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GROUP 7 DA NANG RUBBER JOINT STOCK COMPANY (1)

TRƯỜNG ĐẠI HỌC KINH TẾ - ĐẠI HỌC ĐÀ NẴNG
KHOA KẾ TOÁN



GROUP WORK: DA NANG RUBBER
JOINT STOCK COMPANY
Giảng viên:Trần Thị Nga
Lớp

: 41K18.1-CLC

Student performance:
1, Trần Thị Phương Thảo
2, Mai Khánh Trang
Student comment:
1, Nguyễn Thị Thu Trang
2, Đậu Thị Hải

Đà Nẵng, 1/2018.



GROUP 7 - DA NANG RUBBER JOINT STOCK COMPANY

Contents
I.

Asset structure analysis:..........................................................................................................................2

II. Resource structure analysis........................................................................................................................5
III.

Long-term financial analysis:..............................................................................................................6

IV.

Short- term financial balance...............................................................................................................8

Nhận xét:.........................................................................................................................................................10

1


GROUP 7 - DA NANG RUBBER JOINT STOCK COMPANY

FINANCIAL STRUCTURE ANALYSIS OF DA NANG RUBBER
JOINT STOCK COMPANY

I.

Asset structure analysis:
(unit: million VND)

2


GROUP 7 - DA NANG RUBBER JOINT STOCK COMPANY

2017

2015Items



2016
Proportion
Value
(%)

ITERMS
Proportion
(%)

Value

Proportion
(%)

Value

Cash & cash
67,220
equivalents

2.41

50,834

1.81

240,227

7.64

Account
receivable – 412,479
short – term

14.80

419,093

14.89

278,349

8.86

21.38

770,987

27.38

784,836

24.97

0.28

6,352

0.23

128

0.0041

39

1,247,267 44.30

1,303,540

41.48

YEAR
Current Asset

Inventory

596,003

Other current
7,792
assets
Total
Current
Asset

1,083,495

NonCurrent
Asset
Account
receivable – 127
long – term

0.0046

Fixed assets

46.63

Financial
investment

1,299,731
4,103

Other Non49,886
Current Asset
Total
NonCurrent
Asset

1,703,780

TOTAL
ASSET

2,787,275

1
27
1,488,117

0.15

1.79

61

4,334

0.0045

46

52.86

1,759,710

0.15

4,620

0.0015
5
5.99
0.15

59,255

2.10

15,754

0.50

1,568,156

55.70

1,839,352

58.52

2,815,423

100

3,142,891

100

3

100


GROUP 7 - DA NANG RUBBER JOINT STOCK COMPANY

Notes:

 *100%

 *100%

Comment:
First, the table shows that the size of corporate assets is declining over the years,
from 3,142,891 in 2015 to 2,787,275 in 2017. This is due to a decline in both short-term
and long-term assets. In order to see more clearly the changes in asset size, we consider
each of the following factors.
Through the table above we also see the short-term assets accounts for a large
amount of nearly 2/5 of the total assets of the company. Inventory accounts for a
relatively high proportion, more than half of the company's short-term assets mean that
inventories account for more than one-fifth of total assets. However, inventories in 2017
tend to decrease compared to 2015 and 2016. The reason that inventory accounts for a
high proportion is due to raw materials and finished products account for a very high
proportion of total inventory value.
For example, in 2016, raw materials accounted for 295,351 / 770,987 total
inventories of 38.3% and finished products accounted for 48.5% (374,071 / 770,987).
Short-term assets also include:
 Cash and cash equivalents account for a small proportion of the Company's
assets and have a declining trend. In 2015, corporate cash flow is VND 240.222 million
(7.64% of total assets) in 2016. VND 50,834 million (1.81%) until 2017 despite a slight
increase of VND 67,220 million (2.41% of total assets). The decrease in cash and cash
equivalents indicates that enterprises have limited business activities and difficulties in
payment.
 Short-term receivables account for a large proportion of the company's assets
with VND412,479 million representing 14.8% of total assets and tends to increase from
8.86% in 2015 to 14.8% in 2017. This shows that the capital of the company is
temporarily used by other units tends to increase, is a bad sign in the debt collector
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GROUP 7 - DA NANG RUBBER JOINT STOCK COMPANY

 Other short-term assets account for only a small part of the company's total
assets
Long-term assets make up more of the company's short-term assets. Due to the
specific nature of the enterprise, it is required to operate in the industrial production
sector, which requires large amounts of fixed assets to be higher than current assets. The
share of total long-term assets of enterprises tends to increase slightly from 58.52% in
2015 to 61% in 2017, although the amount of long-term assets has decreased gradually
over the years mainly due to the decrease in fixed assets gradually over the years.
 As discussed above, fixed assets account for a very large share of total assets,
about half of total assets, 55.99% in 2015 and 46.63% in 2017. The proportion of fixed
assets decreased due to the fact that enterprises have limited fixed asset purchase and
depreciation of fixed assets over the years.
 Long term receivables of the company are small, although they have increased
over the years but increased significantly. This shows a long-term debt management
policy and good corporate debt recovery.
 The proportion of financial investment of enterprises only accounts for a very
small proportion of less than 1% of total assets and has a decreasing trend over the years
but not much change. Demonstrate that all assets of the company are used for capital
calibration process, the investment outside is not the target of the business should not be
focused.
In summary, analysis of corporate assets shows that Da Nang Rubber Joint Stock
Company has relatively reasonable asset structure. Long-term assets are invested in
construction, however, only short-term receivables of the business are mobilized, and
occupied should be noted and overcome.

Year

2017

2016

2015

Current liabilities

880,152

841,723

876,966

Non- current liabilities

409,004

391,599

592,992

Owner’s equity

1,498,119

1,582,100

1,672,934

Total resources

2,787,275

2,815,423

3,142,891

46.251

43.806

46.771

Debt ratio

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GROUP 7 - DA NANG RUBBER JOINT STOCK COMPANY

Self-fund ratio

53.749

56.194

53.229

Debt/equity ratio

86.05

77.955

87.868

Short-term resources ratio

31.578

29.897

27.903

Long-term resources ratio

68.422

70.103

72.097

78.554

80.159

73.83

Owner's quity/long- term
resources ratio

II. Resource structure analysis
(Unit: million VND)

Note:
Debt ratio = * 100%
Self-fund ratio= *100%
Debt/ equity ratio= * 100%
Short- term resources ratio= *100%
Long term resources ratio=*100%
Owner’s equity/long-term resources ratio=*100%
Comment:
The debt ratio have fluctuation trend through 3 years. This ratio decreased
from 46.771% to 43.806% between 2015 and 2016, but in 2017, this increased to near by
the proportion in 2015, 46.251%. However , the proportion of self-fund debt had inverse
trend. The Self-fund ratio rised from 53.229% to 56.194% between 2015 and 2016, and
then reduced to 53.749% in 2017. In sum, the debt ratio is smaller than 50% and the
Self-fund ratio is larger than 50% through 3 year
In general, the company use more owner equity than debt, and is linked to a more
independent business that does not need to rely heavily on borrowed funds, and is
therefore more financially stable. Most of the company's assets are financed through
equity => high self- control
Through 3 years, the Short-term resources ratio have increasing trend. This
ratio increased from 27.903% to 31.578%. While, the Long-term resources ratio
6


GROUP 7 - DA NANG RUBBER JOINT STOCK COMPANY

have decreasing trend, decreasing from 72.097% to 68.422% between 2015 and
2017. In sum, the proportion of Long-term resources was still higher than the
proportion of short term resources and the proportion of owner equity was highest
The short term liabilities is relatively low through 3 years, so that interest
rate pressures is low

III. Long-term financial analysis:
(Unit: million VND)
Year
2015

Iterms

Cash & cash
equivalents
240,227
Current assets

Account
receivable
short-term

278,349

Inventory

784,836

Other current
assets
128

2016

2017

50,834

67,220

419,093

412,479

770,987

596,003

6,352

7,792

1,303,540

1,247,267

1,083,495

( WC )

1,303,540

1,247,267

1,083,495

Long-term
resouces

2,265,926

1,983,699

1,907,123

Account
receivable
long-term

46

127

127

Fixed assets

1,759,710

1,488,117

1,299,731

Total
assets

Current

Working capital

Non-current
assets

7


GROUP 7 - DA NANG RUBBER JOINT STOCK COMPANY

Financial
investement

4,620

Other Non current ssets
15,754
Total
Noncurrent assets
Net-working
capital

1,839,352

426,574

4,334

4,103

59,255

49,886

1,568,156

1,703,780

415,543

203,343

( NWC)
Note:
 Working capital = Curent assets
 Net working capital = Long-term resouces – Non-current assets
Comment:
The table shows that working capital decreases over the years from 2015
to 2017, decreasing from 1,303,540 million to 1,083,495 million. The main reason
is that cash & equivalents plunge by 2017 about ¼ compare to 2015, about 67,220
million. In other, inventory decrease slight from 784,836 millon in 2015 to
596,003 million in 2017. Thus, the company is tending to reduce production and
business, reduce the amount of inventory, reduce production.
In terms of Net working capital:
Net working capital = Long-term resouces – Non-current assets > 0
For the three years from 2015 to 2017, the NWC is positive, so long-term
resouces is not just enough to sponsor non-current assets, but also to sponsor
current assets. Financial balance in these years is good and safe. Business situation
is stable.
However, net working capital in 2015 will reach a high of 426,574
million but will slightly decrease in 2016 to 415,543 million by 2017, a sharp
decrease of 203,343 million, down more than half of that in 2015. The main reason
Long-term resouces decreased slightly from 2,265,926 million to 1,907,123
million. As a result, the long-term payables decreased, the ability to pay debts of
the company at a good level. In other, fixed assets in 2017 also fell by two thirds
8


GROUP 7 - DA NANG RUBBER JOINT STOCK COMPANY

from 2015, from 1,759,710 millon to 1,299,731 million. Show that the company is
less focused on the renewal of fixed assets, or the liquidation of fixed assets,
which reduces the size of fixed assets.

IV. Short- term financial balance

Years

2017

2016

2015

Inventory

596,003

770.987

784,836

Acc receivable
short-term

412,379

419,093

278,349

Other current
assets

7,792

6,352

128

Short-term
liabilities

880,152

841,723

876,966

Net working
capital (NWC)

203,343

415,543

426,574

Net working
capital
requirement

136,022

354,709

186,347

Net fund

67.321

60,834

240,227

Iterm

Note
 Net w orking capital requirement = Inventories + short-term & oth er current
assets – short-term liabilities ( excluding interest bearing liabities)
 Net fund = net working capital – net working capital requirement
9


GROUP 7 - DA NANG RUBBER JOINT STOCK COMPANY

Comment:
First, the table shows that the value of Net Fund > 0 over the years, net
working capital meets the capital needs short term, company don’t have to borrow to
offset the need for working capital. The company has achieved the financial balance
in the short term over the years. However, it has fluctuations . In 2015, the value of
net fund is VND 240,227 million,dramatically drop to VND 60,834 million in 2016
and until 2017 despite a slight increase of VND VND 67,321 million. In order to see
more clearly the changes in the value of net fund , we consider each of the following
factors:
In 2016, net working capitial requirement shoot up from VND 186,347 million to
VND 354,709 million. . This is due to a increase in both account receivable short term
(50,56%) and other assets.In addition, net working capital slightly declined from
VND 426,574 million to VND 415,543 million. This led to a decline of the value of
net fund. In 2017, the value net fund go up by VND 6,487 million, although it has
decrease both net working capitial and net working capitail reauirement.
In summary, analysis of shor-term financial balance shows that Da Nang Rubber
Joint Stock Company has achieved the financial balance in the short-term.

No

Full name
1.

Contributio
n

Trần Thị Phương (50%)
Thảo

Signature

Notes

Thảo

+Asset
analysis

structure

+Long-term
analysis

financial

10


GROUP 7 - DA NANG RUBBER JOINT STOCK COMPANY

2.

Mai Khánh Trang

(50%)

Trang

+Resource
analysis

structure

+ Short- term financial
balance
Total

100%

Nhận xét:
NGUYỄN THỊ THU TRANG
Các bạn làm đầy đủ các yêu cầu mà cô đề ra. Tính toán chính xác các mục. Gi ra từng
tài khoản rõ ràng và công thức cụ thể. Phần phân tích cấu trúc tài sản và nguồn vốn đưa
ra so sánh các số liệu qua các năm đã cho thấy tình hình biến động tài sản và nguồn vốn
của công ty. Tuy nhiên, bạn nên chỉ ra những lượng nào đặc biệt có biến động tăng mạnh
hay giảm mạnh ảnh hưởng trực tiếp đến cấu trúc tài sảncủa công ty. Phần phân tích cân
bằng tài chính dài hạn bạn nên đưa ra so sánh tài sản ngắn hạn, dài hạn so với tổng tài
sản; qua những so sánh về số liệu cần có những nhận xét cụ thể hơn về tình hình biến
động công ty khi vốn lưu động hay vốn lưu động ròng thay đổi.
ĐẬU THỊ HẢI
Ưu điểm:
- Các bạn có sự phân công nhiệm vụ tốt.
- Trình bày rõ ràng và đầy đủ yêu cầu cô đưa ra.
- Các công thức tính toán và số liệu chính xác, có chú thích cụ thể
- Sau mỗi phân tích có sự nhận xét về biến động về tài sản và nguồn vốn trong ngắn
hạn và dài han, có sự so sánh giữa các năm.

11



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