Document:

Unassociated Document

    Exhibit
10.51

     

    Maximum
Guarantee Agreement

     

    
      
        
          	
                  NO.13108209121001-01

                

        

      

    

     

    The
Parties:

     

    Creditor
(Party A):

     

    Anyang Branch,
Guangdong Development Bank

     

    Address: Xiduan Rd. Renmin Street,
Anyang

     

    Legal
Representative/Responsible Person: Shen
Xueqing      Title: President

     

    Tel:
0372-5972500   Fax:
0372-5937949       Postal
Code: 455000

     

    Guarantor (Party B): Henan Shuncheng Group Coal
Coke Co., Ltd

     

    Address:
Tongye Town, Anyang
County

     

    Legal
Representative/Responsible Person: Wang Xinshun Title:
Legal
Representative

     

    Business
License NO.: 4105221000038

     

    ID NO.
(For natural person): ___/___

     

    Tel:
0372-5601887   Fax:
________         Postal Code: 455131

     

    Opening
Bank:

     

    Basic
Account/Settlement Account: Tongye Office, Anyang
Agricultural Bank of China.

     

    Account
No.:

     

    
      
        
          
            
              	
                      General Account/Savings Account:

                    	  	
                      (1)                    
        /             
          Account No.         /             
      

                    
	 
      	 
      	 
      
	 
      	 
      	
                      (2)                     /                    Account
      No.         /             

                    

            

          

        

      

    

     

    Signed
at Anyang,
Henan

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Whereas
Party B voluntarily provide guarantee to Party A for the fulfillment of the debt
under the Principal Agreement as stated in Article 1 hereinafter, the parties
hereto enter into this Agreement through equal negotiation, the terms hereof
shall be interpreted in accordance with the Principal Agreement, unless
otherwise specified.

     

    
       Article
1 the Principal Agreement

    

     

    The
Principal Agreement refers to the definition A:

     

    
      	
              A.

            	
              The
      Comprehensive Credit Line Contract, dated in 7 July 2009,
      numbered 13108209721001,
      reached in by and between Party A and Anyang Xinwang
      Tongshui Co. Ltd. (hereinafter referred to as the “Debtor”) and its
      amendments or supplementary agreements (including but not limited to
      Extension Agreement. If that agreement has single agreements signed, the
      single agreements thereof shall also be involved in the Principal
      Agreement if any.)

            

    

     

    
      	
              B.

            	
              A
      series of agreements and their amendments or supplements (including but
      not limited to extension agreements) signed by Party A and ____/____
      (hereinafter referred to as the “Debtor”) from       /   (date)   to      /   (date)   .

            

    

     

    
      Article
2 Maximum Amount

    

     

    
      	
              2.1

            	
              The
      Maximum Amount of loan principal guaranteed by this
    Agreement:

            

    

     

    Currency:
RMB

     

    FOURTY MILLION
YUAN

     

    RMB
40,000,000.00

     

    
      	
              2.2

            	
              All
      the amount and expenses defined in Article
4.

            

    

     

    The
Maximum Amount of Credit covered by this Agreement shall be the sum of the
amount specified in the above two clauses.

     

    
      Article
3 Type
of Guaranty

    

     

    
      	
              3.1

            	
              The
      guaranty mode hereof is guaranty with joint and several
      liabilities;

            

    

     

    
      	
              3.2

            	
              The
      guarantors shall form several joint guarantees and undertake joint and
      several liabilities in case of several guarantors under this
      Agreement.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      Article
4 Scope of Guaranty

    

     

    The
guaranty covers principal, interests, default interest, compound interest,
liquidated damages, all expenses incurred in the performance of the Creditor’s
Rights (including but not limited to litigation fee, arbitration fee, attorney
fee, travel expenses, enforcement fee, expenses for preservation of property,
evaluation fees, charge for auction or disposition of property, transfer fee and
announcement fee) and other payable expenses.

     

    
      Article
5 Guaranty Period and Limitation of Action

    

     

    
      	
              5.1

            	
              Guaranty
      Period: two years as of the maturity date of the debt performance period
      under the Principal Agreement.

            

    

     

    
      	
              5.2

            	
              the
      guaranty period shall be two years after the date when Party A notify the
      debtor of the prepayment in writing in case that Party A requires the
      debtor to prepay the debt in accordance with laws or the Principal
      Agreement;

            

    

     

    
      	
              5.3

            	
              Party
      A has the right to ask Party B assume the guarantee liability of the Debt
      in whole or in part, together or separately for one or more debts under
      during the guaranty period. The guaranty period for any one debt shall be
      from the effective date of this Agreement to two years as from the expiry
      of last installment loan in case of the repayment in installments for the
      debt.

            

    

     

    
      	
              5.4

            	
              If
      the principal creditor’s right has not been fully paid, Party A will ask
      the guarantor(s) to undertake the guarantee liability before the expiry of
      the guaranty period as stipulated in this Article. The Limitation of
      Action shall be calculated and applied from the date when the creditor
      asks the guarantor(s) to assume the guarantee
  liability.

            

    

     

    
      Article
6 Enforcement of Guarantee

    

     

    
      	
              6.1

            	
              Party
      A can directly ask Party B to pay the loan principal and interest and
      relevant expenses which the Debtor fails to repay according to the
      principal agreement, and Party A is entitled to claim for amount due, and
      to deduct the payable amount of which the debtor should repay in the
      accounts Party B opened with Party A or any branches of Party A without
      Party B’s permission.

            

    

     

    
      	
              6.2

            	
              In
      case the debt is guaranteed by both the personal guarantee and guarantee
      in rem, then if the debtor fails to repay the debt due or the circumstance
      where the guarantee shall be enforced as agreed by the parties happens,
      Party A is entitled to choose guarantee in rem as the way to perform the
      guarantee, as to the debt with both the personal guarantee and guarantee
      in rem, or require Party B to assume the guaranty
    liability.

            

    

     

    
      	
              6.3

            	
              Party
      A is entitled to ask Party B to assume the guarantee liability beforehand
      by written notification in case of any circumstance as
      follows:

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              a.

            	
              The
      Principal Agreement shall be canceled upon conditions stipulated by the
      law or terms and conditions;

            

    

     

    
      	
               
      

            	
              b.

            	
              The
      debt under the Principal Agreement can not be liquidated or liquidated in
      whole when other situations agreed by the parties in the Principal
      Agreement for the early repayment of the debt
  happen.

            

    

     

    
      	
              6.4

            	
              Other
      guarantors (and/or Party B) undertake to assume their guarantee
      liabilities even after the Creditor waives the guarantee rights or the
      priority of the guarantee in rem or changes the guarantee in
      rem.

            

    

     

    
      Article
7 Declaration & Commitment

    

     

    Party B
states and undertakes as follows:

     

    
      	
              7.1

            	
              Party
      B shall be a company or an organization that has been legally established
      and lawfully exists and has
      complete civil capacity to execute and perform this Agreement. Or Party B
      shall be a legally qualified natural person with complete civil capacity
      to execute and perform this
Agreement.

            

    

     

    
      	
              7.2

            	
              Party
      B fully understands the terms and conditions of the Principal Agreement;
      The execution and performance of this Agreement are based on the Party B’s
      real intent and free will while Party B has already obtained all the legal
      and valid authorization as required by its Articles of Association or
      other inner management files.

            

    

     

    If Party
B is a company, the Guaranty hereof has already been passed by the board of
directors and shareholders meeting according to the provisions of its Articles
of Association; If the there are limitation provisions applicable to the
guaranteed total amount and separate guaranty amount in the Articles of
Association, the guaranty hereof shall not exceed the stipulated
limit.

     

    Legal
representative or authorized representative signing the Agreement on behalf of
Party B shall sign this Agreement with legal, valid authorization from the
company; execution and performance of this Agreement shall not cause any breach
of any contracts, agreements or other legal documents that bind Party
B.

     

    
      	
              7.3

            	
              Party
      B shall promise all documents and materials submitted to Party A are
      accurate, real, complete and valid

            

    

     

    
      	
              7.4

            	
              Party
      B shall accept Party A’s supervision and inspection on the production and
      operation condition, financial condition, and shall provide necessary
      assistance and cooperation;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              7.5

            	
              Party
      B shall not conceal any already-taken huge debt before the execution date
      hereof;

            

    

     

    
      	
              7.6

            	
              If
      there are some circumstances that may affect Party B’s financial condition
      and performance capability, including but not limited to division, merger,
      joint operation, joint venture with foreign investment, cooperation,
      contractual operation, reorganization, restructuring, going public and
      other changes of forms, decrease of registered capital, transfer of
      significant asset or stock equity, undertaking of huge debt, annexation,
      dissolution, being shut-down, revocation of Business License,
      deteriorating of financial situation, bankruptcy application (or be
      applied), or involved in major litigation or arbitration, Party B shall
      notify Party A in writing in a timely
manner.

            

    

     

    
      	
              7.7

            	
              Party
      B vows to ensure the due performance of all guarantee liabilities under
      this Agreement in case of division, merger, shareholding system reform and
      other circumstances during the term of this
  Agreement.

            

    

     

    
      Article
8 Culpa In Contrahendo

    

     

    In case
of invalidity of this Agreement for Party B’s fault in concluding this
Agreement, Party B shall reimburse any loss or damage Party A suffers as a
result of the invalidity.

     

    
      Article
9 Disclosure of the Inner Related Parties of Party B And Related
Transaction

    

     

    The
parties hereto agree to adopt Section 9.1 hereunder:

     

    
      	
              9.1

            	
              Party
      B isn’t the group customer determined by Party B according to Guidelines of Commercial Bank
      to the Risk Management of Granting Credit to the Group Client,(
      ‘Guidelines’ for
      short);

            

    

     

    
      	
              9.2

            	
              Party
      B is the group client determined by Party A according to the Guidelines.
      Party B shall report to Party A the related transaction with an mount more
      than 10% of its net asset in a timely manner according to Article 17 of
      Guidelines, including the relation among transaction parties, transaction
      items and nature of the transaction, transaction amount or its proportion,
      pricing policies (including transaction without any price or only with
      nominal amount).

            

    

     

    
      Article
10 Party A’s Rights & Obligations

    

     

    
      	
              10.1

            	
              The
      right to ask Party B to submit the documents which can verify Party B’s
      legal status;

            

    

     

    
      	
              10.2

            	
              The
      right to ask Party B to submit the financial report and other materials
      which explains its credit
information;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              10.3

            	
              The
      right to ask Party B to assume the guarantee liability under this
      Agreement upon the maturity of the debt if the debtor fails to liquidate
      wholly or partly the debt due.

            

    

     

    
      	
              10.4

            	
              Party
      A shall in a timely manner notify Party B in writing of the transfer if
      Party A transfers its rights as a creditor to the third party during the
      term of this Agreement.

            

    

     

    
      Article
11 Party B’s Rights and Obligations

    

     

    
      	
              11.1

            	
              Party
      B shall sign and return the receipt to the person serving the loan
      collection documents sent or delivered by Party A. Party B shall send the
      receipt in three days after receiving the reminder letter or other
      collection documents (including but not limited to those sent by post,
      telex, cable, facsimile and Email).

            

    

     

    
      	
              11.2

            	
              Party
      B shall undertake the guarantee liability in the scope as defined in this
      Agreement notwithstanding the changes to the Principal Agreement by Party
      A and the debtor which could be made without Party B’s permission unless
      the change would impose more guarantee liability on Party B (except the
      interest change in accordance with relevant
  regulations)

            

    

     

    
      	
              11.3

            	
              In
      case Party A transfer the principal creditor’s right to any third person,
      then Party B shall continue to undertake the guarantee liability within
      the original scope.

            

    

     

    
      	
              11.4

            	
              Party
      B shall not provide the guarantee beyond its guarantee capability or
      dispose the asset in the ways that may jeopardize its guarantee
      capability, nor shall Party B cause any damage to Party A’s rights during
      the guarantee period. Party B is obliged to submit Balance Sheet and the
      description of the guarantees provided to external parties, and regularly
      or occasionally provide Party A with the financial statements and other
      documents which can explain its real financial situation in Party A’s
      request.

            

    

     

    
      	
              11.5

            	
              Party
      A is entitled to directly ask Party B to liquidate the debt under the
      Principal Agreement which is due or shall be repaid early according to
      relevant provisions if the debtor fails to repay the loan principal and
      interest in accordance with the Principal Agreement. Party B shall not
      decline any reimbursement claim made by Party A with any excuse and
      voluntarily waive its right of defense as stipulated in Article 20 of The
      Guaranty Law of the People's Republic of
China.

            

    

     

    
      	
              11.6

            	
              Party
      B agrees to assume the guarantee of joint and several liabilities as of
      the date when Party B receives written notification sent by Party A
      concerning cancellation of this Agreement or early recovery of the
      creditor’s right according to the laws or provisions during the term of
      this Agreement.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      Article
12 Breach of Agreement

    

     

    Party B
shall be breach of this Agreement in one of the following
circumstances:

     

    
      	
              1.

            	
              Party
      B fails to fulfill guarantee liability timely according to the provisions
      of the Agreement;

            

    

     

    
      	
              2.

            	
              Party
      B makes fraudulent statement in the Agreement or breaches its commitment
      hereof;

            

    

     

    
      	
              3.

            	
              There
      happens any incident stipulated in paragraph 6 of Article 7 hereof which
      severely affects Party B’s finance condition and performance
      capability;

            

    

     

    
      	
              4.

            	
              when
      Party B’s business is terminated, dissolved, revoked or
      bankrupted;

            

    

     

    
      	
              5.

            	
              Breach
      of other provisions hereof by Party
B;

            

    

     

    
      	
              6.

            	
              Party
      B fails to provide corresponding guarantee or the guarantee can hardly
      meet Party A’s requirement in case that the senior management staffs of
      Party B are suspected of being involved in corruption, bribe-taking,
      jobbery or other illegal
management;

            

    

     

    
      	
              7.

            	
              Party
      B fails to provide corresponding guarantee or the guarantee can hardly
      meet Party A’s requirement in case that Party B is involved in severe
      financial loss, loss of assets or losses or other financial crisis caused
      by Party B’s external guarantee.

            

    

     

    
      	
              8.

            	
              Party
      B fails to provide corresponding guarantee or the guarantee can hardly
      meet Party A’s requirement in case that crisis occurs in management or
      financial affairs of controlling shareholders or other related companies
      of Party B, or Party B, controlling shareholders and other related
      companies are involved in a significant related transaction which may have
      effects on the operation of Party
B;

            

    

     

    
      	
              9.

            	
              Party
      B fails to provide corresponding guarantee or the guarantee can hardly
      meet Party A’s requirement in case of the adverse change in Party B’s
      industry;

            

    

     

    
      	
              10.

            	
              Party
      B’s infringement of other Agreements between Party B and Party A or other
      institutions of Guangdong Development
Bank.

            

    

     

    In case
there occurs any breach as above mentioned, Party A is entitled to adopt
following measures respectively or jointly based on each separate
circumstance:

     

    
      	
              1.

            	
              Require
      Party B to correct the breaches within a time limit and fulfill the
      guaranty liability timely;

            

    

     

    
      	
              2.

            	
              Decrease,
      suspend or terminate the line of credit to Party B totally or
      partly;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              3.

            	
              Suspend
      or terminate, totally or partly, to accept Party B’s loan application
      under other Agreements; Suspend or terminate, totally or partly, loan
      release of trade financing in
process;

            

    

     

    
      	
              4.

            	
              Declare
      due immediately, totally or partly, Party B’s unpaid principal, interests
      and other payables in connection with loan or trade financing loan under
      other Agreements ;

            

    

     

    
      	
              5.

            	
              Terminate
      or relieve the Agreement, terminate or relieve other Agreements between
      Party B and Party A totally or
partly;

            

    

     

    
      	
              6.

            	
              Require
      Party B to compensate losses of Party A resulting from the breach of
      Agreement;

            

    

     

    
      	
              7.

            	
              It
      only needs to send notification beforehand or afterwards for Party A to
      deduct the money in the account that Party B opens in Party A in order to
      pay off all or part of debt. The undue money in the account shall be
      regarded as due ahead of time. In case of any discrepancy between the
      currency of the accounts and the pricing currency of Party A’s business,
      it shall be converted by the price of selling spot exchange at the
      deduction date when the pricing currency of Party A’s credit business is
      foreign currency; or be converted by the price of purchasing spot exchange
      at the deduction date when the pricing currency of Party A’s business is
      RMB currency.

            

    

     

    
      	
              8.

            	
              Other
      measures Party A take for
necessary.

            

    

     

    
      Article
13 Validity, Amendment, Termination and suspension

    

     

    
      	
              13.1

            	
              This
      Agreement shall be effective from the date of signing and sealing by the
      parties to the date when the loan principal, interest, default interest,
      compound interest, liquidated damage, compensation, all expenses incurred
      in the enforcement of Party A’s creditor’s Rights and other payable
      expenses are paid off.

            

    

     

    
      	
              13.2

            	
              This
      Agreement has binding force on the parties and their respective legal
      successors or transferees after taking
effect;

            

    

     

    
      	
              13.3

            	
              This
      Agreement is independent of Principal Agreement in the validity. In other
      words, the total or partial invalidity of Principal Agreement shall not
      affect the effectiveness of this Agreement and the obligation of Party
      B;

            

    

     

    
      	
              13.4

            	
              This
      Agreement shall not be changed unilaterally or terminated early by either
      party after this Agreement becomes
effective;

            

    

     

    A written
change or revision agreement may be entered into after negotiation and mutually
agreed by both parties. Any revision or amendment shall constitute an
inseparable part to this Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    A written
agreement shall be reached between the parties hereto after negotiation in case
that the Agreement shall be terminated early. The terms and conditions of this
Agreement shall remain in force before the written agreement takes
effective.

     

    
      Article
14 Notarization

    

     

    The
parties hereby agree and confirm: this Agreement is held to be enforceable and
executed compulsorily after the notarization and Party A may apply for court
enforcement which Party B shall accept unconditionally and waive the right of
defense according to this Agreement in case that the debtor fails to repay the
principal and interest due and other payable expenses or of any infringement by
Party B as stipulated in Article 12 hereof,

     

    
      Article
15 Applicable Law and Settlement of Disputes

    

     

    This
Agreement is governed and construed by laws of the People’s Republic of
China.

     

    All
disputes and argues arising from the performance of this Agreement shall be
solved through negotiation by the parties; if negotiation fails, both parties
agree to adopt the same settlement of disputes as stated in the
principal Principal Agreement;

     

    During
the settlement of dispute, other provisions in the Agreement that may not be
affected shall be performed continuously.

     

    
      Article
16 Special Statement of Party
B

    

     

    
      	
              16.1

            	
              In witness hereof Party B
      hereto has accurate and correct understanding of the terms and conditions
      of this Agreement and have conducted detailed negotiation of all clauses,
      free of any objection, to accept this Agreement without any limitation or
      exemption of Party B’s
liability;

            

    

     

    
      	
              16.2

            	
              with
      Party B’s authorization, Party A can submit the enterprise credit
      information to the credit service center of People’s Bank of China (or
      other finance regulatory organizations) during the term of the loan (or
      credit) and can inquire the above-mentioned organizations of the credit
      information of Party B and use the information at any
  time.

            

    

     

    
      Article
17 Supplementary Provisions

    

     

    
      	
              17.1

            	
              The
      parties shall examine carefully the scope and prescriptive period of
      authorization of the counter-party and the signatory before the execution
      of this Agreement;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              17.2

            	
              The
      parties agree that the communication and contact addresses shall be the
      domiciles stated in this Agreement unless otherwise provided and promise
      to timely notify the other party in writing in case of the change of
      communication and contact
addresses.

            

    

     

    
      	
              17.3

            	
              In
      this Agreement:

            

    

     

    Responsible
person of Party A: Name: [illegible]
Tel: 5972500

     

    Responsible
person of Party B: Name: [illegible] 
Tel: 5681368

     

    
      	
              17.4

            	
              Any
      appendixes, revisions or supplements to this Agreement shall form an
      integral part of this Agreement and shall share the same binding
      force with this Agreement.

            

    

     

    The
appendixes to this Agreement includes: Approved
List of Investigation of
Guarantee and surety.

     

    
      	
              17.5

            	
              This
      Agreement shall be in duplicate, respectively held by Party A, Party B
      [and the registration authority], and the originals have same legal
      effect.

            

    

     

    
      Article
18 Other
Provisions (please attach separate sheet if necessary)

    

     

    [blank]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    In
witness hereof the parties hereto by representative duly authorized have
executed the Agreement.

     

    
      
        	
                Party A:

              	
                Party
      B:

              
	 
      	 
      
	
                Common
      Seal:

              	
                Common
      Seal:

              
	 
      	 
      
	
                Legal
      Representative:

              	
                Legal
      Representative:

              
	 
      	 
      
	
                Authorized
      representative: /s/ Shen Xue Qing

              	
                Authorized
      representative: /s/ Wang
Xinshun

              

      

    

     

    Dated
7th
Jul 2009Unassociated Document

     

    Exhibit
10.52

     

    Maximum
Guarantee Agreement 

     

    
      NO.13108209121004-01

    

     

    The
Parties:

     

    Creditor (Party
A):

     

    Anyang Branch,
Guangdong Development Bank

     

    Address: Xiduan Rd. Renmin Street,
Anyang

     

    Legal
Representative/Responsible Person: Shen
Xueqing      Title: President

     

    Tel:
0372-5972500   Fax:
0372-5937949       Postal
Code:
455000

     

    Guarantor (Party B): Henan Shuncheng Group Coal
Coke Co., Ltd

     

    Address:
Tongye Town, Anyang
County

     

    Legal
Representative/Responsible Person: Wang Xinshun Title:
Legal
Representative

     

    Business
License NO.: 4105221000038

     

    ID NO.
(For natural person): ___/___

     

    Tel:
0372-5601887   Fax:  0372-5601887
               Postal
Code: 455131

     

    Opening
Bank:

     

    Basic
Account/Settlement Account: Tongye Office, Anyang
Agricultural Bank of China.

     

    Account
No.: 

     

    General
Account/Savings Account:  (1)          /          Account
No. __/___

     

                                  (2)
           /       Account
No. ___/___

     

    Signed at Anyang,
Henan

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Whereas
Party B voluntarily provide guarantee to Party A for the fulfillment of the debt
under the Principal Agreement as stated in Article 1 hereinafter, the parties
hereto enter into this Agreement through equal negotiation, the terms hereof
shall be interpreted in accordance with the Principal Agreement, unless
otherwise specified.

     

    
      Article
1the
Principal Agreement

    

     

    The
Principal Agreement refers to the definition A:

     

    
      	
              A.

            	
              The
      Comprehensive Credit Line Contract, dated in 6 July 2009,
      numbered 13108209121004,
      reached in by and between Party A and Anyang Hubo Cement Co.
      Ltd. of Henan Province (hereinafter referred to as the “Debtor”) and its
      amendments or supplementary agreements (including but not limited to
      Extension Agreement. If that agreement has single agreements signed, the
      single agreements thereof shall also be involved in the Principal
      Agreement if any.)

            

    

     

    
      	
              B.

            	
              A
      series of agreements and their amendments or supplements (including but
      not limited to extension agreements) signed by Party A and
      ____/____    (hereinafter referred to as the “Debtor”) from       /    (date)  to      /    (date)  .

            

    

     

    
      Article
2 Maximum
Amount

    

     

    
      	
              2.1

            	
              The
      Maximum Amount of loan principal guaranteed by this
    Agreement:

            

    

     

    Currency:
RMB

     

    ELEVEN MILLION
YUAN

     

    RMB
11,000,000.00

     

    
      	
              2.2

            	
              All
      the amount and expenses defined in Article
4.

            

    

     

    The
Maximum Amount of Credit covered by this Agreement shall be the sum of the
amount specified in the above two clauses.

     

    
      Article
3 Type
of Guaranty

    

     

    
      	
              3.1

            	
              The
      guaranty mode hereof is guaranty with joint and several
      liabilities;

            

    

     

    
      	
              3.2

            	
              The
      guarantors shall form several joint guarantees and undertake joint and
      several liabilities in case of several guarantors under this
      Agreement.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Article
4 Scope
of Guaranty

    

     

    The
guaranty covers principal, interests, default interest, compound interest,
liquidated damages, all expenses incurred in the performance of the Creditor’s
Rights (including but not limited to litigation fee, arbitration fee, attorney
fee, travel expenses, enforcement fee, expenses for preservation of property,
evaluation fees, charge for auction or disposition of property, transfer fee and
announcement fee) and other payable expenses.

     

    
      Article
5 Guaranty
Period and Limitation of Action

    

     

    
      	
              5.1

            	
              Guaranty
      Period: two years as of the maturity date of the debt performance period
      under the Principal Agreement.

            

    

     

    
      	
              5.2

            	
              the
      guaranty period shall be two years after the date when Party A notify the
      debtor of the prepayment in writing in case that Party A requires the
      debtor to prepay the debt in accordance with laws or the Principal
      Agreement;

            

    

     

    
      	
              5.3

            	
              Party
      A has the right to ask Party B assume the guarantee liability of the Debt
      in whole or in part, together or separately for one or more debts during
      the guaranty period. The guaranty period for any one debt shall be from
      the effective date of this Agreement to two years as from the expiry of
      last installment loan in case of the repayment in installments for the
      debt.

            

    

     

    
      	
              5.4

            	
              If
      the principal creditor’s right has not been fully paid, Party A will ask
      the guarantor(s) to undertake the guarantee liability before the expiry of
      the guaranty period as stipulated in this Article for the outstanding
      debts of the Principal Agreement. The Limitation of Action shall be
      calculated and applied from the date when the creditor asks the
      guarantor(s) to assume the guarantee
liability.

            

    

     

    
      Article
6 Enforcement
of Guarantee

    

     

    
      	
              6.1

            	
              Party
      A can directly ask Party B to pay the loan principal and interest and
      relevant expenses which the Debtor fails to repay according to the
      principal agreement, and Party A is entitled to claim for the amount due,
      and to deduct the payable amount of which the debtor should repay, in the
      accounts Party B opened with Party A or any branches of Party A without
      Party B’s permission.

            

    

     

    
      	
              6.2

            	
              In
      case the debt is guaranteed by both the personal guarantee and guarantee
      in rem, then if the debtor fails to repay the debt due or the circumstance
      where the guarantee shall be enforced as agreed by the parties happens,
      Party A is entitled to choose guarantee in rem as the way to perform the
      guarantee, as to the debt with both the personal guarantee and guarantee
      in rem, or require Party B to assume the guaranty
    liability.

            

    

     

    
      	
              6.3

            	
              Party
      A is entitled to ask Party B to assume the guarantee liability beforehand
      by written notification in case of any circumstance as
      follows:

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              a.

            	
              The
      Principal Agreement shall be canceled upon conditions stipulated by the
      law or terms and conditions;

            

    

     

    
      	
               
      

            	
              b.

            	
              The
      debt under the Principal Agreement can not be liquidated or liquidated in
      whole when other situations agreed by the parties in the Principal
      Agreement for the early repayment of the debt
  happen.

            

    

     

    
      	
              6.4

            	
              Other
      guarantors (and/or Party B) undertake to assume their guarantee
      liabilities even after the Creditor waives the guarantee rights or the
      priority of the guarantee in rem or changes the guarantee in
      rem.

            

    

     

    
      Article
7 Declaration
& Commitment

    

     

    Party B
states and undertakes as follows:

     

    
      	
              7.1

            	
              Party
      B shall be a company or an organization that has been legally established
      and lawfully exists and has
      complete civil capacity to execute and perform this Agreement. Or Party B
      shall be a legally qualified natural person with complete civil capacity
      to execute and perform this
Agreement.

            

    

     

    
      	
              7.2

            	
              Party
      B fully understands the terms and conditions of the Principal Agreement;
      The execution and performance of this Agreement are based on the Party B’s
      real intent and free will while Party B has already obtained all the legal
      and valid authorization as required by its Articles of Association or
      other inner management files.

            

    

     

    If Party
B is a company, the Guaranty hereof has already been passed by the board of
directors and shareholders meeting according to the provisions of its Articles
of Association; If the there are limitation provisions applicable to the
guaranteed total amount and separate guaranty amount in the Articles of
Association, the guaranty hereof shall not exceed the stipulated
limit.

     

    Legal
representative or authorized representative signing the Agreement on behalf of
Party B shall sign this Agreement with legal, valid authorization from the
company; execution and performance of this Agreement shall not cause any breach
of any contracts, agreements or other legal documents that bind Party
B.

     

    
      	
              7.3

            	
              Party
      B shall promise all documents and materials submitted to Party A are
      accurate, real, complete and valid

            

    

     

    
      	
              7.4

            	
              Party
      B shall accept Party A’s supervision and inspection on the production and
      operation condition, financial condition, and shall provide necessary
      assistance and cooperation;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              7.5

            	
              Party
      B shall not conceal any already-taken huge debt before the execution date
      hereof;

            

    

     

    
      	
              7.6

            	
              If
      there are some circumstances that may affect Party B’s financial condition
      and performance capability, including but not limited to division, merger,
      joint operation, joint venture with foreign investment, cooperation,
      contractual operation, reorganization, restructuring, going public and
      other changes of forms, decrease of registered capital, transfer of
      significant asset or stock equity, undertaking of huge debt, annexation,
      dissolution, being shut-down, revocation of Business License,
      deteriorating of financial situation, bankruptcy application (or be
      applied), or involved in major litigation or arbitration, Party B shall
      notify Party A in writing in a timely
manner.

            

    

     

    
      	
              7.7

            	
              Party
      B vows to ensure the due performance of all guarantee liabilities under
      this Agreement in case of division, merger, shareholding system reform and
      other circumstances during the term of this
  Agreement.

            

    

     

    
      Article
8 Culpa
In Contrahendo

    

     

    In case
of invalidity of this Agreement for Party B’s fault in concluding this
Agreement, Party B shall reimburse any loss or damage Party A suffers as a
result of the invalidity.

     

    
      Article
9 Disclosure
of the Inner Related Parties of Party B And Related
Transaction

    

     

    The
parties hereto agree to adopt Section 9.1
hereunder:

     

    
      	
              9.1

            	
              Party
      B isn’t the group customer determined by Party B according to Guidelines of Commercial Bank
      to the Risk Management of Granting Credit to the Group Client,(
      ‘Guidelines’ for
      short);

            

    

     

    
      	
              9.2

            	
              Party
      B is the group client determined by Party A according to the Guidelines.
      Party B shall report to Party A the related transaction with an mount more
      than 10% of its net asset in a timely manner according to Article 17 of
      Guidelines, including the relation among transaction parties, transaction
      items and nature of the transaction, transaction amount or its proportion,
      pricing policies (including transaction without any price or only with
      nominal amount).

            

    

     

    
      Article
10 Party
A’s Rights & Obligations

    

     

    
      	
              10.1

            	
              The
      right to ask Party B to submit the documents which can verify Party B’s
      legal status;

            

    

     

    
      	
              10.2

            	
              The
      right to ask Party B to submit the financial report and other materials
      which explains its credit
information;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              10.3

            	
              The
      right to ask Party B to assume the guarantee liability under this
      Agreement upon the maturity of the debt if the debtor fails to liquidate
      wholly or partly the debt due.

            

    

     

    
      	
              10.4

            	
              Party
      A shall in a timely manner notify Party B in writing of the transfer if
      Party A transfers its rights as a creditor to the third party during the
      term of this Agreement.

            

    

     

    
      Article
11 Party
B’s Rights and Obligations

    

     

    
      	
              11.1

            	
              Party
      B shall sign and return the receipt to the person serving the loan
      collection documents sent or delivered by Party A. Party B shall send the
      receipt in three days after receiving the reminder letter or other
      collection documents (including but not limited to those sent by post,
      telex, cable, facsimile and Email).

            

    

     

    
      	
              11.2

            	
              Party
      B shall undertake the guarantee liability in the scope as defined in this
      Agreement notwithstanding the changes to the Principal Agreement by Party
      A and the debtor which could be made without Party B’s permission unless
      the change would impose more guarantee liability on Party B (except the
      interest change in accordance with relevant
  regulations)

            

    

     

    
      	
              11.3

            	
              In
      case Party A transfer the principal creditor’s right to any third person,
      then Party B shall continue to undertake the guarantee liability within
      the original scope.

            

    

     

    
      	
              11.4

            	
              Party
      B shall not provide the guarantee beyond its guarantee capability or
      dispose the asset in the ways that may jeopardize its guarantee
      capability, nor shall Party B cause any damage to Party A’s rights during
      the guarantee period. Party B is obliged to submit Balance Sheet and the
      description of the guarantees provided to external parties, and regularly
      or occasionally provide Party A with the financial statements and other
      documents which can explain its real financial situation in Party A’s
      request.

            

    

     

    
      	
              11.5

            	
              Party
      A is entitled to directly ask Party B to liquidate the debt under the
      Principal Agreement which is due or shall be repaid early according to
      relevant provisions if the debtor fails to repay the loan principal and
      interest in accordance with the Principal Agreement. Party B shall not
      decline any reimbursement claim made by Party A with any excuse and
      voluntarily waive its right of defense as stipulated in Article 20 of The
      Guaranty Law of the People's Republic of
China.

            

    

     

    
      	
              11.6

            	
              Party
      B agrees to assume the guarantee of joint and several liabilities as of
      the date when Party B receives written notification sent by Party A
      concerning cancellation of this Agreement or early recovery of the
      creditor’s right according to the laws or provisions during the term of
      this Agreement.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      Article
12 Breach
of Agreement

    

     

    Party B
shall be breach of this Agreement in one of the following
circumstances:

     

    
      	
              1.

            	
              Party
      B fails to fulfill guarantee liability timely according to the provisions
      of the Agreement;

            

    

     

    
      	
              2.

            	
              Party
      B makes fraudulent statement in the Agreement or breaches its commitment
      hereof;

            

    

     

    
      	
              3.

            	
              There
      happens any incident stipulated in paragraph 6 of Article 7 hereof which
      severely affects Party B’s finance condition and performance
      capability;

            

    

     

    
      	
              4.

            	
              when
      Party B’s business is terminated, dissolved, revoked or
      bankrupted;

            

    

     

    
      	
              5.

            	
              Breach
      of other provisions hereof by Party
B;

            

    

     

    
      	
              6.

            	
              Party
      B fails to provide corresponding guarantee or the guarantee can hardly
      meet Party A’s requirement in case that the senior management staffs of
      Party B are suspected of being involved in corruption, bribe-taking,
      jobbery or other illegal
management;

            

    

     

    
      	
              7.

            	
              Party
      B fails to provide corresponding guarantee or the guarantee can hardly
      meet Party A’s requirement in case that Party B is involved in severe
      financial loss, loss of assets or losses or other financial crisis caused
      by Party B’s external guarantee.

            

    

     

    
      	
              8.

            	
              Party
      B fails to provide corresponding guarantee or the guarantee can hardly
      meet Party A’s requirement in case that crisis occurs in management or
      financial affairs of controlling shareholders or other related companies
      of Party B, or Party B, controlling shareholders and other related
      companies are involved in a significant related transaction which may have
      effects on the operation of Party
B;

            

    

     

    
      	
              9.

            	
              Party
      B fails to provide corresponding guarantee or the guarantee can hardly
      meet Party A’s requirement in case of the adverse change in Party B’s
      industry;

            

    

     

    
      	
              10.

            	
              Party
      B’s infringement of other Agreements between Party B and Party A or other
      institutions of Guangdong Development
Bank.

            

    

     

    In case
there occurs any breach as above mentioned, Party A is entitled to adopt
following measures respectively or jointly based on each separate
circumstance:

     

    
      	
              1.

            	
              Require
      Party B to correct the breaches within a time limit and fulfill the
      guaranty liability timely;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              2.

            	
              Decrease,
      suspend or terminate the line of credit to Party B totally or
      partly;

            

    

     

    
      	
              3.

            	
              Suspend
      or terminate, totally or partly, to accept Party B’s loan application
      under other Agreements; Suspend or terminate, totally or partly, loan
      release of trade financing in
process;

            

    

     

    
      	
              4.

            	
              Declare
      due immediately, totally or partly, Party B’s unpaid principal, interests
      and other payables in connection with loan or trade financing loan under
      other Agreements ;

            

    

     

    
      	
              5.

            	
              Terminate
      or relieve the Agreement, terminate or relieve other Agreements between
      Party B and Party A totally or
partly;

            

    

     

    
      	
              6.

            	
              Require
      Party B to compensate losses of Party A resulting from the breach of
      Agreement;

            

    

     

    
      	
              7.

            	
              It
      only needs to send notification beforehand or afterwards for Party A to
      deduct the money in the account that Party B opens in Party A in order to
      pay off all or part of debt. The undue money in the account shall be
      regarded as due ahead of time. In case of any discrepancy between the
      currency of the accounts and the pricing currency of Party
      A’s  credit business, it shall be converted by the price of
      selling spot exchange at the deduction date when the pricing currency of
      Party A’s credit business is foreign currency; or be converted by the
      price of purchasing spot exchange at the deduction date when the pricing
      currency of Party A’s business is RMB
currency.

            

    

     

    
      	
              8.

            	
              Other
      measures Party A take for
necessary.

            

    

     

    
      Article
13 Validity,
Amendment, Termination and Suspension

    

     

    
      	
              13.1

            	
              This
      Agreement shall be effective from the date of signing and sealing by the
      parties to the date when the loan principal, interest, default interest,
      compound interest, liquidated damage, compensation, all expenses incurred
      in the enforcement of creditor’s rights and other payable expenses are
      paid off.

            

    

     

    
      	
              13.2

            	
              This
      Agreement has binding force on the parties and their respective legal
      successors or transferees after taking
effect;

            

    

     

    
      	
              13.3

            	
              This
      Agreement is independent of the Principal Agreement in the validity. In
      other words, the total or partial invalidity of the Principal Agreement
      shall not affect the effectiveness of this Agreement and the obligation of
      Party B;

            

    

     

    
      	
              13.4

            	
              This
      Agreement shall not be changed unilaterally or terminated early by either
      party after this Agreement becomes
effective;

            

    

     

    A written
change or revision agreement may be entered into after negotiation and mutually
agreed by both parties. Any revision or amendment shall constitute an
inseparable part to this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    A written
agreement shall be reached between the parties hereto after negotiation in case
that the Agreement shall be terminated early. The terms and conditions of this
Agreement shall remain in force before the written agreement takes
effective.

     

    
      Article
14 Notarization

    

     

    The
parties hereby agree and confirm: this Agreement is held to be enforceable and
executed compulsorily after the notarization and Party A may apply for court
enforcement which Party B shall accept unconditionally and waive the right of
defense according to this Agreement in case that the debtor fails to repay the
principal and interest due and other payable expenses or of any infringement by
Party B as stipulated in Article 12 hereof,

     

    
      Article
15 Applicable
Law and Settlement of Disputes

    

     

    This Agreement
is governed and construed by laws of the People’s Republic of
China.

     

    All
disputes and argues arising from the performance of this Agreement shall be
solved through negotiation by the parties; if negotiation fails, both parties
agree to adopt the same settlement of disputes as stated in the
principal Principal Agreement;

     

    During
the settlement of dispute, other provisions in the Agreement that may not be
affected shall be performed continuously.

     

    
      Article
16 Special Statement of Party
B

    

     

    
      	
              16.1

            	
              In witness hereof Party B
      hereto has accurate and correct understanding of the terms and conditions
      of this Agreement and have conducted detailed negotiation of all clauses,
      free of any objection, to accept this Agreement without any limitation or
      exemption of Party B’s
liability;

            

    

     

    
      	
              16.2

            	
              with
      Party B’s authorization, Party A can submit the enterprise credit
      information to the credit service center of People’s Bank of China (or
      other finance regulatory organizations) during the term of the loan (or
      credit) and can inquire the above-mentioned organizations of the credit
      information of Party B and use the information at any
  time.

            

    

     

    
      Article
17 Supplementary
Provisions

    

     

    
      	
              17.1

            	
              The
      parties shall examine carefully the scope and prescriptive period of
      authorization of the counter-party and the signatory before the execution
      of this Agreement;

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              17.2

            	
              The
      parties agree that the communication and contact addresses shall be the
      domiciles stated in this Agreement unless otherwise provided and promise
      to timely notify the other party in writing in case of the change of
      communication and contact
addresses.

            

    

     

    
      	
              17.3

            	
              In
      this Agreement:

            

    

     

    Responsible
person of Party A  Name: [illegible ]
Tel:
5972500

     

    Responsible
person of Party B  Name: [illegible ] 
Tel: 5681368

     

    
      	
              17.4

            	
              Any
      appendixes, revisions or supplements to this Agreement shall form an
      integral part of this Agreement and shall share the same binding
      force with this Agreement.

            

    

     

    The
appendixes to this Agreement includes: Approved
List of Investigation of Guarantee and surety.

     

    
      	
              17.5

            	
              This
      Agreement shall be in duplicate, respectively held by Party A, Party B
      [and the registration authority], and the originals have same legal
      effect.

            

    

     

    
      Article
18 Other
Provisions (please attach separate sheet if necessary)

    

     

    _______/______

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    In
witness hereof the parties hereto by representative duly authorized have
executed the Agreement.

    
    

     

    Party
A:                                                    
Party B:

    
    

     

    Common
Seal:                                                Common
Seal:

    
    

     

    Legal
Representative:                                          Legal
Representative:

    
    

     

    Authorized
representative: /s/ Shen Xue Qing     Authorized
representative: /s/ Wang Xin Shun

     

    Dated
6th
Jul 2009

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