Prosi Thang Long Joint Stock Company (Vietnam)

The subject was incorporated in Jun 2014 as a Joint-stock company. The subject specializes in processing and exporting agricultural products such as pepper, cassia cinnamon, star anise, garlic, chili, bamboo sticks, and white charcoal ... Its products are mainly exported to many countries and zones of the world such as India, Japan, South Korea, Malaysia (white charcoal), and France, UK, Germany, Turkey, Russia, Bangladesh, Thailand, Taiwan, USA, UEA, Hong Kong, etc. Financially, the subject witnessed a significant increase in terms of net revenue from VND 349 billion in 2018 to VND 2,544 billion in 2022. Plus, thanks to the decrease of the COGS ( only accounted for about 92.5% of net sales in 2021 and 2022), after recording losses in 3 years 2018, 2019, and 2020, the business was profitable in the next 2 years. According to staff, the growth continued in 2023.Regarding the balance sheet, 98.4% of the subject's total assets were in the current ones, of which the proportion was allocated for the accounts receivable and inventories. As a result, the cash and cash equivalents were at a low level. When it comes to resources, The subject used many external financial sources in doing business. Namely, 72.45% of assets were debts, of which 67.28 % came from loans in 2022. Besides, interest-bearing Debts were not only large but also increased over the years. However, from 2020 to 2023, the business has continuously increased its charter capital approximately 12 times, peaking at 237 billion in 2023. This supplement could be helpful to add to the operated fund.In general, despite the increment of charter capital and the growth of the net revenue, the financial structure of the subject seemed unhealthy and the CFO was negative during this period. Consequently, the maximum credit limit was 1,000,000 USD.