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  "docSlug": "c47ae4d76596",
  "documentTitle": "China Huishan Dairy Holdings (6863 HK)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Carson C. Block",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2016-12-16 00:00:00",
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  "notes": "The slide uses a red arrow to draw attention to the 'Guaranteed by intra-group entities' line item, which increased from 8.6B to 11.0B.",
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      "kind": "callout",
      "text": "This undrawn facility amount has decreased RMB 6.25 billion over the last six months to RMB 4.98 billion, which is somewhat alarming since the company supposedly generated free cash flow in that same time.",
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      "text": "Red arrow pointing to the 11,017,343 figure.",
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      "text": "debt guaranteed by intra-group entities: 11.0 billion",
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      "text": "This undrawn facility amount has decreased RMB 6.25 billion over the last six months to RMB 4.98 billion, which is somewhat alarming since the company supposedly generated free cash flow in that same time.",
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      "kind": "paragraph",
      "text": "banking facilities of RMB4,984,858,000 not yet utilised by the Group as of the date of issue of this interim financial report, the Group would have adequate funds to meet its liabilities as and when they fall due at least twelve months from the end of the reporting period.",
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      "text": "As can be seen from the company's latest interim results, the debt guaranteed by intra-group entities spiked by 27.8% in 1H17 to RMB 11.0 billion. The company should explain why this line item has increased so much, and provide details of the covenants and which entities are guaranteeing these loans.",
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      "text": "Table showing bank loans secured by various methods at Sept 30, 2016 and March 31, 2016.",
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