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Long-term Bank Loans

12 Months Ended

Sep. 30, 2013

Long-term Bank Loans [Text Block]

12.	Long-term Bank Loans

	Long-term bank loans as of September 30, 2012 and 2013 are as follows:

			2012			2013
	Long-term bank loan	$	23,656,458		$	-

	The entire loan amount was borrowed under a six-year long-term loan credit facility from China Development Bank, bearing interest at the benchmark rate of the People's Bank of China (“PBOC”) for two-year to three-year long-term loans. The loan was: (i) guaranteed by Mr. Xiangqian Li; (ii) secured by certain shares of the Company owned by Mr. Xiangqian Li; and (iii) secured by the property ownership and a land use rights certificate relating to the land on which the Company's Research and Development Test Centre is to be constructed and the facilities to be constructed thereon. The net carrying amount of the secured buildings and prepaid land use rights were $33,563,180 and $1,233,707, respectively, as of September 30, 2012 (Note 10).

	Mr. Xiangqian Li did not receive any compensation for pledging his shares in the Company or acting as guarantor for the above long-term bank loans.

	The Company repaid $4,772,738 in November 2012 and May 2013 in accordance with the repayment schedule of the loan agreement. On September 25, 2013, the Company early repaid this long term loan, and the related securities were released.