| SHORT-TERM BANK BORROWINGS |
NOTE 11 – SHORT-TERM BANK BORROWINGS
Short-term bank borrowings consisted of the following at September 30, 2021:
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Amount - |
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Issuance |
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Expiration |
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Bank Name |
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Amount - RMB |
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USD |
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Date |
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Date |
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Interest |
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Bank of China |
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5,650,000 |
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876,866 |
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2021-08-30 |
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2022-08-26 |
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5.27 |
% |
Bank of China |
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4,250,000 |
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659,590 |
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2021-09-06 |
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2022-09-01 |
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5.27 |
% |
China Merchants Bank |
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7,000,000 |
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1,086,383 |
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2021-05-25 |
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2021-11-24 |
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4.55 |
% |
China Merchants Bank |
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5,000,000 |
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775,988 |
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2021-05-31 |
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2021-11-24 |
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4.55 |
% |
China Merchants Bank |
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4,000,000 |
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620,790 |
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2021-06-09 |
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2021-11-24 |
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4.55 |
% |
Industrial Bank |
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6,000,000 |
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931,185 |
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2021-02-01 |
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2022-02-01 |
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5.22 |
% |
Industrial Bank |
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7,000,000 |
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1,086,383 |
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2021-02-02 |
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2022-01-26 |
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5.22 |
% |
China Minsheng Bank |
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45,000,000 |
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6,983,890 |
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2021-03-24 |
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2022-03-20 |
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4.50 |
% |
China Minsheng Bank |
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9,000,000 |
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1,396,778 |
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2021-03-26 |
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2022-03-20 |
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4.50 |
% |
China Minsheng Bank |
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3,000,000 |
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465,593 |
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2021-03-31 |
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2022-03-20 |
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4.50 |
% |
China Minsheng Bank |
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4,000,000 |
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620,790 |
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2021-05-18 |
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2022-05-18 |
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4.50 |
% |
China Minsheng Bank |
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5,000,000 |
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775,988 |
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2021-06-17 |
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2022-06-10 |
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3.50 |
% |
China Minsheng Bank |
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5,000,000 |
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775,988 |
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2021-08-12 |
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2022-08-11 |
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3.50 |
% |
China Minsheng Bank |
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5,000,000 |
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775,988 |
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2021-06-21 |
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2022-06-23 |
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3.50 |
% |
CZBANK |
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980,000 |
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152,094 |
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2020-12-16 |
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2021-11-18 |
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5.50 |
% |
CZBANK |
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1,000,000 |
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155,198 |
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2021-07-15 |
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2022-04-07 |
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5.60 |
% |
CZBANK |
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4,600,000 |
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713,909 |
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2020-12-14 |
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2021-11-11 |
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5.50 |
% |
CZBANK |
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2,140,000 |
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332,123 |
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2020-11-25 |
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2021-11-09 |
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5.50 |
% |
CZBANK |
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1,960,000 |
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304,187 |
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2020-11-17 |
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2021-11-02 |
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5.80 |
% |
CZBANK |
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1,275,000 |
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197,877 |
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2020-11-18 |
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2021-11-04 |
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5.80 |
% |
CZBANK |
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2,000,000 |
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310,395 |
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2020-12-16 |
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2021-11-16 |
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5.50 |
% |
CZBANK |
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2,000,000 |
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310,395 |
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2021-04-13 |
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2022-04-11 |
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6.00 |
% |
Bank of Communications |
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7,000,000 |
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1,086,383 |
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2021-07-15 |
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2022-07-06 |
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4.65 |
% |
Total |
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137,855,000 |
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21,394,761 |
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Short-term bank borrowings consisted of the following at September 30, 2020:
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Amount - |
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Issuance |
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Expiration |
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Bank Name |
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Amount - RMB |
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USD |
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Date |
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Date |
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Interest |
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Agricultural Bank - Longwan Branch |
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1,300,000 |
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191,469 |
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7/1/2020 |
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6/1/2021 |
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5.10 |
% |
Agricultural Bank - Longwan Branch |
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3,000,000 |
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441,852 |
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2/28/2020 |
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2/1/2021 |
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2.85 |
% |
Agricultural Bank - Longwan Branch |
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5,750,000 |
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846,883 |
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7/9/2020 |
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7/1/2021 |
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5.10 |
% |
Agricultural Bank - Longwan Branch |
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6,000,000 |
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883,704 |
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8/10/2020 |
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8/1/2021 |
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5.10 |
% |
Agricultural Bank - Longwan Branch |
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6,190,000 |
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911,688 |
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11/4/2019 |
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11/1/2020 |
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5.66 |
% |
Agricultural Bank - Longwan Branch |
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7,580,000 |
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1,116,413 |
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8/14/2020 |
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8/13/2021 |
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5.10 |
% |
Agricultural Bank - Longwan Branch |
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8,000,000 |
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1,178,273 |
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11/13/2019 |
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11/11/2020 |
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5.66 |
% |
Agricultural Bank - Longwan Branch |
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8,700,000 |
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1,281,372 |
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12/23/2019 |
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12/1/2020 |
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5.70 |
% |
Bank of China |
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4,250,000 |
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625,957 |
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9/7/2020 |
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9/2/2021 |
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5.27 |
% |
Bank of China |
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5,750,000 |
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846,883 |
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9/3/2020 |
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8/31/2021 |
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5.27 |
% |
China Merchants Bank |
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16,500,000 |
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2,430,187 |
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12/13/2019 |
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12/20/2020 |
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4.55 |
% |
Industrial Bank |
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1,000,000 |
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147,284 |
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6/2/2020 |
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3/2/2021 |
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5.50 |
% |
Industrial Bank |
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1,900,000 |
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279,840 |
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12/26/2019 |
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12/26/2020 |
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5.22 |
% |
Industrial Bank |
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3,000,000 |
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441,852 |
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11/1/2019 |
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10/21/2020 |
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6.00 |
% |
Industrial Bank |
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5,000,000 |
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736,420 |
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10/30/2019 |
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10/30/2020 |
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6.00 |
% |
Industrial Bank |
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5,000,000 |
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736,420 |
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10/31/2019 |
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10/26/2020 |
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6.00 |
% |
China Minsheng Bank |
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2,800,000 |
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412,395 |
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6/11/2020 |
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6/11/2021 |
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5.80 |
% |
China Minsheng Bank |
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3,000,000 |
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441,852 |
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6/12/2020 |
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6/12/2021 |
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5.80 |
% |
CZBANK |
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550,000 |
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81,006 |
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4/9/2020 |
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11/26/2020 |
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6.00 |
% |
CZBANK |
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1,105,000 |
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162,749 |
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4/13/2020 |
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11/20/2020 |
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6.00 |
% |
CZBANK |
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1,580,000 |
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232,709 |
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4/16/2020 |
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11/23/2020 |
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6.00 |
% |
CZBANK |
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2,140,000 |
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315,188 |
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4/10/2020 |
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12/10/2020 |
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6.00 |
% |
CZBANK |
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2,970,000 |
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437,434 |
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4/10/2020 |
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1/6/2021 |
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6.00 |
% |
CZBANK |
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4,610,000 |
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678,980 |
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4/17/2020 |
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12/24/2020 |
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6.00 |
% |
CZBANK |
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1,980,000 |
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291,622 |
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4/13/2020 |
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10/23/2020 |
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6.00 |
% |
Bank of Communications |
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3,300,000 |
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486,037 |
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2/13/2020 |
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2/9/2021 |
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6.15 |
% |
Bank of Communications |
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5,000,000 |
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736,425 |
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2/11/2020 |
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2/9/2021 |
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6.15 |
% |
Total |
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117,955,000 |
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17,372,894 |
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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:
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As of September 30, |
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2021 |
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2020 |
Accounts receivable |
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$ |
2,053,490 |
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$ |
1,829,454 |
Buildings, net |
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4,508,834 |
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4,409,238 |
Land use rights, net |
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419,721 |
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411,067 |
Machinery, net |
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92,761 |
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95,078 |
Inventory |
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2,793,556 |
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2,651,113 |
Total |
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$ |
9,868,362 |
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$ |
9,395,950 |
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