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LOAN PAYABLES (Tables) | 9 Months Ended
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Mar. 31, 2014
Debt Disclosure [Abstract] |
Schedule of Debt [Table Text Block] | As of March 31, 2014, the short-term loan payables consisted of twelve loans which mature on dates ranging from April 25, 2013 through March 23, 2015 with interest rates ranging from 5.60% to 7.80%. The loans No.1, 9 and 12 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 2,3 ,8,10 and 11 below are guaranteed by Jinong’s credit. The loans No. 5, 6 and 7 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No. 4 is guaranteed by Jinong’s credit and Tianjuyuan’s credit.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  |  | March 31, 2014 |
1 |  | Agriculture Bank of China-Pinggu Branch |  | April 25, 2013 - April 24, 2014 |  |  | 6.60 | % |  | $ | 1,639,230 |
2 |  | Industrial and Commercial Bank of China |  | December 20, 2013 - June 19, 2014 |  |  | 5.60 | % |  |  | 4,869,000 |
3 |  | China Merchants Bank |  | Feb 25, 2014 - August 14, 2014 |  |  | 6.90 | % |  |  | 2,028,750 |
4 |  | Bank of Beijing- Pinggu Branch |  | August 16,2013-August 15, 2014 |  |  | 7.20 | % |  |  | 1,623,000 |
5 |  | Beijing International Trust Co., Ltd |  | Sep 25,2013-Sep 24, 2014 |  |  | 7.80 | % |  |  | 1,623,000 |
6 |  | Beijing International Trust Co., Ltd |  | Oct 30, 2013-Oct 29, 2014 |  |  | 7.80 | % |  |  | 1,623,000 |
7 |  | Beijing International Trust Co., Ltd |  | Dec 12, 2013-Dec 11, 2014 |  |  | 7.80 | % |  |  | 1,623,000 |
8 |  | Bank of Tianjin- Beijing Branch |  | Jan 08, 2014 - Jan 07,2015 |  |  | 6.60 | % |  |  | 5,680,500 |
9 |  | Agriculture Bank of China-Pinggu Branch |  | Jan 15, 2014-Jan 14, 2015 |  |  | 6.60 | % |  |  | 1,363,320 |
10 |  | Bank of Tianjin- Beijing Branch |  | Jan 23, 2014- Jan 22, 2015 |  |  | 6.00 | % |  |  | 3,051,240 |
11 |  | China Merchants Bank |  | Feb,19 2014- Feb 18, 2015 |  |  | 7.20 | % |  |  | 2,434,500 |
12 |  | Agriculture Bank of China-Pinggu Branch |  | March 24,2014- March 23, 2015 |  |  | 6.60 | % |  |  | 1,298,400 |
|  | Total |  |  |  |  |  |  |  | $ | 28,856,940 |
As of June 30, 2013, the short-term loan payables consisted of nine loans which mature on dates ranging from August 29, 2013 through April 22, 2014 with interest rates ranging from 6.30% to 8.20%. The loans No.1, 2 and 3 below are collateralized by Tianjuyan’s land use right and building ownership right. The loans No. 4 and 5 below are collateralized by the inventory of Gufeng. The loans No. 6, 7 and 8 are guaranteed by Jinong’s credit. The loan No. 9 is collateralized by the land use rights of Jinong’s and the share ownership owned by Jinong.
No. |  | Payee |  | Loan period per agreement |  | InterestRate |  |  | June 30, 2013 |
1 |  | Agriculture Bank of China-Beijing Branch |  | January 24, 2013 - January 13, 2014 |  |  | 6.60 | % |  | $ | 1,359,120 |
2 |  | Agriculture Bank of China-Beijing Branch |  | March 23, 2013 - March 22, 2014 |  |  | 6.60 | % |  |  | 1,294,400 |
3 |  | Agriculture Bank of China-Beijing Branch |  | April 25, 2013 - April 24, 2014 |  |  | 6.60 | % |  |  | 1,634,180 |
4 |  | Bank of Tianjin |  | June 28, 2013 - August 2, 2013 |  |  | 6.72 | % |  |  | 1,132,600 |
5 |  | Bank of Tianjin |  | June 20, 2013 - August 2, 2013 |  |  | 6.72 | % |  |  | 970,800 |
6 |  | China Merchant Bank |  | August 30, 2012 - August 29, 2013 |  |  | 6.30 | % |  |  | 4,045,000 |
7 |  | Industrial and Commercial Bank of China |  | October 25, 2012 - October 24,2013 |  |  | 8.00 | % |  |  | 1,618,000 |
8 |  | Industrial and Commercial Bank of China |  | September 25, 2012-September 24, 2013 |  |  | 8.00 | % |  |  | 1,618,000 |
9 |  | China Minsheng Bank |  | January 5, 2013 - January 4, 2014 |  |  | 7.20 | % |  |  | 2,427,000 |
|  |  |  | Total |  |  |  |  |  | $ | 16,099,100

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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