Document:

EXHIBIT 10.16

                    CONTRACT OF LOAN TRANSACTION (ENTERPRISE)

Corporation  Korea  Exchange  Bank

The  bank  shall  explain  the  key contents of this contract and distribute the
copies  of  this
contract  and  the  bank's  standard  contract  of  loan  transaction.
----------------------------------------------------------------------
I  understand that in the loan transaction with Korea Exchange Bank (hereinafter
referred to as the "Bank") according to the conditions hereinafter, the standard
contract of loan transaction (includes deposits transaction contract for savings
revolving  loan,  current  account  loan)  will be applied. I duly recognize the
following  articles.

ARTICLE  1  CONDITIONS  OF  TRANSACTION  ([ ] is recorded by the debtor, place a
check mark inside [ ])
1. The loan subject, contract(limit) amount, contract period, interest, security
rate,  arrears compensation rate, and transaction method is as below. The period
and  method  of  loan  execution  is determined by the bank, the debtor pays the
interest  according  to the calculation method and payment time determined by he
bank.  In  the  event of extension of contract period or change of external loan
rate or loan rate due to the bank's supply purpose, or the period of the loan is
longer  than  a  year,  the  bank  may  change  the  interest,  security  rate.
<TABLE>
<CAPTION>

<S>            <C>             <C>       <C>            <C>            <C>
                                                        Arrears
               Contract        Contract  Interest,      compensation   Transaction
Loan subject   (Limit) amount  period    security rate  rate           method
-------------  --------------  --------  -------------  -------------  --------------
               One billion               [ ]Fixed
Corporate      six hundred               [ ]Variable    Minimum   %    [ ]Limit
purchase fund  million won                   % pa       Maximum   %    [ ]Independent
-------------  --------------            -------------  -------------  --------------
                                         [ ]Fixed
                                         [ ]Variable    Minimum   %    [ ]Limit
                                             % pa       Maximum   %    [ ]Independent
                                         -------------  -------------  --------------
                                         [ ]Fixed
                                         [ ]Variable    Minimum   %    [ ]Limit
                                             % pa       Maximum   %    [ ]Independent
                                         -------------  -------------  --------------
</TABLE>

2.  For limit transaction loan in Clause 1, loan and repayment maybe freely made
within  the  limit  amount  and the period, for independent loan the loan amount
shall  be  repaid  in  whole  sum  by  the  end  of  agreement.

3.  For  limit  transaction  loan a separate period maybe set for one revolution
period  and  independent  loan  period.  This  period is determined by the bank.

4.  For  installment  repayment  transaction  loan,  (  )  years  (  ) months is
deferred  from  the  time  of  initial  loan  payment.  From the end of deferred
period,  the  loan  amount  is  repaid  for  (  ) years (   ) months, or without
deferred  period,  according to the installment repayment date chart distributed
by  the  bank.

5.  For deposits loan, based on loan payment date, installment repayment is made
monthly.

6.  The  bank  may  confirm fund purpose and required amount through documentary
evidences  and  such  than  execute  installment.

                                        1
<PAGE>
7.  For  using  independent  loan within the loan subject limit in Clause 1, the
debtor  shall  submit  an  application set by the bank. The clause still applies
even  if  the  application  form  is  exempted  through  the  bank's discretion.

8.  For  calculating interest, security charge and arrears compensation 365 days
are  considered  as  1  year,  interest  is  calculated on a daily basis. But in
foreign  transactions,  international and business customs will be applied, that
is  if  1  year  is  considered  as  different  number  of  days.

9.  Any  bank  deposit repayments through ATMs or electronic banking means after
bank  business  hours  may  not  be  recorded  as  being  repaid  on  the  day.

ARTICLE  2  AGREEMENTS  ON  PAYMENT  GUARANTEE
1. The bank may stand surety exceeding the period or the amount set in Article 1
on  the  request  of the debtor.  This agreement applies to the exceeded amount.

2. The application for payment guarantee is made on the preset payment guarantee
application  form.  The  bank  may guarantee payment through issuance of payment
guarantee, bill guarantee, bill transfer and other debt guarantee methods at its
discretion.

3.  The  bank  on  basis  of this agreement may fulfill the guarantee before the
expiry  of  guarantee  date according to a separate prior payment clause (in the
event  of  transaction suspension measure by bill exchange center or request for
bankruptcy)  without  notice  to  the debtor and regardless of the expiry of the
primary  debt.  The  method  and  the amount of the fulfillment are based on the
conditions  in  the  payment guarantee and the debtor shall repair the guarantee
the  bank  has  fulfilled  instead.

4.  The  debtor  does not incur responsibilities on the bank on the primary debt
guaranteed by the bank by depositing the payment funds the day before payment or
fulfilling  the  debt  on  the  day  of  payment.

5.  On  fulfillment of the debt by the debtor or termination of the primary debt
through  offset,  immunity  or  expiration,  and  the  opposing  party  requests
fulfillment  of  the  contract  or the bank's guarantee is affected by pledge or
changes  in  expiration,  the  debtor  immediately  informs  the  bank.

6.  In the event the bank fulfills the guarantee on request of the claimant upon
delay  of  the notification in clause 5, the debtor shall make compensations for
the  amount  as  repayment  debt.

7.  When  the  bank  fulfills  the  guarantee,  the debtor repays the following.
   1.  Guarantee  fulfillment  amount
   2.  Expenses  incurred  through  guarantee  fulfillment
   3.  Expenses  incurred  exercise  or  preservation of rights of other debtors
   4.  Any  arrears  compensation for expenses in Clause 1 through Clause 3 from
the  time  of payment to the time of repayment according to the rates in Article
1.

ARTICLE  3  PREMATURE  REPAYMENT  CHARGE  ([ ]  Agree  [ ] Disagree   Check  the
according  [ ])
1.  In  the  event of part or whole premature repayment of the loan (hereinafter
referred  to  as "Premature repayment"), premature repayment service charge will
be  paid  to  the  bank  as  to  Clause  2  unless otherwise stated by the bank.

2.  Premature  repayment  service  charge is calculated by multiplying premature
repayment  amount  by  the  service  charge  in  the  following  sections.
  1.  Variable  interest  rates
     1) Remaining loan period is more than ( ) months and less than ( ) months (
)%
     2)  Remaining  loan  period  is  more  than  (  )  months  (   )%
  2.  Fixed  interest  rates
     1)  Interest  difference  X  remaining  loan  period  (months)/12

                                        2
<PAGE>
     2)  "Interest  difference"  is the agreed upon interest of the initial loan
contract     minus  the  standard  interest  for  the remaining loan period, the
standard  interest     is  announced  by  the  bank.

3.  For  premature  repayment  of  installment repayment loan, service charge is
calculated for each loan amount and for part premature repayment the installment
repayment  coming  up  first  is  repaid  first.

ARTICLE  4  SERVICE  CHARGE  FOR  REMAINING LIMIT IN THE CONTRACT ([ ] Agree [ ]
Disagree   Check  the  according  [ ])
1.  For  any  remaining amount within the credit limit set in Article 1, service
charge  shall  be paid according to the standards set by the following sections.
     1.  Formula  :  (Limit  - Previous months average balance) X Service charge
rate  X  Days  maintained  in  the  previous  months/365
     2.  Service  charge  rate  :  (   )  %
     3. Average balance is calculated for each loan subject by the bank from the
time  of  final  payment  of  the  unused  limit  till  the  day  of  payment.

2.  Service  charge for remaining limit is paid on (  ) each month.  For current
account  loan  and  savings  revolving  loan  it  is added to the loan principal
regardless  of  the  limit,  if  the balance is savings, it is deducted from the
savings.

ARTICLE  5  REVENUE  STAMP  (Check  the  according  [  ])
1.  Revenue  stamp cost incurred by this contract shall be paid by ([ ]loanee, [
]bank,  [  ]loanee  and  bank  50%  each  ).

2.  In the event the bank pays the revenue stamp cost that was to be paid by the
loanee  according  to Clause 1, it shall be paid within a short period according
to  bank's  standard  contract  of  loan  transaction  Article  4.

ARTICLE 6 SUBMISSION OF BILL OF DEBT AND CONFERMENT OF SUPPLEMENTARY RIGHTS ([ ]
Submit  [  ]  Do  not  submit   Check  the  according  [  ])
1. In loans excluding payment guarantee transaction a bill of debt excluding its
value and payment date will be published, endorsed by joint surety and submitted
to  the  bank.

2. The bank may supplement and exercise the blank bill in Clause 1 if the debtor
does not pay the debts until the expiry of repayment date or transaction period,
or  loses  its  rights  due  to  the  standard  contract  of  loan  transaction.

3.  The  amount  of bill in the event of exercising Clause 2 shall be within the
sum  of principal, interests, arrays compensations and other miscellaneous costs
incurred.

ARTICLE  7  SECURITY  AND  INSURANCE
The debtor will pledge any buildings or installed facilities along with the land
or  building it is built on and including any miscellaneous facilities within as
a  security  to  the  bank  unless  otherwise stated by the bank. If the bank so
requests,  the  debtor  shall enter into an insurance of the type and the amount
agreed  by  the  bank  and  place  a pledge for the bank on the insurance claim.

ARTICLE  8  DUTY  OF  MAINTENANCE  OF  REPAYMENT  MEANS
1.  I  shall maintain adequate financial ratio as shown below for the purpose of
maintaining  repayment  means  for  the  debts incurred by this contract. In the
event  of  other  clauses  such  as Financial Structure Improvement, it shall be
affixed  to  the  end of this transaction contract and considered a part of this
transaction  contract.

                                        3
<PAGE>

Classification       .      .      .      .      .
----------------   -----  -----  -----  -----  -----
Debt ratio             %      %      %      %      %
Self asset ratio       %      %      %      %      %
(      )ratio          %      %      %      %      %
(      )ratio          %      %      %      %      %

2. In the event of the following, the bank shall be consulted and agreed upon in
advance.
     1.  Merger,  business transfer/acquisition and other sale/rent of important
assets
     2.  Investment  on  fixed  assets  for  reasons other than specified in the
contract
     3.  Surety  for  other's  debts
     4.  Entering  new  business  or  foreign  investment
     5.  Company  structure  work  out,  privatization, or any other significant
management  changes
     6  Transfer  or  important  assets  for  issuance  of  asset  security deed

3.  I  shall agree to the acts of following sections if the bank so requires for
the  maintenance  of  the  transaction  contract.
     1.  Sales  of  owned  real  estates  or  securities
     2.  Investment  of  majority  shareholder
     3.  Issuance  of  new shares to be purchased or going public of the company

4.  The  1st  and  the  3rd  Clause  will only be applied in the presence of any
special  agreements  for  each  Clause  between  the  debtor  and  the  bank.

ARTICLE  9  MISCELLANEOUS  SPECIAL  CLAUSES

                                                                    2005. 10. 21

                          Debtor : Name
                                   ---------------------------------------------
                                   Address

I have received the bank's standard contract of loan transaction and the copy of
this  contract,  and  have  sufficiently  heard  and  understood  its  contents

Receive written documents of the contract : [ ] Yes        [ ] No

                                        4
<PAGE>
To  Korea  Exchange  Bank

I would like to apply for the loan amount of the following as determined by your
bank,  and  agree  that  to  your  bank's  standard contract of loan transaction
applies.

                              Name:
                              Company:

                              Representative:
                              Phone:

                           Received bank's standard contract of loan transaction
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S>                                          <C>
Amount                                       One billion Six hundred million won
-------------------------------------------  -----------------------------------
Subject                                      Corporate purchase fund
-------------------------------------------  -----------------------------------
Period
-------------------------------------------
Fund purpose
-------------------------------------------
Interest rate                                                               % pa
-------------------------------------------  -----------------------------------
Arrears compensation rate                                                   % pa
-------------------------------------------  -----------------------------------
Time of interest payment
-------------------------------------------
Repayment resource and method
-------------------------------------------
Miscellaneous conditions
-------------------------------------------
Reason for application and fund usage plan
(for facility fund, summary of business
plan, for payment guarantee summary of
primary debt)
-------------------------------------------
</TABLE>

<TABLE>
<CAPTION>

<S>        <C>    <C>   <C>         <C>           <C>      <C>
                                    Estimated              Relation
Guarantee  Place  Type  Number      market price  Pledgee  with loanee
---------  -----  ----  ----------  ------------  -------  ------------

           -----  ----  ----------  ------------  -------  ------------
                        Occupation                         Address
Joint                   and         Monthly       Actual         (phone
Sureties   Name   Age   position    income        assets   number)
---------  -----  ----  ----------  ------------  -------  ------------

           -----  ----  ----------  ------------  -------  ------------

           -----  ----  ----------  ------------  -------  ------------

           -----  ----  ----------  ------------  -------  ------------

           -----  ----  ----------  ------------  -------  ------------
</TABLE>

                                        5
<PAGE>
<TABLE>
<CAPTION>

Estimated  assets  (unit  :  million  won)

<S>             <C>                      <C>              <C>
Type            ( ) results              ( ) Predictions  Calculation and completion methods
--------------  -----------------------  ---------------  ------------------------------------------
                                                          1. Fill in maintenance fund column for
                                                          maintenance fund application, and both
                                                          columns for facility fund application
                                                          2. Calculating maintenance fund
                                                          1) Required fund for 1 revolution = (total
                                                          principal - added or subtracted costs) x
                                                          1 revolution period/365
                                                          2) 1 revolution period = (remaining
                                                          assets + sales rights + prior payout
                                                          amount)revolution percentage-(purchase
                                                          debts+ prior payment)revolution
                                                          3) Self assets = pure liquid capital -
                                                          pure liquid debts
                                                          3. Completing maintenance fund
                                                          1) Based on recent year or 6 months
                                                          results and predictions
                Maintenance fund for 1                    2) Primary sales business are calculated
                revolution Total                          by primary transaction bank's loan limit
                principal                                 3) When applying for amount exceeding
                1 revolution period                       required fund for one revolution, record
                Self asset Future                         the reason
                deposits Insufficient                     4) For those business with limit contents
Maintenance     asset (plans for                          that are not applicable, it maybe left
Fund            supply)                                   blank.
--------------  -----------------------  ---------------  ------------------------------------------
                Total spent assets
Facility        Primary Secondary
Fund            loans Self assets
--------------  -----------------------  ---------------  ------------------------------------------
Grounds for applied loan amount (trade funds, commercial bills)

----------------------------------------------------------------------------------------------------
</TABLE>

Exports  are  in  US$,  total  amounts  in  exchanged  won  amount,  in (  ) for
production  sales,  record  the  number  of  sales

<TABLE>
<CAPTION>

<S>             <C>       <C>     <C>     <C>                    <C>     <C>
Classification  Type      (    )  (    )  Item                   (    )  (     )
--------------  --------  ------  ------  ---------------------  ------  -------
Production      Total     (    )  (    )  Total Sales
                          (    )  (    )  Original sales price
--------------  --------  ------  ------  General maintenance    ------  -------
Sales           Export    (    )  (    )  sales fee
                          (    )  (    )  Earnings from non
                --------  ------  ------  business matters       ------  -------
                Domestic  (    )  (    )  Expenses from non
                          (    )  (    )  business matters       (    )  (     )
                --------  ------  ------  (Paid interests and    ------  -------
                Total     (    )  (    )  discounts)
                          (    )  (    )  Special Profit
                                          Special loss
                                          Registration fee
                                          Period Total Profit
--------------  --------  ------  ------  ---------------------  ------  -------
</TABLE>

                                        6
<PAGE>

Business Plan

Exports  are  in  US$,  total  amounts  in  exchanged  won  amount,  in (  ) for
production  sales,  record  the  number  of  sales

<TABLE>
<CAPTION>

<S>             <C>       <C>     <C>     <C>                    <C>     <C>
Classification  Type      (    )  (    )  Item                   (    )  (     )
--------------  --------  ------  ------  ---------------------  ------  -------
Production      Total     (    )  (    )  Total Sales
                          (    )  (    )  Original sales price
--------------  --------  ------  ------  General maintenance    ------  -------
Sales           Export    (    )  (    )  sales fee
                          (    )  (    )  Earnings from non
                --------  ------  ------  business matters       ------  -------
                Domestic  (    )  (    )  Expenses from non
                          (    )  (    )  business matters       (    )  (     )
                --------  ------  ------  (Paid interests and    ------  -------
                Total     (    )  (    )  discounts)
                          (    )  (    )  Special Profit
                                          Special loss
                                          Registration fee
                                          Period Total Profit
--------------  --------  ------  ------  ---------------------  ------  -------
</TABLE>

Record  of  transaction  with  other  banks  (unit  : million won, thousand US$)
*  Record  transactions  with  secondary  fund  institutions  and  private funds
* For import/export results, record previous years and correspond year's results

<TABLE>
<CAPTION>

<S>   <C>      <C>     <C>      <C>     <C>     <C>   <C>     <C>     <C>
Bank  Loan                      Pledge          Savings       Export  Import
      ------------------------  --------------  ------------
      Subject  Amount  Period   Type    Amount  Type  Amount
----- -------  ------  -------  ------  ------  ----  ------  ------  ------

----- -------  ------  -------  ------  ------  ----  ------  ------  ------

</TABLE>

                                        7
<PAGE>EXHIBIT 10.17

The  bank  shall  explain  the  key contents of this contract and distribute the
copies  of  this  contract and the bank's standard contract of loan transaction.

                          CONTRACT OF LOAN TRANSACTION

                                  (Enterprise)

-------
Revenue
Stamp
-------

Corporation Hana Bank                                           Date   2005.3.21

Name                             (Sign)
      ---------------------------------
Address:

I  understand  that  in  the  loan  transaction  with  Corporation  Hana  Bank
(hereinafter referred to as the "Bank") according to the conditions hereinafter,
the  standard contract of loan transaction will be applied. I duly recognize the
following  articles.

ARTICLE  1  CONDITIONS  OF  TRANSACTION

  The  conditions  of  transaction  are  as  follows.

(In  the  event  there  are  multiple  choices,  please listen to the employee's
explanation  and  place  an  "x"  mark  inside  the  appropriate  "[  ]")

                                        1
<PAGE>
<TABLE>
<CAPTION>

<S>              <C>
Loan subject     Comprehensive export funds
(Loan type)      (deeds loan, won currency)
---------------  --------------------------------------------------------------------------------
                 [ ] Limit transaction
Transaction      [ ] Revolving credit transaction
classification   [ ] Spent credit transaction
---------------  --------------------------------------------------------------------------------
Loan(limit)      [ ] One Billion Won, (W 1,000,000,000.00)
Amount           [ ]
---------------  --------------------------------------------------------------------------------
Commencement
Date             2005.3.21
---------------  --------------------------------------------------------------------------------
Expiry Date      2005.9.21
---------------  --------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>

<S>              <C>                     <C>                       <C>                    <C>

                 [ ] Fixed (standard
                 contract of loan
                 transaction Article 3                             Arrears compensation
Interest rate,   Clause 2 Section 1)        % pa until expiry      interest (standard     Maximum
miscellaneous    ----------------------  ------------------------  contract of loan           %pa
                                                                   transaction Article 3
                                                                   Section 5)
                 [ ] Variable (standard  [ ] Standard interest
                 contract of loan              + (    ) %
                 transaction Article 3   [ ] Miscellaneous
                 Clause 2 Section 2)           (              )
---------------  ----------------------  ------------------------  ---------------------  -------
</TABLE>

<TABLE>
<CAPTION>
<S>              <C>                                               <C>                    <C>
                                                                   Arrears compensation
                                                                   interest
                                                                   (standard contract
                                                                   of loan transaction
                                                                   Article 3, Section
Interest rate    Limit transaction : Refer to Article 4            5)                         %pa
---------------  ------------------------------------------------  ---------------------  -------
</TABLE>

<TABLE>
<CAPTION>
<S>              <C>
Calculation
of interest
and arrears      With 365 days considered as 1 year, interest is calculated on a daily basis. But
compensation     in foreign transactions, international and business customs will be applied.
---------------  --------------------------------------------------------------------------------
                 [ ] Execute the whole amount on commencement of loan
                 [ ] Part execution after  confirmation of the bank of asset purpose and required
                     Amount based on documentary evidence and spot goods
Method of        [ ] Execute as required by the customer with preset credentials
loan             [ ] Miscellaneous:
execution            (                                                         )
---------------  --------------------------------------------------------------------------------
                 [ ] Repayment of the whole amount on expiry of loan.
                 [ ] Defer payment for ( ) years ( ) months after commencement,
                 installment repayment from ( ) ( ) ( ) every ( )months
                 [ ] Miscellaneous:
                     (                                                         )
                 [x] Any bank deposit repayments through ATMs or electronic banking
Method of        means after bank business hours may not be recorded as being repaid
repayment        on the day
---------------  --------------------------------------------------------------------------------
                 [ ] Initial  interest  on  commencement,  latter interests will be paid prior or
                     upon final calculation of paid interest
                 [ ] Paid prior before expiry of bill
                 [ ] Initial  interest will be paid within ( )  months  of  commencement,  latter
                     interests  will be paid within ( ) months of the day after final calculation
                     of paid interest
                 [ ] Paid  on  repayment  date of installment repayment principal and interest or
                     payment date of monthly deposit
                 [ ] Paid upon expiry on loan period
Time and         [ ] Miscellaneous
method of            (                                                         )
interest         [x] Any bank deposit repayments through ATMs or electronic banking
payment and      means after bank business hours may not be recorded as being repaid
method           on the day
---------------  --------------------------------------------------------------------------------
                 Concerning  deposit trust loans, if monthly deposit is arrayed for 4 consecutive
Offset special   months , the  bank may offset related account and loaned money before the expiry
condition        of loan period with notice
---------------  --------------------------------------------------------------------------------
</TABLE>

                                        2
<PAGE>

ARTICLE  2  ARREARS  COMPENSATION

1.  In the event interests, installment payment or installment payment principal
and  interest  is  not  paid by the due date, arrears compensation shall be made
according  to  the  amount  that  was  to  be  paid.

2.  In  the  event  the  debt is not discharged at the expiry of the loan or the
interest  of  the  expiry  date  lost  according  to  standard  contract of loan
transaction  Article  7 (including standard contract of loan transaction Article
9,  redemption  debt  of  discount  bill),  arrears  compensation  shall be made
according  to  the  amount  of  loan  remaining.

ARTICLE  3  TOTAL  AMOUNT OF LOAN AND NOTIFICATION OF INSTALLMENT REPAYMENT DATE
CHART

1.  In  the case of an installment repayment loan, the total amount of debt will
be  decided  after  the  execution.  The  method  of  execution will be based on
installment  repayment  date  chart,  receipts  and  other  evidences.

2.  In the case of installment repayment loan other than installment credit loan
and  benefit,  the bank shall make out and notify the debt-related persons of an
installment  repayment  date  chart.

ARTICLE  4  REDUCTION  AND  SUSPENSION

1. In the case of a line transaction or an installment loan, the bank may decide
to reduce the loan (line) amount in Article 1 through notice or temporarily stop
the loan execution regardless of the transaction period due to sudden changes in
national  economy  and  financial state or significant deterioration of personal
credit  state  of  the  loanee.  In  this  event the loanee shall pay any amount
exceeding  the  line  due  to  the  reduction.

2. The bank shall withdraw the reduction or the suspension caused by the reasons
stated  in  Clause  once  such matters are solved and normal loan transaction is
possible.

ARTICLE  5  SERVICE  CHARGE  FOR  REMAINING  LINE  IN  THE  CONTRACT

In  the  case  of a line transaction or foreign currency loan and there exists a
separate  clause  for any remaining amount within the credit line set in Article
1,  service  charge  shall be paid according to the standards set by the clause.

ARTICLE  6  REVENUE  STAMP

1.  Revenue stamp cost incurred by this  contract  shall be paid by ([ ] loanee,
[ ]  bank, [ ] loanee and bank 50% each).

2.  In the event the bank pays the revenue stamp cost that was to be paid by the
loanee  according  to Clause 1, it shall be paid within a short period according
to  bank's  standard  contract  of  loan  transaction  Article  4.

ARTICLE  7  REPAYMENT  CURRENCY  AND  EXCHANGE  RATES

Principal  and  interest  of  foreign  currency  loan  may be repaid with loaned
currency  or  with won currency. Exchange rate in the event of repayment through
won  currency  the  telegraph  transfer  sales  rate  towards  customer shall be
applied.

ARTICLE  8  SECURITY  AND  INSURANCE

The loanee will pledge any buildings or installed facilities along with the land
or  building it is built on and including any miscellaneous facilities within as
a  security  to  the  bank  unless  otherwise stated by the bank. If the bank so
requests,  the  loanee  shall enter into an insurance of the type and the amount
agreed  by  the  bank  and  place  a pledge for the bank on the insurance claim.

ARTICLE  9  SECURITY  RIGHT

1.  A  pledge  has  been  placed  on the deposit shown below and transfer of its
evidence  (bank  book) to the bank complete for the security of the debt by this
contract.

2. The effect of the pledge in Clause 1 includes principal and interest, earning
rights (includes any amount deposited after the contract) and any collaterals to
the above including interests, earning rights to earnings, special subsidies and
court  subsidies.

3
<PAGE>
3.  The  effects  of the above pledge will persists in the event of extension of
period,  rewriting,  renewal, division, incorporation, augmentation or reduction
of the deposit, and if the trust, the target, has been extended or automatically
extended  due  to  arrears  the  pledge will still have effect above its earning
rights.

4.  The bank may elect not to exercise the pledge stated in Clause 1 and instead
opt for proxy appropriation of restoration repayment or apply commercial customs
for  the  debt  of  the bank and the deposit shown below according to the bank's
standard  contract  of  loan  transaction.

*  Deposits  for  the  purpose  of  pledge
<TABLE>
<CAPTION>
<S>   <C>               <C>          <C>                   <C>                          <C>           <C>

        Deed record     Holder or
        number          truster      Amount                Total deposit
Type    --------------  -----------  (Contractual          Amount til                   Date on deed  Payment date
                                     Amount)               20  .  .
        Account number  Beneficiary
------  --------------  -----------  --------------------  ---------------------------  ------------  ------------

        --------------  -----------

------  --------------  -----------  --------------------  ---------------------------  ------------  ------------

        --------------  -----------

------  --------------  -----------  --------------------  ---------------------------  ------------  ------------

        --------------  -----------

------  --------------  -----------  --------------------  ---------------------------  ------------  ------------
</TABLE>

ARTICLE  10  DUTY OF MAINTENANCE OF REPAYMENT MEANS

1.  I  shall maintain adequate financial ratio as shown below for the purpose of
maintaining  repayment  means  for  the  debts incurred by this contract. In the
event  of  other  clauses  such  as Financial Structure Improvement, it shall be
affixed  to  the  end of this transaction contract and considered a part of this
transaction  contract.

Classification     20  .     20  .     20  .     20  .     20  .
--------------     -----     -----     -----     -----     -----
 Debt ratio            %         %         %         %         %
 Self asset ratio      %         %         %         %         %
 (      )ratio         %         %         %         %         %
 (      )ratio         %         %         %         %         %

                                        4

<PAGE>
2. In the event of the following, the bank shall be consulted and agreed upon in
advance.

     1.  Merger,  business  transfer/acquisition  and  other  sale/rent  of
     important  assets

     2.  Investment  on  fixed  assets  for  reasons other than specified in the
     contract

     3.  Surety  for  other's  debts

     4.  Entering  new  business  or  foreign  investment

     5.  Company  structure  work  out,  privatization, or any other significant
     management  changes

3.  I  shall agree to the acts of following sections if the bank so requires for
the  maintenance  of  the  transaction  contract.

     1.  Sales  of  owned  real  estates  or  securities

     2.  Investment  of  majority  shareholder

     3.  Issuance  of  new  shares  to  be  purchased  or  going  public  of the
     company

4.  The  1st  and  the  3rd  Clause  will only be applied in the presence of any
special  agreements  for  each  Clause  between  the  loanee  and  the  bank.

ARTICLE  11  SUBMISSION  OF  DATA

1.  I  agree  to  submit the following documents stated below in each respective
period and any other documents required for the maintenance of the loan contract
on  the bank's request according to bank's standard contract of loan transaction
Article  17  and  Article  19.

     1.  Each  quarter  :  Surtax  returns,  trial  balance  of  totals  and
     balances,  statement  of current debts, sales estimates to customers and of
     items

     2.  Each  half-year  :  Half-year  accounts  report,  surtax returns, trial
     balance of totals and balances, statement of current debts, sales estimates
     to  customers  and  of  items

     3.  Each  year  :  Certified  public  accountant's  inspection  report
     (financial  statement  of  settlements),  related statement of settlements,
     corporation  registration transcript, business registry, shareholders book,
     article  of  corporation,  summary  sheet  of  earned income tax collected,
     estimated  statement  of  settlements  (3  years),  state of major business
     relations, copies each permits and technology permit related documents (KS,
     ISO, patent rights, etc), labor-management dispute statement, miscellaneous
     product  descriptions,  concentric  trades  reference  data,  etc.

     4.  On  demand  :  Trial  balance  of  totals  and  balances,  statement of
     current  debts,  documentary  evidence  of  asset  spending,  etc.

2.  I  agree to submission of the following documents on request of the bank for
the  purpose  of  the  company's  foreign  currency  risk  state and maintenance
conditions  in  evaluating  credit  information.

     1.  Foreign  currency  risk  maintenance  structure  and  maintenance
     regulations  conditions

     2.  Foreign  currency  supply  and  application  statement

     3.  Foreign  currency  derivative  product  trade  statement

ARTICLE  12  MISCELLANEOUS  SPECIAL  CLAUSES

                                  (Name)                                  (Sign)
----------------------------------------     -----------------------------------

I have received the bank's standard contract of loan transaction and the copy of
this  contract,  and  have  sufficiently  heard  and  understood  its  contents

                                  (Name)                                  (Sign)
----------------------------------------     -----------------------------------

                                        5
<PAGE>

The  bank  shall  explain  the  key contents of this contract and distribute the
copies  of  this  contract and the bank's standard contract of loan transaction.

                                     In charge Responsible Deputy Branch manager
                                     --------- ----------- ------ --------------
-------
Revenue
 Stamp
-------

                      (   ) TRANSACTION ADDITIONAL CLAUSES
             (Limit increase, extension of limit transaction period)

  To Hana Bank                                                         2005.9.21
               Name                              (Tel:           )
               --------------------------------  -------------------------------
               Address

               Company  Address
                                                 (Tel:           )
               Company  Name                     (Cell:          )

               Joint  surety                     (Tel:           )
               --------------------------------  -------------------------------
               Address

               Company  Address
                                                 (Tel:           )
               Company  Name                     (Cell:          )
               Joint  surety                     (Tel:           )
               --------------------------------  -------------------------------
               Address

               Company  Address
                                                 (Tel:           )
               Company  Name                     (Cell:          )

To the (          ) transaction contract (Limit        won) in     .   .   , the
following (            ) additions  are  confirmed.

Limit  increase
---------------
     The  amount  increased  :                           Won
     (Total  limit  after  increase  :                    Won)

Extension  of  limit  transaction  period
-----------------------------------------
     A.  Transaction  period after extension : Until 2005 .12.21
     B.  Limit  amount  to  be  extended  :                   Won
     C.  Interest  rate  :  (                                   )
-----------------------------------------------------------------------------

                                        6
<PAGE>

         LOAN ([ ] EXTENSION OF PERIOD [ ] CHANGE OF CONDITION) APPLICATION

                                                                        Deputy
                     Confirm                                            branch
                     self-seal     In charge     Responsible     RM     manger
                   -------------  -----------  --------------  ------ ----------

To  Hana  Bank

I  would  like  to  change  the  conditions  of the loan contract from your bank
according  to  the  following  information.

* Current  Loan
<TABLE>
<CAPTION>

<S>        <C>           <C>          <C>     <C>
Loan date  Loan subject  Loan amount  Expiry  Miscellaneous
---------  ------------  -----------  ------  -------------
           Trade funds
---------  ------------  -----------  ------  -------------
</TABLE>

*  Extension  of  period
<TABLE>
<CAPTION>
<S>             <C>                       <C>                        <C>
Part repayment  Application of amount of
amount          period extension          Expiry of extended period  Miscellaneous
--------------  ------------------------  -------------------------  -------------
One hundred
million won     Six hundred million won                           0              0
--------------  ------------------------  -------------------------  -------------
</TABLE>

*  Change  of  conditions
<TABLE>
<CAPTION>
<S>                          <C>
Before change                After change
---------------------------  ---------------------

---------------------------  ---------------------
Reasons for change

--------------------------------------------------
</TABLE>

                                   Name
                                   ---------------------------------------------
                                   Address

                                   Joint surety
                                   ---------------------------------------------
                                   Address

                                        (Tel:          Cell  :          )

                                   Joint surety
                                   ---------------------------------------------
                                   Address

                                        (Tel:          Cell  :          )

                                        7
<PAGE>

The  bank  shall  explain  the  key contents of this contract and distribute the
copies  of  this  contract and the bank's standard contract of loan transaction.

                                     In charge Responsible Deputy Branch manager
                                     --------- ----------- ------ --------------
-------
Revenue
 Stamp
-------

                      (   ) TRANSACTION ADDITIONAL CLAUSES
             (Limit increase, extension of limit transaction period)

  To Hana Bank                                                         2006.3.21
               Name                              (Tel:           )
               --------------------------------  -------------------------------
               Address

               Company  Address
                                                 (Tel:           )
               Company  Name                     (Cell:          )

               Joint  surety                     (Tel:           )
               --------------------------------  -------------------------------
               Address

               Company  Address
                                                 (Tel:           )
               Company  Name                     (Cell:          )
               Joint  surety                     (Tel:           )
               --------------------------------  -------------------------------
               Address

               Company  Address
                                                 (Tel:           )
               Company  Name                     (Cell:          )

To the (          ) transaction contract (Limit        won) in     .   .   , the
following (            ) additions  are  confirmed.

Limit  increase
---------------
     The  amount  increased  :                           Won
     (Total  limit  after  increase  :                    Won)

Extension  of  limit  transaction  period
-----------------------------------------
     A.  Transaction  period after extension : Until 2006.6.21
     B.  Limit  amount  to  be  extended  :                   Won
     C.  Interest  rate  :  (                                   )
-----------------------------------------------------------------------------

                                        8
<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]