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

SHORT-TERM BANK BORROWINGS

v3.8.0.1
SHORT-TERM BANK BORROWINGS
12 Months Ended
Sep. 30, 2017
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, 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.
 
The Company’s short-term bank borrowings are pledged by its assets as listed below, and guaranteed by two third-party companies, Wenzhou Ruifeng Industrial Co., Ltd. and Wenzhou Wuxing Copper Co. Ltd. ("Wuxing"), HUANG Jian Cong, WANG Jian Di, WANG Guo Lin, WANG Min Jie, WANG Yang Ming, ZHANG Sai Pin (HUANG Jian Cong's wife), ZHEN Bao Le (Wuxing's director) and LIN Yu Lian (ZHEN Bao Le's wife).
 
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