Rang dong ban chuan

INTRODUCTION The important of the study: Each enterprise, when conducting production and business activities, generates receivables This is a type of property of the business, is the property that the business is appropriated Although, different businesses have different amounts of receivables, from insignificant to uncontrollable levels, it significantly affects production and business activities Especially now, receivables are an important factor to create competitiveness for businesses Therefore, effective receivables management is a very urgent issue for businesses Stemming from that situation, the author selected Rang Dong Joint Stock Company to survey and conduct the topic: "Assess Receivables Management of Rangdong Light Source And Vacuum Flask JSC in 2018 - 2020" The objectives of the study The essay is based on the listed financial statements of the company in the year 2018 - 2020 to summarize the current situation of receivables of Rangdong Light Source And Vacuum Flask JSC The author comments on the advantages and disadvantages in the management of receivables of the enterprise At the same time, the author also proposes some solutions to the limitations that still exist The scope of the study The author focuses on statistics and studies the receivables shown on the financial statements of Rangdong Light Source And Vacuum Flask JSC in the year 2018 – 2020 The structure of the report Part 1: Theories of the research topic Part 2: The situation of the research topic at Rangdong Light Source And Vacuum Flask JSC in 2018 - 2020 Part 3: Suggested solutions PART 1: THEORIES OF THE RESEARCH TOPIC 1.1 Some related concepts 1.1.1 Accounts Receivable Definition: Receivables are assets of the company based on all debts, unpaid transactions or any monetary obligations that debtors or customers have not paid to the company Company => Receivables of an enterprise is an economic category that reflects the level of exploitation and management of assets in production and business activities of an enterprise in order to maximize profit at the lowest cost 1.1.2 Receivables Administration Receivables management is an activity whose fundamental objective is to find a reasonable limit for credit opening and mobilize resources for debt collection Decisions related to the management of receivables include: - Define credit standards - Credit period - Credit assessment tricks - Debt collection policy 1.1.3 Related terms Receivables related to partners having economic relations with the enterprise include: +Receivables from customers + Advance to the seller +Internal receivables + Advances for employees + Mortgages, deposits, deposits + Other receivables - Receivables from customers: are receivables from selling goods, finished products or provides services to customers on credit - Advance payment to the seller: The amount of money an enterprise must collect from a seller or supplier because the enterprise prepays the seller for goods, finished goods or services that the enterprise has not yet delivered - Internal receivables: are receivables arising between units or enterprises that independent economic accounting and affiliated units with separate accounting organizations or between affiliated units - Advances for employees: are money or supplies assigned by enterprises to employees to perform an assigned task or solve some work such as buying goods, paying travel expenses … - Mortgage, deposit, escrow: + Mortgage: usually arises in the loan relationship When taking out a loan with a mortgage, the borrower must bring his or her property to the borrower for the duration of the loan + Deposit: the amount of money the business uses to bet when renting the property at the request of the lessor for the purpose of binding material responsibility and improving the responsibility for the lessee in the management and use of the property assets are rented and used on time + Escrow: is the amount of money or property that is sent in advance to be trusted in sales relationships 1.2 Contents of management of receivables 1.2.1 Credit policy and factors affecting credit policy 1.2.1.1 Credit policy Any company or business that wants to increase profits and increase revenue must repay customers, also known as credit sales The nature of the sale of goods on credit is a form of business granting credit to customers, but this will cause an increase in receivables at the business Credit policy of the enterprise is implemented and controlled through the following variables: • Credit standards are factors related to the financial strength and creditworthiness that each customer must ensure in order to be entitled to the credit that the company grants them Factors to consider customers are eligible for the company to issue a credit policy + Balance sheet and income statement + The table describes the physical conditions of the company's production and business activities + Recent credit payment history of the company • Credit period: is the time the buyer is delayed, the last time they have to pay • Bar discount: A measure to encourage customers to pay early by offering discounts for purchases that pay before the due date • Collection policy: including regulations on how to collect money such as one-time or many times, or installments and measures to handle overdue credits 1.2.1.2: Factors affecting credit policy • Conditions of enterprises: Product characteristics, business lines and financial potential directly affect the credit policy of enterprises • Customer condition: evaluated based on the following judgments + Capital or financial strength + Ability to pay + Credit status + Collateral +Economic conditions 1.2.2 Analyze and evaluate accounts receivable 1.2.2.1 Analyze and evaluate The person in charge of financial management must open a book to monitor the details of receivables, and at the same time regularly urge debtors to collect them on time Total receivables can be classified according to the following criteria: + Group 1: Class A debt (high-reliability debt): includes overdue debts that the enterprise assesses to be able to recover on time These debtors are usually financially sound businesses, in terms of organization, reputation and brand + Group 2: Class B debt (low-risk debt): usually includes debts that are overdue for less than 90 days and debts that have been rescheduled Debtors are usually businesses with good financial status, traditional and reliable debtors + Group 3: Debts of class C (debts that are overdue but recoverable): Debts are usually businesses with unstable financial situation, current difficulties but prospects for development or improvement + Group 4: Debts of class D (debts that are unlikely to be recovered and overdue debts that are difficult to collect): Debts are businesses with a bad financial situation, no clear prospects, or debtors intentionally not pay in debt + Group 5: Debts of class E (irrecoverable debts): Debtors are bankrupt or preparing to go bankrupt businesses that are unable to repay or not exist Debts in the group must be written off without incurring additional debt control costs => Debt classification results are an essential basis to help administrators determine the actual status and effectiveness of the enterprise's collection policies For example, suppose the lousy debt ratio (including debts in groups 3, 4, 5) is high In that case, it shows that the quality of receivables management of the enterprise is still weak Therefore, businesses need to implement appropriate solutions quickly At the same time, this is also the basis for building credit policies in the following periods 1.2.2.2 Accounts Receivable Tracking Tools (1) Average collection period: reflects the average number of days required to collect counter collections Average collection period=360/(Receivables turnover period)=(Average period receivable balance)/ (Revenue in period)x100 (2) “Age” analysis of accounts receivable: this analysis method is based on a timetable of the age of the receivables, i.e the time in which the receivables can be collected for analysis Determining the “age” of accounts receivable allows for a more detailed assessment of the size and relative duration of those receivables at a given point in time This is an essential basis for businesses to choose appropriate management measures and collection policies (3) Receivables balance model: this method measures the size of uncollected credit sales at the end of the month due to the month's sales results and the previous months The volume of credit sales depends heavily on the characteristics of the industry and business practices and the conditions of customers in each geographical area Therefore, if only relying on the numbers in this model to compare and evaluate the actual situation of receivables of each branch, department in different areas in a company will not be suitable 1.4 Trade credit analysis 1.4.1 Information sources + The credit party must rely on the annual financial statements of the lending enterprise to ensure that the enterprise can repay the credit + Based on information about credit from banks that the business has borrowed or borrowed before, to know more information about that company + Based on information from previous commercial credit institutions to determine whether the business entity intending to lend can repay the credit + Based on the operating experience of the business over the previous years to be able to know how the previous business's activities were, how the development of that business was, going up or down, then there is a can decide to lend 1.4.2 Process of analyzing and making trade credit decisions The selection and analysis of trade credit decisions are carefully selected and analyzed by the company It is considered based on the analysis of opportunities and risks that businesses face when making credit decisions, making specific policies between increasing revenue or increasing profits, thereby comparing the two policies between them Them to make the right decisions Based on the general model of credit policy and depending on the specific case of each company, people are divided into different types of credit policies, including: +loose credit policy + Tight credit policy + extended credit period + high discount rate + low discount rate + Credit policy when there is risk The above decisions mainly revolve around the increase or decrease of receivables, whether there is any fluctuation in profit If so, the company should choose that policy, and if the profit is not enough to cover the costs, it is necessary to consider other policies or other more suitable directions 1.4.3 Decision and credit limit Decision and credit limit can also be decided through the following two means: + Credit scoring system: This system is used to decide whether to grant credit by assigning scores to various characteristics related to creditworthiness + Credit limit: The limit of the credit amount of an account Customers are only allowed to use within a specific allowable credit limit 1.4.4 Outsourcing services for analysis and evaluation All analysis and evaluation functions can be outsourced in businesses that not have access to information about the business to which they intend to lend A business can use a subcontract with an outside company Third-party companies provide services in whole or in part to businesses through a credit scoring system, among other information Based on that, the company will make a specific decision to grant credit to that business or not PART II: : THE SITUATION OF THE RESEARCH TOPIC AT RANGDONG LIGHT SOURCE AND VACUUM FLASK JSC IN 2018 - 2020 2.1 About Rangdong Light Source And Vacuum Flask JSC 2.1.1 History of formation and development In 1958, the 1st factory of 57000 m2 was founded in Hanoi 1993: Sale revenue increased by 5.5 times compared to the revenue in 1990, from loss to profit For the first time, Rang Dong's products were awarded "Top 10 most favourite Made in Viet Nam product" The State President honoured the company First Class Labor Medal 2004: The company officially changed the name into Rang Dong Light Source and Vacuum Flask Joint Stock Company according to Decision No.21/2004/QD-BCN signed on March 30th 2004 and operated under charter of joint stock company with authorized capital of 79,15 billions VND 2007: After publicly listed on Ho Chi Minh Stock Market, Rang Dong became a public company The company issued shares and raised authorized capital from VND 79.15 billion to VND 115 billion Founded in 2011, RALACO Lighting Research & Development Center (LRDC) is considered as" The Science Technology Brain" of the company LRDC's mission is to research, develop new light sources, build green lighting systems and solutions to bring a comfortable, energy saving and eco-friendly lighting space In 2016: Establish Rang Dong – Foreign Trade University E-Commerce Development Center 2.1.2 Product The main products of Rangdong Light Source And Vacuum Flask JSC include: Vacuum Flask; Glass Refill; Spare Part; Electic Kettle; Water Bottle 2.1.3 Outstanding business situation of the company According to the financial statements, the profit between 2019 and 2020 has a significant fluctuation The structure of assets and capital of the company is shown in the following table: Profitability index group 2017 Gross profit margin EBIT interest rate EBITDA interest rate Return on net sales Return on Average Equity (ROEA) Average long-term return on capital (ROCE) Return on average assets (ROAA) % % % % % % % 27.44 9.73 11.40 6.55 31.64 46.93 9.57 2018 27.24 8.83 10.75 5.64 26.18 40.92 7.98 2019 30.30 5.52 7.56 2.94 15.11 28.35 4.35 2020 30.63 9.82 11.63 6.83 35.12 50.45 9.55 Net invcome increased 11% yoy in 2019 thanks to LED sales increased by 95% yoy, while traditional lamps decreased by 18% yoy ROA increased to 49% yoy and net profit from operating activities sales increased by 42% yoy thanks to continuously improving profit margin good as described above Selling expenses increased by 76% to VND501 billion mainly due to 121% increase in promotional costs, product consumption up to 35.12 billion VND This cost is even bigger than RAL's PBT Targets Total assets Short-term assets Long-term assets Total capital 2018 2739794 2428396 311398 2739794 2019 3014717 2716951 297766 3014717 2020 4.026.012 3.731.062 294.950 4.026.012 Liabilities must pay Equity sources 1917774 2180195 2.946.704 822020 834522 1.079.308 (Source: 2019/2020 financial statements) Looking at the above data table, it can be seen that the company's total assets in 2020 increased to 26.17% compared to 2019, respectively, an increase about VND 1000 billion due to fluctuations in factors such as inventory and fixed assets significantly because receivables increased to nearly 764 billion, equivalent to an increase of 25.6% compared to 2019 Cash and cash equivalents are large and growing, accounting for 33% total assets of the company, ensuring liquidity for RAL Short-term receivables increased by 12.1%, mainly due to an increase in receivable revenue from Gia Loc Phat (VND 180 billion) and Cuban partners (VND 79 billion) and other partners (170 billion VND) Inventories increased mainly because the company increased raw materials, Meanwhile, finished goods inventory decreased Compared to the years ago, RAL's inventory days are decreasing, management company 2.2 Actual situation of receivables 2.2.1 Accounts Receivable Structure Table 2.1: Receivables structure of the company Performance index group 2017 2018 2019 2020 Customer Receivables Turnover Average customer collection time Inventory turnover Average lead time Vendor Payable Turnover Average customer payment time Fixed Asset Turnover (Fixed Asset Efficiency) 8.41 43 3.03 120 16.47 22 15.49 5.75 63 3.07 119 10.88 34 14.25 5.04 72 3.25 112 10.19 36 14.16 3.31 110 4.58 80 9.82 37 16.88 Total asset turnover (Efficiency of using all assets) Equity turnover 1.46 4.83 1.41 4.64 1.48 5.14 1.40 5.14 Low fixed asset value, many assets are depreciated fast and have almost fully depreciated Annual depreciation expense low, about 55 billion The land value of the head office in Ha Dinh is not accounted for the original cost of fixed assets The company mainly borrows short-term debt, finance working capital For many years in a row, RAL has not increased its charter capital Profit margin keeps improving thanks to (1) increasing capacity labor rate is over 10%, while the cost of human labor members only increased by 7.5%, (2) products labeled Samsung bring higher profit margin Table 2.2: Accounts Receivables Turnover Spending Table Năm 2018 Năm 2019 Năm 2020 Cash payout ratio 0.30 0.30 0.33 Quick payout ratio 0.75 0.86 1.04 Quick Ratio (Excluded HTK, Short-term Receivables - Reference) 0.30 0.30 0.33 Current Ratio (short term) 1.27 1.25 1.27 Ability to pay interest 5.28 3.20 8.14 Receivables turnover is slowing down due to extended credit books for customers Inventory turnover decreased Short-term assets account for a large proportion in the structure total assets Depreciated long-term assets almost over The company mainly borrows short-term debt 2.2.2 Classification of Accounts Receivable 2.2.2.1 By age Accessing receivables by age from Rang Dong Light Source and Vacuum Flask's financial statements is quite tricky, requiring access to a detailed book of receivables of the business, so the classification of receivables will mainly be based on customer 2.2.2.2 According to customer The classification of receivables management by customers is carried out continuously to help businesses assess the situation and make timely strategies Rang Dong Light Source and Vacuum Flask's customer classification is divided into groups A, B, C, E in descending order, illustrated in detail by summarizing the company's financial statements for 2019 and 2020 in the following table: 2018 22019 Receivables Receivables 2020 Receivables Ratio A 353.331.984.239 B C E Total 24.242.708.629 8.784.194.500 1.252.293.770 387.611.181.138 91,16 6,25 2,27 0,32 100 369.378.952.584 270.560.354.598 10.388.367.003 1.252.293.770 651.579.967.955 56,69 41,52 1,59 0,2 100 409.358.952.584 35.242.708.629 12.784.194.500 1.252.293.770 458.638.149.483 (Source: Annual Report 2019, 2020) 89 0,27 100 In 2020, the number of receivables of customer group A increased by 1.25 times compared to 2019, customer group B decreased times, customer group C increased 1.5 times, corresponding to a total receivable decrease of 20.1% The growth rates of customer groups A, B, and C are generally fluctuating Primarily customer group B decreased times compared to 2019 It is also quite understandable when customer group B are all businesses with financial strength and certain reliability Regarding the increasing and decreasing proportion of customer groups, the proportion of group A in total receivables always accounts for a high proportion In both years, this group of customers always accounts for more than 25.3% of total receivables However, by 2020 there was an evident fluctuation of customer group B from 42.5% to 8% Compared with the notes to the financial statements, the sudden increase of this customer group B comes from the receivables of customers who are related parties, namely Acceleration Co., Ltd Going to customer group C in 2020 has increased compared to 2019 However, on a percentage rate, customer group C has increased by 0.68% because the total receivables in 2020 and 2019 have an enormous difference For customer group, E is the lowest group of customers because this is bad debt In 2019 and 2020, there was no movement of this group Companies that belong to this customer group may face financial problems or go bankrupt, so the company cannot recover Thus, accounting for most of Rang Dong Light Source and Vacuum Flask's receivables are customer groups A and B These are all groups of customers that can be considered very reliable of the business Therefore, the company that implements credit policies with these two groups of customers will feel more secure in managing the business's receivables The company is also quite interested in customer group C, as the receivables in 2020 are higher than in 2019, but overall, the company considers this customer group carefully 2.3 Current credit policy of Rang Dong Light Source and Vacuum Flask Joint Stock Company 2.3.1 Credit standards For customer groups with a long-term cooperation relationship with Rang Dong Light Source and Vacuum Flask, the company will be classified as customer group A; that is, these are customer groups that the company has a confident trust, and these customer groups are all financially strong Therefore, in the consolidated financial statements of 2019 and 2020, Khanh Hung Manufacturing and Trading Services Co., Ltd and Ngoc Nghia Service Industry Joint Stock Company are classified as customer group A Smaller-sized companies like Keyston Bros Company will be classified as customer group B These are companies with good financial capacity but are not regular business customers Customers who can pay more slowly but the company realizes that there is growth potential will be classified into customer group C Credit policies applied to customer groups must build stricter constraints Through updated data from the classification of receivables by the customer, the credit policies of Rang Dong Light Source and Vacuum Flask are pretty low, mainly of an exploratory nature Customer group E is the group where the company's current situation is having financial problems By studying Rang Dong's financial statements, the customer group is classified as the lousy debt of the company when there is a high probability that it is impossible to recover the debt, so its current activities are mainly dealing with lousy debts 2.3.2 Debt collection policy If the company does not sell goods on credit, the company will lose sales opportunities, but if the company sells goods on credit, it will be the cause of increasing receivables of the business Business customers often not pay off the transaction in total, which they will split to pay within the credit period allowed by the company Therefore, the company needs to calculate the accounts so that the average collection period is the shortest to increase receivables turnover In 2020, the average collection period of businesses increased from 72 days to 110 days, which shows that the company has policies to stimulate the debt collection process to be faster, but in general, it is still not adequate 2.4 Receivables follow-up The monitoring of receivables is done quite well; the company's customers often actively pay when they have money or a guarantee to pay when the credit policy expires However, for the bad debt of Wujiang Yige Import & Export co.ltd the company could not collect it at the end of the financial year This is also an issue that needs to be addressed by managers and given timely policies 2.5 Measures to prevent risks and handle bad debts Through the customer group classification of Rang Dong Light Source and Vacuum Flask, it can be seen that the company is loosening its credit policy in order to expand the market and increase revenue However, when made, the company's trade credit decisions are the riskiest, so the company also offers specific solutions to minimize risks Specifically, the company has identified risks due to the impact of exchange rates and interest rates because Rang Dong Light Source and Vacuum Flask's raw materials and machinery are imported from abroad This makes the company's profit significantly affected by the foreign exchange rate, raw material price fluctuations, tax, and import policies Based on risk identification, the company also offers several solutions to minimize risks due to exchange rate and interest rate factors by: - Regularly update and forecast fluctuations of foreign exchange rates - Balance foreign currency loans with foreign currency receipts to minimize risk để - Anticipate options on interest rates to proactively make decisions related to funding sources and reasonable loans Looking at the classification by customer group, we can see that customer group E of Rang Dong Light Source and Vacuum Flask is a bad receivable because over two years, 2019 and 2020, there is no change in receivables This is a problem of Rang Dong Light Source and Vacuum Flask that requires the company to take timely measures to recover capital according to the principle of efficiency quickly Enterprises can use several solutions such as writing off a part of the debt to customers, selling debt, enlisting the help of banks and credit institutions to freeze assets and capital of debtors, or sue However, based on the company's specific situation, the company needs to consider carefully to come up with specific solutions to recover bad receivables as soon as possible Part III: SUGGESTED SOLUTIONS 3.1 Success achieved Over the years, along with the substantial increase in net revenue, the receivables also increased This is the result of the policy to expand the production scale and increase the number of new customers for the company In the past years, the company has built a good relationship and is always close in collecting receivables; however, Rang Dong Light Source and Vacuum Flask Joint Stock Company still has terrible debts or bad debts Uncollectible receivables like customer group E After two years of 2018 and 2019, the fluctuation of receivables of customer group E did not change much, down 0.12% Nevertheless, this is still a remarkable effort to urge debt recovery of Rang Dong Light Source and Vacuum Flask Joint Stock Company Considering the average collection period in 2018, this indicator is 116 days, corresponding to the receivable turnover of 3.08 rounds/year In 2019, the average collection period was 112 days, equivalent to 3.19 rounds/year This shows an increase, reflecting the convenience of debt collection The company also has credit standards, referencing it to deal with credit conditions with each customer; although the level of application and efficiency is not high, it reflects its efforts Because of that, 2019 can be considered a year when Rang Dong Light Source and Vacuum Flask Joint Stock Company has won specific achievements such as over 80% of the company's customers are domestic and foreign (in which more than half are loyal customers), over 50 provinces and cities nationwide have a system of agents, stores, and distributors of the company and associated with 162 supermarket chains and stores nationwide 3.2 Restrictions and measures 3.2.1 Limitations Besides the successes achieved, the receivables management of Rang Dong Light Source and Vacuum Flask company still has the following limitations: The company has paid a certain attention to bad debts such as making a list of receivables, classifying debts, proposing debt recovery measures but it is still quite passive and inefficient The fact that the company has not developed a complete and mandatory credit policy will create business risks Although to maintain a good relationship with customers or partners with strong financial and reputation, it is not possible to maintain this cooperative relationship in the future, so it is not possible to based on trust in business The company also faces difficulties in hedging against receivables, especially foreign exchange risks Although, over the years, exchange rates in the world and the country have fluctuated strongly, the currency used is mainly USD Therefore, the change in the exchange rate between USD and VND will directly affect the receivables and affect the company's financial position Currently, the company only offers preventive measures when the risk leads to higher cost of prevention than the preventive decision making 3.2.2 Proposing solutions Many businesses have to suffer many disadvantages because their customers are slow or slow to pay their debts The jobs of employees and the existence and development of enterprises depend a lot on due debts and loans to customers from businesses To avoid this situation, the company as an entrepreneur must have proper methods of managing receivables The following are suitable methods of managing accounts receivable: Firstly, it is necessary to understand that the efficiency of receivables operations is the responsibility of the accounting-finance department in the company and the coordination of activities among other departments such as sales, sales department, customer service department, and even the board of directors Request the customer to sign an agreement, specifying that payment must be made on time and specifying the penalty the customer must bear if payment is late Always document all transactions, contracts with customers such as emails, letters, calls, debt collection The company may need these for future litigation The second is to evaluate and find ways to improve processes related to receivables efficiency Three processes are related to receivables: remittance, customer credit management, and debt collection Remittance: Instead of doing it manually, some companies have used modern technology to automate the money transfer process This helps the company to reduce the "wait" time for the "confirmation" of the invoice from the management and the "confirmation" of the customer's payment Customer credit management: Businesses need a clear credit policy for each customer group Updating and tracking a customer's credit history also helps reduce payment delays Some companies already use systems that give credit scores and classify customers by risk level to decide whether or not to let customers continue to use their credit Debt recovery: Enterprises develop a reasonable and flexible payment discount policy Identify individuals who are responsible for debt collection, and have a worthy reward policy for money collectors Companies should proactively contact customers early to work on accounts receivable instead of waiting for the invoice due date This not only helps the company manage its receivables well but also maintains a good relationship with customers For bad debts such as bad debts, overdue debts, in order to reduce possible risks, enterprises should take appropriate measures such as: selling receivables to debt trading companies, stopping supply provide goods and services for new orders When it comes to debt collection, make sure you are talking to the "right person" who can make a payment decision If you cannot meet the person in person, briefly state the purpose of the call and the payment deadline It would be best if you stayed calm and professional at all times This is a business transaction, you deliver the goods, and the customer owes you money Do not yell or threaten The third is to set up indicators to measure the performance of receivables These indicators will help managers see and measure the performance of receivables Companies often use the following three essential criteria to measure the performance of receivables such as accounts receivable turnover, receivables-to-sales ratio, and age arrangement of receivables Collection These indicators need to meet three standards: consistency, standardization, and must be communicated and understood by relevant departments in the company CONCLUSION Although there are many difficulties in finding and updating information to support the research, the author has also completed the set objectives of the topic Specifically: The topic has synthesized the theoretical basis for customer receivables and receivables management, assessed the business performance of the company in the period 2018 - 2020 based on the following criteria: assets, capital, profit after tax, net return (ROS), return on assets (ROA), return on equity (ROE) The analysis helped me get an overview of the company's business The author has learned about the situation and current status of accounts receivable accounting at the company and the management of customer receivables I have also evaluated the effectiveness of this work through the following criteria: Receivables turnover ratio, average collection period of credit sales, ratio of receivables to sales; combined with the analysis of other criteria such as the ratio between receivables from customers to total capital, comparison of appropriated capital and misappropriated capital, analysis of the structure of receivables from customers in total assets quick payment and quick ratio analysis of receivables over the years By analyzing and evaluating the effectiveness of the management of customer receivables at the company, the author has proposed the main and basic solutions to help businesses manage customer receivables more effectively Despite the author's best efforts, this study still has some limitations, which are reflected in the following aspects: Because the management of receivables is an enterprise's strategy, changes regularly, adapts to each specific case, moreover, due to the confidentiality of information, the collection and study of information about Receivables management book also has many limitations On the other hand, due to the author's knowledge and experience concerning this research issue is limited, the analysis and evaluation cannot be complete and complete Hope to receive your sincere comments to improve this topic ... business or not PART II: : THE SITUATION OF THE RESEARCH TOPIC AT RANGDONG LIGHT SOURCE AND VACUUM FLASK JSC IN 2018 - 2020 2.1 About Rangdong Light Source And Vacuum Flask JSC 2.1.1 History of formation... eco-friendly lighting space In 2016: Establish Rang Dong – Foreign Trade University E-Commerce Development Center 2.1.2 Product The main products of Rangdong Light Source And Vacuum Flask JSC include:... Current credit policy of Rang Dong Light Source and Vacuum Flask Joint Stock Company 2.3.1 Credit standards For customer groups with a long-term cooperation relationship with Rang Dong Light Source