Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

SHORT-TERM BANK BORROWINGS (Tables)

v3.8.0.1
SHORT-TERM BANK BORROWINGS (Tables)
12 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Short-term Debt [Table Text Block]
Short-term bank borrowings consisted of the following at September 30, 2017:
 
Bank Name
 
Amount - RMB
 
Amount - USD
 
Issuance Date
 
Expiration Date
 
Interest
 
Agricultural Bank - Longwan Branch
 
 
5,580,000
 
 
838,530
 
1/13/2017
 
1/12/2018
 
 
5.44
%
Agricultural Bank - Longwan Branch
 
 
8,700,000
 
 
1,307,385
 
1/18/2017
 
1/17/2018
 
 
5.66
%
Agricultural Bank - Longwan Branch
 
 
5,750,000
 
 
864,076
 
8/17/2017
 
8/16/2018
 
 
5.44
%
Agricultural Bank - Longwan Branch
 
 
4,300,000
 
 
646,179
 
8/14/2017
 
8/13/2018
 
 
5.44
%
Agricultural Bank - Longwan Branch
 
 
6,000,000
 
 
901,646
 
9/22/2017
 
9/21/2018
 
 
5.65
%
Agricultural Bank - Longwan Branch
 
 
6,190,000
 
 
930,198
 
12/16/2016
 
12/11/2017
 
 
4.79
%
Agricultural Bank - Longwan Branch
 
 
10,000,000
 
 
1,502,743
 
1/10/2017
 
1/9/2018
 
 
4.79
%
Minsheng Bank
 
 
4,350,000
 
 
653,693
 
6/30/2017
 
6/30/2018
 
 
5.44
%
Minsheng Bank
 
 
3,250,000
 
 
488,391
 
6/30/2017
 
6/30/2018
 
 
5.44
%
Xingye Bank
 
 
6,500,000
 
 
976,783
 
9/4/2017
 
12/4/2017
 
 
6.50
%*
Zhejiang Commerce Bank
 
 
6,000,000
 
 
901,646
 
7/27/2017
 
4/20/2018
 
 
7.50
%
Zhejiang Commerce Bank
 
 
1,500,000
 
 
225,411
 
7/28/2017
 
4/20/2018
 
 
7.50
%
Bank of China - Longwan Branch
 
 
8,550,000
 
 
1,284,845
 
4/10/2017
 
3/29/2018
 
 
4.79
%
Xingye Bank
 
 
6,500,000
 
 
976,783
 
9/5/2017
 
12/20/2017
 
 
6.50
%*
Zhejiang Commerce Bank
 
 
10,500,000
 
 
1,577,880
 
7/28/2017
 
4/20/2018
 
 
7.50
%
Pingan Bank
 
 
7,960,000
 
 
1,196,183
 
9/27/2017
 
9/25/2018
 
 
6.09
%*
China Merchants Bank
 
 
5,400,000
 
 
811,481
 
12/20/2016
 
12/11/2017
 
 
5.44
%
China Merchants Bank
 
 
5,990,000
 
 
900,143
 
12/20/2016
 
12/11/2017
 
 
5.44
%
China Merchants Bank
 
 
5,000,000
 
 
751,371
 
12/20/2016
 
12/11/2017
 
 
5.44
%
China Merchants Bank
 
 
410,000
 
 
61,612
 
12/22/2016
 
12/11/2017
 
 
5.52
%
Bank of China - Longwan Branch
 
 
1,490,000
 
 
223,909
 
4/10/2017
 
3/29/2018
 
 
4.79
%
Bank of China - Longwan Branch
 
 
2,760,000
 
 
414,757
 
4/10/2017
 
3/29/2018
 
 
4.79
%
Xingye Bank
 
 
5,000,000
 
 
751,371
 
9/6/2017
 
12/14/2017
 
 
6.50
%*
Bank of Communications
 
 
3,000,000
 
 
450,823
 
5/10/2017
 
11/13/2017
 
 
7.60
%
Bank of Communications
 
 
3,000,000
 
 
450,823
 
4/18/2017
 
11/13/2017
 
 
7.12
%
Bank of Communications
 
 
3,000,000
 
 
450,823
 
4/14/2017
 
11/13/2017
 
 
6.30
%
Bank of Communications
 
 
3,000,000
 
 
450,823
 
4/19/2017
 
11/13/2017
 
 
7.60
%
Bank of Communications
 
 
2,300,000
 
 
345,630
 
5/11/2017
 
11/13/2017
 
 
7.60
%
Total
 
 
141,980,000
 
 
21,335,938
 
 
 
 
 
 
 
 
 
* These short-term borrowings were subject to variable interest rates, which are determined by the issuing banks with prime rate plus 1.79 - 2.2% on monthly or quarterly basis. The variable interest rates quoted in the table above were effective for the period ended September 30, 2017.
 
Short-term bank borrowings consisted of the following at September 30, 2016:
 
Bank Name
 
Amount - RMB
 
Amount - USD
 
Issuance Date
 
Expiration Date
 
Interest
 
Agricultural Bank - Longwan Branch
 
 
6,240,000
 
 
935,382
 
12/16/2015
 
12/11/2016
 
 
5.66
%
Agricultural Bank - Longwan Branch
 
 
2,500,000
 
 
374,752
 
3/17/2016
 
3/16/2017
 
 
4.57
%
Agricultural Bank - Longwan Branch
 
 
7,000,000
 
 
1,049,307
 
4/7/2016
 
3/26/2017
 
 
4.12
%
Agricultural Bank - Longwan Branch
 
 
2,210,000
 
 
331,281
 
4/12/2016
 
4/11/2017
 
 
4.51
%
Agricultural Bank - Longwan Branch
 
 
4,000,000
 
 
599,604
 
6/2/2016
 
5/26/2017
 
 
4.65
%
Agricultural Bank - Longwan Branch
 
 
2,040,000
 
 
305,798
 
6/13/2016
 
6/11/2017
 
 
4.65
%
Agricultural Bank - Longwan Branch
 
 
2,700,000
 
 
404,733
 
6/16/2016
 
6/11/2017
 
 
4.65
%
Agricultural Bank - Longwan Branch
 
 
5,750,000
 
 
861,931
 
8/26/2016
 
8/16/2017
 
 
5.22
%
Agricultural Bank - Longwan Branch
 
 
4,300,000
 
 
644,574
 
9/9/2016
 
7/26/2017
 
 
5.06
%
Agricultural Bank - Longwan Branch
 
 
6,000,000
 
 
899,406
 
9/22/2016
 
9/21/2017
 
 
5.00
%
Bank of China - Longwan Branch
 
 
13,000,000
 
 
1,948,713
 
8/26/2016
 
4/8/2017
 
 
4.79
%
CMBC-10802
 
 
7,600,000
 
 
1,139,248
 
5/25/2016
 
11/22/2016
 
 
5.44
%
CMBC-10802
 
 
5,400,000
 
 
809,465
 
6/15/2016
 
11/22/2016
 
 
5.66
%
CMBC-10802
 
 
5,000,000
 
 
749,505
 
6/17/2016
 
11/22/2016
 
 
5.66
%
Zhejiang Commerce Bank
 
 
2,000,000
 
 
299,802
 
2/5/2016
 
2/4/2017
 
 
6.00
%
Zhejiang Commerce Bank
 
 
1,500,000
 
 
224,851
 
2/5/2016
 
2/4/2017
 
 
6.00
%
Zhejiang Commerce Bank
 
 
1,500,000
 
 
224,851
 
2/6/2016
 
2/5/2017
 
 
6.00
%
Zhejiang Commerce Bank
 
 
5,000,000
 
 
749,505
 
3/2/2016
 
3/1/2017
 
 
6.00
%
Zhejiang Commerce Bank
 
 
5,000,000
 
 
749,505
 
3/7/2016
 
3/6/2017
 
 
6.00
%
Zhejiang Commerce Bank
 
 
5,000,000
 
 
749,505
 
3/9/2016
 
3/8/2017
 
 
6.00
%
Industrial Bank
 
 
6,481,268
 
 
971,549
 
9/25/2015
 
9/23/2016*
 
 
7.00
%
Industrial Bank
 
 
6,500,000
 
 
974,356
 
9/25/2015
 
9/25/2016*
 
 
7.00
%
Minsheng Bank
 
 
5,000,000
 
 
749,505
 
3/8/2016
 
10/19/2016
 
 
6.70
%
Minsheng Bank
 
 
3,500,000
 
 
524,653
 
4/16/2016
 
4/11/2017
 
 
5.00
%
Minsheng Bank
 
 
5,400,000
 
 
809,465
 
4/8/2016
 
4/8/2017
 
 
5.00
%
Pingan Bank
 
 
8,000,000
 
 
1,199,210
 
3/3/2016
 
3/3/2017
 
 
5.22
%
Agricultural Bank
 
 
1,964,381
 
 
294,463
 
12/31/2015
 
9/11/2016*
 
 
5.79
%
Bank of Communications
 
 
5,000,000
 
 
749,505
 
5/20/2016
 
5/20/2017
 
 
6.53
%
Bank of Communications
 
 
5,000,000
 
 
749,505
 
5/23/2016
 
5/23/2017
 
 
7.60
%
Bank of Communications
 
 
4,800,000
 
 
719,525
 
5/24/2016
 
5/24/2017
 
 
7.60
%
Total
 
 
145,385,649
 
 
21,793,454
 
 
 
 
 
 
 
 
 
* The Company paid off these short-term bank borrowings in October 2016.
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]
The carrying values of the Company's pledged assets to secure short-term borrowings by the Company are as follows:
 
 
 
As of September 30,
 
 
 
2017
 
2016
 
Buildings, net
 
$
3,611,529
 
$
3,704,284
 
Land use rights, net
 
 
457,391
 
 
468,148
 
Machinery, net
 
 
281,355
 
 
303,856
 
Total
 
$
4,350,275
 
$
4,476,288