PANORAMAS COMPANY LIMITED

PANORAMAS COMPANY LIMITED (CÔNG TY TNHH PANORAMAS) is a privately held enterprise operating under Business ID 0316289324, with its transaction office located at Landmark 81, 33rd Floor, Vinhomes Central Park, Bình Thạnh District, Ho Chi Minh City, and its registered address in Thủ Đức City. Established in May 2020, the company is relatively young, employing thirty staff members and operating as a one-member limited liability company owned entirely by Ms. Lam L. C.. Its main business activity is trading and exporting rice, although its business registration covers a vast variety of unrelated sectors, from fertilizer manufacturing to apparel, plywood, cement, road construction, and even medical instruments. 

Unusual Business Scope and Governance Risk

One of the first red flags for risk managers reviewing PANORAMAS COMPANY LIMITED is its comprehensive and unfocused set of business lines. While the company presents itself as a rice exporter, its legal registration spans more than twenty unrelated industries. Such diversification is rarely operational and often signals regulatory arbitrage, potential invoice structuring, or the intention to create flexibility for multi-purpose trading activities that can obscure real revenue sources.
The company is also wholly owned and managed by a single individual, with Ms. Lam L. C. acting as both owner and legal representative. This high concentration of ownership means governance risk is elevated, decision-making is centralized, and transparency depends heavily on the integrity and documentation maintained by one person. For partners, this creates greater dependency risk.

High Revenue Growth but Contradictory Asset Movements

Financial statements reveal a sharp contradiction: while revenue increased significantly to USD 140.43 million in 2024, total assets fell by more than forty-two percent, down to USD 4.03 million. This raises critical questions:
How can a company generating over USD 140 million in sales operate with an asset base of only USD 4 million?
Is the company primarily a trading intermediary that relies on short-term financing?
Are large volumes of goods being moved off-balance sheet or through third-party warehousing?
Are revenues inflated through invoicing structures without corresponding assets?
These discrepancies should be treated as material risk indicators requiring further verification.

Equity increased to USD 1.09 million, which appears positive at first glance. However, relative to revenue scale, this level of capitalization is extremely low. A company generating more than USD 140 million typically requires a stronger capital base to ensure liquidity, risk buffers, and supplier confidence. Under-capitalization at this scale may indicate thin margins, reliance on supplier credit, or potential transfer-pricing arrangements.

Profitability Spike: Genuine Efficiency or Accounting Decision?

Profit rose sharply to USD 370,573 in 2024, representing a 389 percent increase from the prior year. Yet when compared to revenue, net profit is only 0.26 percent, a margin unusually low even for commodity trading.
Such low profitability can indicate:
Revenue recognition without actual cash retention
High pass-through cost structure
Aggressive pricing to win contracts
Potential related-party transactions that shift profit elsewhere
This pattern is common among companies designed to generate invoicing volume rather than build sustainable value — a scenario that warrants heightened credit scrutiny.

Liquidity Concerns and Working-Capital Fragility

Despite achieving USD 140 million in revenue, PANORAMAS maintains only USD 1.02 million in working capital. This means the company’s liquidity buffer is less than 1% of its sales.
This raises further questions:
How is the company financing its operations?
Is it dependent on prepayments, short-term loans, or supplier credit?
What is the durability of its cash cycle in a volatile agricultural market?
With such thin liquidity, a single delayed shipment or unpaid receivable could place the company under severe strain.

Advice for Suppliers, Lenders, and Trading Partners

From a risk-management perspective, PANORAMAS COMPANY LIMITED should be approached with caution. The combination of high revenue, low capital, concentrated ownership, and a shrinking asset base suggests elevated operational and financial risk.

Partners should consider:
1. Requesting prepayment, collateral, or bank guarantees before engaging in significant transactions
2. Verifying warehouse receipts, shipment documents, and customs declarations
3. Evaluating the company’s debt levels, banking partners, and credit limits
4. Monitoring potential related-party transactions, especially in cross-border payments

Because the company operates in rice trading — a sector exposed to price volatility, freight risks, and contractual disputes — enhanced due diligence is essential.

VNBIS provides a fully updated report that includes financial verification, credit-risk scoring, payment history, litigation screening, and recommended credit limits. For a company with structural inconsistencies such as PANORAMAS, an updated VNBIS report is not optional — it is necessary for safe decision-making.