会计英语论文

1. The company profile

The xing printing industry Co., LTD, which is a creative design, print production, packaging binding is a body comprehensive one-stop printing company. The company was founded in 1993, main operations include books and packaging printing, consumer products packaging business, tile the carton and paper trade, etc. In addition, the company hold two associated companies equity: in guangdong province zhongshan joint hon xing paper business, and add a satisfying xing packaging materials trading (Shanghai) Co., LTD. The company's main products are exported to North America and Europe, in recent years to develop the Chinese market for domestic packaging key strategy, in order to achieve the company keep the traditional advantage in the market at the same time by the business in any area of the influence to a minimum target.

2. The company financial statements and related analysis

2.1 the company in 2010 to 2011 financial statements

The following is the xing printing industry Co., LTD from 2010 to 2011 years of financial statements

Table 1-1 the balance sheet

Prepare unit:：years month units：HKD

Financial year2011/09 2011/

03

2010/

09

2010/03

The report category

center

daily news

reported

Annual

reports

center

daily news

reported

annual

reports

fixed assets 1504015. 1477109.0 1468051.0 1416752.0other assets27442.0 28823.0 21855.0 20127.0 Total assets3936208.0 34919.0 3779272.0 3822966.0 Long-term debt 320903.0 10714.0 117281.0 0.0 Other long-term

liabilities

48568.0 46117.0 444.0 40887.0 current liabilities 753530.0 775917.0 8344.0 794613.0 equity 90787.0 90787.0 909.0 91158.0 reserves 2582000.0 2582957.0 2744235.0 2767930.0 Shareholders' equity 2672787.0 2673744.0 2835199.0 2859088.0 Currency report HKD HKD HKD HKD unit '000 '000 '000 '000

report date 2011-11-28 2011-06-2

8

2010-11-2

9

2010-07-14

inventory 6927.0 682574.0 616777.0 656162.0 Cash and bank

balance

749355.0 787513.0 778608.0 1108778.0 Short-term debt 300430.0 399998.0 267136.0 425092.0 The total debt621333.0 410712.0 384417.0 425092.0 Table 1-2 comprehensive income statement

Prepare unit: years month units: HKD

Prepare unit:：years month units：HKD

Financial year2011/09 2011/0

3

2010/09 2010/03

The report category

center

daily news

reported

Annual

reports

center

daily news

reported

annual

reports

Net interest income0.0 0.0 0.0 0.0 turnover 1573062.0 277.0 1559548.0 2397850.0 Business profits 55790.0 223066.0 178721.0 204403.0 The operation special

project

-4670.0 -10341.0 -5666.0 -11295.0 Associated companies-6291.0 -15616.0 -8386.0 -2639.0 Pre-tax profits in

business

44829.0 197109.0 1669.0 190469.0 tax 12391.0 37053.0 33068.0 240.0 Shareholders shall 30986.0 156********.166604.account for profits 3.0 0 0 Currency HKD HKD HKD HKD unit '000 '000 '000 '000 depreciation- 107618.0 - 113682.0

Loan interest- 10341.0 - 11411.0 Interest capitalized0.0 0.0 0.0 0.0 tax rate 27.1 18.798 20.081 12.478 Turnover increased 0.867 15.303 3.782 -19.668 Shareholders shall

account for profit growth

-76.021 -6.069 28.015 9317.976 Earnings per share0.034 0.173 0.143 0.182 Dividends per share 0.02 0.27 0.22 0.23

2.2 the financial statements analysis

2.2.1 debt paying ability index analysis

Liquidity refers to the ability of the enterprise to repay the debts that are due. Debt paying ability index includes short-term debt paying ability index and

long-term debt paying ability index. Through the table 1-1 calculation that arrangement

Table 2-1 debt paying ability index in the table

Financial year2011/09 2011/03 2010/09 2010/03

The report category

center

daily news

reported

Annual

reports

center

daily news

reported

annual

reports

The current ratio 3.113 2.676 3.492 2.965 hydraulic ratio 2.194 1.796 2.541 2.139 ratio of property

rights

0.232 0.154 0.136 0.149

asset-liability ratio 0.195 0.143 0.123 0.140

The current ratio = liquid assets/current liabilities * 100%, in general, the higher the proportion of flow that enterprise short-term debt paying ability, thebetter the rights and interests of creditors more secure. International usually think, the lower limit of the current ratio is 100%, the current 200% than in relatively appropriate. The xing printing industry Co., LTD flow ratios between 260% and 350%, on the one hand, indicated that the company's financial condition is stable and reliable, in addition to meet the daily production of liquidity outside, still have enough money to repay the short-term debt maturity; On the other hand, reflects the company's current assets occupy more, can affect efficiency in the use of funds and enterprise cost of funding, further influence profitability. The author thinks that, because the 2008 global financial crisis, as a main attack of the European and American market in manufacturing and processing enterprises, the company managers to risk attitude more conservative, favor a loose cash flow for the company's long-term stable income.

Fast acting ratio = fast acting assets/current assets * 100%, because without the inventory liquidation ability is weak and unstable assets, therefore, fast acting ratio can more accurately than current ratio reliable evaluation of the liquidity

of enterprise assets and its short-term debt ability. In general, the higher the proportion of flow, short-term solvency that enterprise is stronger. International usually think, the current ratio is 100% more appropriate, low debt risk is facing, tend to cause the enterprise pay too high safety is high, but because of cash and accounts receivable take up too much too big increase opportunity cost. Table

2-1 know, enterprise fast acting in between 260% 170% rate, the company in recent years investment strategy is robust, a small scale expansion, so with steady cash chain.

The asset-liability ratio = total debt/the total assets of * 100%, showing that the total amount of assets in enterprises, the proportion of funds to provide creditors, and enterprise assets to ensure degree of the rights of the creditor. In general, the smaller the asset-liability ratio that enterprise long-term solvency is stronger.

But on the other hand, see, the index is too small to use of financial leverage that enterprise is not enough. International usually think that 60% more appropriate. From table 2-1 see, the company's debt ratio is very low, very few borrow foreign debt to expand the scope of operation, management status is good, the creditors' interests is guaranteed. Property rights ratio = total debt/owner's equity * 100%, this index business financial structure is an important symbol of steady or not, reflecting enterprise of creditors rights and interests of the owners' equity ensuredegree. The ratio is more small low, the stronger long-term solvency. The company the index since 2010 had a tendency to rise, but in general or to remain low, explain enterprise good financial situation, solvency is stronger.

2.2.2 operation capacity index analysis

As a large manufacturing enterprise, mainly through production material purchasing, processing and export realize asset appreciation and wealth accumulation. Therefore, the operation capacity index on this company development condition is very important. The balance sheet and the statement:

Table 2-2 operation capacity index in the table

Financial year2011/09 2011/03 2010/09 2010/03

The report category

center

daily news

reported

Annual

reports

center

daily news

reported

annual

reports

asset turnover

ratio 0.4150.7300.410 0.631 Total assets of

turnover days

867.470 493.151 878.049 570.523 inventory turnover 2.270 4.051 2.529 3.654

Inventory

turnover days 158.590 88.867 142.349 98.522

Production material operation capacity analysis can be fixed asset turnover from inventory turnover and two analysis. Asset turnover ratio reflects all the assets of the utilization efficiency of enterprises, its computation formula = business income/average total assets, this index, the bigger the reflect all the assets utilization efficiency is higher; Total assets turnover days, by contrast, enterprise total assets management efficiency is lower; Table 2-2 by knowledge, the company's annual report and the difference between the two indexes reported significantly, explain the company production of seasonal and periodic, this is because the books and packaging printing, consumer products packaging business, tile the carton and paper product market demand and cyclical variation characteristics of seasonal. This is most productive enterprise faces aproduction characteristics, the so-called off-season and peak season. Inventory turnover and inventory turnover days is also features, from 2010 to 2011 years of data to see, in March 2010 with the 365% in March 2011, 405% of the first half of 2011 inventory turnover increased efficiency, sep 2010 of 253% and 227% of the sep 2011 contrast, the second half of 2011 inventory turnover efficiency is down slightly, but overall, in 2010 and 2011 years of production operations have a little change. Enterprise development more stable.

2.2.3 profitability and development ability index analysis

Value added to the pursuit of enterprise capital movement is the drive source of power and direct. From table 2-2 of that company business income in March 2011, sep, respectively, compared with the 2010 rose 15.30%, 8.7%, but net profit in March 2011 in profits in sep, respectively, compared with the 2010 jumped 9.13%, 68.78%, it can be seen that the second half of 2010 and the first half of 2011, with the printing industry Co., LTD business performance down, although business revenue raised, but it has fallen, the reason is the production material price and during rising labor costs, enterprise production costs, profit ability.

Development capability is the enterprise in the existence of basis, enlarging the scale, expand the strength of the potential ability. Consider the following main development ability analysis index: business income growth, capital value increment rate, total assets of growth and operating profit growth rate. From table 2-3 know, mar 2011, sep enterprise assets respectively than the same period in 2010, down 4.657% and 3.55%, it shows that the enterprise assets fell, the reason is the production of material, the internationalization of the transportation costs rise, to the enterprise asset appreciation and long-term development brings great pressure, this need to enterprises in market demand fell overall, global manufacturing industry management difficult situations, optimize the structure, improve the management, enhance efficiency, get the enterprise's sustainable development.

Table 2-3 profitability and development ability index in the table

Financial year2011/09 2011/0

3

2010/09 2010/03

The report category

center

daily news

reported

Annual

reports

center

daily news

reported

annual

reports

Operating income 1573062.0 277.0 1559548.0 2397850.0 Operating income growth

rate 0.00860.153

---- ------

operating profit 55790.0 223066.0 178721.0 204403.0 Operating profit growth

rate-0.6878 0.0913

----- ----- Total assets3936208.0 34919.03779272.0 3822966.0

Total assets of growth

-0.0355-0.04657

----- ------

2.2.4 the do pont financial analysis

The do pont financial analysis system is an important method of comprehensive financial analysis, it USES the internal relationship between financial indicators, comprehensive management of enterprise financial management and economic benefits of system analysis and evaluation. Dupont the relationship between the index system are as follows:

Net assets yield = business net interest rates * total asset turnover * rights multiplier

By the analysis on the formula to calculate the printing industry Co., LTD from 2010 to 2011 years of net assets yield rate:

Table 2-4 comprehensive index analysis form

Financial year2011/09 2011/0

3

2010/09 2010/03

The report category

center

daily news

reported

Annual

reports

center

daily news

reported

annual

reports

Business net interest rates

(= net profit/business income)0.03550.08070.11460.0852 Total assets of growth

rate0.415 0.730 0.410 0.631Rights multiplier (= the

total assets of/total owner's

1.2422 1.1669 1.1403 1.1628 equity)

Net assets yield rate

0.0183 0.0687 0.0536 0.0625

Net assets yield rate reflect all investors invest money in the profitability, reflecting enterprise financing, investment, assets operation activities such as efficiency, improve the net assets yield is to realize the basic guarantee for the financial management target. Table 2-4 reflects the following questions: First of all,enterprise asset return there on one hand and the characteristics of the periodic seasonal changes, the second half, especially Christmas Eve, the European and American market for books and packaging printing, consumer products packaging, tile the carton and paper needs many order form, is the enterprise production peak season, so the business income is bigger, instead of the enterprise less orders in the first half, yields have fall subsequently. Visible, enterprise must strengthen product innovation, through the development of new products, make up the deficiency of the big enterprise production volatility, realize the balance of production, expand revenue growth point.

Secondly,compared in 2010, the fall in net profit of enterprise business enterprise profitability and net assets yield rate of decline, visible enterprise in the new situation facing the pressure and challenges, need to change enterprise development ideas, to broaden the market channel, especially to want to make full use of the good development of domestic situation, mining the customer domestic market, is the enterprise in the fierce competition in the market for survival, seek development.

finally, enterprise of the rights of the multiplier is low, it shows that the enterprise debt risk facing low, capital chain is solid, but, enterprises make use of the role of financial leverage is limited. Due to the xing printing industry Co., LTD has strong market leadership, high efficient operation, coupled with strong assets strength, can use these superior conditions appropriate to expand the scale of debt, and use the money to develop better their own development, grasp the future growth opportunities.