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CreditAnalysis1AFrameworkforCreditAnalysisI.RiskAssessmentII.TheClient’sFundingNeedsIII.LoanStructuringIV.LoanManagementCreditAnalysis2I.RiskAssessmentMonitoringtheEconomicEnvironmentAnalyzingIndustryConditionsAssessingaClient’sMarketingManagementAppraisingtheClient’sOperationsManagementEvaluatingManagementCapabilitiesandCharacterAnalyzingtheBorrower’sFinancialManagementCreditAnalysis3MonitoringtheEconomicEnvironmentMuchoftheriskassociatedwithaloanisduetobroadeconomicforcesasshownonthenextslideLendermustmanageitsexposuretocertaintypesofbusinessesLendermayhavetocurtaillending,eventobusinesseswithagoodtrackrecord,inperiodsofeconomicadversityNecessarytomonitorthecurrentandforecastedeconomicenvironmentCreditAnalysis4TheEconomicEnvironment-Cont.KeyelementsoftheeconomyEconomicgrowth-thebusinesscycleInflationratesInterestrates-thelevel,termstructureandriskstructureGovernment-politicaltrendsandcurrentfiscalandmonetarypoliciesInternationalrelationships-balanceofpayments,currencyvalue,internationalmarketsCreditAnalysis5TheEconomicEnvironment-Cont.Itisimportantforthelendingofficertokeepontopofbroadeconomicconditionsbecauseoftheirpotentialimpactonthebank’sclientsandthequalityoftheofficer’sloanportfolioCreditAnalysis6AnalyzingIndustryConditionsAborrower’sfinancialperformancedependson:CurrentconditionsandprospectsforitsindustryHowwellthecompanyispositionedrelativetothecompetition?Itisnecessarytounderstandboththerisksandopportunitiesforthemajorindustrysectorsinthebank’smarketDeterminetwofactors:Aretheindustry’sprospectsattractive?Whichtypesoffirmsaremostlikelytosucceedintheindustry?CreditAnalysis7AnalyzingIndustryConditionsBanksnowcreateportfoliomanagementgroupsMonitorindustryconcentrationsinthebank’sloanportfolioDeterminefutureprospectsforkeyindustriesSetlimitsonthemaximumexposurethebankwillpermitforanindustryorspecificborrowerRiskclassificationsystems-usedtoassignanumericriskratingtoallborrowersorloanrequests.Industryconditionsformpartofthisriskrating.CreditAnalysis8FactorsaffectingIndustryConditionsMichaelPorter’sModelEaseofEntryAvailabilityofSubstituteProductsBargainingpowerofbuyersandsuppliersCompetitiverivalry.Rivalrytendstobegreatestwhentherearenumerouscompaniesproducinglargelyundifferentiatedproductsorservices.DependenceonotherindustriesCreditAnalysis9AssessingaClient’sMarketingMarketingisacriticalfactorformostborrowers,especially“start-ups”,thoseenteringanewbusinessorfacingtoughcompetitionFirmshouldhaveaplanwhichcovers:ProductPoliciesPricePoliciesPromotionPersonalSellingActivitiesDistributionPoliciesCreditAnalysis10AppraisingtheClient’sOperationsManagementOperationsmanagement-thesetofactivitiesrequiredtotransforminputssuchasrawmaterialandlabourintothefinalproduct.Majorcomponentsofoperationsinclude:Quality-valueformoneyProcessDesign-technology,plantlayoutFacilitiesPlanningandSchedulingInventoryManagement-howmuchisnecessarytocarry?EmployeemanagementCreditAnalysis11EvaluatingManagementCapabilitiesandCharacterDeterminetheexperienceandskillsofkeyprincipalsThisincludestechnicalknowledge,contacts,resourcesinmarketing,operationsandfinanceplusskillinmanagingandmotivatingothersAssessmanagement’scharacter:integrity,financialconservatismandrespectforcreditorsCreditAnalysis12AnalyzingtheBorrower’sFinancialManagementStrongfinancialmanagementisanessentialingredientforsuccessFinancialcapacityisthecompositeofmanagementpoliciesandpracticesinseveralareas:Isthereadequateliquidity?Thefirm’srelationshipswithtradecreditors,lendersandinvestorsTheequitycapitalcontributedbytheownersTheextentoftheowner’swithdrawalsCreditAnalysis13Borrower’sFinancialManagementcont’dCalculatekeyfinancialratios1.Profitabilityratios2.Assetutilizationratios3.FinancialcapacitytestsWhichratiostocalculatewillvarywiththetheindustryandtypeofbusiness(example-serviceormanufacturing)CreditAnalysis14ProfitabilityRatiosProfitMargin:Netprofitaftertax/netsales.GrossProfitmargin:Theportionofrevenuesremainingafterthecostofsales.(NetSales-CostofSales)/NetSalesSalesGrowth:Measuredovertime.Usuallyexpressedasa%growthperyear.ReturnonAssets:NetProfit/TotalAssets.Thismaybedistortedduetotheageofthefirm’sassets.CreditAnalysis15ProfitabilityRatiosReturnonEquity=NetProfit/TotalEquityThismeasurestherateofreturnonthecapitalprovidedbyequityinvestors.Equityincludescommonstock,retainedearnings,andminorityshareholders’interestBanksnormallyrequireanagreementfromtheownersthatequityfundswillnotbewithdrawnwithoutthebank’spriorpermissionCreditAnalysis16AssetManagementRatiosTurnoverofCurrentAssets.Daysofinventory=Inventory/(CostofSales÷365days).Thisshowshowcarefullymanagementiscontrollingit’sinvestmentininventory.Costofsalesisusedtoensurethatbothgoodssoldandinventoriesarecomparedonthesamebasis,namelyatthecostofpurchaseorproduction.CreditAnalysis17AssetManagementRatiosCollectionperiodforReceivables=AccountsReceivable/(NetCreditsales÷365)TellsushowquicklyAccountsReceivablesarecollectedInaddition,thelendershouldobtainanagingschedu