Responsible for the following areas: planning, production coordination, transportation coordination and statistics. Responsible for the field of basic construction investment.
Construction Engineering Department
Manage, implement and inspect technical and construction work to ensure progress, safety, quality, quantity and economic efficiency throughout the Company; Manage the use, repair and purchase of equipment and machinery to serve production and business activities throughout the Company.
Finance and Accounting Department
Undertake and be responsible to the Company for the financial and accounting fields. Organize the development and implementation of financial and accounting plans and capital sources for production and business; Calculate economic efficiency for the Company's production and business plans in each planning period to submit to the Director for decision.
Administrative Department
Take responsibility and be responsible to the Company for the field of Organization - Administration. Develop staff planning, organize management and production apparatus; develop and complete the Company's charter, internal rules and regulations; develop salary plans, salary and bonus payment regulations.
Nam Dinh Office:
Represent the legal rights and interests of the enterprise under authorization and protect those rights and interests. On behalf of the company, resolve issues arising at construction sites in Nam Dinh.
2.1.4. Characteristics of the accounting organization and accounting policies applied at Song Da - Hanoi Joint Stock Company
The characteristics of the organization of production and business activities of Song Da - Hanoi Joint Stock Company are independent, unified, and centrally distributed. Therefore, the company has chosen a centralized accounting organization model according to the following diagram:
Chief Accountant
Accountant
Plan | Accountant | Accountant | ||||||||
synthetic | maths | expense | Accountant | Block | Head | |||||
and fixed assets | pay | production and price | Service block | technology | devil |
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Diagram 2.2: Accounting organization chart of Song Da - Hanoi Joint Stock Company (Source: Finance - Accounting Department, Song Da - Hanoi Joint Stock Company) Note:
Online Relationship Functional Relationship
The company's Finance and Accounting Department has 13 people, most of whom have university degrees, are highly responsible and professional, and are under the direction of the chief accountant. The functions and tasks of each department are as follows:
Chief Accountant: Responsible to the company director and the law for directing the organization of accounting work, advising the company director on the company's financial decisions. Directing the organization of the apparatus, organizing the calculation and recording, accurately and promptly reflecting the situation of assets, capital sources, production and business results, and the situation of budget deductions to superiors. Organizing and guiding the strict implementation of the financial accounting reporting regime, inspecting and guiding the strict implementation of the financial accounting reporting regime, inspecting internal accounting, guiding the accounting team to implement state policies. Periodically (quarterly, annually) prepare financial accounting reports and determine the company's business results, and be responsible for the accuracy of those reports.
General accounting and tracking of fixed assets: Based on the arising transactions reflected on the original documents to create accounting vouchers. Periodically at the end of the month, quarter, year, summarize all data, determine costs, create cost allocation tables,
Summarize revenue to determine the business results of the company. In addition, this accountant is also responsible for monitoring and accounting for the company's fixed assets, including reflecting the situation of fixed asset fluctuations, setting up depreciation, monitoring total depreciation capital, and remaining value of assets to propose, repair, overhaul or liquidate fixed assets. Every day (month), if there is any transaction related to fixed assets, it is recorded and reflected in the detailed book and fixed asset card.
Payment accounting: Monitor and reflect transactions related to cash receipts and payments in the receipts and payments book.
Production cost and price accounting: Determine the objects of production cost accounting and the objects of product cost calculation, apply methods of cost aggregation and allocation, calculate product cost, apply methods of cost aggregation and allocation, calculate cost in accordance with the production characteristics and technological process of the Company. Organize recording, reflecting, and synthesizing production costs according to each management requirement (such as according to each production stage, each workshop, according to cost factors, cost items, according to products and jobs).
Technology block accountant: Responsible for monitoring the developments sent by technology block centers. Periodically enter reports from the Centers.
Service block accountant: Responsible for monitoring the activities of the centers in the service block. Periodically enter reports sent by the centers into the Company's accounting system.
Investment block accountant: Responsible for monitoring the developments of the Project Management Board and the Real Estate Trading Floor. Periodically, quarterly, enter financial reports sent by the Project Management Board into the Company's accounting system.
At each subsidiary, there is an accounting staff in charge of promptly reflecting arising economic transactions.
Treasurer: Is the person responsible for managing the company's cash, responsible for collecting sales, other receipts and disbursing cash. End of day
Prepare cash receipt and expenditure reports and compare data with accounting. Because the work is large, this part is assigned to two people.
In general, the organizational structure of human resources and the current accounting department of Song Da - Hanoi Joint Stock Company is generally reasonable, the employees have professional capacity, high responsibility, and are dedicated to their work. The company has based on the characteristics of its production organization to choose the centralized accounting organization model, so it has promoted the advantages of this model. The compact and simple accounting structure ensures consistency and effective operation. Financial accounting information is provided promptly, contributing to improving the effectiveness of production management organization throughout the company.
The accounting regime is applied according to Circular No. 200/2014/TT-BTC issued by the Ministry of Finance on December 22, 2014, guiding the accounting regime for enterprises from January 1, 2015. Circular 53/2016/TT-BTC dated March 21, 2016 on amending and supplementing Circular No. 200/2014/TT-BTC and Circular 202/201-1/TT-BTC dated December 22, 2014 issued by the Ministry of Finance.
The accounting period starts from January 1 to December 31 every year.
The currency used in accounting records is: Vietnamese Dong (VND).
Regarding the form of books applied: The company applies the form of General Journal, using accounting software.
The data source for analysis is the financial reporting system of Song Da Hanoi Joint Stock Company for the period 2017 - 2019, annual reports of Song Da Hanoi Joint Stock Company.
2.2. Methods and procedures for analyzing Financial Statements at Song Da Joint Stock Company - Hanoi
To analyze the financial statements of the Company, the main method used is the comparison method. When implementing this method, it is mainly in a simple form: Comparing relative and absolute numbers at different times (numbers at the beginning of the year and numbers at the end of the year or between years). Normally, the Company compares the values of the same indicator at
different times (years together or beginning of year numbers with end of year numbers), compare between actual numbers and planned numbers.
Financial statement analysis is carried out in 4 steps: determining the analysis objective, determining the analysis content, collecting analysis data, and processing analysis data. The author analyzes the financial statements of Song Da Joint Stock Company with the aim of assessing the financial capacity of the company and on that basis, proposing solutions to improve the financial capacity of the Company. The analysis content is the entire financial situation of the company through the following aspects: analysis of financial structure; analysis of capital security for production and business activities, which is the Company's financing activities, analysis of debt situation and payment ability, analysis of business results and efficiency, and cash flow situation. The author collected data from the Company's financial statements for the period 2017-2019, annual reports, prospectuses and some other documents of the Company.
2.3. Current status of financial statement analysis at Song Da Joint Stock Company - Hanoi
2.3.1. Analysis of financial structure at Song Da Joint Stock Company - Hanoi
2.3.1.1. Analysis of capital structure scale
Analyze the scale of capital structure mainly by comparison method: Compare the indicators on the capital side of the balance sheet at the end of the period with the beginning of the period to assess the fluctuations in the scale of the company's capital and compare the proportion of each capital component in the total capital to assess the fluctuations in capital structure. The proportion of each capital component in the total capital is determined by the formula:
capital
The proportion of each capital source in the total= | Value of each part capital | x 100% |
Total capital |
Create a table analyzing capital fluctuations (Table 2.1)
Table 2.1: Analysis table of fluctuations in scale and capital structure of Song Da - Hanoi Joint Stock Company
Unit: VND
Target
December 31, 2019 | December 31, 2018 | December 31, 2017 | Difference between 2019 and 2018 | Difference between 2018 and 2017 | ||||||||
Amount | Proportion (%) | Amount | Proportion (%) | Amount | Proportion (%) | Amount | Proportion (%) | Rate (%) | Amount | Proportion (%) | Rate (%) | |
A – Liabilities | 267,713,855,395 | 100 | 231,461,762,556 | 100 | 164.907.323.016 | 100 | 36,252,092,839 | 1.56 | 115.66 | 66,554,439,540 | 4.30 | 140.36 |
I. Short-term debt | 266.087.744.289 | 99.39 | 231,461,762,556 | 100 | 164.907.323.016 | 100 | 34,625,981,733 | (0.61) | 114.96 | 66,554,439,540 | 4.30 | 140.36 |
1. Short-term payables to suppliers | 57,874,624,676 | 21.75 | 36,613,340,481 | 15.82 | 41,638,558,088 | 25.25 | 21,261,284,195 | 5.93 | 158.07 | (5,025,217,607) | (9.43) | 87.93 |
2. Short-term prepayment by buyer | 87,983,413,367 | 33.07 | 47,868,482,518 | 20.68 | 23,275,805,000 | 14.11 | 40,114,930,849 | 12.38 | 183.80 | 24,592,677,518 | 6.57 | 205.66 |
3. Taxes and other payables to the State | 19,696,054,151 | 7.40 | 5,466,682,111 | 2.36 | 1,365,227,123 | 0.83 | 14,229,372,040 | 5.04 | 360.29 | 4,101,454,988 | 1.53 | 400.42 |
4. Must pay employees | 1,846,109,319 | 0.69 | 1,491,763,485 | 0.64 | 1,030,860,108 | 0.63 | 354,345,834 | 0.05 | 123.75 | 460,903,377 | 0.02 | 144.71 |
5. Short-term payable expenses | 26,209,891,542 | 9.85 | 34,611,398,128 | 14.95 | 15,442,016,533 | 9.36 | (8,401,506,586) | (5.10) | 75.73 | 19,169,381,595 | 5.59 | 224.14 |
9. Other short-term payables | 1,365,319,882 | 0.51 | 2,724,284,989 | 1.18 | 967,771,026 | 0.59 | (1,358,965,107) | (0.66) | 50.12 | 1,756,513,963 | 0.59 | 281.50 |
10. Short-term loans and financial leases | 71,112,331,352 | 26.73 | 102.685.810.844 | 44.36 | 81.187.085.138 | 49.23 | (31,573,479,492) | (17.64) | 69.25 | 21,498,725,706 | (4.87) | 126.48 |
II. Long-term debt | 1,626,111,106 | 0.61 | 0 | 0 | 0 | 0 | 1,626,111,106 | 0.61 | - | - | - | |
8. Long-term loans and financial leases | 1,626,111,106 | 0.61 | 0 | 0 | 0 | 0 | 1,626,111,106 | 0.61 | - | - | - | |
B - OWNER'S EQUITY | 48,696,822,454 | 100.00 | 47,241,139,376 | 100.00 | 44,511,869,835 | 100.00 | 1,455,683,078 | (1.56) | 103.08 | 2,729,269,541 | (4.30) | 106.13 |
I. Equity | 48,696,822,454 | 100.00 | 47,241,139,376 | 100.00 | 44,511,869,835 | 100 | 1,455,683,078 | (1.56) | 103.08 | 2,729,269,541 | (4.30) | 106.13 |
1. Owner's equity | 40,000,000,000 | 82.14 | 40,000,000,000 | 84.67 | 40,000,000,000 | 89.86 | 0 | 0 | 0 | - | 0 | 0 |
Target
December 31, 2019 | December 31, 2018 | December 31, 2017 | Difference between 2019 and 2018 | Difference between 2018 and 2017 | ||||||||
Amount | Proportion (%) | Amount | Proportion (%) | Amount | Proportion (%) | Amount | Proportion (%) | Rate (%) | Amount | Proportion (%) | Rate (%) | |
- Common shares with voting rights | 40,000,000,000 | 82.14 | 40,000,000,000 | 84.67 | 40,000,000,000 | 89.86 | 0 | 0 | 0 | - | - | 0 |
8. Development investment fund | 1,012,586,625 | 2.08 | 1,012,586,625 | 2.14 | 1,012,586,625 | 2.27 | 0 | (0.06) | 0 | - | (0.13) | 0 |
10. Other equity funds | 157,474,032 | 0.32 | 157,474,032 | 0.33 | 157,474,032 | 0.35 | 0 | (0.01) | 0 | - | (0.02) | 0 |
11. Undistributed profit after tax | 7,526,761,797 | 15.46 | 6,071,078,719 | 12.85 | 3,341,809,178 | 7.51 | 1,455,683,078 | 2.61 | 123.98 | 2,729,269,541 | 5.34 | 181.67 |
- Undistributed profit after tax accumulated to the end of the previous period | 5,495,078,719 | 11.29 | 6,071,078,719 | 12.85 | - | (576,000,000) | (26.99) | 90.51 | 6,071,078,719 | 100.00 | ||
- Undistributed profit after tax this period | 2,031,683,078 | 4.17 | 0 | 0 | 3,341,809,178 | 100 | 2,031,683,078 | 26.99 | - | (3,341,809,178) | (100.00) | 0.00 |
Total capital | 316.410.677.849 | 100 | 278.702.901.932 | 100 | 209.419.192.851 | 100 | 37,707,775,917 | 0 | 113.53 | 69.283.709.081 | - | 133 |
(Source: Finance - Accounting Department, Song Da Joint Stock Company - Hanoi and author's calculation)
The Company's total capital at the end of 2019 compared to the end of 2018 increased by VND 37,707,775,917, reaching a rate of 113.12%; at the end of 2018 compared to the end of 2017 increased by VND 66,554,439,540, reaching a rate of 140.6%. The increase in total capital at the end of 2019 compared to the end of 2018 was due to the increase in liabilities at the end of the year compared to the beginning of the year of VND 36,252,092,839 (reaching a rate of 114.19%) and equity increased by VND 1,455,683,078 (reaching a rate of 103.08%). At the end of 2018 compared to the end of 2017, the company's total capital increased due to an increase in liabilities of VND 66,554,439,540, reaching a rate of 140.36% and an increase in equity of VND 2,729,269,541, reaching a rate of 106.13%. In the structure of total capital, the proportion of liabilities at all times is high, and the trend at the end of the year increases compared to the beginning of the year (At the end of 2019, it accounted for 84.61%, at the beginning of 2019, it accounted for 83.11%), the company's equity increased by VND 1,455,683,078; the proportion of equity decreased by 1.5% (at the beginning of 2019: 16.89%, at the end of 2019, it accounted for 15.39%). It shows that the company's capital mobilization policy in 2019 is to increase mobilization from external sources. The debt mobilization structure is biased towards short-term debt, which increases the flexibility of capital sources and reduces the average cost of capital. However, the downside is that it increases the short-term payment pressure of the enterprise.
The debt payable at the end of 2018 was 232,461,762,556 VND, at the end of 2019 it was 1,628,559,412,844 VND, an increase of 35,252,092,839 VND, equivalent to 115.16%. In the debt structure, short-term debt accounts for a very large proportion (At the end of 2019, the proportion of short-term debt in total debt payable accounted for 99.39%, down 0.61% compared to the end of 2018; the proportion of long-term debt in total debt payable at the end of the year compared to the beginning of the year increased by 0.61%). The scale of debt payable increased due to the increase in both short-term and long-term debt of the company.
End of 2019: Short-term debt at the end of the year was VND 266,087,744,289, an increase of VND 35,252,092,839 compared to 2018, with a rate of 114.47%. Short-term liabilities increased sharply due to increased appropriations, while the company's loans and financial leasing debts decreased by VND 31,573,479,492, reaching a rate of 69.25%. The company's appropriations include appropriations from sellers, State appropriations,