Loan Repayment Agreement
Exhibit
10.2
Party A:
Shenzhen Zhaoheng Industrial Co., Ltd.
Party B:
Hunan Sanjiang Electric Power Co., Ltd.
According
to the results of financial auditing, Party A owed Party B RMB34,794,580.06 as
of December 31, 2007. The nature of the debt was related party non-operating
dispossession.
To truly
reflect the operation results and financial situations of both parties and based
on the principles of fairness and independence, Party A and Party B reached the
following agreement:
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1.
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Party
A agrees to repay the debt before December 2008.
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2.
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Before
the debt is fully repaid, Party A shall pay asset dispossession interests
to Party B at 120% of 7.47%, the bench xxxx rate set by the People’s Bank
of China.
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3.
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Asset
dispossession interests shall be settled on a quarterly basis and
calculated on the basis of actual amount and number of days in arrears.
Any outstanding interests shall be added up to the principals for
forthcoming interests calculation.
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Party A
(seal): Shenzhen Zhaoheng Industrial Co., Ltd.
Legal
Representative
(signature):
Party B
(sealed): Party B: Hunan Sanjiang Electric Power Co., Ltd.
Legal
Representative
(signature):
Signed:
January 31,2008
