Thien Phat Rice Processing One Member Limited Liability Company (Vietnam)

Founded in 2014 by Mr. Ngo Huu Phat, the subject company is engaged in milling and processing rice; and manufacturing rice seeds. Not only trading in the domestic market, the subject is exporting rice to international markets like the Philippines and Fiji, ... The revenue scale rapidly increased over recent years, reaching more than VND 2 trillion last year. The net income reached a peak at VND 3.1 billion in the same year as well. Anyway, its profitability ratios were still low.In terms of capital structure, the ratio of liabilities to total assets had an upward trend, reaching VND 40.40% as of 31 Dec 2022, which was largely constituted by loans and financial leases. However, it is noteworthy that there were no incurred loan interest expenses during the past years. In this case, the loans might come from internal sources, yet, we could not confirm it. The financial structure was still normal.It could be seen that the debt collection status of the subject was very prompt. There was always no "Receivable from customers" at the end of accounting periods. The inventory ratio was not high as well. The biggest items in the asset structure were fixed assets valued at VND 128.9 billion at the end of last year (occupying 76.52% of total assets). Noticeably, the firm did not record any depreciation value during the past years, and we could not verify that abnormality despite trying our best. Generally, the subject is operating normally. Periodic monitoring is advised in credit transactions with it presently.