Charter capital 7,700 billion VND, profit 1.4 billion VND
Big Gain Investment Company Limited not long ago issued a document announcing periodic information about the financial situation sent to the Exchange Securities Hanoi (HNX). This enterprise operates in the real estate sector with a charter capital of 7,700 billion VND, headquartered in District 1, Ho Chi Minh City.
Accordingly, year 2022 doanh Enterprise recorded profit after tax of 14 billion VND, not much changed compared to 16 billion VND in 2021.
Equity at the end of 2022 reached 7,6612 billion VND, equivalent to VND 7,6597 billion in the same period in 2021.
The ratio of liabilities compared to equity as of December 31, 2022 is 0572 times. Thus, the debt payable as of December 31, 2022 is VND 4,3822 billion, respectively. The liability ratio at the end of 2021 is 061 times, so liabilities are equivalent to VND 4,6724 billion.
From these data, it is possible to calculate the total assets of this enterprise recorded at the end of 2022 is 12,0434 billion VND, an increase of 058% compared to 12,3321 billion VND at the end of 2021.
With a modest profit, the enterprise’s profit/equity ratio (ROE) is only 0019% at the end of the year 2022 and 0025% by the end of 2021.
Bad debt balance compared to Big Gain’s equity remains unchanged and is at 0509 over 2 years
According to data from HNXtrong In 2021, real estate businesses will issue 4 lots of bonds worth a total of 3,900 billion VND with an interest rate of 11%/year with a term of 3-4 years.
Relationship with Phat Dat and Sunshine
Information about the results of the issuance BGICH2125004 bond batch with a total face value of 900 billion VND shows that Big Gain’s purpose is to increase the scale of operating capital and/or implement programs project investment. Specifically, the enterprise uses all the proceeds from the issuance to pay its obligations to Sunshine Saigon Group Joint Stock Company under the general contractor design consulting and construction contract.
Security assets for this bond issuance are assets and property rights at the Phu Thuan Ward High-rise Housing Project, District 7, Ho Chi Minh City (deployed with the current investor of the project) and all property rights of the issuer arising from or related to the general contractor contract and its appendices.
The above security assets are also used to secure bonds issued by the Investment Joint Stock Company. Xuan Dinh construction investment privately offered with a total par value of VND 3,300 billion in the first and second quarters of 2021 and bonds privately offered by Sunshine Housing Trading Joint Stock Company with a total par value of VND 3,300 billion in the second quarter 2021.
One notable thing is that the Chairwoman of Big Gain’s Board of Members is Ms. Do Thi Dinh. This person has the same name as the General Director of Sunshine Homes Development Joint Stock Company (stock code: SSH).
This project is mentioned The above mentioned commercial name is The EverRich 2, previously developed by Phat Dat Real Estate Joint Stock Company (stock code: PDR). In 2021, this group will transfer the project to pay for bond debt arising at the bank.
Phat Dat’s 2021 audited financial statement shows that during the year the enterprise recorded a debt of Short-term payment from the investment cooperation contract for The EverRich 2 and The EverRich 3 projects is VND 5,5474 billion. Specifically, on December 31, 2021, the total amount of money Phat Dat group of companies received from Big Gain was 4,5574 billion VND (The EverRich 2 project) and Dynamic was 9,901 billion VND (The EverRich 3 project).
In 2021, Phat Dat received capital contributions of more than 5,000 billion VND from investment cooperation partners (Screenshot).
Previously, on December 26, 2017, Phat Dat signed a 5-year investment cooperation contract with Big Gain at The EverRich 2 project.
Inventory at The EverRich 2 project at the end of the year and the beginning of 2021 was at VND 3,6038 billion. This project and all property rights arising from these projects have been mortgaged to Vietnam Prosperity Joint Stock Commercial Bank to guarantee loans from business partners of the group of companies.
At the end of the accounting period, Phat Dat is in the process of completing the requirements according to State regulations to be eligible to transfer the remaining portion of project under the investment cooperation contract signed with Big Gain.
