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LOAN PAYABLES (Tables) | 3 Months Ended
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Sep. 30, 2014
Debt Disclosure [Abstract] |
Schedule of Debt [Table Text Block] | As of September 30, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from October 29, 2014 through September 23, 2015 with interest rates ranging from 6.00% to 7.80%. The loans No 4,7 and 8 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No.5 is collateralized by deposit. The loans No.3 collateralized by Jinong’s land use right and Jinong’s credit. The loan No. 6 and 10 are guaranteed by Jinong’s credit. The loans No. 1, 2 and 11 are guaranteed by a bonding company in Zhongguancun Beijing, and counter guaranteed by Jinong’s credit. The loan No.9 is guaranteed by Jinong and Tianjuyuan’s deposit.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  |  | As of Sep 30, 2014 |
1 |  | Beijing International Trust Co., Ltd |  |  | Oct 30, 2013- Oct 29, 2014 |  |  | 7.80 | % |  | $ | 1,299,200 |
2 |  | Beijing International Trust Co., Ltd |  |  | Dec 12, 2013 - Dec 11, 2014 |  |  | 7.80 | % |  |  | 1,299,200 |
3 |  | Bank of Tianjin- Beijing Branch |  |  | Jan 8, 2014- Jan 7, 2015 |  |  | 6.60 | % |  |  | 5,684,000 |
4 |  | Agriculture Bank of China-Pinggu Branch |  |  | Jan 15, 2014-Jan 14, 2015 |  |  | 6.60 | % |  |  | 1,364,160 |
5 |  | Bank of Tianjin- Beijing Branch |  |  | Jan 23, 2014- Jan 22, 2015 |  |  | 6.00 | % |  |  | 3,053,120 |
6 |  | China Merchants Bank- Chaoyangmen Branch |  |  | Feb 19, 2014- Feb 18, 2015 |  |  | 7.20 | % |  |  | 2,436,000 |
7 |  | Agriculture Bank of China-Pinggu Branch |  |  | Mar 24, 2014- Mar 23, 2015 |  |  | 6.60 | % |  |  | 1,299,200 |
8 |  | Agriculture Bank of China-Pinggu Branch |  |  | Apr 25, 2014- Apr 24, 2015 |  |  | 6.60 | % |  |  | 1,640,240 |
9 |  | Bank of Beijing- Pinggu Branch |  |  | Aug 6, 2014- Aug 5, 2015 |  |  | 7.20 | % |  |  | 1,624,000 |
10 |  | China Merchants Bank- Chaoyangmen Branch |  |  | Aug 27, 2014- Aug 26, 2015 |  |  | 7.80 | % |  |  | 1,624,000 |
11 |  | Beijing International Trust Co., Ltd |  |  | Sep 24, 2014- Sep 23, 2015 |  |  | 7.80 | % |  |  | 1,624,000 |
|  | Total |  |  |  |  |  |  |  |  | $ | 22,947,120 |
As of June 30, 2014, the short-term loan payables consist of eleven loans which mature on dates ranging from August 14, 2014 through April 24, 2015 with interest rates ranging from 6.00% to 7.80%. The loans No. 7, 10 and 11 below are collateralized by Tianjuyan’s land use right and building ownership right. The loan No. 2 is collateralized by Gufeng and Tianjuyuan. The loan No.8 is collateralized by deposit. The loans No. 1, 3, 4, 5 and 9 are guaranteed by Jinong’s credit. The loan No. 6 is collateralized by the land use rights of Jinong. The loans No. 1 and 2 were subsequently paid off during August 2014.
No. |  | Payee |  | Loan period per agreement |  | Interest Rate |  | As of June 30, 2014 |
1 |  | China Merchants Bank Chaoyang Branch |  |  | Feb 25, 2014 - Aug 14, 2014 |  | 6.90 | % | $ | 2,030,000 |
2 |  | Beijing Bank Pinggu Branch |  |  | Aug 16, 2013 - Aug 15, 2014 |  | 7.20 | % |  | 1,624,000 |
3 |  | Beijing International Trust Co., Ltd |  |  | Sep 25, 2013 - Sep 24, 2014 |  | 7.80 | % |  | 1,624,000 |
4 |  | Beijing International Trust Co., Ltd |  |  | Oct 30, 2013-Oct 29, 2014 |  | 7.80 | % |  | 1,624,000 |
5 |  | Beijing International Trust Co., Ltd |  |  | Dec 12, 2013-Dec 11, 2014 |  | 7.80 | % |  | 1,624,000 |
6 |  | Tianjin Bank Beijing Branch |  |  | Jan 8, 2014-Jan 7, 2015 |  | 6.60 | % |  | 5,684,000 |
7 |  | Agriculture Bank of China-Pinggu Branch |  |  | Jan 15, 2014-Jan 14, 2015 |  | 6.60 | % |  | 1,364,160 |
8 |  | Tianjin Bank Beijing Branch |  |  | Jan 23, 2014 - Jan 22,2015 |  | 6.00 | % |  | 3,053,120 |
9 |  | China Merchants Bank Chaoyang Branch |  |  | Feb 19, 2014-Feb 18, 2015 |  | 7.20 | % |  | 2,436,000 |
10 |  | Agriculture Bank of China-Pinggu Branch |  |  | Mar 24, 2014- Mar 23, 2015 |  | 6.60 | % |  | 1,299,200 |
11 |  | Agriculture Bank of China-Pinggu Branch |  |  | Apr 25, 2014- Apr 24, 2015 |  | 6.60 | % |  | 1,640,240 |
|  | Total |  |  |  |  |  |  | $ | 24,002,720 |

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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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