MIRA
INFORM REPORT
|
Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SVI PUBLIC COMPANY LIMITED |
|
|
|
|
Registered Office : |
33/10 Moo 4,
Chaeng Wattana Road,
Bangtalad, Pakkred, Nonthaburi 11120 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1985 |
|
|
|
|
Com. Reg. No.: |
0107537001790 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Provides Electronic Manufacturing Services |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
name
SVI PUBLIC COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 33/10 MOO 4, CHAENG
WATTANA ROAD, BANGTALAD,
PAKKRED,
NONTHABURI 11120, THAILAND
TELEPHONE : [66]
2574-5671
FAX :
[66] 2574-5672-3, 2574-0667
E-MAIL ADDRESS : hrm@svi.co.th
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1985
REGISTRATION NO. : 0107537001790 [Former: BOR. MOR. JOR. 426]
CAPITAL
REGISTERED : BHT.
1,861,078,070
CAPITAL
PAID-UP : BHT.
1,462,508,320
FISCAL
YEAR CLOSING DATE: DECEMBER 31
LEGAL STATUS : PUBLIC LIMITED COMPANY
EXECUTIVE : MR.
PONGSAK LOTHONGKAM, THAI
PRESIDENT &
CHIEF EXECUTIVE OFFICER
NO. OF
STAFF : 2,050
LINES OF
BUSINESS : ELECTRONIC
AND TECHNOLOGY BUSINESS
MANUFACTURER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD WITH
NORMAL BUSINESS ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject was initially
established on August
2, 1985 as
a private limited
company under the
name style SEMICONDUCTOR VENTURES INTERNATIONAL CO.,
LTD. by Mr.
Peter David Yewdall.
The subject is an
Electronic Manufacturing Services
[EMS] provider, offer
a complete range of manufacturing services to Original
Equipment Manufacturers [OEM], with the promotional privileges granted by
the Board of
Investment, Thailand.
SVI started with a
registered capital of only 400,000
baht. Production began
in January, 1987,
with a staff of 22
of which 3 were
supervisors and an
assembly line work
forces of 19.
The factory at
that time was
rented in Yannawa
area.
At present, the subject’s
major shareholder is
Asia Pacific Electronic
[BVI] Limited, a
member of H&Q
Asia Pacific Group
in U.S.A.
The subject expanded
its production to
meet the high
growth of overseas
demand in electronic products
and service in
various industries such
as industrial control,
telecommunication,
satellite receiver, office
automation and automobile. The subject decided to
invite the public
to participate through the
Securities Exchange of
Thailand on September
18, 1989. On May
25, 1994, its status
was converted into
a public limited
company under the name SEMICONDUCTOR VENTURES INTERNATIONAL PUBLIC CO., LTD.
The subject was
approved for ISO
9002, ISO/TS 16949 : 2002 Certificates, and at the
end of 2001, it was
certified for ISO
14001 which is
international standard focusing
on environment as
well.
On February 5,
2003, its name
was changed to
SVI PUBLIC COMPANY
LIMITED. The subject currently
employs 2,050 staff.
The subject’s registered
address is 33/10
Moo 4, Chaeng Wattana Road,
Bangtalad, Pakkred, Nonthaburi
11120, and this
is the subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
Nationality |
Age |
|
|
|
|
|
Mr. Pruchya Piumsomboon |
Thai |
55 |
|
Mr. Virapan Pulges |
Thai |
46 |
|
Mr. Threekwan Bunnag |
Thai |
50 |
|
Mr. Pongsak Lothongkam |
Thai |
47 |
|
Mr. Suwan Valaisathira |
Thai |
65 |
AUTHORIZED PERSON
Two of the above directors
can jointly sign
on behalf of
the subject with
company’s affixed.
MANAGEMENT
Mr. Pongsak
Lothongkam is the President &
Chief Executive Officer.
He is Thai nationality with
the age of
47 years old.
Mr. Ruangpoj
Phakdurong is the Vice President,
Business Development.
He is Thai nationality.
Mrs. Pissamai
Saibua is the
Chief of Financial
Officer.
She is Thai nationality.
Mr. Prayut Chinmahawong is
the Director of
Operation.
He is Thai nationality.
Mr. Robert Joseph
Chowanice is the Director of
Marketing and Sales.
He is American nationality.
Mrs. Saovanee Chirachon
is the Director of Material
Management.
She is Thai nationality.
Mr. Pichet
Kanogsirima is the Assistant Director
of Global Sourcing.
He is Thai nationality.
Mr. Virat
Phugthai is
the Assistant Director
of Business Development.
He is Thai nationality.
Mr. Teerachart
Sarttrapai is the Assistant Director
of Head of
China Plant Operation.
He is Thai nationality.
Mr.
Chatchaval Vimukdakhom is
the Assistant Director
of Project Coordination.
He is Thai nationality.
Mr. Carsten Bremerkov
is the Director of Sales - Scandinavia.
He is American nationality.
Mr. Manoon Noonate is the
Director of Human
Resources.
He is Thai nationality.
Mr. Suporn Limchunhanukul is
the Assistant Director
of Operation
He is Thai nationality.
BUSINESS OPERATIONS
The subject is
a subcontractor that
provides Electronic Manufacturing Services [EMS], used for
electronic consumer products
and industrial OEM
products and others,
such as design
houses according to
their specifications. Its
product can be
categorized as follows:
1.
Turnkey Box-Build
2.
System-Build
3.
PCBA Assembly
Its products are
used in various
types of industries
as follows:
·
Industrial Control System:
Refrigeration Control for
Ship Container, Water
Pump Controller, Industrial
Control Module, Burn-in
Test System Board,
Switching Power Supply
& etc.
·
Telecommunication : Satellite
Receiver, Satellite Radio,
ISDN/Analog Telephone &
PABX, Caller ID, ADSL, Public Telephone
System.
·
Office Automation: Server
Laser Printing Board,
Bubble Jet Printer
Board, Fax Machine
Controller Board, Auto-Focus
Camera Controller, Hand-Held
Computer & etc.
·
Professional Audio and
Video: Dolby Studio.
·
Automotive: Electronic Power
Steering, Wheel Balancer
& etc.
·
Consumer: RF Security
Alarm System, RF
Remote Control &
etc.
·
Medical Laboratory
Its
product reference are
the followings:
Industrial Control
·
Washing Machine Control
·
Water Pump Control
·
Automotive Scanner
·
Industrial Control Module
·
Led Panel Display
Board
·
Burn-In Test System
Board
·
Ship Refrigeration System
Control
Office Automation
·
Laser Printer Board
·
Bubble Jet Printer
Board
·
Fax Machine Control
Board
·
Camera Automatic Focus
Control
Audio and
Video
·
Dolby Surround Audio
System
Electronic Module
·
Coffee Timer Module
·
Smart Card Reader
·
Radio Controlled Clock
·
Metering Module
Telecommunication
·
Satellite Receiver
·
Pager Printer
·
ISDN Telephone &
PABX
·
Analogue Telephone &
PABX
·
Caller ID
·
Telephone Charge Counter
·
RDS & VPS System
IMPORT [COUNTRIES]
The subject purchases
raw materials and
components from both
local and overseas
suppliers for more
than 50 companies.
89% of the raw material
& component are
imported from Singapore,
Hong Kong, Taiwan,
Japan, Republic of China, Germany, the United States
of America and
Denmark, and the remaining 11% are purchased
from local suppliers.
EXPORT [COUNTRIES]
96% of the products is
exported worldwide mainly
to Scandinavian [49%], North
America [14%], Europe
[3%] and others [30%].
The majority of
the subject’s products
were exported through
direct sales or
via sales agents
in overseas.
SALES [LOCAL]
4% of the products is
sold to local industrial
manufacturers, wholesalers and
end-users.
MAJOR CUSTOMER
SVI Scandinavia Aps. : Denmark
SUBSIDIARY &
AFFILIATED COMPANIES
There are 3
subsidiaries located in
overseas as follows:
Globe Vision
Company Limited
Location : British Virgin
Islands
SVI China
Limited
Location : Hong
Kong
SVI Electronic
[Tienjin] Co., Ltd.
Location : Republic of China
LITIGATIONS
Bankruptcy and
Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Purchasings are on
the credit terms
of 30-60 days.
Imports are by
L/C at sight and T/T
on the credit term of
30 days.
Selling terms are
by cash or
on the credit terms of
30-60 days
Exports are by
L/C at sight, D/A and
T/T.
BUSINESS TRANSACTIONS
In term of
purchasing, the subject currently has over
50 suppliers both
local and overseas,
with the maximum
credit granted at
60 days and
30 days from local
and overseas suppliers
respectively.
In term of
sales, the subject currently has over
100 customers both
local and overseas.
The majority is
found by OEM
customers. The maximum
credit given to
local customers is
60 days credit
term, where as L/C
at sight, D/A
and T/T are required for
overseas customers.
BANKING
Bank Thai
Public Co., Ltd.
[Sathorn Branch : 175 South Sathorn Rd.,
Thungmahamek, Sathorn, Bangkok 10120]
The Siam
Commercial Bank Public
Co., Ltd.
[Head Office : 9
Ratchadapisek Rd., Ladyao,
Jatujak, Bangkok 10900]
Export-Import
Bank of Thailand
[EXIM]
[Head Office : 1193
Phaholyothin Rd., Phyathai,
Bangkok 10400]
ABN-AMRO
Bank NV.
[Bangkok Branch
: 179/3 South
Sathorn Rd., Bangkok 10120]
EMPLOYMENT
The subject employs 2,050
office staff and
factory workers.
LOCATION DETAILS
The premise is
owned for administrative office, factory and
warehouse at 33/10
Moo 4, Chaeng Wattana Rd.,
Bangtalad, Pakkred, Nonthaburi
11120. It is
located outskirts of
Bangkok.
The other factory is located
at 141 Moo 5, Tivanond Rd.,
Bangkadee, Pathumthani 12000.
The total area
is 20,800 square meters and 1,352 square meters. Two buildings have been
built up in
1989 and 1991,
one for printed
circuit board assemblies
[PCBA], the other
for assembling complete
turnkey products.
COMMENT
The Electronics Manufacturing Services (EMS)
sector is robust and growing.
Adoption of electronics outsourcing from traditional
and, more importantly, non-traditional
markets is creating
healthy opportunities for
the sector and
SVI, as evidenced
in its 2006 results. The
assessment of the
industry outlook is
very positive while
it has a business model
to enhance share
of the market. It is
flexible and able
to compete with
any approach in
the industry.
The subject remains
a trusted, stable
partner for its
customers with an
incredible foundation for
long-term success.
FINANCIAL INFORMATION
The capital was
registered at Bht.
400,000 which was
divided into 4,000 shares of Bht. 100 each.
The capital was
increased later as
followings:
Bht. 3,000,000 on November 14,
1985
Bht. 8,000,000
on January 30,
1987
Bht.
20,000,000 on March
15, 1988
Bht.
21,000,000 on June
14, 1989
Bht.
30,000,000 on August
10, 1989
Bht.
50,000,000 in 1991
Bht.
160,000,000 in N/A
Bht.
872,099,910 in 1999
Bht.
1,543,585,720 in 2000
Bht.
1,882,969,530 in 2001
Bht.
1,919,794,860 in May
2003
Bht.
1,983,605,460 in May
2004
The latest registered capital
was decreased to Bht. 1,861,078,070 divided
into 1,861,078,070 shares of
Bht. 1 each.
MAIN SHAREHOLDERS: [as
at October 24,
2007] at Bht. 1,462,508,320 of
capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
DBS Vickers
Securities [Singapore] Pte.
Ltd. Nationality : Singaporean Address : 989 Siam
Tower, Rama 1 Rd.,
Pathumwan, Bangkok 10330 |
877,318,460 |
60.00 |
|
Thai NVDR
Co., Ltd. Nationality: Thai Address : 62 Ratchadapisek Rd.,
Klongtoey, Bangkok 10110 |
88,487,300 |
6.00 |
|
Mr. Pongsak Lothongkham Nationality: Thai Address : - |
32,092,660 |
2.00 |
|
Ms. Varaporn
Harnkraivilai Nationality: Thai Address : 1265 Vichienchodok Rd., Mahachai, Muang, Samutsakorn |
20,000,000 |
1.00 |
|
Citibank Nominees
Singapore Pte. Ltd. Nationality: Singaporean Address : - |
19,358,600 |
1.00 |
|
UBS AG
Singapore, Branch-PB Securities Nationality: Singaporean Address : Singapore |
17,306,000 |
1.00 |
|
Mr.
Supachai Vacharasuntara Nationality: Thai Address : - |
11,000,000 |
1.00 |
|
Mr. Nakorn
Harnkraivilai Nationality: Thai Address : 119/99 Vichienchodok Rd., Mahachai, Muang, Samutsakorn |
10,000,000 |
1.00 |
|
Ms. Anchana Pinijkusolchit Nationality: Thai Address : - |
7,600,000 |
1.00 |
|
Other Shareholders |
379,345,300 |
26.00 |
Total Shareholders
3,115
NAME OF AUDITOR &
CERTIFIED PUBLIC
ACCOUNTANT NO.
Mr. Sopon Permsiriwallop No. 3182
Ernst & Young Office Limited
BALANCE SHEETS FOR THE YEARS
ENDED
DECEMBER 31,
2006 AND 2005
ASSETS
|
Current
Assets |
2006 |
2005 |
|
|
|
|
|
Cash and cash
equivalents |
30,927,601 |
282,466,255 |
|
Accounts receivable - trade -
net |
1,070,794,490 |
763,645,647 |
|
Trade accounts receivable-subsidiary |
60,767,841 |
- |
|
Inventories – net |
1,259,442,277 |
940,201,603 |
|
Advance payment for
purchase of materials |
12,057,697 |
13,384,662 |
|
Refundable value added
tax |
4,779,745 |
6,163,261 |
|
Refundable custom duty
tax |
1,232,872 |
2,375,690 |
|
Other current assets |
6,463,200 |
4,541,099 |
|
|
|
|
|
Total Current
Assets |
2,446,465,723 |
2,012,778,217 |
|
Non-current assets |
|
|
|
Restricted deposits
at financial institutions |
5,514,167 |
5,344,938 |
|
Long Term Loan
to subsidiaries company |
58,799,913 |
36,202,296 |
|
Property, plant
and equipment-net |
612,529,798 |
598,844,912 |
|
Software computer-net |
26,288,084 |
35,766,437 |
|
Other Assets |
514,043 |
635,003 |
|
|
|
|
|
TOTAL |
3,150,111,728 |
2,690,068,483 |
LIABILITIES AND SHAREHOLDERS’
EQUITY
|
Current
Liabilities |
2006 |
2005 |
|
|
|
|
|
Short term loans
from financial institutions |
20,000,000 |
- |
|
Accounts payable trade |
765,983,585 |
565,096,235 |
|
Trade account payable-subsidiary |
2,483,585 |
1,787,400 |
|
Current portion of
long–term loan |
43,476,960 |
49,409,520 |
|
Current portion of
hire-purchase contract payables |
2,865,943 |
3,232,626 |
|
Income tax payable |
5,813,844 |
6,788,010 |
|
Accrued commission |
269,404 |
452,092 |
|
Accrued transportation |
28,899,761 |
19,067,274 |
|
Advanced receipt-raw material |
9,885,762 |
1,636,460 |
|
Advanced receipt-equipment |
32,260,501 |
12,950,754 |
|
Accrued expenses |
14,131,834 |
18,183,033 |
|
Other current liabilities |
17,998,071 |
25,648,404 |
|
|
|
|
|
Total Current
Liabilities |
944,069,250 |
704,251,808 |
|
|
|
|
|
Investment in Subsidiaries Company |
29,289,991 |
1,853,963 |
|
Long Term Loan -Net o f Current Portion |
17,014,889 |
68,746,141 |
|
Hire-Purchase Contract Payables - Net |
3,960,135 |
3,871,869 |
|
Total Long-term
Liabilities |
50,265,015 |
74,471,973 |
|
|
|
|
|
Total Liabilities |
994,334,265 |
778,723,781 |
|
|
|
|
|
Shareholders’ Equity |
|
|
|
Share capital |
|
|
|
Registered |
|
|
|
186,407,807 ordinary shares of Baht 10 each |
|
|
|
[2005:
154,156,059 ordinary shares of Baht 10
each ] |
1,864,078,070 |
1,541,560,590 |
|
Issued and
paid-up share capital |
|
|
|
145,625,198 ordinary shares of Baht 10 each |
|
|
|
[2005 : 143,491
ordinary shares of Baht 10
each ] |
1,456,251,980 |
1,434,912,320 |
|
|
|
|
|
Capital Paid |
1,456,251,980 |
1,434,912,320 |
|
Premium on ordinary
shares |
2,799,378 |
2,799,378 |
|
Discount on ordinary
shares |
[5,411,917] |
[3,503,736] |
|
Translation adjustment |
1,948,780 |
[226,912] |
|
Statutory reserve |
50,008,263 |
31,006,123 |
|
Retained earnings [deficit] |
650,180,979 |
446,357,529 |
|
|
|
|
|
Shareholders’ Equity-Net |
2,155,777,463 |
1,911,344,702 |
|
|
|
|
|
Total Liabilities and Shareholders’ Equity |
3,150,111,728 |
2,690,068,483 |
STATEMENTS OF
EARNINGS
|
Revenues |
2006 |
2005 |
|
|
|
|
|
Net sales |
5,137,069,944 |
4,398,385,129 |
|
Gain on exchange
rates |
19,882,155 |
19,234,810 |
|
Other income |
45,212,445 |
39,394,597 |
|
|
|
|
|
Total Revenues |
5,202,164,544 |
4,457,014,536 |
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
Cost of sales |
4,640,177,158 |
3,991,521,552 |
|
Selling and administrative expenses |
222,321,361 |
187,325,941 |
|
Shares of loss
from investment |
29,611,720 |
3,686,136 |
|
|
|
|
|
Total Expenses |
4,892,110,239 |
4,182,533,629 |
|
Profit from Operation |
310,054,305 |
274,480,907 |
|
Interest Expenses |
[7,984,663] |
[6,363,606] |
|
Income Tax |
[7,498,436] |
[11,458,566] |
|
|
|
|
|
Net Income |
294,571,206 |
256,658,735 |
|
Retained Earning
of Year |
1,911,344,702 |
1,651,763,604 |
|
Dividend paid |
[71,456,616] |
[226,912] |
|
Ordinary shares |
19,431,479 |
3,149,275 |
|
|
|
|
|
Retained Earning
End of Year |
2,155,777,463 |
1,911,344,702 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
16.79 |
|
|
Operating Profit |
4.55 |
|
|
Net Profit |
14.77 |
|
|
Fixed Assets |
2.29 |
|
|
Total Assets |
17.10 |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
90.33 |
90.75 |
|
Operating Profit Margin |
6.61 |
6.32 |
|
S & A
Expenses |
4.33 |
4.26 |
|
Interest Paid |
0.16 |
0.14 |
|
Other Revenues |
1.27 |
1.33 |
|
Net Profit Margin |
5.73 |
5.84 |
|
Earning Per Shares |
2.02 |
1.79 |
|
No. of Shares |
145,625,198 |
143,491,232 |
Net Sales was
increased by 16.79%,
Operating Profit was
increased by 4.55%,
Net Profit was
increased by 14.77%,
Fixed Assets was
increased by 2.29%,
Total Assets was
increased by 17.10%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 90.75%
to 90.33%, Operating
Profit Margin was
increased from 6.32%
to 6.61%, S
& A Expenses
was increased from
4.26% to 4.33%,
Interest Paid was increased
from 0.14% to
0.16%, Other Revenues
was decreased from
1.33% to 1.27%,
Net Profit Margin
was decreased from
5.84% to 5.73%.
Earning Per Shares
was increased from
1.79 baht per
share to 2.02
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
2.59 |
2.86 |
|
Quick-Assets Ratio |
1.23 |
1.49 |
Current Ratio was
decreased from 2.86
to 2.59, show
Current Assets can cover Current
Liabilities, Liquidity Ratio
of the company was good, Quick-Assets Ratio was decreased
from 1.49 to
1.23, capacity to
pay Short Term
Loan was good
too, because Current
Assets without Inventory
can cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
0.46 |
0.41 |
|
Times Interest Earned |
42.54 |
43.71 |
D/E Ratio was
increased from 0.41
to 0.46, show
the company had
fund from Equity
more than fund
from Loan, investment
risked of the
company is to
low, Times Interest
Earned was decreased
from 43.71 to
42.54, capacity to
pay interest paid
was good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
8.39 |
7.34 |
|
Total Assets Turnover |
1.63 |
1.64 |
|
Return on Assets |
9.35 |
9.54 |
|
Return on Equity |
13.66 |
13.43 |
|
Day's Payable |
53.68 |
46.25 |
|
Day’s Inventories |
88.26 |
76.95 |
|
Day’s Receivables |
4.26 |
0.00 |
Fixed Assets Turnover
was increased from
7.34 times to
8.39 times, Total
Assets Turnover was
decreased from 1.64
times to 1.63
times, show the
company could use
Fixed Assets so efficiently, Return
on Assets was
decreased from 9.54
to 9.35, Return
on Equity was
increased from 13.43
to 13.66, capacity
to use Assets to make
profit was good.
Day's Payable was
increased from 47
days to 54
days, Day’s Inventories
was increased from
77 days to
89 days, and
Day’s Receivables was
increased from 0
days to 5
days.
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. |
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%)