target markets makes  forecasting  futuresales unpredictable and cause operating results to fluctuate from quarter to quarter.   The Company has obtained patents in China,  Germany and Japan and has filed additional patent  applications in various  countries,including the United States of America,  the European  Union  Republic of Korea and Singapore.  Intellectual  property  protectionmeasures  may  not be  sufficient  to  prevent  misappropriation  of the  technology  or  competitors  may  independently  developtechnologies that are substantially  equivalent or superior to the Company's technology.  Legal systems of many foreign countries,including China, do not protect  intellectual  property rights to the same extent as the legal system of the United States. If theCompany cannot adequately protect the proprietary  information and technology,  the business,  financial  condition and results ofoperations could be materially adversely affected.   **CONTROL BY PRINCIPAL STOCKHOLDERS**   The directors,  executive officers and their affiliates own beneficially and in the aggregate, the majority of the voting power ofthe outstanding shares of the common stock of the Company.  Accordingly,  the directors,  executive officers and their affiliates,if they voted their  shares  uniformly,  would have the  ability to control the  approval  of most  corporate  actions,  includingincreasing the authorized capital stock of Minghua USA and the dissolution, merger or sale of the Company's assets.   **RELATED PARTY STOCK TRANSACTIONS AND OTHER STOCK TRANSACTIONS**   On April 2, 2001,  Ronald C.H. Lui became the Chief  Executive  Officer,  President and a director of Minghua USA. Mr. Lui on thatdate entered into a Stock Purchase  Agreement with Elie Saltoun,  Director of Minghua USA (then named  Panagra),  in which Mr. Luiacquired  2,195,878  shares of common stock from Mr.  Saltoun and his  affiliates for $180,000,  using his personal  funds.  As ofApril 2, 2001, the shares  purchased by Mr. Lui represented  approximately  61% of the  outstanding  capital stock. As of December31, 2001, Mr. Lui's shares represent  approximately 5% of the outstanding common stock, due to the later issuances, by Minghua USAof 7,983,500 shares in two private  placements  effected under Regulation S and Regulation D of the Securities Act of 1933 and the28,000,000 shares issued to a related party on June 22, 2001, in connection with the purchase of Minghua Hong Kong.   On April 2, 2001, the Company also entered into a consulting agreement with First Pacific Capital Ltd. (“First Pacific”) pursuantto which the Company retained First Pacific as a consultant.  First Pacific is obligated to cause Mr. Saltoun, an employee ofFirst Pacific, to perform First Pacific’s obligations under the agreement.  Under the consulting  agreement,  First Pacific agreesto provide  information  regarding the Company’s prior operations, act as a liaison between the Company and its stockholders andother third parties having business relationships with the Company and respond to inquiries made by the officers and directors ofthe Company.  In consideration for providing such services,  the Company granted to First Pacific a warrant to purchase 500,000shares of the Company’s common stock at an exercise price of $.20 per share.  The warrant has a cashless exercise feature.  Thewarrant is subject to the following vesting schedule:  The warrant becomes  exercisable to purchase 41,667 of the shares of commonstock underlying the warrant on first day of each month commencing May 1, 2001 so long as First Pacific does not terminate theconsulting agreement; provided, however, that if the Company terminates the consulting agreement for any reason, then the warrantwould automatically become 100% vested on an accelerated  basis as of the date of  termination.  On February 20, 2002, First Pacificexercised its warrants and 372,807 shares were purchased and issued   On April 5, 2001,  Minghua USA entered  into a letter  agreement  with First  Pacific  Capital  Ltd.  and its  affiliates  (“FirstPacific”)  regarding the  repayment of a $77,137  stockholder  loan made by First Pacific to Minghua USA.  Pursuant to such letteragreement,  Minghua USA agreed to issue to First Pacific 385,685 shares of common stock in full  satisfaction of such  stockholderloan. The shares  represent  $77,137 worth of Minghua USA’s common stock  calculated as of the date of the letter agreement (i.e.,$.20 per share).  First  Pacific  granted  Minghua USA a general  release  (including a release for the  stockholder  loan) in theletter agreement in exchange for such shares.        On April 17, 2001,  Minghua USA closed on the first private  placement of an aggregate  7,500,000  shares of its common stock with     aggregate  gross  proceeds to Minghua USA (before  expenses) of $1,500,000.  $70,000 of the proceeds of the private  placement was     raised from the sale of common stock to accredited  investors in  transactions  exempt from the  registration  requirements of the     Securities Act of 1933, as amended pursuant to Regulation D promulgated  thereunder.  The remaining  $1,430,000 of the proceeds of     the private  placement was raised from the sale of common stock to non-U.S.  persons in transactions  exempt from the registration     requirements of the Securities Act of 1933, as amended pursuant to Regulation S promulgated thereunder.        On June 22, 2001,  28,000,000  shares of common stock were issued,  pursuant to a stock  purchase  agreement  with Mr. Li Chuquan,     (Chairman of the Board of Directors  as of June 23, 2001) and Mr. Chan Kuen Kowng  (Director as of August 2, 2001)  (collectively,     the "Sellers").  The stock purchase agreement,  signed April 27, 2001, was between Minghua USA,  Acquisition Corp. and the Sellers     for their stock interest in Minghua Hong Kong.  Pursuant to the agreement,  Acquisition  Corp.  paid $1,000,000 to the Sellers and     delivered  28,000,000 shares of Minghua USA common stock to the Sellers.  Minghua USA funded the cash amount and issued the shares     on behalf of Acquisition Corp. as a capital contribution to Acquisition Corp.        Upon the closing of the stock purchase agreement with the Sellers,  Mr. Li Chuquan obtained a controlling  interest in Minghua USA     and Minghua USA, indirectly, through Acquisition Corp. and Minghua Hong Kong, obtained a controlling interest in Minghua China.        During the period from July 23, 2001 through December 31, 2001,  Minghua USA raised $967,000 in gross proceeds through the private     placement of 483,500 shares of its common stock ($2.00/share) under Regulation S and Regulation D of the Securities Act.        On August 2, 2001, an amendment to the certificate of incorporation was made,  increasing the authorized shares of common stock of     Minghua USA from 40,000,000 shares to 200,000,000 shares.        Pursuant to a Placement  Agency  Agreement with Chicago  Investment  Group  Incorporated,  a registered  broker dealer,  the gross     proceeds of $967,000 raised by Minghua USA during this period from July 23, 2001 to December 31, 2001, were initially  placed into     an escrow account.  Chicago  Investment  Group is entitled to a ten percent (10%)  commission on all amounts raised by Minghua USA     in the private placement.  Accordingly,  $96,700 was paid out of the escrow account to Chicago Investment Group.  Minghua USA left     $800 in the escrow account to keep it open and the remaining $869,500 was deposited into Minghua USA’s bank account.   **STOCKHOLDERS’ DEBT FOR EQUITY CONVERSION AGREEMENT**        On December  11,  2001,  Mr. Li Chuquan  agreed to receive  stock in Minghua USA and Minghua  Investment  in exchange to discharge     Minghua  China’s debt  obligation to repay him $10 million.  Minghua USA issued 8.5 million shares of its common stock value at $1     (average stock price over the 20 day period prior to the  agreement)  worth $8.5 million.  The remaining  $1.5 million  obligation     was converted to $1.5 million of equity in Minghua  Investment  and was  accounted  for as  additional  paid in capital by Minghua     Investment to Minghua China.  See also notes 2 and 3 relating to minority interest,    2.**SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**   **PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION**   The consolidated  financial  statements for all periods presented,  include the financial  statements of Minghua USA,  Acquisition     Corp.,  Minghua  Hong Kong,  Keytop  Holdings  Limited  and Minghua  China.  The  consolidated  statements  have been  prepared in     accordance  with  accounting  principles  generally  accepted  in the  United  States of  America.  All  significant  intercompany     transactions  have been  eliminated.  Certain  reclassifications  have been made to  financial  information  for the prior year to     conform to the current year’s presentation.        The Company has  determined The Peoples  Republic of China Chinese Yuan Renminbi to be the  functional  currency of Minghua China.     There were no gains or losses  recognized as a result of translating  foreign  currencies to the U.S. dollars due to the stability     of the currency in 2001. No assurance  however,  can be given as to the future valuation of the foreign currencies and how further     movements in the foreign currencies could affect future earnings of the Company.        The balance sheets of Minghua Hong Kong and Minghua China were translated at period end exchange  rates.  Expenses were translated     at exchange rates in effect during the year, substantially the same as the period end rates.   **MINORITY INTEREST IN SUBSIDIARIES**        The Company records minority interest expense,  which reflects the portion of the earnings of Minghua China,  which are applicable     to Minghua  Investment,  which is controlled by Mr. Li Chuquan (15% December 31, 2001 and 30% December 31, 2000). The stockholders     are not required to fund the Company's deficits,  therefore,  no minority interest in subsidiary was recorded at December 31, 2001     and 2000.  See also notes 1 and  3 relating to Minority Interest.   **START-UP COSTS**        The Company,  in accordance with the provisions of the American Institute of Certified Public  Accountants'  Statement of Position     (SOP) 98-5,  "Reporting on the Costs of Start-up Activities,  expenses all start-up and organizational costs as they are incurred.     Preproduction  design and development  costs are expensed as incurred.  Costs incurred to design and develop molds, dies and other     tools are capitalized as equipment.   **USE OF ESTIMATES**        The  preparation of financial  statements in conformity  with  accounting  principles  generally  accepted in the United States of     America,  requires  management to make estimates and  assumptions  that affect the reported  amounts of assets and liabilities and     disclosure of contingent  assets and  liabilities  at the date of the financial  statements  and reported  amounts of revenues and     expenses during the reporting period.  Actual results could differ from those estimates.   **SIGNIFICANT ESTIMATES**        Several areas require  significant  management  estimates relating to uncertainties for which it is reasonably possible that there     will be a material  change in the near term.  The more  significant  areas  requiring the use of management  estimates  related to     valuation of equipment, patent rights, accrued liabilities, stock options and the useful lives for amortization and depreciation.   **REVENUE RECOGNITION**   The Company adopted the U.S. Securities and Exchange  Commission’s (SEC) Staff Accounting  Bulletin No. 101, “Revenue  Recognition     in Financial  Statements,”  (“SAB 101”) as of January 1, 2000. In SAB 101, the SEC expressed its view that revenue was  realizable     and earned when the following four criteria were met: (1) persuasive  evidence of an arrangement exists; (2) delivery has occurred     or the service have been  rendered;  (3) the  seller’s  price to the buyer is fixed or  determinable;  and (4)  collectibility  is     reasonably assured.   The Company will recognize revenue from the sale of buses in accordance with SAB 101.   **CASH AND CASH EQUIVALENTS**        The Company  invests idle cash  primarily in money market  accounts,  certificates  of deposits and short-term  commercial  paper.     Money market funds and all highly liquid debt  instruments  with an original  maturity of three months or less are considered cash     equivalents.   **PROPERTY AND EQUIPMENT**        Impairment of long-lived  assets is recognized  when events or changes in  circumstances  indicate that the carrying amount of the     asset, or related groups of assets, may not be recoverable.  Under the provisions of SFAS No. 121,  “Accounting for the Impairment     of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of” (SFAS 121), the Company  recognizes an “impairment  charge” when     the expected net  undiscounted  future cash flows from an asset’s use and eventual  disposition are less than the asset’s carrying     value and the asset’s  carrying  value  exceeds its fair value.  Measurement  of fair value for an asset or group of assets may be     based on appraisal,  market values of similar assets or estimated discounted future cash flows resulting from the use and ultimate     disposition of the asset or assets.        Expenditures for  maintenance,  repairs and  betterments,  which do not materially  extend the normal useful life of an asset, are     charged to operations as incurred.  Upon sale or other disposition of assets,  the cost and related  accumulated  depreciation are     removed from the accounts and any resulting gain or loss is reflected in income.        Depreciation and  amortization are provided for financial  reporting  primarily on the accelerated and the  straight-line  methods     over the estimated useful lives of the respective assets as follows:                                                                                     Estimated                                                                                Useful Lives           Machinery and equipment                                                5 years           Transportation and delivery equipment                                  3 years           Office and computer software and equipment                             5 years   **INTANGIBLE ASSET**        Intangible  asset (patent  rights) will be amortized when placed in service,  using the  straight-line  method over 10 years.  The     Company  examines the carrying value of its intangible  assets to determine if there are any impairment  losses.  If indicators of     impairment  were present in  intangible  assets used in  operations  and future cash flows were not expected to be  sufficient  to     recover the assets' carrying amount,  an impairment loss would be charged to expense in the period  identified.  No event has been     identified  that would  indicate  an  impairment  of the value of  intangible  assets  recorded in the  accompanying  consolidated     financial statements.   See also Note 12 relating to the Company’s adoption of new accounting standards related to goodwill and other intangible assets.   Components of the caption Intangible Assets - net in the consolidated balance sheets at December 31, 2001 and 2000 consisted of:                                                              Years ended December 31,                                                           2 0 0 1           2 0 0 0Patent rights                                            $ 295,714          $   -     Less: accumulated amortization                          -                  -                                                         _________          ________     Total intangible asset - net                        $ 295,714          $   -                                                         =========          ========   **INTANGIBLE ASSET**        The  technology  was  developed by the Company and the direct costs to obtain and apply for the patents in various  countries  are     recorded as patent  rights.  The patent rights will be considered  placed in service when the Company  starts  generating  revenue     from the sale of the Minghua Hybrid Vehicle. **ADVERTISING COSTS**        All costs  associated  with  advertising  and promoting  the buses are expensed in the period  incurred.  Advertising  expense was     $202,902 and $46,602 for the years ended December 31, 2001 and 2000.   **INCOME TAXES**        Income tax expense is based on reported  income  before  income  taxes.  Deferred  income  taxes  reflect the effect of  temporary     differences  between  assets and  liabilities  that are  recognized  for  financial  reporting  purposes  and the amounts that are     recognized for income tax purposes.  In accordance with SFAS No. 109,  "Accounting     for Income Taxes," these deferred taxes are measured by applying currently enacted tax laws.        The Company is currently in the development  stage and has not yet commenced an active trade or business,  therefore,  the Company     did not provide any  current or  deferred  income tax  provision  or benefit  for any  periods  presented  to date  because it has     experienced operating losses since inception.      For tax purposes,  Minghua USA was required to defer start up costs  incurred  prior to its merger with Minghua Hong Kong. To date     these deferred costs total approximately $935,000.  These costs are being amortized over a 60 month period.   **RESEARCH AND DEVELOPMENT COSTS**        Company  sponsored  research and development  costs,  related to both present and future products,  are charged to operations when     incurred and are included in operating  expenses.  Expenditures for research and development for the years ended December 31, 2001     and 2000 were $46,445 and $8,612,730, respectively.   **RELATED PARTY AND STOCKHOLDERS' LOANS**        The caption  "Due to  Stockholders"  are loans that are  unsecured,  non-interest  bearing  and have no fixed terms of  repayment,     therefore,  deemed payable on demand. The caption "Due from Related Companies"  consists primarily of prepaid rent on office space     in Shenzhen China.   **LOSS PER SHARE**        Basic  loss per common  share  (“LPS”)  is  calculated  by  dividing  net loss by the  weighted  average  number of common  shares     outstanding  during the period.  Diluted  earnings per common share are calculated by adjusting the weighted  average  outstanding     shares, assuming conversion of all potentially dilutive stock options.        The numerator and denominator used in the basic and diluted LPS of common stock computations are presented in the following table:                                                                Years ended December 31,                                                              2001                 2000NUMERATOR FOR BASIC AND DILUTED LPS                  Net loss to common shareholders       $    2,492,318        $    9,876,193                                                        ==============        ==============DENOMINATOR FOR BASIC AND DILUTED LPS          Weighted average shares of common stock              outstanding                                   37,115,687            28,000,000LPS – Basic and diluted                                 $       (.07)         $        (,35)         No dilution resulted from the 6,000,000 employee stock options outstanding at December 31, 2001 because of the net loss. **EQUITY BASED COMPENSATION**         The Company  accounts  for  employee  stock  options in  accordance  with  Accounting  Principles  Board  Option No. 25 (APB 25),      "Accounting  for Stock Issued to Employees."  Under APB 25, the Company  recognizes no  compensation  expense related to employee      stock options, as no options are granted at a price below the market price on the day of grant.       SFAS No. 123,  "Accounting for Stock-Based  Compensation,"  prescribes the recognition of compensation  expense based on the fair      value of options on the grant date,  allows  companies  to continue  applying  APB 25 if certain pro forma  disclosures  are made      assuming hypothetical fair value method application.   **COMPREHENSIVE LOSS**         The  Company,  under SFAS 130,  is required to report the  changes in  shareholders'  equity from all sources  during the period,      including foreign currency translation  adjustments.  The amount of foreign currency translation gain or loss for the years ended      December 31, 2001 and 2000 was not material.  3.**ACQUISITION OF A SUBSIDIARY**        Minghua Hong Kong acquired 70% of the  outstanding  common stock shares of Minghua  China,  on July 16, 2000 for $793,270.  This       stock  acquisition  has been  accounted for as a transfer of net assets under common  control,  with Minghua  China's assets and       liabilities  transferred to Minghua Hong Kong at their historical  carrying  values.  Included in the assets deemed to have been       received by Minghua  Hong Kong was the patent,  (which had earlier  been  transferred  to Minghua  China by Minghua  Hong Kong's       stockholders)  which had no historical cost basis.  Included in the  liabilities  received from Minghua China was a non-interest       bearing  loan  payable of  $9,108,327  to the Minghua Hong Kong  stockholders  for the benefits of the Research and  Development       expenditures  they incurred.  The net  liabilities  recorded at the date of the  transaction  amounted to  $8,275,290.  Combined       with the $793,270 cash paid the total decrease in net assets was $9,068,560.  Of this amount,  $8,612,730,  equal to the amounts       spent on research and  development  by the Minghua Hong Kong  shareholders  to develop the patent,  was recorded as research and       development  expense.  The remaining  $455,830 was recorded in general and  administrative  expenses as reorganization and other       expenses.  Because Minghua China had net liabilities at the acquisition date and  shareholders  have no obligation to contribute       additional  capital,  no minority  interest was recognized  for the 30% interest  owned  retained by the original  Minghua China       shareholders.  Minghua  China's loss has been  included in the  consolidated  financial  results of the Company from its date of       acquisition.          On February 9, 2001,  Minghua Hong Kong acquired an additional 15% interest in the Company for $169,603  cash.  The  acquisition       of this minority  interest was accounted for under the purchase  method.  The $169,603 was allocated  entirely to the additional       interest in the patent rights that was thereby deemed to have been acquired for accounting purposes.  4.**STOCK OPTION PLAN**          On April 5, 2001,  the Company's  2001 Stock Option Plan was adopted by the board of directors and was approved by the Company's       shareholders  at the  stockholders'  annual  meeting on August 2, 2001.  Pursuant to the 2001 option plan, the Company may grant       incentive  and  nonstatutory  (nonqualified)  stock  options  to key  employees  and  directors  of  Minghua  Group.  A total of       20,000,000  shares of common stock have been reserved for issuance  under the Plan. No employee may be granted  options for more       than 2,000,000 restricted shares under the Plan in any one fiscal year.          The maximum term of options  granted  under the 2001 Stock Option Plan is ten years.  Options  granted are  nontransferable  and       generally expire within three months after the termination of the optionee's services.  The  exercise  price of  incentive  stock  options  must not be less than the fair value of the common  stock on the date of the       grant.  The authority to grant new options under the Plan will terminate on April 5, 2011,  unless the Plan is terminated  prior       to that time by the board of directors.        The Company  granted  2,000,000  options  outstanding  to a director and officer under the 2001 option plan.  1,000,000 of these       options are  exercisable at $.25 per share of common stock under a 5 year incentive  stock option and 1,000,000 of these options       are exercisable at $.25 per share of common stock under a nonqualified stock option.          The Company  granted an additional  2,000,000 stock options are under a 5 year  nonqualified  stock option and these options are       exercisable at $1.75 per share.   All of the aforementioned options are subject to the following vesting schedule:             a. 20% of the shares vest on the first day of the sixth month following the date of grant.            b. 20% of the shares vest on the first annual anniversary of the date of grant.            c. 2.5% of the shares vest on the first day of each month following the first               annual anniversary of the date of grant.          In addition,  2,000,000 nonqualified  performance stock options were issued outside the stock option plan to a director at $1.75       per share that vests only if the Company's annual revenues reach $50,000,000.   Stock option transactions are summarized as follows:         Outstanding at December 31, 2000                                                -      Granted                                                                        6,000,000      Exercised                                                                       -      Forfeited                                                                       -                                                                                     _________      Outstanding at December 31, 2001                                               6,000,000                                                                                     _________      Shares exercisable at December 31, 2001                                          800,000                                                                                     =========          The following table provides certain  information  with respect to the  above-referenced  stock options  outstanding at December       31, 2001:                                                                                Weighted                                 Weighted                                  average                                  Stock                Average             Remaining      Range of                   options               Exercise           Contractual   exercise prices              outstanding              Price                 Life   $.25 - $1.75                  6,000,000               $1.25                 4.5                 The following table provides certain information with respect to stock options exercisable at December 31, 2001:                                    Weighted                                  Stock                Average     Range of                    Options               exercise   exercise prices             Outstanding              price   $.25 - $1.75                  800,000               $1.00                 In electing to continue to follow APB, No. 25 for expense  recognition  purposes,  the Corporation is obliged to provide              the  expanded  disclosures  required  under SFAS No. 123 for  stock-based  compensation  granted in 2001 and  thereafter,              including  if  materially  different  from  reported  results,  disclosure  of pro  forma net loss and loss per share had              compensation expense relating to 2001 grants been measured under the fair value recognition provision of SFAS No. 123.                 The  weighted-average  fair values at date of grant for options granted during 2001 were $ 1.25, and were estimated using              the Black-Scholes option valuation model with the following weighted-average assumptions:              Expected life in years                           5           Interest rate                                   4.8%           Volatility                                     276.7%           Dividend yield                                   0%                 The  Corporation’s pro forma information for the years ended December 31, 2001 prepared in accordance with the provisions              of SFAS No. 123, is provided  below.  For purposes of pro forma  disclosures,  stock-based  compensation  is amortized to              expense on a straight-line basis over the vesting period.             Pro forma net loss                                        $(3,109,933)          Pro forma net loss per common stock             share –basic and diluted                               $.08)  5.**PROPERTY AND EQUIPMENT**          Property and equipment at cost consists of:                                                                        December 31,                                                               2 0 0 1                2 0 0 0                                                               -------               -------- Transportation equipment                               $       73,171        $        58,118 Office, computer software and equipment                       434,254                172,548                                                               -------               --------                                                               507,425                230,666 Construction in progress - Model buses                        240,883                   -                                                               _______               ________                                                               748,308                230,666 Less: accumulated depreciation                               (150,382)               (51,945)                                                         _____________        _______________                     T O T A L                          $      597,926        $       178,721                                                         =============        ===============   Depreciation expense for the years ended December 31, 2001 and 2000 were $98,437 and $51,945, respectively.          During  July  2000,  Minghua  China  transferred  real  estate  with a book  value of  $965,000,  to a  stockholder  as  partial       satisfaction of the stockholder's loan.  No gain or loss was recognized on the transfer of this asset.  6.**NOTES PAYABLE - BANK**          This bank loan  consists of a credit line  agreement,  denominated  in Chinese Yuan  Renminbi,  from a Chinese bank secured by a       guarantee given by a related party.  The United States dollar  equivalent of the  outstanding  loan balance at December 31, 2001       and 2000 was $649,466 and $691,341, respectively.          Total  interest  expense  incurred and charged to expense was $54,359 and $19,172 for the years ended December 31, 2001 and 2000       respectively.  7.0**INCOME TAXES**          The Company  accounts for income taxes in  accordance  with the  provisions of Statement of Financial  Accounting  Standards No.       109, “Accounting for Income Taxes.”  The Company files a consolidated federal income tax return with Minghua Hong Kong.          Income tax expense is based on reported  income  before  income  taxes.  Deferred  income taxes  reflect the effect of temporary       differences between  assets and  liabilities  that are  recognized  for financial  reporting  purposes and the amounts that are       recognized for income tax purposes.  In accordance  with SFAS No. 109,  “Accounting  for Income Taxes”,  these deferred  income       taxes are measured by applying currently enacted tax laws.          The Company has a United  States  federal net operating  loss  carryforward  expiring in the year 2021.  The tax benefit of this       net operating loss has been offset by a full valuation  allowance.  The  utilization of the net operating loss may be subject to       a  substantial  limitation  due to the “Change of  ownership  provisions”  under  Section 382 of the  Internal  Revenue Code and       similar state provisions.  Such limitation may result in the expiration of the net operating loss before its utilization.          There are no net operating  loss  carryforwards  allowed under the Chinese  government tax system.  Minghua China  withholds and       pays income taxes on its employees’  wages,  which funds the Chinese  government’s  sponsored health and retirement  programs of       all Minghua China employees.  8.**COMMITMENTS**   **LEASE COMMITMENTS**          The Company leases office space from a related company, under a long-term non-cancellable lease agreement.          Minimum  future rental  payments  under the  non-cancellable  operating  lease as of December 31, 2001 for each of the next five       years and in the aggregate are as follows:                Period ended             December 31,                                     Amount            2002                                          $       539,647            2003                                                  539,647            2004                                                  441,688            2005                                                  304,546            2006 and thereafter                                 1,497,351  Total minimum future rental payments                    $     3,322,879          Total rent expense for December 31, 2001 and 2000 was $415,652 and $170,916,  respectively,  of which  $356,649 and $170,916 was       paid to a related party for the years ended December 31, 2001 and 2000, respectively.   **EMPLOYMENT CONTRACTS**          The  Company  has  employment  agreements  with a director  and  officer,  which are  terminable  at will by the Company and the       director and officer.  In addition to a base salary,  the  agreements  provide for a bonus up to 50% of annual base salary based       on pretax earnings.   **PURCHASE COMMITMENTS**          The Company has entered  into  several  purchase  agreements  with  vendors  for various  parts for the Minghua  Hybrid  Vehicle       totaling approximately $625,000 at December 31, 2001.  9.**COMMON STOCK**   The Company's capital structure as of December 31, 2001 and 2000 were as follows:        Common stock - par value:         $.01 at  December  31,  2001 and  $.12834  at               December 31, 2000     December 31, 2001:          Authorized -  200,000,000  shares  Issued               and outstanding - 48,469,185 shares     December 31, 2000:          Authorized - 28,000,000 shares          Issued and outstanding - 1,000,000 shares          The Company has agreements with some of the  stockholders  that contain  restrictions  on the transfer and other  disposition of       the stock.  10.**SUPPLEMENTAL CASH FLOW INFORMATION**         Cash paid for:                                                                                                       June 4, 1997                                                                                                       (Inception)                                                                                                       December 31,                                                                  Year Ended December 31,                                                                     2 0 0 1            2 0 0 0            2 0 0 1               Interest                                           $    54,359          $    127         $    54,486                                                                  ===========          =========       ============               Income Taxes                                       $     -              $    -           $       -                                                                  ===========          =========       ============               Non-cash transactions:                  Stockholder debt to equity conversion           $10,000,000          $    -           $10,000,000                                                                  ===========          =========       ============       Details of 2000 business reorganization transaction:             Fair value of assets acquired (less cash included)                               $      1,011,920             Assumed liabilities to stockholder                                                     (9,108,327)             Assumed other liabilities                                                                (651,574)             Research and development expenses recorded                                              8,612,730             General and administrative expenses recorded                                              455,830                                                                                              ________________             Cash paid (net of cash acquired)                                                 $        320,579                                                                                              ================   11.**FAIR VALUE OF FINANCIAL INSTRUMENTS**          Statement of  Financial  Accounting  Standards  No. 107,  Disclosures  about Fair Value of  Financial  Instruments  ("SFAS 107")       requires  entities to disclose the fair values of financial  instruments  except when it is not practicable to do so. Under SFAS       107, it is not practicable to make this  disclosure  when the costs of formulating the estimated  values exceed the benefit when       considering how meaningful the information would be to financial statement users.          As a result of the  difficulties  presented in the valuation of the loans  receivable and payable from related  entities/parties       because  of  their  related  party  nature,  estimating  the  fair  value  of  these  financial  instruments  is not  considered       practicable.  The fair values of all other assets and  liabilities do not differ  materially from their carrying  amounts.  None       of the above is derivative financial instruments and none is held for trading purposes.  12.**NEW ACCOUNTING PRONOUNCEMENTS**          Effective  July 1, 2001,  the Company  adopted the  provisions of SFAS No. 141,  “Business  Combinations”  (SFAS 141),  which is       effective for all business  combinations  initiated after June 30, 2001.  SFAS 141 prohibits the use of the  pooling-of-interest       method for business  combinations and establishes the accounting and financial reporting  requirements for business combinations       accounted for by the purchase  method.  SFAS 141 also changes the criteria to recognize  intangible  assets apart from goodwill.       The Company  adopted the provisions of SFAS No. 142,  “Goodwill and Other  Intangible  Assets” (SFAS 142)  effective  January 1,       2002.  Under SFAS 142,  goodwill and indefinite lived intangible  assets are no longer amortized but are reviewed  annually,  or       more  frequently  if  indications  of possible  impairment  exist,  for  impairment.  The Company has  performed  the  requisite       transitional  impairment  tests for  intangible  assets as of  January  1, 2002 and has  determined  that  these  assets are not       impaired as of that date.          In August  2001,  the  Financial  Accounting  Standards  Board  (FASB)  issued SFAS No. 143,  “Accounting  for Asset  Retirement       Obligations” (SFAS 143) that provides  accounting  guidance for the costs of retiring  long-lived assets.  SFAS 143 is effective       for fiscal years  beginning  after June 15, 2002. The Company is currently  assessing the impact  adoption of this standard will       have on its financial  statements,  but a preliminary  review indicates that it will not have a material effect on the Company’s       future results of operations, liquidity or financial condition.          In October 2001,  the FASB issued SFAS No. 144,  “Accounting  for the  Impairment  or Disposal of Long-Lived  Assets” (SFAS 144)       that provides  accounting  guidance for financial  accounting and reporting for the impairment or disposal of long-lived assets.       The statement  supersedes SFAS No. 121,  “Accounting for the Impairment of Long-Lived Assets and for the Long-Lived Assets to be       Disposed Of.” SFAS 144 also  supercedes the  accounting and reporting  provisions of Accounting  Principal  Board’s  Opinion No.       30,  “Reporting  the Results of  Operations – Reporting and Effects of Disposal of a Segment of a Business,  and  Extraordinary,       Unusual and Infrequently  Occurring  Events and  Transactions”  related to the disposal of a segment of a business.  SFAS 144 is       effective for fiscal years  beginning  after  December 15, 2001,  with early  adoption  encouraged.  The Company has adopted the       provisions  of SFAS 144 as of  January  1, 2002.  The  adoption  of SFAS 144 is not  expected  to have a material  effect on the       Company’s future results of operations, liquidity or financial condition.
Exhibit 3.3
AMENDED AND RESTATED BY - LAWSOFPANAGRA INTERNATIONAL CORPORATION(a New York corporation)Article ISHAREHOLDERS
          1. CERTIFICATES  REPRESENTING  SHARES.  Certificates  representing  shares shall set forth thereon the  statements  prescribed bySection  508,  and,  where  applicable,  by Sections  505,  616,  620, 709 and 1002 of the  Business  Corporation  Law and by any otherapplicable  provision  of law and shall be signed by the  Chairman  or a  Vice-Chairman  of the Board of  Directors,  if any, or by thePresident or a  Vice-President  and by the Secretary or an Assistant  Secretary or the  Treasurer or an Assistant  Treasurer and may besealed with the corporate  seal or a facsimile  thereof.  The  signature of the officers  upon a  certificate  may be facsimiles if thecertificate is  countersigned  by a transfer agent or registered by a registrar other than the corporation  itself or its employee,  orif the shares are listed on a registered  national security exchange.  In case any officer who has signed or whose facsimile  signaturehas been placed upon a certificate  shall have ceased to be such officer  before such  certificate  is issued,  it may be issued by thecorporation with the same effect as if he were such officer at the date of its issue.

          A certificate  representing shares shall not be issued until the full amount of consideration  therefor has been paidexcept as otherwise permitted by Section 504 of the Business Corporation Law.

          The  corporation may issue a new  certificate  for shares in place of any  certificate  theretofore  issued by it andalleged to have been lost or  destroyed,  and the Board of  Directors  (the  “Board”)  may require  the owner of any lost or  destroyedcertificate,  or his legal  representative,  to give the corporation a bond  sufficient to indemnify the corporation  against any claimthat may be made  against it on account of the alleged  loss or  destruction  of any such  certificate  or the issuance of any such newcertificate.

          2. FRACTIONAL  SHARE  INTERESTS.  The  corporation  may issue  certificates  for  fractions of a share where  necessary to effecttransactions  authorized by the Business Corporation Law which shall entitle the holder, in proportion to his fractional  holdings,  toexercise  voting rights,  receive  dividends,  and  participate in liquidating  distributions;  or it may pay in cash the fair value offractions of a share as of the time when those entitled to receive such fractions are  determined;  or it may issue scrip in registeredor bearer  form over the manual or  facsimile  signature  of an officer of the  corporation  or of its agent,  exchangeable  as thereinprovided for full shares, but such scrip shall not entitle the holder to any rights of a shareholder except as therein provided.

          3. SHARE TRANSFERS.  Upon compliance with provisions  restricting the  transferability  of shares, if any, transfers of shares ofthe  corporation  shall be made only on the share  record of the  corporation  by the  registered  holder  thereof,  or by his attorneythereunto  authorized by power of attorney duly executed and filed with the Secretary of the  corporation or with a transfer agent or aregistrar,  if any, and on surrender of the certificate or certificates for such shares properly  endorsed and the payment of all taxesdue thereon.

          4. RECORD  DATE FOR  SHAREHOLDERS.  For the  purpose of  determining  the  shareholders  entitled  to notice of or to vote at anymeeting of shareholders or any adjournment  thereof,  or to express consent to or dissent from any proposal  without a meeting,  or forthe purpose of determining  the  shareholders  entitled to receive  payment of any dividend or the allotment of any rights,  or for thepurpose of any other  action,  the Board may fix, in advance,  a date as the record date for any such  determination  of  shareholders.Such date shall not be more than fifty days nor less than ten days before the date of such  meeting,  nor more than fifty days prior toany other action.  If no record date is fixed, the record date for the  determination of shareholders  entitled to notice of or to voteat a meeting of shareholders  shall be at the close of the business on the day next preceding the day on which notice is given,  or, ifno notice is given,  the day on which the meeting is held;  the record date for  determining  shareholders  for any purpose  other thanthat  specified in the  preceding  clause shall be at the close of business on the day on which the  resolution  of the Board  relatingthereto is adopted.  When a  determination  of  shareholders  of record entitled to notice of or to vote at any meeting of shareholdershas been made as provided in this paragraph,  such determination shall apply to any adjournment  thereof,  unless the Board fixes a newrecord date under this paragraph for the adjourned meeting.

          5. MEANING OF CERTAIN TERMS.  As used herein in respect of the right to notice of a meeting of  shareholders  or a waiver thereofor to  participate  or vote  thereat or to consent or dissent in writing in lieu of a meeting,  as the case may be, the term “share” or“shares”  or  “shareholder”  or  “shareholders”  refers to an  outstanding  share or shares  and to a holder  or  holders  of record ofoutstanding  shares when the  corporation  is  authorized  to issue only one class of shares,  and said  reference is also  intended toinclude  any  outstanding  share or shares and any holder or  holders of record of  outstanding  shares of any class upon which or uponwhom the  Certificate  of  Incorporation  confers  such rights where there are two or more classes or series of shares or upon which orupon whom the Business  Corporation Law confers such rights  notwithstanding that the Certificate of Incorporation may provide for morethan one class or series of shares one or more of which are limited or denied such rights thereunder.

          6. SHAREHOLDER MEETINGS.

                (a)      Time.   The annual  meeting shall be held on the date fixed,  from time to time, by the Board,  provided thatthe first annual meeting shall be held on a date within  thirteen  months after the formation of the  corporation,  and each successiveannual  meeting  shall be held on a date within  thirteen  months after the date of the preceding  annual  meeting.  A special  meetingshall be held on the date  fixed by the  Board  except  when the  Business  Corporation  Law  confers  the  right to fix the date  uponshareholders.

                (b)      Place.   Annual  meetings and special  meetings  shall be held at such place,  within or without the State ofNew York,  as the Board may,  from time to time,  fix.  Whenever  the Board shall fail to fix such  place,  or,  whenever  shareholdersentitled to call a special  meeting  shall call the same,  the meeting shall be held at the office of the  corporation  in the State ofNew York.

                (c)      Call.   Annual  meetings  may be called by the Board or by any  officer  instructed  by the Board to call themeeting.  Special  meetings may be called in like manner  except when the Board is required by the Business  Corporation  Law to call ameeting, or except when the shareholders are entitled by said Law to demand the call of a meeting.

                (d)      Notice or actual or constructive  waiver of notice.   Written notice of all meetings shall be given,  statingthe place,  date,  and hour of the  meeting,  and,  unless it is an annual  meeting,  indicating  that it is being  issued by or at thedirection of the person or persons  calling the  meeting.  The notice of an annual  meeting  shall state that the meeting is called forthe election of directors and for the  transaction  of other  business  which may properly  come before the meeting,  and shall (if anyother  action  which could be taken at a special  meeting is to be taken at such annual  meeting)  state the purpose or  purposes.  Thenotice of a special  meeting  shall in all  instances  state the purpose or purposes for which the meeting is called;  and, at any suchmeeting,  only such  business  may be  transacted  which is related to the  purpose or purposes  set forth in the notice.  If the Boardshall adopt,  amend, or repeal a By-law regulating an impending  election of directors,  the notice of the next meeting for election ofdirectors shall contain the statements  prescribed by Section 601(b) of the Business  Corporation  Law. If any action is proposed to betaken which would,  if taken,  entitle  shareholders  to receive  payment for their  shares,  the notice  shall  include a statement ofpurpose  to that  effect  and shall be  accompanied  by a copy of  Section  623 of the  Business  Corporation  Law or an outline of itsmaterial  terms.  A copy of the notice of any meeting  shall be given,  personally  or by first class mail,  not less than ten days normore than sixty days before the date of the  meeting,  unless the lapse of the  prescribed  period of time shall have been  waived,  toeach  shareholder  at his record address or at such other address which he may have furnished by request in writing to the Secretary ofthe  corporation.  In lieu of giving a copy of such notice  personally or by first class mail as  aforesaid,  a copy of such notice maybe given by third  class  mail not fewer than  twenty-four  nor more than fifty  days  before the date of the  meeting.  Notice by mailshall be deemed to be given when deposited,  with postage thereon prepaid,  in a post office or official depository under the exclusivecare and  custody of the United  States  Post  Office  Department.  If a meeting is  adjourned  to another  time or place,  and, if anyannouncement of the adjourned time or place is made at the meeting,  it shall not be necessary to give notice of the adjourned  meetingunless the Board,  after adjournment,  fixes a new record date for the adjourned meeting.  Notice of a meeting need not be given to anyshareholder  who submits a signed waiver of notice before or after the meeting.  The attendance of a shareholder  at a meeting  withoutprotesting prior to the conclusion of the meeting the lack of notice of such meeting shall constitute a waiver of notice by him.

                (e)      Shareholder  list and challenge.   A list of shareholders  as of the record date,  certified by the Secretaryor other officer  responsible  for its  preparation or by the transfer  agent, if any, shall be produced at any meeting of shareholdersupon the request  thereat or prior thereto of any  shareholder.  If the right to vote at any meeting is  challenged,  the inspectors ofelection,  if any, or the person presiding thereat,  shall require such list of shareholders to be produced as evidence of the right ofthe persons challenged to vote at such meeting,  and all persons who appear from such list to be shareholders  entitled to vote thereatmay vote at such meeting.

                (f)      Conduct of meetings.   Meetings of the shareholders  shall be presided over by one of the following  officersin the order of seniority and if present and acting - the Chairman of the Board,  if any, the  Vice-Chairman  of the Board, if any, thePresident,  a  Vice-President,  if any, or, if none of the foregoing is in office and present and acting, by a chairman to be chosen bythe  shareholders.  The Secretary of the  corporation,  or in his absence,  an Assistant  Secretary,  if any, shall act as secretary ofevery  meeting,  but if neither the  Secretary  nor an Assistant  Secretary is present,  the  chairman of the meeting  shall  appoint asecretary of the meeting.

                (g)      Proxy  representation.   Every shareholder may authorize another person or persons to act for him by proxy inall matters in which a shareholder is entitled to participate,  whether by waiving notice of any meeting,  voting or participating at ameeting,  or expressing  consent or dissent without a meeting.  Every proxy must be signed by the shareholder or his  attorney-in-fact.No proxy shall be valid after the  expiration  of eleven months from the date thereof  unless  otherwise  provided in the proxy.  Everyproxy shall be revocable at the pleasure of the  shareholder  executing  it, except as otherwise  provided by the Business  CorporationLaw.

                (h)      Inspectors  -  appointment.   The Board,  in advance of any meeting,  may, but need not,  appoint one or moreinspectors to act at the meeting or any adjournment  thereof.  If an inspector or inspectors is not appointed,  the person presiding atthe meeting  may, but need not,  appoint one or more  inspectors.  In case any person who may be  appointed  as an  inspector  fails toappear or act,  the  vacancy may be filled by  appointment  made by the Board in advance of the meeting or at the meeting by the personpresiding  thereat.  Each inspector,  if any, before entering upon the discharge of his duties,  shall take and sign an oath to executefaithfully  the  duties of  inspector  at such  meeting  with  strict  impartiality  and  according  to the best of his  ability.  Eachinspector,  if any,  shall  determine the number of shares  outstanding  and the voting power of each,  the shares  represented  at themeeting,  the  existence of a quorum,  the validity and effect of proxies,  and shall receive  votes,  ballots,  or consents,  hear anddetermine  all  challenges  and questions  arising in  connection  with the right to vote,  count and tabulate all votes,  ballots,  orconsents,  determine the result,  and do such acts as are proper to conduct the election or vote with fairness to all shareholders.  Atthe request of the person  presiding at the meeting or any  shareholder,  the inspector or  inspectors,  if any, shall make a report inwriting of any challenge, question or matter determined by him or them and execute a certificate of any fact found by him or them.

                (i)      Quorum.   Except for a special election of directors  pursuant to Section 603(b) of the Business  CorporationLaw, and except as herein  otherwise  provided,  the holders of a majority of the  outstanding  shares  shall  constitute a quorum at ameeting of  shareholders  for the  transaction of any business.  When a quorum is once present to organize a meeting,  it is not brokenby the subsequent withdrawal of any shareholders.  The shareholders present may adjourn the meeting despite the absence of a quorum.

                (j)      Voting.   Each share  shall  entitle  the  holder  thereof  to one vote.  In the  election  of  directors,  aplurality  of the votes cast shall  elect.  Any other  action  shall be  authorized  by a majority of the votes cast  except  where theBusiness Corporation Law prescribes a different proportion of votes.

          7. SHAREHOLDER  ACTION  WITHOUT  MEETINGS. Whenever  shareholders  are required or  permitted  to take any action by vote,  suchaction may be taken without a meeting on written consent,  setting forth the action so taken,  signed by the holders of all shares,  orif the Certificate of  Incorporation  so permits,  signed by the holders of outstanding  shares having not less than the minimum numberof votes that would be  necessary  to  authorize  or take such action at a meeting at which all shares  entitled to vote  thereon  werepresent and voted.
Article IIGOVERNING BOARD
          1. FUNCTIONS AND DEFINITIONS. The business of the corporation  shall be managed under the direction of a governing board,  whichis herein  referred to as the “Board of  Directors” or “the Board”  notwithstanding  that the members  thereof may  otherwise  bear thetitles of  trustees,  managers,  or  governors or any other  designated  title,  and  notwithstanding  that only one  director  legallyconstitutes  the Board.  The word  “director” or “directors”  likewise  herein refers to a member or to members of the governing  boardnotwithstanding  the  designation of a different  official  title or titles.  The use of the phrase “entire Board” herein refers to thetotal number of directors which the corporation would have if there were not vacancies.

          2. QUALIFICATIONS  AND NUMBER. Each director shall be at least  eighteen  years of age. A director need not be a shareholder,  acitizen of the United States,  or a resident of the State of New York. The number of directors  constituting  the entire Board shall beat least one. Such number may be fixed from time to time by action of the  shareholders  or of the directors,  or, if the number is notso fixed,  the number shall be three.  The number of directors  may be increased or decreased by action of the  shareholders  or of theBoard,  provided  that any action of the Board to effect such  increase or decrease  shall require the vote of a majority of the entireBoard.  No decrease shall shorten the term of any incumbent director.

          3. ELECTION AND TERM. The first Board of Directors shall be elected by the  incorporator or  incorporators  and shall hold officeuntil the first annual meeting of shareholders  and until their successors have been elected and qualified.  Thereafter,  directors whoare elected at an annual meeting of  shareholders,  and directors who are elected in the interim by the  shareholders to fill vacanciesand newly created  directorships,  shall hold office until the next annual meeting of shareholders and until their successors have beenelected  and  qualified;  and  directors  who are  elected  in the  interim  by the  directors  to fill  vacancies  and  newly  createddirectorships  shall hold office until the next meeting of  shareholders  at which the election of directors is in the regular order ofbusiness and until their  successors  have been elected and qualified.  In the interim  between annual  meetings of  shareholders or ofspecial meetings of shareholders  called for the election of directors,  newly created  directorships and any vacancies in the Board ofDirectors,  including  vacancies  resulting from the removal of directors for cause or without cause,  may be filled by the vote of theremaining directors then in office, although less than a quorum exists.

          4. MEETINGS.

                (a)      Time.   Meetings shall be held at such time as the Board shall fix,  except that the first meeting of a newlyelected Board shall be held as soon after its election as the directors may conveniently assemble.

                (b)      Place.   Meetings  shall be held at such place  within or without  the State of New York as shall be fixed bythe Board.

                (c)      Call.   No call  shall be  required  for  regular  meetings  for which the time and  place  have been  fixed.Special  meetings may be called by or at the direction of the Chairman of the Board, if any, of the President,  or of a majority of thedirectors in office.

                (d)      Notice or actual or  constructive  waiver.   No notice shall be required  for regular  meetings for which thetime and place have been fixed.  Written,  oral, or any other mode of notice of the time and place shall be given for special  meetingsin sufficient  time for the  convenient  assembly of the directors  thereat.  The notice of any meeting need not specify the purpose ofthe meeting.  Any  requirement  of furnishing a notice shall be waived by any director who signs a waiver of notice before or after themeeting, or who attends the meeting without protesting, prior thereto or at its commencement, the lack of notice to him.

                (e)      Quorum and  action.   A majority  of the entire  Board  shall  constitute  a quorum  except when a vacancy orvacancies prevents such a majority,  whereupon a majority of the directors in office shall constitute a quorum,  provided such majorityshall  constitute at least  one-third of the entire Board.  A majority of the  directors  present,  whether or not a quorum is present,may adjourn a meeting to another  time and place.  Except as herein  otherwise  provided,  the action of the Board shall be the action,at a meeting duly  assembled,  by vote of a majority of the  directors  present at the time of the vote, a quorum being present at suchtime.

                Any one or more members of the Board of Directors or of any committee  thereof may  participate  in a meeting of saidBoard or of any  such  committee  by  means of a  conference  telephone  or  similar  communications  equipment  allowing  all  personsparticipating in the meeting to hear each other at the same time, and  participation by such means shall constitute  presence in personat the meeting.

                (f)      Chairman of the meeting.   The Chairman of the Board, if any and if present and acting,  shall preside at allmeetings. Otherwise, the President, if present and acting, or any other director chosen by the Board, shall preside.

           5. REMOVAL OF  DIRECTORS. Any or all of the  directors  may be removed for cause or without  cause by the  shareholders.  One ormore of the directors may be removed for cause by the Board of Directors.

           6. COMMITTEES.  Whenever the Board of Directors shall consist of more than three members,  the Board of Directors,  by resolutionadopted by a majority  of the entire  Board may  designate  from their  number  three or more  directors  to  constitute  an  ExecutiveCommittee and other  committees,  each of which, to the extent  provided in the resolution  designating it, shall have the authority ofthe Board of Directors  with the  exception of any  authority  the  delegation  of which is  prohibited  by Section 712 of the BusinessCorporation Law.

           7. WRITTEN  ACTION.  Any action  required or permitted to be taken by the Board or by any committee  thereof may be taken withouta meeting  if all of the  members  of the Board or of any  committee  thereof  consent  in  writing  to the  adoption  of a  resolutionauthorizing  the action.  The resolution and the written  consents  thereto by the members of the Board or of any such committee  shallbe filed with the minutes of the proceedings of the Board or of any such committee.
Article IIIOFFICERS
           The directors may elect or appoint a Chairman of the Board of Directors, a President, one or more Vice-Presidents,  aSecretary,  one or more  Assistant  Secretaries,  a Treasurer,  one or more Assistant  Treasurers,  and such other officers as they maydetermine.  The  President  may but need not be a director.  Any two or more offices may be held by the same person  except the officesof President and Secretary;  or, when all of the issued and outstanding shares of the corporation are owned by one person,  such personmay hold all or any combination of offices.

           Unless  otherwise  provided in the  resolution of election or  appointment,  each officer shall hold office until themeeting of the Board of Directors  following  the next annual  meeting of  shareholders  and until his  successor  has been elected andqualified.

           Officers shall have the powers and duties defined in the resolutions appointing them.

           The Board of Directors may remove any officer for cause or without cause.
Article IVSTATUTORY NOTICES TO SHAREHOLDERS
           The directors may appoint the  Treasurer or other fiscal  officer  and/or the Secretary or any other officer to causeto be prepared and furnished to shareholders  entitled  thereto any special  financial  notice and/or any financial  statement,  as thecase may be, which may be required by any provision of law, and which,  more  specifically,  may be required by Sections 510, 511, 515,516, 517, 519 and 520 of the Business Corporation Law.
Article VBOOKS AND RECORDS
           The  corporation  shall  keep  correct  and  complete  books and  records of  account  and shall keep  minutes of theproceedings of the  shareholders,  of the Board of Directors,  and/or any committee which the directors may appoint,  and shall keep atthe office of the  corporation in the State of New York or at the office of the transfer  agent or registrar,  if any, in said State, arecord  containing  the names and addresses of all  shareholders,  the number and class of shares held by each, and the dates when theyrespectively  became the owners of record thereof.  Any of the foregoing  books,  minutes,  or records may be in written form or in anyother form capable of being converted into written form within a reasonable time.
Article VICORPORATE SEAL
           The corporate seal, if any, shall be in such form as the Board of Directors shall prescribe.
Article VIIFISCAL YEAR
           The fiscal year of the corporation  shall be fixed, and shall be subject to change from time to time, by the Board ofDirectors.
Article VIIICONTROL OVER BY-LAWS
           The shareholders  entitled to vote in the election of directors,  or the directors upon compliance with any statutoryrequisite,  may amend or repeal the By-Laws and may adopt new By-Laws,  except that the directors may not amend or repeal any By-Law oradopt any new By-Law,  the  statutory  control  over which is vested  exclusively  with said  shareholders  or with the  incorporators.By-Laws adopted by the incorporators or directors may be amended or repealed by said shareholders.
* * * * * * *
          I HEREBY  CERTIFY that the foregoing is a full,  true and correct copy of the By-Laws of PanAgra  International  Corp.,  a NewYork corporation, as in effect on the date hereof.

                WITNESS my hand and the seal of the corporation.

Dated: April 2, 2001
                                                     __________________________________                                                     Ronald C.H. Lui, President
Exhibit 4.2
PANAGRA INTERNATIONAL CORPORATIONREGISTRATION RIGHTS AGREEMENT
          REGISTRATION  RIGHTS AGREEMENT,  dated as of June 22, 2001, among PANAGRA  INTERNATIONAL  CORPORATION,  a New York corporationhaving an address at 1 World Trade  Center,85th  Floor, New York, New York 10048 (the “Company”),  LI CHUQUAN,  an individual having anaddress at Flat D, 4th Floor,  Flokida Mansion,  Nos.9-11 Cleveland Street,  Causeway Bay, Hong Kong (“Mr. Li”) and CHAN KUEN KWONG, anindividual  having an address at 4th Floor,  Tuen Mun Centre Building,  No.12 Yan Ching Street,  Tuen Mun, New  Territories,  Hong Kong(“Mr Chan” and together with Mr. Li, the “Vendors”).
BACKGROUND
          On  April  27,  2001,  the  Company  and its  newly-formed  subsidiary  Minghua  Acquisition  Corp.,  a  Delaware  corporation(“Acquisition  Corp.”),  entered into a stock purchase  agreement (the “Stock  Purchase  Agreement”)  with the Vendors  relating to thepurchase by Acquisition Corp. of all of the outstanding equity interests in Ming Hua Group  International  Holding (Hong Kong) Limited,a  corporation  existing  under the laws of the Hong Kong  Special  Administrative  Region of the Peoples  Republic of China (“Ming HuaGroup International”).

          Pursuant to the Stock Purchase  Agreement,  Acquisition Corp. paid a $1,000,000 deposit to the Vendors and must deliver to theVendors  28,000,000  shares of the  Company’s  Common  Stock at the  closing of the  transactions  contemplated  by the Stock  PurchaseAgreement.  The Company is funding such cash amount and issuing such shares on behalf of  Acquisition  Corp. as a capital  contributionto Acquisition Corp.

          In order to induce the Vendors to sell their equity interests in Ming Hua Group  International  to Acquisition  Corp. and as acondition  precedent to such sale,  the Company  agreed  under the Stock  Purchase  Agreement  to register the Shares  pursuant to thisAgreement.

NOW,  THEREFORE,  in  consideration  of the foregoing and other good and valuable  consideration,  the parties hereto agree asfollows:

          1.       (a)      Demand  Registration.      Promptly after the execution of this  Agreement the Company  shall,  at the Company’ssole cost and expense  prepare and file with the  Securities  and Exchange  Commission  (the  “Commission”)  a  registration  statementsufficient  to permit the resale of all or, if requested  by the  Vendors,  part of the Shares and will use its good faith best effortsthrough its  officers,  directors,  auditors,  and counsel to cause such  registration  statement  to become  effective  as promptly aspracticable.

          (b)   Piggyback  Registration.  In addition to the Company’s  obligations  under Section 1(a) of this  Agreement and not inlimitation  thereof,  the  Company  shall give the Vendors at least 30 days’  prior  written  notice of each filing by the Company of aregistration  statement  (other than a  registration  statement on Form S-4 or Form S-8 or on any  successor  forms  thereto)  with theCommission.  If  requested  by the  Vendors in writing  within 20 days after  receipt of any such  notice,  the Company  shall,  at theCompany’s sole expense (other than the underwriting discounts,  if any, payable in respect of the Shares sold by the Vendor),  registerall or, at Vendor’s option,  any portion of the Shares  concurrently with the registration of such other securities,  all to the extentrequisite to permit the public  offering and sale of the Shares through the securities  exchange,  if any, on which the Common Stock isbeing sold or on the over-the-counter market, and will use its reasonable best efforts through its officers,  directors,  auditors, andcounsel to cause such registration  statement to become effective as promptly as practicable.  If the managing  underwriter of any suchoffering shall determine and advise the Company that, in its opinion,  the  distribution of all or a portion of the Shares requested tobe included in the registration  concurrently  with the securities  being  registered by the Company would materially  adversely affectthe  distribution of such securities by the Company then the Company will include in such  registration  first, the securities that theCompany  proposes  to sell and  second,  the Shares  requested  to be included in such  registration,  to the extent  permitted  by themanaging underwriter.

          (c)   In the event of a registration  pursuant to the provisions of this  Agreement,  the Company shall use its reasonable  bestefforts to cause the Shares so  registered  to be  registered  or  qualified  for sale  under the  securities  or blue sky laws of suchjurisdictions  as the Vendor may  reasonably  request;  provided,  however,  that the  Company  shall not be  required to qualify to dobusiness in any state by reason of this Section 1(c) in which itis not otherwise required to qualify to do business.

          (d)   The Company shall keep effective any  registration  or  qualification  contemplated  by this Section 1 and shall from timeto time amend or supplement each applicable registration statement,  preliminary prospectus,  final prospectus,  application,  documentand  communication  for such  period of time as shall be  required  to permit the Vendor to  complete  the offer and sale of the Sharescovered thereby.

          (e)   In the event of a  registration  pursuant to the  provisions  of this  Agreement,  the Company shall furnish to the Vendorsuch reasonable number of copies of the registration  statement and of each amendment and supplement  thereto (in each case,  includingall exhibits),  of each prospectus  contained in such registration  statement and each supplement or amendment thereto  (including eachpreliminary  prospectus),  all of which shall conform to the  requirements  of the Securities Act of 1933, as amended (the  “SecuritiesAct”) and the rules and  regulations  thereunder,  and such other  documents,  as the Vendor may  reasonably  request to facilitate thedisposition of the Shares included in such registration.

          (f)   The Company shall notify the Vendor  promptly  when such  registration  statement has become  effective or a supplement toany prospectus forming a part of such registration statement has been filed.

          (g)   The Company  shall advise the Vendor  promptly  after it shall receive  notice or obtain  knowledge of the issuance of anystop order by the Commission  suspending the  effectiveness  of such  registration  statement,  or the initiation or threatening of anyproceeding  for that purpose and promptly  use its  reasonable  best efforts to prevent the issuance of any stop order or to obtain itswithdrawal if such stop order should be issued.

          (h)   The Company shall promptly  notify the Vendor at any time when a prospectus  relating  thereto is required to be deliveredunder the  Securities Act of the happening of any event as a result of which the prospectus  included in such  registration  statement,as then in effect,  would  include an untrue  statement  of a material  fact or omit to state any material  fact  required to be statedtherein or necessary to make the  statements  therein not  misleading in the light of the  circumstances  then  existing,  and at the rreasonable  request  of the  Vendor  prepare  and  furnish  to it such  number of copies of a  supplement  to or an  amendment  of suchprospectus as may be necessary so that, as thereafter  delivered to the purchasers of such Shares or securities,  such prospectus shallnot include an untrue  statement  of a material  fact or omit to state a material  fact  required to be stated  therein or necessary tomake the  statements  therein not  misleading in the light of the  circumstances  under which they were made.  The Vendor shall suspendall sales of the Shares upon  receipt of such notice from the Company  and shall not  re-commence  sales until they  receive  copies ofany necessary  amendment or supplement  to such  prospectus,  which shall be delivered to the Vendor within 30 days of the date of suchnotice from the Company.

          (i)   If requested by the underwriter  for any  underwritten  offering of Shares,  the Company and the Vendor will enter into anunderwriting  agreement with such  underwriter for such offering,  which shall be reasonably  satisfactory in substance and form to theCompany,  the Company’s counsel and the Vendor’s counsel,  and the underwriter,  and such agreement shall contain such  representationsand  warranties  by the Company and the Vendor and such other terms and  provisions  as are  customarily  contained in an  underwritingagreement  with  respect to  secondary  distributions  solely by  selling  stockholders,  including,  without  limitation,  indemnitiessubstantially to the effect and to the extent provided in Section 2 of this Agreement.

          (j)   The  Company  agrees  that until all the Shares  have been sold under a  registration  statement  or  pursuant to Rule 144promulgated  under the Securities Act, it shall use its reasonable  best efforts to keep current in filing all reports,  statements andother materials required to be filed with the Commission to permit the Vendor to sell the Shares under Rule 144.

          (k)   The Company  shall furnish to the Vendor and to each  underwriter,  if any, a signed  counterpart,  addressed to the Vendor or eachunderwriter,  of (i) an opinion of counsel to the Company,  dated the  effective  date of such  registration  statement  (and,  if suchregistration  includes an underwritten  public offering,  an opinion dated the date of the closing under the  underwriting  agreement),and (ii) a “cold  comfort”  letter dated the effective  date of such  registration  statement  (and, if such  registration  includes anunderwritten  public  offering,  a letter dated the date of the closing under the  underwriting  agreement)  signed by the  independentpublic accountants who have issued a report on the Company’s  financial  statements  included in such registration  statement,  in eachcase covering  substantially  the same matters with respect to such registration  statement (and the prospectus  included therein) and,in the case of such  accountants’  letter,  with  respect  to  events  subsequent  to the  date of such  financial  statements,  as arecustomarily  covered in opinions of issuer’s  counsel and in accountants’  letters  delivered to  underwriters  in underwritten  publicofferings of  securities  provided,  however,  that the terms of this Section  1(k) shall not apply if the Shares are  registered  in a“piggyback” registration in which the party seeking registration does not receive an opinion of counsel or a “cold comfort letter.”

          2.      Indemnification.

          (a)   Subject to the  conditions  set forth  below,  the Company  agrees to  indemnify  and hold  harmless  the  Vendor,  theirofficers,  directors,  employees,  agents,  and counsel,  and each person,  if any, who controls any such person  within the meaning ofSection 15 of the Securities  Act or Section 20(a) of the  Securities  and Exchange Act of 1934, as amended (the  “Exchange  Act”) fromand against any and all loss,  liability,  charge, claim, damage, and expense whatsoever (which shall include, for all purposes of thisSection  2,  but not be  limited  to,  attorneys’  fees and any and all  reasonable  expenses  whatsoever  incurred  in  investigating,preparing,  or defending  against any litigation,  commenced or threatened,  or any claim  whatsoever,  and any and all amounts paid insettlement  of any claim or  litigation)  as and when  incurred,  arising out of,  based  upon,  or in  connection  with (i) any untruestatement or alleged untrue  statement of a material fact  contained (A) in any  registration  statement,  preliminary  prospectus,  orfinal prospectus (as from time to time amended and  supplemented) or any amendment or supplement  thereto,  relating to the sale of anyof the Shares or (B) in any application or other document or  communication  (in this Section 2 collectively  called an  “application”)executed  by or on behalf of the  Company or based upon  written  information  furnished  by or on behalf of the  Company  filed in anyjurisdiction  in order to  register  or  qualify  any of the Shares  under the  securities  or blue sky laws  thereof or filed with theCommission or any securities  exchange;  or any omission or alleged  omission to state a material fact required to be stated therein ornecessary to make the statements  made therein not  misleading,  unless (x) such statement or omission was made in reliance upon and inconformity  with written  information  furnished to the Company with respect to the Vendor by or on behalf of the Vendor  expressly forinclusion in any registration  statement,  preliminary prospectus,  or final prospectus,  or any amendment or supplement thereto, or inany application,  as the case may be, or (y) such loss, liability,  charge, claim, damage or expense arises out of the Vendor’s failureto comply with the terms and provisions of this Agreement, or (ii) any breach of any representation,  warranty,  covenant, or agreementof the Company  contained in this  Agreement.  The foregoing  agreement to indemnify  shall be in addition to any liability the Companymay otherwise have, including liabilities arising under this Agreement.

          If any action is brought  against the Vendor or any of their  officers,  directors,  employees,  agents,  or  counsel,  or anycontrolling  persons of such person (an  “indemnified  party”) in respect of which indemnity may be sought against the Company pursuantto the foregoing  paragraph,  such indemnified party or parties shall promptly notify the Company in writing of the institution of suchaction (but the failure so to notify shall not relieve the Company from any  liability  other than  pursuant to this Section  2(a)) andthe Company shall promptly  assume the defense of such action,  including the employment of counsel  (reasonably  satisfactory  to suchindemnified  party or parties)  provided that the indemnified party shall have the right to employ its or their own counsel in any suchcase, but the fees and expenses of such counsel shall be at the expense of such  indemnified  party or parties unless the employment ofsuch counsel shall have been  authorized  in writing by the Company in connection  with the defense of such action or the Company shallnot have promptly employed counsel  reasonably  satisfactory to such indemnified party or parties to have charge of the defense of suchaction or such indemnified party or parties shall have reasonably  concluded that there may be one or more legal defenses  available toit or them or to other  indemnified  parties which are different from or additional to those available to the Company,  in any of whichevents such fees and  expenses  shall be borne by the  Company  and the Company  shall not have the right to direct the defense of suchaction on behalf of the indemnified party or parties.  Anything in this Section 2 to the contrary not  withstanding,  the Company shallnot be liable for any settlement of any such claim or action  effected  without its written  consent,  which shall not be  unreasonablywithheld.  The Company shall not,  without the prior  written  consent of each  indemnified  party that is not released as described inthis  sentence,  settle or  compromise  any action,  or permit a default or consent to the entry of judgment  in or  otherwise  seek toterminate any pending or threatened  action,  in respect of which  indemnity may be sought  hereunder  (whether or not any  indemnifiedparty is a party thereto)  unless such  settlement,  compromise,  consent,  or termination  includes an  unconditional  release of eachindemnified  party from all liability in respect of such action.  The Company agrees promptly to notify the Vendor of the  commencementof any litigation or proceedings  against the Company or any of its officers or directors in connection  with the sale of any Shares orany preliminary  prospectus,  prospectus,  registration  statement,  or amendment or supplement thereto, or any application relating toany sale of any Shares.

          (b)   The Vendor,  jointly and severally,  agrees to indemnify and hold harmless the Company, each director of the Company, eachofficer of the Company who shall have signed any  registration  statement  covering  Shares held by the Vendor,  each other person,  ifany, who controls the Company  within the meaning of Section 15 of the  Securities Act or Section 20(a) of the Exchange Act, and its ortheir respective  counsel,  to the same extent as the foregoing  indemnity from the Company to The Vendor in Section 2(a) but only withrespect to statements or omissions,  if any, made in any registration statement,  preliminary prospectus,  or final prospectus (as fromtime to time  amended and  supplemented)  or any  amendment or  supplement  thereto,  or in any  application,  in reliance  upon and inconformity  with written  information  furnished to the Company  with  respect to the Vendor by or on behalf of Vendor,  expressly  forinclusion in any such registration statement,  preliminary prospectus,  or final prospectus, or any amendment or supplement thereto, orin any  application,  as the case may be. If any action shall be brought  against the Company or any other person so indemnified  basedon any such registration  statement,  preliminary  prospectus,  or final prospectus,  or any amendment or supplement thereto, or in anyapplication,  and in respect of which indemnity may be sought against the Vendor  pursuant to this Section 2(b),  Vendor shall have therights and duties given to the Company,  and the Company and each other  person so  indemnified  shall have the rights and duties givento the indemnified parties, by the provisions of Section 2(a).

          (c)   To provide for just and equitable  contribution,  if (i) an indemnified party makes a claim for  indemnification  pursuantto Section  2(a) or 2(b)  (subject  to the  limitations  thereof)  but it is found in a final  judicial  determination,  not subject tofurther  appeal,  that such  indemnification  may not be enforced  in such case,  even though this  Agreement  expressly  provides  forindemnification  in such case, or (ii) any indemnified or indemnifying  party seeks contribution under the Securities Act, the ExchangeAct or other wise, then the Company  (including for this purpose any contribution  made by or on behalf of any director of the Company,any officer of the  Company  who signed any such  registration  statement,  any  controlling  person of the  Company,  and its or theirrespective  counsel) as one entity,  and the Vendor  (including  for this purpose any  contribution  by or on behalf of an  indemnifiedparty) as a second entity, shall contribute to the losses,  liabilities,  claims, damages, and expenses whatsoever to which any of themmay be  subject,  on the basis of  relevant  equitable  considerations  such as the  relative  fault of the  Company  and the Vendor inconnection with the facts which resulted in such losses,  liabilities,  claims,  damages, and expenses. The relative fault, in the caseof an untrue statement,  alleged untrue statement,  omission,  or alleged omission shall be determined by, among other things,  whethersuch statement,  alleged statement,  omission or alleged omission relates to information  supplied by the Company or by the Vendor, andthe parties’  relative  intent,  knowledge,  access to  information,  and  opportunity  to correct or prevent such  statement,  allegedstatement,  omission,  or alleged omission.  The Company and the Vendor agree that it would be unjust and inequitable if the respectiveobligations  of the Company and the Vendor for  contribution  were  determined  by pro rata or per capita  allocation  of the aggregatelosses,  liabilities,  claims,  damages,  and expenses (even if the Vendor and the other indemnified parties were treated as one entityfor such purpose) or by any other method of allocation that does not reflect the equitable  considerations  referred to in this Section2(c).  No person  guilty of a  fraudulent  misrepresentation  (within  the  meaning of Section  11(f) of the  Securities  Act) shall beentitled to  contribution  from any person who is not guilty of such  fraudulent  misrepresentation.  For purposes of this Section 2(c)each person,  if any, who controls the Vendor within the meaning of Section 15 of the  Securities  Act or Section 20(a) of the ExchangeAct and each  officer,  director,  partner,  employee,  agent,  and counsel of Vendor or control  person  shall have the same rights tocontribution  as Vendor and each person,  if any, who controls the Company  within the meaning of Section 15 of the  Securities  Act orSection  20(a) of the Exchange Act, each officer of the Company who shall have signed any such  registration  statement,  each directorof the Company,  and its or their  respective  counsel shall have the same rights to contribution as the Company,  subject to each caseto the  provisions of this Section 2(c).  Anything in this Section 2(c) to the contrary  notwithstanding,  no party shall be liable forcontribution  with  respect to the  settlement  of any claim or action  effected  without its written  consent.  This  Section  2(c) isintended to supersede any right to contribution under the Securities Act, the Exchange Act or otherwise.

          3. Miscellaneous.

          (a)   Remedies.  In the event of a breach by the Company of its  obligations  under this Agreement,  the Vendor,  in addition tobeing  entitled to exercise all rights  granted by law,  including  recovery of damages,  will be entitled to specific  performance  oftheir rights under this Agreement.

          (b)   Agreements  and Waivers.  The  provisions of this  Agreement,  including  the  provisions  of this  sentence,  may not beamended, modified or supplemented, unless such amendment, modification or supplement is in writing and signed by the parties hereto.

          (c)   Notices.  All  notices  and  other  communications  provided  for or  permitted  hereunder  shall be made in  writing  byhand-delivery,  registered  first-class  mail,  telex,  or  telecopies,  initially  to the  address  set forth in the  preamble to thisAgreement,  and thereafter at such other address,  notice of which is given in accordance with the provisions of this Section 3(c). Allsuch notices and communications shall be deemed to have been duly given when delivered by hand, if personally  delivered;  two businessdays after being deposited in the mail, postage prepaid, if mailed;  when answered back, if telexed;  and when receipt is acknowledged,if telecopied.

          (d)   Successors and Assigns.  This  Agreement  shall inure to the benefit of and be binding upon the successors and assigns ofeach of the parties.

          (e)   Counterparts;  Facsimile  Execution.  This  Agreement  may be executed in any number of  counterparts  and by the partieshereto in separate  counterparts,  each of which when so executed  shall be deemed to be an  original  and all of which taken  togethershall  constitute one and the same agreement.  Facsimile  execution and delivery of this Agreement is legal,  valid and binding for allpurposes.

          (f)   Headings.  The  headings in this  Agreement  are for  convenience  of  references  only and shall not limit or  otherwiseaffect the meaning hereof.

          (g)   Governing  Law.  This  Agreement  shall be governed by and construed in accordance  with the laws of the State of New Yorkwithout reference to its conflicts of law provisions.

          (h)   Severability.  In the event that any one or more of the provisions  contained  herein,  or the application  hereof in anycircumstance is held invalid,  illegal or  unenforceable,  the validity,  legality and  enforceability  of any such provisions in everyother respect and of the remaining provisions contained herein shall not be affected or impaired thereby.

          (i)   Entire  Agreement.  This  Agreement is intended by the parties as a final  expression  of their  agreement and intended tobe a complete and  exclusive  statement of this  agreement and  understanding  of the parties  hereto in respect of the subject  mattercontained herein. There are no restrictions,  promises,  warranties or undertakings,  other than those set forth or referred to herein,concerning the registration rights granted by the Company pursuant to this Agreement.

[signature page follows]

          IN WITNESS  WHEREOF,  the parties have caused this  Registration  Rights Agreement to be executed as of the date first writtenabove.
                           PANAGRA INTERNATIONAL CORPORATION                           By:____________________________________                               Name:  Ronald C. H. Lui                               Title:  Chief Executive Officer, President and Secretary                           _______________________________________                           LI CHUQUAN                           _______________________________________                           CHAN KUEN KWONG
Exhibit 4.3
PANAGRA INTERNATIONAL CORPORATIONREGISTRATION RIGHTS AGREEMENT         REGISTRATION RIGHTS AGREEMENT,  dated as of July 23, 2001, among PANAGRA INTERNATIONAL  CORPORATION, a NewYork  corporation  having an address at 1 World Trade  Center,85th  Floor, New York, New York 10048 (the “Company”)and each person who signs a joinder  agreement in the form of Exhibit A to this  Agreement  (each an “Investor” andcollectively, the “Investors”).BACKGROUND         The  Investors are  purchasing  shares of the Company’s  Common Stock,  $.01 par value per share  (“CommonStock”),  in connection with the Company’s private  placement (the “Private  Placement”) of up to 15,000,000 shares(the  “Shares”) of Common Stock under  Regulation D and Regulation S of the Securities Act of 1933, as amended (the“Securities  Act”),  which  Private  Placement is closing on the date hereof.  In order to induce the  Investors topurchase  shares  of  Common  Stock in the  Private  Placement,  the  Company  is  granting  to the  Investors  theregistration rights set forth in this Agreement.         NOW, THEREFORE, in consideration of the foregoing and other good and valuable  consideration,  the partieshereto agree as follows:         1.       (a)      Demand  Registration.  Promptly  after  the  execution  of this  Agreement  the  Companyshall,  at the Company’s sole cost and expense  prepare and file with the Securities and Exchange  Commission  (the“Commission”)  a registration  statement  sufficient to permit the resale of all or, if requested by the Investors,part of the  Shares and will use its good faith  best  efforts  through  its  officers,  directors,  auditors,  andcounsel to cause such registration statement to become effective as promptly as practicable.         (b)      Piggyback  Registration.  In addition to the  Company’s  obligations  under  Section 1(a) of thisAgreement  and not in  limitation  thereof,  the Company  shall give the  Investors at least 30 days’ prior writtennotice of each filing by the Company of a registration  statement (other than a registration  statement on Form S-4or Form S-8 or on any  successor  forms  thereto)  with the  Commission.  If requested by the  Investors in writingwithin 20 days after receipt of any such notice,  the Company shall,  at the Company’s sole expense (other than theunderwriting  discounts,  if any,  payable  in  respect of the Shares  sold by an  Investor),  register  all or, atInvestor’s  option, any portion of the Shares  concurrently with the registration of such other securities,  all tothe extent  requisite to permit the public  offering and sale of the Shares  through the  securities  exchange,  ifany, on which the Common Stock is being sold or on the  over-the-counter  market,  and will use its reasonable bestefforts  through its officers,  directors,  auditors,  and counsel to cause such  registration  statement to becomeeffective  as promptly as  practicable.  If the managing  underwriter  of any such  offering  shall  determine  andadvise the Company  that,  in its  opinion,  the  distribution  of all or a portion of the Shares  requested  to beincluded in the  registration  concurrently  with the securities  being  registered by the Company would materiallyadversely  affect the  distribution  of such  securities  by the  Company  then the  Company  will  include in suchregistration  first,  the  securities  that the Company  proposes to sell and second,  the Shares  requested  to beincluded in such registration, to the extent permitted by the managing underwriter.         (c) In the event of a  registration  pursuant to the provisions of this  Agreement,  the Company shall useits  reasonable  best efforts to cause the Shares so  registered  to be  registered or qualified for sale under thesecurities or blue sky laws of such jurisdictions as the Investor may reasonably request;  provided,  however, thatthe Company  shall not be required to qualify to do business in any state by reason of this  Section  1(c) in whichitis not otherwise required to qualify to do business.         (d) The Company shall keep effective any  registration  or  qualification  contemplated  by this Section 1and shall from time to time amend or supplement each applicable  registration  statement,  preliminary  prospectus,final  prospectus,  application,  document and communication for such period of time as shall be required to permitthe Investors to complete the offer and sale of the Shares covered thereby.         (e) In the event of a  registration  pursuant to the  provisions  of this  Agreement,  the  Company  shallfurnish to the Investors such reasonable  number of copies of the registration  statement and of each amendment andsupplement  thereto (in each case,  including all  exhibits),  of each  prospectus  contained in such  registrationstatement and each supplement or amendment  thereto  (including each  preliminary  prospectus),  all of which shallconform  to the  requirements  of the  Securities  Act and the rules and  regulations  thereunder,  and such  otherdocuments,  as the Investors may reasonably  request to facilitate the  disposition of the Shares  included in suchregistration.         (f) The  Company  shall  notify  the  Investors  promptly  when such  registration  statement  has  becomeeffective or a supplement to any prospectus forming a part of such registration statement has been filed.         (g) The Company shall advise the Investors  promptly  after it shall  receive  notice or obtain  knowledgeof the issuance of any stop order by the Commission  suspending the effectiveness of such  registration  statement,or the initiation or  threatening  of any proceeding for that purpose and promptly use its reasonable  best effortsto prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued.         (h) The Company  shall  promptly  notify the Investors at any time when a prospectus  relating  thereto isrequired  to be  delivered  under  the  Securities  Act of the  happening  of any  event as a result  of which  theprospectus  included in such  registration  statement,  as then in effect,  would include an untrue  statement of amaterial  fact or omit to  state  any  material  fact  required  to be  stated  therein  or  necessary  to make thestatements  therein not misleading in the light of the circumstances  then existing,  and at the reasonable requestof the  Investors  prepare and  furnish to it such  number of copies of a  supplement  to or an  amendment  of suchprospectus  as may be necessary so that, as thereafter  delivered to the  purchasers of such Shares or  securities,such  prospectus  shall not  include  an untrue  statement  of a  material  fact or omit to state a  material  factrequired to be stated  therein or  necessary  to make the  statements  therein not  misleading  in the light of thecircumstances  under which they were made.  The  Investors  shall  suspend all sales of the Shares upon  receipt ofsuch notice from the Company and shall not re-commence  sales until they receive copies of any necessary  amendmentor supplement  to such  prospectus,  which shall be delivered to the  Investors  within 30 days of the date of suchnotice from the Company.         (i) If  requested  by the  underwriter  for any  underwritten  offering  of Shares,  the  Company  and theInvestors  will enter into an  underwriting  agreement  with such  underwriter  for such  offering,  which shall bereasonably  satisfactory in substance and form to the Company,  the Company’s  counsel and the Investors’  counsel,and the underwriter,  and such agreement shall contain such  representations  and warranties by the Company and theInvestors and such other terms and  provisions  as are  customarily  contained in an  underwriting  agreement  withrespect to secondary  distributions  solely by selling  stockholders,  including,  without limitation,  indemnitiessubstantially to the effect and to the extent provided in Section 2 of this Agreement.         (j) The  Company  agrees  that  until all the  Shares  have been sold under a  registration  statement  orpursuant to Rule 144  promulgated  under the  Securities  Act,  it shall use its  reasonable  best  efforts to keepcurrent in filing all reports,  statements and other  materials  required to be filed with the Commission to permitthe Investors to sell the Shares under Rule 144.         (k) The Company  shall furnish to the Investors  and to each  underwriter,  if any, a signed  counterpart,addressed to the Investors or each  underwriter,  of (i) an opinion of counsel to the Company,  dated the effectivedate of such  registration  statement (and, if such  registration  includes an  underwritten  public  offering,  anopinion dated the date of the closing under the  underwriting  agreement),  and (ii) a “cold comfort”  letter datedthe effective date of such  registration  statement  (and, if such  registration  includes an  underwritten  publicoffering,  a letter  dated the date of the closing  under the  underwriting  agreement)  signed by the  independentpublic  accountants who have issued a report on the Company’s  financial  statements  included in such registrationstatement,  in each case covering  substantially the same matters with respect to such registration  statement (andthe prospectus  included therein) and, in the case of such accountants’  letter,  with respect to events subsequentto the date of such  financial  statements,  as are  customarily  covered in opinions  of  issuer’s  counsel and inaccountants’  letters delivered to underwriters in underwritten public offerings of securities  provided,  however,that the terms of this Section 1(k) shall not apply if the Shares are registered in a “piggyback”  registration  inwhich the party seeking registration does not receive an opinion of counsel or a “cold comfort letter.”         2.       Indemnification.         (a) Subject to the  conditions  set forth below,  the Company  agrees to indemnify  and hold  harmless theInvestors,  their officers,  directors,  employees,  agents, and counsel, and each person, if any, who controls anysuch  person  within the  meaning  of Section 15 of the  Securities  Act or  Section  20(a) of the  Securities  andExchange  Act of 1934,  as amended  (the  “Exchange  Act”) from and  against any and all loss,  liability,  charge,claim,  damage,  and expense  whatsoever  (which  shall  include,  for all  purposes of this  Section 2, but not belimited to, attorneys’ fees and any and all reasonable expenses  whatsoever  incurred in investigating,  preparing,or defending  against any litigation,  commenced or threatened,  or any claim  whatsoever,  and any and all amountspaid in settlement of any claim or litigation)  as and when incurred,  arising out of, based upon, or in connectionwith (i) any untrue  statement or alleged  untrue  statement of a material fact  contained (A) in any  registrationstatement,  preliminary  prospectus,  or final  prospectus (as from time to time amended and  supplemented)  or anyamendment  or  supplement  thereto,  relating to the sale of any of the Shares or (B) in any  application  or otherdocument or  communication  (in this Section 2 collectively  called an  “application”)  executed by or on behalf ofthe Company or based upon written  information  furnished by or on behalf of the Company filed in any  jurisdictionin order to register or qualify any of the Shares under the  securities  or blue sky laws thereof or filed with theCommission or any  securities  exchange;  or any omission or alleged  omission to state a material fact required tobe stated therein or necessary to make the  statements  made therein not  misleading,  unless (x) such statement oromission  was made in reliance  upon and in  conformity  with  written  information  furnished  to the Company withrespect to the Investor by or on behalf of the Investor  expressly  for  inclusion in any  registration  statement,preliminary  prospectus,  or final prospectus,  or any amendment or supplement thereto,  or in any application,  asthe case may be, or (y) such  loss,  liability,  charge,  claim,  damage or expense  arises  out of the  Investor’sfailure to comply  with the terms and  provisions  of this  Agreement,  or (ii) any  breach of any  representation,warranty,  covenant,  or  agreement  of the  Company  contained  in this  Agreement.  The  foregoing  agreement  toindemnify  shall be in addition to any liability  the Company may otherwise  have,  including  liabilities  arisingunder this Agreement.         If any action is brought against the Investors or any of their  officers,  directors,  employees,  agents,or counsel,  or any controlling  persons of such person (an “indemnified  party”) in respect of which indemnity maybe sought  against the  Company  pursuant to the  foregoing  paragraph,  such  indemnified  party or parties  shallpromptly  notify the Company in writing of the  institution  of such action (but the failure so to notify shall notrelieve the Company from any liability  other than  pursuant to this Section  2(a)) and the Company shall  promptlyassume  the  defense  of such  action,  including  the  employment  of  counsel  (reasonably  satisfactory  to suchindemnified  party or parties)  provided that the indemnified party shall have the right to employ its or their owncounsel in any such case,  but the fees and  expenses of such counsel  shall be at the expense of such  indemnifiedparty or parties  unless the  employment  of such counsel  shall have been  authorized in writing by the Company inconnection  with the defense of such action or the Company  shall not have  promptly  employed  counsel  reasonablysatisfactory  to such  indemnified  party  or  parties  to have  charge  of the  defense  of  such  action  or suchindemnified  party or  parties  shall  have  reasonably  concluded  that  there may be one or more  legal  defensesavailable to it or them or to other  indemnified  parties which are different from or additional to those availableto the Company,  in any of which events such fees and expenses  shall be borne by the Company and the Company shallnot have the right to direct the defense of such  action on behalf of the  indemnified  party or parties.  Anythingin this Section 2 to the contrary  not  withstanding,  the Company  shall not be liable for any  settlement  of anysuch claim or action effected without its written consent,  which shall not be unreasonably  withheld.  The Companyshall not,  without the prior written consent of each  indemnified  party that is not released as described in thissentence,  settle or  compromise  any  action,  or permit a  default  or  consent  to the entry of  judgment  in orotherwise  seek to  terminate  any  pending or  threatened  action,  in respect  of which  indemnity  may be soughthereunder  (whether or not any indemnified party is a party thereto) unless such settlement,  compromise,  consent,or termination  includes an unconditional  release of each indemnified  party from all liability in respect of suchaction.  The Company agrees  promptly to notify the Investor of the  commencement  of any litigation or proceedingsagainst  the  Company  or any of its  officers  or  directors  in  connection  with the sale of any  Shares  or anypreliminary  prospectus,   prospectus,   registration  statement,  or  amendment  or  supplement  thereto,  or  anyapplication relating to any sale of any Shares.         (b) The  Investors,  jointly and  severally,  agree to  indemnify  and hold  harmless  the  Company,  eachdirector of the Company,  each  officer of the Company who shall have signed any  registration  statement  coveringShares held by the Investor,  each other person,  if any, who controls the Company within the meaning of Section 15of the  Securities  Act or Section  20(a) of the Exchange  Act, and its or their  respective  counsel,  to the sameextent as the  foregoing  indemnity  from the Company to the  Investors  in Section  2(a) but only with  respect tostatements or omissions,  if any, made in any registration statement,  preliminary prospectus,  or final prospectus(as from time to time amended and supplemented) or any amendment or supplement thereto,  or in any application,  inreliance upon and in  conformity  with written  information  furnished to the Company with respect to the Investorsby or on behalf of Investors,  expressly for inclusion in any such registration statement,  preliminary prospectus,or final  prospectus,  or any amendment or supplement  thereto,  or in any application,  as the case may be. If anyaction  shall be brought  against the Company or any other  person so  indemnified  based on any such  registrationstatement,  preliminary  prospectus,  or final  prospectus,  or any  amendment  or  supplement  thereto,  or in anyapplication,  and in respect of which indemnity may be sought against the Investors  pursuant to this Section 2(b),the  Investors  shall have the rights and duties  given to the  Company,  and the Company and each other  person soindemnified shall have the rights and duties given to the indemnified parties, by the provisions of Section 2(a).         (c) To  provide  for just and  equitable  contribution,  if (i) an  indemnified  party  makes a claim  forindemnification  pursuant to Section 2(a) or 2(b) (subject to the  limitations  thereof) but it is found in a finaljudicial  determination,  not  subject to further  appeal,  that such  indemnification  may not be enforced in suchcase, even though this Agreement  expressly  provides for  indemnification in such case, or (ii) any indemnified orindemnifying  party seeks  contribution  under the Securities Act, the Exchange Act or other wise, then the Company(including for this purpose any  contribution  made by or on behalf of any director of the Company,  any officer ofthe Company who signed any such registration  statement,  any controlling  person of the Company,  and its or theirrespective  counsel) as one entity, and the Investors  (including for this purpose any contribution by or on behalfof an indemnified party) as a second entity,  shall contribute to the losses,  liabilities,  claims,  damages,  andexpenses  whatsoever to which any of them may be subject,  on the basis of relevant equitable  considerations  suchas the  relative  fault of the Company  and the  Investors  in  connection  with the facts  which  resulted in suchlosses,  liabilities,  claims,  damages,  and expenses.  The relative  fault,  in the case of an untrue  statement,alleged untrue statement,  omission,  or alleged omission shall be determined by, among other things,  whether suchstatement,  alleged  statement,  omission or alleged omission relates to information  supplied by the Company or bythe Investor,  and the parties’ relative intent,  knowledge,  access to information,  and opportunity to correct orprevent such  statement,  alleged  statement,  omission,  or alleged  omission.  The Company and the Investor agreethat it would be unjust and  inequitable  if the  respective  obligations  of the  Company  and the  Investors  forcontribution  were determined by pro rata or per capita allocation of the aggregate  losses,  liabilities,  claims,damages,  and expenses (even if the Investor and the other indemnified  parties were treated as one entity for suchpurpose) or by any other method of  allocation  that does not reflect the equitable  considerations  referred to inthis Section  2(c).  No person  guilty of a fraudulent  misrepresentation  (within the meaning of Section  11(f) ofthe  Securities  Act) shall be  entitled  to  contribution  from any  person  who is not guilty of such  fraudulentmisrepresentation.  For purposes of this Section  2(c) each  person,  if any, who controls the Investor  within themeaning of Section 15 of the  Securities  Act or Section  20(a) of the  Exchange  Act and each  officer,  director,partner,  employee,  agent, and counsel of Investor or control person shall have the same rights to contribution asInvestor and each person,  if any, who controls the Company  within the meaning of Section 15 of the Securities Actor Section  20(a) of the  Exchange  Act,  each  officer of the Company who shall have signed any such  registrationstatement,  each  director  of the  Company,  and its or their  respective  counsel  shall have the same  rights tocontribution  as the  Company,  subject to each case to the  provisions  of this  Section  2(c).  Anything  in thisSection  2(c) to the  contrary  notwithstanding,  no party  shall be liable for  contribution  with  respect to thesettlement  of any claim or action  effected  without  its  written  consent.  This  Section  2(c) is  intended  tosupersede any right to contribution under the Securities Act, the Exchange Act or otherwise.         3.  Miscellaneous.         (a)  Remedies.  In the event of a breach by the  Company  of its  obligations  under this  Agreement,  theInvestor,  in addition to being  entitled to exercise  all rights  granted by law,  including  recovery of damages,will be entitled to specific performance of their rights under this Agreement.         (b)  Agreements  and  Waivers.  The  provisions  of  this  Agreement,  including  the  provisions  of thissentence,  may not be amended,  modified or supplemented,  unless such amendment,  modification or supplement is inwriting and signed by the Company and Investors holding a majority of the Shares.         (c) Notices.  All notices and other  communications  provided for or permitted  hereunder shall be made inwriting by hand-delivery,  registered  first-class  mail, telex, or telecopies,  initially to the address set forthin the  preamble  to this  Agreement  in the case of the  Company  and to the  address  set  forth  in the  joindersignature  page in the case of the  Investor,  and  thereafter at such other  address,  notice of which is given inaccordance  with the provisions of this Section 3(c). All such notices and  communications  shall be deemed to havebeen duly given when  delivered by hand, if personally  delivered;  two business days after being  deposited in themail, postage prepaid, if mailed; when answered back, if telexed; and when receipt is acknowledged, if telecopied.         (d)  Successors  and  Assigns.  This  Agreement  shall  inure to the  benefit of and be  binding  upon thesuccessors and assigns of each of the parties.         (e)  Counterparts;  Facsimile  Execution.  This  Agreement  may be executed in any number of  counterpartsand by the  parties  hereto in  separate  counterparts,  each of which  when so  executed  shall be deemed to be anoriginal and all of which taken  together  shall  constitute one and the same  agreement.  Facsimile  execution anddelivery of this Agreement is legal, valid and binding for all purposes.         (f)  Headings.  The  headings in this  Agreement  are for  convenience  of  references  only and shall notlimit or otherwise affect the meaning hereof.         (g) Governing  Law.  This  Agreement  shall be governed by and  construed in  accordance  with the laws ofthe State of New York without reference to its conflicts of law provisions.         (h)  Severability.  In the  event  that  any  one or  more  of the  provisions  contained  herein,  or theapplication  hereof in any  circumstance  is held invalid,  illegal or  unenforceable,  the validity,  legality andenforceability  of any such  provisions  in every other respect and of the remaining  provisions  contained  hereinshall not be affected or impaired thereby.         (i)  Entire  Agreement.  This  Agreement  is  intended  by the  parties  as a final  expression  of  theiragreement  and intended to be a complete  and  exclusive  statement  of this  agreement  and  understanding  of theparties  hereto  in  respect  of  the  subject  matter  contained  herein.  There  are no  restrictions,  promises,warranties or undertakings,  other than those set forth or referred to herein,  concerning the registration  rightsgranted by the Company pursuant to this Agreement.                                             [signature page follows]         IN WITNESS WHEREOF,  the parties have caused this  Registration  Rights Agreement to be executed as of thedate first written above.                           PANAGRA INTERNATIONAL CORPORATION                           By:____________________________________                               Name:  Ronald C. H. Lui                               Title:  Chief Executive Officer, President and Secretary                                                                                                          Exhibit A                                         PANAGRA INTERNATIONAL CORPORATION                                       REGISTRATION RIGHTS JOINDER AGREEMENT         By executing this page in the space provided,  the undersigned  hereby agrees (i) that it is an “Investor”as defined in the Registration Rights Agreement,  dated ____________,  2001 (as amended,  supplemented or otherwisemodified,  the  “Registration  Rights  Agreement”),  among the undersigned  and others who sign joinder  agreementssubstantially  similar to this joinder  agreement and PanAgra  International  Corporation,  a New York  corporation(the “Company”),  (ii) that it is a party to the  Registration  Rights Agreement for all purposes and (iii) that itis bound by all of the terms and conditions of the Registration Rights Agreement.         EXECUTED this _______ day of ____________, 2001.Number of Shares                                                         Print Name and Address Above-------------------------------------------------------------------------------------------------------------------                                                     For Individuals:                                                     _________________________________                                                     Sign name above                                                     For Entities:                                                     _________________________________                                                     Print name of entity above                                                     By: ______________________________                                                          Name:                                                          Title:
Exhibit 4.4
PANAGRA INTERNATIONAL CORPORATION
**REGULATION D SUBSCRIPTION AGREEMENT**(Domestic Subscribers)

              , 2001
  Name and Address of Subscriber  Amount of Investment                                 $                                                                                                                                Number of Shares Purchased                                                                                                                                Board of Directors ofPanAgra International CorporationGentlemen:         1.       Subscription.  The  undersigned  hereby  executes and delivers this  Subscription  Agreement (the“Subscription  Agreement”)  and subscribes  for and agrees to purchase the number of shares of Common Stock,  $0.01par value per share (the “Shares”) of PanAgra  International  Corporation,  a New York  corporation (the “Company”)listed in the box above  under the caption  “Number of Shares  Purchased”,  at a purchase  price of $2.00 per Sharefor an  aggregate  subscription  price equal to the amount  listed in the box above  under the  caption  “Amount ofInvestment”  and encloses a check payable to PanAgra  International  Corporation  for such aggregate  amount all inaccordance with the terms of this Subscription Agreement.         2.       Subscription   Instruments.   The   undersigned  is  delivering  to  the  Company  the  followinginstruments  with  respect  to  the  Shares  (such  instruments   hereinafter   collectively  referred  to  as  the“Subscription Instruments”), all of which have been duly completed and executed by the undersigned:                  (a)      A check in the aggregate  amount of the sales price per Share ($2.00)  multiplied by thenumber of Shares to be purchased made payable to PanAgra International Corporation;                  (b)      One copy of this Subscription Agreement;                  (c)      One copy of the investor questionnaire; and                  (d)      One copy of the joinder page to the registration rights agreement.         3.       Acceptance or Rejection of Subscription. The undersigned understands and agrees that:                  (a)      the Company reserves the right to reject this  subscription for the Shares,  in whole orin part, and at any time prior to acceptance;                  (b)      if this  subscription  is rejected the  Subscription  Instruments,  including  the checkenclosed  herewith,  will be promptly  returned to the  undersigned and this  Subscription  Agreement shall have noforce or effect;                  (c)      although  the  Company is seeking to raise  $30,000,000  in this  offering,  there is nominimum number of Shares being sold in this  offering.  Therefore,  the  undersigned is investing in Shares withoutassurance of any additional investors whatsoever; and                  (d)      the Shares being  offered  hereby are being  offered and sold by the Company  which willreceive the proceeds from the sale of the Shares.         4.       Representations  and Warranties.  In connection with the  undersigned’s  purchase of Shares,  theundersigned hereby represents and warrants as follows:                  (a)      The  undersigned is an “Accredited  Investor” (as such term is defined in Rule 501(a) ofRegulation D of the Securities Act of 1933).  The  undersigned  understands  the business in which the Company willbe engaged and has such  knowledge and  experience in financial and business  matters that he, she or it is capableof  evaluating  the merits and risks of an  investment  in the Company and making an informed  investment  decisionwith respect  thereto.  The  undersigned  has obtained  sufficient  information to evaluate the merits and risks ofthe  investment  and to make such a decision.  The  undersigned  has  received  and  reviewed a copy of the privateplacement  memorandum,  dated July 2001 (the “Private  Placement  Memorandum”),  and the  undersigned  has reviewedcopies of the reports  filed by the Company  with the  Securities  and  Exchange  Commission  under the  SecuritiesExchange Act of 1934.                  (b)      The  undersigned  has had  access to all  documents,  records  and books of the  Companypertaining to this  investment.  Additionally,  the  undersigned has been provided the opportunity to ask questionsand receive  answers  concerning the terms and conditions of the offering and to obtain any additional  informationwhich the  Company  possesses,  or can acquire  without  unreasonable  effort or  expense,  that is relevant to theundersigned's investment decision.                  (c)      The  undersigned  (i) has adequate  means of  providing  for the  undersigned’s  currentneeds and possible  personal  contingencies  and those of the  undersigned’s  family,  if  applicable,  in the samemanner as the  undersigned  would have been able to provide prior to making the investment in the Shares,  (ii) hasno need for liquidity in this  investment,  (iii) is aware of and able to bear the risks of the  investment  for anindefinite period of time and (iv) presently,  based on existing  conditions,  is able to afford a complete loss ofsuch investment.                  (d)      The undersigned  recognizes that the Company has limited  financial or operating historyand that the Shares as an  investment  involve  significant  risks  including  the risks  outlined  in the  PrivatePlacement Memorandum.                  (e)      The undersigned  understands  that the Shares are  “restricted  securities” as that termis defined  pursuant to Rule 144 of the Securities  Act, and have not been  registered  under the Securities Act orunder  certain  state  securities  laws  in  reliance  upon  exemptions  therefrom  for  nonpublic  offerings.  Theundersigned  understands  that the  Shares  must be held  indefinitely  unless  the sale  thereof  is  subsequentlyregistered  under  the Act and  under  certain  state  securities  laws or an  exemption  or  exemptions  from suchregistration are available.                  (f)      The Shares are being purchased solely for the  undersigned’s  account for investment andnot for the  account  of any  other  person  and not with a view to or for  distribution,  assignment  or resale inconnection  with any  distribution  within the meaning of the  Securities  Act, and no other person has a direct orindirect  beneficial  interest in such Shares.  The  undersigned  represents that the undersigned has no agreement,understanding,  commitment  or other  arrangement  with any person and no present  intention  to sell,  transfer orassign any Shares.                  (g)      The  undersigned  agrees not to sell or otherwise  transfer  the Shares  unless they areregistered  under the Act and under any applicable  state  securities laws, or an exemption or exemptions from suchregistration are available.                  (h)      The undersigned,  if a corporation,  partnership,  trust or other entity,  is authorizedand otherwise  duly  qualified to purchase and hold Shares and to enter into this  Subscription  Agreement and suchentity has not been formed for the  specific  purpose of acquiring  Shares in the Company  unless all of its equityowners qualify as accredited individual investors.                  (i)      All  information  which the  undersigned  has  provided  to the Company  concerning  theundersigned,  the  undersigned’s  financial  position and knowledge of financial and business  matters,  or, in thecase of a  corporation,  partnership,  trust or other entity,  concerning  such  knowledge of the person making theinvestment decision on behalf of such entity,  including all information contained in this Subscription  Agreement,is correct and complete as of the date set forth on the signature  page hereof,  and if there should be any adversechange in such information prior to the subscription being accepted,  the undersigned will immediately  provide theCompany with such information.         5.       Indemnification.  The  undersigned  agrees to  indemnify  and hold  harmless the Company from andagainst all liability,  damage,  losses, costs and expenses (including  reasonable attorneys’ fees and court costs)which  they may  incur by reason  of any  breach of the  representations  and  warranties  made by the  undersignedherein, or in any document provided by the undersigned to the Company.         6.       Miscellaneous.                  (a)      The undersigned  agrees not to transfer or assign this  Subscription  Agreement,  or anyof the  undersigned’s  interest  herein,  and further agrees that the transfer or assignment of the Shares acquiredpursuant hereto shall be made only in accordance with all applicable laws.                  (b)      The  undersigned  agrees that subject to any applicable  state law, the  undersigned maynot cancel,  terminate or revoke this  Subscription  Agreement or any agreement of the  undersigned  made hereunderand that this  Subscription  Agreement  shall survive the acceptance  hereof by the Company as well as the death ordisability  of the  undersigned  and shall be binding  upon the  undersigned’s  heirs,  executors,  administrators,successors and assigns.                  (c)      Notwithstanding any of the  representations,  warranties,  acknowledgments or agreementsmade herein by the  undersigned,  the undersigned  does not thereby or in any other manner waive any rights grantedto the undersigned under Federal or state securities laws.                  (d)      This  Subscription  Agreement  constitutes the entire agreement among the parties heretowith respect to the subject matter hereof and may be amended only by a writing executed by all parties hereto.                  (e)      This  Subscription  Agreement shall be enforced,  governed and construed in all respectsin accordance with the laws of the State of New York, without regard to its conflicts of law rules.                  (f)      Within  five  (5) days  after  receipt  of a  written  request  from  the  Company,  theundersigned  agrees to provide such  information,  to execute and deliver such  documents  and to take,  or forbearfrom taking,  such actions as reasonably  may be necessary to comply with any and all laws and  ordinances to whichthe Company is subject.TYPE OF OWNERSHIP: Please check one:                  __________________ Individual (One signature required)                  __________________ Joint tenants with rights of survivorship                                             (Both parties must sign)                  __________________ Tenants by the Entirety                                             (Both parties must sign)                  __________________ Tenants in common (Both parties must sign)                  __________________ Trust (1) (Trustee must sign)                  __________________ Corporation (2) (Authorized officer(s) must                                             sign)                  __________________ Partnership (3) (Authorized partner(s) must                                             sign)___________________________________________________________________________                              PLEASE PRINT ABOVE THE EXACT REGISTRATION NAME FOR SHARES         (1)               Must be signed by trustee, “as trustee, for _________________________”                           Please  fill out Trust  Certificate  set forth on page 10 hereof  and  provide a copy of                           the Trust Agreement.         (2)               Please fill out  Corporate  Certificate  set forth on page 10 hereof and provide copy of                           Articles or Certificate of Incorporation,  bylaws and board resolutions  authorizing the                           corporation’s investment in the Company.         (3)               Please fill out  Partnership  Certificate  set forth on page 10 hereof and provide  copy                           of the Partnership Agreement.                                      SIGNATURE PAGE FOR INDIVIDUAL INVESTORS                  IN  WITNESS  WHEREOF,  the  undersigned,  intending  to  be  legally  bound,  has  executed  thisSubscription Agreement as of the date first above written.                  Signature:_____________________________                  Print Name:_____________________________                  Signature:_____________________________                  Print Name:_____________________________                                      SIGNATURE PAGE FOR CORPORATE INVESTORS                  IN  WITNESS  WHEREOF,  the  undersigned,  intending  to be  legally  bound,  has  caused its dulyauthorized officer to execute this Subscription Agreement as of the date first above written.                           Name of Corporation                           By:___________________________________________________                                    Signature of authorized representative                           Name:________________________________________________                           Title:_________________________________________________                                    Title of authorized representative                                      SIGNATURE PAGE FOR PARTNERSHIP INVESTORS                  IN WITNESS  WHEREOF,  the  undersigned,  intending to be legally bound, has caused its authorizedrepresentative to execute this Subscription Agreement as of the date first above written.                           _________________________________________________________                           Name of Partnership                           By:_______________________________________________________                                    Signature of general partner                           Name:_____________________________________________________                           By:________________________________________________________                                    Signature of additional general partner, if required                           Name:_____________________________________________________                                        SIGNATURE PAGE FOR TRUST INVESTORS                  IN  WITNESS  WHEREOF,  the  undersigned,  intending  to be  legally  bound,  has  caused its dulyauthorized representative to execute this Subscription Agreement as of the date first set forth above.                  __________________________________________________________________                  Name of Trust                  __________________________________________________________________                  Name of Trustee(s)                  By:      ____________________________________________________________                           Signature of TrusteeCertificate for Corporate, Partnership or Trust Subscriber                  The   undersigned,   constituting   (an  authorized   officer,   trustee,   general  partner)  of_____________________________________________________, hereby certifies that:                  (a)      The  subscriber  has been duly  formed  and is  validly  existing  under the laws of theState of ________ with full power and authority to invest in PanAgra International Corporation; and                  (b)      The subscriber’s  Subscription Agreement has been duly and validly authorized,  executedand  delivered  by the  subscriber  and will  constitute  the valid,  binding  and  enforceable  agreements  of thesubscriber.                                    ______________________________________________________                                    Signature of an authorized corporate officer,                                    general partner or trustee                                    ______________________________________________________                                    Name/Title________________________         Date________________________         Name of subscriber                                         SIGNATURE PAGE FOR MINGHUA GROUP                                           INTERNATIONAL HOLDINGS LIMITED                                   (formerly PanAgra International Corporation)                  IN  WITNESS  WHEREOF,  the  undersigned,  intending  to be  legally  bound,  hereby  accepts  thesubscription by                             to purchase                                  shares  of  Common   Stockin accordance with the terms of the foregoing Subscription Agreement as of the date first above written.                                            MINGHUA GROUP INTERNATIONAL                                            HOLDINGS LIMITED                                            By:____________                                            Its:
Exhibit 4.5
THE SECURITIES  BEING  SUBSCRIBED TO HEREBY HAVE NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED(THE  "SECURITIES  ACT"), OR WITH ANY SECURITIES  REGULATORY  AUTHORITY OF ANY  JURISDICTION.  THESE SECURITIES AREOFFERED PURSUANT TO A CLAIM OF EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF FEDERAL AND STATE SECURITIES LAWS.THE SECURITIES BEING SUBSCRIBED TO MAY NOT BE SOLD,  OFFERED,  OR OTHERWISE  TRANSFERRED IN THE UNITED STATES OR TOA "U.S.  PERSON"  UNLESS  THE  SECURITIES  ARE  REGISTERED  UNDER  THE  SECURITIES  ACT OR AN  EXEMPTION  FROM  THEREGISTRATION REQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE.                                         PANAGRA INTERNATIONAL CORPORATION                                        REGULATION S SUBSCRIPTION AGREEMENT                                               (Foreign Subscribers)                  REGULATION S SUBSCRIPTION  AGREEMENT,  dated as of _______________,  2001, by and between PANAGRAINTERNATIONAL   CORPORATION,  a  New  York  corporation  (the  "Company"),  and  the  undersigned  subscriber  (the"Subscriber").                                                    BACKGROUND                  The  Company  is seeking to raise  capital  through an  offering  (the  “Offering”)  to  non-U.S.Persons of its Common Stock,  $0.01 par value per share (“Common Stock”).  The Subscriber  desires to subscribe for____________ shares (the “Shares”) of Common Stock.                  NOW,  THEREFORE,  in  consideration of the premises and the respective  promises  hereinafter setforth, the parties hereto hereby agree as follows:         1.       SALE AND  PURCHASE OF  SECURITIES.  The  Subscriber  hereby  agrees to  purchase  the Shares at aprice per share  equal to $2.00.  The  payment of the  subscription  price shall be made to the Company by deliveryof a certified check or through other means acceptable to the Company.         2.       REPRESENTATIONS  AND WARRANTIES OF THE  SUBSCRIBER.  The Subscriber by his signature below herebyrepresents, warrants and certifies to the Company as follows:                  (a)      The Subscriber is aware that the Offering has not been  registered  under the SecuritiesAct of 1933, as amended (the  “Securities  Act”),  or any state  securities  laws or  regulations  in reliance uponexemptions of Section 4(2) of the Securities Act and Regulation S thereunder,  and similar  exemptions  under statelaw. The Subscriber  will not offer or sell the Shares unless they are  registered or are exempt from  registrationunder the Securities Act of 1933, as amended (the  “Securities  Act”),  and any applicable state securities laws orregulations.                  (b)      The  Subscriber  is also  aware  that a legend  will be  placed  on any  certificate  orcertificates  evidencing  the  Shares  stating  that they have not been  registered  under the  Securities  Act andsetting  forth or  referring  to the  restrictions  on  transfers  and sales  thereof.  The Company will place stoptransfer  instructions  against the Shares and the certificates  therefor to restrict the transfer thereof,  exceptas may be prescribed by the Securities Act.                  (c)      The  Subscriber,  or his adviser,  has such  knowledge  and  experience in financial andbusiness  matters  that he is capable of  evaluating  the merits and risks of,  and  protecting  his  interests  inconnection  with, an  investment in the Shares.  The  Subscriber is aware of the risks  involved in his  investmentherein,  including the risks  described in that certain  private  placement  memorandum,  dated July 2001, that wasdelivered  to the  Subscriber  (the  “Placement  Memorandum”)  and the  risks  described  in  documents  (the  “SECDocuments”) filed by the Company with the Securities and Exchange  Commission  pursuant to the Securities  ExchangeAct of 1934, as amended.                  (d)      The  Subscriber,  or his  adviser,  has received and  carefully  reviewed the  PlacementMemorandum  and each of the SEC  Documents,  including the  attachments  thereto.  In addition,  the Subscriber hasbeen provided  with the  opportunity  to discuss the terms and  conditions of this Offering and the business of theCompany with members of management and to review all relevant  financial  information,  books,  records,  and otherinformation  concerning the Company,  such that the Subscriber is familiar with the business,  finances and generalprospects for the future of the Company which he may consider  significant  for the purpose of making an investmentdecision.                  (e)      The  Subscriber  has the full right,  power and  authority to enter into this  Agreementand to carry out and  consummate the  transactions  contemplated  herein.  This  Agreement  constitutes  the legal,valid and binding  obligation  of the  Subscriber.  If the  Subscriber is a  corporation  or trust,  the officer ortrustee  executing this Agreement  represents and warrants that he is authorized to so sign;  that the  corporationor trust is authorized by the Articles (or Certificate) of  Incorporation  and By-laws of the corporation or by thetrust agreement, as the case may be, to make this investment.                  (f)      No  representations,  assurances or warranties have been made to the Subscriber,  or hisadviser,  by the Company or by any of its respective  officers,  directors,  agents,  employees or affiliates,  noranyone  else  on  their  behalf,  concerning,  among  others,  the  future  profitability  of  the  Company  or theSubscriber's  investment  in it, and in entering  into this  transaction  the  Subscriber  is not relying  upon anyinformation,  other than that  contained in the Placement  Memorandum  and the SEC  Documents  and the  attachmentsthereto, and the results of his, or his adviser's, own independent investigation.                  (g)      The  Subscriber  will  not  offer or sell the  Shares  (which  term  shall  include  anypre-arrangement  for a purchase  by a U.S.  person or other  person in the U.S.)  directly  or  indirectly,  in theUnited  States or to any natural  person who is a resident of the United  States or to any other "U.S.  person" (asdefined  below) or for the  account or benefit of any "U.S.  person"  (other  than a  "distributor",  as defined inRegulation S) unless  registered  under the Securities  Act and all applicable  state laws or an exemption from theregistration requirements of the Securities Act and similar state laws is available.                  (h)      The  Subscriber  is neither a U.S.  person nor  acquiring  the Shares for the account orbenefit of any U.S.  person.  The  Subscriber,  if other than a natural  person,  was not formed for the purpose ofacquiring the Shares.                  The  Subscriber  understands  that a "U.S.  person",  as  defined  by  Regulation  S in Rules 901through 905  promulgated  under the Securities Act  ("Regulation  S"),  includes any natural person resident in theUnited States;  any partnership or corporation  organized or incorporated  under the laws of the United States; anyestate of which any  executor  or  administrator  is a "U.S.  person";  any trust of which any  trustee  is a "U.S.person";  any agency or branch of a foreign entity located in the United States; any  non-discretionary  account orsimilar  account (other than an estate or trust) held by a dealer or other  fiduciary for the benefit or account ofa "U.S. person";  any discretionary  account or similar account (other than an estate or trust) held by a dealer orother fiduciary organized,  incorporated,  or (if an individual) resident in the United States; and any partnershipor corporation  organized or incorporated  under the laws of a jurisdiction  other than the United States which wasformed by a "U.S.  person"  principally  for the purpose of investing in securities not  registered  under the Act,unless it is  organized  or  incorporated,  and owned,  by  accredited  investors  (as  defined  in Rule  501(a) ofRegulation D promulgated under the Act) who are not natural persons, estates or trusts.                  (i)      The  Subscriber  is making  this  subscription  from his  residence  or  offices  at theaddress set forth below.  The  Subscriber  understands  that the  exemption  afforded by Regulation S requires thatthe  purchasers of the  securities  not be in the United States when the offer is made.  The purchase of the Shareshereunder by the Subscriber is in accordance  with all securities  and other laws of the  jurisdiction  in which itis  incorporated  or legally  resident.  This Agreement has not been executed or delivered by the Subscriber in theUnited States.                  (j)      The  Subscriber  also agrees to execute and deliver such  documents as may be reasonablyrequested  by the  Company  with  respect  to the  Subscriber’s  subscription  for the  Shares or the  Subscriber’sownership of the Shares.         3.       INDEMNITY BY THE  SUBSCRIBER.  The Subscriber  understands and  acknowledges  that the Company isrelying on the  representations  made by the Subscriber herein,  and, thus, hereby agrees to indemnify the Company,and its  respective  officers and directors,  agents,  attorneys,  and employees,  and agrees to hold them harmlessfrom and against any and all loss, damage,  liability,  or expense,  including reasonable  attorney's fees, that itor any of them may suffer,  sustain,  or incur by reason of or in connection with any  misrepresentation  or breachof warranty or agreement made by the Subscriber under this Agreement.         4.       MISCELLANEOUS.                  (a)      This  Agreement  shall be binding  upon and inure to the benefit of the  parties  heretoand  their  respective  legal  representatives,  heirs,  successors  and  assigns.  This  Agreement  shall  not  beassignable, in whole or in part.                  (b)      This Agreement and any  additional  agreements and other  documents  delivered  pursuanthereto set forth the entire  agreement  and  understanding  of the parties in respect of the subject  matter hereofand thereof and supersede all prior  agreements,  arrangements  and  understandings  relating to the subject matterhereof and thereof.  This Agreement may not be  contradicted  by evidence of prior,  contemporaneous  or subsequentoral agreements of the parties.                  (c)      This  Agreement  may be executed  simultaneously  in two or more  counterparts,  each ofwhich shall be deemed an original, but all of which shall constitute one and the same instrument.                  (d)      The invalidity or  unenforceability  of any provision of this Agreement shall not affectany other  provisions  hereof,  and the  remainder  of the  Agreement  shall be  construed  as if such  invalid  orunenforceable  provision were modified to the extent  necessary to make it valid or  enforceable  but remain withinthe spirit of this Agreement, or if that is not possible, then omitted.                  (e)      All  notices  provided  for in this  Agreement  shall be in writing  signed by the partygiving such notice,  and delivered  personally  or sent by overnight  courier or messenger or sent by registered orcertified  mail,  return  receipt  requested,  or by telex,  facsimile  transmission,  telegram or similar means ofcommunication  if confirmed by mail to the Company at its current  address and to the  Subscriber at its address asit appears on the books and records of the Company.  Notices  shall be deemed to have been  received on the date ofpersonal  delivery or facsimile,  or if sent by certified or registered mail,  return receipt  requested,  shall bedeemed to be delivered on the third business day after the date of mailing.                  (f)      This  Agreement  shall be governed  and  construed by the laws of the State of New York,without giving effect to conflicts of law principles of such state.                                             [signature page follows]TYPE OF OWNERSHIP: Please check one:                  __________________ Individual (One signature required)                  __________________ Joint tenants with rights of survivorship                                             (Both parties must sign)                  __________________ Tenants by the Entirety                                             (Both parties must sign)                  __________________ Tenants in common (Both parties must sign)                  __________________ Trust (1) (Trustee must sign)                  __________________ Corporation (2) (Authorized officer(s) must                                             sign)                  __________________ Partnership (3) (Authorized partner(s) must                                             sign)___________________________________________________________________________                              PLEASE PRINT ABOVE THE EXACT REGISTRATION NAME FOR SHARESSUBSCRIBER’S ADDRESS:________________________________________________________________________________________________________________________________Please print         (1)               Must be signed by trustee, “as trustee, for _________________________”                           Please  fill out Trust  Certificate  set forth on page 10 hereof  and  provide a copy of                           the Trust Agreement.         (2)               Please fill out  Corporate  Certificate  set forth on page 10 hereof and provide copy of                           Articles or Certificate of Incorporation,  bylaws and board resolutions  authorizing the                           corporation’s investment in the Company.         (3)               Please fill out  Partnership  Certificate  set forth on page 10 hereof and provide  copy                           of the Partnership Agreement.                                      SIGNATURE PAGE FOR INDIVIDUAL INVESTORS                  IN  WITNESS  WHEREOF,  the  undersigned,  intending  to  be  legally  bound,  has  executed  thisSubscription Agreement the date first above written.                  Signature:_____________________________                  Print Name:_____________________________                  Signature:_____________________________                  Print Name:_____________________________                                      SIGNATURE PAGE FOR CORPORATE INVESTORS                  IN  WITNESS  WHEREOF,  the  undersigned,  intending  to be  legally  bound,  has  caused its dulyauthorized officer to execute this Subscription Agreement as of the date first above written.                           Name of Corporation:____________________________________                           By:___________________________________________________                                    Signature of authorized representative                           Name:________________________________________________                           Title:_________________________________________________                                    Title of authorized representative                                      SIGNATURE PAGE FOR PARTNERSHIP INVESTORS                  IN WITNESS  WHEREOF,  the  undersigned,  intending to be legally bound, has caused its authorizedrepresentative to execute this Subscription Agreement as of the date first above written.                           _________________________________________________________                           Name of Partnership                           By:_______________________________________________________                                    Signature of general partner                           Name:_____________________________________________________                           By:________________________________________________________                                    Signature of additional general partner, if required                           Name:_____________________________________________________                                        SIGNATURE PAGE FOR TRUST INVESTORS                  IN  WITNESS  WHEREOF,  the  undersigned,  intending  to be  legally  bound,  has  caused its dulyauthorized representative to execute this Subscription Agreement as of the date first above written.                  __________________________________________________________________                  Name of Trust                  __________________________________________________________________                  Name of Trustee(s)                  By:      ____________________________________________________________                           Signature of TrusteeCertificate for Corporate, Partnership or Trust Subscriber                  The   undersigned,   constituting   (an  authorized   officer,   trustee,   general  partner)  of_____________________________________________________, hereby certifies that:                  (a)      The  subscriber  has  been  duly  formed  and is  validly  existing  under  the  laws of______________ with full power and authority to invest in PanAgra International Corporation; and                  (b)      The subscriber’s  Subscription Agreement has been duly and validly authorized,  executedand  delivered  by the  subscriber  and will  constitute  the valid,  binding  and  enforceable  agreements  of thesubscriber.                                    ______________________________________________________                                    Signature of an authorized corporate officer,                                    general partner or trustee                                    ______________________________________________________                                    Name/Title________________________         Date________________________         Name of subscriber
Exhibit 10.11
                                        PLACEMENT AGENT AGREEMENT                                                                                Dated as of: July 23, 2001PanAgra International CorporationOne World Trade Center, 85th FloorNew York, New York 10048Gentlemen:         PanAgra  International  Corporation,  a New York corporation  (the “Company”),  hereby agrees with ChicagoInvestment Group Incorporated, an Illinois corporation (the “Placement Agent”), as follows:1.       Offering.A.       The Company  hereby  engages the  Placement  Agent to act as its placement  agent in  connection  with theissuance  and sale by the Company (the  “Offering”)  of up to  15,000,000  shares (the  “Shares”) of the  Company’scommon stock,  par value $.01 per share (“Common  Stock”),  at a price of $2.00 per share.  The Placement  Agent isbeing engaged on a non-exclusive basis.B.       The Shares will be offered pursuant to a Confidential Private Placement  Memorandum,  dated July 23, 2001,prepared by the Company (such Confidential Private Placement  Memorandum,  together with all amendments thereof andsupplements  and  exhibits  thereto,  are  referred  to herein as the  “Offering  Documents”),  and shall be issuedpursuant to the terms and conditions set forth in the  Subscription  Agreements  substantially  in the form annexedas Exhibit D to the Confidential  Private Placement  Memorandum to be executed by each purchaser and the Company ateach Closing (as defined in Section 1(C) hereof)  (collectively,  the “Subscription  Agreements”).  The Shares willbe offered without registration under the Securities Act of 1933, as amended (the “Securities Act”).         C. (i) The  Shares  will be offered  by the  Placement  Agent on a “best  efforts”  basis.  Subject to theconditions set forth in Section 8 hereof,  if subscriptions  for Shares have been received prior to the TerminationDate (as  hereinafter  defined) and are accepted by the  Company,  a closing  under this  Agreement  (the  “InitialClosing”)  shall be held at the offices of the Placement  Agent,  or such other place as the parties may agree,  assoon as practicable  (but not later than five (5) business days)  following the date upon which the Placement Agentand the Company confirm in writing to each other that  subscriptions  for such Shares have been accepted or at suchother  place,  time,  or date as the Company  and the  Placement  Agent  shall agree upon.  The date upon which theInitial  Closing is held shall  hereinafter  be referred to as the “Initial  Closing  Date.” If  subscriptions  forShares have not been accepted by the Company by the Termination  Date, no Shares will be sold and the  subscriptionfunds will be returned promptly to subscribers without interest thereon.           (ii) At any time following the Initial Closing and prior to the Termination  Date, if subscriptions  forthe sale of up to a total of  15,000,000  Shares are received and  accepted by the  Company,  one or more  closings(each an  “Additional  Closing”)  shall  take place in the manner  herein  set forth  with  respect to the  InitialClosing.  In the event that an Additional  Closing has not taken place for any  subscription  received and acceptedon or prior to the Termination  Date, a final closing  (“Final  Closing”) shall be held on such date for the Shareswhich are the subject of such subscriptions.  References herein to a “Closing” shall mean the Initial Closing,  anyAdditional  Closing or the Final Closing,  as the context requires,  and the date thereof shall be referred to as a“Closing Date.”         D.       The Offering  shall  commence on July 23, 2001 and shall  terminate  upon the earlier of the saleof  15,000,000  Shares or August 15, 2001,  unless  extended  without  notice to investors to a date not later thanOctober 15, 2001 with the mutual  consent of the Company  and the  Placement  Agent (such date,  as the same may beextended,  is  hereinafter  referred to as the  “Termination  Date”;  the period  commencing on the date hereof andending on the Termination Date is sometimes referred to herein as the “Offering Period”).2.       Information.A.       Payment  for the  Shares  shall  be made by wire  transfer  or by  check as more  fully  described  in theSubscription  Agreements.  The minimum purchase by any purchaser shall be $20,000 except that  subscriptions  for alesser amount may be accepted at the  discretion of the Company and the Placement  Agent.  The Placement  Agent andthe Company  agree that the Shares will be offered and sold only to  “accredited  investors”  within the meaning ofRule 501 of Regulation D  (“Accredited  Investors”)  promulgated by the  Securities  and Exchange  Commission  (the“Commission”)  under the Securities Act and Rule 506 of Regulation D of the Securities Act, or to non-U.S.  personsoutside of the United States pursuant to Regulation S under the Securities Act.B.       The Placement Agent shall deposit any check or other funds received in respect of any  subscriptions  in anon-interest  bearing bank escrow account for the benefit of subscribers  in accordance  with the applicable  rulesof the National  Association of Securities  Dealers,  Inc.,  pending a Closing with respect thereto.  The PlacementAgent shall deliver executed copies of the Subscription Agreement received from each subscriber to the Company.C.       The Company  and the  Placement  Agent each  reserve  the right to reject any  subscriber,  in whole or inpart, in each of their sole discretion.  Notwithstanding  anything to the contrary  contained in this Section 2(C),the  Company’s  right to reject a  subscriber  shall lapse five (5) business  days after  receipt by the Company offully completed and duly executed  subscription  documents from the Placement Agent with respect to such subscriber(unless it is determined  subsequent  to such period that such  subscriber  does not meet the investor  suitabilityrequirements of the Offering).  Funds received from any subscriber whose  subscription is rejected will be returnedto such subscriber,  without deduction  therefrom or interest  thereon,  but no sooner than such funds have clearedthe banking system in the normal course of business.         D.       Upon the Company’s  acceptance of  subscriptions  for Shares and a Closing with respect  thereto,all funds received from such  subscriptions  will be promptly  transmitted to the Company  against  delivery of theappropriate  amount of the  Securities  offered,  net of (i) the placement  agent  commission  equal to ten percent(10%) of the gross  proceeds  from the sale of the Shares  closed  on,  (ii)  legal  fees and  expenses  due to thePlacement  Agent’s counsel in an amount not to exceed $1,000.00  without the Company’s prior written  consent,  and(iii)  travel,  mailing  and  other  out-of-pocket  expenses  of the  Placement  Agent in an  amount  not to exceed$1,000.00  without the  Company’s  prior  written  consent.  Upon the Company’s  acceptance  of  subscriptions  foradditional  Shares and an Additional  Closing or Final Closing with respect  thereto,  all funds received from suchsubscriptions  will be promptly  transmitted  to the Company net of the  placement  agent  commission  and fees andexpenses as set forth in the prior sentence of this Section 2(D).3.       Representations, Warranties and Covenants of the Placement Agent.         Except as otherwise set forth in the Offering  Documents,  the Placement  Agent  represents,  warrants andcovenants as follows:         A.       The Placement  Agent has the necessary  power to enter into this  Agreement and to consummate thetransactions contemplated hereby and thereby.         B.       The execution and delivery by the Placement  Agent of this  Agreement,  and the  consummation  ofthe transactions  contemplated herein and therein,  will not result in any violation of, or be in conflict with, orconstitute a default  under,  any agreement or  instrument to which the Placement  Agent is a party or by which thePlacement  Agent or its  properties  are  bound,  or any  judgment,  decree,  order  or, to the  Placement  Agent’sknowledge,  any statute,  rule or regulation  applicable to the Placement  Agent.  Assuming the due  authorization,execution,  delivery and performance by the Company,  this Agreement,  when executed and delivered by the PlacementAgent,  will constitute a legal,  valid and binding  obligation of the Placement  Agent,  enforceable in accordancewith their respective terms,  except to the extent that (i) the enforceability  hereof or thereof may be limited bybankruptcy,  insolvency,  reorganization,  moratorium or similar laws from time to time in effect and affecting therights of  creditors  generally,  (ii) the  enforceability  hereof or thereof is subject to general  principles  ofequity, or (iii) the indemnification provisions hereof or thereof may be held to be violative of public policy.         C.       The Placement  Agent will deliver to each  purchaser of Shares,  prior to any  submission by suchperson of a written  offer  relating to the purchase of the Shares,  a copy of the  Offering  Documents as they mayhave been most recently amended or supplemented by the Company.         D.       The  Placement  Agent  will  not  deliver  the  Offering  Documents  to any  person  it does  notreasonably believe to be an Accredited Investor or a non-U.S person outside of the United States.         E.       The  Placement  Agent (i) will not  intentionally  take any action which it  reasonably  believeswould cause the Offering to violate the provisions of the Securities  Act, the Securities  Exchange Act of 1934, asamended  (the  “Exchange  Act”),  the  respective  rules and  regulations  promulgated  thereunder  (the “Rules andRegulations”),  or applicable Blue Sky laws of any state or  jurisdiction  and (ii) will comply with Rule 502(c) ofRegulation D and Regulation S under the Securities Act.         F.       The  Placement  Agent shall use all  reasonable  efforts to  determine  whether  any  prospectivepurchaser is either a qualified  Accredited Investor or a non-U.S.  person outside the United States. The PlacementAgent shall have no obligation to insure that (i) any check,  note,  draft or other means of payment for the Shareswill be honored,  paid or enforceable  against the subscriber in accordance  with its terms, or (ii) subject to theperformance of the Placement  Agent’s  obligations and the accuracy of the Placement  Agent’s  representations  andwarranties  hereunder,  (a) the Offering is exempt from the registration  requirements of the Securities Act or anyapplicable state “Blue Sky” law or (b) any prospective  purchaser is a qualified  Accredited Investor or a non-U.S.person outside the United States.         G.       The Placement Agent is a member of the National  Association of Securities Dealers,  Inc., and isa  broker-dealer  registered  as such under the Exchange Act and under the  securities  laws of the states in whichthe Shares will be offered or sold by the  Placement  Agent,  unless an exemption  for such state  registration  isavailable to the  Placement  Agent.  The  Placement  Agent is in material  compliance  with all material  rules andregulations  applicable to the Placement Agent generally and applicable to the Placement  Agent’s  participation inthe Offering.4.       Representations and Warranties of the Company.         Except as otherwise set forth in the Offering Documents, the Company1 hereby  represents  and  warrants asfollows:         A.       The execution,  delivery and performance of this Agreement and the  Subscription  Agreements havebeen or will be, upon  execution  by the  Company,  duly and validly  authorized  by the  Company,  and is, or withrespect to the  Subscription  Agreements  will be, upon execution by the Company,  valid and binding  agreements ofthe  Company,  enforceable  in  accordance  with  their  respective  terms,  except  to the  extent  that  (i)  theenforceability hereof or thereof may be limited by bankruptcy,  insolvency,  reorganization,  moratorium or similarlaws from time to time in effect and affecting the rights of creditors  generally,  (ii) the enforceability  hereofor thereof is subject to general  principles of equity or (iii) the  indemnification  provisions  hereof or thereofmay be held to be violative of public policy.  The Securities  have been duly  authorized and, when issued and paidfor in  accordance  with  the  Offering  Documents  and the  Subscription  Agreements,  as the  case  may  be,  thecertificates or other  instruments  representing  each of such Securities will be valid and binding  obligations ofthe  Company,  enforceable  in  accordance  with  their  respective  terms,  except  to the  extent  that  (i)  theenforceability thereof may be limited by bankruptcy,  insolvency,  reorganization,  moratorium or similar laws fromtime to time in effect and  affecting the rights of creditors  generally,  and (ii) the  enforceability  thereof issubject  to  general  principles  of equity.  All  corporate  action  required  to be taken for the  authorization,issuance and sale of the Securities has been duly and validly taken by the Company.         B.       The  authorized  capital  stock of the Company  shall  immediately  prior to the Initial  Closingconsist of  200,000,000  shares of Common  Stock,  par value $.01 per share,  of which  58,985,685  Shares shall beissued and  outstanding  assuming all shares under the  Offering are sold.  There are no shares of preferred  stockoutstanding.  As of the date hereof,  the Company has  approximately  6,500,000 shares of Common Stock reserved forissuance  under  currently  outstanding  warrants,  options  and  other  securities  convertible,  exchangeable  orexercisable into Common Stock (“Option  Securities”).  As of the date hereof, no shares of Common Stock are held inthe  treasury of the Company.  All of the issued and  outstanding  shares of the capital  stock of the Company are,and all  shares of Common  Stock  reserved  for  issuance  will be,  upon  issuance  in  accordance  with the termsspecified in the instruments or agreements  pursuant to which they are issuable,  duly authorized,  validly issued,fully paid, and  non-assessable.  Except for the outstanding Option Securities,  there are no outstanding  options,warrants,  rights to acquire or subscribe to, or  commitments  of any nature to which the Company is a party or maybe bound,  requiring the issuance or sale of any class of capital stock or other equity  securities,  or securitiesor rights convertible into or exchangeable for such shares or other equity  securities.  The issuance of the Shareshas been duly authorized and, when issued, the Shares will be validly issued, fully paid and non-assessable;         C.       The Company has been duly  incorporated  and is validly  existing and in good standing  under thelaws of the State of New York,  with full  corporate  power and authority to own,  lease and operate its propertiesand to conduct its business as currently  conducted,  and is duly  registered  or qualified to conduct its businessand is in good  standing in each  jurisdiction  or place where the nature of its  properties  or the conduct of itsbusiness  requires such  registration or  qualification,  except where the failure to register or qualify would nothave a material adverse effect on the condition (financial or other),  business,  properties,  net worth or resultsof operations of the Company and its subsidiaries, taken as a whole (“Material Adverse Effect”).         D.       The  Securities,   when  issued,  sold  and  delivered  in  accordance  with  the  terms  of  theSubscription  Agreements and this Agreement,  for the consideration  expressed herein,  will be duly authorized andvalidly  issued,  will not be  subject to any  pre-emptive  or similar  right and will be free of  restrictions  ontransfer other than  restrictions on transfer under applicable  securities laws. The execution and delivery of thisAgreement  and  the  Subscription  Agreements,  the  issuance  of  the  Securities  and  the  consummation  of  thetransactions  contemplated hereby and thereby by the Company,  have been duly and validly approved by all requisitecorporate  action,  do not  contravene  any  provisions  of law or any  order of any  court or  agreement  or otherinstrument  by which it is bound or by which any of its assets are  affected  (including,  but not  limited to, itscharter and  by-laws),  or violate any judgment,  order,  injunction,  statute or  regulation  applicable to it. Noconsent, waiver (including,  without limitation,  of any right of first refusal),  approval or authorization of, orregistration or qualification  with, any person,  bank or lender,  corporation,  association,  governmental body orcourt,  is required  for the Company to enter into this  Agreement  or the  Subscription  Agreements,  to issue theSecurities or to consummate the transactions  contemplated  hereby that has not been obtained,  except such filingsas may be required pursuant to exemptions from registration under federal and state “Blue Sky” securities laws.         E.       The Company has good and  marketable  title to, or valid and  enforceable  leasehold  estates in,all  items of real and  personal  property  necessary  to  conduct  its  business,  free  and  clear of all  liens,encumbrances,  claims,  security  interests  and defects of any material  nature  whatsoever,  other than liens fortaxes not yet due and payable.         F.       There is no action,  suit or proceeding  before or by any court or  governmental  agency or body,domestic  or foreign,  now  pending or, to the actual  knowledge  of the  Company  (without  inquiry),  threatened,against or affecting the Company,  or any of its properties,  which would  reasonably be anticipated to result in aMaterial Adverse Effect.         G.       The Company has:  (i) duly and timely  filed all tax returns  required to be filed by the Companyunder applicable law that include or relate to the Company, its income,  assets,  payroll,  operations or business,which tax  returns,  to the best of the  Company’s  knowledge,  are true,  correct  and  complete  in all  materialrespects;  and (ii) duly and timely paid, in full,  all taxes which are currently due and payable and for which theCompany is liable,  except,  in each case, where the failure to do so is not reasonably  anticipated to result in aMaterial Adverse Effect.         H.       The  Company:  (i) is not in material  default  under any  material  agreement,  lease,  license,contract  or  commitment,  whether  oral or  written,  including,  without  limitation,  those with  employees  andconsultants  (“Material  Agreements”)  to which the Company is a party or by which any of its  material  assets arebound,  and there is no event known to the Company that, with notice,  or lapse of time, or both,  would constitutea default by any party to any  Material  Agreement  or give them any right to  terminate or modify any of the same;and (ii) has not  received  notice that any party to any  Material  Agreement  intends to cancel or  terminate  anyMaterial  Agreement or not to exercise any renewal or extension options under any Material  Agreement.  The Companyis not in  violation  of any  provision  of its  charter or  by-laws  or, to its  knowledge,  in  violation  of anyfranchise,  license, permit, judgment,  decree or order, or, to its knowledge, in violation of any statute, rule orregulation.  Neither the execution and delivery of this Agreement or the Subscription Agreements,  nor the issuanceand sale or delivery of the Securities,  nor the consummation of any of the transactions  contemplated herein or inthe  Subscription  Agreements,  nor the compliance by the Company with the terms and provisions  hereof or thereof,as the case may be, has  conflicted  with or will conflict  with, or has resulted in or will result in a breach of,any of the terms and provisions of, or has  constituted or will  constitute a default under,  or has resulted in orwill result in the creation or imposition  of any lien,  charge or  encumbrance  upon any property or assets of theCompany or pursuant to the terms of any indenture,  mortgage,  deed of trust, note, loan or credit agreement or anyother  agreement or instrument  evidencing an obligation for borrowed  money,  or any other agreement or instrumentto which the Company may be bound or to which any of the  property or assets of the Company is subject,  except anylien,  charge or encumbrance  which could not reasonably be expected to have a Material  Adverse  Effect;  nor willsuch action  result in any  violation of the  provisions  of the charter or the by-laws of the Company,  or (exceptany which could not  reasonably be expected to have a Material  Adverse  Effect) of any statute or any order,  ruleor  regulation  applicable to the Company of any foreign,  federal,  state or other  regulatory  authority or othergovernment body having jurisdiction over the Company.         I.       The  Company  holds,  and  is in  compliance  with,  all  permits,  licenses,  registrations  andauthorizations  required by it in  connection  with the conduct of the  business of the Company  under all federal,state and local laws, rules and  regulations,  except where the failure to be in compliance has not had, and is notreasonably expected to have, a Material Adverse Effect.         J.       The Company maintains  insurance policies,  including,  but not limited to, general liability andproperty  insurance,  which insures the Company and each of its employees  against such losses and risks  generallyinsured against by comparable  businesses.  To the Company’s  knowledge,  there are no facts or circumstances underany such  insurance  policy or surety bond which would relieve any insurer of its obligation to satisfy in full anyvalid claim of the Company.         K.       The  Securities  and  the  Subscription  Agreements  conform  in  all  material  respects  to allstatements in relation thereto contained in the Offering Documents.         L.       The  Company  does  not  have  outstanding  obligations  to  any of its  respective  officers  ordirectors,  except as disclosed in the financial  statements of the Company included in the Company’s  ConfidentialPrivate Placement Memorandum.         M.       There are no claims for services in the nature of a finder’s or  origination  fee with respect tothe sale of the Shares or any other  arrangements,  agreements  or  understandings  that may  affect the  PlacementAgent’s compensation, as determined by the National Association of Securities Dealers, Inc.         N.       The Company owns or possesses,  free and clear of all liens or  encumbrances  and rights  theretoor therein  by third  parties,  the  requisite  licenses  or other  rights to use all  trademarks,  service  marks,copyrights,  service  names,  trade names,  patents,  patent  applications  and  licenses  necessary to conduct itsbusiness and there is no claim or action by any person pertaining to, or proceeding,  pending or threatened,  whichchallenges  the rights of the Company with respect to any  trademarks,  service marks,  copyrights,  service names,trade  names,  patents,  patent  applications  and  licenses  used in the conduct of the  Company’s  business.  TheCompany’s  current  products,  services or processes do not infringe or will not infringe on the patents  currentlyheld by any third party.         O.       The Company is not under any  obligation to pay  royalties or fees of any kind  whatsoever to anythird party with respect to any  trademarks,  service  marks,  copyrights,  service  names,  trade names,  patents,patent  applications,  licenses or technology it has developed,  uses,  employs or intends to use or employ,  otherthan to their respective licensors or sublicensors.         P.       Subject to the  performance by the Placement  Agent of its  obligations  hereunder,  the OfferingDocuments  and the offer and sale of the  Securities  comply,  and will continue to comply,  up to the  TerminationDate in all material  respects with the  requirements  of Rule 506 of Regulation D and  Regulation S promulgated bythe Commission  pursuant to the Securities Act and any other applicable federal and state laws, rules,  regulationsand executive  orders.  Neither the Offering  Documents  nor any amendment or supplement  thereto nor any documentsprepared by the Company in  connection  with the Offering  will contain any untrue  statement of a material fact oromit to state any material  fact  required to be stated  therein or necessary to make the  statements  therein,  inlight of the  circumstances  under which they were made,  not  misleading.  All statements of material facts in theOffering  Documents  are true and correct as of the date of the Offering  Documents and will be true and correct onthe date of the Closing.         Q.       The Company is not  required to register as an  “investment  company”  within the meaning of suchterm under the  Investment  Company  Act of 1940,  as  amended,  and the rules and  regulations  of the  Commissionthereunder.         R.       The Company maintains a system of internal  accounting  controls sufficient to provide reasonableassurances that (i) transactions are executed in accordance with  management’s  general or specific  authorization;(ii)  transactions  are recorded as necessary to permit  preparation  of financial  statements in  conformity  withgenerally  accepted  accounting  principles and to maintain  accountability  for assets;  (iii) access to assets ispermitted  only in  accordance  with  management’s  general  or  specific  authorization;  and  (iv)  the  recordedaccountability  for assets is compared with  existing  assets at reasonable  intervals  and  appropriate  action istaken with respect to any differences.5.       Certain Covenants and Agreements of the Company.         The  Company  covenants  and agrees at its expense  and  without  any  expense to the  Placement  Agent asfollows:A.       To advise the Placement  Agent of any adverse change in the Company’s  financial  condition,  prospects orbusiness or of any  development  materially  affecting the Company or rendering  untrue or misleading  any materialstatement  in the  Offering  Documents  occurring at any time prior to the Closing as soon as the Company is eitherinformed or becomes aware thereof.B.       To use its best  efforts to cause the sale of the Shares to be  qualified or  registered  for sale,  or toobtain  exemptions  from  such  qualification  or  registration  requirements,  under the  securities  laws of suchjurisdictions as the Placement Agent shall reasonably  request;  provided that such states and jurisdictions do notrequire the Company to qualify as a foreign  corporation.  Qualification,  registration  and exemption  charges andfees shall be at the sole cost and expense of the Company.  The Company’s  counsel shall perform the required “BlueSky” service.C.       Unless the  Company is at the time a reporting  company  under the  Exchange  Act and has filed any of thefollowing  information  pursuant to its  obligations  thereunder,  to provide to the  Placement  Agent for a periodending five (5) years from the Termination  Date,  copies of all quarterly and audited annual financial  statementsprepared by or on behalf of the Company.D.       Unless the  Company is at the time a reporting  company  under the  Exchange  Act and has filed any of thefollowing  information  pursuant  to its  obligations  thereunder,  to  deliver,  for a period  of five  (5)  yearsfollowing  the  Termination  Date,  to the  Placement  Agent,  in the  manner  provided  in  Section  10(B) of thisAgreement:  (i) within  forty-five  (45) days after the end of each of the first three quarters of each fiscal yearof the Company,  commencing  with the first quarter  ending after the  Termination  Date, a statement of its incomefor each such  quarterly  period,  and its balance sheet and a statement of changes in  stockholders’  equity as ofthe end of such quarterly  period,  all in reasonable  detail,  certified by its principal  financial or accountingofficer;  (ii) within  ninety (90) days after the close of each fiscal year,  its balance  sheet as of the close ofsuch fiscal  year,  together  with a statement  of income,  a statement  of changes in  stockholders’  equity and astatement  of cash flow for such fiscal  year,  such balance  sheet,  statement of income,  statement of changes instockholders’  equity  and  statement  of cash flow to be in  reasonable  detail and  accompanied  by a copy of thecertificate or report thereon of independent auditors;  and (iii) a copy of all documents,  reports and informationfurnished  to its  stockholders  at the time that such  documents,  reports and  information  are  furnished to itsstockholders.E.       To apply the proceeds of the  Offering in  accordance  with “Use of  Proceeds”  in the Offering  Documentsand,  except as set  forth in the  Offering  Documents,  not to apply  proceeds  from the  Offering  (i) to pay anydeferred  compensation of any current or former employee of the Company,  or (ii) to pay any principal  amount,  oraccrued  interest due and payable  therein,  payable  under any loan(s),  advances or  indebtedness,  to directors,officers or 5% or greater shareholders.F.        To provide the Placement  Agent with as many copies of the Offering  Documents as the Placement Agent mayreasonably request.G.       To ensure  that any  transactions  between or among the  Company  or any of its  officers,  directors  andaffiliates be on terms and  conditions  that are no less  favorable to the Company,  than the terms and  conditionsthat would be available in an “arms length” transaction with independent third parties.H.       To comply with the terms of the Subscription Agreements,  including,  without limitation, the registrationrights provisions thereof.6.       Indemnification.A.       The  Company  hereby  agrees  that it will  indemnify  and  hold the  Placement  Agent  and each  officer,director,  shareholder,  employee,  agent, attorney,  accountant or representative of the Placement Agent, and eachperson  controlling,  controlled by or under common control of the Placement Agent within the meaning of Section 15of the  Securities  Act or Section 20 of the Exchange Act or the Rules and  Regulations,  harmless from and againstany and all loss, claim,  damage,  liability,  cost or expense whatsoever  (including,  but not limited to, any andall legal fees,  filing fees and other  expenses  and  disbursements  incurred in  connection  with  investigating,preparing  to defend or  defending  any  action,  suit or  proceeding,  including  any  inquiry  or  investigation,commenced or  threatened,  or any claim  whatsoever or in appearing or preparing for appearance as a witness in anyaction,  suit or proceeding,  including any inquiry,  investigation or pretrial proceeding such as a deposition) towhich the Placement Agent or such  indemnified  person of the Placement Agent may become subject (1) as a result ofclaims  asserted  by third  parties  related to or arising  out of the  engagement  of the  Placement  Agent by theCompany  pursuant to the terms hereof or in  connection  therewith and (2) under the  Securities  Act, the ExchangeAct, the Rules and Regulations, or any other federal or state law or regulation,  common law or otherwise,  arisingout of or based upon (i) any untrue  statement  or alleged  untrue  statement of a material  fact  contained in (A)Section 4 and Section 5 of this Agreement,  (B) the Offering  Documents (except those written  statements  relatingto the  Placement  Agent given by an  indemnified  person for  inclusion  therein),  (C) any  application  or otherdocument or written  communication  executed  by the Company or based upon  written  information  furnished  by theCompany filed in any  jurisdiction  in order to qualify the Securities  under the securities  laws thereof,  or anystate securities  commission or agency;  (ii) the omission or alleged omission from documents  described in clauses(A),  (B) or (C) above of a material  fact  required  to be stated  therein  or  necessary  to make the  statementstherein not misleading;  or (iii) the breach of any material representation,  warranty,  covenant or agreement madeby the Company in this  Agreement.  The Company  further agrees that upon demand by an indemnified  person,  at anytime or from time to time,  it will  promptly  reimburse  such  indemnified  person  for any loss,  claim,  damage,liability,  cost or expense  actually and  reasonably  paid by the  indemnified  person as to which the Company hasindemnified  such person  pursuant  hereto.  Notwithstanding  the foregoing  provisions of this Paragraph 6(A), anysuch payment or reimbursement by the Company of fees,  expenses or disbursements  incurred by an indemnified personin any  proceeding  in which a final  judgment  by a court of  competent  jurisdiction  (after  all  appeals or theexpiration  of time to  appeal) is entered  against  the  Placement  Agent or such  indemnified  person as a directresult of the Placement Agent or such person’s gross  negligence or willful  misfeasance will be promptly repaid tothe Company.B.       The  Placement  Agent  hereby  agrees  that it will  indemnify  and hold  the  Company  and each  officer,director,  shareholder,  employee,  agent,  attorney,  accountant or representative of the Company, and each personcontrolling,  controlled  by or under  common  control  with the  Company  within the  meaning of Section 15 of theSecurities  Act or Section 20 of the Exchange Act or the Rules and  Regulations,  harmless from and against any andall loss,  claim,  damage,  liability,  cost or expense  whatsoever  (including,  but not  limited  to, any and allreasonable  legal  fees,   filing  fees  and  other  expenses  and   disbursements   incurred  in  connection  withinvestigating,  preparing  to defend or  defending  any  action,  suit or  proceeding,  including  any  inquiry  orinvestigation,  commenced or threatened,  or any claim  whatsoever or in appearing or preparing for appearance as awitness in any action,  suit or proceeding,  including any inquiry,  investigation or pretrial proceeding such as adeposition)  to which  the  Company  or such  indemnified  person  of the  Company  may  become  subject  under theSecurities  Act, the Exchange  Act, the Rules and  Regulations,  or any other  federal or state law or  regulation,common law or  otherwise,  arising out of or based upon (i) the  conduct of the  Placement  Agent or its  officers,employees or  representatives  in its acting as placement  agent for the Offering,  (ii) the breach of any materialrepresentation,  warranty,  covenant or agreement made by the Placement Agent in this Agreement,  (iii) informationin  the  Offering  Documents  relating  to the  Placement  Agent  prepared  by the  Placement  Agent  or any of itsrepresentatives  for inclusion therein or (iv) the omission,  or alleged omission,  in the Offering  Documents of amaterial  fact  required  to be  stated  therein  or  necessary  to make  the  statements  therein  not  misleadinginformation, in each case solely as such omission or alleged omission relate to the Placement Agent.C.       Promptly  after  receipt  by an  indemnified  party of notice of  commencement  of any  action  covered bySection 6(A) or 6(B), the party to be indemnified  shall,  within ten (10) business days,  notify the  indemnifyingparty of the commencement thereof;  provided,  however, that the omission by one indemnified party to so notify theindemnifying  party shall not relieve the indemnifying  party of its obligation to indemnify any other  indemnifiedparty that has given such notice and, provided further,  shall not relieve the indemnifying  party of any liabilityoutside of this  indemnification  if not prejudiced  thereby.  In the event that any action is brought  against theindemnified  party,  the  indemnifying  party will be entitled  to  participate  therein  and, to the extent it maydesire,  to assume and control the defense thereof with counsel chosen by it which is reasonably  acceptable to theindemnified  party.  After  notice from the  indemnifying  party to such  indemnified  party of its  election to soassume the  defense  thereof,  the  indemnifying  party  will not be liable to such  indemnified  party  under suchSection  6(A) or 6(B)  for any  legal  or  other  expenses  subsequently  incurred  by such  indemnified  party  inconnection  with the defense  thereof,  but the  indemnified  party may, at its own  expense,  participate  in suchdefense by counsel chosen by it,  without,  however,  impairing the  indemnifying  party’s  control of the defense.Subject to the proviso of this sentence and  notwithstanding  any other statement to the contrary contained herein,the  indemnified  party or parties  shall have the right to choose its or their own counsel and control the defenseof any action,  all at the expense of the  indemnifying  party if, (i) the  employment  of such counsel  shall havebeen authorized in writing by the  indemnifying  party in connection with the defense of such action at the expenseof the indemnifying  party, or (ii) the indemnifying party shall not have employed counsel reasonably  satisfactoryto such  indemnified  party to have charge of the defense of such action  within a reasonable  time after notice ofcommencement of the action, or (iii) such indemnified  party or parties shall have reasonably  concluded that theremay be defenses  available to it or them which are different  from or  additional to those  available to one or allof the indemnifying  parties and a conflict of interest exists as a result (in which case the indemnifying  partiesshall not have the right to direct the defense of such action on behalf of the  indemnified  party or parties),  inany of which events the  reasonable  fees and expenses of one additional  counsel  reasonably  satisfactory  to theindemnifying party shall be borne by the indemnifying party;  provided,  however, that the indemnifying party shallnot,  in  connection  with any one action or  separate  but  substantially  similar or related  actions in the samejurisdiction  arising out of the same general  allegations or  circumstance,  be liable for the reasonable fees andexpenses of more than one separate firm of attorneys at any time for all such  indemnified  parties.  No settlementof any action or  proceeding  against an  indemnified  party shall be made without the consent of the  indemnifyingparty.D.       In order to provide for just and equitable  contribution  in  circumstances  in which the  indemnificationprovided for in Section 6(A) or 6(B) is due in  accordance  with its terms but is for any reason held by a court tobe  unavailable  on grounds of policy or  otherwise,  the Company and the Placement  Agent shall  contribute to theaggregate  losses,  claims,  damages and  liabilities  (including  legal or other expenses  reasonably  incurred inconnection  with the  investigation  or defense of same) which the other may incur in such  proportion  so that thePlacement  Agent shall be  responsible  for such  percent of the  aggregate  of such  losses,  claims,  damages andliabilities as shall equal the  percentage of the gross proceeds paid to the Placement  Agent and the Company shallbe responsible for the balance;  provided,  however, that no person guilty of fraudulent  misrepresentation  withinthe meaning of  Section 11(f)  of the Securities Act shall be entitled to contribution  from any person who was notguilty  of such  fraudulent  misrepresentation.  For  purposes  of  this  Section  6(D),  any  person  controlling,controlled by or under common  control with the  Placement  Agent,  or any partner,  director,  officer,  employee,representative  or any agent of any thereof,  shall have the same rights to contribution as the Placement Agent andeach person  controlling,  controlled by or under common  control with the Company within the meaning of Section 15of the  Securities  Act or Section 20 of the Exchange Act and each officer of the Company and each  director of theCompany  shall have the same rights to  contribution  as the  Company.  Any party  entitled to  contribution  will,promptly after receipt of notice of  commencement of any action,  suit or proceeding  against such party in respectof which a claim for  contribution  may be made against the other party under this Section 6(D),  notify such partyfrom whom  contribution  may be sought,  but the  omission to so notify such party shall not relieve the party fromwhom  contribution  may be sought from any  obligation  they may have hereunder or otherwise if the party from whomcontribution  may be sought is not  materially  prejudiced  thereby.  The  indemnity  and  contribution  agreementscontained in this Section 6 shall remain  operative and in full force and effect  regardless  of any  investigationmade by or on behalf of any indemnified person or any termination of this Agreement.7.       Payment of Expenses.         The Company will pay all expenses  related to the  Offering,  including,  but not limited to, the fees andexpenses of its  counsel,  all  expenses  incurred in  connection  with Blue Sky  registrations,  all  printing andduplication  costs related to the Offering  Documents,  in such quantities as the Placement Agent  reasonably deemsnecessary,  filing fees,  escrow agent fees and expenses,  and all postage,  mailing and express  charges and otherexpenses in connection with the delivery of copies of the Offering  Documents and  Subscription  Agreements and thedistribution  of securities  after any Closing.  The Company shall also reimburse the Placement  Agent for expensesincurred by it in  connection  with the  Offering,  including but not limited to the fees and expenses of its legalcounsel and  reasonable  travel  expenses,  which shall not exceed  $1,000.00  without the Company’s  prior writtenconsent.  Such amount  shall be  reimbursed  to the  Placement  Agent at the Initial  Closing for all such  amountsincurred on or before the date of such Initial  Closing and, to the extent that the  Placement  Agent  subsequentlyincurs additional  expenses for which it is entitled to any reimbursement,  such reimbursement shall be made at anyAdditional Closing or at the Final Closing, as the case may be.8.       Conditions of the Closings         Each Closing shall be held at the offices of the Placement  Agent or its counsel.  The  obligations of thePlacement  Agent  hereunder shall be subject to the continuing  accuracy of the  representations  and warranties ofthe Company  herein as of the date hereof and as of the date of the  Closing  with  respect to the Company as if ithad been made on and as of such Closing;  the accuracy on and as of each Closing of the  statements of the officersmade  pursuant  to the  provisions  hereof;  and the  performance  by the  Company on and as of the  Closing of itscovenants and obligations hereunder and to the following further conditions:         A.       At the Closing,  the Placement  Agent shall receive the opinion of counsel to the Company,  datedas of the date of such Closing, which opinion shall be in a form reasonably acceptable to the Placement Agent.         B.       At or prior to each  Closing,  counsel for the  Placement  Agent shall have been  furnished  suchdocuments,  certificates  and  opinions  as it may  reasonably  require for the purpose of enabling it to review orpass upon the  matters  referred to in this  Agreement  and the  Offering  Documents,  or in order to evidence  theaccuracy, completeness or satisfaction of any of the representations, warranties or conditions herein contained.         C.       At and  prior to each  Closing,  (i)  there  shall  have  been no  material  adverse  change  nordevelopment  involving a prospective change in the condition or prospects or the business activities,  financial orotherwise,  of the  Company  from  the  latest  dates as of  which  such  condition  is set  forth in the  OfferingDocuments; (ii) there shall have been no transaction,  not in the ordinary course of business,  entered into by theCompany  which has not been  disclosed in the Offering  Documents;  (iii) the Company shall not be in default underany provision of any instrument  relating to any outstanding  indebtedness  for which a waiver or extension has notbeen  otherwise  received;  (iv) except as set forth in the Offering  Documents,  the Company shall not have issuedany  securities  (other  than those set forth in the  Offering  Documents  or  pursuant  to the  exercise of OptionSecurities) or declared or paid any dividend or made any  distribution  of its capital stock of any class and thereshall not have been any change in the  indebtedness  (long or short  term) or  liabilities  or  obligations  of theCompany  (contingent or otherwise);  (v) no material amount of the assets of the Company shall have been pledged ormortgaged;  and (vi) no action,  suit or proceeding,  at law or in equity,  against the Company or affecting any ofits  properties  or  businesses  shall  be  pending  or  threatened  before  or by any  court or  federal  or statecommission,  board or other administrative agency, domestic or foreign, wherein an unfavorable decision,  ruling orfinding could have a Materially Adverse Effect .         D.       At each Closing,  the Placement  Agent shall have received a certificate of the Company signed byits chief executive officer and chief financial officer,  dated as of the date of such Closing,  to the effect thatthe  conditions set forth in  subparagraph (C)  above have been satisfied and that, as of the date of such Closing,the representations and warranties of the Company set forth herein are true and correct.         E.       At or prior to each Closing,  the Company shall have duly executed and delivered the  appropriateamount and designation of certificates  representing  the Shares to the Placement Agent as agent for the respectivepurchasers whose subscriptions have been accepted by the Company.9.       Termination.         This Agreement  shall  terminate if the Initial Closing does not take place on or before the seventh (7th)business day following the  Termination  Date or as soon thereafter as the funds received from  subscriptions  havecleared  the  banking  system in the normal  course of  business.  Either the  Placement  Agent or the  Company mayterminate  the  Offering  in its sole  discretion  prior to the  Initial  Closing.  In the event  that the  Companydetermines  to terminate  the Offering  from and after the date hereof  through the end of the Offering  Period forany reason other than the Placement  Agent’s  breach of the terms of this  Agreement,  and the  Placement  Agent iswilling to proceed,  then the Company  shall  immediately  pay to the  Placement  Agent its actual  out-of-  pocketexpenses,  including  but not limited to fees and expenses of its legal  counsel and  reasonable  travel  expenses.Upon such  termination,  all  Subscription  Agreements and payments for the Shares not previously  delivered to thepurchasers  thereof,  without  interest  thereon  or  deduction  therefrom,  shall be  returned  to the  respectivesubscribers,  the Placement  Agent shall have no further  obligation to the Company,  and the Company shall have noobligation to the Placement  Agent,  except for payment of its actual  out-of-pocket  expenses as set forth herein.If the Placement Agent does not or fails to complete the proposed  private  placement and the reasons  therefor arereasonably  related to a material  adverse change in the business or financial  results,  prospects or condition ofthe Company,  or if the proposed  offering is not  completed  because of the  Company’s  actions or failure to takesuch actions as are  reasonably  required  hereunder and the  Placement  Agent is prepared to perform in accordancewith the terms herein,  then, in any such case, the Company  agrees to promptly pay the Placement  Agent its actualout-of-pocket  expenses.  If the Placement Agent does not or fails to complete the proposed  private  placement andthe reasons therefor are reasonably related to a material adverse change in market  conditions,  the Company agreesto promptly pay the Placement Agent its actual out-of-pocket expenses.10.      Miscellaneous.A.       This  Agreement  may be  executed  in any number of  counterparts,  each of which shall be deemed to be anoriginal, but all which shall be deemed to be one and the same instrument.B.       Any notice  required  or  permitted  to be given  hereunder  shall be given in writing and shall be deemedeffective when deposited in the United States mail,  postage prepaid,  or when received if personally  delivered orfaxed, addressed as follows:To the Placement Agent:     Chicago Investment Group Incorporated     and   Chicago Investment Group Incorporated     One World Trade Center, 85th Floor              39 South LaSalle Street, Suite 325     New York, New York 10048                        Chicago, Illinois 60603     Attn.: Mr. Jeffrey Nunez                                 Attn.: Mr. Richard Lynch     Fax: (212) 390-1301                             Fax: (312) 857-2040with a copy (which shall not constitute notice) to:     Eric S. Hutner, Esq.     Law Offices of Eric S. Hutner & Associates     One World Trade Center, 85th Floor     New York, New York 10048     Fax: (212) 321-2930To the Company:     PanAgra International Corporation     One World Trade Center, 85th Floor     New York, New York 10048     Attn.: Mr. Ronald C.H. Lui     Fax No. (212) 829-0963with a copy (which shall not constitute notice) to:     Louis A. Bevilacqua, Esq.     Wiggin & Dana LLP     Three Stamford Plaza     P.O. Box 110325     Stamford, Connecticut 06911-0325     Fax No. (203) 363-7676     or to such other address of which written notice is given to the others.C.       This  Agreement  shall be governed by and  construed  in all  respects  under the laws of the State of NewYork,  without reference to its conflict of laws rules or principles.  Any suit,  action,  proceeding or litigationarising out of or relating to this  Agreement  shall be brought and  prosecuted  in such  federal or state court orcourts  located  within  the  State  of  New  York  as  provided  by  law.  The  parties  hereby   irrevocably  andunconditionally  consent to the  jurisdiction of each such court or courts located within the State of New York andto service of process by registered or certified mail,  return receipt  requested,  or by any other manner providedby applicable  law, and hereby  irrevocably  and  unconditionally  waive any right to claim that any suit,  action,proceeding or litigation so commenced has been commenced in an inconvenient forum.D.       This Agreement and the other agreements  referenced  herein contain the entire  understanding  between theparties  hereto with respect to this  Offering  and may not be modified or amended  except by a writing duly signedby the party against whom enforcement of the modification or amendment is sought.E.       If any  provision of this  Agreement  shall be held to be invalid or  unenforceable,  such  invalidity  orunenforceability shall not affect any other provision of this Agreement.         F.       This Agreement may be executed in two (2) or more counterparts, each of which shall be deemedan original and all of which, together, shall constitute one and the same original instrument. Facsimileexecution and delivery of this Agreement is legal, valid and binding for all purposes.         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.CHICAGO INVESTMENT GROUP INC.                                  PANAGRA INTERNATIONAL CORP.By:                                                            By:     Name:                                                          Name:     Title:                                                         Title:--------1 All references to the “Company” shall, when applicable in the context, include all subsidiaries of the Company. |