Machinery Transfer Agreement
Exhibit 10.58
Contract No.: MY-FD091230
Subject: Assignment of computer and low voltage switch cabinet
Location: Zhongshan, Guangdong province, P.R.China
Date: December 30, 2009
Party A (Assignor): Zhongshan Mingyang Electrical Appliances Co., Ltd.
Address: Daling Administrative District, Torch Industrial Development Zone, Zhongshan, Guangdong Province
Postal Code: 528437
Bank: Agricultural Bank of China, Zhongshan Torch Development Zone Sub-brance
A/C No.: 00-000000000000000
Tel.: 0000-00000000
Fax: 0000-00000000
Party B (Assignee): Guangdong Mingyang Industry Group Co., Ltd.
Address: Wuxing Villgae, Torch Industrial Development Zone, ZHongshan, Guangdong Province
Postal Code: 528437
Bank: Agricultural Bank of China, Zhongshan Torch Development Zone Sub-brance
A/C No.: 00-000000000000000
Tel.: 0000-00000000
Fax: 0000-00000000
Party A and Party B reached the following agreements regarding the transfer of assets (computer and low voltage switch cabinet) on the basis of fairness, willingness and mutual benefit.
Article 1: Transfer of Assets
| Asset |
Model |
Beginning time of Use |
User | Unit | Book Value (RMB) | |||||
| Desktop Computer |
Lenovo Qitian | Apr. 1, 2007 | Li Hong | 1 | 4,030.00 | |||||
| Desktop Computer |
Lenovo Qitian | Dec. 1, 2006 | Wang Feng | 1 | 4,030.00 | |||||
|
Laptop |
Lenovo Xvri 410L | Dec. 1, 2006 | Cao Renjing | 1 | 8,900.00 | |||||
| Laptop |
M1210 | Nov. 30, 2007 | Xxxx Xxxxx | 1 | 7,689.60 | |||||
|
Laptop |
XPS M1210 | De.30, 2007 | Wen Hong | 1 | 7,498.53 | |||||
| Laptop |
Lenovo N220 | Feb. 22, 2008 | Xxxx Xxxxx | 1 | 5,100.00 | |||||
|
Xxxxxx |
Xxxx X000000 | Apr. 23, 2008 | Xxxxx Xxxxxxx | 1 | 7,497.36 | |||||
| Laptop |
C466 | May 27, 2008 | Xxxxx Xxxxxxx | 1 | 5,300.00 | |||||
| Sub-total |
8 | 50,054.49 | ||||||||
| Low Voltage Switch Cabinet |
GGD (self-manufatured) | Dec. 31, 2008 | Testing Lab | 7 | 251,277.00 | |||||
| Low Voltage Switch Cabinet |
GGD (self-manufatured) | Dec. 31, 2008 | Warehouse | 4 | 158,964.00 | |||||
| Low Voltage Switch Cabinet |
GGD (self-manufatured) | Dec. 31, 2008 | Manufacturing Facility of Blades | 6 | 725,008.00 | |||||
|
Sub-total |
17 | 1,1351249.00 | ||||||||
|
Total |
1,185,303.49 | |||||||||
Article 2: Price
Upon friendly consultation and according to the remaining use life of assets, the total price for the assets specified herein is RMB ONE MILLION ONE HUNDRED AND TWENTY-EIGHT THOUSAND ONE HUNDRED AND FOURTY-NINE YUAN ONLY (¥1,128,149.00), of which the prices for the eight computers and seventeen low voltage switch cabinet are ¥32,9000.00 and ¥1,095,249.00, respectively. Detail as per the following table:
| Asset |
Model | Beginning time of Use |
User | Unit | Book Value (RMB) |
Transfer Price | ||||||
| Desktop Computer |
Lenovo Qitian | Apr. 1, 2007 | Li Hong | 1 | 4,030.00 | 2,300.00 | ||||||
| Desktop Computer |
Lenovo Qitian | Dec. 1, 2006 | Wang Feng | 1 | 4,030.00 | 2,00.00 | ||||||
| Laptop |
Lenovo Xvri 410L | Dec. 1, 2006 | Cao Renjing | 1 | 8,900.00 | 4,400.00 | ||||||
| Laptop |
M1210 | Nov. 30, 2007 | Xxxx Xxxxx | 1 | 7,689.60 | 5,300.00 | ||||||
| Laptop |
XPS M1210 | De.30, 2007 | Wen Hong | 1 | 7,498.53 | 5,200.00 | ||||||
| Laptop |
Lenovo N220 | Feb. 22, 2008 | Xxxx Xxxxx | 1 | 5,100.00 | 3,700.00 | ||||||
| Laptop |
Dell R510333 | Apr. 23, 2008 | Xxxxx Xxxxxxx | 1 | 7,497.36 | 5,800.00 | ||||||
| Laptop |
C466 | May 27, 2008 | Xxxxx Xxxxxxx | 1 | 5,300.00 | 4,200.00 | ||||||
|
Sub-total |
8 | 50,054.49 | 32,900.00 | |||||||||
| Low Voltage Switch Cabinet |
GGD (self-manufatured) | Dec. 31, 2008 | Testing Lab | 7 | 251,277.00 | 241,277.00 | ||||||
| Low Voltage Switch Cabinet |
GGD (self-manufatured) | Dec. 31, 2008 | Warehouse | 4 | 158,964.00 | 148,964.00 | ||||||
| Low Voltage Switch Cabinet |
GGD (self-manufatured) | Dec. 31, 2008 | Manufacturing Facility of Blades | 6 | 725,008.00 | 705,008.00 | ||||||
|
Sub-total |
17 | 1,1351249.00 | 1,095.249.00 | |||||||||
| Total |
1,185,303.49 | 1,128.149.00 | ||||||||||
Article 3: Rights and Obligations
| 1. | Party A and Party B are both aware of the current situation of the aforementioned assets. Party B holds no disagreement. |
| 2. | Party A shall be responsible for the tax expense arisen during the assets transfer. |
| 3. | Party B shall make full payment of the asset transfer specified in this Contract within one week upon inspection and acceptance of the assets specified herein or one month upon execution of this Contract. |
Article 4: Miscellaneous
| 1. | This Contract comes into force upon execution by both parties. This Contract is in quadruplicate, two for each party and with the same legal force. |
| 2. | All pending matters not specified in this Contract shall be settled through friendly consultation by the two Parties. |
|
Party A (seal):
|
Party B (seal):
| |
| Zhongshan Mingyang Electrical Appliance Co., Ltd. | Guangdong Mingyang Wind Power Industry Group Co., Ltd. | |
| Authorized Representative: |
Authorized Representative: | |
| Date: December 30, 2009 | ||
