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CONTRACT

Contract No: JH08009                               Date of Signature: Mar. 28, 2008

The Buyer: Shenyang Jiahao Fabric Weaving Co., Ltd.

Address: No. 23 Nanjing Rd. Shenyang, China

The Seller: ITMM Ltd.

Address: No. 19 Wang Hoi Rd. Kowloon Bay, Kowloon, Hong Kong

This Contract is made by and between the Buyer and Seller, whereby the Buyer agrees to buy and the Seller agrees to sell the under-mentioned commodity according to the terms and conditions stipulated below：

1. Description of Goods: GGG Rapier Loom 1900mm working width

2. Quantity: 2 sets

3. Unit Price: EUR40 000.00 /set FOB Genoa, Italy

4. Total Value: EUR80 000.00 (Say in Euro Eighty Thousand only)

5. Country of Origin and Manufacturer: Italy/GGGTECH

6. Packing: The Seller shall undertake to pack the goods in container with skid packing suitable for long distance ocean transportation, and be liable for any rust, damage and loss attributable to inadequate or improper protective measure taken by the Seller in regard to the packing.

7. Shipping Mark:                    JH08009

DALIAN, CHINA

8. Time of Shipment: All 2 sets rapier looms will be shipped within May 31, 2008, subject to the L/C opening not later than Apr. 15, 2008. Partial shipment and transshipment are prohibited.

9. Port of Shipment and Destination: From Genoa, Italy to Dalian, China

10. Insurance: Shipment insurance shall be covered by the Buyer.

11. Terms of Payment: The Buyer shall open 100% L/C at 90 days after sight in favor of the Seller and remaining valid for negotiation in Hong Kong for further 15 days after the effected shipment. Advising bank: Intesa Sanpaolo S.P.A., Hong Kong Branch, Hong Kong,          SWIFT: IBSPHKHHXXXXN

12. Documents:

 a. Full set of clean on board ocean Bills of Lading marked freight to collect and made out to order, blank endorsed, and notify the Buyer

 b. Invoice in quintuplicate indicating contract number

 c. Packing List in quintuplicate

 d. Certificate of Quality and Quantity in duplicate issued by the Manufacturer

 e. Certificate of Italian Origin in 1 copy issued by Manufacturer

 f. A copy of the fax to the Buyer, advising the shipment details within three working days after it is effected

Note: The Seller shall send within 10 working days one copy each of the above mentioned documents, with the exception of Item(f) of this Clause, to the Buyer.

13. Guarantee of Quality: The Seller shall guarantee that the goods, when correctly mounted and properly operated and maintained, shall give satisfactory performance for a period of 12 months from the date of its commissioning but not later than 18 months after B/L date.

14. Inspection and Claims:

(1) After the arrival of the goods at the port of destination, the Buyer shall apply to the China Entry-Exit Inspection and Quarantine Bureau (CIQ) for a preliminary inspection in respect of the quality, specification and quantity of the goods and a Survey Report shall be issued by CIQ. If discrepancies are found by CIQ regarding specifications, and/or the quantity, except when the responsibilities lie with the insurance company or shipping company, the Buyer shall, within 120 days after arrival of the goods at the port of destination, have the right to reject the goods or to lodge a claim against the Seller.

(2) Should the quality and specifications of the goods not be in conformity with the contract, or should the goods prove defective within the guarantee period stipulated in Clause 13 for any reason, including latent defects or the use of unsuitable material, the Buyer shall arrange for a survey to be carried out by CIQ and shall have the right to lodge a claim against the Seller on the strength of the Survey Report.

15. Banking Charges: All banking charges outside the opening bank are for the Seller's account.

16. Other Terms: (omitted)

This contract is made in two originals, one original for each party in witness thereof.

THE BUYER: SHENYANG JIAHAO FABRIC WEAVING CO., LTD.

                           李嘉豪

THE SELLER: ITMM LTD.

               NICK

IRREVOCABLE DOCUMENTARY CREDIT APPLICATION

TO:

Agricultural Bank of China, Shenyang Branch

Date:

Apr. 1, 2008

（  ）Issue by airmail 

Credit No.

（  ）With brief advice by teletransmission

（  ）Issue by teletransmission

Date and place of expiry 

（  ）Issue by express

Applicant

Beneficiary

Advising Bank

Amount:

Say:

Partial shipments

Transshipment

Credit available with                           

（  ）allowed

（  ）not allowed

（  ）allowed

（  ）not allowed

By（  ）sight payment  （  ）acceptance  

（  ）negotiation  （  ）deferred payment at

against the documents detailed herein

（  ）and beneficiary's draft(s) for      % of invoice value at                        sight

drawn on                         

Loading on board:

not later than

For transportation to:  

（  ）FOB（  ）CFR（  ）CIF（  ）other terms

Documents required: (marked with X)

1.（  ）Signed commercial invoice in      copies indicating L/C No. and Contract No.       .

2.（  ）Full set of clean on board Bills of Lading made out to order and blank endorsed, marked “freight [　] to collect / [  ]prepaid” notifying        .

  （  ）Airway bills/cargo receipt/copy of railway bills issued by                showing “freight [　]to collect/

[　] prepaid” [　] indicating freight amount and consigned to____________

3.（  ）Insurance Policy/Certificate in    for     of the invoice value blank endorsed, covering___    ___

4.（  ）Packing List/Weight Memo in    copies indicating quantity, gross and net weights of each package.

5.（  ）Certificate of Quantity and/or Quality in    copies issued by ___________.

6.（  ）Certificate of     Origin in     copies issued by             .

7.（  ）Beneficiary's certified copy of fax send to the applicant within               days after shipment advising L/C No., name of vessel, date of shipment, name, quantity, weight and value of goods.

（  ）Other documents, if any

Description of goods:

Additional instructions:

1.（  ）All banking charges outside the opening bank are for beneficiary's account.

2.（  ）Documents must be presented within       days after date of shipment but within the validity of this credit

  （  ）Other terms, if any

     STAMP OF APPLICANT:

沈阳嘉豪纺织品织造有限公司

李嘉豪

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