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Short-term Loans
 9 Months Ended
Jun. 30, 2013
Short-term Loans [Text Block]

9. Short-term Loans

(i) Short term bank loans

As of September 30, 2012 and June 30, 2013, the Company had several short-term bank loans and current maturities of long term loans with aggregate outstanding balances of $156,154,525 and $149,569,464, respectively. The loans were primarily obtained for general working capital, carried at interest rates ranging from 4.40% to 7.216% per annum, and had maturity dates ranging from 6 to 12 months. The loans are guaranteed by Mr. Xiangqian Li, the Company’s CEO and his wife, who did not receive any compensation for acting as a guarantor. These facilities were also secured by the Company’s assets with the following carrying values:

    September 30,     June 30,  

 

   2012     2013  
             

For short- term bank loans

            

Inventories

 $ 23,863,691   $ 24,441,113  

Machinery and equipment, net

   47,255,604     41,291,305  

Land use rights, buildings and construction in progress of BAK Industrial Park

   107,140,980     106,566,401  

Land use rights #1 and buildings of Tianjin Industrial Park Zone

   23,970,502     24,352,434  

 

   202,230,777     196,651,253  

For long- term bank loans (Note 11)

            

Land use right and construction in progress Research and Development Test Centre

   34,796,887     42,342,009  

 

            

For other long- term loans

            

Land use rights #2 of Tianjin Industrial Park Zone

   9,566,555     9,946,322  

 

 $ 246,594,219   $ 248,939,584