The Credit Research On Oslo Fleet

The paper is to analyze that Yuanwang House Corp. Ltd applies to the bank for a 50-million-RMB loan for exploiting Oslo Fleet with technical economics, project evaluation and financing analysis. Combined with the process of the credit, the paper has the feasibility study on the credit systematically and detailedly. At last, the paper draws a clear conclusion from the company's running conditions in recent years, its future development and the feasibility of the credit. The paper first briefly introduces the company's basic information and the basic conditions of Oslo Fleet,. In past several years, Yuanwang exercised totally new running mechanism and flexible managing methods and reformed bravely and practically, focusing on innovating, and achieved a lot. Up to now it has become a large realty corporation with solid strength, favorable credit standing, and outstanding achievement in my city. The first part briefly introduces the target in four aspects: the location, traffic, environment around and establishment corresponding to inhabitant's life. Generally speaking, the location, where the city plans to develop chiefly, holds relatively convenient traffic, ascendant natural and humanistic environment, and perfect establishments. The second part expatiates the company's design concept of Oslo Fleet from project orientation, developing route and general programming. Directed by advanced resident concept, Oslo Fleet pays attention to space arrangement, theme gardens and community establishments. Those who earn good salaries are the dominant consumers. Oslo Fleet goes in for cultural taste and variety of houses to build the concept of humanistic community with all heart. Keeping long-term benefits in mind, Oslo Fleet emphasizes on building up its position in the field of the realty in my city, and further upgrading its public popularization. In the part of the feasibility study, by analyzing the cost forecasting and the selling price forecasting, the paper gives the primary investing benefit analyzing conclusion: in idealistic situation, the Oslo Fleet 's gross profit is 150 million, the profit rate is above to 30%, with high investing capacity. The industry risk is the one of the crucial tools for credit. The paper is to confirm the grade of industry and enterprise venture by analyzing the realty venture from the cost structure, matured degree, cycling-period, profits ability, substitute and management of realty. The paper also analyzes Yuanwang position and the advantages and disadvantages of realty. Disadvantage of realty is that it waves along with economic cycle, which is regarded as the weatherglass of macro-economy. However, with healthy development of market economy, the investment demand in realty is becoming stronger and stronger. The cycling-character of realty is becoming weaker and weaker. Which the realty is much influenced by governmental policies is another disadvantage. The government attaches importance to the realty. They often adjust the supply policy of land, house systems, financial and fiscal tax policy, and city programming to balance the supply and demand in realty. The realty has a relatively high venture of policies, for it is supervised and managed much harder and great influenced by national macro-control policy. Advantages of realty are that it is relatively matured now and has a nice ability of payoff. The realty doesn't rely on individual resident, and has no substitute. The overall analyzing and forecasting to the company's management is the most important content for credit. The chapter three talks about Yuanwang's management. The paper here searches its management and the benefits of the target by analyzing its general characters, its goal and strategy, the market orientation of the products, sale data, economical feasibility of the target and the evaluation in the management. In the past three years Yuanwang obtained a higher profit each year than before. Gross profit is enormously above average standard of the same industry. Its average gross profit in the past three years adds up to 32 percent. The direct venture faced with the enterprise is derived from which the management of the enterprise itself is changed with the resident's wills and their ability of buying houses and is affected and controlled by market demand. The specific goal and strategy accord with the present status of the realty and future trend. The company has planed concrete steps to accomplish them. Oslo Fleet, with the traits of wonderful operation and relatively less venture, has been accurately market oriented. Without any agencies, the sale costs is under control effectively. Recently themarket of realty persists in heating up. This year our government has taken measures to control the over-heated realty economy to restrict rapid growth in the price of houses, avoiding realty foam. However, the house price in my city rises warmly in recent years, and average price is under average standard among national cities with the same class. Because of the different characteristics in different areas, the realty market in my city is influenced limitedly by the governmental policies. On the contrary, it is searched that the growth in improvement and investment demand in the following years helps the realty in my city develop fast, which provides house sale with a strong foundation for the accurate market orientation. The total profit of Oslo Fleet is 200 million RMB. It is worth of investing, for the return rate of investment is above 40 percent. Yuanwang has a well-trained leading group. General manager, with higher moral standard and stronger ability of management and better prestige, is worth of being trusted. The clerk can do teamwork harmoniously. The cultural construction has been acquired an obvious achievement. The directorate can play an active role, and the management systems runs very well. The financial venture analyzing is about the quality of financial statements, the ability of selling and getting profits, the ability of repaying the debt, the effect of managing the capital, the liquidity, the long-term ability of repaying the debt, the ability of refinancing and the cash flux. The financial statements in recent three years have been managed to audit by the professional accountant firm. The quality and truth is acceptable. In the ability of selling and getting profits, Yuanwang has a good trend to develop. Large increased sale, yearly boosted profits and stronger benefiting ability supply such a powerful guarantee that the company can decrease the debt risk and increase the ability of repaying debt. The company holds the stronger ability of repaying debt and interest guarantee, because the index of the two is not only above the international standard but also stands out the same industry. The capital management effeciency waits to be improved further, for its index of turnover is not perfect. The company's fluidity is acceptable. The ability of long-term repaying and refinancing is being improved, but the cash flux is not enough. The other, the paper briefly analyzes the financial and running conditions of the sponsor. Generally speaking, the financial status...