XML 36 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
SHORT-TERM BORROWINGS
 12 Months Ended
Dec. 31, 2011
Short-Term Debt [Abstract]  
Short-term Debt [Text Block]
7.SHORT-TERM BORROWINGS

 

The Company has a line of credit for RMB10,000,000 with a commercial bank in China to finance its working capital. The credit line bears interest at a variable rate and is renewed annually on May 18th. Average interest rates for the years ended December 31, 2011 and 2010 were 5.78% and 5.84%, respectively. Pursuant to the terms of the agreement, the line of credit is secured by BTL’s building (see note 5) and guaranteed by BDL and an officer of the Company.

 

On June 14, 2011, the bank renewed the Company's credit line that bears interest at a variable rate with payments due on January 20, 2012 and June 14, 2012 for RMB4,000,000 and RMB6,000,000, respectively. On January 19, 2012, RMB 4,000,000 was paid.