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Introduction to
ACSIC & KODIT
Contents
Overview
Credit Guarantee Schemes of
Main Members
Introduction to KODIT
WrapWrap
-up
1
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Overview
1. ACSIC Members
I. Overview
ACSIC : Asian Credit Supplementation Institution Confederation (since 1987)
Eligible Countries : Asian countries, excluding areas to the West and North of Pakistan
Multiple members : Korea(3), Indonesia(3), Japan(2)
1 Observer : Papua New Guinea
3
2
2. Major Activities
I. Overview
* 26 th Annual Conference : November, 2013 (Busan, Korea)
4
3. Performance of Member Countries
I. Overview
(Unit : million USD, number)
Classification
Total Guarantee
Supplies
Outstanding
Guarantees
No of SMEBeneficiaries
Japan
113,557
373,609
1,500,067
Korea
62,457
72,004
1,117,568
Taiwan
31,436
21,047
126,864
7,425
9,282
3,782,098
Indonesia
Malaysia
873
3,742
48,759
Thailand
1,634
3,523
43,528
India
2,819
No Records
254,000
Sri Lanka
32
No Records
2,307
Nepal
7
No Records
12,727
Philippines
1
1.4
465
220,241
483,208
6,888,383
Total
Japan, Korea, Taiwan : as of the end of 2012
Others : as of the end of 2011
5
3
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Credit Guarantee Schemes of
Major Members
II. Credit Guarantee
Schemes of Members
1. Korea
National
Government
SMEs
Contribution
KODIT
Credit Guarantee
KOTEC
16 CGFs
Counterguarantee
Contribution
Banks
Local Gov.
Loan
Abbreviations
KODIT : Korea Credit Guarantee Fund
KOTEC : Korea Technology Finance Corporation
KOREG : Korea Federation of Credit Guarantee
Foundations
CGF : Credit Guarantee Foundation
7
4
II. Credit Guarantee
Schemes of Members
1. Korea
Institutions
Target
Business
Sources of Fund
Market share
KODIT
(1976~ )
General
① Central Government
② Banks (0.225%)
③ Enterprises
56%
KOTEC
(1989~ )
TechOriented
Venture
① Central Government
② Banks (0.135%)
③ Enterprises
25%
16 CGFs
(1999~ )
Small & Micro
① Local Government
② Banks (0.02%)
③ Central Government
19%
* Market share by general guarantee outstanding
8
II. Credit Guarantee
Schemes of Members
2. Japan
National
Government
Local
Government
Subsidy
SMEs
Fund
Loan
Compensation
for the Loss
Insurance
52 Local CGCs
Contribution
Credit Guarantee
Banks
Abbreviations
JFC : Japan Finance Corporation
CGCs : Credit Guarantee Corporations
JFG : Japan Federation of Credit Guarantee Corporations
9
5
II. Credit Guarantee
Schemes of Members
2. Japan
Two
Two-tier Credit Supplement System
Characteristics of Credit Insurance System
10
II. Credit Guarantee
Schemes of Members
3. Taiwan
Government
SMEs
Contribution
Banks
Loan
Abbreviation
Taiwan SMEG : Small and Medium Enterprise Credit Guarantee Fund of Taiwan
11
6
II. Credit Guarantee
Schemes of Members
3. Taiwan
Indirect Guarantee (84%)
Package Guarantee (15%)
Banks
Direct Guarantee (1%)
Banks
Banks
SMEG
SMEG
SMEs
SMEG
SMEs
SMEs
1)
Applying for loan
1)
Agreement for Credit Line
1)
Applying for credit guarantee
2)
Investigation & Appraisal
2)
Applying for loan
2)
Investigation & Appraisal
3)
Issuing Letter of Guarantee
3)
Investigation & Appraisal
3)
Applying for loan
4)
Confirming credit guarantee
4)
Extending loan
( ) : share of each program
12
II. Credit Guarantee
Schemes of Members
4. Outreach of Credit Guarantee
7,6%
7,3%
7,4%
6,8%
6,3%
6,0%
5,7%
5,8%
6,7%
6,3%
5,9%
5,9%
5,6%
5,1%
4,8%
4,6%
Korea
5,6%
3,3%
5,5%
4,8%
Taiwan
4,0%
4,3%
3,6%
3,4%
2,9%
2,6%
Japan
5,7%
3,2%
2,6%
1,9%
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
* Guarantee to GDP (2011
2011)) : USA 0.6%, Germany 0.2%
Korea and Japan are countries with the highest outstanding guarantee to GDP ratios in
the world, while taking actively counter-cyclical financial policy in times of recession.
13
7
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A imagem não pode ser exibida. Talv ez o computador não tenha memória suficiente para abrir a imagem ou talv ez ela esteja corrompida. Reinicie o
computador e abra o arquiv o nov amente. Se ainda assim aparecer o x v ermelho, poderá ser necessário excluir a imagem e inseri-la nov amente.
Introduction to KODIT
1. Profile of KODIT
III. Introduction
to KODIT
Status : NonNon-profit Special Legal Entity backed by Government
Establishment : 1976 (37 years of history)
Capital Fund : USD 5.7 billion (2012)
Outstanding Guarantee : USD 42.4 billion (2012)
No. of customers : 230,000
No.
No. of Employees : 2,200
Business Network : 1 Head office, 9 Regional HQs, 99 Branches
15
8
III. Introduction
to KODIT
2. Business LineLine-up
Credit
Guarantee
Guarantee for
liability of
promising SMEs
Consulting
Infrastructure
Credit Guarantee
Guarantee for
private investment
on SOC construction
Credit
Insurance
Management
consulting
for Startups
and SMEs
Insurance for
SME's account receivables
16
III. Introduction
to KODIT
3. Governance
Financial Services
Commission
Ministry of Strategy
& Finance
Small & Medium
Business
Administration
Supervision of
Operation
Budget Planning
Capital
Contribution
Board of Policy
Chairman & CEO
17
9
III. Introduction
to KODIT
4. Sources of Fund
(1) The capital fund of KODIT shall be built up with resources falling under the
following subparagraphs:
1. Contributions from the government;
2. Contributions from financial institutions;
3. Contributions from enterprises;
………………
(3) Financial institutions shall make contributions to KODIT such amount by the
rate as prescribed in the Ordinance of the Prime Ministry, within the scope
of not exceeding 3/1000 per annum of their loans.
* Current Basic Rate of Banks : 0.225
225%
% (KODIT)
18
III. Introduction
to KODIT
4. Sources of Fund
Accumulated Contribution to KODIT : Gov. (50.5%), Banks (49.1%), Others (0.4%)
29
8
19
8.516
8.603
6.039
6.758
2007
2008
Banks
30
68
(Unit : million
USD)
86
10.452
10.452
10.452
10.077
7.516
8.255
8.997
9.794
2010
2011
2012
2009
Government
Corporations
19
10
4. Sources of Fund
III. Introduction
to KODIT
20
4. Sources of Fund
III. Introduction
to KODIT
(Spread + Subrogation) – (Loan loss + Contribution)
Benefits to Costs ratio = 2.6 →“efficient”
21
11
III. Introduction
to KODIT
5. Enterprises Evaluation System
Credit Rating
Firm Value
Corporate Credit Rating
System (CCRS)
→ Measuring Default Risks
through Probability of
Default (PD)
Comprehensive
Evaluation
System
KODIT Valuation
System
(KOVAS)
→ Measuring Future
Growth Potential of
Enterprises
Analyst' s Judgment
22
III. Introduction
to KODIT
5. Enterprises Evaluation System
(UNIT:%)
Financial
Factor
Quantitative Factor
Qualitative
Factor
Financial Ratio
CEO's Financial Records,
Industry Grade,
Analysis
Business Experience etc.
Technology Level etc.
Total Score
Pre-Rating
Filtering
Final Rating
Rating
Probability
of Default
KR1
KR2
KR3
0.56
0.74
0.97
…
…
KR7
KR8
KR9
2.92
3.85
5.07
…
…
KR13
KR14
KR15
15.24
20.07
26.44
23
12
III. Introduction
to KODIT
5. Enterprises Evaluation System
Input 20 elements affecting firm value
External factor: industry, CEO, location, etc
Internal factor: sales, net operating profit, invested capital etc.
Estimate sales &
net operating profit
(adjusted by credit analyst)
Estimate excess profit
& continuing value
(time horizon : 7 years)
Estimate cost of capital
(discount rate)
Firm Value (FV)
Checking abnormal
financial indicators
Firm Value : Grade 1~9
24
III. Introduction
to KODIT
5. Enterprises Evaluation System
KOVAS
CCRS
KR1
KR2
KR3
KR4
KR5
KR6
KR7
KR8
KR9
KR10
KR11
KR12
KR13
KR14
KR15
FV-1
FV-2
FV-3
FV-4
FV-5
FV-6
K1
K3
K4
K5
K6
K7
K8
K9
K10
K11
K12
K13
K2
K3
K4
K5
K6
K7
K8
K9
K10
K11
K12
K13
K3
K4
K5
K6
K7
K8
K9
K10
K11
K12
K13
K14
FV-7
FV-8
FV-9
K3
K4
K5
K6
K7
K8
K9
K10
K11
K12
K13
K14
K2
K3
K4
K5
K6
K7
K8
K9
K10
K11
K12
K13
K14
K15
25
13
6. Economic Role of Credit Guarantee
III. Introduction
to KODIT
CG supply
supply→
→ Invest & Expansion → Employment Increase →Economic Upturn
Foreign Currency Crisis
25%
The Growth Rate of GDP
100%
The Growth Rate of CG
20%
80%
15%
Global Financial Crisis
60%
10%
40%
5%
20%
0%
0%
'82 '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12
-5%
GDP(Nominal)
CG Supplied
-20%
26
A imagem não pode ser exibida. Talv ez o computador não tenha memória suficiente para abrir a imagem ou talv ez ela esteja corrompida. Reinicie o computador e abra o arquiv o nov amente. Se ainda assim aparecer o x v ermelho, poderá ser necessário excluir a imagem e inseri-la nov amente.
A imagem não pode ser exibida. Talv ez o computador não tenha memória suficiente para abrir a imagem ou talv ez ela esteja corrompida. Reinicie o
computador e abra o arquiv o nov amente. Se ainda assim aparecer o x v ermelho, poderá ser necessário excluir a imagem e inseri-la nov amente.
WrapWrap
-up
14
1. Summary
IV. WrapWrap-up
(Operating Body) Separate Guarantee Institution
* Established by the Government & the Special Law
(Public System) High Reliability & Open-type
Access
(Fund Raising) Raised by the Government
Subsidies and Contribution from Banks as well as
the Guarantee Fees from Enterprises
(Economic Role) Major Financial Policy Tool in
Times of Recession (Counter-cyclicality)
28
2. Closing (Introduction to Korean Wave)
1.76 bil. (hits on
YouTube)
IV. WrapWrap-up
World-class Enterprises
31.7% (No.1 share)
Korean gov. provides developing countries with nonnon-financial assistance, KSP
KSP.
Under KSP, KODIT offers policy consultation
consultation, regarding credit guarantee system.
Beneficiaries
Vietnam(2007)
Cambodia(2010
)
Kazakhstan(2011)
Ghana(2012)
Mongolia(2013)
Other Beneficiaries : Indonesia(2013), Uzbekistan(2012)
29
15
Country
Korea (3)
Institution
Korea Credit Guarantee Fund (KODIT)
Korea Technology Finance Corporation (KOTEC)
Korea Federation of Credit Guarantee Foundations (KOREG)
Japan (2)
Japan Finance Corporation (JFC)
Japan Federation of Credit Guarantee Corporations (JFG)
* consists of 52 CGCs
Taiwan (1)
Small and Medium Enterprise Credit Guarantee Fund of Taiwan
(Taiwan SMEG)
Thailand (1)
Thai Credit Guarantee Corporation (TCG)
Malaysia (1)
Credit Guarantee Corporation Malaysia Berhad (CGCMB)
31
16
Country
Indonesia (3)
Institution
Perum Jaminan Kredit Indonesia (Perum Jamkrindo)
PT. Asuransi Kredit Indonesia (PT. Askrindo)
PT. Penjamin Kredit Pengusaha Indonesia (PKPI)
India (1)
Credit Guarantee Fund Trust for Micro and Small Enterprises
(CGTMSE)
Philippines (1)
Small Business Guarantee & Finance Corporation (SBGFC)
Nepal (1)
Deposit & Credit Guarantee Corporation (DCGC)
Sri Lanka (1)
Central Bank of Sri Lanka (CBSL)
* 1 Observer : Papua New Guinea (Small Business Development Corporation)
32
Classified under 9 scales according to the VBR scores in each different size of
equity capital
VBR Value
Size of Book Value
Value
(Equity)
Rating Scales
Less than USD1 million
FV1
Firm Value
divided by
Book value of equity
USD 1 million ~3 million
USD 3 million ~ 10 million
FV2
･
･
･
FV8
More than USD 10 million
FV9
VBR: Firm Value to Book Value Ratio
33
17
Score Range
FV1
FV2
FV3
FV4
FV5
FV6
FV7
FV8
FV9
90~100
80~89
70~79
60~69
55~59
50~54
40~49
30~39
0~29
Definition
Excellent
Good
Definition
Excellent
Fair
Poor
Very Poor
Details
• Continuous abnormal earnings can be achieved due to the brilliant profit-making ability at present and future
• Excellent future value that is not influenced by the changes in the external environment
• Demonstrating a stable growth rate and a good future profit-making ability
Good
• There is a possibility that the firm may get influenced by the unfavorable changes in the
business environment in the long term
• Continuous growth is possible if there is no dramatic change in the business environment
• There is a possibility of the decrease in the firm value due to the decrease in the profitability
Fair
in response to the changes in the external environment
• Growth will be somewhat restricted due to the deterioration in profitability and cash flows if
Poor
there is no improvement in the economy and business environment
• Profit making capacity is expected to be weak at present and future. Hence there is a high
possibility that the firm value may decrease upon the business operation
Very Poor
• Doubtful about the existence of the firm as a going businesses
34
Decision-making Matrix
Credit rating + Firm Value
Firm Value
High
Average
Low
Group
Credit
Rating
Firm
Value
Measures
I
High
High
Priority
Support
II
High
Low
Selectively
Support
III
Low
High
High
Group I
Group II
Average
Credit
Rating
Group III
Low
(Overestimated
)
Actively
Support
(Underestimated)
Group IV
IV
Low
Low
Reject
(Cautiously
Support)
35
18
Group III(Credit Rating & Firm Value) Default Rate : 1.5%
Group II (Credit Rating & Firm Value) Default Rate : 3.8%
High
(FV6 or higher )
Low
(FV7 or lower)
Average
Default
Rate
High
(KR6 or higher)
Group I
( 0.4% )
Group II
( 3.8% )
0.6%
Low
(KR7 or lower)
Group III
( 1.5% )
Group IV
( 7.7% )
2.3%
Average Default Rate
0.6%
5.1%
1.0%
Firm Value
Credit Rating
* Brackets : Default Rate
36
Case
Company 1
Company 2
Credit Rating
KR1
(PD is low)
KR1
(PD is low)
Value Rating
FV5
(Value is middle class :
Future Growth possibility normal )
FV1
(Value is high :
Future Growth potential high )
At the same level of PD,
Better to support the company with higher future growth potential
37
19