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

SHORT-TERM BANK BORROWINGS

v3.10.0.1
SHORT-TERM BANK BORROWINGS
12 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Short-term Debt [Text Block]
NOTE 11 – SHORT-TERM BANK BORROWINGS
 
Short-term bank borrowings consisted of the following at September 30, 2018:
 
Bank Name
 
Amount - RMB
 
 
Amount - USD
 
 
Issuance Date
 
Expiration Date
 
Interest
 
Agricultural Bank - Longwan Branch
 
 
6,190,000
 
 
 
901,281
 
 
12/1/2017
 
11/25/2018
 
 
6.00
%
Agricultural Bank - Longwan Branch
 
 
8,000,000
 
 
 
1,164,822
 
 
1/18/2018
 
12/5/2018
 
 
6.00
%
Agricultural Bank - Longwan Branch
 
 
7,580,000
 
 
 
1,103,669
 
 
1/18/2018
 
10/8/2018
 
 
6.00
%
Agricultural Bank - Longwan Branch
 
 
8,700,000
 
 
 
1,266,744
 
 
1/29/2018
 
1/5/2019
 
 
6.22
%
Agricultural Bank - Longwan Branch
 
 
4,300,000
 
 
 
626,092
 
 
8/16/2018
 
8/15/2019
 
 
6.09
%
Agricultural Bank - Longwan Branch
 
 
5,750,000
 
 
 
837,216
 
 
8/21/2018
 
8/1/2019
 
 
6.09
%
Agricultural Bank - Longwan Branch
 
 
6,000,000
 
 
 
873,617
 
 
9/27/2018
 
9/1/2019
 
 
6.09
%
Bank of China
 
 
4,250,000
 
 
 
618,812
 
 
4/3/2018
 
4/2/2019
 
 
5.27
%
Bank of China
 
 
6,800,000
 
 
 
990,099
 
 
4/3/2018
 
4/2/2019
 
 
5.27
%
China Merchants Bank
 
 
15,000,000
 
 
 
2,184,042
 
 
12/12/2017
 
12/6/2018
 
 
5.44
%
China Merchants Bank
 
 
1,500,000
 
 
 
218,404
 
 
2/8/2018
 
12/1/2018
 
 
5.66
%
Industrial Bank
 
 
6,500,000
 
 
 
946,419
 
 
12/6/2017
 
12/3/2018
 
 
6.50
%
Industrial Bank
 
 
3,000,000
 
 
 
436,809
 
 
12/7/2017
 
11/27/2018
 
 
6.00
%
Industrial Bank
 
 
5,500,000
 
 
 
800,815
 
 
12/8/2017
 
11/20/2018
 
 
6.45
%
China Minsheng Bank
 
 
4,000,000
 
 
 
582,411
 
 
6/28/2018
 
3/31/2019
 
 
5.44
%
China Minsheng Bank
 
 
2,200,000
 
 
 
320,326
 
 
6/28/2018
 
3/31/2019
 
 
5.44
%
Ping An Bank
 
 
6,200,000
 
 
 
902,737
 
 
9/25/2018
 
9/25/2019
 
 
7.96
%
CZBANK
 
 
3,500,000
 
 
 
509,610
 
 
4/20/2018
 
10/19/2018
 
 
6.53
%
CZBANK
 
 
6,000,000
 
 
 
873,617
 
 
4/19/2018
 
10/18/2018
 
 
6.48
%
CZBANK
 
 
6,000,000
 
 
 
873,617
 
 
4/17/2018
 
10/16/2018
 
 
6.53
%
CZBANK
 
 
1,500,000
 
 
 
218,404
 
 
4/19/2018
 
10/18/2018
 
 
6.50
%
Bank of Communications
 
 
9,000,000
 
 
 
1,310,425
 
 
9/10/2018
 
9/7/2019
 
 
6.34
%
CZBANK
 
 
4,880,000
 
 
 
710,542
 
 
4/26/2018
 
4/26/2019
 
 
4.35
%
Total
 
 
132,350,000
 
 
 
19,270,530
 
 
 
 
 
 
 
 
 
 
The Company’s short-term bank borrowings are pledged by its assets as listed below, and guaranteed by the Company’s major shareholders: HUANG Jian Cong, WANG Jian Di, WANG Guo Lin, WANG Min Jie, and WANG Yang Ming, and their immediate family members.
 
The carrying values of the Company's pledged assets to secure short-term borrowings by the Company are as follows:
 
 
 
As of September 30,
 
 
 
2018
 
 
2017
 
Term Deposit as Collateral
 
$
728,014
 
 
 $
-
 
Buildings, net
 
 
4,583,560
 
 
 
3,611,529
 
Land use rights, net
 
 
431,621
 
 
 
457,391
 
Machinery, net
 
 
154,795
 
 
 
281,355
 
Inventory
 
 
1,674,432
 
 
 
-
 
Total
 
$
7,572,422
 
 
$
4,350,275
 
 
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.