Báo cáo thực tập tiếng anh GRADUATE INTERNSHIP REPORT INTERNSHIP COMPANY CLASSONE VINA LIMITED COMPANY

GRADUATE INTERNSHIP REPORTINTERNSHIP COMPANY: CLASSONE VINA LIMITED COMPANY Address: 45B, Alley 9, Tran Duy Hung Street, Trung Hoa Ward, Cau Giay District, Hanoi Supervisor: MSc... CLASS

GRADUATE INTERNSHIP REPORT

INTERNSHIP COMPANY: CLASSONE VINA LIMITED COMPANY

Address: 45B, Alley 9, Tran Duy Hung Street, Trung Hoa Ward, Cau Giay

District, Hanoi

Supervisor: MSc Do Phuong HuyenStudent’s full name: Nguyen Thi Phuong AnhStudent’s ID: 11071357

Major: International BusinessClass: IB2012B

Hanoi, March 11 th , 2016

On my internship report, it is my privilege to thank all the people who made thisperiod an unforgettable experience in my life

First, I am very thankful for the board of director of CLASSONE VINA, who gave

me the chance to work in a brand new environment

Second, I should thank to the staffs of CLASSONE VINA for supporting andproviding me the opportunity to have a great internship period Especially, I amvery grateful to my sponsor - Ms Tran Thi Thu Huong – for providing meappropriate guidance and training within these 6 weeks

And last but not least, I also appreciate my supervisor – Ms Do Phuong Huyen –for the efforts to supervise and give me the direction to explore a new environment.Thanks to her, I have crucial comments to successfully complete this report

Hanoi, March 11 th , 2016

Nguyen Thi Phuong Anh

LIST OF TABLES

LIST OF FIGURES

ACKNOWLEDGEMENTS 1

ABBREVIATIONS 2

LIST OF TABLES 2

LIST OF FIGURES 2

CHAPTER 1: Overview of CLASSONE 5

1.1 Company outline 5

1.2 Company History 6

1.3 Mission and Core value 7

1.4 Organizational structure 7

1.4.1 CLASSONE Corporation 7

1.4.2 CLASSONE VINA 8

1.5 Products and targeted customers 8

1.5.1 Industrial Clean room 8

1.5.2 Bio clean room - BCR 9

1.5.3 Clean equipments 10

CHAPTER 2: COMPANY OPERATING ACTIVITIES 11

2.1 Operating process 11

2.2 Supply chain activities 12

2.3 Management activities 12

2.3.1 Board of Director: 12

2.3.2 Human resource department 12

2.3.3 Construction and design department 13

2.3.4 Accounting and Finance department 13

2.3.5 Administrative department 14

2.4 Accounting activities 14

2.5 Financial activities 19

2.5.1 Capital structure 19

2.5.2 Revenue and profitability index 20

2.5.3 Tax expense: 20

2.5.4 Risk analysis 21

2.5.5 Investment activities 23

CHAPTER 3: INTERNSHIP GOALS, ASSIGNED TASKS AND PERFORMANCE 24

3.1 Internship goals 24

3.2 Assigned tasks and performance 24

CHAPTER 4: ACHIEVEMENTS 26

4.1 Improve knowledge: 26

4.2 Improve skills 26

4.3 Contributions to the company 26

4.4 Recommendations 27

REFERENCES 28

APPENDIX A – FINANCIAL STATEMENTS FOR 2014 29

APPENDIX B – FINANCIAL STATEMENTS FOR 2015 33

Part I - INTERNSHIP REPORT

CHAPTER 1: Overview of CLASSONE

CLASSONE is a Korean corporation established on September 30th, 2003 With themission of quality management, the company began with machine facilityconstruction business CLASSONE has become the leading company in the cleanroom facilities field, providing suitable solutions for industrial clean room, bio cleanroom and cleaning equipments CLASSONE VINA is the Vietnamese subsidiary ofCLASSONE, which is one of many tools to enhance its existence in Southeast Asiamarket

1.1 Company outline

Table 1.1: Company general information

Company name CLASSONE Co Ltd

Establishment date September 30th, 2003

March 14th, 2014 (Vietnam)Location Head office: 509 Cheohye rodeo plaza, Gozan-dong, Ansan

City, Korea

Vietnam: 45B, Alley 9, Tran Duy Hung Street, Trung Hoa

Ward, Cau Giay District, HanoiBusiness Manufacturing, Construction, Wholesale, etc

1.2 Company History

Table 1.2: CLASSONE History

30/09/2003 Establishment of CLASSONE Inc

02/10/2003 Opening the office of the headquarters

26/08/2004 Registration of construction industry

30/09/2004 ISO9001 Certification acquisition

02/09/2004 Joining Korea Mech Const Contractors Association

17/04/2005 Increase of capital (250 million won)

15/02/2006 Joining Korea Printed Circuit Association as a regular member

04/09/2006 PCB facility and clean facility manufacturing factory registration (

Ansan City)10/11/2007 Shenzen China Mooneup interior limited company trade basic

contract10/06/2008 Establishment of a research institute attached to the company28/11/2008 Approved as small-and-medium sized company of management

innovation12/06/2009 Execute a sale contract of JMI in Vietnam and Cambodia

18/06/2009 Approval of Welsum Inc the Ministry of Agriculture in Japan for

heat food process facility23/06/2009 ISO14001 Certificate acquisition

07/08/2010 Increase of Capital (400 million won)

01/06/2011 Joining KOHEA

26/07/2011 Application of patent for mushroom growing facilities

19/03/2012 Shanghai, China office

14/03/2014 Set up corporation in Vietnam

12/06/2015 Selected as High Growth (Gazelle type) Company by SMBA

1.3 Mission and Core value

 Mission: Trusted quality, the optimal delivery and the best system

 Core values:

- Sincerity: We make the best effort with sincerity for clients

- Harmony: With harmony of all staff members, we move toward the commongoal of customers and the company

- Loyalty: Based on trust and loyalty, we show the faithfulness of the company

R&D

Labora tory

Cleanroom business dept.

Technical sales team

Technical team

PM business team

Customer service team

Equipment business dept.

Technical sales team

Production team

Customer service team

Management support team

Personnels/ General affairs Accounting/ Finance

(Source: CLASSONE’s Yearbook, 2014)

1.5 Products and targeted customers

1.5.1 Industrial Clean room

a Definition

“Clean room means the space where floating corpuscle in the air is maintained below the certain degree of cleanliness; degree of cleanliness required for supplied material, medicine and water is maintained and management is conducted regarding temperature, humidity and pressure.”

Classone, 2010

b Clean room service

- Suggest best solution for customer manufacturing environment, based oncorrect understanding on product and process of customer

- Fully equipped with long experience and expertise in industrialmanufacturing: electric and electronic (such as semiconductor, LCD, PCB),precision machines, optics, printing, chemicals and film manufacturing

- Provide service for Digitech (May,2014), Samkyung (June, 2014), INM(June,2015), BHFlex (November,2015), and Orchem (December, 2015)

1.5.2 Bio clean room - BCR

a Definition

Board of Director

“BCR means the room which controls biological particles (living particles) and non-living particles in order to meet particular standard for a special purpose and also controls temperature, humidity and pressure indoor depending on specific needs.”

b BCR service

- Create optimal environment for pharmaceutical, laboratory and foodmanufacturing those require special environmental control and fully compliance toregulations

- Provide hospital Total Clean System covers whole hospital areas includingoperating room, isolation room, ICU and aseptic room

Table 1.3: BCR Service

GMP – Goods Manufacturing

Practice

Optimized pharmaceutical facility

fully compliance with GMP

GLP – Goods Laboratory Practice

Optimized laboratory solution to

variable requirements for laboratory

animals and biohazards

Hospital Solution

Total solution for whole hospital

operation including operating room,

aseptic room and HVAC system

HACCP (Hazard Analysis and

Critical Control Point)

Safe and clean, tighter contamination

controlled food manufacturing

environment

1.5.3 Clean equipments

Highly skilled engineers develop, design and manufacture core equipments.This assures further customer satisfaction by providing high technology system withcost efficiency, also optimized to varying requests of customers Equipmentsinclude:

 Air control unit

 Air shower (normal and special type)

 Bag filter type Dust collector

 Fan Filter Unit (FFU)

 Pass box (standard and shower type)

 Clean bench (horizontal and vertical type)

 Clean booth (standard and thin type)

 HEPA Filter Box

 Relief damper

 Medical Fan Unit

 Air Handling Unit

 Environment Test Devices

 Constant temperature and Humidity chamber

 Cooling system and Refrigerator

 Condensing Unit

 Blower Filter Unit

 Dry type Dehumidifier

 Mushroom Growing Facility

CHAPTER 2: COMPANY OPERATING ACTIVITIES

Step 4: Conducting tests for usage

Step 5: Performing warranty (if needed)

Figure 2.1: Operating process

Make a specific plan

Implement the plan

Control and make assessments

Handover the project

Guarantee Finish

(Source: CLASSONE’s Yearbook, 2014)

2.2 Supply chain activities

For clean equipments, CLASSONE follows make-to-stock strategy which allowsproducing products for immediate sale and delivery, in anticipation of demand(Sanders, 2013) It also provides shortest delivery lead time

Figure 2.2: Product positioning

(Source: CLASSONE’s Yearbook, 2014)

2.3 Management activities

The operating activities in Vietnamese office are managed and controlled by Koreanexpatriates

2.3.1 Board of Director:

- CEO – Mr Lee Jaewon

 Taking primary responsibility for the operating results of the company

 Deciding competitive strategies to meet company strategic goals

 Having direct meeting with senior partners

- Vice director – Mr Lee Junjae: supports the director in operation control andmanagement

2.3.2 Human resource department

 Recruit employees

 Training new employees to fit company culture and job requirements

 Examine staffs’ compliance with firm’s rules and regulations

Processing

stock

Assembly stock Inventory stock

Inventory stock Shipping Shipping

 Maintain and enhance employees’ performance by planning, implementingand evaluating human resources program.

2.3.3 Construction and design department

 Do engineering surveys and measurements

 Design clean room and BCR in accordance with customers’ demand

 Provide consultation for customers

 Construct based on the determined design

2.3.4 Accounting and Finance department

Billings: assembles information from the shipping and customer order

departments to create invoices that are sent to the company's customers

Collections: keeps track of overdue invoice payments from customers, and uses

a variety of methods to extract payment from them, including dunning letters,phone calls, and attorney letters

Financial statements: creates adjusting journal entries to bring the company's

initial financial results into compliance with the applicable accountingframework, writes footnotes to accompany the financial statements, and releasesfinancials following the end of each reporting period

Internal reporting: provides considerable value to a business by calculating the

profitability of various products, product lines, services, customers, salesregions, stores, and so forth The areas of analysis may change on a regularbasis, so that management can view different aspects of the business, with anemphasis on improving financial results

Payables The payables staff collects supplier invoices and employee expense

reports, verifies that the billed amounts are authorized for payment, and issuespayments to recipients on scheduled payment dates

Payroll: collects time worked information from employees, as well as pay rate

information from the human resources department, calculates tax and other

deductions from employee pay, and issues net pay amounts to employees, either

in cash or via checks, pay cards, or direct deposit

Taxes: estimates the amount of taxable income that the business is likely to

generate, and periodically remits income tax payments to the government, based

on this estimated amount

2.3.5 Administrative department

 Draft the contracts

 Update records in the computer system

 File, label, organize and respond to requests for files from the supervisors orother department

 Communicate with clients and outside vendors

Financial instruments

Initial recognition

Financial assets: At the date of initial recognition, financial assets are recognized at

cost plus transaction costs that are directly attributable to the acquisition of the

financial assets Financial assets of the Company comprise cash and cashequivalents, trade receivables, and financial investments.

Financial liabilities: At the date of initial recognition, financial liabilities are

recognized at cost net of transaction costs that are directly attributable to the issue

of the financial liabilities Financial liabilities of the Company comprise trade andother payables, accruals and borrowings

Re-measurement after initial recognition

Currently, there are no requirements for the re-measurement of the financialinstruments after initial recognition

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, demand deposits and short-term,highly liquid investments that are readily convertible to known amounts of cash andwhich are subject to an insignificant risk of changes in value

Short-term financial investments

Short-term financial investments comprise time deposits with the duration fromover three months to less than one year

Receivables and provision for doubtful debts

Provision for doubtful debts is made for receivables that are overdue for six months

or more, or when the debtor is in dissolution, in bankruptcy, or is experiencingsimilar difficulties that may be unable to repay the debts

Inventories

Inventories are stated at the lower of cost and net realizable value Cost comprisesdirect materials and where applicable, direct labors costs and those overheads thathave been incurred in bringing the inventories to their present location andcondition Cost is calculated using the weighted average method Net realizable

value represents the estimated selling price less all estimated costs to completionand costs to be incurred in marketing, selling and distribution

The evaluation of necessary provision for inventory obsolescence follows currentprevailing accounting regulations, which allow provisions to be made for obsolete,damaged, or sub-standard inventories and for those which have costs higher than netrealizable values as at the balance sheet date

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation

The cost of purchased tangible fixed assets comprises its purchase price and anydirectly attributable costs of bringing the assets to its working condition andlocation for its intended use

Tangible fixed assets are depreciated using the straight-line method over theestimated useful lives as follows:

2015Years

Long-term prepayments

Long-term prepayments is comprised of the pre-operational expenses and otherprepaid expenses These expenditures have been capitalized as long-termprepayments, and are allocated to the income statement using the straight-linemethod over the period of years, 5 years and 3 years, respectively in accordancewith the current prevailing accounting regulations

Revenue recognition

Revenue from the sale of goods is recognised when all five (5) following conditionsare satisfied:

(a) The Company has transferred to the buyer the significant risks and rewards ofownership of the goods;

(b) The Company retains neither continuing managerial involvement to the degreeusually associated with ownership nor effective control over the goods sold;

(c) The amount of revenue can be measured reliably;

(d) It is probable that the economic benefits associated with the transaction willflow to the Company; and

(e) The costs incurred or to be incurred in respect of the transaction can bemeasured reliably

Foreign currencies

The Company applies the method of recording foreign exchange differences inaccordance with Vietnamese Accounting Standard No 10 (VAS 10) “Effects ofchanges in foreign exchange rates” Accordingly, transactions arising in foreigncurrencies are translated at exchange rates ruling at the transaction date Monetaryassets and liabilities denominated in foreign currencies are retranslated at the rates

of exchange prevailing on the balance sheet date Exchange differences arising fromthe translation of these accounts are recognised in the income statement Unrealisedexchange gains at the balance sheet date are not treated as part of distributable profit

to owners

Provisions

Provisions are recognized when the Company has a present obligation as a result of

a past event, and it is probable that the Company will be required to settle thatobligation Provisions are measured at the management’s best estimate of theexpenditure required to settle the obligation at the balance sheet date

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production

of qualifying assets, which are assets that necessarily take a substantial period oftime to get ready for their intended use or sale, are added to the cost of those assets,until such time as the assets are substantially ready for their intended use or sale.Investment income earned on the temporary investment of specific borrowingspending their expenditure on qualifying assets is deducted from the cost of thoseassets

All other borrowing costs are recognized in the income statement when incurred

Taxation

Income tax expense represents the sum of the tax currently payable and deferredtax

The determination of the tax currently payable is based on the current interpretation

of tax regulations However, these regulations are subject to periodic variation andtheir ultimate determination depends on the results of the tax authorities’examination

Other taxes are paid in accordance with the prevailing tax laws in Vietnam