Th Milk Joint Stock Company (Vietnam)

Founded in 2009 in Nghe An Province, the subject is one of three companies in the closed milk production chain of TH Group, including TH MILK FOOD JOINT STOCK COMPANY (farming), TH MILK JOINT STOCK COMPANY – the subject company (production) and TH FOOD CHAIN., JSC (distribution). Therefore, all of the subject's products are supplied to TH FOOD CHAIN., JSC.Financially, the subject's annual net revenue increased throughout the years, reaching 7.778 trillion dongs last year. However, it lost continuously in the years before 2022. Accumulated losses at year-end 2022 exceeded its owner's equity by over three billion dongs as of 31 Dec 2022. Its operation absolutely depended on liabilities, especially Short-term loans and financial leases and credit from suppliers. Capital structure was very risky.