Exhibit
      10.3

     

    Loan
      Contract 

     

    (Chongwen)
      Nong-Yin-Jie No.0872 Borrower (Full Name): Duoyuan
      Digital Printing Technology Industry (China) Co., Ltd. 

     

    Lender
      (Full Name): Agricultural Bank of China Chongwen
      Branch, Beijing 

     

    In
      accordance with applicable laws and regulations of the State, both parties
      hereto enter into this loan contract (the “Contract”) after mutual consultation.


     

    Article
      I Loan 

    1 Type
      of
      Loan: revolving
      debt 

    2 Purpose
      of Loan: for
      purchasing raw materials 

    3 Currency
      and Amount (in Capital Letters) of Loan: Twenty
      million RMB 

    4 Term
      of
      Loan 

    


    (1)
      See
      the table below for the term of the Loan. 

    

      
        	
                Release

              	 	
                Maturity
                  

              	 
	
                Year
                  

              	 	
                Month
                  

              	 	
                Day
                  

              	 	
                Amount
                  

              	 	
                Year
                  

              	 	
                Month
                  

              	 	
                Day
                  

              	 	
                Amount
                  

              	 
	
                2007
                  

              	 	
                6
                  

              	 	
                30
                  

              	 	
                Twenty
                  million 

              	 	
                2008
                  

              	 	
                6
                  

              	 	
                29
                  

              	 	
                Twenty
                  million 

              	 


      

    

     

    (Additional
      sheets may be attached to the above table when the space in the above table
      is
      insufficient and shall constitute a part of the Contract.) 

    


    (2)
      In
      the event of any discrepancy between the amount, release and maturity dates
      of
      the Loan as stated in the Contract and those recorded on the loan document,
      the
      latter shall prevail. The loan document shall constitute a part of and enjoy
      the
      same effectiveness as the Contract. 

    (3)
      When
      the Loan hereunder is in a foreign currency, the Borrower shall pay principal
      and interest of the Loan in the currency in which the Loan has been originally
      released to him/her. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    5.
      Interest Rate

     

    Interest
      rate of RMB loans shall be determined using the (2 ) method described here
      below:

    


    (1)
      Floating Interest Rate:

     

    The
      interest rate of the Loan shall float by ×% (up/down) the base rate and the
      annual interest rate shall be %. The base rate of a loan for a term of five
      years or less shall be the base rate of RMB loans in the same period as
      publicized by the People’s Bank of China, and that of a loan for a term of more
      than five years shall be said base rate of RMB loans plus ×
      (in
      capital letters) percent.

     

    Interest
      rate adjustment shall take place at an interval of ×
      (in
      capital letters) month. In the event of an adjustment to the base interest
      rate
      of RMB loans by the People’s Bank of China, the Lender shall determine the new
      applicable interest rate of the Loan based on the adjusted base rate of loans
      for appropriate term without further notifying the Borrower. When the date
      of a
      base rate adjustment coincides with the release date of the Loan or the date
      of
      the initial month of said adjustment interval that corresponds to the release
      date of the Loan, the new applicable rate shall be determined from the date
      of
      the adjustment. When no such corresponding date is available, the last day
      of
      the month shall be deemed as the corresponding date. 

     

    (2)
      Fixed
      Interest Rate 

     

    The
      interest rate of the Loan shall float by 10
      %
      up
      (up/down) the base rate and the annual interest rate shall be 6.732%
      until
      the
      maturity date of the Loan. The base rate of a loan for a term of five years
      or
      less shall be the base rate of RMB loans in the same period as publicized by
      the
      People’s Bank of China, and that of a loan for a term of more than five years
      shall be said base rate of RMB loans plus ×
      (in
      capital letters) percent. Interest rate of foreign-currency loans shall be
      determined using the ×
      method
      described here below: 

     

    (1)
      The
      interest rate shall be floating based on    
       ×
      (in
      capital letters) months ×
      that is
      composed of (in capital letters) months’ ×
      (LIBOR/HIBOR)
      + ×
      %
      as
      interest rate difference. LIBOR/HIBOR shall be the London/Hong Kong inter-bank
      offered rate publicized by Routers as of two working days before the interest
      calculation date for loans of the corresponding term. 

     

    (2)
      Apply
      the annual interest rate of ×
      %
      until
      the maturity date of the Loan. 

     

    (3)
      Other
      Method: ×     .
      

    


    6.
      Interest Settlement 

     

    Interest
      of the Loan hereunder shall be settled on a quarterly
      (monthly/quarterly)
      basis and the date of interest settlement shall be the 20th
      day
      of
      each quarter’s
      final month (month/quarter’s
      final month). The Borrower shall pay interest on each date of interest
      settlement. If the final principal payment date of the Loan isn’t a date of
      interest settlement, the outstanding interest shall be paid in full together
      with the principal (daily interest rate = monthly interest rate/
      30).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Article
      II. The Lender shall have the right to reject provision of the Loan hereunder
      if
      the following requirements are not satisfied: 

    1 The
      Borrower shall open basic
      account
      with the Lender. 

    2 The
      Borrower shall provide relevant documents, materials and properly fulfill
      appropriate procedures as requested by the Lender. 

    3 When
      the
      Loan hereunder is in a foreign currency, the Borrower shall have properly
      fulfilled all approval, registration and other statutory procedures in
      connection with the Loan as required by the present clause. 

    4 In
      the
      event that the Loan hereunder involves mortgage or pledge guarantee, the
      appropriate registration and/or insurance procedures shall have been properly
      fulfilled as required by the Lender and such guarantee and insurance shall
      remain valid. If the Loan hereunder involves a surety guarantee, the surety
      contract shall have been signed and fallen into force and effect. 

     

    Article
      III. Rights and Obligations of Lender 

    1. The
      Lender shall have the right to keep informed of conditions of the Borrower’s
      business and financial activities as well as inventories of materials and use
      of
      the Loan, and to require the Borrower to provide financial statements as well
      as
      other materials and information on a regular basis. 

    1 When
      the
      Borrower incurs any of the unfavorable actions or situations set forth in
      provisions including without limitation to Sub-clauses 7, 8 and 10 of Article
      IV
      herein that is sufficient to endanger security of the Loan, the Lender may
      suspend release of the Loan or recover it earlier. 

    2 When
      recovering principal, interest, penal interest, compound interest of the Loan
      and other fees and charges payable by the Borrower as contracted herein or
      earlier than scheduled, the Lender may transfer the amounts to be so recovered
      from any account of the Borrower. 

    3 When
      the
      amount paid by the Borrower is insufficient to pay off the sum due and payable
      hereunder, the Lender may opt to use the amount to pay the principal, interest,
      penal interest, compound interest or fees and charges of the Loan. 

    4 If
      the
      Borrower has failed to fulfill the obligation of paying the Loan, the Lender
      may
      publicly disclose the Borrower’s default. 

    5 The
      Lender shall release the Loan to the Borrower in full amount and on time as
      agreed herein. 

    


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Article
      IV Rights and Obligations of Borrower 

    1 The
      Borrower shall have the right to obtain and use the Loan as agreed herein.
      

    2 The
      Borrower shall handle current settlements and deposits in connection with the
      Loan hereunder through the account set forth in Article II herein. 

    3 If
      the
      Loan hereunder is in a foreign currency, the Borrower shall properly fulfill
      appropriate approval, registration and other statutory procedures in connection
      with the Loan in accordance with applicable regulations. 

    4 The
      Borrower shall pay principal and interest of the Loan as scheduled. When the
      Borrower needs an extension of the term of the Loan, it shall lodge a written
      application to the Lender within 15 days before the maturity date of the Loan,
      and sign an extension agreement after obtaining the Lender’s consent.


    5 The
      Borrower shall use the Loan for the purpose contracted herein without seizing
      or
      diverting the Loan for any other purposes. 

    6 The
      Borrower shall provide the Lender with true, complete and valid financial
      statements and other relevant materials and information on a monthly basis,
      and
      actively collaborate with the Lender’s inspection of its business and financial
      activities and use of the Loan hereunder. 

    7 The
      Borrower shall notify the Lender in advance in writing and obtain the Lender’s
      consent before it executes any contracting, lease, joint stock system reform,
      joint venture, consolidation, merger, division, asset assignment, application
      for cessation of operation for rectification purpose or for dissolution or
      bankruptcy, or any other action that is sufficient to cause changes to the
      debtor-creditor relationship hereunder or to impair the Lender’s realization of
      its creditor’s rights, and shall not implement any of the foregoing actions
      until it has identified the accountability for debts paying or paid off all
      debts earlier. 

    8 The
      Borrower shall immediately notify the Lender in writing when it incurs any
      other
      circumstances other than  the
      actions set forth in the foregoing sub-clause that will have material negative
      influence on its fulfillment of the payment obligation hereunder, such as
      cessation of production, wind-up, registration cancellation, revocation of
      business license, legal representative or superintendent’s engagement in illegal
      activities or involvement in major legal actions or arbitration, severe
      difficulty in business operation, deterioration of financial status, etc.,
      and
      shall implement the creditor’s right preservation measures that have been
      accepted by the Lender. 

    9 The
      Borrower shall notify the Lender in advance in writing and obtain the Lender’s
      consent if it provides guarantee for other persons’ debts or mortgages or
      pledges its major assets to a third person that may possibly impair its ability
      to pay the Loan hereunder. 

    10 The
      Borrower and its investor(s) shall not secretly withdraw funds, transfer assets
      or assign shares without  permission
      in order to evade the payment obligation to the Lender. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    11 The
      Borrower shall duly notify the Lender in writing of changes to the Borrower’s
      name, legal representative, address or business scope. 

    12 The
      Borrower shall promptly provide other guarantee measures accepted by the Lender
      in the event that the guarantor of the Loan hereunder incurs such situations
      as
      cessation of operation, wind-up, cancellation of registration, revocation of
      business license, bankruptcy or suffering a losing result in business operation
      and has partially or completely lost the guaranteeing capability matching the
      Loan, or that the collateral, pledge or pledged title serving as guarantee
      of
      the Loan hereunder suffers decrement in value. 

    13 The
      Borrower shall cover the costs and expenses of attorney’s service, insurance,
      transportation, appraisal,  registration,
      safekeeping, identification and public notarization that are in connection
      with
      the Contract or the guarantee hereunder. 

    


    Article
      V. Early Payment of Loan 

    The
      Borrower shall obtain the Lender’s consent before making an earlier payment of
      the Loan; and if the Lender agrees upon such earlier payment, interest on the
      portion so paid earlier shall be calculated and paid at the time of the payment
      using the two method described here below: 

    1 Calculate
      and collect interest based on the term of the Loan and applicable interest
      rate
      agreed in the Contract. 

    2 Calculate
      and collect interest based on the actual term of the Loan and at the applicable
      interest rate agreed herein plus ZERO
      (in
      capital letters) percent. 

    


    Article
      VI. Defaults 

    1 If
      the
      Lender has failed to release the Loan to the Borrower in full and as scheduled
      and consequently caused loss to the Borrower, it shall pay penalty to the
      Borrower based on the defaulted amount and the days of  duration
      of the default, which penalty shall be calculated using the same method
      applicable to overdue loan payment in the same period. 

    2 In
      the
      event that the Borrower has failed to pay principal of the Loan as per the
      schedule agreed herein, the Lender shall impose penal interest upon the overdue
      amount from the overdue date and at the applicable interest rate of the Loan
      as
      set forth herein plus FIFTY
      (in
      capital letters) percent until the principal and interest of the Loan is paid
      off in full. If the People’s Bank of China adjusts upwards the base interest
      rate of RMB loans in the same period during such overdue payment, the penal
      interest rate shall be raised accordingly from the date of the adjustment to
      the
      extent that the Loan hereunder is in RMB. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    3 If
      the Borrower has failed to use the Loan as contracted, the Lender shall impose
      penal interest on the defaulted amount from the date of the default and at
      the
      applicable interest rate of the Loan as agreed herein plus ONE
 HUNDRED (in capital letters) percent until the principal and
      interest of the Loan is paid in full. If the People’s Bank of China adjusts
      upwards the base interest rate of RMB loans in the same period during such
      default, the penal interest rate shall be raised accordingly from the date
      of
      the adjustment to the extent that the Loan hereunder is in RMB. 

    4 The
      Lender will charge compound interest in accordance with regulations of the
      People’s Bank of China on interest due and payable but remaining outstanding.


    5 In
      the event of the Borrower’s breach of its obligations hereunder, the Lender
      shall have the right to require the Borrower’s correction of the breach within
      specified period of time, suspend release of the Loan, recover earlier the
      amount of the Loan that has been previously released, and declare immediate
      maturity of loans under other loan contracts between the Borrower and the Lender
      or take other asset preservation measures. 

    6 If
      any guarantor of the Loan hereunder has breached the obligations agreed herein,
      the Lender shall have the right to suspend release of the Loan, recover earlier
      the amount of the Loan that has been previously released  or take other
      asset preservation measures. 

    7 If
      the Lender resorts to legal action or arbitration for realization of its
      creditor’s rights as result of the Borrower’s default of the Contract, the
      Borrower shall assume the attorney’s fee, traveling expense and other costs and
      expenses that the Lender has paid for such realization of creditor’s rights.


    


    Article
      VII. Guarantee 

    The
      form
      of guarantee of the Loan hereunder is Maximum collateralized loan balance and
      the guarantee contract is to be separately signed. If maximum-value guarantee
      is
      adopted, the guarantee contract number is . 

     

    Article
      VIII. Settlement of Disputes 

    Disputes
      occurring during performance of the Contract may either be settled through
      mutual consultation of both parties or through the 1 method described here
      below: 

    1 Legal
      action: Such disputes shall be subject to jurisdiction of the people’s court in
      the place of the Lender. 

    2 Arbitration:
      The disputes shall be submitted to ×
      (full
      name of arbitrating agency) for arbitration in accordance
      with its arbitration rules.

    During
      such legal action or arbitration, performance of provisions of the Contract
      other than those concerned in the dispute shall be continued. 

    


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Article
      IX. Miscellaneous 

    Maximum
      collateralized loan balance term:2005.07.28—2007.07.27 

     

    Article
      X. Effectiveness of Contract 

    The
      Contract shall take effect from the date of signatures or seals by the Lender
      and the Borrower. 

     

    Article
      XI. Counterparts 

    The
      Contract is made in four
      identical
      copies, with each party hereto respectively holding one, the guarantors
      respectively keeping one copy and four
      copies,
      all enjoying the same effectiveness.

     

    Article
      XII. Notice 

    The
      Lender has reminded the Borrower to fully and accurately understand all printed
      clauses herein and made appropriate clarifications of the clauses as requested
      by the Borrower. Both parties have common understanding regarding implications
      of the Contract. 

     

     

    Borrower
      (Signature/Seal) Lender (Signature/Seal): 

    Agricultural
      Bank of China Beijing Chongwen District Branch Special 

    Seal
      for
      Loan Contract Approval 

     

     

    Legal
      Representative: Officer in Charge or Authorized Representative: 

     

     

    Date
      Signed: 

     

     

    Place
      Signed: