(TIỂU LUẬN) thien long group, formerly known as thien long ballpoint pen establishment, was established in 1981

MISION-VISION-CORE VALUES - Mision: bring Thien Long’s products to all regions of Vietnam and the world - Vision: Thien Long commits to providing the best quality products, stationery

May 2020

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Contents

Chapter I 5

GENERAL INTRODUCTION 5

Chapter II 9

BUSINESS STRATEGY ANALYSIS 9

1 INDUSTRY ANALYSIS 10

1.1 Rivalry among existing firm 10

1.2 Threat of new entrants 11

1.3 Threat of substitute products 11

1.4 Buyer’s Power 11

1.5 Supplier’s Power 12

2 COMPETITIVE STRATEGY ANALYSIS 12

3 CORPORATE STRATEGY ANALYSIS 13

4 SWOT ANALYSIS 15

5 PEST ANALYSIS 17

Chapter III 19

ACCOUNTING ANALYSIS 19

1 IDENTIFY KEY ACCOUNTING POLICIES 20

2 ASSESS ACCOUNTING FLEXIBILITY 21

3 EVALUATE ACCOUNTING STRATEGY 22

4 EVALUATE THE QUALITY OF DISCLOSURE 22

5 IDENTIFY POTENTIAL RED FLAGS 23

6 UNDO ACCOUNTING DISTORTIONS 25

Chapter IV 26

FINANCIAL STATEMENT ANALYSIS 26

1 ANALYSIS OF FINANCIAL STRUCTUE 27

2 ANALYSIS OF INCOME STATEMENT 29

3 ANALYSIS OF CASH FLOW 30

Chapter V 31

FINANCIAL ANALYSIS 31

1 ANALYSIS OF PROFITABILITY 32

1.1 Net profit margin and gross profit margin 32

1.2 Total asset turnover; Return on asset and Dupont analysis 32

1.3 Operating income margin, operating asset turnover, return on operating asset and Dupont

analysis 33

1.4 Sale to fixed asset 34

1.5 Return on total equity, Return on investment 35

2 ANALYSIS OF LIQUIDITY OF SHORT-TERM ASSETS 36

2.1 Receivables Issues 36

2.2 Liquidity of inventory 37

2.3 Operating cycle 38

3 ANALYSIS OF DEBT-PAYING ABILITY 39

3.1 Current Debt ratio 39

3.2 Long-term debt ratio 41

3.3 Other long-term debt ratio 43

4 ANALYSIS OF STATEMENT OF CASH FLOW (RATIO ANALYSIS) 43

Chapter I

GENERAL INTRODUCTION

1 INTRODUCTION

Thien Long Group, formerly known as Thien Long Ballpoint Pen Establishment, was established

in 1981 In 2010 was officially listed on HSX with TLG code From 2013-2018, Thien Long has been named one of the 50 best listed companies in Vietnam, according to Fobers Vietnam Thien Long Group has a distribution network throughout 63 provinces, with more than 60,000 retail locations Beside that, Thien Long Group continues to invest and develop export markets, bringing the current branded products FlexOffice and Colokit to more than 60 countries on 6 continents

2 MISION-VISION-CORE VALUES

- Mision: bring Thien Long’s products to all regions of Vietnam and the world

- Vision: Thien Long commits to providing the best quality products, stationery products, and services serving the studing, working, and creative activities to conquer the peak of mankind knowledge

- Core value: TLG’s key assets are its people and its culture Driven by these 05 core values: pioneer, dedication, fairness, integrity and humanism

3 BUSINESS MODEL

Available in ample designs, high quality, prestigious brands and reasonable prices, Thien Long’s products are ready to meet diverse needs of consumers, from kindergartens to elementary schools, high schools and colleges as well as employees and executives

Thien Long’s writing instruments (TL brand name) includes product lines such as ballpoint pens, gel pens, rollerball pens, fineliners, etc This long-standing product category helped build up the

Group’s reputation from early days of establishment and accounted for 41% of total revenue up to 2017; Premium Products category (Bizner brand name) includes typical products such as Premium ballpoint pen (BIZ-01, BIZ-rB01, TL-075, ), Premium pencil (BIZ-PC01, BIZ-PO1, BIZ -PO2, ),

Premium notebook (BIZNer-MB-08, BIZNer-MB-09, ) Target customers of this premium product category are business people and high-income earners

Official Supplies (FlexOffice brand name) contributed significantly to the Group’s business with 30% of total revenue

In 2017, Thien Long repositioned Ten Marks brand and implemented the new logo design in accordance with modern trends, suitable for pupils With the slogan “ready to learn well”, Ten

Marks plays the role of providing learning tools of high quality, diversification and usefulness to

serve the learning Ten Marks category has many products such as chalk, ruler, compass, pencil,

eraser, glue, scissors, notebook

Colokit is the brand that represents Thien Long’s Art Supplies, including products serving the arts Colokit are unique and safe, non-toxic, and certified to meet US standards (ASTM D4236),

European standards (eN71/3 and eN71/9)

4 OWERSHIP STRUCTURE AND ORGANIZATION STRUCTURE

Realizing that Mr Co Gia Tho is the largest shareholder He is founder of Thien Long in

1981 and has been staying with the company since then

Mr Co Gia Tho also holding the posion of Chairman cum CEO of Thien Long An Thinh Investment JSC

Domestics shareholder account for a high proportion( 72,7%)

Sourse: Annual Reporting in 2018 of TLG

Chapter II BUSINESS STRATEGY AN BUSINESS STRATEGY ANALYSIS ALYSIS ALYSIS

1 INDUSTRY ANALYSIS

1.1 Rivalry among existing firm

According to the assessment, the Vietnamese market is full

of potential because 85% of people are between the ages

of 5 - 64, the age of going to school and working with high demand for stationery Stationery is a highly competitive market, especially in the writing pen segment The competitors of Thien Long are Hong Ha, Ben Nghe, and KOKUYO Vietnam For the Chinese market is Deli, M &

G , because the market is quite similar to Vietnam

Domestic competitors

Hong Ha Stationery Joint Stock Company

Formerly known as Hong Ha Stationery Factory, was established on October 1, 1959 Over 60 years of growth and development, HONG HA has been operating in the field of stationery and

constantly expanding into the field of real estate investment

Hong Ha JSC has built a deep and extensive product distribution network across the country with nearly 100 distributors and over 10,000 retail points, especially in the North Hong Ha

Stationery Joint Stock Company is one of the typical businesses, outstandingly awarded the Vietnam Golden Star Award in 2018

Ben Nghe Production - Trading Co., Ltd

Formerly known as Dong A ballpoint pen factory (with Dong A brand name) established and operated from 1984, developed in 1989 to Ben Nghe Private Enterprise The company's traditional products are all kinds of Ballpoint Pens, Stationery and School Supplies With over 20 years

experience in stationery field

Ben Nghe has expanded its business into other fields following the trend of multi-industry

activities such as raising animals under the model of farms, processing food and producing helmets Ben Nghe was also voted as one of the top 100 brands organized by the Tiep Thi Sai Gon newspaper

in 2006 At the end of 2018, Ben Nghe was acquired by TIE-tranding in electronics

Competitor in China

Shanghai M&G Stationery Inc

Found in 1996, with total 300,000 m² M&G Industrial Park and over 10000 staff In 2014,

M&G produced 4 billion pcs writing instruments, including Gel Pen, Ball pen, Mechanical Pencil,

Highlighter, Marker, Refills etc, taking over 40% market share in China M&G achieve 29% sales

increase in 2014 to annual 795 million USD turnover Discovery Channel chose M&G as only one pen factory to make TV program

1.2 Threat of new entrants 2 Threat of new entrants

Currently, Thien Long Group is still dominating the Vietnamese pen market with over 60% market share, outstripping other competitors such as Ben Nghe, Hong Ha

Thien Long's ballpoint pen is forecasted to be difficult to break out, especially in the context that the company is occupying the majority of market share In addition, competitive pressures from Chinese, Thai, Japanese, French, German, Thai, and Chinese products have also been building their brands in Vietnam market such as: Plus, Kokuyo, Maped, Deli

Although there are quite a lot of participation of new companies, only a few companies

afford to affect TLG’s, while others are insignificant because existing many difficulties to affirm their position However, the large number of entrants will dilute the market, raise price competition and reduce TLG's market share and profits

New entrant afford to affect strongly to TLG’s is KOKUYO Co.,Ltd KOKUYO Corporation was established in 1905, after more than 100 years of construction and development, KOKUYO has

become the leading brand of stationery products and office furniture in Japan In 2005, KOKUYO

VIETNAM (VIETNAM) CO., LTD established KOKUYO is famous for its beautiful, good materials

Because of eye-catching, affordable products such as campus notebooks, campus erasers, KOKUYO

is very popular with young people

Thien Long's strength is having a nationwide distribution network, but not so subjective to new entrants In order to enhance its competitive advantage, Thien Long’s constantly improves its design, invests in new and advanced technologies to diversify its products, improve quality, be

environmentally friendly and protect human health consumption The company also focuses on

investment in building and branding The brand of notebook paper, school supplies, pens, has

been highly appreciated by the market, creating trust in the minds of consumers

1.3 Threat of substitute products

Stationary equipment seems to be an essential item for all ages, occupations, and classes stationery, such as pens and notebooks, not only helping us to take notes, but also increase our

value the substitute products may be smartphone because of the convenience of the phone

Smartphone has a small volume, has many applications installed that are suitable for taking notes You can take photos by phone and insert text directly from images, you can save documents on the drive without fear of losing Although the phone is very convenient, the conversion costs are quite large

For notebook products, TLG produce products with good paper quality, which can be stored for a long time At the same time, there should be more forms of product promotion

1.4 Buyer’s Power

1.4 Buyer’s Power

In TLG’s case, the following external factors and their intensities impose the moderate force

of substitution on the business:

- Price sensitivity (weak force)

- Ability bargaining (moderate force)

- High substitute availability (strong force)

- Moderate switching costs (moderate force)

- High quality of information (strong force)

Due to the average switching cost, customers have a considerable tendency to shift from the company’s products and start using other firms’ products The high substitute availability represents the easy of access to effective substitutes to TLG’s products For example, customers face easy in finding office supplies of other firm the high quality of information further empowers buyers in terms

of adequate information that they can use to compare stationery of TLG's products to competitors For instance, such information is easily available from online sources( such as: tiki, shoppe, Lazada,etc)

Although, TLG has built a good brand, growing rapidly But the needs of customers are big, so

Thien Long has developed more product lines such as premium products( Bizner), office supplies (Flexoffice), school supplies (Điểm 10), art supplies (Colokit)

1.5 Supplier’s Power

1.5 Supplier’s Power

Thien Long has to buy raw materials such as paper, cardboard, plastic, ink These materials

account for a high proportion in the cost of products (about 70%) so the price fluctuation of these materials will have Greatly affecting the Company's gross profit Actual in 2018, the price the main ofmaterials of the company such as paper, plastic tend to increase, especially the price of paper Paper price in 2018 increased by 19%, import paperboard price increased by 9% compared to 2017 Besides adjusting price, scarcity of paper is also a risk In order to overcome this risk, the Company chose a solution to sign a long-term contract of supplying raw materials with major suppliers in order

to obtain a stable source of raw materials and reasonable price On the other hand, the Company buy from a variety of suppliers to avoid being dependent, find alternative sources of supply, always closely monitors price fluctuations in the market to make timely adjustment decisions, carefully calculate production and consumption needs to have a reasonable amount of raw materials response production needs, increase activities of self-producing raw materials to meet production needs, reduce dependence on the market, especially the world market

2 COMPETITIVE STRATEGY ANALYSIS

2 COMPETITIVE STRATEGY ANALYSIS

➔ Competitive stratege of HHA is cost leadership

2.2 Chart

2.3 Conclusion

In fiscal 2019, Thien Long Group spent more than 785.184 billion Dong on selling expenses

and administrative expenses, up from about 79.811 billion Dong the prior year In addition, selling and administrative expense of Thien Long Group is 5,33 times more than Hong Ha in 2018 This is an indication of a strategy which is primarily focused on cost leadership

Therefore, both TLG’s and HHA’s competitive strategy is cost leadership However, TLG has widespread distribution system which helps it approach all of its consumers easily, make convenience for buying process and take over stationery market shares

3 CORPORATE STRATEGY ANALY

3 CORPORATE STRATEGY ANALYSIS SIS

3.1 Product capacity enhancement, input materal self-sufficiency and value chain expansion

The automation rate in Thien Long’s factories increased to 75.3% from 73.5%

of 2017 As a result, the Group’s productivity has been dramatically improved the Company to be more proactive in quality, price, production technology control and ink material in 2018, the ink output met 100% of the demand for permanent markers, rollerball pens, colored fiber pens, highlighters and fountain pens, 79% of demand for oil based gel pens and 40% for gel pens

Hong Ha 's Differentiation rate

Hong Ha 's cost leadership rate

3.2 Reseach and Devolopment

A part from improving production capacity, the activities of researching and developing ink

production was paid high attention The company strengthening new product research, diversifying product portfolio to serve different target customers in different segments

3.3 Marketing

Marketing capacity is the key investment capacity in 2018 and has brought encouraging

achievements

Profit from customers increased by 1.14 times (compared to 2017)

Some outstanding marketing and advertisement activities of Thien Long in 2018

3.4 Human resource

The project is divided into 2 phases:

Phase 1: completed and came into operation since July 2018, including the modules:

Employee portal, human resource data management, attendance checking, salary calculation, social insurance, and tax

Phase 2: is expected to complete in the 2nd quarter of 2019 with the modules recruitment, training, employee assessment, canteen management, and uniform management

Coherently implementing the talent attraction and retention policies, strengthening training to increasingly improve profession and skills for employees in the new context

The program of “Love Vietnamese Word” was firstly held in 24

districts of Ho Chi Minh City

In Phase 1, the software has helped minimize the time spent on paperwork and digitalize

many works related to attendance checking, salary calculation, handle the compliance with the

Company’s regulations and the State, and enhance the professionalism in human resource

management

4 SWOT ANALYSIS

4.1 Strength

Thien Long is a strong brand, a leading company in pen writing industry in Vietnam that

ranked 37th in the top 50 best listed companies in Vietnam by forbes

Each job is described in detail in "Job description" to help employees understand their

obligations, responsibilities, powers and development orientation Thien Long also have Professional Research and Development Department

Thien Long Distributor network covers 63/63 provinces and cities nationwide with over 135 distributors, more than 53,000 points of sale, 2 warehouses in the South and the North Viet Nam Regarding export markets, Thien Long products have been sold in more than 40 countries in 5

continents in the world In addition to representative offices that have been set up in Indochina,

China and Germany

Thien Long deploys SAP ERP management system which is integrated with great efficiency in human resource management, financial management and accounting management

The company has a cost advantage of a modern production line with the participation of

robots, highly specialized workers The average salary of workers is about VND 2.1 million / month, accounting for 30% direct cost

The price of Thien Long products is affordable The product segment ranges from affordable

to high-end which is suitable for everyone Products’diversity focus on 4 main groups: Pen Writing, Office Supplies, Student Supplies, Art Supplies

Net revenue in 2019 reached VND 3,252.4 billion, increased by 13.9% compared to 2018

Revenue increased continuously over the years, the ratio of total cost of capital and operating

expenses to net revenue decreased significantly, so profit after tax increased impressively with an increase of 18.6% compared to 2018 and 30.2 % compared to 2017, bringing VND 349,087 million profit to the Group in 2019

In 2019, Thien Long raised its equity from VND 1,268,668million to VND 1,806,986 million with an increase of 42.4% over the previous year

4.2 Weakness

Shortages of senior management human resources as the company expands its production scale export

With a development strategy towards the horizontal quality of goods in the country with

European standards, Thien Long ballpoint pen imported the line Production equipment is of high

quality If imported advanced equipment lines In addition, foreign engineers are hired for high

quality human resources

The fact that our production is very limited will lead to higher production costs, resulting in higher product costs

Many product groups with different market segments but using the same marketing plan Model lacks eye-catching and is less diverse than imports of other countries Korea, Japan Due to the limited domestic supply in many aspects, the majority of main raw materials must

be imported from abroad Cost of raw materials materials account for 65% to 70% of TLG's

production costs Over the past time, raw material prices have tended to increase, especially raw

material prices plastic and metal materials

4.3 Opportunity

Thien Long is the leading enterprise in the field of stationery production in Vietnam with 55% market share of ballpoint pen nationwide

Vietnam has a stable politics, which is a favorable condition for businesses

Vietnam joins the WTO Integration reduces the tariff barriers

Vietnam has approximately 24 million pupils and students which is a potential market

because the demand for stationery in general and writing in particular is estimated to increase by 10% to 15% every year

Vietnam's economy has developed at a relatively stable level

Vietnam people's income has improved: GDP per capita in 2018 is $ 2,500

Today technology elements are becoming more and more modern with many machines

being introduced to help with manufacturing and administration processes

E-commerce is thriving and becoming increasingly important in Vietnam

Every year, thousands of companies participate in the Vietnamese market

4.4 Threat

Integration brings challenges that are stronger competitors in reducing import tax

The price of raw materials increased due to the increase in world oil prices

Products from Thailand, South Korea, Japan usually have beautiful and trendy designs

Unstable exchange rate affects the price of imported raw materials

The development of information technology has reduced the demand for ballpoint pens in offices

Counterfeit and poor quality goods can affect Thien Long's reputation

5 PEST ANALYSIS

5.1 Politics

The stability of a country's political system, laws and policies has a great influence on the

stability and development of the economic sectors in general and the stationery industry in

particular For a country with stable politics like Vietnam, the education environment and

employment environment are developing, leading to a very good business for stationery companies

5.2 Economics

Along with the economic development in recent years, the demand for goods has increased, especially for consumer goods and household goods Demand and products for the education and office industry are not out of that development The stationery market is strong

smuggled into Vietnam with a new models That is not to mention Japanese goods, Korean goods, every batch of goods usually have trendy designs

5.4 Technology

a Most are manufactured in small businesses The following are examples of technologies of two large businesses:

Thien Long Company: Products of the company Products of the company are manufactured

in a closed cycle The production stages are carried out by new-generation equipment and

specialized for the production of ballpoint pens imported from advanced countries such as

Germany, Taiwan, India, South Korea with the support of robots and are register EAN barcodes VN, create products that meet quality standards Designing designs, perfect packaging on the computer with specialized software Products are printed on specialized printers such as pad printers, Hot

stamping printers, UV printers (5 colors) There is continuous packing system on conveyor The

company's laboratory is equipped with specialized equipment for stationery industry such as the

German HUTT pen tester for the first time in Vietnam and build a quality management model

according to ISO 9001 Inspection work Quality is handled by a specialized department

b Hong Ha Stationery Joint Stock Company: Hong Ha is one of the enterprises with plastic mold production line, automatic stamping and semi-automatic relatively complete in Vietnam The company has the equipment high technology for processing and making molds such as: wire cutting machine, electric pulse machine, milling machines, plating machines The equipment is in the first generation of Taiwan, China and Japan To produce plastic products, the company uses a system of various types of molding machines Automatic plastic injection from 55 to 350 tons Notebooks are manufactured in a line of automated and semi-automatic devices Japanese and German activities such as: 1-color, 2-color, 4-color, 5-color offset and 2 sides offset printing machines, automatic

production line Flexo, machines for automatic gluing, back binding machine, trimmers

Chapter III ACCOUNTING ANALYSI

1 IDENTIFY KEY ACCOUNTING POLICIES

1 IDENTIFY KEY ACCOUNTING POLICIES

1.1 Accounting concept

The accounts have been prepared on accrual basis, in accordance with the Vietnamese Accounting Standards (VAS) The Company has also prepared an additional financial statement in English but

this version is only translated from Vietnamese and still applies VAS

In the context of globalization and The Ministry of Finance is drafting a scheme to apply international accounting standards to Vietnam, TLG should prepare report based on IFRS which is more flexible and has many advantages The establishment of financial statements under IFRS will increase financial transparency of TLG and is closely related to the plan to improve the quality of corporate governance and financial statements In addition, the application of IFRS is also an important factor in the TLG ‘s development strategy, to enhance capital and attract foreign investors

1.2 Inventory

TLG uses a regular inventory method, the recognition principle is based on the lower of cost and net realizable value

Cost of inventories is determined on a weighted average basis

The net realizable value that can be made is determined by the estimated selling price minus the

estimated costs to complete the product along with the cost of marketing, sales, and distribution

arising

Provision for devaluation of inventories is made for obsolete, damaged, substandard inventories

and in the event that the cost of inventories is higher than net realizable value at the balance sheet date

1.3 Receivable

Receivables are the collectible amounts of customers or other entities, including trade receivables, prepayments to sellers and other receivables Receivables are stated at carrying value less allowance for doubtful debts

Allowance for doubtful debts is made for receivables that are difficult to be collectible due to the

liquidation, bankruptcy or similar difficulties of the debtor

1.4 Fixed assets and depreciation

Fixed are stated at cost less accumulated depreciation or amortisation on a straight-line basis Gains and losses resulting from the disposal or sale of assets are the difference between the income from disposal and the residual value of the assets, which is recognized in the consolidated income

statement

The land-use-rights-with-definite-term intangible assets are amortized on a straight-line basis over the valid period of land use right certificate Indefinite land use rights are used at cost and not

amortized The remaining intangible assets are amortized on a straight-line basis over their

estimated useful lives

1.5 Provision liabilities

Severance allowances for employees are accrued at the end of each reporting period for all

employees who have worked at the Group for more than 12 months as of 31 December 2008 in a rate equal to half of the average monthly salary for each working year as of December 31, 2008 in accordance with the Labor Code and related guiding documents

The average monthly calculation of severance allowance will be adjusted at the end of each

reporting period following the average salary of the latest six months up to the reporting date The increase in this accrued amount will be recognized in the consolidated income statement

1.6 Revenue recognition

The sales revenue is recorded when there is a material risk and the ownership of goods has been

transferred to the buyer, usually coincide with the time of delivery of goods In particularly, the sales revenue is recorded when simultaneously satisfying all (5) of the following conditions:

(1) The group has transferred most of the risks and benefits associated with the ownership of the product or goods to the buyer;

(2) The group no longer holds the right to manage goods such as the owner of goods or the right to control goods;

(3) The revenue is defined relatively firmly;

(4) The group will gain economic benefits from the sales transaction;

(5) Determine the cost associated with the sale of the eagle

Revenue is determined by the reasonable value of the collected or collected items after deducting trade discounts, sales discounts, and paid sales Interest deposits are recorded on the basis of

accrual, which is determined on the balance of the deposit account and the applicable interest rate The interest from the investments is recorded when the group has the right to receive the refund

1.7 Interest expense

The cost of borrowers is credited to the cost of production and business during the year when

arising, except as capitalisation in accordance with Vietnamese accounting standards No 16 "Cost –

of borrowers"

2 ASSESS ACCOUNTING FLEXIBILITY

Businesses may have a variety of options for pricing and inventory management TLG chooses the method of regular declaration and weighted average price in order to facilitate the implementation and ensure it is appropriate for the type of business

For fixed assets, TLG uses the straight-line depreciation method Each year depreciates the same

amount, which makes it easy for managers to compare the profits earned between different years

Means of transport 6 – 8 6 – 8

The table above shows the estimated range of TLG fixed assets quite high compared to the

competition, indicating that Thien Long is more versatile because in the same asset there are

different disparities in the time of use that are useful

As a leading stationery company in Vietnam, with a desire to expand globally, Thien Long is

increasingly focusing on brand development strategies However, according to VAS, all costs related

to marketing and brand development must be recorded as expenses, rather than capitalization This makes TLG's asset assessment not absolutely accurate, especially when those costs are very likely to generate future revenue

Overall, TLG's accounting flexibility is moderate

3 EVALUATE ACCOUNTING STRATEGY

3 EVALUATE ACCOUNTING STRATEGY

In general, TLG’s accounting strategy is almost identical to its competitors and suitable with the

stationery industry

In the operation of the group, the members of the Board of Directors are relatively transparent, so

we suppose there is no case of deliberate manipulation to increase bonuses

Policies for calculating inventories, amortization and provisioning have been maintained and

unchanged from 2015 to now This shows that the company is trying to continue this method so

that it can follow its development more easily

There have been no significant fourth quarter adjustments to revenues, estimation and depreciation expense of fixed assets on their annual report

4 EVALUATE THE QUALITY OF DISCLOSURE

4 EVALUATE THE QUALITY OF DISCLOSURE

Through reports of Thien Long Group, the level of information disclosure is quite high Both financial and non-financial information is published in a fairly detailed and clear manner Through the

information provided in the annual report, we can see the most general overview of the business situation of the business:

● Key financial indicators in 2019, future business strategic goals,development strategy, company organizational structure are clearly presented

● The report gives people a look at what the company has achieved, such as:

Top 50 most effective trading companies in Vietnam (2013-2019)

Top 50 best listed companies in Vietnam (2013-2019)

Top 40 stationery companies with the highest revenue growth in the world

The business has many contributions to the community,

● In the corporate governance report, the company identified the types of risks and presented the company's risk management strategy Some important issues such as: raw material prices, exchange rates, investment activities, competition, product safety and product quality,

● The economic, social and environmental activities are clearly publicized

● Most accounting policies, estimates are clear, consistent and don’t change through years

● Besides, the information related to finance is also explained in disclosure note

5 IDENTIFY POTENTIAL RED FLAGS

5 IDENTIFY POTENTIAL RED FLAGS

● Net sales/Total assets

The assets turnover ratio shows a particular constant trend Total assets increased gradually from

2015 - 2018 but decreased in 2019 In conclusion, this coefficient changes not too much There is

not concern in this rate

● Net sales/Account Receivable