Credit Management. Manual

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1 Operation Manual MOP 01 Credit Management Manual Creation Date 1 st April 2008 Accounting Dept. (Sales Admin.) (Purpose) Article 1 In our company, we mainly make business with our customers by providing credit to them. With a view to reducing credit risk incurred, we have to periodically analyze and evaluate the credit worthiness of both present and new customers. Therefore, our company has designed an internal Credit Management Manual, which is related to the overall policy of credit management. The related personnel should acknowledge the importance of credit management, and observe the Credit Management Manual. (Scope) Article 2 This policy is applied to all customers except our Holding Company, Hakuto Co Ltd and other related companies. (Procedures) Article 3 A) New customers or any change of credit terms for present customers Prior to making any business with new customers or changing any credit terms of present customers, the related personnel should take the following procedures: 1) The Sales Department staff should fill in the Customer Credit Application ( Form ) (Appendix 1) which should be approved by their Division Manager and then submit it to Sales Administration staff for further process. 2) Upon receipt of the Form, the Sales Administration staff should check the

2 information against the supporting documents e.g. Business License or Audited Report. 3) Having confirmed all the information is correct, the Sales Administration staff should hand over the Form to their Manager for credit analysis. 4) The credit analysis mainly consists of 3 parts, the Financial Condition Analysis, Operating Condition Analysis as well as Sales Department Appraisal. Based on these areas, a formula is derived to calculate the credit rating, which will then be assigned to the customer concerned. The rating is composed of the weighted average of the following three aspects: 4.1) Financial Condition (50%) 4.2) Operating Condition (20%) 4.3) Sales Department Appraisal (30%) The detail method of scoring is explained in the Credit Scoring List (Appendix 2) 5) To ascertain the Financial Condition of customer, the following three factors should be assessed: 5.1) Turnover for the past 3 years. 5.2) Profitability for the past 3 years. 5.3) Net assets for the past 3 years. 6) To assess the Operating Condition, the following three factors should be assessed: 6.1) Size of Company in related industry. 6.2) Civil litigation as defendants. 6.3) Delinquent payment records. 7) In addition to the above two conditions, in cooperation with Sales Department, some additional factors should be also assessed such as background of Shareholders and / or Directors, major customers or suppliers and market share in related industry.

3 8) After analyzing the credit worthiness of customer, a credit rating should be assigned according to the Credit Rating List (Appendix 3) and written on the Form by Sales Administration Staff. The form shall be approved by the Corporate Administration Manager. 9) Subsequently, the Sales Administration staff should input all the information in the ERP System. Finally, the Form should be filed in alphabetical order and one copy should be sent to Sales Department for retention. B) All customers 1) Sales Administration staff should closely monitor the credit worthiness of all customers. If any condition that will deteriorate the credit worthiness e.g. credit limit exceeded or long payment overdue is found, the Sales Administration Staff should hold the credit in ERP System and notify related Sales Department. No further sales order should be accepted. 2) The Sale Administration Staff will release the credit hold only when all the adverse conditions are solved and agreed by both Corporate Administration Manager and Sales Department Manager. 3) Periodically, the Corporate Administration Manager should the credit worthiness of selected customers to avoid any risk of bad debts. Same procedures stipulated in Procedure A should be taken. If there is any significant change of credit rating, the Corporate Administration Manager should amend the credit terms of the customer and notify Sales Department. Supplementary Provisions 1. These Rules shall come into effect on 1 st April, 2008

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