| Pre-load investigation refers to an investigation on fundamental state of loan applicant by the bank before loan release so as to preliminarily judge whether the applicant conforms to terms of credit and loan commitment.Pre-loan investigation is an important procedure and link in credit management,which lays foundation for loan release and works as a critical precondition to prevent risk and reduce bad debts.In recent years the rapid growth of China’s local government debt,debt paying ability of local government is related to its debt risk this article selects the hangzhou case shall be subject to the rail transit projects in the company business projects,from financial audit project with loan project information on the company profitability analysis project debt paying ability analysis and risk assessment and so on several aspects to elaborate.investigates and demonstrates the feasibility of mid-term and long-term load project.The total investment of Hanglin Company Rail Transit Project is11.33 billion Yuan with 5.731 billion Yuan of project capital and 5.6 billion Yuan of load application from bank.The loan application will be in the format of syndicated loan,in which Agricultural Bank of China(‘ABC’hereafter)will undertake 800 million Yuan.Therefore the thesis demonstrates the feasibility of this project from ABC point of view.In accordance with evaluation and calculation based on bill of material requested for loan application from Hanglin Company,the calculation period of the project is 29 years,in which4 years are construction process and 25 years of operations.Accumulated profit of the project is-9.562 billion Yuan,which is-382 million Yuan in average every year.In parallel,the accumulated net cash flow is-13.387 billion Yuan.Therefore,financial benefit of the project is relatively poor.Payback cycle(construction cycle included)of total investment is longer than calculation cycle.Government has formulated governmental subsidy mechanism based on financial gap.The thesis has carried out further analysis on debt payback capability of government.After calculation of debt ratio,liability ratio and debt serving ratio of finance in local government,it is found that two indexes,liability ratio and debt serving ratio,have gone across the alarming line.These three indexes of Linan city have all gone across the alarming line while Hangzhou within the line.The first payback source of the loan project is government subsidy committed by Hangzhou government.And the subsidy comes from feasible gap mode.With further analysis,it is found that year-to-year subsidy from government and operating revenue can cover the cost of operation,repayment interest and equipment improvement.In 25 years of loan period,net operational cash flow is 662 million Yuan.Plus accumulated government financial subsidy of 7.531 billion Yuan,it can cover the interest of principle.Therefore the thesis recommends to approve the loan application of rail transit project from Hanglin Company.The thesis has analyzed the risk of project in terms ofpotential financial risk,risk of asymmetric information,project technical risk and operational risk,and also proposed corresponding measurement for prevention.The thesis has provided constructive method for loan of quasi-operational project in a scientific manner,significantly improving risk prevention of credit loan and decision-making capability of mid-term and long-term loan. |
