Ambitious high-tech letter batch problem more than billion customers into "nameless"

For the Grand High (600122), the depressed stock price is not the most worried by investors, and its more than 1 billion yuan in security and short-term financing, tight capital chain all make investors more uneasy. The three quarterly reports show that there are more than $3.8 billion trillion in monetary funds on the books, but it still cannot change the management's determination to continue to "amass money". Throughout 2012, the Grand Division issued two short-term financing vouchers, up to 1 billion yuan. March 16, 2012, the first issue of the short-term financing of the High Division is 400 million yuan, the issue rate of 6.7%, the period of 365 days. The following December 17, the grand 600 million yuan short-term financing coupons issued by the approved, the initial issue of 300 million yuan, the issue rate of 5.64%. According to the vision of the High division, two short-term financing coupons are mainly used to supplement the production and operation of liquidity needs, the replacement of bank loans. And said that short bond issuance is conducive to improving corporate debt structure, reduce capital costs, and further enhance the company's competitiveness. However, according to the credit rating report on its short-term vouchers, the 2009-2011-year period has seen a rise in the volatility of the high and low rates, with a three-year weighted average of 163.71% and 110.97%, of which 2011 was 161.89% and 109.67% respectively. In September 2012, the flow rate and the speed ratio were 166.81% and 109.92% respectively, up from the previous year. As a result of the company's operating cash flow changes and the increase in current liabilities, 2009-2011 years, the company operating cash flow liability ratio of 4.45%, 11.03% and 3.23%, the volatility is greater. Joint credit points out that the ambitious higher-interest debt burden is heavier, short-term payment pressure is greater. After the short bond issue, the Grand High division still has 700 million yuan to repay the short-term financing coupons. And in contrast to the ongoing debt market financing, the ambitious branch on the other hand in the continuous provision of high security for the subordinate companies. According to the public Information, the Grand Division, in addition to the external guarantee of 40 million yuan, the subsidiary's guarantee amounted to 1,152,470,000 Yuan, its subsidiary company Grand three foreign guarantee amount also has 120 million yuan, guarantee total over 1.3 billion yuan, accounting for 2011 unaudited net assets of 24.81%. In fact, the ambitious book on the books of money is not nervous, but on the one hand, frequent debt market financing, on the other hand, frequent guarantee to ensure that the subordinate companies in the bank financing, while the 2012 ambitious branch in the IT chain of business expansion of the pace is not fast, do not know whether these funds can