AI
Tuesday, July 27, 2021 9:32:48 PM
Vinafilms Revenues Sub Company PHIL
When Henry took over 51% ownership he did not restart the financials. He must get the financials to a GAAP certified standard. The financials were good enough for Vietnam but not good enough for GAAP certification. The revenues didn't stop and the company added 3 more facilities and another machine to increase production. The reason we don't see the revenues on the financials yet is because the GAAP audit with Vinafilms is not completed. Everything is done via the compartments of the Luxembourg fund and the Luxembourg fund requires all sub companies to be GAAP compliant.
Financials will show how much is rolled up to PHIL as management fees. To give a scope of the company below you can see projects.
“In accordance with Vinafilms’ domestically audited annual report containing financial statements for the year ended December 31, 2017, it generated $25 million in revenues and $765,000 in EBITDA in 2017. It has recently installed a German state-of-the-art plastic film processing system and will add two more of these to meet the growing domestic and international demand for its products. Vinafilms also plans to enter a joint venture with a leading Vietnamese plastic bag manufacturing company with an aim to bring combined revenues to over $150 million per year by the end of 2019. PHI Group’s management believes the acquisition of Vinafilms, subject to the Company’s meeting compliance standards, should enable PHIL to qualify for an uplist to the Nasdaq Stock Market in the very near future.”
https://www.globenewswire.com/news-release/2018/10/10/1619434/0/en/PHI-Group-Closes-Acquisition-of-Vinafilms-JSC.html
Phi Group, PHIL, Vinafilms -
Has anyone order this report 4610 yet as it goes back 3 years? It will show was is in Vietnam.
In searching for the source of public records. I landed on the city website for records over in Vietnam on the main sub company everyone is asking about. In searching under Vinafilms tax ID I found report 4610 that can be order for a cost of $150. I'm confident Vinafilms is producing revenues and have no need to pay for this report.
Some have said Vinafilms revenues don't exist yet Vietnam websites say the revenues are over $100 mill as projected in the PR released when Phil took 51% ownership.
https://www.globenewswire.com/news-release/2018/09/25/1575674/0/en/PHI-Group-Acquires-51-of-Vinafilms-JSC-with-Preferred-Stock.html
As per usual I provide the data and source links for investors to verify themselves. Anyone saying the revenues don't exist will need to provide proof of such a claim.
Henry told us on financials that we won't see it on the books until the following is done. "Company did not recognize the operations of Vinafilms JSC in its consolidated financial statements as of September 30, 2019 and will only so when a GAAP audit of Vinafilms JSC financial statements is conducted and completed by a PCAOB-registered auditing firm". The financials are in peer review and will be released as they are completed.
https://dichvuthongtin.dkkd.gov.vn/inf/Forms/Searches/EnterpriseSearchList.aspx?h=10210
When Henry took over 51% ownership he did not restart the financials. He must get the financials to a GAAP certified standard. The financials were good enough for Vietnam but not good enough for GAAP certification. The revenues didn't stop and the company added 3 more facilities and another machine to increase production. The reason we don't see the revenues on the financials yet is because the GAAP audit with Vinafilms is not completed. Everything is done via the compartments of the Luxembourg fund and the Luxembourg fund requires all sub companies to be GAAP compliant.
Financials will show how much is rolled up to PHIL as management fees. To give a scope of the company below you can see projects.
“In accordance with Vinafilms’ domestically audited annual report containing financial statements for the year ended December 31, 2017, it generated $25 million in revenues and $765,000 in EBITDA in 2017. It has recently installed a German state-of-the-art plastic film processing system and will add two more of these to meet the growing domestic and international demand for its products. Vinafilms also plans to enter a joint venture with a leading Vietnamese plastic bag manufacturing company with an aim to bring combined revenues to over $150 million per year by the end of 2019. PHI Group’s management believes the acquisition of Vinafilms, subject to the Company’s meeting compliance standards, should enable PHIL to qualify for an uplist to the Nasdaq Stock Market in the very near future.”
https://www.globenewswire.com/news-release/2018/10/10/1619434/0/en/PHI-Group-Closes-Acquisition-of-Vinafilms-JSC.html
Phi Group, PHIL, Vinafilms -
Has anyone order this report 4610 yet as it goes back 3 years? It will show was is in Vietnam.
In searching for the source of public records. I landed on the city website for records over in Vietnam on the main sub company everyone is asking about. In searching under Vinafilms tax ID I found report 4610 that can be order for a cost of $150. I'm confident Vinafilms is producing revenues and have no need to pay for this report.
Some have said Vinafilms revenues don't exist yet Vietnam websites say the revenues are over $100 mill as projected in the PR released when Phil took 51% ownership.
https://www.globenewswire.com/news-release/2018/09/25/1575674/0/en/PHI-Group-Acquires-51-of-Vinafilms-JSC-with-Preferred-Stock.html
As per usual I provide the data and source links for investors to verify themselves. Anyone saying the revenues don't exist will need to provide proof of such a claim.
Henry told us on financials that we won't see it on the books until the following is done. "Company did not recognize the operations of Vinafilms JSC in its consolidated financial statements as of September 30, 2019 and will only so when a GAAP audit of Vinafilms JSC financial statements is conducted and completed by a PCAOB-registered auditing firm". The financials are in peer review and will be released as they are completed.
https://dichvuthongtin.dkkd.gov.vn/inf/Forms/Searches/EnterpriseSearchList.aspx?h=10210
