Credit Analysis and Lending Management - Desklib

This document discusses the important aspects that banks consider before approving loans to companies. A detailed discussion on the financial performance and position of Maxis Communications has been done to determine its eligibility for a loan of RM50.0 million to materialize its expansion strategy.

Running head: CREDIT ANALYSIS AND LENDING MANAGEMENT
Credit Analysis and Lending Management
Name of the Student:
Name of the University:
Authors Note:

1
CREDIT ANALYSIS AND LENDING MANAGEMENT
Executive summary:
Globalization has created number of opportunities for large entities across the globe to expand
their business operations including expansion of infrastructure and other facilities in different
parts of the globe. As a result companies are continuously looking to enter new markets or
expand its facilities in existing markets. However, expansion is very costly for any organization
and requires huge amount of fund. Often the huge requirement of fund becomes a constraint for
an entity and a barrier in its way of expansion. Generally an entity has two broad sources to
generate necessary funds required for expansion; these are internal sources and external sources.
Internal sources include use of retained earnings, i.e. the accumulated profit of the company over
the years. External sources on other hand include issue of share capital or borrowing from banks
and financial institutions. Borrowing is relatively easier option if an entity fulfills the required
criterions needed by the banks and financial institutions for approving loans to companies. A
detailed discussion in this document shows the important aspects that the banks consider before
deciding on the eligibility of an entity to get loan. Both quantitative and qualitative aspects have
been discussed here in relation to the loan requirement of Maxis Communications in this
document.

2
CREDIT ANALYSIS AND LENDING MANAGEMENT
Contents
Executive summary:........................................................................................................................1
Introduction:....................................................................................................................................3
About the company:.........................................................................................................................3
Loan requirement and the objective of application for loan:...........................................................4
Evaluation of company’s capacity to borrow the required funds:...................................................4
Quantitative analysis:...................................................................................................................4
The financial performance of the company:................................................................................5
Financial position analysis of the company:................................................................................9
Cash flow position of the company:..........................................................................................15
Qualitative analysis:...................................................................................................................19
Observation:...................................................................................................................................22
Conclusion.....................................................................................................................................23
References:....................................................................................................................................24

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CREDIT ANALYSIS AND LENDING MANAGEMENT
Introduction:
Maxis Communications is a communication service provider in Malaysia is looking to expand its
business operations by expanding its infrastructure and facilities. As per the initial estimate the
management expects that approximately RM50.0 million funds will be necessary to materialize
the expansion plan of the company. The expansion strategy of the company includes expanding
its infrastructure and facilities in different parts of Malaysia including Kuala Lumpur. A closer
look at its financial statements over the years shall be helpful in assessing its financial
performance and position to assess the capacity of the company to borrow the required amount
of RM50.0 million from banks or any other financial institutions. A bank or a financial
institution would firstly conduct a thorough investigation on the affairs of the company to assess
and evaluate its financial position to determine whether the company fulfills the qualitative and
quantitative criterions to determine eligibility of the bank to get the loan (Bijak, Thomas &
Mues, 2018). A detailed discussion on the financial performance and position of the company
with the help of financial statements shall help us to determine whether the company is eligible
for the required amount of loan to materialize its expansion strategy.
About the company:
Maxis Communications also known as Maxis Berhad is one of the largest communication
service providers in the Malaysia. Headquarter of the company is situated in Kuala Lumpur. The
company provides different types of services and products related to communication and
information technology to the consumers in the country. It also serves large, medium and small
business enterprises to help them conduct their communication affairs in orderly manner
(Buckley, 2018).

4
CREDIT ANALYSIS AND LENDING MANAGEMENT
Loan requirement and the objective of application for loan:
As already discussed that the company is looking to expand its facilities and infrastructure and
thus, requires RM50.0 million to finance the expansion strategy. The objective of the company is
to improve its standing in the market further and emerge as one of the large communication
service providers in Asia (Travaglini, 2018).
Evaluation of company’s capacity to borrow the required funds:
As already pointed out at the beginning of the document that an entity primarily has two sources,
i.e. internal and external sources to generate required amount of fund necessary to finance an
expansion of strategy. As the internal sources is out of question and the company has decided to
apply for a loan of RM50.0 million it is up-to the bank to decide whether to approve the
application for the loan of RM50.0 million or not. In order to decide on the fate of the loan
application of Maxis Communications the bank would evaluate the capacity of the company to
borrow and repay the installments for such loan amount on or before the due time. Accordingly,
let us proceed towards evaluating the capacity of the applicant to borrow necessary funds for its
expansion (Doorasamy, 2016).
Quantitative analysis:
Quantitate analysis include evaluating the financial performance and position of the company
over the last five or more years to determine whether the company has the capacity to generate
necessary revenue to repay the loan installments without any failure. Only after quantitative
analysis of the company any bank can decide whether to accept or reject the loan application of
the company. Accordingly, let us proceed towards evaluation of financial performance and
position of the company by using its financial statements (GEORGIEV, 2017).

5
CREDIT ANALYSIS AND LENDING MANAGEMENT
The financial performance of the company:
In order to assess the financial performance of the company over the last five years it is essential
to have the income statement of the company over the same duration. The income statement
below has been prepared for the duration of last five years from the five different annual reports
of the company to accumulate the data in one place to assess the financial performance of the
company necessary for quantitative analysis.
INCOME STATEMENT OF MAXIS BHD
All amounts are in MYR millions 2014-
12
2015-
12
2016-
12
2017-
12
2018-
12
Gross reveneu earned 8,389.
00
8,601.
00
8,612.
00
8,696.
00
9,192.
00
Less: Direct cost of revenue 2,707.
00
2,728.
00
2,722.
00
2,940.
00
4,139.
00
(A): Gross profit 5,682.
00
5,873.
00
5,890.
00
5,757.
00
5,053.
00
Less: Operating expenses
General administrative and selling
expenses
1,703.
00
1,767.
00
1,876.
00
160.
00
211.
00
Other expenses 1,172.
00
1,241.
00
870.
00
2,230.
00
2,016.
00

6
CREDIT ANALYSIS AND LENDING MANAGEMENT
(B): Earnings before interest and taxes 2,875.
00
3,009.
00
2,747.
00
2,390.
00
2,228.
00
Operating income (A -B) 2,807.
00
2,864.
00
3,143.
00
3,367.
00
2,826.
00
Less: Interest Expense 247.
00
198.
00
171.
00
135.
00
382.
00
Add: Other income (expense) (123.
00)
(206.
00)
(236.
00)
(337.
00)
(75.
00)
Earnings before taxes 2,436.
00
2,461.
00
2,737.
00
2,894.
00
2,369.
00
Less: Provision for income taxes 711.
00
713.
00
724.
00
702.
00
589.
00
Earnings from continuous operations 1,725.
00
1,747.
00
2,013.
00
2,192.
00
1,780.
00
Other (7.
00)
(8.
00)
1
.00
Net income 1,717.
00
1,739.
00
2,013.
00
2,192.
00
1,780.
00

7
CREDIT ANALYSIS AND LENDING MANAGEMENT
Net income available to common
shareholders
1,717.
00
1,739.
00
2,013.
00
2,192.
00
1,780.
00
Basic earnings per share
Basic earnings per share 0
.23
0
.23
0
.27
0
.29
0
.23
Diluted earnings per share 0
.23
0
.23
0
.27
0
.29
0
.23
The above income statement clearly shows that the company has maintain a constant growth in
the amount of absolute revenue over the last five years. In 2014 the company earned MYR
8,389.00 million which has increased to MYR 9,192.00 million in 2018. In between 2015, 2016
and 2017, in all these years the company has managed to earn higher amount of revenue from the
respective previous years (Godlewski, 2018). Thus, the ability of the company to generate
revenue from its business operations has improved continuously. However, the income statement
of the company also shows that despite the continuous growth in amount of revenue in all the
five years the company has failed to maintain the same trends when it comes to gross profit and
net income of the company. Both gross profit and net income of the company have fluctuated
significantly during the period between 2014 and 2018. However, despite the fluctuations the
company has always experienced profit from its business operations. In 2014 the company
earned a net profit of MYR 1,717 million. The same though increased to MYR 2,192 million in
2017 only to decline to MYR 1,780 million in 2018. A better analytic approach would be to

8
CREDIT ANALYSIS AND LENDING MANAGEMENT
assess the profitability of the company with the help of ratio analysis by calculating important
profitability ratios of the company (Laitinen, 2017).
Profitability ratios:
Profitability 2014 2015 2016 2017 2018
Net profit ratio (%) 20.47 20.22 23.38 25.20 19.36
Asset Turnover (Average) 0.47 0.46 0.45 0.45 0.47
Return on Assets % 9.69 9.38 10.42 11.27 9.11
Financial Leverage (Average) 3.84 4.53 4.16 2.73 2.77
ROE 32.05 39.05 45.18 37.26 25.08
ROI 13.65 13.24 14.64 15.36 13.79
Interest Coverage ratio (times) 10.85 13.44 17.02 22.42 7.20
Thus, it is clear from the above that the company has experienced significant decline in the
ability of the company to earn net profit over the last few years. In 2017 the company earned
25.20% net profit on sales which has declined to 19.36% in 2018 (Suthan, 2017). However, most
important ratio to be looked into by the bank to determine the ability of the company to pay
interests on borrowed funds is the interest coverage ratio. As can be seen in the last financial year
ending in 2018 the interest coverage ratio of the company has taken a huge beating to come

9
CREDIT ANALYSIS AND LENDING MANAGEMENT
down to 7.20 times from 22.42 in 2017. Thus, it is clear that the company’s ability to pay interest
on borrowed funds have declined significantly (LANGREHR & LANGREHR, 2018).
Financial position analysis of the company:
Again in order assess the financial position of the company which is crucial to the evaluation of
the capacity of the company to repay the borrowed amount the financial position statement of the
company over the last five years have been accumulated in a single place (RODRÍGUEZ-
PÉREZ, SLOF, SOLÀ, TORRENT & VILARDELL, 2017).
BALANCE SHEET
Amounts are in MYR millions. 2014-
12
2015-
12
2016-
12
2017-
12
2018-
12
Assets
Current assets
Cash and cash equivalents 1,53
1.00
1,29
6.00
68
2.00
60
2.00
56
0.00
Accounts receivables 57
2.00
68
8.00
95
8.00
91
8.00
71
0.00
Inventories 1
2.00
1
3.00 6.00 4.00
1
6.00
Expenses prepaid 26 27 34 30 32

10
CREDIT ANALYSIS AND LENDING MANAGEMENT
4.00 2.00 1.00 1.00 3.00
Current assets (others) 19
9.00
54
9.00
47
0.00
41
6.00
1,05
8.00
Total current assets 2,57
8.00
2,81
8.00
2,45
8.00
2,24
2.00
2,66
8.00
Non-current assets
Property, plant and equipment
Property, plant , equipment net of
depreciation
4,00
9.00
4,22
7.00
4,50
2.00
4,84
1.00
5,18
9.00
Goodwill 21
9.00
21
9.00
21
9.00
21
9.00
21
9.00
Intangible assets 10,95
7.00
11,04
8.00
11,07
8.00
11,13
5.00
10,70
7.00
deferred income taxes (Non-current) 10
2.00
5
5.00
4
5.00 8.00 -
Long terms assets (Others) 24
5.00
61
7.00
1,34
1.00
80
4.00
1,02
3.00
Total non-current assets 15,53
1.00
16,16
7.00
17,18
5.00
17,00
7.00
17,13
9.00

11
CREDIT ANALYSIS AND LENDING MANAGEMENT
Total assets 18,11
0.00
18,98
5.00
19,64
3.00
19,24
9.00
19,80
7.00
Liabilities and stockholders' equity
Current liabilities
Debt (Short term) 86
6.00
1,06
4.00
1,09
0.00
20
0.00
20
1.00
Leases (short term) 1
4.00
1
3.00
1
1.00 5.00 1.00
Accounts payable 1,13
7.00
1,66
5.00
1,81
4.00
1,61
7.00
2,18
4.00
Tax liabilities payable 16
7.00
16
0.00
15
1.00
29
1.00
19
9.00
Other current liabilities 1,99
9.00
1,99
2.00
1,93
1.00
1,81
9.00
1,95
8.00
Total current liabilities 4,18
3.00
4,89
4.00
4,99
7.00
3,93
3.00
4,54
2.00
Non-current liabilities
Debt (long term) 8,10
7.00
8,79
3.00
8,76
1.00
7,43
9.00
7,43
9.00

12
CREDIT ANALYSIS AND LENDING MANAGEMENT
Leases (long term/ capital) 1
2.00 8.00 2.00 1.00
Deferred taxes liabilities (non-current) 48
2.00
49
4.00
58
0.00
43
7.00
19
6.00
Accrued expenses
5.00 8.00
1
0.00
1
3.00
Interest of minority share 2
2.00
3
1.00
Other long-term liabilities 58
3.00
56
9.00
57
3.00
38
5.00
48
0.00
Total non-current liabilities 9,21
1.00
9,90
1.00
9,92
6.00
8,27
5.00
8,11
5.00
Total liabilities 13,39
4.00
14,79
5.00
14,92
2.00
12,20
7.00
12,65
7.00
Equity of shareholders:
Ordinary stock 75
1.00
75
1.00
75
1.00
Additional paid-in capital 2,46
9.00
2,50
9.00
Accumulated other comprehensive 3,96 3,43 3,97 4,57 4,64

13
CREDIT ANALYSIS AND LENDING MANAGEMENT
income 5.00 9.00 0.00 3.00 1.00
Total equity 4,71
5.00
4,19
0.00
4,72
1.00
7,04
2.00
7,15
0.00
Total liabilities and stockholders' equity 18,11
0.00
18,98
5.00
19,64
3.00
19,24
9.00
19,80
7.00
To better assess the financial position of the company relevant to evaluate the ability of the
company to borrow additional funds required to finance the expansion strategy of the company
liquidity and solvency ratios will be extremely useful.
Liquidity and solvency position 2014-
12
2015-
12
2016-
12
2017-
12
2018-12
Current Ratio (current assets / current
liabilities)
0
.62
0
.58
0
.49
0
.57
0.59
Quick Ratio (current ratios less inventories
/ Current liabilities)
0
.54
0
.46
0
.39
0
.49
0.51
Financial Leverage 3
.84
4
.53
4
.16
2
.73
2.77
Debt/Equity 1
.72
2
.10
1
.86
1
.06
1.04

14
CREDIT ANALYSIS AND LENDING MANAGEMENT
The liquidity position of an entity is evaluated by calculating current and quick ratios. Current
and quick ratios indicate the ability of the company to pay its current liabilities by using its
current and liquid assets. It is clear from the current and quick ratios of the company that the
liquidity position of the company is certainly not good with both current and quick ratios are
below 1 (Jović, 2018). Debt to equity ratios of the company in 2018 is 1.04 again an indicator of
the extensive use of borrowed funds in the overall capital structure of the company. Thus, the
recent liquidity, solvency and interest coverage ratios of the company are all indicative of lack of
financial and liquidity of the company to borrow additional RM50.0 million to expand the
infrastructure and facilities of the company in the recent future (Ravi, 2018).
Cash flow position of the company:
Along with the financial performance and position of an organization banks give extra emphasis
on the ability of the organization in generating cash flows from operating, investing and
financing activities. Thus, evaluating cash flow position of the company is extremely important
for the bank here. Accordingly, the cash flow position of the company is evaluated below with
the help of the cash flows from different activities over the years (Garfinkel, Kahle & Shastri,
2018).
CASH FLOW
All amounts are in MYR millions 2014-12 2015-12 2016-12 2017-12 2018-12
Operating activities cash flows:
Net income as per income statement 1,725.
00
1,747.
00
2,013.
00
2,192.
00
1,780.
00

15
CREDIT ANALYSIS AND LENDING MANAGEMENT
Depreciation & amortization 1,404.
00
1,431.
00
1,431.
00
1,419.
00
1,169.
00
Income tax (deferred) 711
.00
713
.00
724
.00
702
.00
589
.00
Compensation based on stock
3.00
24
.00
38
.00
42
.00
18
.00
Change in working capital 448
.00
139
.00
(941.
00)
(316.
00)
137
.00
Inventory 66
.00 - 6.00 1.00
(11.
00)
Other working capital 382
.00
139
.00
(947.
00)
(317.
00)
148
.00
Other non-cash items (186.
00)
18
.00
(165.
00)
(216.
00)
(363.
00)
Net cash provided by operating
activities
4,106.
00
4,073.
00
3,100.
00
3,823.
00
3,330.
00
Investing activities cash flows
Investments in property, plant, and
equipment
(978.
00)
(1,512.
00)
(1,487.
00)
(1,492.
00)
(1,413.
00)
Reductions in PPE 28

16
CREDIT ANALYSIS AND LENDING MANAGEMENT
4.00 2.00 .00 5.00 2.00
Investment purchased (21.
00)
(3.
00)
(5.
00)
Purchases of intangibles (258.
00)
(369.
00)
(371.
00)
(455.
00)
Other investing activities
Net cash used for investing activities (1,232.
00)
(1,879.
00)
(1,850.
00)
(1,945.
00)
(1,415.
00)
Financing activities cash flows
Issue of debt 2,150.
00
1,190.
00
7,790.
00
744
.00
Repayment of debt (921.
00)
(842.
00)
(7,660.
00)
(2,415.
00)
Common stock issued 18
.00
20
.00 2.00
1,656.
00 -
Payment of dividend (3,002.
00)
(2,328.
00)
(1,502.
00)
(1,532.
00)
(1,563.
00)
Other financing activities (398.
00)
(470.
00)
(514.
00)
(414.
00)
(395.
00)

17
CREDIT ANALYSIS AND LENDING MANAGEMENT
Net cash provided by (used for)
financing activities
(2,152.
00)
(2,429.
00)
(1,884.
00)
(1,961.
00)
(1,957.
00)
Effect of exchange rate changes
- - -
Net increase / (decrease) in cash 723
.00
(234.
00)
(635.
00)
(83.
00)
(43.
00)
Opening cash balance 808
.00
1,531.
00
1,296.
00
662
.00
579
.00
Closing cash balance 1,531.
00
1,296.
00
662
.00
579
.00
536
.00
The cash flow position of the company clearly shows that except in 2014 the company has failed
generate positive cash flows from the combined operating, investing and financing activities of
the company. In 2015 the company experienced a net decrease of MYR 234 million which
increased to MYR 635 million in 2016. In 2017 and 2018 the net decrease in cash from
combined business operations have decreased to MYR 83 million and MYR 43 million
respectively but still the company struggles to earn positive cash inflows from combined
business operations is a matter of great concern for the company. This is certainly an issue for
the company as the banks generally give huge importance to the ability of an entity to generate
cash inflows from business operations before determining whether to approve the loan
application of an entity (RIEDL & SRINIVASAN, 2017).

18
CREDIT ANALYSIS AND LENDING MANAGEMENT
Qualitative analysis:
The qualitative analysis include appraising the projects of the organization that it expected to
undertake from the loan amount to determine whether the project is financially beneficial to the
organization and will generate substantial revenue for the loan applicant to allow it to repay the
loan on time and without default (Figlewicz & Zeller, 2017).
It is expected that the company would invest the RM48.0 million in expanding its infrastructure
and facilities in different parts of Malaysia which is expected to increase the amount of revenue
earned by the company significantly for next six years. After six years additional investment has
to be made to increase the revenue. It is expected that the net revenue and associated costs of
next six years if the project of expansion of infrastructure and facilities are undertaken would be
as following:
All amounts in RM' millions
Year 1 2 3 4 5 6
Expected annual revenue 10
0.00
11
0.00
12
1.00
13
3.10 80.0
0
60.0
0
Direct cost of revenue 6
0.00
6
6.00
7
2.60
7
9.86 48.0
0
36.0
0
Other operating costs including interest on
borrowed fund
2
5.00
2
7.50
3
0.25
3
3.28 20.0 15.0

19
CREDIT ANALYSIS AND LENDING MANAGEMENT
0 0
The current rate of interest in the market is assumed to be 12% per annum. Using the above
information let us conduct a detailed qualitative analysis on the above project by calculating the
net present value of the project ("Chapter 11: Measurement and Evaluation of Interlibrary Loan",
2018).
NPV calculation:
All amounts in RM' millions
Year 1 2 3 4 5 6
Expected annual revenue 10
0.00
11
0.00
12
1.00
13
3.10 80.00 60.00
Less: Direct cost of revenue 6
0.00
6
6.00
7
2.60
7
9.86 48.00 36.00
Gross profit 4
0.00
4
4.00
4
8.40
5
3.24 32.00 24.00
Less: Other operating costs including
interest on borrowed fund
2
5.00
2
7.50
3
0.25
3
3.28 20.00 15.00
Net cash inflow 1
5.00
1
6.50
1
8.15
1
9.97 12.00 9.00

20
CREDIT ANALYSIS AND LENDING MANAGEMENT
Present value factor @12% pa
0.89 0.80 0.71 0.64 0.57 0.51
Present value of cash inflows 1
3.39
1
3.15
1
2.92
1
2.69 6.81 4.56
Particulars Amount (RM' million)
Present value of total cash inflows 63.52
Less: Borrowed fund 48.00
Net present value 15.52
The diagram below indicate the segregation of loan amount, total present value of revenue and
NPV of the project.

21
CREDIT ANALYSIS AND LENDING MANAGEMENT
The NPV of the project is expected to be RM15.52 million after payment of all expenditures
including the annual interest on the borrowed fund is a clear indication that the project expected
to be undertaken by using the borrowed funds will help the company to repay the debt along with
interest and also be profitable (Selling & Sorter, 2018).
Hence, from the qualitative perspective of the project the bank can certainly approve the loan
application on the basis of eligibility of the project.
Loan term and conditions:
The company is looking to have suitable loan terms and conditions to minimize the cost of loan
as well as the burden to repay the loan. The following terms and conditions of loan will be
suitable and useful for the company looking at its project schedule and payments.
Loan amount RM48.0 million
Loan term 6 years (as the project is expected to run for six
years)
Rate of interest The rate of interest should be below 12% per
annum.
Repayment conditions The company should be allowed to choose
whether it would pay annual installments
combining interest and principal or make
payment of interests annually and at the end of
sixth year repay the entire principal.

22
CREDIT ANALYSIS AND LENDING MANAGEMENT
Observation:
The above discussion shows that the company currently facing liquidity crunch and with the debt
to equity ratio further indicating the extensive use of borrowed capital it would be difficult for
any bank to approve the loan application of RM 48.0 million to finance the expansion strategy of
the company (Amiram, Bozanic & Rouen, 2018).
However, as discussed earlier the project expected to be undertaken by Maxis Communications
is expected to provide enough return to the company to help it repay the loan along with interest
on time. Thus, from the perspective of the project and its eligibility the bank should approve the
loan application of Maxis Communications (Bhat, Lee & Ryan, 2017).
Conclusion
Taking into consideration the discussion above and looking at the size of operations of Maxis
Communications and its standing in the Malaysian market the bank will not hesitate to approve
the loan application of the company for the amount of RM48.0 million. Thus, the bank should
approve the loan application of Maxis Communications as the project in which the investment is
to be made is expected to provide significant return to the company help the company to make
repayment of the loan along with interest on time.

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