Short-Term Loans

6 Months Ended

Dec. 31, 2011

NOTE 7 – SHORT-TERM LOANS

At December 31, 2011 and June 30, 2011, short-term loans payable consisted of the following:

	December 31, 2011		June 30, 2011
Loans payable to Agriculture Development Bank of China (“ADBC”), due on September 16, 2011 with annual interest of 5.31%.	$	-	$	1,547,029

Loan payable to Industrial and Commercial Bank of China, repaid on November 14, 2011 with annual interest of 5.31% and guaranteed by Yongzhou Small to Mid-size Company Credit Guarantee Co. Ltd.		-		773,515

Loan payable to Industrial and Commercial Bank of China, due on April 18, 2012 with annual interest of 6.66%		785,583		773,515

Loans payable to ADBC, due on August 31, 2012 with annual interest rates of 5.85% ¼		2,042,516		-

Loans payable to ADBC, due on August 31, 2012 with annual interest rates of 6.56% ¼ secured by the frozen food production lines of the Company		691,313		-

Loans payable to ADBC, due on June 18, 2012 with annual interest rates of 6.56%		2,670,982		-

Total	$	6,190,394	$	3,094,059

The weighted average short term loan balance was $ 5,345,914 and $7,696,367 as of December 31, 2011 and June 30, 2011. The weighted average interest rate for short term loan was 6.36% and 5.44% for the six month ended December 31, 2011 and 2010 respectively. The weighted average interest rate for short term loan was 6.43% and 5.55% for the three month ended December 31, 2011 and 2010 respectively.

- Definition

The entire disclosure for short-term debt.

+ References+ Details

China New Greenfood Co., Ltd 10-Q