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EXCEL - IDEA: XBRL DOCUMENT - China Precision Steel, Inc.Financial_Report.xls
10-Q - QUARTERLY REPORT - China Precision Steel, Inc.form10q.htm
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EX-32 - EXHIBIT 32.1 - China Precision Steel, Inc.ex32-1.htm
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v2.4.0.6
Short-Term Loans (Tables)
3 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Schedule of Short-term Debt

Short-term loans consisted of the following:

 

    September 30, 2012     June 30, 2012  
Loan dated June 29, 2011, due July 31, 2012, with an interest rate at 115% of the standard market rate set by the People’s Bank of China (“PBOC”) (6.9% at September 30, 2012) per annum (Notes 6 and 8)     7,980,347       7,891,943  
Bank loan dated June 29, 2011, due July 31, 2012 with an interest rate at 115% of the standard market rate set by PBOC (6.9% at September 30, 2012) per annum (Notes 6, 8 and 10)     19,571,342       19,354,534  
    $ 27,551,689     $ 27,246,477