Binh Minh Plastics was heavily fined for taxes

Binh Minh Plastic Joint Stock Company (Binh Minh Plastic - stock code BMP) has just announced unusual information to the Ho Chi Minh City Stock Exchange, being fined for administrative violations by the General Department of Taxation and required to remedy the consequences.

Specifically, Binh Minh Plastics was concluded by the tax authority to have made false declarations leading to a shortage of the prescribed tax amount payable; False declarations did not lead to a shortage of value added tax payable.

Products of Binh Minh Plastic

In addition, the company also has aggravating circumstances of repeated violations. Therefore, Binh Minh Plastics is subject to penalties and remedial measures of tax collection with a total amount of more than VND 8.66 billion. The tax authority requires Mr. Chaowalit Treejak, General Director, representing Binh Minh Plastics, to strictly comply with the penalty decision. If the deadline is exceeded, enforcement will be carried out according to regulations.

Recently, Binh Minh Plastics also reported an explanation of its profit for the first 6 months of 2023, which increased compared to the same period last year. Accordingly, Binh Minh Plastics recorded revenue of VND 2,797 billion, down 4% compared to the first half of last year, but due to a decrease in capital costs, the company reported a net profit of VND 575.4 billion, up 111% over the same period last year.

As of June 30, Binh Minh Plastics' total assets reached VND3,526 billion, an increase of nearly VND500 billion compared to the beginning of the year. Of which, cash and bank deposits accounted for nearly 60% of assets, equivalent to VND2,052 billion. Inventory was at VND449 billion, down 22%. As a company with only VND55 billion in debt, equity reached VND2,756 billion, charter capital was VND818 billion, and undistributed profit after tax was VND733 billion. For this reason, BMP's stock price was quite high.

Closing the trading session on September 22, BMP stock price dropped sharply by VND 2,400/share, to VND 88,500/share.

Binh Minh Plastics is a domestic enterprise, which has been controlled by a major shareholder with a holding ratio of 55% of charter capital, The Nawaplastic Industries (Saraburi) Co., Ltd - a member of SCG Group from Thailand. This Thai enterprise became a major shareholder of Binh Minh Plastics since the beginning of March 2012 after spending about 243 billion VND, owning 16.72% of charter capital. After that, it continued to increase its ownership ratio, including spending about 2,300 billion VND to buy back 21.13 million shares from SCIC in the auction in 2018, with an average winning price equal to the starting price of 96,500 VND/share.

Source: https://nld.com.vn/kinh-te/nhua-binh-minh-bi-phat-nang-ve-thue-20230922172509192.htm