Document:

Exhibit 10.3

LETTER OF GUARANTEE CONCERNING THE OBLIGATION TO COMPENSATE

Party A :     Zheng Youwei, China ID Number 44010419640824195X

Party B :     NCN Management Services Limited 

WHEREAS Party A and Party B have signed an Agreement for Transfer of Shareholding Rights on 16th June, 2006 in respect of the sale of a 55% shareholding of and in Guangdong Tianma International Travel Service Company
Limited (hereinafter referred to as “Corporation”) by Party A to Party B in this Guarantee. 

AND WHEREAS at present the law in the People’s Republic of China do not allow a corporate body incorporated in Hong Kong to be registered as a shareholder of a company in the People’s Republic of China which is
engaged in the outbound travel service business and in view of that Party A and Party B have through negotiation reached agreement on the nominee shareholding of the relevant shares so that although Party A shall remain as the shareholder in name of
the above mentioned shareholding in reality the shareholding should be regarded as the property of Party B from the date of completion of the sale and purchase of the shareholding mentioned above, namely, June 20, 2006 (hereinafter referred to as
“Completion Date”). 

AND WHEREAS Party B is not well conversant or familiar with the business conditions of the Corporation or the tax liabilities of the Corporation under the relevant revenue or tax laws of the People’s Republic of China
(hereinafter referred to as “China”) and in view of that when the parties hereto discussed the terms on which Party B would purchase the above mentioned 55% shareholding of the Corporation mentioned above from Party A, Party A has given
its guarantee to Party B and confirmed that all actions taken by Party A and/or the Corporation on or before Completion Date and all business activities, transactions and operations in which either or both Party A or Corporation was involved on or
before Completion Date would not result in any accounting profit or otherwise in any way constitute the ground for which the Corporation will in future be exposed or subjected to any tax or other form of tax related liability (excluding any tax or
levy which has already been disclosed by Party A to Party B accurately in writing on the signing of the above mentioned Agreement) under the law in China. In the event of any tax or levy or tax related liability existing as mentioned above then
after the payment of the relevant tax or levy by the Corporation Party A must pay Party B a sum in full equivalent to the aggregate amount of such tax or tax liability or 55% of the aggregate worth of the Corporation as compensation to Party B. In
reliance of the above mentioned guarantee by Party A, Party B has agreed to sign the above mentioned Agreement on the basic assumption and understanding that the above mentioned tax and tax related liability does not exist. 

 

NOW PARTY A HEREBY GIVES ITS GUARANTEE TO PARTY B in the manner hereinafter mentioned in respect of the above mentioned matters :- 

	
1.      		
Party A agrees to immediately sign this Letter of Guarantee in view of the fact that Party B has agreed to sign the above mentioned Agreement for Transfer of Shareholding Rights and Party A hereby unreservedly and
irrevocably guarantees to Party B to the fullest extent possible and reiterates its above mentioned guarantee and also confirms its commitment as follows :-	
	 
	 	
If by reason of any action taken by Party A and/or the Corporation on or before Completion Date or of any business activity, transaction or operation on the part of Party A and/or the Corporation on or before Completion
Date the Corporation is exposed or subjected to any tax or levy or tax related liability in the future under the law in China (excluding any tax or levy which has already been disclosed by Party A to Party B accurately in writing on the signing of
the above mentioned Agreement), whether due to an accounting profit existing for the period prior to Completion Date or otherwise due to any other factor, then after the payment of such tax or levy by the Corporation Party A shall immediately and
unconditionally pay a sum of compensation to Party B which is equivalent to the aggregate amount of the tax or tax related liability in question or 55% of the aggregate worth of the Corporation in order to compensate Party B for its losses due to
the assumption that such undisclosed tax or tax related liability does not exist when the above mentioned Agreement for Transfer of Shareholding Rights was signed.	
	 
	
2.      		
Both parties have agreed upon the above mentioned method of computation for the amount of compensation at either the aggregate amount of the relevant tax or tax related liability or 55% of the aggregate worth of the
Corporation after a full consideration being given to consider all relevant factors, Party A shall not in any event dispute the amount of the compensation or the above mentioned method of computation of the compensation on the ground that it does
not reflect the actual extent of loss to be incurred or suffered by Party B in such event.	
	 
	
3.      		
This Letter of Guarantee and all the legal rights and obligations derived or arising from this Letter of Guarantee shall be construed and implemented and given effect to in accordance with the law in the Hong Kong Special
Administration Region. In case of any dispute in this regard the matter shall be referred to a court of law in Hong Kong for its determination.	
	 

IN WITNESS WHEREOF the above mentioned Party A and Party B have respectively signed this Letter of Guarantee as follows :- 

	
Party A : 
		
 		
 Zheng Youwei 
	
	
Signature : /s/ 
		
 		
 
	
	
 
	
	
 
	
	
Party B : 
		
 		
 NCN Management Services Limited 
	
	
Name of Representative : 
		
 
Godfrey Hui Chin Tong 	
	
Signature : /s/ 
		
 		
 
	

 Date: 16th June, 2006Exhibit 10.4

DECLARATION OF TRUST

(Translation from Document Originally Executed and Delivered in Mandarin, Chinese)

WHEREAS the owner of the rights and interest hereinafter specified (which expression shall include the owner of such rights and interest, the person to whom the owner transfers his or
its rights and interest and the owner’s successor in title under the law) (hereinafter referred to as “Beneficial Owner”) has instructed the undersigned trustee (hereinafter referred to as “Trustee”) to hold on behalf of the
Beneficial Owner a certain shareholding (hereinafter referred to as “Shareholding”) of and in the corporation hereinafter specified (hereinafter referred to as “Corporation”)

NOW THE UNDERSIGNED TRUSTEE hereby declares as follows :-

	
1.      		
Although the Shareholding will be registered under the name of the Trustee and be held by the Trustee accordingly the actual ownership of the Shareholding belongs to the Beneficial Owner instead of the Trustee, the Trustee
shall hold the above mentioned Shareholding on trust for the benefit of the Beneficial Owner.	
	 
	
2.      		
The terms and conditions of the trust under which the Trustee will be holding the Shareholding for and on behalf of the Beneficial Owner will include but shall not be limited to the following terms and at the same time will
include all the usual obligations on the part of the Trustee as shall be owing by the Trustee to the Beneficial Owner under the law :-	
	 
	 	
(i)      		
Upon the instruction from the Beneficial Owner to the Trustee, the Trustee shall make appropriate arrangement to deal with the Shareholding and to deal with all derivative and ancillary rights and interest arising from the
Shareholding (including dividends) according to the instruction of the Beneficial Owner;	
	 
	 	
(ii)      		
The Trustee shall sign all papers according to the instruction of the Beneficial Owner in order to enable the Beneficial Owner or its representative to attend the meetings of shareholders of the Company in the capacity as
the proxy for the Trustee in respect of the Shareholding and to enable Beneficial Owner to exercise in such meeting the voting right of the Shareholding according to the wish of the Beneficial Owner in the capacity as such proxy.	
	 
	 	
(iii)      		
In the event of the Trustee being unable to obtain the clear and specific instruction from the Beneficial Owner in respect of the exercise of its voting rights the Trustee will act according to the best interest of the
Beneficial Owner and exercise the voting
right accordingly. However, 	
	 

	 	
 	
if the Beneficial Owner has given specific instruction to the Trustee as to the exercise of such voting right then the Trustee must act according to such instruction and exercise the voting right
accordingly; and	
	 
	 	
(iv)      		
Upon receiving the relevant instruction from the Beneficial Owner the Trustee shall transfer the Shareholding according to such instruction and subject to such terms and conditions as instructed to any third party nominated
by the Beneficial Owner or back to the Beneficial Owner or to otherwise dispose of or deal with such Shareholding in whatever manner as instructed by the Beneficial Owner.	
	 
	
3.      		
In the event of the Trustee having received any dividend, share option, bonus issue of shares or any other form of interest in relation to the Shareholding during the period in which she is holding such Shareholding all
such entitlements and interest shall belong to the Beneficial Owner and the Trustee must account for such entitlement and interest and return the same to the Beneficial Owner.	
	 
	
4.      		
The Beneficial Owner is entitled from time to time and at any time to appoint a new trustee to replace the above mentioned Trustee or to appoint other trustee or trustees to hold the Shareholding as trustees together with
the Trustee.	
	 

Annexure

The particulars of the above mentioned Beneficial Owner, Trustee, Corporation and Shareholding are as follows:- 

	
Trustee 
		
 		
 
	
	
 
	
	
Name : 
		
 		
Zheng Youwei, China ID Number 44010419640824195X 
	
	
Address : 
		
 		
14th Floor. Dongjian Building, 501 Dongfengzhong Road, Guangzhou, Guangdong, 
	
	
 
		
 		
The People’s Republic of China 
	
	
 
	
	
 
	
	
Beneficial Owner 
		
 		
 
	
	
 
	
	
Name : 
		
 		
NCN Management Services Limited 
	
	
Address : 
		
 		
21st Floor, Chinachem Century Tower, 178 Gloucester Road, Wanchai, Hong Kong. 
	

	
Corporation 
		
 		
 
	
	
 
	
	
Name : 
		
 		
Guangdong Tianma International Travel Service Company Limited 
	
	
Address : 
		
 		
14th Floor. Dongjian Building, 501 Dongfengzhong Road, Guangzhou, Guangdong, 
	
	
 
		
 		
The People’s Republic of China 
	

Information concerning the Shareholding

55% shareholding of and in Guangdong Tianma International Travel Service Company Limited (with a registered capital of RMB2,600,000.00) .

 

IN WITNESS WHERE OF the above mentioned Trustee has signed and sealed this Declaration on the 16th day of
June, 2006 

 

	
/s/	
		
 

			 
	
Zheng Youwei

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