GROUP ASSIGNMENT COVER SHEET

STUDENT DETAILS
Student name: Nguyễn Kim Tuyến Student ID number: B1111914034
Student name: Trịnh Anh Nhã Trúc Student ID number: B1111916173
Student name: Lê Trần Thu Uyên Student ID number: B1121822163
Student name: Nguyễn Thanh Thiên Uyên Student ID number: B1111916164
Student name: Trịnh Minh Tú Student ID number: B1111812169
Student name: Nguyễn Văn Viên Student ID number: B1011723124
UNIT AND TUTORIAL DETAILS

Unit name: Corporate Finance Unit number: CF-S320WSB-1

Lecturer or Tutor
name: Từ Thị Kim Thoa Class day and time: Thursday 8 a.m

ASSIGNMENT DETAILS

Title: Group Assignment: Financial Analysis

Length: 19 pages Due date: December 10th Date submitted: December 10th
Link to video:
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1
 CONTENT
Title Page
I. INTRODUCTION 3
II. REVIEW OF THE BALANCE SHEET OF VINAMILK IN THREE LATEST 4
YEAR
III. REVIEW AND COMPARISON BETWEEN BÚT SƠN AND THE INDUSTRY 5
IV. REVIEW AND COMPARISON BETWEEN BÚT SƠN AND BỈM SƠN 6
V. REVIEW OF THE MOST RECENT YEAR-END INCOME STATEMENT OF 7
BÚT SƠN
VI. RATIO ANALYSIS 8
VII.THE COMPARISON BETWEEN BÚT SƠN AND BỈM SƠN IN RATIO 11
ANALYSIS
VIII. CONCLUSION 12
IX. REFERENCES 13
X. APPENDIX 14

2
 BÚT SƠN FINANCIAL STATEMENT ANALYSIS

I. Introduction
Vicem Packaging But Son Joint Stock Company is a subsidiary of Vietnam Cement Industry

Corporation, which produces and deals in all kinds of packaging, paper, and plastic products, but

mainly cement packaging, for domestic and foreign companies. But Son formerly known as Nam Ha

Cement Packaging Company was established on October 18, 1996, but later, on May 21, 2001, the

company renamed to Nam Dinh Cement Packaging Enterprise under But Son Cement Company. Once

gain on April 14, 2003, the Minister of Construction issued a decision to change Nam Dinh Cement

Packaging Enterprise of But Son Cement Company - Vietnam Cement Corporation into But Son

Cement Packaging Joint Stock Company. Finally, on November 1, 2011, the company changed its

name to VICEM But Son Packaging Joint Stock Company and remained the name until now. In the

official website of But Son, it stated that the company averagely produces 100 million packagings

every year, the production level of But Son Company is at an average position, with slightly

breakthrough compared to other companies who produce at 60 to 80 millions per year, and their profit

in 2019 was 453 billion VND. Currently, the company is located at Km2 Van Cao street, Nam Dinh

city, their website can be accessed through https://butsonpackaging.vn/. But Son’s Chief Executive

Officer and Vice-director now are Tran Ngoc Hung and Duong Minh Tuan, up to now, thanks to their

experienced leadership, the company keeps transforming every day and promising to develop

sustainably in the future. By applying successfully the latest technology in the production lines at the

factory, But Son has exported its packaging into many regions, including Southeast Asia, South Asia,

America, Mid East, and so on.

This paper focuses not only on But Son’s main financial statement, but also on examining

additional elements of the balance sheet, income statement, and other contexts. The primary portion of

this report will incorporate in particular, the figures of But Son’s sales, balance sheet, and statement of

3
revenues for the last three years. The rest is about the contrast between But Son and its rivals in terms

of sales and ratio research.

II. Review of the three-lastest-year balance sheet of Bút Sơn

The balance sheet (Appendix 2) showed us what did But Son have in current assets and non-current

assets; how much the firm owes in current liabilities, non-current-liabilities and represents the

stockholders’ equity in consecutive years of 2017, 2018, and 2019.

As we can see from the table (Appendix 2), the year 2017 was reported to be the most remarkable

year of Bút Sơn, when the current assets and non-current were recorded in the highest numbers,

compared to the years 2018 and 2019. The current assets in 2017 were more than 740 billion VND,

higher than in 2018 when the current assets decreased to only more than 666 billion VND. However,

the current assets increased again to more than 709 billion VND in 2019. Nonetheless, the non-current

assets in these periods decreased year by year. While in 2017, But Son reported having more than 3,079

billion VND, in 2018 it was 2,864 billion VND - lower 1.08 percent compared to 2017, and in 2019 it

was recorded as 2,798 billion in non-current assets - lower than the year 2018 for about 1.02 percent.

The firm’s current liabilities in 2017 also was recorded in the lowest number while there was only

more than 1,746 billion VND, while in 2018 there was 1,953 billion VND - up nearly 1.12 percent, also

in 2019, the current liabilities are 2,063 billion VND, up 1.19 percent compared to 2017 and 1.06

percent compared to 2018. Notwithstanding, the firm’s non-current liabilities decreased surprisingly,

from 740 billion VND in 2017 to 225 billion VND in 2018 (lower nearly 3.29 percent), and the firm

was noted with only 35 billion VND in non-current assets at the end of 2019 (lower 6.41 percent

compared to 2018).

4
 The stockholder’s equity represents the amount of money that had been invested in the firm and

supposed to be a source of funding for the business. According to the balance sheet, the stockholders’

equity had increased from 2017 to 2019 positively. In 2017, the amount of equity was 1,332 billion

VND, which increased 1.02 percent to nearly 1,352 billion VND in 2018. Likewise, in 2019, the

stockholder’s equity was 1,410 billion VND, up 1.04 percent compared to 2018.

III. Review and comparison between Bút Sơn and the industry

Among the plastic industry, packaging accounted for 35 percent, worth 5.2 billion USD.

Preliminary statistics show that food packaging accounts for 30% - 50%, electronics packaging

accounts for 5-10%, and pharmaceutical chemistry packaging accounts for 5-10%. Plastic packaging

has achieved a growth rate of 25% in a year and accounted for the highest proportion of revenue in the

structure of the plastic industry (38-39%). Simultaneously, plastic packaging products are also the most

exported plastic products. (Thăng Long Packaging, 2020)

Compared to the industry, VICEM But Son has 3 cement packaging factories equipped with 2

synchronous production lines, designed with a capacity of 50 million bags/year. This is a complete

technology consisting of 5 closed stages with 3 main types of products: KPK, PK, PP, and woven

curtains from PP material (to make the inner lining of cement bags). To improve the quality of products,

the company had invested billions of VND to install a production line of bottom-glued cement bags.

(Tân Phú Hưng Company, n.d.). Meanwhile, following the development of the packaging industry, in

2017, But Son aimed to produce 80 million bags; 1,500 tons of PP woven curtains, total revenue from

sales and service provision reached over 355,095 million VND (Appendix 3a). Likewise, in 2018, But

Son reported the total production as the numbers of 86.57 million bags with a total sales and services

revenue of more than 483 billion VND, exceeds the plan in 2018 (Appendix 3b). Similarly, the total

sales and services revenue in 2019 reached nearly 454 billion VND with the production of 76.74
5
million Jumbo and cement bags, however, in this year, But Son had no plan to produce PP woven

curtains. (Appendix 3c)

Needless to say, VICEM But Son Packaging Joint Stock Company is able to keep up with the

industry growth. The firm’s products have the highest market share among companies that produce

cement packaging. (Appendix 3d)

IV. Review and comparison between Bút Sơn and Bỉm Sơn
VICEM Bim Son Packaging Joint Stock Company was established under Decision 1020

XMBS/TCLĐ of the President of VICEM Bim Son Cement Joint Stock Company on 5/12/1992. Along

with But Son in the packaging industry, there is Bim Son one of their competitors who is specializing

in plastic packaging and cement bag. Both of the two companies are having a long time of experience

and formed for the reason that their holding company wants to invest in a sustainable product line

which can produce cement bags for their business. However, But Son has increased the area, not only

self-supplied but exported more to outside. While But Son is aiming for a larger market with their

product range of up to 5 items, Bim Son just focuses on cement packaging with their 2 main items are

Jumbo and KPK packaging. But Son and Bim Son both compete with each other in committing quality

and environmentally friendly products, to gain customer trust within and outside the country. From the

statistics by CafeF (2019), But Son's revenue experienced significant growth from VND 424,410,668

to VND 453,576,634 in the range of the year 2016 to 2019. In contrast, Bim Son surfers a decrease

from their sale revenue which goes from VND 330,654,141 to VND 282,010,774 in the same time

period. This duration expresses the But Son’s success in their business and affects their effort to be in

top position in the packing industry in the future.

6
V. Review of the most recent year-end income statement of Bút Sơn

As for Appendix 5, after reviewing the Income Statement of Vicem But son Cement Joint Stock

Company (But Son) over the past 3 years, But Son’s total revenues fluctuated significantly in the

period 2017- 2019. This means But Son's total revenues in 2018 increased by 36,3% in comparison

with 2017, while decreased by 6,13% compared to 2019. Additionally, the cost of goods sold of But

Son continuously grew by 26% when compared with 2017. However, as total revenues above, this

still has a fluctuation from 2017 to 2019, by seeing a decrease in the cost of goods sold in 2019, fall by

7,2% compared to 2018. Besides, there was a gradual increase in total expense, in specific, the growth

rate of total expense in 2019 rose by 16,6% compared to 2017. Furthermore, in terms of other profits,

But Son’s losses in 2019 were 110 times in comparison with 2018. Moreover, the earnings per share of

But Son shows that the percentage of its increased gradually from 2017 to 2019, by 41,9%. Especially,

in the period 2018-2019, earnings per share of But Son has risen remarkably by 28,2%.

7
VI. Ratio analysis

Liquidity ratios (Appendix 6a)

Liquidity ratios calculate businesses' ability to satisfy their short-term commitments. Liquidity

ratios must be determined to determine the willingness of the company to cover short-term bills to

measure But Son's short-term solvency. In 2017, But Son's current ratio is 0.8 and steadily increases

until 2019 with 0.9. The growth shows a decrease in the company's short-term obligations. If growth

continues, the company's finances don't stop growing in the short term. At the same time, the quick

ratio of the company shows a continuously increasing trend. From 2017 to 2019, the quick ratio

changes from 0.6 to 0.7 indicating an increase of 0.1. The fast ratio has grown continuously, showing

that the company's inventories are on the rise. The ratio of cash in 2017 and 2018 can be considered

stable, the two parameters do not differ much between 0.0191 and 0.0186. Then, in 2019, the cash ratio

increases to 0.0229. Finally, the company is growing evenly in all the components of its solvency

coefficients.

Efficiency ratios (Appendix 6b)

Efficiency ratios decide how efficiently the business handles its revenue assets. The inventory

turnover ratio shows how much a stock is used or sold twice in a period of time. In 2017, the inventory

turnover ratio of But Son was 8.98, then in 2018 increased to 1.0, equivalent to 9.32. However, in the

following year, the But Son dropped, even lower than the first year, with an index of 8.05. According

to the above data, it is estimated that in 2017, But Son takes 40.6 days to turn inventory. In 2018, it

only took 39.1 days to increase inventory turnover to 9.32, but in 2019 it will increase to 45.2 days.

However, the period is longer than the previous two years but the inventory turnover ratio decreased.

Following that, revenue turnover decreased continuously from 2017 to 2018. Specifically, the

receivable turnover is 2.85 respectively; 2.44; 2.21. The above figure can be understood that in 2017,
8
But Son took 127.8 days to obtain credit sales, 150.4 days in 2018 and 164.4 days in 2019. The growth

shows credit sales. But Son is quite slow. In addition, total assets turnover continuously increased from

2017 to 2018. Total assets turnover of But Son is 0.97 in 2017, 1.12 in 2018, then decreases to 1.05 in

2019. Hence, the company is in fine control of managing its sales and assets

Long-term solvency ratio (Appendix 6c)

Long-term credit ratings measure the willingness of a corporation to deal with its debt

commitments which are commonly used by prospective lenders.

It indicates that long term obligations have ample cash flow. The standard value of the overall

debt ratio is 1.0 or 100%. If this ratio consistently increases, the financial system becomes

dysfunctional, creating payment issues. Total Debt Ratio of But Son between years has not changed

significantly, with the index respectively 0.716; 0.755; 0.754. In 2017, the number of times the profit

that company earned is 53.67 but by 2018 the number of times the interest is lost is 3,098, which is

reduced to 50,572. However, after 1 year, the interest rate increased rapidly to 64,894. The debt-equity

ratio reflects a company's profitability and its potential to generate new equity. Debt equities' perfect

worth 1 to 1.5. But Son has increased in value from 2.52 in 2017 to 3.07 in 2019. We can see that debt

on equity is increasing, which will put investors at risk when investing in the public. company due to

inability to repay. Equity multiplier provides information on how the firm uses more equity and less

debt to finance asset purchases. 3,528, then to 2018 and 2019 the index increased and was quite stable

with the indexes of 4.09 and 4.07, respectively. We can see that an increase in equity multiplier means

that their investment is risky and their debt burden is high. From this chart we can see, But Son is

increasing debt usage and is likely to face many difficulties in the future.

9
 Profitability Ratio (Appendix 6d)

The profitability ratio tests how well the company handles its revenue expenses. The profit

margins that But Son achieved increased over 3 years, with indexes respectively 0.46, 0.69, and 0.83.

Return on assets demonstrates how profitable an organization is in relation to all of its assets. For

returns over 5% on assets, it is considered good. From 2017 to 2019, this rate steadily increased from

1.08 to 1.31. Return on equity calculation measured by the division of net profits by the equity of

shareholders. In addition, the optimal return on equity is between 15% and 20%. This rate of return

continued to increase over 3 periods. In general, the profitability situation is quite stable and on the way

to developing.

Market Value Measures (Appendix 6e)

Taking from the table above, market value ratios are used to evaluate the current share price of

a publicly-held company's stock. These ratios give equity analysts a basic framework of a company and

can possibly help to identify undervalued or overvalued stocks. Book value per share (BVPS) is used as

a benchmark to see if the market value per share is higher or lower, which can be used as a basis for

stock buying or selling decisions. It grew up slightly over 3 periods. The P/E ratio also known as the

price/earnings multiple is one of the most popular ratios used by investors to determine the value of a

share. There was a downward trend in PE ratios during the year 2017 to 2019. While PE ratios in 2017

showed an upward trend, it suddenly dropped continually in 2018 and 2019. It can be seen that with

high PE ratios, the stock is more richly valued in 2017 because investors are paying a higher price for

each dollar of the company’s earnings.

10
VII. The comparison between Bút Sơn and Bỉm Sơn in ratio analysis

According to the statistics of Cafef Vietnam (2019), the total revenue and COGS of But Son

increased significantly from 2017 to 2018 but there is a slight drop in 2019. Meanwhile, Bim Son's

total revenue and COGS are decreasing steadily during this period. This reveals the business strategies

of But Son is more efficient than Bim Son.

In 2019, based on the statistics of Cafef.vn (Appendix 6 ad 7), efficiency ratios are 1.06%,

8.06% and 2.22% prefer asset turnover, inventory turnover, and receivables turnover of But Son,

alternatively. When Bim Son is a competitor with But Son, these ratios are 1.26%, 10.24%, and 1.61%

As a result of this, Bim Son is better than But Son because Bim Son takes less time to get inventory,

assets and get a cycle. Therefore, Bim Son uses and manages effectively in their assets and liability.

There is no doubt that the But Son's sales are much higher than the Bim Son in this 3-year

period. But Son has been constantly improving in terms of technique and machinery, meanwhile, Bim

Son, one of the development firms in the cement industry, has stalled because of projects on factory

restructuring. But Son is expected to grow higher in the future.

11
VIII. Conclusion

To sum up, But Son is gaining such financial power compared to the packaging market. For

instance, in the discussion between this firm and packaging competitors, its export items have more

than 2.5 times in comparison with Bim Son. In terms of ratio analysis, this firm is also showing

positive results such as a burly and effective efficiency ratio even though there is a slight drop in 2019.

It can beat the strong packaging competitor in its industry is Bim Son. However, although But Son

automatically has a strong and highly-praised financial structure, it can be predicted that But son is

becoming slower in growing up. Therefore, it might be the chances for others, as can be mentioned

here is Bim Son to over-compete But Son in the near future.

12
 IX. Reference
Thăng Long Packaging (October, 2020), Overview of the Packaging Industry in Vietnam.

Retrieved from

<https://thanglongpackaging.com.vn/2020/10/06/khai-quat-chung-ve-nganh-bao-bi-viet-nam/ >

Tân Phú Hưng Packaging Joint Stock Company (n.d.), Focus on the development of the packaging

industry. Retrieved from

<http://www.tanphuhung.com.vn/chu-trong-phat-trien-nganh-cong-nghiep-san-xuat-bao-bi.html >

CafeF. (2017). Financial Statement Analysis(But Son). Retrieved from

<http://images1.cafef.vn/Images/Uploaded/DuLieuDownload/2017/BBS_17CN_BCTC_KT.pdf?

CafeF. (2018). Financial Statement Analysis(But Son). Retrieved from

<http://images1.cafef.vn/Images/Uploaded/DuLieuDownload/2018/BBS_18CN_BCTC_KT.pdf>

CafeF. (2019). Financial Statement Analysis(But Son). Retrieved from

<http://images1.cafef.vn/Images/Uploaded/DuLieuDownload/2019/BBS_19CN_BCTC_KT.pdf>

CafeF. (2017). Financial Statement Analysis(Bim Son). Retrieved from

<http://images1.cafef.vn/Images/Uploaded/DuLieuDownload/2017/BPC_17CN_BCTC_KT.pdf>

CafeF. (2018). Financial Statement Analysis(Bim Son). Retrieved from

<http://images1.cafef.vn/Images/Uploaded/DuLieuDownload/2018/BPC_18CN_BCTC_KT.pdf>

CafeF. (2019). Financial Statement Analysis(Bim Son). Retrieved from

<http://images1.cafef.vn/Images/Uploaded/DuLieuDownload/2019/BPC_19CN_BCTC_KT.pdf>

13
 X. Appendix

2) Balance Sheet
(In VND)
Bút Sơn 2017 2018 2019

Current assets 740,095,496,869 666,894,466,787 709,803,550,054

Non-current assets 3,079,469,186,048 2,864,629,852,495 2,798,707,725,327

Current liabilities 1,746,874,001,691 1,953,438,034,214 2,063,073,046,312

Non-current liabilities 740,481,076,750 225,383,030,103 35,158,031,714

Stockholder’ s equity 1,332,209,604,476 1,352,703,254,965 1,410,280,197,355

3) Comparison between Bút Sơn and the industry

a) Total output of Bút Sơn in 2017 (Annual report in 2017)

Output Unit 2017 (expect) 2017 (result)

Cement bags Million bags

Jumbo bags Million bags 80.00 58.53

PP woven curtains Million tons 1500.00 1405.00

Sales and Services Revenues Million VND 445,374 355,095

b) Total output of Bút Sơn in 2018 (Annual report in 2018)

Output Unit 2018 (expect) 2018 (result)

Cement bags Million bags 68 85.95

Jumbo bags Million bags 0.5 0.62

PP woven curtains Million tons 1,500 725.60

Sales and Services Revenues Million VND 444,170 483,241

14
c) Total output of Bút Sơn in 2019 (Annual report in 2019)

Output Unit 2019 (expect) 2019 (result)

Cement bags Million bags 75 75.75

Jumbo bags Million bags 1.0 0.99

PP woven curtains Million tons 0 0

Sales and Services Revenues Million VND 459,360 453,576

d) Companies product structure

15
5) Income Statement

Bút Sơn 2017 2018 2019

Total revenues 354.619.616.748 483.241.966.905 453.576.633.764

Cost of goods sold 322.975.613.285 444.256.868.816 412.091.828.213

Gross profit 31.644.003.463 38.985.097.789 41.484.805.551

Financial Income 1.360.171.932 63.482.127 72.864.136

Financial expense 7.096.360.815 13.000.950.201 15.470.688.184

Selling expenses 8.517.983.145 7.178.086.234 6.720.131.221

General and admin 14.015.503.762 12.521.201.605 12.271.546.784

expenses

Other expenses 224.908.502 382.037.141 346.901.433

Total expenses 29855 ( million) 33081 ( million) 34807 (million)

Operating profit 3.374.327.673 6.348.341.876 7.095.303.498

Other profit 1.632.010.310 -287.483 -31.362.490

Profit before tax 5.006.337.983 6.348.054.393 7.063.941.008

Net profit after tax 3.954.106.386 4.974.795.187 5.608.509.307

Earning per share 659 729 935

16
6) Ratio Analysis

(Times)

a) Liquidity ratios
Bút Sơn 2017 2018 2019
Current ratio 0.794282247 0.884436852 0.90374999
Quick ratio 0.625158855 0.718408447 0.740595015
Cash ratio 0.019136254 0.018697007 0.022910953

b) Efficiency ratios
Bút Sơn 2017 2018 2019
Inventory turnover 8.981902147 9.326671501 8.057954495
Day’s sales in inventory 40.63727193 39.13507621 45.29685545
Receivables turnover 2.855513718 2.426223324 2.21892579
Day’s sales on receivables 127.8228844 150.4395726 164.4940095
Assets turnover 0.972527929 1.129517811 1.058077735

c) Long-term solvency ratio

Bút Sơn 2017 2018 2019
Total Debt Ratio 0.716588639 0.755704436 0.754302537
Times Interest Earned 53.67075438 50.57202696 64.89406747
Debt Equity Ratio 2.52844006 3.09340221 3.070046092
Equity Multiplier 3.52844006 4.09340221 4.070046092
Cash Coverage Ratio

d) Profitability Ratio
Bút Sơn 2017 2018 2019
Profit Margin 0.46 0.693053138 0.834583302
Return on Assets (ROA) 1.08 1.16 1.31
Return on Equity (ROE) 3.83 4.76 5.32

e) Market Value measures

Bút Sơn 2017 2018 2019
Earnings per share 0.66 0.83 0.94
Price-Earnings Ratio 19.09 14.1 12.34

17
7) Rate Comparison

(Times)

Liquidity ratios
Bỉm Sơn 2017 2018 2019
Current ratio 1.65620012 1.779517786 1.751265943
Quick ratio 1.489011106 1.510766824 1.493729196
Cash ratio 0.166548022 0.032425994 0.158396908

Efficiency ratios
Bỉm Sơn 2017 2018 2019
Inventory turnover 11.4881905 8.780479735 10.24481868
Day’s sales in inventory 31.77175728 41.56948265 35.62776574
Receivables turnover 1.714140179 1.784288948 1.611904817
Day’s sales on receivables 212.9347438 204.5632802 226.4401695
Assets turnover 1.322628277 1.443729359 1.261051845

Long-term solvency ratio

Bỉm Sơn 2017 2018 2019
Total Debt Ratio 0.591220635 0.550249992 0.561896324
Times Interest Earned 347.8694017 117.2690884 116.2599224
Debt Equity Ratio 1.446307436 1.223457438 1.282564732
Equity Multiplier 2.446307436 2.223457438 2.282564732
Cash Coverage Ratio

Profitability Ratio
Bỉm Sơn 2017 2018 2019
Profit Margin 0.00
Return on Assets (ROA) 5.59 2.6 2.34
Return on Equity (ROE) 13.68 5.78 5.35

Market Value measures

Bỉm Sơn 2017 2018 2019
Earnings per share 3.71 1.5 1.38
Price-Earnings Ratio 4.85 11.33 7.39

18
8) PEER EVALUATION FORM

Overview: Group members maintained their punctuality strictly.

MEMBERS ATTITUDE CONTRIBUTION

Nguyễn Kim Tuyến + Work as a responsible leader + Finished all assigned tasks as
+ Encourage her group to finish their discussed before
part as fast as they can + In charge of the following sections:
+Frankly - Critics who submit late VI(e), VII
+ In charge of gathering all parts
including The Report and Videos of
members
Trịnh Anh Nhã Trúc + Work hard. + Finished all assigned tasks as
+Help other members in searching discussed before
information. +Careful data processing
+ Excellent member + In charge of the following sections: I);
II)
Lê Trần Thu Uyên + Work well and instantly update her + Finished all assigned tasks as
work based on group feedback without discussed before
hesitation +Careful data processing
+ Excellent member + In charge of the following sections of
VI(a->d)
Nguyễn Thanh Thiên + Work very well based on how she + Finished all assigned tasks as
Uyên wrote her report discussed before
+ The fastest to submit her part + In charge of the following sections of
+ Checking mistakes II, III
+ Excellent member
Trịnh Minh Tú + Work well and is very hard-working in + Finished all assigned tasks as
his performance discussed before
+ Enthusiasm - Checking mistakes for + In charge of the following sections of
everyone V, VIII
+ Very good member
Nguyễn Văn Viên +Work well but not hard enough to + Finished all assigned tasks as
finish his task discussed before
+Good member + Searched good reference.
+ In charge of the following sections of
IV, IX

19