v2.3.0.11

RESTRICTED CASH

6 Months Ended

Jun. 30, 2011

RESTRICTED CASH [Text Block]

NOTE 6: RESTRICTED CASH

		June 30, 2011			December 31, 2010
Deposit of TMK Hubei Invested Capital	$	1,546,500		$	-
China Construction Bank		742,320			362,976
Jiangsu Bank		-			907,440
Restricted Cash	$	2,288,820		$	1,270,416

In July 2011, TMK Shenzhen set up a wholly owned subsidiary in Hubei province, PRC (TMK Hubei). At June 30, 2011, a deposit of RMB 10,000,000 (approximately $1,546,500) was made as the invested capital for TMK Hubei in order to satisfy local government’s requirements for setting up the subsidiary. The fund was recorded as restricted cash at June 30, 2011 and was later transferred to invested capital account of TMK Hubei when the registration of the subsidiary was approved by the local government in July 2011.

The terms of the long-term loan with China Construction Bank Shenzhen Branch entered in December 2008 and May 16, 2011 require the Company to make a deposit of $742,320 and $362,976 at June 30, 2011 and December 31, 2010, respectively, to Shenzhen General Chamber of Commerce (SGCC) to secure the loan until the term loan is fully repaid (see Note 5).

The Company was in the process of negotiating a new loan with Jiangsu Bank and agreed to make a deposit of RMB 6,000,000 (approximately $907,440) with Jiangsu Bank Shenzhen Branch at December 31, 2010. The Company did not reach to an agreement with Jiangsu Bank and the deposit was refunded to the Company in March 2011.

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- Definition

The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction.

+ Details

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