Document:

Contract
      No:
2006
      (Cangkou)
      Zi No.
0058 

    

    

    

    Working
      Capital Loan Contract

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    BorroweroQingdao
      Renmin Printing Co., Ltd.

    AddressoNo.15
      Xinghua Road, Licang District, Qingdao, China

    RepresentativeoWang
      Yi Jun

     

    
 

    LenderoIndustrial
      and Commercial Bank of China, Qingdao Branch,

           
      Licang No. 2 Sub-Branch

    AddressoNo.44
      Siliuzhong Road, Qingdao, China

    RepresentativeoLiu
      Bin

    

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    Table
      of Contents

    

    
      	
              Article
                1 

            	
              THE
                CATEGPRY OF THE LOAN

            

    

    

    
      	
              Article
                2 

            	
              CURRENCY,
                AMOUNT AND TERM OF THE LOAN 

            

    

    

    
      	
              Article
                3 

            	
              THE
                PURPOSE OF THE LOAN

            

    

    

    
      	
              Article
                4 

            	
              AMOUNT
                AND THE TERM OF THE LOAN

            

    

    

    
      	
              Article
                5 

            	
              INTEREST
                RATE AND CALCULATION OF INTEREST

            

    

    

    
      	
              Article
                6 

            	
              THE
                SOURCES OF REPAYMENT AND METHODS OF
                REPAYMENT

            

    

    

    
      	
              Article
                7 

            	
              GUARANTY

            

    

    

    
      	
              Article
                8 

            	
              THE
                RRIGHTS AND OBLIGATIONS OF THE TWO
                PARTIES

            

    

    

    
      	
              Article
                9 

            	
              OBLIGATION
                OF BREACH OF CONTRACT

            

    

    

    
      	
              Article
                10 

            	
              EFFECTIVENESS,
                AMENDMENT AND MODIFICATION OF THIS
                CONTRACT

            

    

    

    
      	
              Article
                11 

            	
              SETTLEMENT
                OF DISPUTES

            

    

     

    
      	
              Article
                12 

            	
              OTHER
                ITEMS

            

    

    

    

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    The
      Borrower applies for the loan from the Lender as the demand showing in the
      ARTICLE 2.1 of this contract. The Lender agreed to grand the loan to The
      Borrower. According to 《Contract
      Law》ô 《Lending
      General Provisions 》and
      other
      relevant laws and regulations, the two parties have executed this Contract
      through au pair negotiation, in order to define the rights and obligations
      of
      the two parties.

    

    Article
      1
      THE CATEGORY OF THE LOAN

    

    
      	
              1.1

            	
              The
                loan under the contract is a floating capital borrowings (medium
                term loan
                or short-term loan).

            

    

    

    Article
      2
      CURRENCY, AMOUNT AND TERM OF THE LOAN

    

    2.1
      The
      Currency under this loan is Renminbi. 

    2.2
      The
      Line of the loan is yuan. 

    2.3
      The
      period of this loan is 12 months from the date of effectiveness(2006-08-27)
      of
      this contract to (2007-08-27).

    

    Article
      3
      THE PURPOSE OF THE LOAN 

    

    3.1
      The
      purpose of this loan is used for imbursement
      of the principal of Loan under Contract No.: 2005 (Cangkou)
      Zi No.0025 

    3.2
      Without written approval of the Lender, the Borrower could not use the loan
      out
      of the scope of the purpose.

    

    Article
      4
      AMOUNT AND THE TERM OF THE LOAN

    

    4.1
      The
      total amount of the loan shall be up to REIMINBI (Loan amount in letters)
SIX
      MILLION AND SIX HUNDRED THOUSAND YUAN,
      (Loan amount in numbers) 6,600,000
      YUAN (if
      loan amount in letters differ from the loan amount in numbers, using loan amount
      in letters).

    4.2
      The
      period of this loan is 12 months from the date of 2006-08-27, to the
      date2007-08-26.

    4.3
      The
      Borrower should withdraw the loan once only according to the ARTICLE 3.2 of
      the
      Contract. If there is special reasons with written approval of The Lender,
      The
      Borrower could withdraw the loan in advance or delayed three
      days.

    

    Article
      5
      INTEREST RATE AND CALCULATION OF INTEREST

    

    5.1
      Interest rate: The interest rate shall be calculated on the basis of a three
      hundred sixty (360)-day year and paid on each interest Payment Date
      (20th
      of each
      month) based on the actual number of days elapsed. The Loan shall accrue
      interest on the outstanding balance, at an monthly rate. If the due date for
      any
      payment under this Contract shall not be a Business Day, then such payment
      shall
      be made on the next succeeding Business Day, when the Loan is due, Principal
      and
      Interest both shall be paid off.

    
      
         

      

      
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    5.2
      Interest rate shall adopt to article 5.2.1;

    5.2.1
      Annual Interest Rate is 6.732% which is fixed rate, shall have no adjustment
      made during the term of the Loan.

    5.2.2
      The
      Lender shall notify The Borrower within in 30 days when the Interest Rate
      modified, the execution shall not be affected whether the notice has been
      delivered.

    5.3
      For
      the matters not referred in this contract shall be construed in accordance
      with
      the provisions of the Peoples Bank of China.

    

       
      Article 6 THE SOURCES OF REPAYMENT AND METHODS OF REPAYMENT

    

    6.1
      The
      Principle and Interests are, but not limited from 

    6.1.1
      Sales
      Income 

    6.1.2
      Other
      Currency Income 

    6.2
      The
      Borrower shall repay the loan in accordance with the status of its cash. The
      Borrower shall pay the full amount and at date [2007-08-27] to make the
      payment.

    

    Article
      7
      GUARANTY

    

    7.1
      The
      guaranty under this Contract should be Mortgaged.

    7.2
      (the
      "Guarantor") shall be the guarantor for the loan under this contract and take
      jointly liabilities with The Lender under a Guaranty Contract of (2006 Cangkou
      (Di) Zi 0007 & 2006 Cangkou (Di) Zi 0006)

    7.3
      During the term of this contract, if the guarantors financial status become
      deteriorated or the liabilities for repayment of debts become weak, the Lender
      shall have right to request the Borrower changes guarantor or provide mortgage
      and pawn secured for this loan under this contract.

     

    Article
      8
      THE RRIGHTS AND OBLIGATIONS OF THE TWO PARTIES

    

    8.1
      The
      Borrower is independent contractor under this contract, it will not impact
      by
      any other relations between the Borrower with other party except the other
      provisions set forth in this contract. 

    8.2
      The
      Lender give any extension, toleration, favor to the Borrower or permit the
      Borrower to delay of performance any obligation under this contract shall not
      impair any rights of the Lender in accordance with this contract and laws,
      regulation, it shall be deemed to have waived its rights under this contract
      and
      the obligation shall be performed by the Borrower under this
      contract.

    

    Article
      9
      OBLIGATION OF BREACH OF CONTRACT

    

    9.1
      Event
      of breach of contract: 

    9.1.1
      The
      Borrower fails to use the loan in accordance with the agreed usage of the Loan;
      

    9.1.2
      The
      Borrower fails to repay the due principal and pay the interests, expenses or
      other payable in accordance with the agreed term of this contract;

    
      
         

      

      
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    9.1.3
      The
      Borrower breaches the representation and warrants. 

    9.1.4
      The
      Borrower breaches other loan Contracts or guaranty Contracts or the Guarantor
      breach the guaranty Contract which may make impact the Borrower to perform
      the
      obligations under this contract.

    9.1.5
      Conclusive evidence to show that the Borrower lose the capacity of credit or
      during performance of the obligation under this contract, the financial
      conditions of the Guarantor are seriously deteriorating or other reasons caused
      the Guarantor the capacity of credit decline. 

    9.1.6
      The
      Borrower breaches the other obligations under this contract. 

    9.2
      Under
      the above circumstances, the Lender shall have right to: 

    9.2.1
      Request the Borrower to rectify within the period designed by the Lender;

    9.2.2
      Cease in extending the loan or cancel the credit; 

    9.3
      If
      the Borrower fails to uses the loan in accordance with the provisions set forth
      in this contract, the Lender shall have right to charge a interests for the
      misusing part at a rate of [100%] per day.

    9.4
      If
      the Borrower fails to repay the loan and can not reach a agreement with the
      Lender regarding the extension, the Lender shall collect an overdue penalty
      for
      [50%] of the overdue amount per day.

    9.5
      Declare the loan is due under other loan Contracts between the Lender and the
      Borrower, request the Borrower to repay the loan principals, interests, and
      other expenses. 

    

    Article
      10  EFFECTIVENESS,
      AMENDMENT AND MODIFICATION 

    OF
      THIS
      CONTRACT

    

    10.1
      Effectiveness: This Contract shall enter into force on the effective Date and
      shall remain in effect until all the amounts payable hereunder are paid in
      full
      to the satisfaction of the Lender.

    10.2
      Amendment: This Contract may not be amended, changed or modified except in
      writing signed by the parties.

    

    Article
      11 SETTLEMENT OF DISPUTES

    

    11.1
      Any
      or all disputes arising from or in connection with the performance of the
      Contract shall be settled through negotiation by both parties, failing which
      they shall be adopt to article 11.1.1.

    11.1.1
      Any dispute arising from or in connection with this Agreement shall be submitted
      to the local court for arbitration. 

    

    Article
      12 OTHER ITEMS

    

    12.1
      Any
      charge includes but not limited to charge of attorney are to be effected by
      the
      Borrower.

    12.2
      The
      Borrower shall make a prior payment or add Mortgage, when the Mortgage is
      reappraised during the Loan and the value of the mortgage is less than the
      residual payment, otherwise The Lender has right to dispose the mortgage.

    
      
         

      

      
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    Borrower:
      Qingdao Renmin Printing Co., Ltd. 

    Representative:
      Wang Yi Jun 

    Date:
      2006-08-16 

    

    Lender:
      Industrial and Commercial Bank of China, Qingdao Branch, Licang 2 Sub-Branch
      

    Representative:
      Liu Bin 

    Date:
      2006-08-16

     

     

    
      
         

      

      
        6Unassociated Document

    

     

    

    

    

    Working
      Capital Loan Contract

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    QINGDAO
      CITY COMMERCIAL BANK

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    WORKING
      CAPITAL LOAN CONTRACT

    Contract
      No.: 802232007oJieoZi
      No.00005

    

    

    Borrower:
      Qingdao Renmin Printing Co.,Ltd.

    

    Lender:
      Qingdao City Commercial Bank, Yongping Branch. 

    

    The
      Borrower applies for the loan from the The Lender as the working capital
      turnover. The Lender agreed to grand the loan to The Borrower. According to
      the
      relevant laws and regulations, the two parties have executed this Contract
      through au pair negotiation, in order to define the rights and obligations
      of
      the two parties.

    

    Article
      1
      THE CATEGORY OF THE LOAN

    

    
      	
              1.1

            	
              Short-term
                Loan.

            

    

    

    Article
      2
      CURRENCY, AMOUNT AND TERM OF THE LOAN

    

    2.1
      The
      Currency under this loan is Renminbi. 

    2.2
      The
      total amount of the loan shall be up to REIMINBI (Loan amount in
      letters)SIXTEEN
      MILLION YUAN,
      (Loan amount in numbers) 16,000,000
      YUAN

    

    Article
      3
      THE PURPOSE OF THE LOAN 

    

    3.1
      The
      purpose of this loan is used for purchasing
      materials.

    3.2
      Without written approval of the Lender, the Borrower could not use the loan
      out
      of the scope of the purpose.

    

    Article
      4
      THE TERM OF THE LOAN

    

    4.1
      The
      period of this loan is 12 Month from the date of 2007-02-12, to the date
      2008-02-11.

    

    Article
      5
      INTEREST RATE AND CALCULATION OF INTEREST

    

    5.1
      Interest rate

    5.1.1
      Float Rate: Annual Interest Rate is 5.61% which is 10% floating.

    The
      adjustment of the interest shall make once a month

    5.1.2
      If
      the Borrower fails to uses the loan in accordance with the provisions set forth
      in this contract, the Lender shall have right to charge a interests for the
      misusing part at a rate of [100%] per day.

    5.1.3
      If
      the Borrower fails to repay the loan and can not reach a agreement with the
      Lender regarding the extension, the Lender shall collect an overdue penalty
      for
      [50%] of the overdue amount per day.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    5.1.4
      This Contract shall adopt to adjustment of People's Bank of China if the
      Interest Rate has been modified.

    5.2
      The
      interest rate shall be calculated and paid on each interest Payment Date
      (20th
      of each
      month) based on the actual number of days elapsed. The Loan shall accrue
      interest on the outstanding balance, at an monthly rate.

    5.3
      Payment of Interest: The Borrower shall pay the interests per interest Payment
      Date (20th
      of each
      month). If the payment for the last installment is not on the payment date,
      the
      interests shall deduct the interest from the bank account of the Borrower.
      

    

    Article
      6   GUARANTY

    

    6.1
      (the
      "Guarantor": house property mortagage) shall be the guarantor for the loan
      under
      this contract and take jointly liabilities with The Lender under a Guaranty
      Contract of (2007 (Di) 00002)

    

    Article
      7   THE RIGHTS AND OBLIGATIONS OF THE BORROWER

    

    7.1
      The
      Borrowers represents and warrants as follows:

    7.1.1
      The
      Borrower is a company duly organized and validly existing under the law of
      the
      Peoples Republic of China and has the power and authority to own its property
      to
      consummate the transactions contemplated in this contract and join the
      litigation. The Borrower has the power to handle it assets used in
      operation.

    7.1.2
      The
      Borrower is at its option to sign and perform this contract.It is the Borrowers
      true meaning and has the power to sign this contract and it is not breach it
      article of association or regulations or contracts. The procedure for signature
      and performance of this contract has been gone through and fully effectiveness.
      

    7.1.3
      The
      all documents, materials, reports and certificates provided to the Lender by
      the
      borrower for consummation of this contract is true, real, compete and effective
      

    7.1.4
      The
      Borrower shall not conceal the following events which is being happened or
      have
      been happened which will cause the Lender refuse to extend the loan:

    7.1.4.1
      The Borrower or the principal executives of the Borrower involve in material
      events which breach regulations, laws or compensation to others; 

    7.1.4.2
      Pending actions and arbitration; 

    7.1.4.3
      The Borrowers debts or proposed debts or liens and other encumbrances;

    7.1.4.4
      The other matters will impact the financial status or abilities of repayment
      for
      the debts; 

    7.1.4.5
      The Borrower breached contract which is between the Borrower and other
      creditors. 

    7.1.5
      The
      Borrower is independent contractor under this contract, it will not impact
      by
      any other relations between the Borrower with other party except the other
      provisions set forth in this contract.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    7.2
      The
      Borrower hereby warrants as follows: 

    7.2.1
      Using the capital of the loan as usage set forth in this contract, the Borrower
      will not use the loan as Equity investment; The Borrower will not use the
      capital of the loan invest in security, future, real estate etc. The Borrower
      will not lend to the others privately or involving other maters which is
      prohibited by the country. The Borrower will not misusing or appropriation
      of
      the loan.

    7.2.2
      Making payment and related expenses in accordance with the provisions set forth
      in this contract;

    7.2.3
      Providing updated financial statement or financial bulletin every quarter;
      Providing the audited financial report at the first quart of each year;
      Providing operation report, financial report or other files and materials and
      shall warrant the reality, correct and effectiveness for the files and
      materials; 

    7.2.4
      Any
      anti-guaranty or other similar documents will not make any impact on the rights
      and benefits of the Lenders; 

    7.2.5
      Accepting the supervision of the Lender, provides assistance and cooperation
      for
      the Lenders supervisions;

    7.2.6
      Will not reduce the registration capital; Prior approval from the lender shall
      be required when the Borrower changes of shareholders and operation
      manner(including but not limited to joint venture, cooperation,jointly
      cooperation; dissolution, closedown, liquidation, transformation; merger; change
      to share company, use the housing, machinery or other real assets or trademark,
      intellectual property, Knowhow, landing using rights or other intangible assets
      to invest in share company or investment company, trading of operation right
      or
      own right by contracting, joint operation, trusteeship)

    7.2.7
      The
      Borrower shall inform the Lender and warrants the liability under its security
      will not more than net assets of the Borrower when the Borrower guarantee for
      other party or mortgage its assets. The Borrower warrants that will not dispose
      the assets which will make adverse impact on its ability of paying
      debts.

    7.2.8
      The
      Borrower will not pay the other similar loans prior to the Lender; 

    7.2.9
      The
      Borrower warrants to inform the Lender immediately when the following events
      occurred: 

    7.2.9.1
      The event of breach of contract under this contract or other loan or guaranty
      contracts between the Borrower and any branches of Bank of China or other banks,
      non-bank financial organization;

    7.2.9.2
      The Borrower changes shareholders or revise the article of association;

    7.2.9.3
      The Borrower suffer difficulties and bad result in financial and operation;
      

    7.2.9.4
      The Borrower involves in material actions or arbitration; 

    7.2.9.5
      The Borrower shall keep its bank transactions regarding income collection,
      sell
      foreign currency or buy foreign currency ect. Shall be conducted at the Lender
      or other branches of the Lender. The turn-over for the capital shall satisfy
      the
      demand of the Lender; 

    7.3
      The
      Borrowers representations and warrants hereunder this contract shall be
      effective even though any mendment, supplements or revised to be made to this
      contract.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    Article
      8
      THE RIGHTS AND OBLIGATIONS OF THE LENDER

    

    8.1
      The
      Lender represents and warrants as follows: 

    8.1.1
      The
      Lender is a state-owned commercial bank or branch duly organized and validly
      existing under the law of P.R.C and approved by the Industry and Commercial
      Administration and holds the financial institutions legal person licenses and
      financial institutions operation license to be qualified to operate financial
      business.

    8.1.2
      The
      Lender has taken all necessary action to authorize the execution of this
      contract and performance of its obligations under this contract. The Lender
      is
      duly authorized to extend this loan.

    8.1.3
      The
      Lender give any extension, toleration, favor to the Borrower or permit the
      Borrower to delay of performance any obligation under this contract shall not
      impair any rights of the Lender in accordance with this contract and laws,
      regulation, it shall be deemed to have waived its rights under this contract
      and
      the obligation shall be performed by the Borrower under this
      contract.

    8.2
      The
      Lender warrants as follows: 

    8.2.1
      The
      Lender shall extend the loan in accordance with the provisions set forth in
      this
      Contract.

    8.2.2
      Collect interests in accordance with the regulations of the Peoples
      Bank.

    

    ARTICLE
      9
      CHARGE

    

    9.1
      Any
      charge include but not limited to charge of attorney are to be effected by
      the
      Borrower.

    9.2
      The
      Borrower shall make a prior payment or add Mortgage, when the Mortgage is
      reappraised during the Loan and the value of the mortgage is less than the
      residual payment, otherwise The Lender has right to dispose the
      mortgage.

     

    ARTICLE
      10 SETTLEMENT OF DISPUTES

    

    10.1
      Any
      or all disputes arising from or in connection with the performance of the
      Contract shall be settled through negotiation by both parties, failing which
      they shall be adopt to article 

    10.1.1
      Any dispute arising from or in connection with this Agreement shall be submitted
      to the local court for arbitration.

    

    Article
      11 EFFECTIVENESS, AMENDMENT AND MODIFICATION OF THIS CONTRACT

    

    10.1
      Effectiveness: This Contract shall enter into force on the effective Date and
      shall remain in dffect until all the amounts payable hereunder are paid in
      full
      to the satisfaction of the Lender.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    

    

    Borrower:
      Qingdao
      Renmin Printing Co.,Ltd. 

    Representative:
      Wang Yi Jun 

    Date:
      2007-02-08

    

    Lender:
      Qingdao
      City Commercial Bank, Yongping Branch.

    Representative:
      Sun Yu Zhong 

    Date:
      2007-02-08

     

     

    
      
         

      

      
        6

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