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

SHORT-TERM BANK BORROWINGS

v3.20.4
SHORT-TERM BANK BORROWINGS
12 Months Ended
Sep. 30, 2020
SHORT-TERM BANK BORROWINGS  
SHORT-TERM BANK BORROWINGS

NOTE 11 – SHORT-TERM BANK BORROWINGS

Short-term bank borrowings consisted of the following at September 30, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Name

    

Amount - RMB

    

Amount - USD

    

Issuance Date

    

Expiration Date

    

Interest

 

Agricultural Bank - Longwan Branch

 

1,300,000

 

191,469

 

7/1/2020

 

6/1/2021

 

5.10

%

Agricultural Bank - Longwan Branch

 

3,000,000

 

441,852

 

2/28/2020

 

2/1/2021

 

2.85

%

Agricultural Bank - Longwan Branch

 

5,750,000

 

846,883

 

7/9/2020

 

7/1/2021

 

5.10

%

Agricultural Bank - Longwan Branch

 

6,000,000

 

883,704

 

8/10/2020

 

8/1/2021

 

5.10

%

Agricultural Bank - Longwan Branch

 

6,190,000

 

911,688

 

11/4/2019

 

11/1/2020

 

5.66

%

Agricultural Bank - Longwan Branch

 

7,580,000

 

1,116,413

 

8/14/2020

 

8/13/2021

 

5.10

%

Agricultural Bank - Longwan Branch

 

8,000,000

 

1,178,273

 

11/13/2019

 

11/11/2020

 

5.66

%

Agricultural Bank - Longwan Branch

 

8,700,000

 

1,281,372

 

12/23/2019

 

12/1/2020

 

5.70

%

Bank of China

 

4,250,000

 

625,957

 

9/7/2020

 

9/2/2021

 

5.27

%

Bank of China

 

5,750,000

 

846,883

 

9/3/2020

 

8/31/2021

 

5.27

%

China Merchants Bank

 

16,500,000

 

2,430,187

 

12/13/2019

 

12/20/2020

 

4.55

%

Industrial Bank

 

1,000,000

 

147,284

 

6/2/2020

 

3/2/2021

 

5.50

%

Industrial Bank

 

1,900,000

 

279,840

 

12/26/2019

 

12/26/2020

 

5.22

%

Industrial Bank

 

3,000,000

 

441,852

 

11/1/2019

 

10/21/2020

 

6.00

%

Industrial Bank

 

5,000,000

 

736,420

 

10/30/2019

 

10/30/2020

 

6.00

%

Industrial Bank

 

5,000,000

 

736,420

 

10/31/2019

 

10/26/2020

 

6.00

%

China Minsheng Bank

 

2,800,000

 

412,395

 

6/11/2020

 

6/11/2021

 

5.80

%

China Minsheng Bank

 

3,000,000

 

441,852

 

6/12/2020

 

6/12/2021

 

5.80

%

CZBANK

 

550,000

 

81,006

 

4/9/2020

 

11/26/2020

 

6.00

%

CZBANK

 

1,105,000

 

162,749

 

4/13/2020

 

11/20/2020

 

6.00

%

CZBANK

 

1,580,000

 

232,709

 

4/16/2020

 

11/23/2020

 

6.00

%

CZBANK

 

2,140,000

 

315,188

 

4/10/2020

 

12/10/2020

 

6.00

%

CZBANK

 

2,970,000

 

437,434

 

4/10/2020

 

1/6/2021

 

6.00

%

CZBANK

 

4,610,000

 

678,980

 

4/17/2020

 

12/24/2020

 

6.00

%

CZBANK

 

1,980,000

 

291,622

 

4/13/2020

 

10/23/2020

 

6.00

%

Bank of Communications

 

3,300,000

 

486,037

 

2/13/2020

 

2/9/2021

 

6.15

%

Bank of Communications

 

5,000,000

 

736,425

 

2/11/2020

 

2/9/2021

 

6.15

%

Total

 

117,955,000

 

17,372,894

 

  

 

  

 

  

 

 

Short-term bank borrowings consisted of the following at September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Name

    

Amount - RMB

    

Amount - USD

    

Issuance Date

    

Expiration Date

    

Interest

 

Agricultural Bank - Longwan Branch

 

6,190,000

 

866,013

 

11/5/2018

 

11/1/2019

 

6.09

%

Agricultural Bank - Longwan Branch

 

8,000,000

 

1,119,241

 

11/19/2018

 

11/18/2019

 

6.09

%

Agricultural Bank - Longwan Branch

 

8,700,000

 

1,217,175

 

1/2/2019

 

1/1/2020

 

6.09

%

Agricultural Bank - Longwan Branch

 

5,750,000

 

804,455

 

7/23/2019

 

7/22/2020

 

6.65

%

Agricultural Bank - Longwan Branch

 

4,300,000

 

601,592

 

8/1/2019

 

7/1/2020

 

6.65

%

Agricultural Bank - Longwan Branch

 

6,000,000

 

839,431

 

8/26/2019

 

8/25/2020

 

5.66

%

Bank of China

 

2,850,000

 

398,730

 

9/11/2019

 

9/9/2020

 

5.27

%

Bank of China

 

4,250,000

 

594,597

 

9/24/2019

 

9/22/2020

 

5.27

%

Bank of China

 

3,400,000

 

475,677

 

9/20/2019

 

9/18/2020

 

5.27

%

China Merchants Bank

 

13,500,000

 

1,888,719

 

12/14/2018

 

12/9/2019

 

5.44

%

China Merchants Bank

 

3,000,000

 

419,715

 

3/20/2019

 

12/9/2019

 

5.44

%

China Merchants Bank

 

1,955,000

 

273,516

 

9/3/2019

 

2/29/2020

 

4.35

%

Industrial Bank

 

1,000,000

 

139,905

 

12/5/2018

 

12/4/2019

 

6.50

%

Industrial Bank

 

7,000,000

 

979,336

 

11/8/2018

 

11/8/2019

 

6.50

%

Industrial Bank

 

6,000,000

 

839,431

 

11/12/2018

 

11/5/2019

 

6.50

%

China Minsheng Bank

 

3,000,000

 

419,715

 

6/19/2019

 

6/19/2020

 

6.74

%

China Minsheng Bank

 

2,880,000

 

402,927

 

6/20/2019

 

6/20/2020

 

6.74

%

Ping An Bank

 

3,600,000

 

503,659

 

9/20/2019

 

9/20/2020

 

7.96

%

CZBANK

 

3,200,000

 

447,696

 

8/9/2019

 

4/10/2020

 

6.00

%

CZBANK

 

4,700,000

 

657,554

 

8/14/2019

 

4/14/2020

 

6.00

%

CZBANK

 

1,500,000

 

209,858

 

8/12/2019

 

4/14/2020

 

6.09

%

CZBANK

 

1,000,000

 

139,905

 

9/11/2019

 

4/9/2020

 

6.00

%

CZBANK

 

3,000,000

 

419,715

 

9/12/2019

 

4/13/2020

 

6.00

%

CZBANK

 

2,600,000

 

363,753

 

9/17/2019

 

4/10/2020

 

6.00

%

Bank of Communications

 

4,500,000

 

629,573

 

7/25/2019

 

2/20/2020

 

7.80

%

Bank of Communications

 

4,500,000

 

629,573

 

7/26/2019

 

2/20/2020

 

7.40

%

Total

 

116,375,000

 

16,281,461

 

  

 

  

 

  

 

 

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, 

 

    

2020

    

2019

Accounts receivable

 

$

1,829,454

 

$

2,028,624

Buildings, net

 

 

4,409,238

 

 

4,312,115

Land use rights, net

 

 

411,067

 

 

402,622

Machinery, net

 

 

95,078

 

 

98,210

Inventory

 

 

2,651,113

 

 

1,608,909

Total

 

$

9,395,950

 

$

8,450,480