Current situation of fund raising activities in hung ha paper co ltd and some suggestions for improvement”

Graduation thesis Academy of Finance DECLARATION I hereby declare that this thesis is my own work and effort with the support from my supervisor, MA.&MSc Tran Huong Giang The content and results of research on this topic are honest and have not been submitted anywhere for any award Where other sources of information have been used, they have been acknowledged The data and results described in the thesis are derived from the actual situation of the practice company Hanoi, April 25th, 2013 Student Nguyen Thi Lan Oanh Nguyen Thi Lan Oanh – CQ47/51.03 Page i Graduation thesis Academy of Finance ACKNOWLEDGEMENT Besides my personal effort, the support both from my department and the company during my internship plays a very important role in finishing this graduation thesis Firstly, I would like to express my deep and sincere gratitude to my supervisor, MA.&MSc Tran Huong Giang Her wide knowledge and her logical way of thinking have been of great value for me Her understanding, encouraging and personal guidance have provided a good basis for the present thesis I also wish to thank all the teachers in Faculty of Foreign languages in general and MA.&MSc Tran Huong Giang in particular for their enthusiasm in helping students finish their important graduation thesis Secondly, I also want to thank Hung Ha paper Co Ltd for giving me permission to commence this thesis in the first instance, to the necessary work and to use departmental data I have furthermore to thank the Director, Mr Dinh Nhu Kiem and the Chief accountant, Ms Pham Thi Vinh as well as all staff in Finance – Accounting department of Hung Ha paper Co Ltd for instructing and advising me during my internship process My friends from Foreign Language Faculty also supported me in my thesis I want to thank them for all their help, support, interest and valuable hints Especially, I would like to give my special thanks to my family whose patient love enabled me to complete this work Once again, many thanks for everyone who directly or indirectly helps me complete this graduation thesis Nguyen Thi Lan Oanh – CQ47/51.03 Page ii Graduation thesis Academy of Finance Finally, because of limitation of time and knowledge, mistakes are unavoidable, so I wish to have more opportunities I also wish to receive more contribution and suggestions to make my thesis better Nguyen Thi Lan Oanh – CQ47/51.03 Page iii Graduation thesis Academy of Finance ABSTRACT In the modern economic world, especially when the number of bankrupt enterprises is rising, fund-raising activities have become more and more important, for every company in general, and for Hung Ha paper Co Ltd in particular Therefore, my thesis with the topic “Current situation of fund-raising activities in Hung Ha paper Co Ltd and some suggestions for improvement” will point out the importance of having a healthy and effective fund-raising activities The main content is reflected in three chapters The first chapter is about the literature review for every company, mainly showing some basic definitions, ways to raise fund in business and some factors affecting fund-raising activities In chapter 2, by taking a scenario in Hung Ha paper Co Ltd, the thesis focuses on an actual situation of fundraising activities From that, chapter points out the company’s strengths and weaknesses and suggests some solutions to improve the current fund-raising activities in Hung Ha paper Co Ltd In conclusion, the thesis has already been complete in comparison with proposed objectives and targets in the introduction Nguyen Thi Lan Oanh – CQ47/51.03 Page iv Graduation thesis Academy of Finance LIST OF ABBREVIATIONS No Abbreviation Full phrase £ Pound % Percent B2B BIDV Co Ltd Dept Department e.g For example etc Et cetera i.e That is 10 JICA 11 No 12 ODA 13 Sacombank 14 SeAbank 15 VIB 16 Vietinbank 17 VND Vietnam Dong 18 WTO World Trade Organization Business to business Bank for Investment and Development of Vietnam Company limited The Japan International Cooperation Agency Number Official Development Assistant Saigon Thuong Tin Commercial joint stock bank Southeast Asia commercial joint stock bank Vietnam International Commercial joint stock bank Vietnam bank for industry and trade Nguyen Thi Lan Oanh – CQ47/51.03 Page v Graduation thesis Academy of Finance LIST OF FIGURES Page Figure 2.1 The structure of Hung Ha paper Co Ltd 21 LIST OF TABLES Page Table 2.1 Capital structure of Hung Ha paper Co Ltd in 2011 23 Table 2.2 Capital structure of Hung Ha paper Co Ltd in 2012 25 Table 2.3 Change of share capital in 2011 – 2012 27 Table 2.4 Change of retained profits in 2011 – 2012 29 Table 2.5 Change of occupying capital in 2011 – 2012 30 Table 2.6 Change of occupied capital in 2011 – 2012 30 Table 2.7 Change in structure of trade credit in 2011 – 2012 31 Table 2.8 Change of bank loan proportion in 2011 – 2012 32 Table 2.9 Change of bank loan structure in 2011 – 2012 33 Table 2.10 Change of bank short-term loans and borrowings in 2011 34 – 2012 Table 2.11 Change of bank long-term loans and debts in 2011 – 35 2012 Nguyen Thi Lan Oanh – CQ47/51.03 Page vi Graduation thesis Academy of Finance TABLE OF CONTENTS DECLARATION i ACKNOWLEDGEMENT .ii ABSTRACT iv LIST OF ABBREVIATIONS v LIST OF FIGURES .vi LIST OF TABLES vi TABLE OF CONTENTS .vii INTRODUCTION 1 RATIONALE OF THE STUDY .1 AIMS OF THE STUDY SUBJECTS AND SCOPE OF THE STUDY 3.1 Subjects of the study 3.2 Scope of the study ORGANIZATION OF THE STUDY CHAPTER 1: LITERATURE REVIEW 1.1 BASIC DEFINITIONS 1.1.1 Finance .4 1.1.2 Sources of finance 1.1.3 Fund-raising activities 1.2 1.1.3.1 Definition 1.1.3.2 Role of fund-raising activities in business WAYS TO RAISE FINANCE BUSINESS 1.2.1 Internal sources 1.2.1.1 Personal sources 1.2.1.1.1 Savings and other “nest-eggs” 1.2.1.1.2 Borrowing from friends and family Nguyen Thi Lan Oanh – CQ47/51.03 Page vii Graduation thesis Academy of Finance 1.2.1.1.3 Credit cards .7 1.2.1.2 Retained profits .7 1.2.1.3 Sales of assets 1.2.1.4 Debt collection 1.2.1.5 Share capital – invested by the founder 1.2.2 External sources 1.2.2.1 Commercial bank 1.2.2.1.1 Bank overdrafts 1.2.2.1.2 Bank loans 10 1.2.2.2 Share issue – outside investors 10 1.2.2.3 Business angels 11 1.2.2.4 Government grants 12 1.2.2.5 Leasing or Hire purchase 12 1.2.2.5.1 Leasing .12 1.2.2.5.2 Hire purchase 13 1.2.2.6 1.3 Trade credit .13 FACTORS AFFECTING FUND-RAISING ACTIVITIES IN BUSINESS 14 1.3.1 Internal factors 14 1.3.1.1 Financial ability of enterprise 14 1.3.1.2 Types of business .14 1.3.1.3 Business strategy of enterprise 14 1.3.1.4 Reputation and prestige of enterprise 15 1.3.1.5 Business result of enterprise .15 1.3.2 External factors 16 1.3.2.1 Economy – society situation 16 1.3.2.2 Financial market development 16 1.3.2.3 System of State laws 17 Nguyen Thi Lan Oanh – CQ47/51.03 Page viii Graduation thesis Academy of Finance CHAPTER 2: CURRENT SITUATION OF ACCOUNTING FOR PRODUCTION COSTS AND COST PRICE OF FINISHED PRODUCT IN HUNG HA PAPER COMPANY LIMITED 18 2.1 OVERVIEW ABOUT HUNG HA PAPER COMPANY LIMITED .18 2.1.1 History .18 2.1.2 Functions, business field and products 19 2.1.2.1 Functions 19 2.1.2.2 Business field and products 19 2.1.3 Business market 19 2.1.4 Organizational structure 20 2.2 CURRENT SITUATION OF FUND-RAISING ACTIVITIES IN HUNG HA PAPER COMPANY LIMITED .22 2.2.1 Ways to raise finance used in Hung Ha paper Company Limited 22 2.2.2 Fund-raising activities in 2011 22 2.2.3 Fund-raising activities in 2012 25 2.3 EVALUATION OF FUND-RAISING ACTIVITIES IN HUNG HA PAPER COMPANY LIMITED .27 2.3.1 Detailed analysis of fund-raising activities in Hung Ha paper Co Ltd 27 2.3.1.1 Share capital – invested by the founders 27 2.3.1.2 Retained profits 28 2.3.1.3 Trade credit .29 2.3.1.4 Bank loans 32 2.3.1.4.1 Bank short-term loans and borrowings 33 2.3.1.4.2 Bank long-term loans and debts .34 2.3.2 Strong points 35 2.3.3 Weaknesses 36 Nguyen Thi Lan Oanh – CQ47/51.03 Page ix Graduation thesis Academy of Finance CHAPTER 3: SOME SUGGESTIONS FOR IMPROVING THE FUND-RAISING ACTIVITIES IN HUNG HA PAPER COMPANY LIMITED .38 3.1 COMPANY ORIENTATION 38 3.2 SOLUTIONS TO RAISE FUND EFFECTIVELY BY HUNG HA COMPANY LIMITED 39 3.2.1 Continue promoting some effective ways that company has used 39 3.2.2 Some solutions to raise fund effectively 42 3.3 3.2.2.1 Seeking external sources .42 3.2.2.2 Using internal sources 43 3.2.2.3 Expand market share 44 SOME RECOMMENDATIONS TO APPLY TO THOSE SOLUTIONS ABOVE 45 3.3.1 Recommendations for authorities 45 3.3.2 Recommendations for company 46 CONCLUSION 48 REFERENCES .50 APPENDIX – BALANCE SHEET Nguyen Thi Lan Oanh – CQ47/51.03 Page x Graduation thesis Academy of Finance  Government needs to establish a detailed, clear legal regime in order to overcome current shortcomings to overcome the consequences of capital appropriation, consequences of disputing over economic contracts, etc through documents with high legal effect  State needs to quickly build a complete financial market; enhance inspection and control of enterprises’ activities; transparency of financial situation to help investors believe and be willing to invest their capital  Government should stimulate enterprises to expand their foreign market and promoting exporting Government also needs to simplify administrative procedures to facilitate business activities  State bank should apply some solutions such as consulting free about effective investment fields, simultaneously, co-operate with enterprises to take part in sponsor activities to help companies implement production or service projects that are valued feasible  State should have policies to stabilize macro-economy, curb inflation at reasonable level, limit price rises; appropriate monetary policy in each economic context 3.3.2 Recommendations for company To apply those solutions above, Hung Ha paper Co Ltd needs to improve its management as well as its business lines Most importantly, Hung Ha paper Co Ltd has to concentrate on its staff In another word, company should facilitate its staff to improve their degree and workmanship through training and practical projects Motivating its employees is also a perfect policy that Hung Ha paper Co Ltd should take into consideration Employees of company are from many places, a lot of who are very far from the working place Moreover, they have to work at night So company should care about livings of employees In addition, one significant characteristic of company is that working conditions are dangerous Therefore, company should protect Nguyen Thi Lan Oanh – CQ47/51.03 Page 46 Graduation thesis Academy of Finance its employees through insurance (health insurance, social insurance, accident insurance, etc.) and labour safety regulations, such as safety working clothing In conclusion, apart from business activities, Hung Ha paper Co Ltd should care about the health and safety of its employees, of those who work under company care and of the people that company serves Moreover, company also needs care about employees: their personal growth, career development and general well-being One another important thing that company should think of is the communities, where people live and work and their sustainable development and company commits to fulfilling its responsibilities as a global citizen Finally, to achieve sustainable development, company must pay attention to the environment and to conducting the business in an environmentally responsible manner Nguyen Thi Lan Oanh – CQ47/51.03 Page 47 Graduation thesis Academy of Finance CONCLUSION In an open market economy, there are many opportunities and challenges for enterprises Especially since Vietnam joined WTO in 2007, enterprises have faced more and more challenges One of the requirements for Vietnamese enterprises is to improve competitive capacity to enter international economy Businesses have to build a strong financial foundation, as well as manage fund effectively in order to overcome difficulties and develop businesses In conclusion, the thesis with the topic “Current situation of fund-raising activities in Hung Ha paper Company Limited and some suggestions for improvement” has already achieved its aims step by step Firstly, the thesis has completely reflected the theorical background of fund-raising activities Secondly, almost all of fund-raising activities in Hung Ha paper Co Ltd were listed and analyzed Thirdly, through the above analysis, the strengths and weaknesses of the fund raising were revealed Thanks to understanding the company’s weaknesses of fund-raising activities and the budget limitations as well as managerial level, the thesis has drawn some possible solution such as:  Company should understand how to attract investors; the important thing is to figure out what company can to get them to invest in the business In another word, it is necessary for company to persuade investors to open their pockets to invest in the business  Company should improve its accounting system to manage its receivables as well as its payables It is essential to collect late payments from customers because it is a big source of fund for Hung Ha paper Co Ltd  Company should use owner’s equity and bank loans soundly, because they are main sources of finance of company If company uses them soundly, it can save Nguyen Thi Lan Oanh – CQ47/51.03 Page 48 Graduation thesis Academy of Finance many unnecessary capital expenses and have more finance for production and business activities  Company should solve the problems in mortgage, pledge, guarantees for bank loans and make its financial statements public to promote transparency and accountability  Company should expand ways to raise finance by some new sources, such as cooperation, leasing or hire purchase, capital from enterprise’s employees, inventory, etc; and expand its market share  Finally, company should pay more attention to the livings and safety of its employees Nguyen Thi Lan Oanh – CQ47/51.03 Page 49 Graduation thesis Academy of Finance REFERENCES Chris Brooks, 2008, “Introductory Economics for Finance”, Cambridge Gove, P.et al 1961 “Finance” Webster’s Third New International Dictionary of the English Language Unabridged Springfield, Massachusetts: G & C Merriam Company Jeffrey Timmons, Stephen Spinelli, and Andrew Zachrakis, 2004, “How to raise capital: Techniques and Strategies for Financing and Valuing Your Small Business”, McGraw-Hill Jim Riley, September 2012, “Sources of finance for startups and SMEs”, from http://www.tutor2u.net/business/finance/finance_sources_smes.htm K.A Francis, “The importance of funding for business”, Demand Media, from http://smallbusiness.chron.com/importance-funding-business-59.html Mike Stauton, 2009, “Role of fund raising activities in business” Robert Higgins, 2005, “Analysis for Financial Management”, McGrawHill/Irwin Victoria Duff, “The importance of funding for business”, from http://www.ehow.com/info_7752992_importance-funding-business.html Hung Ha paper Co Ltd – Annual Financial Report 2011 – 2012 10 Websites: - http://businesscasestudies.co.uk - http://www.businessfundability.com - http://www.doko.vn - http://www.go4funding.com - http://www.investopedia.com Nguyen Thi Lan Oanh – CQ47/51.03 Page 50 Graduation thesis Academy of Finance APPENDIX – BALANCE SHEET 2011 Hung Ha paper Co Ltd balance sheet Entity: Hung Ha paper Company limited Address: Kieu Ky – Gia Lam – Ha Noi Form B01 - DNN (Promulgated with Decision No 48/2006/QD-BTC dated 14 September 2006 by the Ministry of Finance) BALANCE SHEET As at 2011 ASSETS Currency: VND Codes Notes Ending Balance A – CURRENT ASSETS (100=110+120+120+130+140+150) I Cash and cash equivalents Cash Cash equivalents II Short-term investments Short-term investments Provision for short-term investments III Current account receivable Trade receivable Advances to suppliers Inter-company receivables Construction contractor receivables based on agreed progress billings Other receivables 100 75,420,609,150 52,729,872,516 110 111 112 120 121 129 367,306,553 3,725,343,935 47,833,323,357 46,797,289,011 1,036,034,346 22,494,357,814 19,992,258,011 2,502,099,803 Nguyen Thi Lan Oanh – CQ47/51.03 V.01 V.02 130 131 132 133 134 135 Beginning Balance V.03 Graduation thesis Academy of Finance Provision for doubtful debts IV Inventories Inventories Provision for obsolete inventories V Other current assets Short-term prepaid expenses VAT deductibles Tax and other receivables from State Other current assets 139 140 141 149 150 151 152 154 B – NON-CURRENT ASSETS (200=210+220+230+240) I Long-term receivables Long-term trade receivables Paid-in capital in wholly owned subsidiaries Long-term inter-company receivables Other long-term receivables Provision for doubtful long-term receivables II Fixed assets Tangible assets - Cost - Accumulated amortization Finance leases - Cost - Accumulated amortization Intangible assets - Cost - Accumulated amortization Construction in progress III Investment property 200 Nguyen Thi Lan Oanh – CQ47/51.03 27,218,074,478 25,801,062,698 27,218,074,478 25,801,062,698 1,904,762 709,108,069 707,203,307 1,904,762 1,904,762 V.05 158 106,831,898,428 105,863,066,761 210 211 212 213 V.06 218 219 V.07 220 221 222 223 224 225 226 227 228 229 230 240 V.08 97,423,401,525 96,544,375,351 97,423,401,525 96,544,375,351 109,913,163,504 100,899,808,769 (17,294,285,330) (9,087,604,102) V.09 V.10 V.11 V.12 4,804,523,351 4,732,170,684 Graduation thesis Academy of Finance - Cost - Accumulated amortization IV Long-term financial investments Investments in subsidiaries Investments in associates, jointly controlled entities Other long-term investments Provision for long-term investments V Other long-term assets Long-term prepaid expenses Deferred tax assets Other long-term assets 241 242 250 TOTAL ASSETS (270=100+200) 270 182,252,507,578 158,592,939,277 300 103,227,129,641 79,105,437,777 310 311 312 313 314 315 318 68,875,080,418 59,394,603,486 6,820,352,338 491,724,900 2,168,399,694 36,001,850,093 23,694,544,684 11,261,615,651 1,045,689,758 34,352,049,223 43,103,587,684 9,408,496,903 9,318,691,410 251 252 258 259 260 261 262 268 V.13 V.14 V.21 RESOURCES A – LIABILITIES (300=310+320) I Current liabilities Short-term loans and borrowings Trade payables Advances from customers Tax and statutory obligations Payables to employees Construction contractor payables based on agreed progress billings Other payables II Long-term liabilities Long-term trade payables Nguyen Thi Lan Oanh – CQ47/51.03 319 320 321 V.15 V.16 V.18 Graduation thesis Academy of Finance Long-term inter-company payables Other long-term liabilities Long-term loans and debts Deferred tax liabilities Provision for severance allowances Long-term provision 322 V.19 323 324 325 326 V.20 V.21 B – OWNERS’ EQUITY (400=410+430) I Capital Contributed legal capital Share premium Other owners’ capital Treasury share Assets revaluation reserve Foreign exchange differences Investment and development fund Financial reserve fund Other funds belonging to owners’ equity 10 Undistributed earnings II Other funds Bonus and welfare fund Subsidized fund Fund for in use welfare fixed assets 400 TOTAL LIABILITIES AND OWNERS’ EQUITY (440=300+400) Nguyen Thi Lan Oanh – CQ47/51.03 34,352,049,223 43,103,587,684 79,025,377,937 79,487,501,500 79,025,377,937 41,000,000,000 79,487,501,500 68,200,000,000 327 410 411 412 413 414 415 416 417 V.22 17,700,000,000 418 419 420 430 431 432 433 440 20,325,377,937 11,287,501,500 V.23 182,252,507,578 158,592,939,277 Graduation thesis Academy of Finance OFF BALANCE SHEET ITEMS Items Notes Ending balance Beginning balance Assets under operating lease Goods held under trust or for processing Goods held by the company on consignment Doubtful debts written off Foreign currencies Subsidies fund for operating activities, projects Date: 20 February, 2012 Prepared by (Name & signature) Chief accountant (Name & signature) Nguyen Thi Lan Oanh – CQ47/51.03 Director (Name & signature) Graduation thesis Academy of Finance 2012 Hung Ha paper Co Ltd balance sheet Entity: Hung Ha paper Company limited Address: Kieu Ky – Gia Lam – Ha Noi Form B01 - DNN (Promulgated with Decision No 48/2006/QD-BTC dated 14 September 2006 by the Ministry of Finance) BALANCE SHEET As at 2012 ASSETS Currency: VND Codes Notes Ending balance A – CURRENT ASSETS (100=110+120+120+130+140+150) I Cash and cash equivalents Cash Cash equivalents II Short-term investments Short-term investments Provision for short-term investments III Current account receivable Trade receivable Advances to suppliers Inter-company receivables Construction contractor receivables based on agreed progress billings Other receivables Provision for doubtful debts 100 65,662,136,532 75,420,609,150 110 111 112 120 121 129 634,907,183 367,306,553 37,867,717,082 37,867,717,082 47,833,323,357 46,797,289,011 1,036,034,346 Nguyen Thi Lan Oanh – CQ47/51.03 V.01 V.02 130 131 132 133 134 135 139 Beginning balance V.03 Graduation thesis Academy of Finance IV Inventories Inventories Provision for obsolete inventories V Other current assets Short-term prepaid expenses VAT deductibles Tax and other receivables from State Other current assets 140 141 149 150 151 152 154 B – NON-CURRENT ASSETS (200=210+220+230+240) I Long-term receivables Long-term trade receivables Paid-in capital in wholly owned subsidiaries Long-term inter-company receivables Other long-term receivables Provision for doubtful long-term receivables II Fixed assets Tangible assets - Cost - Accumulated amortization Finance leases - Cost - Accumulated amortization Intangible assets - Cost - Accumulated amortization Construction in progress III Investment property - Cost 200 Nguyen Thi Lan Oanh – CQ47/51.03 27,159,512,267 27,159,512,267 27,218,074,478 27,218,074,478 1,904,762 V.05 158 1,904,762 100,633,274,440 106,831,898,428 210 211 212 213 V.06 218 219 V.07 220 221 222 223 224 225 226 227 228 229 230 240 241 V.08 91,314,583,030 97,423,401,525 91,314,583,030 97,423,401,525 111,372,443,028 109,913,163,504 (20,057,859,998) (17,294,285,330) V.09 V.10 V.11 V.12 4,804,523,351 Graduation thesis Academy of Finance - Accumulated amortization IV Long-term financial investments Investments in subsidiaries Investments in associates, jointly controlled entities Other long-term investments Provision for long-term investments V Other long-term assets Long-term prepaid expenses Deferred tax assets Other long-term assets 242 250 TOTAL ASSETS (270=100+200) 9,318,691,410 9,408,496,903 270 166,295,410,972 182,252,507,578 300 95,936,316,759 103,227,129,641 310 311 312 313 314 315 318 V.15 66,359,716,774 60,624,056,571 5,357,774,600 V.16 377,885,603 68,875,080,418 59,394,603,486 6,820,352,338 491,724,900 2,168,399,694 29,576,599,985 34,352,049,223 251 252 258 259 260 261 262 268 V.13 V.14 V.21 RESOURCES A – LIABILITIES (300=310+320) I Current liabilities Short-term loans and borrowings Trade payables Advances from customers Tax and statutory obligations Payables to employees Construction contractor payables based on agreed progress billings Other payables II Long-term liabilities Long-term trade payables Long-term inter-company Nguyen Thi Lan Oanh – CQ47/51.03 319 320 321 322 V.18 V.19 Graduation thesis payables Other long-term liabilities Long-term loans and debts Deferred tax liabilities Provision for severance allowances Long-term provision B – OWNERS’ EQUITY (400=410+430) I Capital Contributed legal capital Share premium Other owners’ capital Treasury share Assets revaluation reserve Foreign exchange differences Investment and development fund Financial reserve fund Other funds belonging to owners’ equity 10 Undistributed earnings II Other funds Bonus and welfare fund Subsidized fund Fund for in use welfare fixed assets TOTAL LIABILITIES AND OWNERS’ EQUITY (440=300+400) Nguyen Thi Lan Oanh – CQ47/51.03 Academy of Finance 323 324 325 326 V.20 V.21 29,576,599,985 34,352,049,223 70,359,094,213 79,025,377,937 70,359,094,213 41,000,000,000 79,025,377,937 41,000,000,000 19,300,000,000 17,700,000,000 10,059,094,213 20,325,377,937 166,295,410,972 182,252,507,578 327 400 410 411 412 413 414 415 416 417 V.22 418 419 420 430 431 432 433 440 V.23 Graduation thesis Academy of Finance OFF BALANCE SHEET ITEMS Items Notes Ending balance Beginning balance Assets under operating lease Goods held under trust or for processing Goods held by the company on consignment Doubtful debts written off Foreign currencies Subsidies fund for operating activities, projects Date: 20 February, 2012 Prepared by (Name & signature) Chief accountant (Name & signature) Nguyen Thi Lan Oanh – CQ47/51.03 Director (Name & signature) ... for Hung Ha paper Co Ltd in particular Therefore, my thesis with the topic Current situation of fund- raising activities in Hung Ha paper Co Ltd and some suggestions for improvement” will point... companies in general Chapter II: Current situation of fund- raising activities in Hung Ha paper Company Limited This chapter analyzes the actual situation of fund- raising activities in Hung Ha paper Co. .. used in Hung Ha paper Company Limited 22 2.2.2 Fund- raising activities in 2011 22 2.2.3 Fund- raising activities in 2012 25 2.3 EVALUATION OF FUND- RAISING ACTIVITIES IN HUNG HA PAPER