MIRA
INFORM REPORT
|
Report Date : |
10.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HUIKWANG CORP |
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Registered Office : |
17-10 Ling Tzu Lin Matou Chen Tainan Hsien 721 |
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Country : |
Taiwan |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
27.12.1965 |
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Com. Reg. No.: |
69546202 |
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Legal Form : |
Public Company |
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Line of Business : |
Research and development of technologies related to fungicides,
herbicides, and related products. Manufacturing of various types of fungicides, herbicides, and related
products. Selling to both domestic and international markets. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 2,000,000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name & address
HUIKWANG CORP
17-10 LING TZU LIN MATOU CHEN
TAINAN HSIEN 721, TAIWAN
TEL: 886-6-5702181 FAX: 886-
6-5700065
EXECUTIVE SUMMARY
INCORPORATION DATE : DECEMBER
27, 1965
REGISTRATION NO. :
69546202
LEGAL FORM :
PUBLIC COMPANY
CHIEF EXECUTIVE :
MR. TONY JUNG-TUNG CHEN (PRESIDENT)
STAFF STRENGTH :
141
CAPITAL :
US$ 24,844,721
BUSINESS LINE :
MANUFACTURER
TURNOVER :
NTD 1,447,462,000 (AS OF 2007)
EQUITIES :
NTD 1,389,629,000 (AS OF 2007)
PAYMENT :
ABOVE AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 2,000,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
TWD 33.49831 = US$1
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*
===============
1965 - Founded in Tainan,
Taiwan to perform R & D, manufacture and marketing of crop protection and
household pest control products
1982 -
New research, production and administration facilities were constructed in Matou,
Taiwan and have been the headquarters
1985 -
HKS Farmer Service Station were set up nationwide to provide an integrated crop
protection solution and instant services
1988 -
Acquired PHADA INDUSTRIAL CO LTD
1999 -
Became a public company
- Geosynthetic Business Group was set up and specialized in developing
and
manufacturing Huitex geomembranes
2000 - Biological Business Group
is under development
2003 -
Merged SHANGHAI HUI KWANG CHEMICAL CO LTD, which was established in Shanghai,
China
20 March, 2004 - Became
listed in Taiwan Stock Exchange - OTC Market
*Company Name*
==============
Incorporated as : HUI KWANG
CHEMICAL CO LTD
Date incorporated : 27 December, 1965
Changed name to : HUIKWANG CORP
Year of change : 2003
*Licenses & Permits*
================
(1)
License number : 9965635200
Date issued : 17 July,
1984
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
(2)
License number : 9965635300
Date issued : 5
November, 1999
Issuing authority : Industrial
Development Bureau, MOEA
Type of license : Factory
license
*Capital Details*
=============
Authorized capital : NTD
800,000,000.00
Initial paid-up capital : NTD
600,000.00
Paid-up capital increases as follows:
Year
Amount (NTD)
------
---------------------
1982
50,000,000.00
1984
80,000,000.00
1989
120,000,000.00
1992
160,000,000.00
1997
199,000,000.00
1999
368,600,000.00
2000
428,890,000.00
2001
466,279,000.00
2002
489,592,950.00
2003 538,552,240.00
2004
566,312,660.00
2005
596,398,030.00
2006
609,816,990.00
2007
684,348,800.00
- 694,686,830.00
*Office & Facilities*
================
Size :
5,622 sq. meters (Approx)
Location :
Tainan Hsien
Property status : Owned
by HUIKWANG CORP
Type of building :
Industrial building
Comment : Serves as office and factory
Other Contact Details
-----------------------------
E-mail address : huikwang@mis.hkc.com.tw
Website :
www.hkc.com.tw
Previous Contact Details
---------------------------------
(1)
Address : 225
Tung Min Rd Section 1, Tainan City, 709
Tel no. :
6-2375146
(2)
Address : 71-1
Yung Feng Rd, Taichung Hsien, 411
Tel no. :
4-22705185
*Factories, Size & Locations*
=======================
Size :
6,000 sq. meters (Approx)
Location :
Tainan Hsien
Property status : Rented
Type of building : Industrial
building
*Corporate & Organization Structure*
=============================
A medium sized company operated and managed by an experienced team of
professionals.
The company is listed on the OTC (Over-the-counter Exchange) but is
considered a "public company" belonging to the category of
"Shang gui" (Emerging Public companies).
Organization and management of the company is divided into the following
1. Crop Protection Business Group
- Engaged in the development, production and
marketing of crop protection products.
2. Geosynthetic Business Group
- Engaged in
developing, manufacturing and promoting superior geomembranes, one of the most
important modern technical productions for critical containment uses.
- Also brings related geotechnical products as
geomembranes, geotextiles, geocells, and geogrids.
3. Specialty Chemical Business
Group
- Engaged in the development of specialty
chemical products and also plays a supplementary role to the Crop Protection
Business Group in developing specially designed agents to meet high performance
andlow dosage requirements.
- Another core business with the group is
Epoxy Technology, which is widely applied for wood, furniture, metal and
electronic adhesive as well as flooring.
Organization Chart
-------------------------
Chairman
|
General Manager
|
|----------------|--------------|--------------|----------------|
Sales Marketing R & D Factory
General
Department Department Department
Operations Administration
| |
Sales |----------|
Offices Export Import
*Awards*
========
Award : The 8th Rising
Star Award
Awarded by : Taiwan Export Competency
Year : 2005
*Industry Ranking*
==============
Ranked 1491st among Taiwan's largest manufacturing corporations in 1991
Generally regarded as one of the Top 5000 Companies in Manufacturing
Industry of Taiwan, details of rank are as follows:
Year Rank
------ -------
2005 1997
2006 1924
2007 1846
Ranked as one of the Top 1000 Manufacturers in Taiwan in 2006
Ranked as one of the Top 100 Generic Pesticide Manufacturers (AGROW) in
2007
*Registrar*
=========
SINOPAC SECURITIES CORP
*Accountants*
============
PRICEWATERHOUS COOPERS
www.huikwang.com The design is professional
and the content is well organized. At present it is in Chinese and English
versions.
E-mail: hkc@huikwang.com
For the past two years there is no record of litigation.
*Major Shareholders*
===============
Total number of shareholders: 8
Total number of shares : n/a
Shareholders Country Number Amount %
Mr. Ming-chih Tsai Taiwan n/a n/a n/a
Mr. Ming-tang Tsai Taiwan n/a n/a n/a
Mr. Yu-cheng Kuo Taiwan n/a n/a n/a
Ms. Fang-chun Lee Taiwan
n/a n/a n/a
HUIKWANG INVESTMENT Taiwan 12,964,276.00 n/a n/a
CO LTD
Mr. Tony Jung-tung Chen Taiwan 6,652,061.00 n/a n/a
Mr. Chen-mao Tang Taiwan 628,966.00 n/a
n/a
Mrs. Shu-ying Lai Kao Taiwan 30,583.00 n/a
n/a
Management: Ms. Chiu-pi Chu,
Manager
Mr. Wen-cheng Lo, Vice President
Mr. Kuan-hua Chen, General Manager
Name Nationality
Job Description Dept. / Division
Ms. Chiu-pi Chu Taiwanese
Manager Finance
Mr. Wen-cheng Lo Taiwanese
Vice President Sales & Marketing
Mr. Kuan-hua Chen Taiwanese
General Manager -
Mr. Tony Jung-tung Chen Taiwanese
President -
Mr. Hui-nan Chou Taiwanese
Vice General Manager -
Mr. Robin Yu-hung Chen Taiwanese
Vice General Manager -
*COMPANY DIRECTORS*
=====================
1
Name : Mr. Tony Jung-tung Chen
Nationality : Taiwanese
Country of Residence : Taiwan
2
Name : Ms. Chiu-ying Tang
Nationality : Taiwanese
*Main Products & Services*
======================
Specializes in the following areas of work:
1. Research and development of technologies related to fungicides,
herbicides, and related products.
2. Manufacturing of various types of fungicides, herbicides, and related
products.
3. Selling to both domestic and international markets.
Products also include:
Insecticides
----------------
- Chlorpyrifos
- Chlorpyrifos + Cypermethrin
- Cypermethrin
- Cartap
- Tebufenozide
- Dicrotophos
- Carbofuran
- Difubenzuron + Methomyl
- Difubenzuron
- Fenthion
- Methyl Parathion
- Mevinphos
- Omethoate
- Phosphamidon
- Methamidophos
- Methomyl
- Prothiofos
- Summer oil
- Profenofos
- Fenvalerate
- Terbufos
- Acephate
- Isoprocarb
- Methidathion
- Phorate
- Phosphamidon
- Niclosmide
- tert-BPMC
- Permethrin
Fungicides
---------------
- MAFA
- Pencycuron
- Myclobutanil
- Carbendazim
- Oxine-copper
- Mancozeb + Myclobutanil
- Thiophanate-methyl
- Chlorthalonil
- Chlorthalonil + Thiophanate-methyl
- Benomyl
- Oxine-copper + Thiophanate-methyl
- Mancozeb
- MAC
- Metalaxyl + Copper oxychloride
- Oxycarboxin
Miticides
-------------
- Bromopropylate
- Ethion
- Dicofol
- Fenbutation-oxide
Herbicides
---------------
- Atrazine
- Fluroxyppyr + glyphosphate
- Paraquat
- Metribuzin
- Butachlor
- Triclopyr
- Oxyfluorfen
- Pretilachlor
- Glyphosate
- Butachlor
Products: Calcium ammonium nitrate (CAN)
Calcium
nitrate
Chemicals
Concentrated dispersions
Crop protection
chemicals
*Brand*
======
HKC
Huetex
Hui Kwang
*Payment Terms*
==============
Sales
-------
Local : Cash
30-90 days credit
Export : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Purchases
--------------
Local : 30-90 days credit
Import : Letter of Credit (L/C)
Telegraphic
Transfer (T/T)
Open account /DA
terms with settlement using TelegraphicTransfer (T/T)
*Quality Certification*
==================
Obtained the following certifications:
(1)
Type of certification : ISO 9002
Year of certification : 1995
Details
: Such certification is for the
Matou Chemical plant.
(2)
Type of certification : ISO 9002
Year of certification : 2000
Details
: Such certification is for the
Matou geosynthetic plant.
(3)
Type of certification : ISO 14001
*Associations*
============
Member of :
- International Associatio of Geosynthetics Installers (IAGA)
*Competitors*
===========
The following locally based companies supply similar range of products:
- B J HONG ENTERPRISE CO LTD
- SINON CORP
- EVER SING CO LTD
- TAIWAN AGROCHEMICAL INDUSTRIES INC
- BAYER TAIWAN CO LTD
- FULON CHEMICAL INDUSTRIAL CO LTD
*Domestic Raw Materials Suppliers*
============================
20% of the materials are purchased locally.
*Local Distribution Network*
=======================
32% of the annual turnover is attributed to local sales.
*Imports*
===========
80% of raw materials are imported, breakdown are as follows:
Percent
Product
-------------
--------------
75 - Tributyl tin oxide
10 - Phosphites & methacrylic acid
10 - Fungicides & nematocides
*Exports Market*
===============
Approximately 68% of the annual turnover is attributed to export.
Export products can be categorized as the following:
Percent Product
----------
--------------
45 - Insecticides, technical grade
30 - Insecticides product
25 - Herbicides, technical grade
*Overseas Customers*
==================
Major overseas customers include:
- CHEVRON PHILLIPS
- QATAR CHEMICAL
*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
------ -------
1997 2051
2001 1888
2002 1986
2003 1568
2004 1223
2005 1063
2006 1019
2007 840
*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Company Name : HUI KWANG INT'L CO LTD
Address : Suite 802 St James Court St Denis St Port Louis Mauritius
Country : Mauritius
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Chemicals
Company Name : HUIKWANG (HK) INT'L CO LTD
Address : Rm 13A Tern Center - Tower 2 237-251 Queen's Rd Central Hong
Kong Hong Kong
Country : Hong Kong
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Chemicals
Company Name : HUIKWANG (THAILAND) CO LTD
Address : 19-B Charn Issara Tower 2, 2922/247 New Petchburi Rd Bangkok
10320 Thailand
Country : Thailand
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Chemicals
Company Name : PHADA INDUSTRIAL CO LTD
Address : 8, Lane 398, Yung Feng Rd Taiping City 411 Taichung Hsien
Taiwan
Country : Taiwan
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Chemicals
Company Name : SHANGHAI HUIKWANG CHEMICAL CO LTD
Address : 10Fl, 8 Underground Minzhu Garden Lane 198 Xinjing Rd (East)
Shanghai 201100 China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Chemicals
Company Name : ZHEJIANG HUI KWANG BIOCHEMICAL CO LTD
Address : 92 Jinjia Ave Jiashan 314100 Zhejiang China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Chemicals
*IMPORTER AGENCY LISTING*
==========================
Supplier : HAIFA CHEMICALS LTD
Country of Origin : Israel
Product Description : Fertilizers
Brand : Haifa
Year : 2000
Supplier : HAIFA CHEMICALS LTD
Country of Origin : Israel
Product Description : Food chemicals
Brand : Haifa
Year : 2000
PAYMENT RATING : 2 OBTAINED SCORES :
75
|
Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
|
2 |
Scores 75 – 84 |
Above Average |
|
3 |
Scores 50 – 74 |
Average |
|
4 |
Scores 35 – 49 |
Fair |
|
5 |
Scores 15 – 34 |
Below Average |
|
6 |
Scores 01 – 14 |
Poor |
|
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 FAIRLY
LARGE amounts depending on individual judgement experience.
*BANK DETAILS*
===============
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 : UNION COMMERCIAL BANK
SWIFT Code : This bank does not have a SWIFT Code
Balance Sheet
Currency : NTD
Denomination : In thousand
2006 2007
-----------------
-----------------
Current Assets
671,553 817,460
Funds & long-term investments 333,200 395,882
Property
439,040 597,511
Intangible Assets
Other Assets
56,496 58,342
Current Liabilities (Before) 349,879 401,220
(After)
413,196 401,220
Other Liabilities 48,011 59,962
Common stock 609,817 684,349
Capital Reserve
138,000
Retained Earnings (Before) 405,972 473,366
(After)
328,123 473,366
Total Assets (Before) 1,500,289 1,869,195
Total Liabilities (Before) 416,274 479,566
(After) 479,591 479,566
Total Shareholder's Equity (Before) 1,084,015
1,389,629
(After) 1,020,698 1,389,629
Income Statement
Currency : NTD
Denomination : In thousand
2006 2007
-----------------
-----------------
Operating revenue 1,282,534
1,447,462
Gross Profit 235,655 294,363
Operating Income 93,751 129,205
Non-operating income 35,151
50,134
Non-operating expense 10,797 8,791
Net Income 100,313 145,243
*Financial Ratio*
=============
2006 2007
-----------------
-----------------
Ratio of liabilities to Assets (%) 27.75 25.66
Ratio of long-term capital to fixed
Assets (%)
246.91 232.57
Current ratio (%) 191.94 203.74
Quick ratio (%) 86.57 90.41
Interest coverage 24.08 26.53
Turnover of receivable (times) 5.32 5.36
Average collection period of receivable 68.00
68.00
Turnover of inventories (times) 2.89 2.82
Turnover of expense (times) 9.09 11.09
Average days of sales 126.00 129.00
Turnover of total assets (times) 0.85 0.77
Return on total assets (%) 6.69 7.77
Operating Income 15.37 18.88
Net Income before tax 19.37 24.92
Profit margin (%) 7.82 10.03
*Financial Summary (Currency: U.S. $'s)
==============================
Year Sales Assets Net Income
1991 $8,250,000.00 $20,750,000.00 $196,562.50
2003 $24,081,459.05 $37,130,767.01 $3,119,607.84
2004 $29,518,315.79 $44,030,075.19 $3,537,714.29
2005 $37,519,620.85 $44,959,020.54 $3,835,229.07
2006 $38,770,677.15 $45,353,355.50 $3,032,436.52
2007 $43,677,187.69 $56,402,987.33 $4,382,709.72
*Int´l Trade Activity (Currency: U.S. $'s)
===============================
Year Imports Exports Total
1986 $2,900,000.00 $600,000.00 $3,500,000.00
1987 $3,000,000.00 $600,000.00 $3,600,000.00
1988 $4,400,000.00 $100,000.00 $4,500,000.00
1989 $6,000,000.00 $1,300,000.00 $7,300,000.00
1990 $6,100,000.00 $1,600,000.00 $7,700,000.00
1992 $9,000,000.00 $3,000,000.00 $12,000,000.00
1996 $11,000,000.00 $5,900,000.00 $16,900,000.00
1997 $8,400,000.00 $6,400,000.00 $14,800,000.00
1998 $6,800,000.00 $4,400,000.00 $11,200,000.00
2005 $16,396,514.00 $18,817,363.98 $35,213,877.98
2006 $19,431,267.99 $21,313,385.97 $40,744,653.96
2007 $27,546,208.00 $26,083,234.97 $53,629,442.97
SC is considered large-sized in its line with a development history of
43 years. Taking into consideration of SC’s general performance, a credit line
up to USD 2,000,000 appears to be within SC’s capacities.
Attached:
trade references
SIC PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 2821 Plastics
materials and resins
Exporting 2844 Toilet
preparations
Importing 1479 Chemicals
and fertilizer minerals
Importing 3452 Bolts,
nuts, screws, rivets, and washers
Manufacturing 2800 Chemicals
and Allied Products
Manufacturing 2879 Agricultural
pesticides and other agricultural chemicals,
Manufacturing 2899 Chemical
preparations,
Trading 2800 Chemicals
and Allied Products
Trading 2879 Agricultural
pesticides and other agricultural chemicals,
Trading 2899 Chemical
preparations,
HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY
Activity Code Product/Service Description
Exporting 3302900010 Perfume oil mixtures and blends, consisting of products ready
for use as finished perfume bases
Exporting 3901200000 Polyethylene having a specific gravity of 0.94 or more
Exporting 3920100000 Other plates,sheets,film,foil & strip,of plastic,
noncelluar & not reinforced,laminated,supported or combined with oth mat,of
polymers of ethylene
Exporting 5804210000 Tulles and other net fabrics, not including woven, knitted or
crocheted fabrics, lace in the piece, mechanically made lace, of man-made
fibers
Importing 2834210000 Potassium nitrates
Importing 2903690000 Halogenated derivatives of aromatic hydrocarbons not elsewhere
specified or included
Importing 2908900000 Halogenated, sulfonated, nitrated or nitrosated derivatives of
phenols or phenol-alcohols not elsewhere specified or included
Importing 2910900000 Epoxides, epoxyalcohols, epoxyphenols and epoxyethers, with a
three-membered ring, and their halogenated, sulfonated, nitrated or nitrosated
derivs
Importing 2920900000 Esters of other inorganic acids (excluding esters of hydrogen
halides) not elsewhere specified or included and their salt and derivatives
Importing 2921191000 Mono- and triethylamines; mono-, di-, and tri(propyl- and
butyl-) monoamines and their salts
DETAILED PRODUCT
CLASSIFICATION & ACTIVITY
Activity Product/Service Description
Importer Food
chemicals
Importer Herbicides
Importer Halogenated
derivatives
Importer Inorganic acid
esters
Importer Injection
molding machine part
Importer Single screw
extruders
Importer PE
(polyethylene)
Importer Rodenticides
Importer Concentrated
dispersions
Importer Heterocyclic
compounds
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Country / Region Main Trading Activity
Africa Exporting
Asia / Pacific Exporting,
Importing
Europe Exporting,
Importing
Middle-East Exporting,
Importing
North America Importing
Pacific Exporting
South America Exporting
Australia Exporting
Brunei Exporting
Bulgaria Importing
Chile Exporting
China Exporting,
Importing
Costa Rica Exporting
Denmark Importing
Dominica Exporting
Egypt Exporting
Finland Exporting
Germany Exporting,
Importing
Greece Exporting
Hong Kong Exporting,
Importing
India Exporting,
Importing
Indonesia Exporting
Iran Exporting
Israel Exporting
Importing
Italy Importing
Japan Exporting,
Importing
Kuwait Exporting
Malaysia Exporting
Mexico Exporting
Myanmar Exporting
Netherlands Importing
New Zealand Exporting
Oman Exporting
Pakistan Exporting
Panama Exporting
Philippines Exporting
Qatar Exporting,
Importing
Singapore Exporting
,Importing
South Africa Exporting
South Korea Importing
Switzerland Importing
Thailand Exporting,
mporting
USA Importing
United Arab Emirates Exporting,
Importing
Venezuela Exporting
Vietnam Exporting
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.12 |
|
UK Pound |
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.63.52 |
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%)