Document:

smsapal8kex1012082310.htm

Exhibit 10.12

 

Fund Facility Contract

The number of this RMB Fund Facility Contract is (2009) Jian Ping Song Dai Zi No. 5.

Category of facility: Industrial Enterprise Working Capital Facility

Article 12 Information about the Parties

Borrower (Party A): Fujian Yada Group Co., Ltd.

Address: Shuinan Gongye Road, Songxi County

Post Code: 353500

Legal Representative (Person-in-charge): Zhan Youdai

Fax: 2332598

Tel: 2325688

Lender (Party B): China Construction Bank Corporation Limited Songxi Sub-branch

Address: 121 Jiefang Street, Songyuan Town, Songxi County

Post Code: 353500

Person-in-charge: Ou Wenbin

Fax: 0599-2322644

Tel: 0599-2322670

Article 13 Stipulations on Article 1

Party A borrows a loan of RMB (in words) EIGHT MILLION YUAN ONLY from Party B.

Article 14 Stipulations on Article 2

Party A shall utilize the loan for purpose of capital turnover for production and operation, and may not change the purpose of loan without the written consent of Party B.

Article 15 Stipulations on Article 3

Loan period as specified herein shall be twelve months, from November 12, 2009 to November 12, 2010.

In case of discrepancies between the commencement date of loan period hereunder and the loan redeposit voucher (loan receipt, the same below), the actual release date as recorded on the loan redeposit voucher at the time of the first release, and maturity date of the loan as specified in Paragraph 1 of this Article shall be adjusted accordingly.

Loan redeposit voucher shall be a part of this Contract, and have equal effect in law as this Contract.

Article 16 Stipulations on Article 4.1

Lending rate under this Contract shall be the annual interest rate, as the second item as follows:

 

 

  

  

  

 

	
(1)  

	
Fixed interest rate, left blank %, and such interest rate shall keep unchangeable within the loan period;

	
(2)  

	
Fixed interest rate, 10% above (inserting “above” or “down”) the benchmark interest rate as of the value date, and such interest rate shall keep unchangeable within the loan period;

	
(3)  

	
Floating interest rate, left blank% left blank (inserting “above” or “down”) the benchmark interest rate as of the value date, and from the value date to the date of full discharge of the principal and interests hereunder, adjustment shall be made once left blank months at the benchmark interest rate as of the date of interest rate adjustment and the foregoing above/down ratio. Date of interest rate adjustment shall be the corresponding date of the value date in the adjustment month, if there is no date corresponding to the value date, the last date of the current month shall be the date of interest rate adjustment.

Article 17 Stipulations on Article 4.2

17.1 In case Party A utilizes the loan for purpose other than agreed in the Contract, penalty interest rate shall be the interest rate plus 100%. in case of adjustment of the interest rate pursuant to Item 3 of Paragraph 1 of this Article, penalty interest rate shall be adjusted accordingly according to the adjusted interest rate and the foregoing floating-up extent.

17.2 Penalty interest rate in case of overdue loan under this Contract shall be the interest rate plus 50%, in case of adjustment of the interest rate pursuant to Item 3 of Paragraph 1 of this Article, penalty interest rate shall be adjusted accordingly according to the adjusted interest rate and the foregoing floating-up extent.

17.3 In case of overdue loan and misappropriated loan at the same time, penalty interests and compound interests shall be calculated and charged according to the severe circumstances.

Article 18 Stipulations on Article 4.5.2

Interests on the loan hereunder shall be settled by the following first method:

	
(1)  

	
Interests shall be settled monthly on the 20th day of each month;

	
(2)  

	
Interests shall be settled quarterly on the 20th day of the last month of each quarter;

	
(3)  

	
Other methods left blank.

Article 19 Stipulations on Article 5.1

Unless Party B wholly or partially waives its rights, Party B shall give out a loan only after the following preconditions are satisfied continuously:

	
(1)  

	
Party A has properly handled the approvals, registration, delivery, insurance and other legal procedures in connection with the loan hereunder;

	
(2)  

	
Where guarantee is established under this Contract, the guarantee that meets the requirements of Party B has become effective and will be effective continuously;

	
(3)  

	
Party A has opened an account for withdrawal and repayment as required by Party B;

	
(4)  

	
Party A does not breach the contract or commit any activities specified herein which may adversely impact Party B’s creditor’s rights;

 

 

 

  

  

  

 

	
(5)  

	
No laws and regulations, rules or competent authorities forbid or restrict Party B to grant the loan under this Contract to Party A;

	
(6)  

	
Other conditions.

Left blank.

Article 20 Stipulations on Article 5.2

Plan for utilization:

Left blank

Article 21 Stipulations on Article 6.3

Plan for repayment:

Left blank

Article 22 Stipulations on Article 6.5.2

Where Party B allows Party A to prepay the principle, it shall have the right to charge Party A a prepayment penalty, which shall be determined according to the following first standard:

	
(1)  

	
Amount of penalty = amount of prepaid principal x number of months remaining in the term as of the date of prepayment x 0.5‰, if the remaining time is less than one month, calculation shall be made according to one month;

	
(2)  

	
Left blank.

Where Party A makes repayment in installments, such as prepaying partial loan principal, repayment shall be made in the reverse order of the repayment plan. After such prepayment, the outstanding loan shall still be subject to the interest rate as specified herein.

Article 23 Stipulations on Article 9.4.3

In case Party A fails to utilizes the loan as specified herein, Party B may require Party A to pay liquidated damages equal to 0.05% of the amounts which fail to be utilized as specified, and forbids Party A to use the unwithdrawn amount under this Contract.

Article 24 Settlement of Disputes

Any and all disputes arising in the performance of the Contract shall be settled through negotiation. In case that no settlement can be reached through negotiation, the disputes shall be settled by the first method as follows.

	
(1)  

	
Submitting lawsuit to the People’s Court which has jurisdiction over Party B’s domicile.

	
(2)  

	
Submitting to (left blank) Arbitration Commission (place of arbitration: (left blank) ) for arbitration in accordance with the arbitration rules of the Arbitration Commission in force at the time of application. The arbitration award shall be final, and binding upon both parties.

 

 

 

  

  

  

 

 During the legal proceedings or arbitration, other terms and conditions of the Contract not involving the disputes shall be performed continually.

Article 25 This Contract is made out in five copies.

Article 26 Miscellaneous

 

	
For and on behalf of Party A (Common Seal):

 Fujian Yada Group Co., Ltd.

 

 

Legal Representative (Person-in-charge)

or Authorized Representative (Signature):

                  Zhan Youdai

 

November 12, 2009

	
For and on behalf of Party B (Common Seal):

  China Construction Bank Corporation Limited

Songxi Sub-branch

 

Legal Representative (Person-in-charge)

or Authorized Representative (Signature):

                  Guo Rongbiao

 

November 12, 2009smsapal8kex1013082310.htm

Exhibit 10.13

 

Maximum Amount Mortgage Contract

 

This Maximum-amount Mortgage Contract is numbered: (2009) Jian Ping Song Gao Di Zi No.3 (the “Contract”).

 

 

ARTICLE 13      INFORMATION OF PARTIES TO THIS CONTRACT:

 

Mortgagor (Party A): Fujian Shengda Food Co., Ltd (福建圣达食品开发有限公司)

Address: Shuinan Industrial Park, Songxi County (松溪县水南工业区)

Zip Code: 353500

Legal representative (person in charge): Zhan Youdai (詹有代)

Fax.: 2332598

Telephone: 2325688

 

Mortgagee (Party B): China Construction Bank Corporation Limited,Songxi Sub-branch (中国建设银行股份有限公司松溪支行)

Address:No.121 Jiefang Street, Songyuan Town, Songxi County

Zip Code: 353500

Person in charge: Guo Rongbiao (郭荣标)

Fax.: 0599-2322644

Telephone: 0599-2322670

(collectively, the “Parties”)

 

Whereas, for purpose of continually handling credit facilities (the following first item) for Fujian Shengda Food Development Co., Ltd. (hereinafter referred to as the “Debtor”), Party B will enter into (and/or has entered into) with the Debtor during the period from March 19, 2009 to March 19, 2012 (hereinafter referred to as the “Period for Determination of Creditor’s Rights”) the Renminbi Fund Facility Contract, Foreign Exchange Fund Facility Contract, Bank Acceptance Agreement, L/C Issuance Contract, L/G Issuance Agreement and/or other legal documents (the said contracts, agreements and/or other legal documents entered into during the Period for Determination of Creditor’s Rights are referred to as the “Master Contract” hereinafter).

 

(1) Granting Renminbi/foreign exchange facilities;

(2) Acceptance of commercial draft;

(3) Issuance of L/C;

(4) Issuance of L/G;

(5) Other credit facilities: Left blank.

 

Party A is willing to provide a maximum-amount mortgage to secure the debts of the Debtor under the Maser Contract.  Pursuant to relevant applicable laws, regulations and rules, and based upon mutual consultation, Party A and Party B hereby enter into this Contract with the intention to be bound hereby.

 

 

  

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ARTICLE 14      AGREEMENT ON PARAGRAPH 2 OF ARTICLE 2

 

The maximum amount of the mortgage obligation under this Contract is (Type of Currency) RMB (amount in words) four million one hundred and thirty thousand Yuan only (maximum amount of guarantee liability under real property mortgage subject to eight hundred ninety six thousand Yuan and maximum amount of guarantee liability under land mortgage subject to three million two hundred and thirty four thousand Yuan ONLY thereunder). If Party A has implemented its mortgage obligations in accordance with this Contract, the maximum amount shall be deducted accordingly with the amount which has been implemented by Party A.

 

ARTICLE 15      AGREEMENT ON ARTICLE 3

 

Both Parties hereto shall, within five working days of execution of this Contract, proceed with mortgage registration procedures at relevant registration authority. Party A shall, on or before the day of completion of mortgage registration, submit to Party B for its custody the originals of Other Title Certificate, Mortgage Registration Certificate and other title certificates vesting with the mortgage property.

 

ARTICLE 16      AGREEMENT ON PARAGRAPH 4 OF ARTICLE 6

 

Party A shall, within five working days of execution of this Contract (or of the day of completion of renewal of insurance if the insurance of mortgage property is renewed), deliver to Party B the original of the insurance policy against the mortgage property and shall reserve and maintain relevant documents necessary for making any insurance claim or transfer of insurance interests at the place of Party B.

 

ARTICLE 17      OTHER AGREEMENTS

 

1. If Party A or the Debtor fails to comply with relevant laws, regulations or rules with respect to environmental protection, energy saving and emission reduction or reduction of contamination, or may cause any risk concerning energy consumption or pollution, Party B shall have the right to exercise its right to mortgage under this Contract, and may resort to any other remedy agreed under this Contract or permitted by the law.

 

2. This field is left blank.

 

ARTICLE 18      RESOLUTION OF DISPUTE

 

Any dispute arising from or in connection with the implementation of this Contract may be settled through a consultation, and if such consultation fails, such dispute shall be settled through the first means listed in the following. During the proceeding of any litigation or arbitration, all provisions other than the provision (s) in dispute under this Contract shall remain enforceable.

 

	
(1)  

	
Institute legal proceedings to the people’s court at the domicile of Party B;

 

 

  

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(2) Submit such dispute to (This field is left blank) arbitration commission for arbitration at (The place of arbitration is left blank). The arbitration shall be conducted in accordance with the applicable arbitration rules in effect at the time of application for arbitration. The award thus given shall be final and binding upon both Parties hereto.

 

ARTICLE 19      THIS CONTRACT IS MADE OUT IN QUINTUPLICATE.

 

ARTICLE 20     AGREEMENT ON ARTICLE 20

 

The collaterals under this Contract are listed as follows:

 

List of Mortgage Properties

 

	
Title of collateral

	 	
Number of title certificate and other certificates

	 	
Address

	 	
Area or quantity

	 	
Value of collateral (Ten thousand Yuan)

	 	
Amount that has been mortgaged to secure other liabilities (ten thousand Yuan)

	 	
Remarks

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
Building or other right to use of land within the occupation area

	 	
Tan Guo Yong (2009) No. 00501

	 	
Taxia Industrial Park, Tan Town

(潭城街道塔下工业园区分辨不出名字怎么回事,工业园的名字叫塔下工业园?街道的难道是“潭城街道”?

	 	
Land area 18,132.90m2,

	 	
462

	 	
This field is left blank

	 	
This field is left blank

	
Machinery and equipment

	 	
Tan Fang Quan Zheng Jian Yang Zi No.20090841, 20090844

	 	
?

	 	
Construction area 2,122.78m2

	 	
128

	 	
This field is left blank

	 	
This field is left blank

 

ARTICLE 21      REPRESENTATIONS AND WARRANTIES OF PARTY A

 

1. Party A knows clearly the business scope, power and authorization of Party B;

 

2. Party A has read this Contract and all articles of the Master Contract. Party B has made explanation on relevant articles of this Contract and the Master Contract as required by Party A. Party A has fully known and understood the meaning of all articles of this Contract and the Master Contract and the legal consequence thereon.

 

3. Party A has the legal qualification to act as Guarantor. Party A’s guarantee under the Contract conforms to the provisions of the laws, administrative rules and regulations, and Articles of Association or internal organizational documents of Party A, and has obtained approvals from the competent internal organizations of Party A or the competent Chinese authorities. Any and all liabilities resulting from Party A’s liabilities of disqualification for entering into the Contract shall be burdened by Party A, including, but not limited to, indemnifying Party B against all the losses sustained by Party B therefrom.

 

 

  

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4. Party A confirms that it has fully understood the information concerning the assets, debts, business, creditworthiness, credit standing of the Debtor, whether the Debtor has the power and capacity to enter into the Master Contract and all the contents of the Master Contract.

 

5. Party A enjoys the ownership right or right to disposal of the collaterals as confirmed by the laws. The collaterals are not public facilities, or properties that are prohibited to be circulated or transferred according to the laws, and are not involved in any title dispute.

6.  There are no other co-owners with respect to the collaterals, or although there are other co-owners, such mortgage or security has been approved in writing by such co-owners.

 

7. The collaterals have no defects or title encumbrance other than those have been disclosed in writing to Party B, including but not limited to that the collaterals belong to articles prohibited for circulation, being seized, detained, under custody, rented, or under lien, or articles on which any purchase payment, repair fee, construction price, tax, fee for granting of land use right or damage compensation is delayed or articles having been pledged to secure any other third party’s interests.

 

8. All the data and information relating to the collaterals provided by Party A for Party B are true, legal, complete and accurate.

 

9. The mortgage and guarantee provided Party A will not infringe on any legal right and interest of any third party nor violate any legal obligation or any obligation set forth in this Contract.

 

 

	
Party A (company seal):

	  	
Party B (company seal):

	
Legal representative (person in charge)

	  	
Person in charge

	
Or authorized agent (signature)

	  	
Or authorized agent (signature)

	
March 19, 2009

	  	
March 19, 2009

 

  

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(No text in this page)

 

 

 

 

Party A (company seal):

 

Legal representative (person in charge) or authorized agent (signature)

 

__DD__ MM__ YY

 

 

 

Party B (company seal):

 

Legal representative (person in charge) or authorized agent (signature)

 

__DD__ MM__ YY

 

 

  

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