Document:

EXHIBIT
      10.4

     

    English
      Summary of

    Loan
      Contract

     

    (Chongwen)
      Nong-Yin-Jie No.0954 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

            	
               

            	
              7

            	
               

            	
              13

            	
               

            	
              Twenty
                million

            	
               

            	
              2008

            	
               

            	
              7

            	
               

            	
              12

            	
               

            	
              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 ×% 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 (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.

     

    2
 
      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.

    

    3
 
      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.

    

    4
 
      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.

    

    5
 
      If the Borrower has failed to fulfill the obligation of paying the Loan, the
      Lender may publicly disclose the Borrower’s default.

    

    6
 
      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 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:EXHIBIT
      10.5

     

    English
      Summary of

    Loan
      Contract

     

    (Chongwen)
      Nong-Yin-Jie No.0973 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-eight
      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

            	
               

            	
              7

            	
               

            	
              20

            	
               

            	
              Twenty-eight
                million

            	
               

            	
              2008

            	
               

            	
              7

            	
               

            	
              19

            	
               

            	
              Twenty-eight
                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 × %
      up
      (up/down) the base rate and the annual interest rate shall be 7.227%
      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 o n      × (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
      20
th
      day of
      each quarter
      (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.

    2
 
      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.

    3
 
      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.

    4
 
      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.

    5
 
      If the Borrower has failed to fulfill the obligation of paying the Loan, the
      Lender may publicly disclose the Borrower’s default.

    6
 
      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 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:

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