MIRA
INFORM REPORT
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Report Date : |
13.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
TAH TONG TEXTILE CO LTD |
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Registered Office : |
148-1 Jenn Hsin Rd East Dist Taichung City 401 |
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Country : |
Taiwan |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
MARCH 15, 1958 |
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Com. Reg. No.: |
51037304 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Research and Development of technologies related to textiles and other
related products. Manufacturing of various types of textile products. Selling to both domestic and international markets. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
name & address
TAH TONG TEXTILE CO LTD
148-1 JENN HSIN RD EAST DIST TAICHUNG CITY 401, TAIWAN
TEL : 886-4-22113191
FAX : 886-4-22127041
EXECUTIVE SUMMARY
INCORPORATION DATE :
MARCH 15, 1958
REGISTRATION NO. :
51037304
LEGAL FORM :
PUBLIC LISTED COMPANY
CHIEF EXECUTIVE :
MR. STEVEN HSIU-CHUNG CHEN (CHAIRMAN)
STAFF STRENGTH :
445
CAPITAL :
US$ 48,931,226
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 1,282,693,000 (AS OF DEC 31,2005)
EQUITIES :
NTD 665,081,000 (AS OF DEC 31,2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : USD
100,000 (PERIODICAL REVIEW)
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIR
OPERATIONAL TREND : FAIR
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.08095 = US$1 AS OF 2007-4-13
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
TWD –Taiwan New Dollars
*Company History*
===============
1958 -
Founded by Mr. Y. H. Chen.
1968 -
Established GREAT BELL PRINTING & DYEING CO LTD.
1986 -
Established Chungli Plant.
1988 -
Established MAGSPIN TEXTILE CORP.
27 October, 1989 - Became
listed on the Taiwan Stock Exchange.
1992 -
Established TAH TONG TEXTILES INDONESIA PT.
1993 -
Began production of 11 D high density Rayon yarn.
- Increased the capacity of yarn spinning facilities to 90,592 spindles.
1995 -
Began production of Dobby fabrics.
2001 -
Developed E-shell and Slub yarn.
2002 -
Developed Angelina yarn.
2003 -
Developed Linen yarn and fabrics.
*Company Registration*
======================
License number : 51037304
Date issued : 15 March, 1958
Issuing authority : Ministry of Economic Affairs (MOEA)
*Capital Details*
============
Share value
: NTD 10.00/-each
Initial registered capital
: NTD 5,500,000.00
Paid-up capital
: NTD 1,079,003,980.00 divided
into 107,900,398 shares
Capital increases as follows :
Date
Increase (NTD)
------
-------------------------
1975
320,000,000.00
1985 422,120,000.00
1986
600,000,000.00
1987
780,000,000.00
1988
982,800,000.00
1989
1,120,000,000.00
1990 March 1,344,000,000.00
1990 August
1,612,800,000.00
1991 October
1,725,696,000.00
Date
Decrease (NTD)
-------
---------------------
2001 1,625,600,000.00
2003
1,079,003,980.00
Office & Facilities*
===============
Size :
5,900 sq. meters (Approx)
Location :
Taichung City
Facilities :
Modern
Property status : Owned by
company
Type of Building :
Industrial building
*Factories, Size & Locations*
=======================
Type of manufacturing : upstream and mid-stream
Factory Location
Product
-----------------------
------------
Taichung plant
yarn & cloth
Chungli plant
yarn
(1)
Taichung Factory
Size :
17,700 square meter (Approx)
Location :
Taichung City
Facilities : Modern
Type of building : Industrial
building
Property status : Owned by
company
(2)
Chungli Factory
Size :
28,000 square meter (Approx)
Location : Taoyuan
Hsien
Facilities : Modern
Type of building : Industrial building
Property status : Owned by
company
*Licenses & Permits*
================
(1)
Taichung Factory
License number : 9966913900
Date issued : 28 July 1969
Issuing authority : Industrial Development Bureau, MOEA
Type of license : Factory
license
(2)
Chungli Factory
License number : 9962526200
Date issued : 23 October
1986
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
*Industry Ranking*
================
Generally regarded as one of the Top 1000 Companies in manufacturing
industry in Taiwan.
Details of rank are as follows:
Year Rank
------- ---------
2005 986
*Sales Ranking*
============
Details of Rank are as follows
Year Rank
------ ------
1996 450
1997 430
1998 461
*Awards*
========
Award : Taiwan
National Export Commendation and Exporter Quality Excellence Awards
Year : 1975-77
*Reputation*
==========
Reference checking for the purpose of establishing the firm's reputation
within the respective industry failed to reveal any negative information.
Web
site: www.tahtong.com.tw
The design is professional and the content is well organized. At present it is
in both Chinese and English versions.
E-mail: angel@tahtong2.com.tw
For the past two years there is no record of litigation.
*Major Shareholders*
===================
Shareholder's Name No. of
shares
--------------------------
------------------
YUAN HUANG INVESTMENT CO LTD 37,430,000.00
YUAN HUANG EDUCATE FOUNDATION 6,338,127.00
Mr. Steven Hsiu-chung Chen 3,375,436.00
Mr. Hsiu-Hsiung Chen 2,275,625.00
Mr. Chien-chou Chen
970,113.00
Mr. Feng-ju Lee
Management: Mr. Chang-hsiung
Chen, Director
Mr. Yu-hung Liu, Director
Mr. Chi-lieh Kuo, Manager
Name Nationality
Job Description Dept. / Division
Mr. Chang-hsiung Chen Taiwanese Director Account
Mr. Yu-hung Liu Taiwanese
Director Assets
Mr. Chi-lieh Kuo Taiwanese
Manager Assets
Mr. Tsung-hen Lee Taiwanese
Director Finance
Ms. Shu-hua Ou Taiwanese
Executive Human Resources
Ms. Hui-chuan Huang Taiwanese
Manager Human Resources
Mr. Pin-chien Chen Taiwanese
Director R&D
Mr. Chien-chou Chen Taiwanese
Executive Vice-President -
Mr. Steven Hsiu-chung Chen Taiwanese
General Manager -
Mr. Chih-chung Feng Taiwanese
Vice General Manager -
Mr. Hsiu-Hsiung Chen Taiwanese
Vice General Manager -
*Key Personnel*
=============
(1)
Mr. Chen Yuan-Huang
Founder : Sole founder
Former position :
Chairman
Replaced by :
Hsiou-Chung Chen and Hsiou-Hsiung Chen
(2)
Mr. Steven Hsiu-chung Chen
Founder :
Co-founder
Age
: 63 years
Born : Taiwan
Work experience : More
than 30 years experience.
Responsibilities :
Handles the daily operation of the firm including all financials, sales and
legal matters.
Resident status :
Taiwan
Relationship to owner : Son of Yuan-Huang Chen
(3)
Mr. Hsiu-Hsiung Chen
Relationship to owner : Son of Yuan-Huang Chen
*Main Products & Services*
======================
Specializes in the following areas of work :
1. Research and Development of technologies related to textiles and
other related products.
2. Manufacturing of various types of textile products.
3. Selling to both domestic and international markets.
Products also include:
- Complex double beam designs
- Fine yarn count two-ply fabrics
Products: Cotton woven fabrics
Cotton yarns
Card clothing
Cotton
Blended yarns,
polyester
*Brand*
======
Coolplus
Crabyarn
E.shell
Tah Tong
*Payment Terms*
=============
Sales
------
Local : 30 - 90 days credit
Cash
Export : Letter of Credit (L/C)
Document against
Acceptance (D/A)
Settlement using
Bank wire transfer (T/T)
Purchase
-------------
Local : 30 - 90 days credit
Import : Letter of Credit (L/C)
Document against
Acceptance (D/A)
Settlement using
Bank wire transfer (T/T)
*Associations*
=============
Member of the following associations:
- Textile Manufacturer's Association
- Taiwan Textile Research Institute
- Taiwan Weaving Industry Association
- Taiwan Spinner's Association
*Competitors*
===========
The following locally based companies supply similar range of products :
- NIEN HSING TEXTILE CO LTD
- LAN FA TEXTILE CO LTD
- LILY TEXTILE CO LTD
- TAI YUEN TEXTILE CO LTD
*Production Capacity*
==================
Item
Current Capacity (monthly)
--------
--------------------------------------
Cotton yarn 3,000,000
lbs
Cloth
2,000,000 yards
*Auditors*
========
- KPMG, CPA's
*Registrar*
=========
YUANTA CORE PACIFIC SECURITIES CO LTD
Stock Market Code: 1441
*Domestic Raw Material Suppliers*
==========================
Major local suppliers include:
- CHUNG SHING TEXTILE CO LTD
- FORMOSA CHEMICALS & FIBRE CORP
- DU PONT TAIWAN LTD
*Domestic Customers*
==================
Major local customers include:
- EAST ATLAS INDUSTRIAL CO LTD
- EN-YOUNG CO LTD
*Imports*
========
Machineries are imported from West Germany, Switzerland and Japan.
*Local Distribution Network*
=======================
80% of the annual turnover is attibuted to sales to other middle stream
and down stream textile manufacturers.
40% of the products sold locally are exported as garments or clothes.
*International Trade Ranking*
========================
The firm has been ranked among Taiwan's Top Importers/Exporters based on
the standard measured by the Board of Foreign Trade (BOFT)
Details of rank are as follows :
Year Rank
------ -------
2005 1954
*Export Markets*
==============
20% of the annual turnover is
attributed to export to Hong Kong, Japan and Australia.
Export sales breakdown are as follows:
Country/Region % of Export
----------------------
----------------
Asia
85.0
Australia
15.0
*LOCAL BRANCHES & MANAGEMENT*
=================================
Branch : TAH TONG TEXTILE CO LTD - TAIPEI CITY
Branch Address : 3Fl, 346 Nanking East Rd Section 3 Nankang Dist, Taipei
City, 115
Branch Tel : [+886] 2-27522244
Branch Fax : [+886] 2-27718186
Branch Employees : 15
*Strategic Partners & Alliances*
=========================
Group name : TAH TONG GROUP
Activities : Engaged in
construction, lease and sale of residential and commercial buildings.
*Subsidiaries, Joint-ventures & Affiliates*
=================================
TAH TONG TEXTILE INDONESIA PT
Established as a joint-venture between the following partners:
- TAH TONG TEXTILE CO LTD
- EVER GLORY INVESTMENT CO LTD
Note : The company was closed since 2004.
*(Subsidiaries, Joint-ventures & Affiliates)
================================
Company Name : GREAT BELL
PRINTING & DYEING CO LTD
Address : 6 Chung Shan Rd Section 3 Wujih Hsiang 414 Taichung Hsien
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Textiles & Raw Material
Company Name : HANBO LIVESTOCK & FARMING PRODUCT CO LTD
Address : 340 Lane 485 Fan Han Rd Section 1 Han Pao Village Fangyuan
Hsiang 528 Changhwa Hsien Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Agricultural Products
Company Name : MAGSPIN TEXTILE CORP
Address : 3Fl 346 Nanking East Rd Section 3 Sungshan Dist Taipei City
105 Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private Limited Company
Company Type : Manufacturer
Industry : Textiles & Raw Material
Company Name : ORIENT CAPITAL CORP
Country : Virgin Islands (British)
Relationship : Subsidiary
Legal Form : Private Limited Company
Company Type : Service
Industry : Financial Services - General
PAYMENT RATING : 4 OBTAINED SCORES : 48
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Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The rating indicates the payment
pattern of SC based upon our Payment Database, comments from suppliers of SC,
information from banks (if available), as well as industrial sources.
Dealings on open terms may be possible for SMALL
amounts depending on individual judgement experience.
*BANK DETAILS*
===============
Bank Name : FAR EASTERN INT'L BANK
Branch : Ta-an Dist,Taipei City
Branch Address : 27Fl Taipei Metro Bldg 201-209 Tun Hua South Rd Section
2 Ta-an Dist Taipei City 106 (Head Office)
SWIFT Code : FEINTWTP
Bank Name : FIRST COMMERCIAL BANK CO LTD
Global Identifier : 31535094
Branch : Chungcheng Dist,Taipei City
Branch Address : 10Fl, 30 Chungking South Rd Section 1 Chungcheng Dist
Taipei City 100 (Head Office)
SWIFT Code : FCBKTWTP
Bank Name : HUA NAN COMMERCIAL BANK LTD
Branch : Chungcheng Dist,Taipei City
Branch Address : 38 Chung King South Rd Section 1 Chungcheng Dist Taipei
City 100 (Head Office)
SWIFT Code : HNBKTWTP
Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD
Branch : Chungshan Dist,Taipei City
Branch Address : 100 Chi Lin Rd Chungshan Dist Taipei City 104 (Head
Office)
SWIFT Code : ICBCTWTP
Bank Name : TAIWAN BUSINESS BANK
Branch : Tatung Dist,Taipei City
Branch Address : 30 Ta Cheng St Tatung Dist Taipei City 103 (Head
Office)
SWIFT Code : MBBTTWTP
Bank Name : CATHAY UNITED BANK
Branch : Chungcheng Dist,Taipei City
Branch Address : 65 Kuan Chien Rd Chungcheng Dist Taipei City 100 (Head
Office)
SWIFT Code : UWCBTWTP
Bank Name : CHINFON COMMERCIAL BANK
Branch : Chungcheng Dist,Taipei City
Branch Address : 1 Nanyang St Chungcheng Dist Taipei City 100 (Head
Office)
SWIFT Code : CFCBTWTP
Balance Sheet
Currency : NTD
Denomination : In thousand
Financial year ending : December 31
2005 2004 2003 2002 2001
--------------- --------------- ---------------- --------------- ----------------
Current Assets 788,588 887,682 1,004,559
1,102,856 1,267,254
Funds & long-term investments
480,062
588,719
725,498 873,887 1,112,925
Property 823,412 968,061 1,032,282 729,533 782,061
Other Assets 57,779 51,720 61,666
154,677 131,800
Intangible Assets 11,853 21,934 43,484
31,010 46,350
Total Assets
2,161,694
2,518,116
2,867,489 2,891,963 3,340,390
Current Liabilities (Before)
950,154
1,232,682 1,425,249 1,375,113 1,427,400
(After) 1,232,682 1,425,249 1,375,113 1,427,400
Long-term Liabilities
236,827
215,862
282,177 171,133 154,597
Other Liabilities 148,619 141,060 149,846
133,422 161,860
Total Liabilities (Before)
1,496,613
1,916,358 2,191,236 1,784,689 1,849,215
(After) 1,916,358 2,191,236 1,784,689 1,849,215
Common stock
1,079,004
1,079,004 1,079,004 1,625,006 1,625,006
Capital Reserve
144,893 162,712 681,954
Retained Earnings (Before) (595,665) (499,562)
(610,464) (546,859) (864,306)
(After) (499,562) (610,464) (546,859) (864,306)
Total Shareholder's
Equity (Before) 665,081 601,758
676,253 1,107,274 1,491,175
(After) 601,758 676,253 1,107,274 1,491,175
Income Statement
Currency : NTD
Denomination : In thousand
2005 2004 2003 2002 2001
---------------
---------------
----------------
---------------
----------------
Operating revenue 1,282,693 1,554,902
1,425,690 1,627,863 1,866,582
Gross Profit 77,770
121,047 103,197 34,933 (19,187)
Operating Income (25,095) 14,224 (4,956)
(88,616) (229,343)
Non-operating income 134,762 100,396 70,914 35,482
66,059
Non-operating expense 188,891 174,527 657,914
302,346 270,424
Net Income (96,049) (51,647) (584,162) (364,506)
(450,957)
Earnings (losses) per share (After)
(0.90)
(0.49)
(5.49) (3.42) (2.77)
*Financial Ratios*
==============
2005 2004 2003 2002 2001
--------------- ---------------
---------------- --------------- ----------------
Ratio of liabilities to Assets %
69.23
76.10 76.42 61.71 55.36
Ratio of long-term capital to
fixed Assets % 109.53 84.46 92.50
189.63 223.91
Current ratio % 83.00 72.01 70.48 80.20 88.78
Quick ratio % 44.74 38.70 36.73
40.72 34.80
Interest coverage
(0.57) (0.24) (8.88) (3.27) (2.94)
Turnover of receivable (times)
6.02
6.59
6.95 7.22 6.58
Average collection period of
receivable
61
55
53 51 55
Turnover of inventories (times)
2.83
2.97 2.43 2.32 1.83
Turnover of expense (times)
8.93
9.71
10.18 15.72 22.01
Average days of sales 129
123 150 157 200
Turnover of fixed assets (times)
1.43
1.55
1.62 2.15 2.39
Turnover of total assets (times)
0.59
0.62
0.50 0.56 0.56
Return on total assets %
(2.49)
(0.57)
(18.72)
(9.69) (9.90)
Return on shareholder's Equity % (15.16) (8.08) (65.51) (28.06)
(26.28)
Operating Income (2.33) 1.31 (0.46)
(5.45) (14.11)
Net Income before tax (7.34) (5.55) (54.86)
(21.88) (26.69)
Profit margin % (7.49) (3.32)
(40.97) (22.39) (24.16)
Retroactive (0.90) (0.49) (5.49) (3.42) (2.77)
Cash flows ratio % 4.67
8.35
6.78 10.15 25.34
Cash flows adequacy %
1,069.75
607.14
245.80 100.91 19.21
*Financial Summary (Currency: U.S. $'s)
===============================
Year Sales Assets Net Income
2001 $54,166,627.97 $96,935,287.29 -$13,086,390.02
2002 $46,791,118.14 $83,126,271.92 -$10,477,321.07
2003 $41,109,861.59 $82,684,227.22 -$16,844,348.33
2004 $46,763,969.92 $75,732,812.03 -$1,553,293.23
2005 $40,527,424.96 $68,299,968.40 -$3,034,723.54
*Int´l Trade Activity (Currency: U.S. $'s)
==============================
Year Imports Exports Total
2001 n/a $10,833,325.59
$10,833,325.59
2002 n/a $9,358,223.63
$9,358,223.63
2003 $10,557,353.98 $2,601,842.99 $13,159,196.97
2004 $15,013,121.98 $3,922,732.99 $18,935,854.97
2005 $12,970,497.98 $4,388,115.99 $17,358,613.97
SC is considered medium-sized in its line with a long history but fair
financial conditions. A credit line up to USD 1,000,000
would appear to be within SC’s capacities upon a periodical review basis.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2211 Broad
woven fabrics, cotton
Exporting 2281 Yarn,
spun, of cotton, man-made fibers, and silk
Importing 2281 Yarn,
spun, of cotton, man-made fibers, and silk
Manufacturing 2211 Broad
woven fabrics, cotton
Manufacturing 2221 Broad
woven fabrics, manmade fibers and silk
Manufacturing 2241 Narrow
woven fabrics
Manufacturing 2254 Knit
Under/Nightwear Mills
Manufacturing 2281 Yarn, spun, of cotton, man-made
fibers, and silk
Service 2259 Knitting
Mills, NEC
Service 2282 Yarn
Mills
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 5205220000 Single combed cotton yarns, greater than or equal to 85 percent
cotton, greater
than
14 nm but less than or equal to 43 nm, not put up for retail sale
Exporting 5206220000 Single combed yarns, of cotton, less than 85 percent by weight
of cotton, greater
than
14 nm but less than or equal to 43 nm, not up for retail sale
Exporting 5208192000 Woven fabrics of cotton, 85% or more cotton by weight,
unbleached satin or twill
weighing
not over 200 g/m2
Exporting 5208392000 Woven fabrics of cotton, 85% or more cotton by weight, dyed
satin or twill,
weighing
not over 200 g/m2
Exporting 5209320000 Woven fabrics of cotton, 85% or more cotton by weight, dyed
3-thread or 4-
thread
twill, including cross twill, weighing over 200 g/m2
Exporting 5209390020 Woven fabrics of cotton, dyed satin weave or twill weave;
sateens, greater than
or
equal to 85 percent by weight of cotton, greater than 200 g/m2
Exporting 5500 Man-made
staple fibers, inc. yarns etc.
Exporting 5509590000 Yarns, other than sewing thread, of polyester staple fibers,
mixed mainly or solely
with
other fibers, not put up for retail sale
Importing 5201000500 Cotton, not carded or combed, having a staple length less than
19.05mm (3/4
inch),
harsh or rough
Importing 5205 Cotton
yarn (not sewing thread) nu 85% cot no retail
DETAILED PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Manufacturing Cotton/synthetic mixture
Manufacturing Fabrics, cotton linen
Manufacturing Knitted clothes
Manufacturing Linen fabrics
Manufacturing Yarn spinning
Manufacturing Two-way stretch fabrics
Manufacturing Stretch
fabrics
Manufacturing Spun yarns, rayon
Manufacturing Slub yarns
Manufacturing Satin fabrics
INTERNATIONAL TRADE : ACTIVITY & MARKETS
Exporting to Asia
Exporting to Australia
Exporting to China
Exporting to Hong Kong
Exporting to India
Exporting to Indonesia
Exporting to Japan
Exporting to North America
Exporting to Oceania
Exporting to Philippines
Exporting to Thailand
Exporting to USA
Exporting to Vietnam
Importing from Asia
Importing from Brazil
Importing from Burkina Faso
Importing from Europe
Importing from Germany
Importing from Japan
Importing from Mali
Importing from North America
Importing from Senegal
Importing from Switzerland
Importing from USA
Importing from Zambia
Importing from Zimbabwe
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)