The fog of Qianjiang Water Conservancy assets purchase: The capital chain of Jin-Tian is tense

Recently, Qianjiang Water Conservancy (18.29,0.68,3.86%) (600283) High Premium acquisition of Zhejiang Kam-Tian Real Estate Development Co., Ltd. (hereinafter referred to as "Kam World production") has aroused market concern.　　Kam Heaven and earth production in almost insolvent circumstances, from the CCB Hangzhou branch to get a huge loan of 250 million yuan, at the same time, the industry's voice of doubt, Kam-world production of capital chain in the end how long? One of the questions: the risk of early repayment early last week, the "Public Securities newspaper" noted the abnormal water conservancy of Qianjiang, and published the "Qianjiang Water Conservancy plans to buy a company loan is a catch" article.　　Kam World production in the case of asset-liability ratio of up to 96.32%, from the CCB Hangzhou Branch high-tech sub-branch to get a huge loan of 250 million yuan, and in most cases, commercial banks to the real estate industry loans to clients of the ratio of assets and liabilities within 70%. "The basic principles of the credit business are safety, efficiency and liquidity, and safety first." "Because of this, the credit business of commercial banks needs to undergo a rigorous process," said a credit manager in Suzhou, a bank of Xuzhou, in an interview with reporters. Even after the loan is issued, the Commercial bank will still implement strict loan management procedures for its clients. "Information shows that since 2008, Kam World production, three consecutive years of losses, not only that, to 2009 years, the company's owner's equity has become a negative, there has been insolvency." "If it is a continuous loss coupled with insolvency, such a situation on our side, it is certainly to downgrade to ' attention ', especially in the state regulation of real estate today, and even ask customers to repay the loan in advance."　　Question two: Where do 869 million investments come from?　　Even if the Kam-world production can successfully avoid the risk of early recovery of loans, the company's follow-up investment of hundreds of millions of yuan from where? The announcement shows that the future of Kam Tiandi production will also need to invest 869 million yuan in construction costs, to pay 17.36 million yuan land costs. So far, in addition to three consecutive years of losses and insolvency, the most valuable 8 of the land has been mortgaged to the bank. Up to the day of asset valuation, the ratio of assets and liabilities was 105.81%, the flow ratio was 1.89, and the speed ratio was 0.20.　　The company carrying only 23.13 million yuan of money, even if the addition of 8.73 million of other receivables and 10,000 yuan in advance accounts, the company can use the funds are far from the demand. "Kam World origin has been mortgaged out, book funds are scarce, the future financing channels where?"　　One insider questioned.　　Question three: Suspected flight of registered capital?　　In addition, the production of a large number of Kam Heaven and earth occupied subsidiary funds, it seems that the side of the company's funds to support the degree of tension. May 2008, Kam Tiandi production 60 million set up a wholly-owned subsidiary Hangzhou Kam Lake Resort Co., Ltd. (hereinafter referred to as "Kam Lake Company"), for the specific business of the company, the public information is not too much involved, justIntroduction Kam Lake Company is a long-term equity investment object.　　However, the reporter found that Kam-world production to the Kam Lake Company's other payments to reach 94.5 million yuan, incredibly than the company's registered capital of Kam Lake is still high. This is a form of withdrawal from registered funds. "A senior CPA analyses that" ' other receivables ' and ' other coping ' are the two ' filth ' places in the accounting subject, and from previous experience, these two subjects are often used if the shareholder withdraws from the registered funds. " The concrete manifestation is that after the enterprise is established and the capital verification is in place, the shareholder will take out the money of the registered capital part or all, and hang in the other receivables for a long time, the ledger party is the big shareholder or the related party.　　"Dong Secretary: the telephone can't tell with a series of questions, reporter calls Qianjiang water Conservancy's Dong Wu Tianzhi."　　Reporter: Excuse me, Mr. Wu Tianzhi?　　Answer: What's the matter?　　Reporter: I would like to confirm your first is not the Secretary?　　Answer: hehe, what do you say?　　Journalist: Some questions about your company's purchase of Kam Tiandi.　　Answer: Can you say it clearly in the phone? Journalist: What kind of circumstances do you think you can speak clearly?　　Can I have a written interview?　　Answer: Then I won't interview you.　　Then the caller hangs up.　　The Volkswagen Securities Journal will continue to investigate. Reporter Money Presented