Loan Agreement between Shandong Xiangrui and China Everbright Bank, Qingdao Jiaozhou Branch, dated October 18, 2011, for a RMB 40 million loan

Exhibit 10.54

Loan Agreement between Shandong Xiangrui and China Everbright Bank, Qingdao Jiaozhou Branch, dated October

18, 2011, for a XXX 00 million loan

Main contents:

• Contract No.: Xxxx Xxx Jiao Yin Zi No. 2011077

• Loan Amount (RMB): RMB 40,000,000 Yuan

• Purpose of the Loan: payment to vendor

• Contract Term: 6 months, from October 18, 2011 to April 18, 2012

• Interest Rate:

• The processing fee is 0.05%;

• Shandong Xiangrui is required to deposit 50% of the loan amount as restricted cash so that Shandong Xiangrui obtained net of XXX 00 xxxxxxx xxxx from this loan.

• No interest during the 6 month loan period

• Penalty interest rate for delayed repayment: 0.05% per day

• Guarantee

• Ruixing Group provided a guarantee for this loan

• Shandong Xiangrui used its land use rights as collateral for this loan (collateral agreement # 2011076)

• Shandong Xiangrui also used XXX 00 million ($3.2 million) cash as collateral for this loan.