Document:

Exhibit 10.24

 

Credit Letter reference number: P/13581/11

Date: March 23, 2011

 

Shenzhen Sanjun Power Industries Co., Ltd.

2, 3 & 4/F, 2 Huawang Road, Dalang
Sub-district, Bao’an District, Shenzhen

 

To whom it may concern,

 

Bank credit line:
Shenzhen Sanjun Power Industries Co., Ltd. (“Borrower”)

 

We (“Lender” / “Bank”)
are glad to notify that we agree to grant you following bank credit line (“credit line”) in accordance with the articles
and conditions hereof.

 

Borrower/ “Client”: Shenzhen
Sanjun Power Industries Co., Ltd. Refer to Attached Form I for further details.

 

Category, limit amount and interest rate
of credit line:

(If the use of credit line involves in
different currencies, for purpose of calculating limit amount of credit line, it is subject to rate of exchange to be determined
by lender from time to time)

 

	Receivable financing (factoring) and payable financing (recycling) 	     	
        Total credit line: RMB 10,000,000.- Yuan

        i) Receivable financing - RMB 10,000,000.-
        Yuan

        Loan purpose: priority is given to repay
        payable financing loan balance of borrower at lender, and receivable discount financing to borrower.

        Credit nature: disclosed and have recourse

        Granting loan: when withdrawing loan, borrower
        shall submit all documents related to receivables, as required by lender, including but not limited to:

        1)   Original
        VAT invoices for relevant receivables, delivery slips attached with buyer’s collection certificate/orders/photocopies of
        purchase contracts (true photocopies to be certified by borrower);

        2)   Invoice
        title is the company approved by lender;

        3)   Invoice
        transfer notice sent to buyer, requiring debtor to pay to the account opened by borrower at lender.

        The aforesaid documents shall be satisfactory
        to and accepted by lender in terms of content and form, and the debtors under receivables are subject to approval of lender.

        Prepayment percentage: 80%

        Maximum financing period: max. 165 days
        since invoice day.

 

    	 

    	 

    

  

	 	     	
        Discount charging: to be charged at 130%
        of legal loan rate of corresponding level publicized by People’s Bank of China.

        Account management fee: to be charged according to 0.125% of invoice amount.

        Default interest: to be charged in accordance
        with provisions of General Terms attached hereto.

         

        ii) Payables financing - RMB 5,000,000.-
        Yuan

        Loan purpose: purchasing raw materials

        Granting loan: when withdrawing loan, borrower
        shall submit all documents related to receivables, as required by lender, including but not limited to original VAT invoices, photocopies
        of sales contract/order/transport slip (true photocopies to be certified by borrower), satisfactory to and accepted by lender in
        terms of content and form.

        Financing period: maximum financing period
        for each invoice is 90 days, minus:

        1)   Supplier’s
        account sale period (if any); and

        2)   Past
        period since due date, if paying to supplier after due date.

        Interest rate: to be charged at 130% of
        legal loan rate of corresponding level publicized by People’s Bank of China.

        Commission: to be charged according to
        0.125% of invoice amount.

 

Purpose: the loan purpose must comply with
national laws, statutes and provisions of supervisory authorities. Lender is entitled to independently review borrower’s
use of credit capitals and payment application, require borrower to offer relevant documents certifying the use of credit capitals
and payment, and check the use of credit capitals and payment in any ways proper, at its own discretion, but lender is not obligated
to check if the loans borrowed by borrower or the credit line are used for purposes hereunder.

 

Preconditions: unless otherwise agreed
by lender, the credit line can only be applied for after borrower meeting the preconditions listed in Attached Form II satisfactory
to lender in terms of content and form.

 

Withdrawal/credit line use: borrower shall,
before 10:00 a.m. at the business day three days before the estimated withdrawal day/credit line, submit properly signed withdrawal
notice or credit line application (to be decided) and transaction certificates related to withdrawal, including but not limited
to transaction contract, proof and invoice. The borrower shall ensure the transaction principals, signatures and seals stated in
transaction documents comply with loan use requirements. For withdrawals involving independent payment, borrower shall provide
lender with expected use plan of withdrawn amount, including expected payment transaction object, payment amount and purpose, or
other contents or forms to be accepted by lender.

 

    	 

    	 

    

  

Lender shall use the loan strictly in accordance
with this letter, and obey management of lender on credit capital payment. Under one of following circumstances, lender entrustment
payment shall be adopted to pay credit capital to borrower’s transaction object via borrower’s account after lender
approving borrower’s payment application:

		a)	Credit capital payment under transaction financing of accounts payable;

		b)	Other circumstances recognized by lender.

Without violating laws, statutes or loan
management regulations, borrower and lender can negotiate about adjusting the standard of lender entrustment payment.

 

Borrower shall not avoid lender entrustment
payment by means of fabrication or breaking up the whole into parts. Under lender entrustment payment, where capitals fail to be
paid timely or accurately due to wrong or unclear information offered by borrower or frozen account, lender shall not be held responsible.

 

Commitments: a) borrower shall submit its
latest financial statements to lender ASAP, but borrower will submit, within six months after each fiscal year, the audited consolidated
(if applicable) financial statements of that fiscal year as well as reports of board of directors and auditors.

b) Except for guarantee under loan documents,
without prior approval from lender, borrower shall not pledge its accounts receivable to the third party;

c) The amount of accounts receivable settled
by borrower via lender shall not be less than RMB 30,000,000.- Yuan in each quarter;

d) Borrower shall immediately notify lender
of any incidents which may affect borrower/guarantor’s ability of performing its obligations under loan documents, including
but not limited to incidents which may affect borrower’s financial and/or operation status.

e) Borrower shall designate a special capital
recovery account, and timely provide lender with the account transaction status; lender is entitled to decide to recover all or
partial loan in advance based on capital recovery status of borrower.

 

Uncommitted credit line: without notifying
borrower, lender is entitled to change, terminate, recover or cancel all or any part of credit line, and/or require borrower to
repay debts due or offer satisfactory guarantee for debts outstanding (including actual or contingent debts outstanding). Lender
is entitled to review credit line again, and renew the credit line; after the review, lender can (but not obligated to) issue notice
of renewal to borrower and/or any guarantor. However, under any circumstance, the issuance of such notice of renewal or not shall
not affect lender’s any rights, benefits or reliefs under any loan documents.

 

Compensation for breach: where borrower
fails to perform obligations according to loan document or the performance does not comply with provisions, causing lender to suffer
any loss or damage, borrower shall compensate lender for such losses, and the compensation amount shall equal to loss suffered
by lender due to breach of borrower.

 

    	 

    	 

    

  

Law application and jurisdiction: Laws
of People’s Republic of China (“China”) shall apply to this Letter and its interpretation. Both borrower and
lender shall accept non-exclusive jurisdiction of Chinese courts over any disputes under or related to this Letter. If a litigation
is lodged to Chinese court for any disputes under or related to this Letter, it is subject to non-exclusive jurisdiction of the
court in the place of lender. However, for any disputes under transaction amount of financial derivative products of RMB and/or
foreign exchange, bank and client agree to submit the disputes to CIETAC Shanghai in accordance with currently effective Financial
Dispute Arbitration Rule of CIETAC to settle through arbitration. The arbitration tribunal is composed of three arbitrators; the
arbitration award is final and binding upon both parties.

 

The aforesaid provisions do not exclude
lender’s rights of raising claims or applying for forced execution to other dispute settlement authority (no matter in one
or more judicial areas) with jurisdiction over this Letter.

 

Applicable version: this Letter is drafted
and signed in Chinese.

 

Effectiveness: Where borrower signs and
returns this Letter within one month after issuing it, it is effective when it is signed and returned by borrower. Where borrower
fails to sign and return this Letter within one month after issuing it, it will be invalid, except lender expresses its consent
by means of approving borrower to withdraw/use credit line.

 

All attached forms hereto, General Terms
and its revision or supplements from time to time shall be integral parts hereof. Where there is any discrepancy between General
Terms and this Letter, this Letter shall prevail.

 

All documents returned by borrower shall
state that the addressee is Mr. Weng Riming (“Client Manager”). For any doubts, borrower can contact Client Manager
at (86-755) 2223 1035.

 

Lender: DBS Bank (China) Limited Shenzhen
Branch

		Special contract seal

 

Authorized signatory

 

    	 

    	 

    

  

Borrower hereby confirms that lender has
reminded borrower of all articles and conditions related to its rights and obligations in this Letter, all attached forms hereto
and General Terms, and has explained these articles and conditions as per requirements from borrower. Borrower has received, understood
and agreed with these articles and conditions, and has agreed to be bound by these articles and conditions.

 

Borrower: Shenzhen Sanjun Power Industries
Co., Ltd.

		Official seal

Authorized signatory

Name:

Date of signing and returning this Letter:
March 28, 2011

 

Remark: this Letter does not constitute
lender’s commitments of granting loan and/or financing to borrower, nor does it constitute a certificate that borrower is
entitled to obtain loan and/or financing. The withdrawal and/or credit line use application hereunder shall be raised one by one
after signing this Letter, subject to review of lender.

 

DBS Bank (China) Limited Shenzhen Branch

18/F & 29/F China Resources Building,
the Mixc 229#, 5001

Shennan Dong Road, Luohu District, Shenzhen

Shenzhen, PRC. Postal code 518001

Tel: + 86 755 22231000       Fax:
+ 86 755 82690890

SWIFT  D BSSCNSHSZN                www.dbs.com

 

    	 

    	 

    

 

	Shenzhen
Sanjun Power Industries Co., Ltd.	Lender reference number: P/13581/11

 

Attached Form I

Detailed Information of Borrower

 

	Borrower	 	Shenzhen Sanjun Power Industries Co., Ltd.
	Address	 	2, 3 & 4/F, 2 Huawang Road, Dalang Sub-district, Bao’an District, Shenzhen
	Tel	 	 
	Fax	 	 

 

    	 

    	 

    

 

	Shenzhen Sanjun Power Industries Co., Ltd.	Lender reference number: P/13581/11

 

Attached Form II

Preconditions

 

		1.	(i) Receivables pledge contract properly signed by borrower;

(ii) Receivables
pledge registration agreement properly signed by borrower;

(iii) Receivables
pledge registration formalities have been completed, and lender has obtained receivables pledge registration certificate.

 

		2.	Guarantee contracts for all debts under guaranteed loan documents properly signed by Wu Henian,
Wang Zongfu and Huang Junbiao (“Domestic Individual Guarantors”).

 

		3.	(i) Factoring agreement properly signed by borrower;

(ii) Receivables
registration agreement properly signed by borrower;

(iii) Receivables
registration formalities have been completed, and lender has obtained receivables registration certificate.

 

		4.	Borrower’s corporate legal person business license (original and photocopy) and certified
true photocopy of approval certificate.

 

		5.	The certified true photocopies of borrower’s latest Articles of Association and its revisions.

 

		6.	The certified true photocopies of borrower’s organizational institution code certificate.

 

		7.	The certified photocopies of capital verification report issued by CPA, certifying borrower has
paid up registered capitals (if applicable).

 

		8.	List of borrower’s executive directors bearing official seal of borrower.

 

		9.	Originals of borrower’s resolutions of executive directors or abstracts about agreeing with
signing this Letter and relevant documents, and signature specimen of authorized signatory.

 

		10.	The certified true photocopies of identity certificates of all authorized signatories mentioned
in borrower’s resolutions of executive directors or abstracts.

 

		11.	Number and password of effective loan cards of borrower and guarantor (including corporate and
personal guarantors). Guarantor will only be deemed meeting requirements of offering guarantee after providing effective loan card
in accordance with prevailing statutes.

 

    	 

    	 

    

  

		12.	Borrower has paid loan commission and other expenses to be paid to lender and/or offered the certificates
showing it has paid relevant expenses.

 

		13.	Photocopies of identity certificate of domestic individual guarantor.

 

		14.	Withdrawal notice properly signed by borrower satisfactory to lender in content and form.

 

		15.	The certified true photocopies of all approvals, permissions or certificates required by its business,
obtained by borrower in accordance with environmental protection laws, statutes and regulations.

 

		16.	Borrower has opened account at lender for purpose of granting and paying loan (except that lender
agrees with not opening).

 

		17.	All documents and/or other requirements required for complying with client accepting policies or
similar regulations concluded by supervisory organ and/or lender.

 

		18.	Other documents, items or proofs required by lender, including approval, registration and/or filing
certificates related to loan document and any credit line, as well as relevant legal opinions.

 

    	 

    	 

    

  

	Shenzhen Sanjun Power Industries Co., Ltd.	Lender reference number: P/13581/11

 

Attached Form III

Credit Line Commission and Other Expenses

 

Lender is entitled to charge credit line
commission and other relevant expenses, including but not limited to loan renewal commission (including withdrawal and renewal),
in accordance with standard rate stipulated by lender from time to time, except otherwise agreed by lender or stipulated by letter
of credit.

 

Setup fee

RMB 50,000.- Yuan

 

Annual review fee

Borrower shall pay to lender the annual
review fee at the confirmed review day each year when lender conducts credit line review.

 

    	 

    	 

    

 

	Shenzhen Sanjun Power Industries Co., Ltd.	Lender reference number: P/13581/11

 

Withdrawal Notice
Format

 

To: DBS Bank (China) Limited Shenzhen Branch

 

In accordance with Letter of Credit Line
(including its revision, supplement and modification) signed by your bank and this company, this company irrevocably issues notice
to your bank about withdrawing credit line according to following terms:

 

		1.	Relevant credit line: _______________________________________;

		2.	Withdrawal amount: ________________;

		3.	Expected withdrawal date: __________;

		4.	Withdrawal purpose: ________________________________________;

		5.	Financing period: ________________________________________;

		6.	Attached documents: following documents will be submitted together with this Notice;

		7.	Means of payment: your bank is authorized to transfer aforesaid funds to following account of this
company:

Account name:
___________________________

A/C No.: ________________________________

Opening bank:
___________________________

 

Entrusted
payment (if applicable): your bank is authorized to pay aforesaid loan capitals through aforesaid account of this company, and
payee’s account is as follows (if involving more than one entrusted payment, list of entrusted payment shall be attached
separately and submitted together with this Notice after affixing perforated seal):

Account name:
___________________________

A/C No.: ________________________________

Opening bank:
___________________________

 

		8.	This company hereby confirms that:

		(i)	The preconditions stipulated by letter of credit line are fully completed;

		(ii)	Each commitment, statement or guarantee stipulated by letter of credit line, the circumstances
and facts existing in the day when this Notice is issued, are true, accurate and complete; furthermore, each commitment, statement
or guarantee, and circumstances and facts existing in the day of expected withdrawal day above, will be true, accurate and complete.

		(iii)	In the day when this Notice is issued, there was no incident of requiring repayment of credit line;
this company further declares that there will be no incident of requiring repayment of credit line in the day of expected withdrawal
day above.

 

    	 

    	 

    

  

Borrower: Shenzhen Sanjun Power Industries
Co., Ltd.

(seal)

_______________________________________

Authorized signatory

Name: ________

Date: ________Exhibit 10.25

 

Working Capital
Loan Contract (Rev.1/2012)

 

 

 

No.: 2H38921201001-2JK

 

Working Capital
Loan Contract

 

China Everbright
Bank

 

    	 

    	 

    

  

Borrower: Shenzhen
Sanjun Power Industries Co., Ltd.

 

Address: Dalang
Sub-district, Bao’an District, Shenzhen

 

Postal Code: 518000

 

Legal Representative:
Wu Henian

 

Authorized Agent:
/

 

Handled by: Zheng
Xuesong

 

Tel: 15920012976

 

Fax: 28109420

 

Bank of Deposit:
China Everbright Bank Co., Ltd Shenzhen Shangbu Branch

 

Account No.: 38920188000038601

 

Lending Bank: China
Everbright Bank Co., Ltd Shenzhen Shangbu Branch

 

Address: 1/F, Archive
Building, Shennan M. Road, Shenzhen

 

Postal Code: 518000

 

Legal Representative/Principal:
Gao Yunliang

 

Authorized Agent:
/

 

Handled by: Li Jie

 

Tel: 25941418

 

Fax: /

 

    	 

    	 

    

  

CONTENTS

 

Chapter 1 General

 

Chapter 2 Purpose of Loan

 

Chapter 4 Loan Interest Rate and Basis
of Interest

 

Chapter 5 Disbursement and Use of Loan

 

Chapter 6 Repayment of Loan

 

Chapter 7 Guarantee

 

Chapter 8 Expenses and Compensation

 

Chapter 9 Borrower’s Representations
and Warranties

 

Chapter 10 Breaches

 

Chapter 11 Miscellaneous

 

Chapter 12 Law Application and Dispute
Settlement

 

Chapter 13 Effectiveness, Modification
and Termination

 

Chapter 14 Attachments

 

Chapter 15 Supplemental Rules

 

    	 

    	 

    

  

Chapter 1 General

 

Whereas the Borrower
has according to its business demands requested the Lending Bank to extend the Borrower an amount of loan and the Lending Bank
through examinations has agreed to grant such a loan to the Borrower subject to the terms and conditions of this Contract.

 

In order to specify
the rights and obligations of both Parties, in accordance with the national laws and regulations and the requirements of relevant
supervision departments, and through mutual consultations, the Parties hereto are willing to enter into the following agreements
for both Parties to comply with.

 

Chapter 2 Purpose of Loan

 

Article 1 It is determined through
mutual consultations that:

 

1. The loan hereunder shall be
used by the Borrower only for the purpose of working capital circulation, i.e. procurement of raw materials.

 

2. Borrower shall not use the loan
capitals for investments such as fixed assets and equities, or the production and operation fields or purposes prohibited by the
state.

3. Without prior written consent
of the Lending Bank, the Borrower shall not alter the purpose of the loan as determined herein.

 

Chapter 3 Currency,
Amount, Term and Granting of Loan

 

	Article 2	The loan hereunder is in the principal amount of RMB 20 million Yuan (RMB Twenty Million Yuan).

 

	Article 3	The term of this loan hereunder shall commence from Jan. 15, 2013 and expire on July 14, 2013.

 

	Article 4	Upon complete fulfillment of the preconditions stipulated in Article 11 herein, the Lending Bank shall remit the amount of loan to the account of the Borrower opened with the Lending Bank in the way as specified in item 1 of the following:

 

    	 

    	 

    

  

		1.	One time transfer, i.e. the Lending Bank shall remit the full amount of loan to the account of the
Borrower opened with the Lending Bank on Jan. 15, 2013;

 

		2.	Transfer by installment, i.e. the amount and date of each installment is stipulated as follows:

 

First installment:

 

(1) Amount of transfer:
(in words);           /      

 

(2) Date of transfer:             /       

 

Second installment:

 

(1) Amount of transfer:
(in words):            /     

 

(2) Date of transfer:              /         

 

Third installment:

 

(1) Amount of transfer:
(in words):            /        

 

(2) Date of transfer:            /        

 

		3.	Irregular Installments:

 

Transferred at any
time as required with the times, amount and term in compliance with the records of certificate/documents of indebtedness.

 

Others terms: ______________________________/_________________________________

 

The loan hereunder,
once transferred by the Lending Bank, is deemed to have been granted and the interest of this loan shall be calculated from the
date of granting.

 

Chapter 4 Loan Interest Rate and Basis
of Interest

 

	Article 5	The Borrower shall pay to the Lending Bank interests based upon the loan granted by the Lending Bank hereunder and fixed (fixed / floating) rate shall be adopted for such a loan.

 

		1.	If fixed interest rate is adopted, the annual interest rate shall be 6.44 %.

 

    	 

    	 

    

  

		2.	If floating interest rate is adopted, the annual interest rate shall be determined by means of approach
of the following __/___:

 

		A:	At the benchmark interest rate provided for by the People’s Bank of China: __/___%

 

		B:	At an annual interest rate of __/___% with (upward/downward) fluctuation of __/___%
by proportion of based on the benchmark interest rate of __/___% (benchmark interest rate over the same period) provided
for by the People’s Bank of China.

 

		C:	At an annual interest rate of __/___% with (upward/downward) fluctuation of __/___%
by proportion of based on the benchmark interest rate of __/___% (benchmark interest rate over the same period) provided
for by the People’s Bank of China.

 

Interest rate adjustment
cycle: ____________________/___________________

 

Concrete date of
adjustment: ____________________/___________________

 

3. Other terms: ________________________/______________________

 

	Article 6	Both Parties agree that the Lending Bank has the right to determine a new interest rate for the loan hereunder based on the adjusted benchmark interest rate or basis of interest with the same upward/downward fluctuation of proportion/rate provided during the loan term the benchmark interest rate or the basis of interest has been adjusted by the People’s Bank of China and applies to the loan hereunder. The Lending Bank may implement such adjustment without prior consent of the Borrower and has the right to collect interest based on the adjusted loan interest or the basis of interest from the date of adjustment provided for by the People’s Bank of China.

 

	Article 7	The interest on the loan hereunder shall be paid on monthly (quarterly/monthly) basis on the 20th day of a month.

 

	Article 8	The interest on the loan hereunder shall be calculated on a 360 days per year basis and collected from the drawdown date based on the amount of loan remitted by the Lending Bank and the number of days the loan is occupied.

 

	Article 9	If the Lender fails to repay the loan as stipulated hereunder, the Lending Bank has the right to collect interest at the overdue penalty interest rate from the overdue date to the pay-off date. The overdue penalty rate shall be loan interest rate as specified in Article 5 herein plus 30% (30%-50%) thereof.

 

    	 

    	 

    

  

If the Lender fails
to use the loan for the purpose as stipulated hereunder, the Lending Bank has the right to collect interest at the appropriation
penalty interest rate from the date of such violation by the Borrower to the date on which the Borrower has paid off the principal
and interest. The appropriation penalty rate shall be loan interest rate as specified in Article 5 herein plus 50% (50%-100%)
thereof.

 

	Article 10	With respect to interest the Borrower fails to pay in time, the Lending Bank has the right to collect compound interest from the Borrower at the penalty interest rate.

 

Chapter 5 Disbursement and Use of Loan

 

Article 11 Unless the following preconditions
are satisfied, the Lending Bank has no obligations to disburse to the Borrower the loan hereunder:

 

		1.	Documents required by the Lending Bank (including but not limited to the transaction background materials
relating to the repayment of the loan such as the Fund Repayment Plan or the Entrusted Loan Repayment Notification and
Business Contracts etc to be provided by the Borrower prior to the disbursement of the loan) have been fully provided by the
Borrower, the information contained in these documents has not changed and such documents continue to be valid or the Borrower
has made explanations and descriptions satisfactory to the Lending Bank with respect to any changes;

 

		2.	The Borrower has completed the certificate/documents of indebtedness relating to this drawdown which
constitute part of this contract and have the same legal force therewith. If the amount, term and interest rate of the loan hereunder
etc are not in conformity with the abovementioned certificate/documents of indebtedness, certificate/documents of indebtedness
shall prevail;

 

		3.	The borrower shall have government permits, approval, registration and other legal formalities relating
to the loan hereunder handled according to relevant laws and regulations; and also the notarization of this contract etc if required
by the Lending Bank;

 

		4.	If the loan hereunder is secured, the Borrower shall according to the requirements of the Lending
Bank have security contract concluded and other legal formalities such as the notification, registration and/or insurance of the
collateral and such security and insurance shall remain valid;

 

    	 

    	 

    

  

		5.	No breaching events specified herein have occurred to the Borrower;

 

With the above
drawdown conditions fulfilled, the Lending Bank may according to Article 4 hereof remit the amount of loan to the following account
of the Borrower opened with the Lending Bank.

 

Bank
of Deposit: China Everbright Bank Co., Ltd Shenzhen Shangbu Branch

 

Account
No.: 38920188000038601

 

Online payment service
shall not be made available for the loan drawdown account unless with the consent of the Lending Bank.

 

Article 12 Payment of loan capital

 

		1.	Means of payment of loan capital

 

The loan capital hereunder may be paid via
either entrusted payment by the Lending Bank or direct payment by the Borrower.

 

Entrusted payment
by the Lender means that the Lending Bank, according to the Borrower’s drawdown application and payment instruction, pays
the loan capital, through the borrower’s account, to the counterpart of the Borrower consistent with the purposes stipulated
herein.

 

Direct payment by
the Borrower means that, after the Lender releases loan capital to the Borrower's account according to the Borrower's drawdown
application, the Borrower directly pays such loan capital to its counterpart consistent with the purposes stipulated herein.

 

2. Conditions on payment of loan capital

 

1) Conditions and amount standard for entrusted
payment by the Lender

 

The Borrower agrees that capital loans under
any of the following circumstances shall be paid via entrusted payment by the Lending Bank according to relevant laws and regulations
and rules of supervision department:

 

		a.	The credit relationship with the Borrower is newly established and the Borrower has an average credit
standing;

 

		b.	The payment receiver is definite and the amount of a single payment is relatively large; or

 

    	 

    	 

    

  

		c.	Other circumstances determined by the Lending Bank.

 

The Borrower agrees
that minimum amount of a single entrusted payment hereunder is RMB ten million Yuan. During the validity of this contract, the
Lending Bank has the right to adjust the minimum standard of such single payment according to its management requirements.

 

Where the single
payment exceeds the above minimum amount, entrusted payment must be adopted. Direct payment by the Borrower shall be adopted under
other circumstances. Where the loan capital is paid via entrusted payment, the Borrower shall take the Entrusted Loan Repayment
Notification with the format as required by the Lending Bank as the only certificate for the payment of loan capital, otherwise
the Borrower shall be responsible for any consequences in respect of payment delay, default of payment, dishonored check, recourse
and compensation etc.

 

2) For circumstances other than entrusted
payment as stipulated by aforesaid 1), direct payment by the Borrower shall be adopted.

 

Where direct payment by the Borrower is adopted,
the Borrower shall submit a loan capital payment plan as required by the Lending Bank who shall after review and approval thereof
remit the amount of loan to the abovementioned account according to the payment plan and the Borrower shall pay the loan capital
according to the same plan and make a quarterly (monthly/quarterly) summary report to the Lending Bank with respect to the
payment of loan capital.

 

Article 13 Change of payment means
and conditions of triggering change

 

If during the payment of the loan the following
circumstances occur to the Borrower, the Lending Bank has the right to negotiate with the borrower to add conditions for the granting
and payment of the loan, or change the payment method:

 

1. The credit standing of the borrower deteriorates;

 

2. Its principal business profitability becomes
weak;

 

3. There are abnormal circumstances in the
use of loan capital;

 

4. Other circumstances deemed appropriate
by the Lending Bank.

 

Article 14
Limited and prohibited behaviors of payment of loan capital

 

Where following circumstances
occur after this Contract is signed, the Lending Bank can limit or even stop granting and paying the loan capital:

 

		1.	The circumstances mentioned in Article 13 occur;

 

    	 

    	 

    

  

		2.	The Lending Bank finds that the Borrower fails to pay or use the loan capital for the purposes as
stipulated herein and performs other conducts in violation thereof;

 

		3.	Borrower avoids the provisions on entrusted payment by the Lending Bank by means of breaking up the
whole into parts;

 

		4.	Borrower breaches other provisions hereof;

 

		5.	Other circumstances deemed appropriate by the Lending Bank.

 

Article 15
Records and documents in respect of the use of the loan capital to be provided timely by Borrower

 

The Borrower undertakes
to promptly provide the records and documents in respect of the use of the loan capital, including but not limited to:

 

1. Transaction materials
(including written or electronic documents which can prove the specific purpose of loan capital, such as commodity, labor and capital
contracts and/or invoices);

 

2. Fund transfer
voucher and payment settlement proofs;

 

3. Other documents
required by the Lending Bank.

 

Chapter 6 Repayment of Loan

 

	Article 16	The Borrower shall pay the interest as stipulated herein and repay the principal as agreed in item 1 of the following.

 

1. One-off payment
of principal. The Borrower shall repay the overall principal on July 14, 2013 ;

 

2. Repaying principal
by installments with the specific amounts and dates specified as follows:

 

First installment:

 

(1) Amount of principal
to be repaid: (In words): ___/___

 

(2) The principal
shall be repaid on: ___/___

 

Second installment:

 

(1) Amount of principal
to be repaid: (In words): ___/___

 

(2) The principal
shall be repaid on ___/___

 

    	 

    	 

    

  

Third installment:

 

(1) Amount of principal
to be repaid: (In words): ___/___

 

(2) The principal
shall be repaid on ___/___

 

Other terms:

 

_____________________________/______________________________

 

If the date of repayment
of the loan falls on a non-business day of Lending Bank, it shall be postponed to the immediately next business day and such non-business
day shall be included in the actual occupation days. When the last installment of principal is paid, the interests shall be settled.

 

Article 17
Borrower shall deposit sufficient funds for repayment of the principal and interest due in the account opened with Lending Bank
prior to the interest settlement date or principal repayment date stated in this Contract and proof of indebtedness/loan, and repay
the loan as follows:

 

		1.	Authorizing Lending Bank to deduct from borrower’s account at agreed interest settlement date
or principal repayment date;

 

		2.	Repaying directly by Borrower.

 

Article 18
Borrower shall repay the principal and interest of loan hereunder as stipulated in the Contract; otherwise, Lending Bank is entitled
to deduct payables, loan interests and compound interests, and loan principal in turn from any accounts opened by Borrower with
Lending Bank or its any branch. Where loan principal or interests are defaulted by 90 days, the deduction order is subject to relevant
regulations of Ministry of Finance.

 

If in certain day
of repayment of principal and interest, a sum repaid by Borrower is not enough to repay payables due, the sum shall firstly be
used to pay Borrower’s payables before it can be used to repay loan interests and compound interests, and finally loan principal.
Where loan principal or interests are defaulted by 90 days, the deduction order is subject to relevant regulations of Ministry
of Finance.

 

Article 19
Where Borrower intends to repay the loan in advance, a written application shall be submitted to Lending Bank for approval 30 business
days in advance.

 

The interest calculation
standard for advance repayment is [  /  ]:

 

		1.	Calculating until the advance repayment date according to interest rate stipulated by this Contract;

 

		2.	Others: ___________/________

 

    	 

    	 

    

  

Article 20 Where intending to postpone
the loan under loan contract, Borrower shall submit the written loan extension application to Lending Bank for approval [ / ] business
days in advance. If Lending Bank approves, both parties shall conclude Loan Extension Contract as the supplement to this Contract.

 

Chapter 7 Guarantee

 

Article 21 The guarantee for the
loan hereunder is: 1, 2 & 3.

 

		1.	Shenzhen Borou Industrial Co., Ltd. and Wu Henian (guarantors) bear joint and several liabilities
of guarantee; the guarantee contract number is GB38921201001-1 and GB38921201001-2.

 

		2.	Sun Jiayao and Tu Lanzhen (mortgagors) provide estate (collateral) mortgage guarantee;
the guarantee contract number is GD38921201001.

 

		3.	Shenzhen Sanjun Power Industries Co., Ltd (pledgor) provides accounts receivable
(pledge/pledge right) pledge guarantee; the pledge contract number is G238921201.

 

Article 22 Lending Bank and Guarantors
shall sign guarantee contract for guarantee issues, and handle the formalities of contract notarization and/or guaranty insurance
and registration.

 

Article 23 Where loan contract is
extended, Borrower and Guarantors shall continue to bear guarantee responsibilities during the loan extension period. The guarantee
contract is valid during the loan extension period.

 

Chapter 8 Expenses and Compensation

 

Article 24 Where Borrower acts as
the entrusting party, it shall bear all expenses required for signing and performing this Contract and corresponding guarantee
contract, including notarization, registration and insurance expenses.

 

Article 25 When Lending Bank requests,
Borrower shall immediately compensate Lending Bank for all expenses and expenditures incurred by Lending Bank for exercising its
any rights hereunder, including but not limited to litigation cost, travel expenses and other expenses for realizing creditor’s
rights.

 

Chapter 9 Borrower’s Representations
and Warranties

 

Article 26 Borrower is a legal person
entity/other organization established in good standing in accordance with Chinese laws, with independent civil capability, and
has full power, authority and right to bear civil liability and carry out business activities with all its assets.

 

    	 

    	 

    

  

Article 27 Borrower has full power,
authority and right to sign this Contract and be engaged in transactions hereunder, and has adopted or obtained all necessary legal
person behaviors, other actions and approvals to authorize the signing and performance of this Contract, which is signed by legal
representative or agent of Borrower and is affixed with official seal of Borrower.

 

Article 28 Borrower has obtained
all approvals from governments and the third parties for signing this Contract; Borrower’s signing and performing this Contract
will not violate Borrower’s legal person formation/approval documents (if any) and other agreements to which it is a party.

 

Article 29 All documents, materials
and proofs provided by Borrower to Lending Bank for signing and performing the transactions hereunder are true, complete, accurate
and effective; the financial statements submitted by Borrower truly reflect Borrower’s financial status when these financial
statements are issued.

 

Article 30 This Contract is legal
and valid, constituting obligations with legal restraint toward Borrower.

 

Article 31 Borrower shall open accounts
with Lending Bank, through which the capitals hereunder will be settled and used.

 

Article 32 To guarantee the validity,
legality or forced execution of this Contract, Borrower has completed or will complete all necessary registration, filing and notarization
formalities.

 

Article 33 Borrower is not under
any action, arbitration or administration proceedings which may materially affect its capacity of performing its obligations hereunder.

 

Article 34 The representations and
warranties of Borrower shall remain correct before the loan principal and interests are repaid, and Borrower shall offer documents
required by Lending Bank.

 

Article 35 Borrower has no incident
of breach.

 

Article 36 Borrower has read and
understood the contents hereof, and has signed and performed this Contract voluntarily; Borrower’s all expressions hereunder
are true.

 

Article 37 True, complete and valid
documents shall be submitted as per requirements of Lending Bank. Where Borrower belongs to group client confirmed by Lending Bank
in accordance with Guideline for Credit Business Risk Management of Group Clients of Commercial Banks, borrower shall timely report
the status of related transaction involving 10% or more of net assets to Lending Bank in accordance with Article 17 of the Guideline,
including relationship of transaction parties, transaction items, nature, amount or proportion and pricing policy (including transaction
without amount or with nominal amount).

 

    	 

    	 

    

  

Article 38 Borrower undertakes to
assist Lending Bank in loan payment management, post-loan management and relevant check.

 

Article 39 Borrower shall accept
Lending Bank’s investigation, understanding and supervision on its production, business and financial status, and provide
Lending Bank with financial statements of recent one month such as Balance Sheet and Profits & Losses Statement or other documents
reflecting Borrower’s credit status.

 

Article 40 During effective term
hereof, where borrower’s name, legal representative or legal address will be changed, Borrower shall notify Lending Bank
in writing 30 business days in advance.

 

Article 41 Before settling all its
liabilities hereunder, where Borrower plans to invest, materially increase liability financing, merge, divide, reduce capitals,
transfer equities or assets, apply for reorganization, dissolution or bankruptcy, or involves in other important issues which may
change the creditor and debtor relationship hereof or other actions which may affect benefits of Lending Bank, Borrower shall notify
Lending Bank in writing 30 business days in advance and obtain its approval, and shall settle its liabilities.

 

Article 42 Borrower warranties that
during effective period hereof, without written approval from Lending Bank, it will not undertake any liabilities for other enterprises,
organizations or individuals, or offer security guarantee, or mortgage or pledge borrower’s assets or benefits, which may
affect its capacity of repaying its loan hereunder.

 

Article 43 Borrower shall immediately
notify Lending Bank in writing of any incidents which endanger its normal business, adversely affect its repayment obligation hereunder
or major unfavorable issues which may affect its capacity of repaying liabilities.

 

Article 44 Lending Bank is entitled
to require Borrower to open following account with Lending Bank as special capital recovery amount; Borrower shall open such account
as per requirements of Lending Bank and sign account management agreement, timely notify Lending Bank of the account balance and
accept its management on recovered capitals. Lending Bank is entitled to recover the loan in advance. The account information is
as follows:

 

Opening
bank: China Everbright Bank Co., Ltd Shenzhen Shangbu Branch

 

Account
No.: 38920188000038601

 

Except agreed by Lending Bank, online banking
business is not available to capital recovery account.

 

    	 

    	 

    

 

Chapter 10 Breaches

 

Article 45 Any following incidents
constitute the breach hereof:

		1.	Borrower fails to repay interests or principal according to provisions hereof;

		2.	Borrower fails to use the loan as per purposes stipulated by this Contract;

		3.	Failing to pay loan capital as per agreed ways;

		4.	Failing to abide by undertakings;

		5.	Exceeding agreed financial indexes (subject to reply on credit from Lending Bank);

		6.	Occurrence of major crossed breaches;

		7.	Borrower provides Lending Bank with false Balance Sheet and Profits & Losses Statement or other
financial statements which conceal important facts, or refuses to accept supervision and inspection from Lending Bank on its loan
use or production, business and financial activities.

		8.	The representations and warranties made by Borrower or Guarantor hereunder, and representations
and warranties made by Guarantor under guarantee contract, are proved to be false or misleading;

		9.	Borrower or Guarantor breaches any other contracts to which it is a party;

		10.	Borrower or Guarantor faces deteriorated operation and financial situation;

		11.	The mortgage, pledge / deliver of pledge related to the loan hereunder are depreciated, damaged
or lost;

		12.	Borrower or Guarantor is merged, divided or under stock-system reformation, without raising repayment
arrangement or debt reorganization scheme satisfactory to Lending Bank.

		13.	Borrower or Guarantor goes bankrupt, is dissolved, closed, terminated or cancelled.

		14.	Borrower fails to timely notify Lending Bank of following circumstances:

		1)	Any major revision of its Articles of Association and any material change of its business activities;

		2)	Any major revision of its accounting principles;

		3)	Any major changes to finance, economy or other aspects of Borrower or its subsidiaries or parent
companies.

		15.	Borrower is involved in any litigation, arbitration or administrative proceedings which will greatly
affect borrower’s financial status or capacity of performing obligations hereunder.

		16.	Borrower’s properties are seized, detained or controlled legally, affecting or threatened
to affect its capacity of performing obligations hereunder.

		17.	As the Group Client confirmed by Lending Bank in accordance with the Directive, Borrower discounts
or pledges notes and accounts receivable without true trade background at bank by utilizing false contract with affiliates, cheating
bank capital or credit; or intentionally avoids bank debts through related transactions.

		18.	Borrower breaches any other articles hereof, and fails to provide relief which is satisfactory
to Lending Bank.

		19.	Occurrence of other incidents or circumstances, materially affecting the rights of Lending Bank
hereunder.

 

Article 46 Lending Bank will judge
if aforesaid breaches occur and will notify Borrower; in case of occurrence, Lending Bank is entitled to adopt following one or
more measures:

 

    	 

    	 

    

 

		1.	Stop granting the loan hereunder;

		2.	Declaring maturity of all loans which have been granted, and requiring Borrower to immediately
repay loan principal, interests or other expenses incurred for realizing creditor’s rights;

		3.	Requiring Borrower to add or change guarantor, mortgage, pledge/pledge right;

		4.	Directly deducting Borrower’s payables hereunder from any account opened by Borrower with
Lending Bank or its any branch;

		5.	Declaring implementation or realization of rights under guarantee related to loan;

		6.	Other proper measures deemed by Lending Bank.

 

Chapter 11 Miscellaneous

 

Article 47 During effective period
hereof, Lending Bank is entitled to check the use of loan, and Borrower shall provide Lending Bank with relevant documents and
explanations.

 

Article 48 Each party shall keep
confidential the other party’s information about liabilities, finance, production and business known through signing and
performing this Contract, except for consulting Borrower’s relevant status legally.

 

Article 49 Without prior consent
from Lending Bank, Borrower shall not transfer or otherwise dispose of its any obligations hereunder.

 

Article 50 Lending Bank may assign
its creditor’s rights hereunder to any third person without obtaining approval from Borrower, provided that Borrower shall
be notified in writing at the time of assignment.

 

Article 51 Borrower shall fully
pay all its payables hereunder, without any offset, deduction or advance withdrawal, nor shall be offset against any debt owed
by Lending Bank to Borrower. Where any laws require Borrower to deduct or withdraw any funds to be paid to Lending Bank, Borrower
shall pay to Lending Bank an extra sum so as to ensure the amount received by Lending Bank equals to the receivables if no deduction
or advance withdrawal is made.

 

Article 52 Any grace, discount or
postponement offered by Lending Bank to Borrower will not affect, damage or limit any rights owned by Lending Bank in accordance
with this Contract and laws, and shall not be deemed as waiver of any rights hereunder by Lending Bank, nor shall it influence
Borrower’s any liabilities and obligations hereunder.

 

Article 53 Should any clause of
this Agreement be found to be invalid or unenforceable, it shall not affect the other clauses of this Agreement and other clauses
hereof shall remain in full force and effect.

 

Article 54 No amendment to this
Agreement, for whatever reason, shall be of any force or effect, unless it is reduced to writing and signed by each of the parties.

 

    	 

    	 

    

  

Article 55 The headings hereof are
only inserted for convenience of reading, and shall not be used for interpretation or other purposes of this Contract. The scripts
in the option or filling places hereof have same legal force with printed contents.

 

Article 56 Any notices or demands
issued hereunder shall be in writing and sent to the address or fax of relevant party listed in first page hereof; any change to
address or fax shall be notified to other party in time in writing.

 

Article 57 Any communications between
both parties, if sent by personal delivery, it shall be deemed having served after delivery; if sent by registered mail, it shall
be deemed having served three days after mailing; if sent by fax, it shall be deemed having served when it is faxed.

 

Chapter 12 Law Application and Dispute
Settlement

 

Article 58 Chinese laws shall apply
to this Contract and its interpretation. Any disputes arising from performing this Contract shall be settled firstly by negotiation
between both parties; failing that, the disputes can be submitted to court in the place of Lending Bank for litigation.

 

Chapter 13 Effectiveness, Modification
and Termination

 

Article 59 This Contract becomes
effective after being signed by legal representative or agent of both parties, and after being affixed with official seal.

 

Article 60 After this Contract becomes
effective, except otherwise stipulated by laws or statutes or this Contract, no party shall change or terminate this Contract in
advance unless both parties reach consensus through negotiation. Before reaching written agreement, the articles hereof remain
effective.

 

Chapter 14 Attachments

 

Article 61 The unstated issues herein
can be included in written agreement concluded by both parties as attachment hereto.

 

    	 

    	 

    

  

Chapter 15 Supplemental Rules

 

Article 62 This Contract is made
in duplicate, with Borrower and Lending Bank each keeping one copy; both of which have same legal force.

 

Article 63 This Contract is concluded
in Shenzhen on Jan. 15, 2013.

 

Article 64 The parties hereto agree
with notarization of this Contract, and undertake to endow this Contract with forced execution. When Borrower fails to perform
its obligations or the circumstances where Lending Bank can realize its creditor’s rights occur, Lending Bank can apply to
the court with jurisdiction for forced execution. Borrower raises no objection to the application for forced execution. (This article
is optional; both parties choose to ____2____ this article. 1. Adopt; 2. Not adopt).

 

    	 

    	 

    

 

(This page is signing page without text)

 

	Borrower (seal):  	

 

	Legal representative (or agent):   		(Wu Henian)

 

	Lending Bank (seal):   		China Everbright Bank Co., Ltd Shenzhen Shangbu Branch

 

	Legal representative (or agent):   		(Gao Yunliang)

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