BANK LOANS

9 Months Ended

Sep. 30, 2011

Note 8 – BANK LOANS

As of September 30, 2011 and December 31, 2010, the Company had debts in the nature of bank loans repayable in the currency of Chinese Yuan Renminbi (“CNY”), that are used by the Company for working capital, as follows:

	9/30/2011			12/31/2010
Shaanxi Rural Credit Union	$	444,083	Shaanxi Rural Credit Union	$	429,535
Terms of the loan call for interest 0.96% per month, with principal due in June 2014			Terms of the loan call for interest 0.78% per month, with principal due in May 2011

Shaanxi Rural Credit Union		106,330	Shaanxi Rural Credit Union		102,846
Term of these loans called for interest 0.96% per month, with principal due in March 2014			Term of the loan called for interest 0.96% per month, with principal due in March 2011

Shaanxi Rural Credit Union		218,914	Shaanxi Rural Credit Union		211,743
Term of these loans called for interest 0.9% per month, with principal due in June 2012			Term of the loan called for interest 0.9% per month, with principal due in June 2012

Total	$	769,327		$	744,124
Less current portion	$	218,914		$	532,381
Non-current portion	$	550,413		$	211,743

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

China Printing & Packaging, Inc. 10-Q/A