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10-K - ANNUAL REPORT ON FORM 10-K - CHINA SHOUGUAN MINING Corpcsm10k_123111.htm
EXCEL - IDEA: XBRL DOCUMENT - CHINA SHOUGUAN MINING CorpFinancial_Report.xls
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EX-32.2 - SEC. 906 CERTIFICATION - CHINA SHOUGUAN MINING Corpcsm_ex32-2.htm
EX-31.2 - SEC. 302 CERTIFICATION - CHINA SHOUGUAN MINING Corpcsm_ex31-2.htm
EX-31.1 - SEC. 302 CERTIFICATION - CHINA SHOUGUAN MINING Corpcsm_ex31-1.htm
EX-23 - CONSENT OF AUDITORS - CHINA SHOUGUAN MINING Corpcsm10k_ex23.htm
EX-32.1 - SEC. 906 CERTIFICATION - CHINA SHOUGUAN MINING Corpcsm10k_ex32-1.htm
v2.4.0.6
Notes Payable
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Notes Payable

 

11. LOANS PAYABLE, UNSECURED

 

For the year ended December 31, 2011, the Company entered into a short-term loan of $5,159,337 (equivalent to RMB32,773,658) with an independent third party, due November 27, 2012 on an extension basis, which carried annual interest at Bank of China Benchmark Lending Rate, payable at maturity.

 

As of December 31, 2011, the Company also held the following long-term loans payable to third parties:

 

  As of December 31,
  2011   2010
           
Loans payable to 4 individuals in the PRC, unsecured:          
           
Equivalent to RMB4,500,000 (2010: RMB9,250,000) with interest rate at 2.7% per annum, payable at its maturity, due May 7, 2013 $ 708,405   $ 703,288
           
Equivalent to RMB9,400,000 (2010: RMB 9,250,000) with interest rate at 2.7% per annum, payable at its maturity, due May 7, 2013   1,479,779     1,399,014
           
Equivalent to RMB8,000,000 with interest rate at 5.18% per annum, payable at its maturity, due June 14, 2013   1,259,386     1,209,958
           
Equivalent to RMB2,700,000 with non-interest bearing, payable at its maturity, due March 29, 2013   425,043     -
           
Total loans payable, non-current: $ 3,872,613 $ 3,312,260