Puda Coal Inc. owns 100% of Puda Investment Holding Limited, a British Virgin Islands Company, which in turn owns 100% of Shanxi Putai Resources Limited (“Putai"), a foreign-owned enterprise established under the laws of the People's Republic of China. Putai directly owns 90% of the registered capital of our operating company, Shanxi Puda Coal Group Co., Ltd (“Shanxi Coal"). Shanxi Coal has 100% ownership of each of the three plants that conduct our coal washing operations:the Shanxi Linghsi plant, New Zhang Yang plant and New Shanxi Liu Lin plant. The diagram below depicts our organizational structure: