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NATIONAL ECONOMICS UNIVERSITY ADVANCED EDUCATIONAL PROGRAM BACHELOR THESIS FINANCIAL ANALYSIS AND RECOMMENDATIONS FOR HAANJSC Contents ACKNOWLEDGEMENTS ABBREVIATION .5 LIST OF TABLES .6 LIST OF FIGURES ABSTRACT CHAPTER 1: INTRODUCTION .8 1.1 Rationale 1.2 Research objective 1.3 Research methodology 1.4 Scope of research CHAPTER 2: BACKGROUND KNOWLEDGE ABOUT THE FINANCIAL ANALYSIS 10 2.1 Definition .10 2.2 Necessity of financial analysis .11 2.3 Methods used in the financial analysis 12 2.3.1 Comparative analysis method .12 2.3.2 Sectional analysis method .14 2.3.3 Ratio analysis method 14 2.3.4 Dupont analysis method 15 2.4 Content used in financial analysis .15 2.4.1 Information used in the financial analysis: 15 2.4.2 Main content of the financial business analysis 20 CHAPTER 3: FINANCIAL ANALYSIS TO HAANJSC 33 3.1 Establishment and general description of the company .33 3.1.1 Operation criteria: 33 3.1.2 Aims and ambitions: 33 3.1.3 Organization structure 33 3.1.4 The industry potential competitors 35 3.1.5 Advantages of HaanJSC in the technogical basis 36 3.2 Financial results: 39 3.2.1 The financial analysis of HaanJSC .39 3.2.2 The evaluation and problems for the financial result of HaanJSC .48 CHAPTER 4: RECOMMENDATION 51 4.1 Business orientation of HaanJSC in the near and far future 51 4.2 Recommendation for the company .52 4.2.1 Enhance the competencies in the finance aspects of the personnel 52 4.2.2 Analyze the industry competitor who has the higher financial capacity to assure more liquidity 53 4.2.3 Strengthen the financial result by paying more attention and preparing the financial personnel for the future 53 4.2.4 Expand the relationship with other banks in the Vietnamese banking system to maintain the liquidity .54 4.2.5 The potential illiquidity should be solved by adding more capital through projects or attracted investors 54 CHAPTER 5: CONCLUSION 56 REFERENCES .57 COMMENTS 58 INTERNSHIP REPORT ASSESSMENT 59 ACKNOWLEDGEMENTS This thesis is about the financial analysis of HaanJSC, a company specializing in the information technology projects in concern about the payment and money transference system In the time that I my internship, the report is also in the process of being completed, either with gathering information and analyzing them In the process of having all the tasks done, I had the very good experience about being helped by a lot of nice people who without them there were no chance for me to come up and go along with the complicated, time-consuming tasks that are required to complete the job that I did I would like to share my very high appreciation and gravity to all these nice people, who come along and helped me so much with the report and also the process of being an intern student at my last year in the university: Mrs…, MBA who is a very nice lecturer from the Department of International Finance, Faculty of Banking & Finance, National Economics University She is an extremely helpful and dedicated in being a supervisor through this particular moment of my internship time I had a very restricted time to meet and communicate with her, but in the very each moment that I had a chance to so, she used it very effectively in sharing her knowledge and ideas about the report which is so useful for me to come up with ideas and implement it to the complete task for me Mr …, President of HaanJSC, the company I did my internship A big friend, a helpful guide and definitely a talented person in the technological sector; those are things that I first claimed to be in this man He is always available for me when I need professional guidance and also the outside-of-business talk which helps me to understand more about the difficulties of the real business environment in Vietnam but keeps a good attitude for me in the doing anything I have the desire to Mrs…, member of the Advanced Education Program Office, who spends a great deal of time helping us to follow the procedure, did save us a lot of time The Advanced Education Program Manager who raise the credibility and reputation so that we did have a very enjoyable time with the internship period I want to also send an appreciation to all of my friends in the class who support me very much throughout the 4-year learning at the Program ABBREVIATION FIFO: First in first out method (an accounting basis) LIFO: Last in first out method (an accounting basis) CAPM: Capital Asset Pricing model (to calculate or estimate the cost of equity of a firm) SMPg: Social Micro Payment gateway (a project of HaanJSC) LIST OF TABLES Table 1: The salary system of HaanJSC p29 Table 2: Cursory Balance Sheet of HaanJSC in the 2010 and 2011 p31 Table 3: Cursory Income Statement (In VND million) of HaanJSC in the 2010 and 2011 p32 Table 4: Return for the market and HaanJSC p38 LIST OF FIGURES Figure 1: The Organization Structure of HaanJSC p29 Figure 2: Current ratio and quick ratio of the HaanJSC in 2010 and 2011 p32 Figure 3: Asset turnover ratio of HaanJSC in 2010 and 2011 p33 Figure 4: Financial leverage ratio of the HaanJSC in 2010 and 2011 p34 Figure 5: Gross profit margin ratio and Net profit margin ratio of HaanJSC in 2010 and 2011 p35 ABSTRACT This thesis has the intention of an approach in the financial point of view to a business situation of a company that has a vision of taking part in the financial and commercial world in the future This company named HaanJSC, is an information technology based company but specializing on providing online services with the vision of becoming a payment system provider The beginning part will be about the overall information about the subject, what content is particularly available in this document, why I choose this subject and the range that I focus on There will be a background knowledge chapter which explains the background knowledge of the financial analysis process that has significant importance on the subjects being studied in this document In this chapter, the definition of a financial analysis and the steps that conducting an analysis will be step by step explained clearly It is also as a vital element of the background knowledge, the financial statements and the kind of information we can exploit from them will also be gone over so that the process coming after that can become easier and more comfortable for the interpretation For financial analysis task, there will be a whole chapter for the figures of the company to be shown As the study is about the financial situation of the firm, the figures is all taken from the balance sheet provided by the company Having a good look at the figures will gives us a better view about the progress of the company and how it is should expected by investor and the society Along with the financial analysis, it is an irrefutable thing that in all the company there is something which is not totally good at the moment I would like, after some time in the company, to try to make some recommendations about the operation and also the business of the company These recommendations have been discussed with the instructor and he is more than paying attention to and agrees with me about the problem CHAPTER 1: INTRODUCTION 1.1 Rationale I choose to start my second internship in a company that specializes in the electronic process of all services available on the market Their orientation from the beginning and will continue to be in the future will be to build themselves up into a payment system provider The society now is really in a depressing state than many of the time in the past There may be no other times when the liquidity and cash become the most serious problem to all the people and even the nations around the world; there are no exceptions to Vietnam And it is the financial point of view that every company should pay their very attention to if they want to maintain the business state and also the vision into the future HaanJSC is built up with a quite small capital and that is really a big disadvantages in this world where the financial condition is evaluated very much and harshly like today So, the aim of the company tends to provide the information technology is reasonable because they really needs less capital to start The difficulties in this sector lie mainly in the technical field But there are no exceptions that financial situation, the capital structure still play a vital role in the company So taking care of the financial aspect of the company means they really care about their company, their staff, themselves and also the vision they are looking forward to In the view of a student specializing in finance, the problem addressed in my thesis will be to find out about the capital structure of the company by conducting a financial analysis based on the figures that have been provided by the instructor at the company Because of the constraint of the resources, I mainly focus on the data and resources that available for the year before of HaanJsc, since it is a very young company and also because of the nature of the IT sector is the regularly and gradually changing situation in a very short term And I also want to know what a small company but has a big vision already has and what they should fulfill in order to achieve it 1.2 Research objective With the aim of conducting a financial analysis to study about the capital structure and financial analysis of the company, this thesis intends to indicate the following content: Studying the figures stated in the financial statements and their meaning in related to the financial situation of the company so that we can have a view about this company’s health Some possible recommendations for the company to be more feasible and effectively than right now 1.3 Research methodology The financial analysis process is a process that requires lots of information and calculations So the method I use here is: The quantitative method: I collect the data available for me from the company where I my internship, to calculate the necessary figures in a formal financial analysis The qualitative method: Based on the calculations, I would like to draw out comments and conclusion about the current situation of the company 1.4 Scope of research Due to the resource constraints, such as human, financial and time resource, my thesis will then be limited to only about the figures in the most recent year, which is last year, that are available for me that is already decided by the company The documents will look at some basic financial aspect of the company along with the evaluation process to consider the financial health of the company and to provide some possible solutions for the development of the company in the aspects of finance (and more if possible) CHAPTER 2: BACKGROUND KNOWLEDGE ABOUT THE FINANCIAL ANALYSIS 2.1 Definition Financial analysis is the process of evaluating the finance performance of a firm to find out whether they have fulfilled their duties through a very specific period of time When looking at a specific company, the financial analyst will often focus on the income statement, balance sheet, and cash flow statement Past performance of one company needs to be analyzed very carefully in order to have an overall view and predict the future Financial analysis of all firms focus on identify and meant to satisfy the following objectives: Prediction of profitability and growth prospects Financial statement analysis helps in assessing and predicting the earning prospects and growth rates in earning which are used by investors while comparing investment alternatives and other users in judging earning potential of business enterprise Evaluation of current position The assets and liabilities possessed by firms can easily revealed facts about the position of them in the industry and also the market Evaluation of past performance Future performance can be estimated through past performance All the stake holders, especially investors or creditors, pay their best attention to sales, cost of good sold, operating expenses, net income, cash flows and many other figures Evaluation of the operational efficiency The analysis process can be used as a mean to assess the efficiency in the operation of the firm Simply one or some standards is set by the Board and then the comparisons between that part and the actual performance expressed in the financial statements will give out the difference and from that facts it is possible to figure out the level of efficiency of the company 10 3.2.1.4 Liquidity Analysis In the current environment The company stays very healthy in the short run financially, and looking from these results only, they are good with the liquidity aspect Figure 2: Current ratio and quick ratio of the HaanJSC in 2010 and 2011 *Source: Balance sheet of HaanJSC in 2010 and 2011 A slight decline was seen in both two ratios declare a negative trend in the operation The current ratio was still very high though, in 2010 and 2011 with over and then under 10 times respectively, the quick ratio being after subtracting the inventory from the current ratio was also nearly to the number 10 in 2010 and come down to more than in 2011 From this figures we can see that the inventory does not make up noticeable proportion in the current asset of HaanJSC, so it seems that HaanJSC is truly a standard information technology service provider with low inventory level and also low level of the current liabilities The level of cash ratio and net working capital can also be a good measure of liquidity The cash ratio and the net working capital is 6.19 times and 7,629 (million VND) respectively These show a very good performance of the company in the terms of a small one They use very well the operating process and the neat structure of a small firm to ensure the high level of current liability As the scale of the company move larger and larger, they should be aware of more incurred long term assets and liabilities in order to maintain this healthy state 44 3.2.1.5 The cost of capital The cost of capital is also a very important number to show the way the company doing the funding process in order to get their capital to their business The cost of capital comprises of two components: - The first one is the cost of debt The second one is the cost of equity Since they are the only sources of funding in this company, the cost of capital will only be of these two figures  Calculate the cost of debt The cost of debt in the company is simply the effective rate that they are now bearing on their debt HaanJSC have a quite stable amount of debt in their capital, which accounts for 30% of all their capital that they are now possessing This is a very difficult times for the financial world, and it affects the companies as the lending rate for business in Vietnam was so high that anybody comes here for a plan to business would shake their head, even my international professors that arrive in Vietnam to be the instructors in my class say the same things In this year 2012, the lending rate for some business sectors was reduced to the cap of 15%, which is still an extraordinarily high one compared to the world Borrowing anything from the banking system in Vietnam today is a situation that not many people can think of as a good source HaanJSC realizes this problem, and at the same time they had the very fortune to have a source of debt which agrees on an exceptional low rate of return as 1.1% a month, which can be interpreted as 13.2% a year approximately This is an extremely advantages of HaanJSC to have such a good source of debt to engage in the business funding process that they are now going through After accounting for the corporate tax rate, which is newly down to 25% (source: http://nif.mof.gov.vn), we can calculate the after-tax cost of debt for HaanJSC as: 13.2% (1-0.25) = 9.9%  Calculate the cost of equity The cost of equity of HaanJSC is calculated using the CAPM model which has the following formula: 45 Where: Es: The expected return for a security Rf: The expected risk-free return in that market (government bond yield) βs: The sensitivity to market risk for the security RM: The historical return of the stock market/ equity market (RM-Rf): The risk premium of market assets over risk free assets The risk-free return in our market is the government bond yield right now is 12.1% To calculate the market return for stock price, we use the VNIndex as the standard figures VNIndex figures will be collected on the first day of the month and the last of that month for the beta calculation For the market return, we just use the first day of the year with the last day The VNIndex tables and HaanJSC monthly return will be listed respectively: Table 4: Return for the market and HaanJSC VNI Jan Feb Mar 5.35 -9.64 -0.05 HaanJSC Jan Feb Apr Thu Jun 4.11 -12.23 2.65 -6.21 Mar Apr Thu Jun Jul Jul Aug Sep Oct Nov 4.69 0.68 -1,59 -9.53 Aug Sep Oct Nov Dec -7.66 Dec 1.23 -3.82 2.17 -3.64 -1.81 -5.2 -4.43 -1.63 -2.89 2.06 -3.07 -1.3 *Source: HaanJSC return figures and hsx.vn The sensitivity of HaanJSC stock to the market calculated by using the Microsoft Excel software sees the result of 0.08, which means the HaanJSc stocks tend to varies very little according to the market (in which I use the VNIndex as the reference for the market) The market return in a year is -31.15% (I also use the VNIndex as the reference for the market) So, the cost of equity for HaanJSC using the CAPM model is calculated as: Ce= 12.1+ (0.08) (-31.15-12.1) = 8.64% 46 3.2.2.3 The weighted average cost of capital: After all, the cost of capital for HaanJSC is: 0.3 x 9.9% + 0.7 x 8.64% = 9.018% As the company is still not public yet, we use the book value of the debt and equity sources of funding to allocate the weight to the amount of funding sources The cost of capital is at the level of slightly higher than 9%, which is a truly good rate in the business community But if HaanJSC is trying to expand their business scale to serve as a payment system provider, they should be aware of the possible IPO, so that the market value will be the decisive factor and more than that because it is not possible for doing business as a large scale but still keep the mind of a small one Another fact is that as a small company currently, HaanJSC also does not have so much profit in the year 2011, the fact that they use only a persistent and small enough amount of debt funding is a good idea because they can minimize the default risk, which can be higher if they use a larger proportion of debt funding 3.2.2 The evaluation and problems for the financial result of HaanJSC To summarize, after analyzing Haan Joint Stock Company throughout the Income Statement, Balance Sheet and group of financial ratios, the conclusion we can draw here is that the company faced with a decline in their financial figures as many companies in the market On the other hand, they have already forecast the situation and had planned for the decline in the first place to accept such level of decreasing as a step to move forward in the future with their big vision of a payment system Besides, despite a slight decrease in the financial figures, they all show a good pattern of the company in a very rough time for all business The future plan was good including some of their advantages in the technology professional The debt source for financing of the company was also from the good credit relationship and was reduced the rate of lending to just equal to the current rate of mobilization, which is a good source of long term debt for doing business Through the ratio analysis and the calculation of the cost of capital, we also have a good view about the more detailed part of the financial situation of the company, especially in the liquidity aspect The fact that the current ratio and even more recent that, the quick ratio decreasing is a sign for the company to take care of the liquid situation in the future 47 Although it has been planned before that the company will face a down size in their financial results, especially the liquidity, but it is not a good thing for the company to satisfy with their maintenance of the liquidity level They have to try harder and harder since their vision is one of the most necessarily liquid businesses in the society All the others, along with the analysis of the exact figures in the financial statements through years, show a trend of declining is also in the same situation The only thing that the company does really well in those times is the maintenance of a good financial leverage; they always keep the debt ratio at a safe level from the bankruptcy risk possibility The business orientation of the company in the future, if successful, will soon transform the company into a bigger scale, which is not relevant to the financial figures at the moment The figures above is just the figure of a small company; it cannot help a larger scale one to be financially healthy in the long run, so the company should pay a little more attention to their financial figures in order to control cost more efficiently and direct all the figures to a more relevant structure One of the very big problems that HaanJSC have to count themselves in their big vision to the future is the liquidity problem In such a very low level of liquidity of the overall economy these days, as mentioned in the overall situation, HaanJSC have to prove their ability and all of the things possible to prevent low liquidity for themselves In the overall situation while the banks also have the difficulties in the liquidity assurance, any firms doing business have also faced with the situation as well With the listed capital of about VND10 billion, which is about $500,000, it is hard for HaanJSC yet to go for their big vision to become a payment system because of the nature of the payment system They are the intermediary which make the money moves faster in the economy Whenever money comes in from one side to transfer to the other, the company has to transfer it to their bank account in bank A, then from their account in bank B they transfer the money from their account to the receiver’s account, then at the end of the day, they make the reciprocal list So if bank A try to hold the money for a time without transfer it to the account in bank B, which is an usual fact if the amount of money then an imbalance between two sides is created In a very common sense, the money needs to be transferred from bank A to bank B in order to send to the receiver but in this case that amount is delayed but the company still has to make the payment for the receiver in instant money transference At that moment if in the account in bank B does not have sufficient amount to create a transfer to the 48 receiver, that is a problem of the system Because at the end of the day, when the money is put on the list of reciprocal capital, there will be an amount that is temporarily lost from the list, and that is the delayed amount And that is really a liquidity problem The banking system right now tends to hold the money for a given period of time if the amount is significant because of the illiquidity situation in the market overall and banking system in particular 49 CHAPTER 4: RECOMMENDATION 4.1 Business orientation of HaanJSC in the near and far future Due to the existing poor condition of the economy which is still a huge problem to the small and medium enterprises despite the lower of the bank’s lending cap, HaanJSC not intend to introduce their own payment system as the vision but start off with some project related to the banking and finance sector They also try to use their own capacity of technology to build up and exploit some entertainment network in order to attract customer and gather as much as possible the online currency to use as the capital for the future In brief, their priority is to survive through this period of time, gather a large number of customers by dint of using some entertainment network and implement some technologybased projects related to marketing and banking sector, mobilize a reasonable amount of money at the same time, and then coming to their vision of providing a payment system in the far future In 2012, some of the projects will be introduced to the market including these following: - The bank connection service package: HaanJSC called this BankDirect and it is a software package which includes the tools for the other enterprises to connect directly to the banks linking in the system of HaanJSC This is considered a breakthrough system, a key potential to develop the the electronic commercial system in the situation that there are many banks with many different procedures, policies and also different information systems - The Online Advertising and Market Research services: This is called Amara and HaanJSC wants to use their expertise in the information technology field to create a tool, either a website or a widget box that can attached in any websites, and they prepare to run it as one of the main part for the campaign in this year and also the near future - The Social Micro Payment gateway: The SMPg service is a tool that HaanJSC wants to implement as an attraction to the youngster with whom the social networks are possessing right now One of the plan is to earn short-term money, if the money comes in large amount then the company can exploit it as capital mobilization, but the most important part of the project is the attraction of the people to build up an user community in order to be the 50 foundation for the payment system which will come into practice later on in the long term plan - Some entertainment websites: These projects will not out of the main purpose of gathering short term capital and attract customers to be familiar with the brand name Haan Some common card game for example, can be used to construct a community of users and they pay as they play One of this social web games sites has already been launched which was requested not to be mentioned in this document and shows an enormous potential for the company to achieve their biggest vision at this time, which is to mobilize capital and build up the users community 4.2 Recommendation for the company As a payment system company, HaanJSC will be more than ever desperate for the liquidity Based on objective and subjective reasons which affect the quality of corporate financial analysis result, I proposed some recommendations to improve the quality of the financial analysis result, specially at the liquidity situation of my internship company, HaanJSC 4.2.1 Enhance the competencies in the finance aspects of the personnel Haan staffs’ competency is one of the most important factors contributing to the quality of the financial results If the people working in the company, in addition to the technology understanding, have even just basic finance and accounting knowledge, it will be favorable for the company to look forward to the future with the full view between all the people in the condition of a small and medium enterprise In HaanJSC, I have the chance to meet and talk with a lot of people and they have a very high expertise in doing technical task involving the information technology, including many doctors and masters But as the nature of the business, things always change They have to keep themselves up with the track and keep updating information On the other hand, the manager should always consider learn himself to create motivation and comfortable working environment and always looks for the good one in the market This is not an easy task but the manager should focus himself more to find out all the necessary material for his staff to become more and more competitive day after day In the form of self-training at the company, depending on the workload of the company, every week or every month, they should organize an inside seminar in which each 51 of the personnel will come forward and present their findings in that period of time, involving not only their technical knowledge but also more about the company understanding By dint of the discussion, the old, experienced people can have the opportunities to share their valuable experience and knowledge for the new, young ones After that, it’s possible for all of them to share the knowledge they don’t know and enhance their weak skills In the process of making the company bigger and bigger in the future as their vision, HaanJSc should focus more on the investment for professional training, for this personnel he has at the moment will probably be the leaders at each department in the future if there is things go right as plan 4.2.2 Analyze the industry competitor who has the higher financial capacity to assure more liquidity Up to now with some preparation projects, and even when doing business in the future as a payment system provider, there will be many competitions for the company to face with This is really always a problem because in these days there are a lot of payment systems existing both domestically and by the foreign companies They also surely have higher financial capacity compared to HaanJSC, which means a lot more liquid than they are right now With HaanJSC, their own business can be good itself; however it may be lower satisfied in comparison with the others in the same industry It is also true that the liquidity ratio is good, but still as very inadequate as a scale of a big company Therefore, to measure correctly the financial situation of company correctly in relative to the market, the industrial competitor’s information, if available, should be analyzed 4.2.3 Strengthen the financial result by paying more attention and preparing the financial personnel for the future Since it is a small company at the present time, HaanJSC does not focus on the financial aspect of the company and they still think off the financing process is just simply use money to business and earn profit This can be OK with a small business but cannot be used as a basis to be applied if they want to achieve their vision in the future because more operation cost must be spent and also the inventories value must be a lot higher than this moment So the point is they should have precise and detailed plan for the financial aspect and also prepare to build up a financial personnel who focus mainly on the financial field in 52 order to have a better view of the financial situation of the company and provide a better business method relating to the finance situation 4.2.4 Expand the relationship with other banks in the Vietnamese banking system to maintain the liquidity HaanJSC plans to become one of the payment system providers, which means they choose to depend a lot on the banking system The liquidity of the money in the bank is a question right now, and so it will be for at least a few years all along So, in order to be successful, the connection, relationship with all the banks is so important and can be said to be vital with the development of their business Because of the wide range of the users they are trying to approach, any bank account will probably belong to the users, so in order to master these needs, a interbank connection is extremely necessary After they have a good relationship with the banking system, the process of transferring money from one bank to the others can also be more efficient and less time-consuming than before, which creates the reputation and motivation for customers to use the service This process can be executed very effectively through the implementation of one of the projects of HaanJSC, BankDirect, which has been mentioned above 4.2.5 The potential illiquidity should be solved by adding more capital through projects or attracted investors The liquidity is always one of the best criteria for a company to be challenged when it comes to the market to attract customers So in order to fulfill their responsibility with the customer and also for their own vision, HaanJSC has to something to prevent and cure the problem properly These following solutions are proposed by me, and after some discussion it is accepted by the company that they are acceptable to be one of their serious consideration: - The first idea is the cutoff or highly charge for the instant money transference This is really just an emergency situation when the company does not want to conduct the instant transference A fairly high price for the instant transference will declined the volume of this type of transaction to a certain level that has been calculated before hand to meet the ability of the company But the amount of risk is still very high in this situation because if the needs for money transference come from another source rather than the fee charge, the sender will make the instant one anyway, and that is not good for the 53 company In addition, there are many companies in this sector who has the higher financial capacity than HaanJSC so they can provide this service with a relatively high volume without considering the holding money in the interbank transferring system, and as a result they not charge highly for the customer which is a cost advantage compared to HaanJSC In order to prevent the switch to another company, HaanJSc then have to spend a lot of money on research and development to improve their quality and safety of the client’s cash and that is a loss of money So after all, this is a fairly short term, emergency solution that really should not take place very long - The second idea is fairly simple HaanJSC has a very highly expertise and professional personnel and they should spend time on promoting their value and system to the investor or low-rate borrower in order to receive more and more money as capital before they can think of beginning a payment system In other words, the company should gain a specific amount of capital before they can think of trying to the business The problem of liquidity can only be solved to the root by the accumulation of capital The first thing they can right now in the short term is to conduct another potential business projects that they really have the advantage (in the information technology professional) to gather capital and at the same time using those successes as a proof in addition to the plan for a payment system to mobilize more and more capital from the investors Maintaining a good level of stockholder’s equity is a good way to secure their business from bankruptcy risks 54 CHAPTER 5: CONCLUSION In all the previous part of my report, I have provided the figures, evaluation and my recommendation about the financial health of my internship company HaanJSC This company is a small company but possesses highly talented personnel and they have a quite high potential in becoming the very strong company in the sector if they can follow the good procedure, even in the financial aspect Firstly, the basic information and knowledge is presented to make sure the analysis follow the right process about my company which is not extraordinarily strong financially The information and the capital budgeting method in the capital budgeting steps have also been conducted to assess the project in the financial aspect, once again prove that this is a highly potential project yet to be built and developed base on the right method in business In the business world, as well as all the other areas of the economy, the difficulties of the overall situation are always the problem in the short term To have a good financial condition at all times is very hard, even we can say it is impossible, but to maintain an acceptable level of financial in every condition is a possible thing and can be done through good implementation of the plan with high notice to the financial figures This is HaanJSC should always notice, because sometimes a small com[any can be so overconfident and lose themselves on the way Although with great efforts and receive so much useful help from my supervisor and instructor, due to many constraints, it is very hard to me to satisfy everybody’s needs and wants So I would be very appreciated and willing to open myself if I can receive suggestion or criticisms from all of you, especially the class instructors – professors and doctors- who have a high expertise and many experiences after so many years doing in this area Thank you for your time! 55 REFERENCES Books Eugene F Brigham, Joel F Houston, Fundamental of financial management (Sixth Edition), South-Western Zvi Bodie, Alex Kane, Alan J Marcus, Essentials of Investments (Fifth Edition),McGraw-Hill Irwin Financial Statements: HaanJSC, Financial statement for 2010 and 2011 Websites: http://accountlearning.blogspot.com http://bizfinance.about.com cafef.vn hsx.vn http://www.investopedia.com http://www.stocks-for-beginners.com http://wikipedia.org http://nif.mof.gov.vn Additional documents Rate of return figures, HaanJSC 56 COMMENTS 57 INTERNSHIP REPORT ASSESSMENT 58 ... Minimize the cost and time for technical connection for each bank Ability to expand and upgrade With such a light but firm and stable system, HaanJSC has very easy task in upgrading and expanding theirs... and the kind of information we can exploit from them will also be gone over so that the process coming after that can become easier and more comfortable for the interpretation For financial analysis. .. objective and subjective influencing on the financial business analysis This is the theoretical basis for studying the current situation and doing financial business analysis for the company HaanJSC

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